c321110fwp.htm

As used in this free writing prospectus, the “Company,” “we,” “us” or “our” refers to Royal Bank of Canada.

Investor Suitability

The Notes may be suitable for you if, among other considerations:

¨ You fully understand the risks inherent in an investment in the Notes, including the risk of loss of your entire initial investment.

¨ You can tolerate a loss of all or a substantial portion of your investment and are willing to make an investment that may have the same downside market risk as an investment in the Reference Stock.

¨ You believe the final price of the Reference Stock is not likely to be below the trigger price and, if it is, you can tolerate receiving shares of the Reference Stock at maturity worth less than your principal amount or that may have no value at all.

¨ You understand and accept that you will not participate in any appreciation in the price of the Reference Stock and that your return on the Notes is limited to the coupons paid.

¨ You can tolerate fluctuations in the price of the Notes prior to maturity that may be similar to or exceed the downside price fluctuations of the Reference Stock.

¨ You are willing and able to hold the Notes to maturity, a term of 12 months.

¨ You are willing to invest in Notes for which there may be little or no secondary market and you accept that the secondary market will depend in large part on the price, if any, at which RBC Capital Markets, LLC, which we refer to as “RBCCM,” is willing to trade the Notes.

¨ You would be willing to invest in the Notes if the applicable coupon rate was set equal to the lower end of the range indicated on the cover hereof (the actual coupon rate for each Note will be determined on the trade date).

¨ You are willing to assume the credit risk of Royal Bank of Canada for all payments under the Notes, and understand that, if Royal Bank of Canada defaults on its obligations, you may not receive any amounts due to you, including any repayment of principal.

The Notes may not be suitable for you if, among other considerations:

¨ You do not fully understand the risks inherent in an investment in the Notes, including the risk of loss of your entire initial investment.

¨ You require an investment designed to provide a full return of principal at maturity.

¨ You are not willing to make an investment that may have the same downside market risk as an investment in the Reference Stock.

¨ You believe the final price of the Reference Stock is likely to be below the trigger price, which could result in a total loss of your initial investment.

¨ You cannot tolerate receiving shares of the Reference Stock at maturity worth less than your principal amount or that may have no value at all.

¨ You seek an investment that participates in the appreciation in the price of the Reference Stock or that has unlimited return potential.

¨ You cannot tolerate fluctuations in the price of the Notes prior to maturity that may be similar to or exceed the downside price fluctuations of the Reference Stock.

¨ You would not be willing to invest in the Notes if the applicable coupon rate was set equal to the lower end of the range indicated on the cover hereof (the actual coupon rate for each Note will be set on the trade date).

¨ You seek an investment for which there will be an active secondary market.

¨ You are unable or unwilling to hold the Notes to maturity, a term of 12 months.

¨ You are not willing to assume the credit risk of Royal Bank of Canada for all payments under the Notes, including any repayment of principal.

The suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting, and other advisers have carefully considered the suitability of an investment in the Notes in light of your particular circumstances. You should also review carefully the “Key Risks” beginning on page 5 of this free writing prospectus and “Risk Factors” in the accompanying product prospectus supplement no. TYON-1 for risks related to an investment in the Notes.

