Allbanc Split Corp. Announces Completion of Class B Preferred Share Offering

    TORONTO, March 10 /CNW/ - Allbanc Split Corp. (the "Company") announced
today that it has completed its public offering of 1,329,368 Class B Preferred
Shares, raising approximately $35.6 million. The Class B Preferred Shares were
offered to the public by a syndicate of agents led by Scotia Capital Inc. In
addition, the Company has redeemed all of its outstanding Class A Preferred
Shares and 66,684 of its Class A Capital Shares.
    Holders of 332,342 Class A Capital Shares (before giving effect to the
four-for-one share subdivision) did not retract their Class A Capital Shares
pursuant to the special retraction right created in accordance with the
capital reorganization approved by holders of the Class A Capital Shares on
January 25, 2008 and, accordingly, 1,329,368 Class A Capital Shares remain
outstanding after giving effect to the four-for-one share subdivision, which
became effective as of March 10, 2008. The Class B Preferred Shares were
offered in order to fund in part, the redemption of 66,684 Class A Capital
Shares and all of the Class A Preferred Shares and to maintain the leveraged
"split share" structure of the Company.

    Allbanc Split Corp. is a mutual fund corporation that holds a portfolio
of publicly listed common shares of selected Canadian chartered banks. The
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:, Web site:

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