R Split III Corp. Announces Partial Call for Redemption

TORONTO, May 19 /CNW/ - R Split III Corp. (the "Company") announced today that it has called 138,250 Preferred Shares for cash redemption on May 31, 2011 (in accordance with the Company's Articles) representing approximately 8.9583729% of the outstanding Preferred Shares as a result of the annual retraction of 276,500 Capital Shares by the holders thereof. The Preferred Shares shall be redeemed on a pro rata basis, so that each holder of Preferred Shares of record on May 30, 2011 will have approximately 8.9583729% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $29.22 per share.

In addition, holders of a further 150,000 Capital Shares and 75,000 Preferred Shares have deposited such shares concurrently for retraction on May 31, 2011. As a result, a total of 426,500 Capital Shares and 213,250 Preferred Shares, or approximately 13.1778% of both classes of shares currently outstanding, will be redeemed.

Holders of Preferred Shares that are on record for dividends but have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to but not including May 31, 2011.

Payment of the amount due to holders of Preferred Shares will be made by the Company on May 31, 2011. From and after May 31, 2011 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any rights in respect of such shares except to receive the amount due on redemption.

R Split III Corp. is a mutual fund corporation created to hold a portfolio of common shares of Royal Bank of Canada. Capital Shares and Preferred Shares of R Split III Corp. are listed for trading on The Toronto Stock Exchange under the symbols RBS and RBS.PR.A respectively.

SOURCE R Split III Corp.

For further information:

Investor Relations
R Split III Corp.
(416) 945-7386
E-mail: mc_rsplit@scotiacapital.com
Web site: www.scotiamanagedcompanies.com


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