R Split III Corp. Announces Partial Call for Redemption

    TORONTO, May 15 /CNW/ - R Split III Corp. (the "Company") announced today
that it has called 3,386 Preferred Shares for cash redemption on May 29, 2009
(in accordance with the Company's Articles) representing approximately 0.155%
of the outstanding Preferred Shares as a result of the special annual
retraction of 172,168 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 28, 2009 will have approximately 0.155% of their
Preferred Shares redeemed. The redemption price for the Preferred Shares will
be $29.22 per share.
    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 29, 2009.
    Payment of the amount due to holders of Preferred Shares will be made by
the Company on May 29, 2009. From and after May 29, 2009 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.

    %SEDAR: 00024907E

For further information:

For further information: Investor Relations, R Split III Corp., (416)
945-7386, E-mail: mc_rsplit@scotiacapital.com, Web site:

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