New Issue: RBC prices $4.47 million airbag yield autocallables linked to Toll Brothers

By Susanna Moon

Chicago, June 18 - Royal Bank of Canada priced $4.47 million of 8.42% airbag autocallable yield optimization notes due June 20, 2014 linked to Toll Brothers, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Toll Brothers shares equal to $1,000 divided by the conversion price. The conversion price is 80% of the initial share price.

The notes will be called if the stock closed above its initial price on any quarterly observation date.

UBS Financial Services Inc. and RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Airbag autocallable yield optimization notes
Underlying stock:	Toll Brothers, Inc. (Symbol: TOL)
Amount:	$4,465,000
Maturity:	June 20, 2014
Coupon:	8.42% annualized, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than conversion price, number of Toll Brothers shares equal to $1,000 divided by conversion price; otherwise, par
Initial share price:	$32.88
Conversion price:	$26.30, 80% of initial price
Call:	if stock closed above initial price on any quarterly observation date
Pricing date:	June 14
Settlement date:	June 20
Underwriters:	UBS Financial Services Inc. and RBC Capital Markets, LLC
Fees:	1.5%
Cusip:	78008Y723

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