Bond Canadian Imperial Bank 3% ( US78008T2B97 ) in USD

Canadian Imperial Bank

100 % ▲

Canada

US78008T2B97 ( in USD )

3% per year ( payment 2 times a year)

20/03/2024 - Bond has expired

Prospectus brochure of the bond Royal Bank of Canada US78008T2B97 in USD 3%, expired

1 000 USD

78008T2B9

N/A

The Royal Bank of Canada (RBC) is a Canadian multinational financial services company offering personal and commercial banking, wealth management, insurance, and investment banking services globally.

The Bond issued by Canadian Imperial Bank ( Canada ) , in USD, with the ISIN code US78008T2B97, pays a coupon of 3% per year.
The coupons are paid 2 times per year and the Bond maturity is 20/03/2024

f316121424b2.htm
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424B2 1 f316121424b2.htm WF33 - STEP UP CALLABLE NOTE
Final Pricing Supplement No. WFC33 dated March 15, 2012
(to Product Prospectus
Supplement FIN-1,
Filed Pursuant to Rule 424(b)(2)
Prospectus
Registration No. 333-171806
Supplement and Prospectus
each dated January 28, 2011)

Royal Bank of Canada

Notes due March 20, 2024

§ Semi-annual interest payments
§ The per annum fixed rate of interest payable on the Notes will increase during the term of the Notes:
Years 1-2
2.50%

Years 3-7
3.00%

Years 8-12 4.00%

§ Redeemable by Royal Bank of Canada at par on the first, second and seventh anniversary of the issue date
§ Unless general interest rates rise significantly, you should not expect to earn the higher stated interest rates described above
because the Notes are likely to be redeemed
§ If not redeemed by Royal Bank of Canada, the Notes will have a term of 12 years
§ The Notes will not be listed on any securities exchange

Investing in the Notes involves risks. See "Additional Risk Factors" on page PS-4.

The Notes are unsecured obligations of Royal Bank of Canada and all payments on the Notes are subject to the
credit risk of Royal Bank of Canada. The Notes will not constitute deposits insured by the Canada Deposit
Insurance Corporation, the U.S. Federal Deposit Insurance Corporation (the "FDIC") or any other Canadian or U.S.
government agency or instrumentality.

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved
or disapproved of these securities or determined that this pricing supplement is truthful or complete. Any
representation to the contrary is a criminal offense.

Per Note
Total
Public Offering Price
$1,000.00
$2,200,000
Maximum Underwriting Discount and Commission(1) $
13.00

$
28,600
Minimum Proceeds to Royal Bank of Canada
$ 987.00
$2,171,400

(1)
Wells Fargo Securities, LLC will receive an underwriting discount and commission of $13.00 for each Note sold in this
offering. From this underwriting discount and commission, Wells Fargo Securities, LLC will pay selected dealers, including Wells
Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, a selling commission of $13.00 for each Note they sell. In
addition to the underwriting discount and commissions, the public offering price specified above includes structuring and
development costs received by Wells Fargo Securities, LLC. The underwriting discount and commissions and the structuring and
development costs total $33.80 per $1,000 principal amount of the Notes. See "Use of Proceeds and Hedging" and
"Supplemental Plan of Distribution" in this pricing supplement for further information regarding how we may hedge our obligations
under the Notes.

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Wells Fargo Securities

The date of this pricing supplement is March 15, 2012

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Step Up Callable Notes,
due March 20, 2024
INVESTMENT CONSIDERATIONS

We have designed the Notes for investors who:

§
seek a fixed income investment with an interest rate that increases to preset rates during the term of the
investment;

§
seek current income at an interest rate of 2.50% per annum in the first and second years; 3.00% per annum in the
third through seventh years; and 4.00% per annum in the eighth through twelfth years, in each case subject to our
right to redeem the Notes;

§
understand that the Notes may be redeemed by Royal Bank of Canada on the first, second and seventh
anniversary of the issue date; and

§
are wil ing to hold the Notes until maturity.

