Allbanc Split Corp. Declares Quarterly Dividends and Considers Reorganization Proposal



    TORONTO, Oct. 25 /CNW/ - The Board of Directors of Allbanc Split Corp.
(the "Company") has today declared an ordinary dividend of $0.76 per Class A
Preferred Share and an ordinary dividend of $0.91 per Class A Capital Share,
payable on December 10, 2007 to holders of record at the close of business on
November 23, 2007.
    Holders of Class A Preferred Shares are entitled to receive quarterly
fixed cumulative distributions equal to $0.76 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 A Preferred Share dividends and forecasted administrative and operating
expenses of the Company.
    The Company is scheduled to terminate on March 10, 2008. The Board of
Directors is currently reviewing alternatives to termination, including a
possible extension of the term of the Company, but there can be no assurance
that any alternative will materialize.
    The Company is also pleased to announce the addition of Terry A. Jackson
as an independent director and his appointment as a member of the Company's
Independent Review Committee.

    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 A Preferred Shares of AllBanc Split
Corp. are listed for trading on The Toronto Stock Exchange under the symbols
ABK.A and ABK.PR.C 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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