Indicative Terms of the Notes1		Coupon Payment Dates
Issuer:	Royal Bank of Canada	Coupons will be paid in arrears in twelve equal monthly installments on the coupon payment dates listed below.
Issue Price per Note:	Equal to 100% of the principal amount per Note.	April 29, 2011	October 31, 2011
Issue Price per Note:	Equal to 100% of the principal amount per Note.	May 31, 2011	November 30, 2011
Principal Amount per Note:	Equal to the initial price (as defined below) of the Reference Stock.	June 30, 2011	December 30, 2011
Principal Amount per Note:		July 29, 2011	January 31, 2012
Term2:	12 months	August 31, 2011	February 29, 2012
Reference Stock:	The common stock of a specific company, as set forth on the cover page of this free writing prospectus.	September 30, 2011	March 30, 2012
Reference Stock:
Coupon Payment:	The coupon payments will be made in 12 equal installments regardless of the performance of the Reference Stock.	Investment Timeline
Coupon Payment:
	The coupon rate per annum for the Notes linked to the common stock of Aflac, Inc. is expected to be between 8.00% to 10.00%, and the coupon rate per annum for the Notes linked to the common stock of Prudential Financial, Inc. is expected to be between 7.50% to 9.50%.	Trade Date:	The initial price and the trigger price of the Reference Stock are determined and the coupon rate on the Notes is set. The issue price per Note is set equal to the initial price of the Reference Stock.
1st Installment through 12th Installment:	For Notes linked to the common stock of Aflac Inc.: between 0.6667% to 0.8333%. For Notes linked to the common stock of Prudential Financial Inc.: between 0.625% to 0.7917%. The actual installment amount will be based on the coupon rate per annum and set on the trade date.
1st Installment through 12th Installment:		Monthly (including at Maturity):	Royal Bank of Canada pays the applicable coupon payments.
Trigger Price:	A percentage of in the initial price of the Reference Stock, as specified on the cover page of this free writing prospectus.	Monthly (including at Maturity):	Royal Bank of Canada pays the applicable coupon payments.
Payment at Maturity:	Ø If the final price of the Reference Stock is not below the trigger price on the final valuation date, we will pay you at maturity an amount in cash equal to your principal amount.
	Ø If the final price of the Reference Stock is below the trigger price on the final valuation date, at maturity we will deliver to you one share of the Reference Stock for each Note you own.	Maturity Date:	The final price is determined as of the final valuation date. If the final price of the Reference Stock is not below the trigger price on the final valuation date, we will pay you an amount in cash equal to your principal amount.
Closing Price:	On any trading day, the last reported sale price of the Reference Stock on the principal national securities exchange on which it is listed for trading, as determined by the calculation agent.		If the final price of the Reference Stock is below the trigger price on the final valuation date, we will deliver to you one share of the Reference Stock for each Note you own.
Initial Price:	The closing price of the applicable Reference Stock on the trade date.	INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE SOME OR ALL OF YOUR PRINCIPAL AMOUNT AS YOU MAY RECEIVE SHARES AT MATURITY THAT ARE WORTH LESS THAN YOUR PRINCIPAL AMOUNT OR HAVE NO VALUE AT ALL. ANY PAYMENT ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO THE CREDITWORTHINESS OF ROYAL BANK OF CANADA. IF ROYAL BANK OF CANADA WERE TO DEFAULT ON ITS PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.
Final Price:	The closing price of the applicable Reference Stock on the final valuation date.

1 Terms used in this free writing prospectus, but not defined herein, shall have the meanings ascribed to them in the product prospectus supplement. 2 In the event that we make any change to the expected trade date and settlement date, the final valuation date and maturity date will be changed to ensure that the stated term of the Notes remains approximately the same.

Key Risks

An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Reference Stock. These risks are explained in more detail in the “Risk Factors” section of the accompanying product prospectus supplement no. TYON-1. We also urge you to consult your investment, legal, tax, accounting and other advisors before investing in the Notes.

Risks Relating to the Notes Generally

Your Investment in the Notes May Result in a Loss: The Notes differ from ordinary debt securities in that Royal Bank of Canada will not necessarily pay the full principal amount of the Notes at maturity. Royal Bank of Canada will only pay you the principal amount of your Notes in cash if the final price of the Reference Stock is greater than or equal to the trigger price. If the final price of the Reference Stock is below the trigger price, Royal Bank of Canada will deliver to you at maturity one share of the Reference Stock for each Note that you own instead of the principal amount in cash. If you receive shares of Reference Stock at maturity, the value of the stock is expected to be significantly less than the principal amount of the Notes or may have no value at all.

The Coupon Rate Per Annum Payable on the Notes Will Reflect in Part the Volatility of the Reference Stock, and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity: “Volatility” refers to the frequency and magnitude of changes in the price of the Reference Stock. The greater the volatility of the Reference Stock, the more likely it is that the price of that stock could close below its trigger price on the final valuation date, which would result in the loss of some or all of your principal. This risk will generally be reflected in a higher coupon rate per annum payable the Notes than the interest rate payable on our conventional debt securities with a comparable term. However, while the coupon rate per annum is set on the trade date, the Reference Stock's volatility can change significantly over the term of the Notes, and may increase. The price of the Reference Stock could fall sharply as of the final valuation date, which could result in a significant loss of principal.

Contingent Repayment of Principal Applies Only at Maturity: You should be willing to hold your Notes to maturity. If you are able to sell your Notes prior to maturity in the secondary market, if any, you may have to sell your Notes at a loss relative to your initial investment, even if the price of the Reference Stock is above the trigger price.

Credit Risk of Royal Bank of Canada: The Notes are unsubordinated and unsecured debt obligations of Royal Bank of Canada and are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Notes, including any repayment of principal, depends on the ability of Royal Bank of Canada to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of Royal Bank of Canada may affect the market value of the Notes and, in the event Royal Bank of Canada were to default on its obligations, you may not receive any amounts owed to you under the terms of the Notes and you could lose your entire investment.

