Allbanc Split Corp. Announces Partial Call for Redemption



    TORONTO, Feb. 24 /CNW/ - Allbanc Split Corp. (the "Company") announced
today that it has called 1,600 Preferred Shares for cash redemption on March
10, 2009 (in accordance with the Company's Articles) representing
approximately 0.125% of the outstanding Preferred Shares as a result of the
special annual retraction of 46,300 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 March 9, 2009 will have approximately 0.125% of
their Preferred Shares redeemed. The redemption price for the Preferred Shares
will be $26.75 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 March 10, 2009.
    Payment of the amount due to holders of Preferred Shares will be made by
the Company on March 10, 2009. From and after March 10, 2009 the holders of
Preferred Shares that have been called for redemption will not be entitled to
dividends or to exercise any right in respect of such shares except to receive
the amount due on redemption.

    Allbanc Split Corp. is a mutual fund Corporation created to hold a
portfolio of publicly listed common shares of selected Canadian chartered
banks. Class A Capital Shares and Class B Preferred Shares of Allbanc Split
Corp. are listed for trading on The Toronto Stock Exchange under the symbols
ABK.A and ABK.PR.B respectively.

    %SEDAR: 00009809E




For further information:

For further information: Investor Relations, Allbanc Split Corp., (416)
945-4171, E-mail: mc_allbanc@scotiacapital.com, Web site:
www.scotiamanagedcompanies.com

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AllBanc Split Corp.

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