The Notes are not designed for, and may not be a suitable investment for, investors who:

§
seek a liquid investment or are unable or unwil ing to hold the Notes to maturity;

§
expect interest rates to increase beyond the interest rates provided by the Notes;

§
prefer the certainty of investments without an optional redemption feature; and

§
are unwil ing to accept the credit risk of Royal Bank of Canada.

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Step Up Callable Notes,
due March 20, 2024

SUMMARY
Issuer:
Royal Bank of Canada ("Royal Bank")

Issue:
Senior Global Medium-Term Notes, Series E

Underwriter:
Wel s Fargo Securities, LLC

Currency:
U.S. Dollars

Minimum
$1,000 and minimum denominations of $1,000 in excess of $1,000
Investment:

Pricing Date:
March 15, 2012

Issue Date:
March 20, 2012

Maturity Date:
March 20, 2024. If the stated maturity date is not a business day, any payment required to be made on
the Notes on the maturity date wil be made on the next succeeding business day with the same force and
effect as if it had been made on the maturity date. No additional interest wil accrue during the period from
and after the scheduled maturity date. The Notes are subject to redemption by Royal Bank of Canada
prior to the stated maturity date as set forth below under "Optional Redemption." The Notes are not
subject to repayment at the option of the holder.

CUSIP:
78008T2B9

Type of Note:
Step Up Note

Interest Rates: Commencing March 20, 2012 and ending March 19, 2014: 2.50%

Commencing March 20, 2014 and ending March 19, 2019:
3.00%

Commencing March 20, 2019 and ending March 19, 2024:
4.00%

Interest PaymentMarch 20 and September 20 of each year, commencing on September 20, 2012 and at the stated
Dates:
maturity date. If a scheduled interest payment date is not a business day, interest wil be paid on the next
business day, and interest wil not accrue during the period from and after the scheduled interest payment
date.

Interest Period: On each interest payment date, interest wil be paid for the period commencing on and including the
immediately preceding interest payment date and ending on the day immediately preceding that interest
payment date. This period is referred to as an "interest period." The first interest period wil commence on
and include the issue date and end on and include September 19, 2012. Interest payable with respect to
an interest period wil be computed on the basis of a 360-day year of twelve 30-day months.

Optional
The Notes are redeemable by Royal Bank of Canada, in whole but not in part, on March 20, 2013, March
Redemption:
20, 2014 and March 20, 2019 at 100% of the principal amount per Note plus accrued and unpaid interest
to, but excluding, the redemption date. Royal Bank of Canada wil give notice to the holders of the Notes
at least ten business days and not more than 30 days prior to the redemption date. If we redeem the
Notes on an interest payment date that has been postponed, as described above under "Interest Payment
Dates," you wil receive your payment on that interest payment date as postponed, and no additional
interest wil accrue on the Notes during the period from and after the scheduled interest payment date. So
long as the Notes are represented by global securities and are held on behalf of the Depository Trust
Company ("DTC"), we wil deliver redemption notices and other notices through DTC.

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PS-2
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Step Up Callable Notes,
due March 20, 2024

Survivor's Option:
Not Applicable

U.S. Federal Income
The Notes should be treated as debt instruments for U.S. federal income tax purposes. Please
Tax Treatment:
read careful y the section entitled "Supplemental Discussion of U.S. Federal Income Tax

Consequences" in this pricing supplement, the section entitled "Tax Consequences" in the
accompanying prospectus, the section entitled "Certain Income Tax Consequences" in the
accompanying prospectus supplement and the section entitled "Supplemental Discussion of U.S.
Federal Income Tax Consequences" in the accompanying product prospectus supplement. You
should consult your tax advisor about your own tax situation.

Calculation Agent:
RBC Capital Markets, LLC

Listing:
The Notes wil not be listed on any securities exchange.

Clearance and
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as
Settlement:
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the
prospectus dated January 28, 2011).