Holders of the Notes Should Not Expect to Participate in any Appreciation of the Reference Stock, and Your Return on the Notes is Expected to be Limited to the Coupon Paid on the Notes: Despite being exposed to the risk of a decline in the price of the Reference Stock, you should not expect to participate in any appreciation in the price of the Reference Stock. Any positive return on the Notes is expected to be limited to the coupon payable. Accordingly, if the final price is greater than the initial price, your return on the Notes at maturity may be less than your return on a direct investment in the Reference Stock or on a similar security that allows you to participate in the appreciation of the price of the Reference Stock. In contrast, if the final price is less than the trigger price, we will deliver to you at maturity for each Note you own shares of the Reference Stock which will be worth less than the trigger price as of the final valuation date and that are unlikely to be worth more than the principal amount as of the maturity date, in which case you may lose your entire investment. As a result, the return on the Notes as of the maturity date is expected to be limited to the coupon rate per annum.

Single Stock Risk: The price of the Reference Stock can rise or fall sharply due to factors specific to that Reference Stock and its issuer, such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. You, as an investor in the Notes, should make your own investigation into the Reference Stock Issuer and the Reference Stock for your Notes. We urge you to review financial and other information filed periodically by the Reference Stock Issuer with the SEC.

Certain Built-In Costs Are Likely to Adversely Affect the Value of the Notes Prior to Maturity: While the payment at maturity for the offered Notes described in this free writing prospectus is based on the full principal amount of your Notes, the original issue price of the Notes includes UBS’s commission and the estimated cost of hedging our obligations under the Notes through one or more of our affiliates. As a result, the price, if any, at which Royal Bank of Canada or its affiliates will be willing to purchase the Notes from you prior to maturity in secondary market transactions, if at all, will likely be lower than the original issue price, and any such sale prior to the maturity date could result in a substantial loss to you. The Notes are not designed to be short-term trading instruments. Accordingly, you should be willing and able to hold your Notes to maturity.

Dividend Payments or Voting Rights: As a holder of the Notes, you will not have voting rights, rights to receive cash dividends or other distributions, or any other rights that holders of the Reference Stock would have.

Owning the Notes Is Not the Same as Owning the Reference Stock: The return on your Notes may not reflect the return you would realize if you actually owned the Reference Stock. For instance, you will not receive or be entitled to receive any dividend payments or other distributions over the term of the Notes. Further, the Reference Stock may appreciate over the term of the Notes and you will not participate in any such appreciation, which could be significant.

Lack of Liquidity: The Notes will not be listed on any securities exchange. RBCCM intends to offer to purchase the Notes in the secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price, if any, at which RBCCM is willing to buy the Notes.

Potential Conflicts: We and our affiliates play a variety of roles in connection with the issuance of the Notes, including hedging our obligations under the Notes. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Notes.

Potentially Inconsistent Research, Opinions or Recommendations by RBCCM, UBS or Their Affiliates: RBCCM, UBS or their affiliates may publish research, express opinions or provide recommendations as to the Reference Stock that are inconsistent with investing in or holding the Notes, and which may be revised at any time. Any such research, opinions or recommendations could affect the value of the Reference Stock, and therefore the market value of the Notes.

Tax Treatment: Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax adviser about your tax situation.

Potential Royal Bank of Canada Impact on Price: Trading or transactions by Royal Bank of Canada or its affiliates in the Reference Stock, or in futures, options, exchange-traded funds or other derivative products on the Reference Stock may adversely affect the market value of the Reference Stock, the closing price of the Reference Stock, and, therefore, the market value of the Notes.

Many Economic and Market Factors Will Impact the Value of the Notes: In addition to the closing price of the Reference Stock on any trading day, the value of the Notes will be affected by a number of economic and market factors that may either offset or magnify each other, including:

the actual and expected volatility of the price of the Reference Stock;

the time to maturity of the Notes;

the dividend rate on the Reference Stock;

interest and yield rates in the market generally;

a variety of economic, financial, political, regulatory or judicial events;

the occurrence of certain events to the Reference Stock that may or may not require an adjustment to the terms of the Notes; and

our creditworthiness, including actual or anticipated downgrades in our credit ratings.

The Anti-Dilution Protection for the Reference Stock Is Limited: The calculation agent will make adjustments to the initial price and the trigger price for certain events affecting the shares of the Reference Stock. However, the calculation agent will not be required to make an adjustment in response to all events that could affect the Reference Stock. If an event occurs that does not require the calculation agent to make an adjustment, the value of the Notes may be materially and adversely affected.

