New Issue: RBC prices $0.07 million 24.25% reverse convertibles linked to Cemex SAB

New York, July 17 - Royal Bank of Canada priced $0.074 million of 24.25% reverse convertible notes due Oct. 20, 2009 linked to Cemex SAB de C.V. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Cemex SAB shares fall below the protection price of $5.51, 65% of the initial price of $8.47, during the life of the notes and finish below the initial price in which case the payout will be Cemex SAB shares equal to $1,000 principal amount divided by the initial price.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	Cemex SAB de C.V. (Symbol: CX)
Amount:	$0.074 million
Maturity:	Oct. 20, 2009
Coupon:	24.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Cemex SAB shares fall below the protection price of $5.51, 65% of the initial price, and finish below the initial price, in which case Cemex SAB shares equal to $1,000 principal amount divided by the initial price
Initial price:	$8.47
Protection price:	$5.51, 65% of $8.47
Pricing date:	July 15
Settlement date:	July 20
Agent:	RBC Capital Markets Corp.
Fees:	1.5%

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