PS-3
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Step Up Callable Notes,
due March 20, 2024
ADDITIONAL RISK FACTORS

The Notes involve risks not associated with an investment in ordinary fixed rate notes. This section describes the
most significant risks relating to the terms of the Notes. For additional information as to the risks relating to the Notes,
please see the product prospectus supplement FIN-1 dated January 28, 2011 and the prospectus supplement dated
January 28, 2011. You should careful y consider whether the Notes are suited to your particular circumstances before you
decide to purchase them. Accordingly, prospective investors should consult their financial and legal advisors as to the risks
entailed by an investment in the Notes and the suitability of the Notes in light of their particular circumstances.

The Amount of Interest You Receive May Be Less than the Return You Could Earn on Other Investments.

Interest rates may change significantly over the term of the Notes, and it is impossible to predict what interest
rates wil be at any point in the future. Although the interest rate on the Notes wil increase to preset rates at scheduled
intervals during the term of the Notes, the interest rate that wil apply at any time on the Notes may be more or less than
prevailing market interest rates at that time. As a result, the amount of interest you receive on the Notes may be less than
the return you could earn on other investments.

The Per Annum Interest Rate Applicable at a Particular Time Will Affect Our Decision to Redeem the Notes.

It is more likely that we wil redeem the Notes prior to the stated maturity date during periods when the remaining
interest is to accrue on the Notes at a rate that is greater than that which we would pay on a conventional fixed-rate
non-redeemable note of comparable maturity. If we redeem the Notes prior to the stated maturity date, you may not be
able to invest in other Notes that yield as much interest as the Notes.

Investors Are Subject to Our Credit Risk, and Our Credit Ratings and Credit Spreads May Adversely Affect the
Market Value of the Notes.

Investors are dependent on Royal Bank's ability to pay all amounts due on the Notes on the interest payment dates
and at maturity, and, therefore, investors are subject to the credit risk of Royal Bank and to changes in the market's view of
Royal Bank's creditworthiness. Any decrease in Royal Bank's credit ratings or increase in the credit spreads charged by
the market for taking Royal Bank's credit risk is likely to adversely affect the market value of the Notes.

The Inclusion of the Underwriting Discount and Commission and the Structuring and Development Costs in the
Initial Public Offering Price of the Notes and Certain Hedging Costs Are Likely to Adversely Affect the Price at
Which You Can Sell Your Notes.

Assuming no change in market conditions or any other relevant factors, the price, if any, at which Wel s Fargo
Securities, LLC is wil ing to purchase the Notes in secondary market transactions wil likely be lower than the initial public
offering price. The initial public offering price includes, and secondary market prices are likely to exclude, the underwriting
discount and commission paid in connection with the initial distribution and the structuring and development costs. In
addition, any such price is also likely to reflect dealer discounts, mark-ups and other transaction costs, such as a discount
to account for costs associated with establishing or unwinding any related hedge transaction. We expect such costs wil
include the projected profit that our hedge counterparty expects to realize in consideration for assuming the risks inherent in
hedging our obligations under the Notes. In addition, any such prices may differ from values determined by pricing models
used by Wel s Fargo Securities, LLC, as a result of dealer discounts, mark-ups or other transactions.

The Step-Up Feature Presents Different Investment Considerations than Fixed Rate Notes.

The interest rate payable on the Notes during their term wil increase from the initial interest rate, subject to our
right to redeem the Notes. If we do not redeem the Notes, the interest rate wil step up as described above. Unless general
interest rates rise significantly, you should not expect to earn the higher stated interest rates which are applicable only after
the first two years of the term of the Notes, because we are likely to redeem the Notes prior to the stated maturity date.
When determining whether to invest in the Notes, you should consider, among other things, the overal annual percentage
rate of interest to redemption or maturity as compared to other equivalent investment alternatives, rather than the higher
stated interest rates which are applicable only after the first two years of the term of the Notes.

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PS-4
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Step Up Callable Notes,
due March 20, 2024

An Investment in the Notes May Be More Risky than an Investment in Notes with a Shorter Term.