Hypothetical Examples

The following examples and table are hypothetical and provided for illustrative purposes only. They do not purport to be representative of every possible scenario concerning increases or decreases in the price of any Reference Stock relative to its initial price. Royal Bank of Canada cannot predict the final price of any Reference Stock. You should not take these examples as an indication or assurance of the expected performance of any Reference Stock. The numbers appearing in the examples and table below have been rounded for ease of analysis. The following examples and table illustrate the Payment at Maturity per Note on a hypothetical offering of the Notes, based on the following assumptions*:

Term:		12 months
Hypothetical initial price of the Reference Stock:		$100.00 per share
Hypothetical trigger price:		$80.00 (80.00% of the hypothetical initial price)
Principal Amount:		$100.00 per Note (set equal to the hypothetical initial price)
Hypothetical coupon rate per annum**:		8.00% ($0.6667 per month)
Hypothetical Dividend yield on the Reference Stock***:		2.00% over term of Notes
*	May not be the actual coupon rate per annum, initial price, Principal Amount or trigger price applicable to the Notes. The actual coupon rate in respect of Coupon Payments, the initial price, the Principal Amount and the trigger price for each of the Notes will be determined on the trade date.
**	Coupon payment will be paid in arrears in equal monthly installments during the term of the Notes.
***	Hypothetical dividend yield holders of the Reference Stock might receive over the term of the Notes. Holders of the Notes will not be entitled to any dividend payments made on the Reference Stock.

Scenario #1: The final price of the Reference Stock is not below the hypothetical trigger price of $80.00.

Since the final price of the Reference Stock is not below the hypothetical trigger price of $80.00, Royal Bank of Canada will pay you at maturity a cash payment equal to the Principal Amount of the Notes. This investment would outperform an investment in the Reference Stock if the price appreciation of the Reference Stock (plus dividends, if any) is less than 8.00%.

If the closing price of the Reference Stock on the final valuation date is $100.00 (no change in the price of the Reference Stock):

Payment at Maturity	$100.00
Coupons:	$8.00	($0.6667 × 12 = $8.00)
Total:	$108.00
Total Return on the Notes:	8.00%

In this example, the total return on the Notes is 8.00%, while the total return on the Reference Stock is 2.00% (including dividends).

If the closing price of the Reference Stock on the final valuation date is $130.00 (an increase of 30%):

Payment at Maturity	$100.00
Coupons:	$8.00	($0.6667 × 12 = $8.00)
Total:	$108.00
Total Return on the Notes:	8.00%

In this example, the total return on the Notes is 8.00%, while the total return on the Reference Stock is 32.00% (including dividends).

If the closing price of the Reference Stock on the final valuation date is $85.00 (a decline of 15%):

Payment at Maturity	$100.00
Coupons:	$8.00	($0.6667 × 12 = $8.00)
Total:	$108.00
Total Return on the Notes:	8.00%

In this example, the total return on the Notes is 8.00%, while the total return on the Reference Stock is a loss of 13.00% (including dividends).

Scenario #2: The final price of the Reference Stock is below the hypothetical trigger price of $80.00.

Since the final price of the Reference Stock is below the hypothetical trigger price of $80.00, Royal Bank of Canada will deliver to you at maturity one share of the Reference Stock for every Note you hold. The value received at maturity and the total return on the Notes at that time depends on the closing price of the Reference Stock on the maturity date, and could result in the loss of some or all of your principal.

If the closing price of the Reference Stock on the maturity date is $60.00 (a decline of 40%):

Value of shares received:	$60.00
Coupons:	$8.00	($0.6667 × 12 = $8.00)
Total:	$68.00
Total Return on the Notes:	-32.00%

In this example, the total return on the Notes is a loss of 32.00%, while the total return on the Reference Stock is a loss of 38.00% (including dividends).

Hypothetical Return Table at Maturity

The table below is based on the following assumptions*

Term:	12 months
Coupon rate per annum **	8.00% (or $0.6667 per monthly period)
Initial price	$100.00 per share
Trigger price:	$80.00 (80.00% of the initial price)
Principal amount:	$100.00 per Note (set equal to the initial price)
Dividend yield on the Reference Stock***	2.00% per annum

* Actual coupon rate and terms for each of the Notes will be set on the trade date.

** Coupon payment will be paid in arrears in 12 equal monthly installments during the term of the Note on an unadjusted basis.

