Allbanc Split Corp. Announces Minimum Share Condition Has Been Satisfied

    TORONTO, Feb. 19 /CNW/ - Allbanc Split Corp. (the "Company") announced
today that the final condition required to extend the term of the Company for
an additional five years to March 8, 2013, has been met. Holders of Class A
Capital Shares previously approved the extension of the term of the Company
subject to the condition that at least 180,000 Class A Capital Shares remain
outstanding after giving effect to the special retraction right (the "Special
Retraction Right"). Under the Special Retraction Right, 66,684 Class A Capital
Shares have been tendered to the Company for retraction on March 10, 2008.
Holders of these shares will receive a retraction price equal to the amount if
any, by which the Unit Value exceeds $60.80. Holders of the remaining 332,342
Class A Capital Shares (representing 83.3% of the currently issued and
outstanding Class A Capital Shares) will continue to hold their investment in
the Company. After giving effect to the four-for-one share subdivision, it is
expected that 1,329,368 Class A Capital Shares will remain outstanding. The
Class A Preferred Shares will be redeemed by the Company on March 10, 2008 in
accordance with their terms at a price per share equal to the lesser of $60.80
and the Unit Value. In order to maintain the leveraged "split share" structure
of the Company, the Company will offer new Class B Preferred Shares pursuant
to a preliminary prospectus dated January 30, 2008.

    AllBanc Split Corp. is a mutual fund Corporation created to hold a
portfolio of publicly listed common shares of selected Canadian chartered
banks. The 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,, Web site:

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