The Notes have a term of twelve years, subject to our right to redeem the Notes on March 20, 2013, March 20,
2014 and March 20, 2019. By purchasing Notes with a longer term, you wil bear greater exposure to fluctuations in interest
rates than if you purchased a note with a shorter term. In particular, you may be negatively affected if interest rates begin
to rise because the likelihood that we wil redeem your Notes wil decrease and the interest rate applicable to your Notes
during a particular interest period may be less than the amount of interest you could earn on other investments available at
that time. In addition, if you try to sel your Notes at that time, the value of your Notes in any secondary market transaction
would also be adversely affected.
The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors.

The fol owing factors, which are beyond our control, may influence the market value of your Notes:

·
Changes in U.S. interest rates. In general, assuming al other conditions are held constant, if U.S. interest rates
increase, the market value of the Notes may decrease, and if U.S. interest rates decrease, the market value of
the Notes may increase.

·
Credit risk. Actual or anticipated changes in Royal Bank's credit ratings, financial condition or results of
operations may affect the value of the Notes. However, because the return on the Notes is dependent upon
factors in addition to our ability to pay our obligations under the Notes, such as whether we exercise our option
to redeem the Notes, an improvement in our credit ratings, financial condition or results of operation wil not
reduce the other investment risks related to the Notes.
These factors may influence the market value of your Notes if you sel your Notes before maturity.
There May Not Be an Active Trading Market for the Notes--Sales in the Secondary Market May Result in
Significant Losses.

There may be little or no secondary market for the Notes. The Notes wil not be listed on any securities
exchange. Wel s Fargo Securities, LLC and other affiliates of Wel s Fargo Securities, LLC may make a market for the
Notes; however, they are not required to do so. Wel s Fargo Securities, LLC or any other affiliate of Wel s Fargo
Securities, LLC may stop any market-making activities at any time. Even if a secondary market for the Notes develops, it
may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any
secondary market would be high. As a result, the difference between bid and asked prices for your Notes in any
secondary market could be substantial.

If you sel your Notes before maturity, you may have to do so at a substantial discount from the issue price, and as
a result, you may suffer substantial losses.

PS-5
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Step Up Callable Notes,
due March 20, 2024

ADDITIONAL TERMS OF YOUR NOTES

You should read this pricing supplement together with the prospectus dated January 28, 2011, as supplemented by
the prospectus supplement dated January 28, 2011 and the product prospectus supplement FIN-1 dated January 28, 2011,
relating to our Senior Global Medium-Term Notes, Series E, of which these Notes are a part. Capitalized terms used but
not defined in this pricing supplement wil have the meanings given to them in the product prospectus supplement FIN-1. In
the event of any conflict, this pricing supplement will control. The Notes vary from the terms described in the product
prospectus supplement FIN-1 and the accompanying prospectus supplement and prospectus in several important
ways. You should read this pricing supplement carefully.

This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes
all prior or contemporaneous oral statements as wel as any other written materials including preliminary or indicative pricing
terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational
materials of ours. You should careful y consider, among other things, the matters set forth in "Risk Factors" in the
prospectus supplement dated January 28, 2011, "Additional Risk Factors Specific to the Notes" in the product prospectus
supplement FIN-1 dated January 28, 2011 and "Additional Risk Factors" in this pricing supplement, as the Notes involve
risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and
other advisors before you invest in the Notes. You may access these documents on the SEC website at www.sec.gov as
fol ows (or if that address has changed, by reviewing our filings for the relevant date on the SEC website):

Prospectus dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000309/f127115424b3.htm

Prospectus Supplement dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000311/m127114424b3.htm

Product Prospectus Supplement FIN-1 dated January 28, 2011:
http://www.sec.gov/Archives/edgar/data/1000275/000121465911000316/m127115424b5.htm

Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, the "Company,"
"we," "us," or "our" refers to Royal Bank of Canada.

PS-6
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