*** Dividend yield assumed received by holders of the Reference Stock during the term of the Notes.

Reference Stock			Trigger Event Does Not Occur(1)		Trigger Event Occurs(2)
Final Stock Price(3)	Stock Price Return	Total Return on the Reference Stock at Maturity(4)	Payment at Maturity + Coupon Payments	Total Return on the Notes at Maturity(5)	Payment at Maturity + Coupon Payments(6)	Total Return on the Notes at Maturity(7)
$150.00	50.00%	52.00%	$108.00	8.00%	n/a	n/a
$145.00	45.00%	47.00%	$108.00	8.00%	n/a	n/a
$140.00	40.00%	42.00%	$108.00	8.00%	n/a	n/a
$135.00	35.00%	37.00%	$108.00	8.00%	n/a	n/a
$130.00	30.00%	32.00%	$108.00	8.00%	n/a	n/a
$125.00	25.00%	27.00%	$108.00	8.00%	n/a	n/a
$120.00	20.00%	22.00%	$108.00	8.00%	n/a	n/a
$115.00	15.00%	17.00%	$108.00	8.00%	n/a	n/a
$110.00	10.00%	12.00%	$108.00	8.00%	n/a	n/a
$105.00	5.00%	7.00%	$108.00	8.00%	n/a	n/a
$100.00	0.00%	2.00%	$108.00	8.00%	n/a	n/a
$95.00	-5.00%	-3.00%	$108.00	8.00%	n/a	n/a
$85.50	-10.00%	-8.00%	$108.00	8.00%	n/a	n/a
$72.68	-15.00%	-13.00%	$108.00	8.00%	n/a	n/a
$80.00	-20.00%	-18.00%	$108.00	8.00%	n/a	n/a
$75.00	-25.00%	-23.00%	n/a	n/a	$83.00	-17.00%
$70.00	-30.00%	-28.00%	n/a	n/a	$78.00	-22.00%
$65.00	-35.00%	-33.00%	n/a	n/a	$73.00	-27.00%
$60.00	-40.00%	-38.00%	n/a	n/a	$68.00	-32.00%
$55.00	-45.00%	-43.00%	n/a	n/a	$63.00	-37.00%
$50.00	-50.00%	-48.00%	n/a	n/a	$58.00	-42.00%
$45.00	-55.00%	-53.00%	n/a	n/a	$53.00	-47.00%
$40.00	-60.00%	-58.00%	n/a	n/a	$48.00	-52.00%
$35.00	-65.00%	-63.00%	n/a	n/a	$43.00	-57.00%
$30.00	-70.00%	-68.00%	n/a	n/a	$38.00	-62.00%

(1)	A trigger event does not occur if the final price of the Reference Stock is not below the trigger price.

(2)	A trigger event occurs if the final price of the Reference Stock is below the trigger price.

(3)

The final stock price is shown as of the final valuation date, if the final price of the Reference Stock is not below the trigger price. However, if the final price of the Reference Stock is below the trigger price, the final stock price is shown as of the final valuation date and the maturity date. The final stock price range is provided for illustrative purposes only. The actual stock price return may be below -70.00%, and you therefore may lose up to 100% of your initial investment.

(4)	The total return at maturity on the Reference Stock assumes an annual dividend yield on the Reference Stock of 2.00%.

(5)	The total return at maturity on the Notes includes coupon payments received during the term of the Notes.

(6)	Payment will consist, in part, of shares of the Reference Stock valued and delivered as of the maturity date.

(7)

If a trigger event occurs, the total return on the Notes at maturity will only be positive in the event that the market price of the Reference Stock on the maturity date is substantially greater than the final price of the Reference Stock on the final valuation date. Such an increase in price is not likely to occur.

What Are the Tax Consequences of the Notes?

Set forth below is a summary of certain U.S. federal income tax consequences relating to an investment in the Notes. The following summary is not complete and is qualified in its entirety by the discussion under the section entitled “Supplemental Discussion of U.S. Federal Income Tax Consequences” in the accompanying product prospectus supplement, the section entitled “Certain Income Tax Consequences” in the accompanying prospectus supplement and the section entitled “Tax Consequences” in the accompanying prospectus, which you should carefully review prior to investing in the Notes.

In the opinion of our counsel, Morrison & Foerster LLP, it would generally be reasonable to treat the Notes as an investment unit consisting of (i) a non-contingent debt instrument subject to the rules governing short-term debt instruments issued by us to you (the “Short-Term Debt Portion”) and (ii) a put option with respect to the Reference Stock written by you and purchased by us (the “Put Option”).

Short-Term Debt Portion—Amounts treated as interest on the Short-Term Debt Portion would be subject to general rules governing interest payments on short-term debt securities and would be required to be accrued by accrual-basis taxpayers (and cash-basis taxpayers who so elect) on either a straight-line basis or under the constant-yield method, based on daily compounding. Cash-basis taxpayers (who do not elect to accrue interest currently) would include interest in income upon receipt of such interest.

Put Option—Amounts treated as payment for the Put Option would generally be deferred and accounted for upon sale or maturity of the notes. At maturity, the amounts treated as payment for the Put Option (i) would likely result in short-term capital gain if you were to receive a cash payment of the full principal amount of your notes, (ii) would reduce the U.S. federal income tax basis of the shares of Reference Stock you receive if we were to exchange your notes for shares of the Reference Stock, or (iii) would reduce the amount you are treated as paying us upon settlement of the Put Option if you were to receive a cash payment of less than the full principal amount of your notes.

