R Split II Corp. Declares Quarterly Dividends and Confirms Final Redemption Date

    TORONTO, May 7 /CNW/ - The Board of Directors of R Split II Corp. (the
"Company") has declared today dividends of $0.3241 per Preferred Share and
$0.2900 per Capital Share, payable on May 29, 2009 to holders of record at the
close of business on May 28, 2009.
    Holders of Preferred Shares are entitled to receive quarterly fixed
cumulative distributions equal to $0.3241 per Preferred Share.
    The Capital Shares and Preferred Shares will be redeemed by the Company
on May 29, 2009 (the "Redemption Date") in accordance with the redemption
provisions of the shares.  Pursuant to these provisions, the Preferred Shares
will be redeemed at a price per share equal to the lesser of $30.50 and the
Net Asset Value per Unit.  The Capital Shares will be redeemed at a price for
every share equal to the amount (for every two capital shares) by which the
Net Asset Value per Unit exceeds $30.50.
    The Company's Capital Share dividend policy entitles holders of Capital
Shares to receive quarterly dividends in an amount equal to the dividends
received by the Company on the Royal Bank of Canada common shares minus the
dividends payable on the Preferred Shares and all administrative and operating
    A further press release will be issued by the Company in connection with
the redemption prices on May 28, 2009.  Payment of the amounts due to holders
of Capital Shares and Preferred Shares will be made by the Company on May 29,

    R Split II Corp. is a mutual fund corporation created to hold a portfolio
of common shares of Royal Bank of Canada. The Company generates dividend
income for the Preferred Shareholders and provides the Capital Shareholders
with a leveraged investment, the value of which is linked to changes in the
market prices of the portfolio shares.
    Capital Shares and Preferred Shares of R Split II Corp. are listed for
trading on The Toronto Stock Exchange under the symbols RBT and RBT.PR.A

    %SEDAR: 00020472E

For further information:

For further information: Investor Relations, R Split II Corp., (416)
945-5353, E-mail: mc_rsplit2@scotiacapital.com, Web site:

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