AllBanc Split Corp. Declares Quarterly Dividends



    TORONTO, Oct. 28 /CNW/ - The Board of Directors of AllBanc Split Corp.
(the "Company") has today declared an ordinary dividend of $0.3344 per Class B
Preferred Share and an ordinary dividend of $0.22 per Class A Capital Share,
payable on December 10, 2008 to holders of record at the close of business on
November 24, 2008.
    Holders of Class B Preferred Shares are entitled to receive quarterly
fixed cumulative distributions equal to $0.3344 per Preferred Share. The
Company's Class A Capital Share dividend policy is to pay holders of Class A
Capital Shares quarterly dividends in an amount equal to the dividends
received by the Company on the underlying common shares in excess of the fixed
Class B Preferred Share dividends and forecasted administrative and operating
expenses of the Company.

    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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