With respect to coupon payments you receive, we intend to treat such payments as consisting of interest on the debt component and a payment with respect to the put option as follows:

Reference Stock	Coupon per Annum (to be determined on trade date)	Interest on Debt Component per Annum	Put Option Component per Annum
Common stock of Aflac, Inc.	8.00% to 10.00%	• %	• %
Common stock of Prudential, Inc.	7.50% to 9.50%	• %	• %

There is no judicial or administrative authority discussing how the Notes should be treated for U.S. federal income tax purposes. Therefore, other treatments would also be reasonable and the Internal Revenue Service might assert that treatment other than that described above is more appropriate, in which case the timing and character of any income or loss on the Notes could be significantly and adversely affected. In addition, the Internal Revenue Service has released a notice that may affect the taxation of holders of “prepaid forward contracts” and similar instruments. According to the notice, the Internal Revenue Service and the U.S. Treasury are actively considering whether the holder of such instruments should be required to accrue ordinary income on a current basis, and they are seeking taxpayer comments on the subject. While it is not clear whether the Notes would be viewed as similar to such instruments, it is possible that any future guidance could materially and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect.

Individual holders that own “specified foreign financial assets” may be required to include certain information with respect to such assets with their U.S. federal income tax return. You are urged to consult your own tax advisor regarding such requirements with respect to the Notes. You should consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the Notes in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.

Please see the discussion under the section entitled “Supplemental Discussion of U.S. Federal Income Tax Consequences” on page PS-30 in the accompanying product prospectus supplement for a further discussion of the U.S. federal income tax consequences of an investment in the Notes.

Information about the Reference Stocks

Included on the following pages is a brief description of the issuers of each of the respective Reference Stocks. This information has been obtained from publicly available sources. Set forth below is a table that provides the quarterly high and low closing prices for each of the Reference Stocks. We obtained the closing price information set forth below from the Bloomberg Professional® service (“Bloomberg”) without independent verification. You should not take the historical prices of the Reference Stocks as an indication of future performance.

Each of the Reference Stocks is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Companies with securities registered under the Exchange Act are required to file financial and other information specified by the SEC periodically. Information filed by the respective issuers of the Reference Stocks with the SEC can be reviewed electronically through a web site maintained by the SEC. The address of the SEC’s web site is http://www.sec.gov. Information filed with the SEC by the respective issuers of the Reference Stocks under the Exchange Act can be located by reference to its SEC file number provided below. In addition, information filed with the SEC can be inspected and copied at the Public Reference Section of the SEC, 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Copies of this material can also be obtained from the Public Reference Section, at prescribed rates. Information from outside sources is not incorporated by reference in, and should not be considered part of, this free writing prospectus or any accompanying prospectus or prospectus supplement. We make no representation or warranty as to the accuracy or completeness of the information contained in outside sources.

Aflac, Inc.

According to publicly available information, Aflac, Inc. is a general business holding company. The company, through its subsidiaries, provides supplemental insurance to individuals in the United States and Japan. Aflac's products include accident/disability plans, cancer expense plans, short-term disability plans, sickness and hospital indemnity plans, hospital intensive care plans, and fixed-benefit dental plans.

Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number: 4977. The company’s common stock is listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “AFL”

Historical Information

The following table sets forth the quarterly high and low closing prices for this Reference Stock, based on daily closing prices on the NYSE, as reported by Bloomberg. The closing price of this Reference Stock on March 18, 2011 was $50.67. The historical performance of this Reference Stock should not be taken as an indication of the future performance of the Reference Stock during the term of the Notes.

Quarter Begin	Quarter End	Quarterly High	Quarterly Low	Quarterly Close
1/3/2006	3/31/2006	$49.40	$44.72	$45.13
4/3/2006	6/30/2006	$49.29	$44.40	$46.35
7/3/2006	9/26/2006	$46.85	$41.63	$45.76
10/2/2006	12/29/2006	$46.20	$42.50	$46.00
1/3/2007	3/30/2007	$49.37	$45.18	$47.06
4/2/2007	6/29/2007	$53.95	$45.18	$51.98
7/2/2007	9/28/2007	$57.44	$50.19	$57.04
10/1/2007	12/31/2007	$63.91	$56.24	$62.63
1/2/2008	3/31/2008	$66.55	$57.57	$64.95
4/1/2008	6/30/2008	$68.80	$62.52	$62.80
7/1/2008	9/30/2008	$65.99	$51.25	$58.75
10/1/2008	12/31/2008	$60.73	$29.69	$45.84
1/2/2009	3/31/2009	$46.94	$10.83	$19.36
4/1/2009	6/30/2009	$37.72	$17.26	$31.09
7/1/2009	9/30/2009	$44.07	$28.17	$42.74
10/1/2009	12/31/2009	$47.75	$39.82	$46.25
1/1/2010	3/31/2010	$55.20	$45.78	$54.29
4/1/2010	6/30/2010	$56.56	$39.91	$42.67
7/1/2010	9/30/2010	$53.88	$41.55	$51.71
10/1/2010	12/31/2010	$58.29	$50.90	$56.43
1/3/2011	3/18/2011*	$59.50	$48.12	$50.67

*As of the date of this free writing prospectus, available information for the first calendar quarter of 2011 includes data for the period from January 3, 2011 through March 18, 2011. Accordingly, the “Quarterly High,” “Quarterly Low” and “Quarterly Close” data indicated are for this shortened period only and do not reflect complete data for the first calendar quarter of 2011.

