R Split III Corp. Declares Quarterly Dividends and Revises Capital Share Dividend Policy

    TORONTO, May 7 /CNW/ - The Board of Directors of R Split III Corp. (the
"Company") has today declared a dividend of $0.3287 per Preferred Share and
$0.0650 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 dividends equal to $0.3287 per Preferred Share. The Company has
revised its Capital Share dividend policy and has determined that it will not
pay a dividend on the Capital Shares if the net asset value per Unit at the
time of declaration, after giving effect to the dividend, would be less than
or equal to the original issue price of the Preferred Shares. In such
circumstance, any excess dividends received on the common shares of the Royal
Bank of Canada ("Royal Bank Shares") minus the dividends payable on the
Preferred Shares and all administrative, operating and income tax expenses
will be reinvested in short-term debt securities or Royal Bank Shares.
However, as long as net asset value per Unit at the date of declaration
exceeds such amount, the Company intends to pay a dividend on the Capital
Shares equal to the excess of the dividends received on the Royal Bank Shares
minus the Preferred Share dividends and all administrative, operating and
income tax expenses.
    R Split III Corp. is a mutual fund corporation created to hold Royal Bank
Shares. 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

    %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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