Allbanc Split Corp. II Partial Call for Redemption



    TORONTO, Feb. 15 /CNW/ - Allbanc Split Corp. II (the "Company") announced
today that it has called 164,867 Preferred Shares for cash redemption on
February 28, 2008 (in accordance with the Company's Articles) representing
approximately 3.524% of the outstanding Preferred Shares as a result of the
special annual retraction of 1,729,032 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 February 27, 2008 will have
approximately 3.524% of their Preferred Shares redeemed. The redemption price
for the Preferred Shares will be $25.00 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 February 28,
2008.
    Payment of the amount due to holders of Preferred Shares will be made by
the Company on February 28, 2008. From and after February 28, 2008 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. II is a mutual fund corporation created to hold a
portfolio of publicly listed common shares of selected Canadian chartered
banks. Capital Shares and Preferred Shares of Allbanc Split Corp. II are
listed for trading on The Toronto Stock Exchange under the symbols ALB and
ALB.PR.A respectively.

    %SEDAR: 00023067E




For further information:

For further information: Investor Relations, Allbanc Split Corp. II,
(416) 863-5930, E-mail: mc_allbanc2@scotiacapital.com, Web site:
www.scotiamanagedcompanies.com

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AllBanc Split Corp. II

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