The graph below illustrates the performance of this Reference Stock from March 18, 2005 to March 18, 2011, assuming an initial price of $50.67, which was the closing price of the Reference Stock on March 18, 2011, and a trigger price equal to 80% of the initial price (the actual initial price and trigger price will be determined on the trade date).

HISTORIC PERFORMANCE IS NOT AN INDICATION OF FUTURE PERFORMANCE

Source: Bloomberg L.P. We make no representation or warranty as to the accuracy or completeness of information obtained from Bloomberg Financial Markets.

Prudential Financial, Inc.

According to publicly available information, Prudential Financial, Inc. provides financial services throughout the United States and several locations worldwide. The company offers a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, real estate brokerage, and relocation services.

Information filed by the company with the SEC under the Exchange Act can be located by reference to its SEC file number: 1137774. The company’s common stock is listed on the NYSE under the ticker symbol “PRU”

Historical Information

The following table sets forth the quarterly high and low closing prices for this Reference Stock, based on daily closing prices on the NYSE, as reported by Bloomberg. The closing price of this Reference Stock on March 18, 2011 was $60.63. The historical performance of this Reference Stock should not be taken as an indication of the future performance of the Reference Stock during the term of the Notes.

Quarter Begin	Quarter End	Quarterly High	Quarterly Low	Quarterly Close
1/3/2006	3/31/2006	$77.87	$73.10	$75.81
4/3/2006	6/30/2006	$80.30	$73.61	$77.70
7/3/2006	9/26/2006	$79.30	$71.28	$76.25
10/2/2006	12/29/2006	$87.17	$75.75	$85.86
1/3/2007	3/30/2007	$93.26	$85.38	$90.26
4/2/2007	6/29/2007	$103.27	$87.18	$97.91
7/2/2007	9/28/2007	$99.10	$81.61	$97.58
10/1/2007	12/31/2007	$101.44	$89.27	$93.04
1/2/2008	3/31/2008	$93.14	$65.68	$78.25
4/1/2008	6/30/2008	$83.75	$59.10	$59.74
7/1/2008	9/30/2008	$88.00	$54.70	$72.00
10/1/2008	12/31/2008	$70.41	$13.10	$30.26
1/2/2009	3/31/2009	$35.95	$10.65	$19.02
4/1/2009	6/30/2009	$46.39	$18.20	$37.22
7/1/2009	9/30/2009	$55.98	$32.25	$49.91
10/1/2009	12/31/2009	$52.95	$43.41	$49.76
1/1/2010	3/31/2010	$60.52	$46.35	$60.50
4/1/2010	6/30/2010	$66.80	$52.42	$53.66
7/1/2010	9/30/2010	$59.71	$48.56	$54.18
10/1/2010	12/31/2010	$60.08	$50.53	$58.71
1/3/2011	3/18/2011*	$67.50	$56.45	$60.63

The graph below illustrates the performance of this Reference Stock from March 18, 2005 to March 18, 2011, assuming an initial price of $60.63, which was the closing price of the Reference Stock on March 18, 2011, and a trigger price equal to 80% of the initial price (the actual initial price and trigger price will be determined on the trade date).

HISTORIC PERFORMANCE IS NOT AN INDICATION OF FUTURE PERFORMANCE

Source: Bloomberg L.P. We make no representation or warranty as to the accuracy or completeness of information obtained from Bloomberg Financial Markets.

Supplemental Plan of Distribution

We have agreed to indemnify UBS Financial Services Inc. and RBCCM against liabilities under the Securities Act of 1933, as amended, or to contribute payments that UBS Financial Services Inc. and RBCCM may be required to make relating to these liabilities as described in the prospectus supplement and the prospectus. We will agree that UBS Financial Services Inc. may sell all or a part of the Notes that it will purchase from us to its affiliates at the price indicated on the cover of the pricing supplement, the document that will be filed under Rule 424(b)(2) containing the final pricing terms of the Notes.

Subject to regulatory constraints and market conditions, RBCCM intends to offer to purchase the Notes in the secondary market, but it is not required to do so.

We or our affiliate may enter into swap agreements or related hedge transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the Notes and RBCCM and/or an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See “Use of Proceeds and Hedging” beginning on page PS-12 of the accompanying product prospectus supplement no. TYON-1.

Terms Incorporated in Master Note

The terms appearing above under the caption “Indicative Terms of the Notes” and the provisions in the accompanying product prospectus supplement no. TYON-1 dated March 1, 2011 under the caption “General Terms of Notes”, are incorporated into the master note issued to DTC, the registered holder of the Notes.

