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



    TORONTO, Feb. 19 /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 March 10, 2009 to holders of record at the close of business on
March 9, 2009.
    Holders of Class B Preferred Shares are entitled to receive quarterly
fixed cumulative distributions equal to $0.3344 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 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
circumstances, any excess dividends received on the underlying portfolio
securities 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 underlying portfolio securities. However, as
long as Net Asset Value 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 portfolio securities minus the Preferred Share
dividends and all administrative, operating and income tax expenses. Based on
yesterday's closing sale prices of the underlying portfolio securities and
after giving effect to the Capital Share dividend, the Net Asset Value per
Unit would be $30.51 or $3.76 in excess of the original issue price of the
Preferred Shares.

    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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