Investment Description
Trigger Yield Optimization Notes (the “Notes”) are unsecured and unsubordinated notes issued by Royal Bank of Canada linked to the performance of a specific company (the “Reference Stock”). The issue price of each Note will be equal to the closing price of the applicable Reference Stock on the trade date (the “initial price”). On a monthly basis, Royal Bank of Canada will pay you a coupon regardless of the performance of the Reference Stock. At maturity, Royal Bank of Canada will either pay you the principal amount per Note or, if the closing price of the Reference Stock on the final valuation date is below the trigger price, Royal Bank of Canada will deliver to you one share of the Reference Stock for each Note you then own (subject to adjustments in the case of certain corporate events described in the product prospectus supplement under “General Terms of the Notes — Anti-Dilution Adjustments”). Investing in the Notes involves significant risks. You may lose some or all of your principal amount. In exchange for receiving a coupon on the Notes, you are accepting the risk of receiving shares of the Reference Stock at maturity that is worth less than the principal amount of your Notes and the credit risk of Royal Bank of Canada for all payments under the Notes. Generally, the higher the coupon rate on a Note, the greater the risk of loss on that Note. The contingent repayment of principal only applies if you hold the Notes until maturity. Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of Royal Bank of Canada. If Royal Bank of Canada were to default on its payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your entire investment.
Features				Key Dates1
q Income— Regardless of the performance of the Reference Stock, Royal Bank of Canada will pay you a monthly coupon. In exchange for receiving the monthly coupon on the Notes, you are accepting the risk of receiving shares of the Reference Stock at maturity that are worth less than your principal amount and the credit risk of Royal Bank of Canada for all payments under the Notes. q Contingent Repayment of Principal at Maturity— If the price of the Reference Stock does not close below the trigger price on the final valuation date, Royal Bank of Canada will pay you the principal amount at maturity, and you will not participate in any appreciation or depreciation in the value of the Reference Stock. If the price of the Reference Stock closes below the trigger price on the final valuation date, Royal Bank of Canada will deliver to you one share of the Reference Stock per Note at maturity, which is expected to be worth significantly less than your principal amount and may have no value at all. The contingent repayment of principal only applies if you hold the Notes until maturity. Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of Royal Bank of Canada.				Trade Date1 March 23, 2011 Settlement Date1 March 31, 2011 Final Valuation Date2 March 23, 2012 Maturity Date2 March 30, 2012 1 Expected. In the event that we make any change to the expected trade date and settlement date, the final valuation date and maturity date will be changed so that the stated term of the Notes remains approximately the same. 2 Subject to postponement in the event of a market disruption event and as described under “General Terms of the Notes — Payment at Maturity” in the accompanying product prospectus supplement no. TYON-1.
NOTICE TO INVESTORS: THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. THE ISSUER IS NOT NECESSARILY OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES AT MATURITY, AND THE NOTES CAN HAVE DOWNSIDE MARKET RISK SIMILAR TO THE REFERENCE STOCK. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF ROYAL BANK OF CANADA. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES. YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER ‘‘KEY RISKS’’ BEGINNING ON PAGE 5, THE RISKS DESCRIBED UNDER “RISK FACTORS” BEGINNING ON PAGE PS-4 OF THE PRODUCT PROSPECTUS SUPPLEMENT NO. TYON-1 AND UNDER ‘‘RISK FACTORS’’ BEGINNING ON PAGE S-5 OF THE PROSPECTUS SUPPLEMENT BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. YOU MAY LOSE SOME OR ALL OF YOUR INITIAL INVESTMENT IN THE NOTES.
Note Offerings
This free writing prospectus relates to two separate Trigger Yield Optimization Notes we are offering. Each Note is linked to the common stock of a different company, and each of the Notes has a different coupon rate, initial price and trigger price, as specified in the table below. The coupon rate, initial price and trigger price for each Note will be set on the trade date. The Notes will be offered at a minimum investment equal to the initial price, which will be determined on the trade date. Coupons will be paid monthly in arrears in 12 equal installments.
Reference Stock	Coupon Rate per Annum	Initial Price	Trigger Price		CUSIP	ISIN
Common stock of Aflac, Inc.	8.00% to 10.00%	$●	80% of Initial Price		78009C233	US78009C2338
Common stock of Prudential, Inc.	7.50% to 9.50%	$●	80% of Initial Price		78009C241	US78009C2411

	Price to Public(1)		Fees and Commissions(2)		Proceeds to Us
Offering of Notes	Total	Per Note	Total	Per Note	Total	Per Note
Aflac, Inc.	●	100%	●	2%	●	98%
Prudential, Inc.	●	100%	●	2%	●	98%