Allbanc Split Corp. Declares Quarterly Dividends

    TORONTO, May 12 /CNW/ - The Board of Directors of AllBanc Split Corp.
(the "Company") has today declared dividends of $0.3344 per Preferred Share
and $0.23 per Capital Share, payable on June 10, 2009 to holders of record at
the close of business on May 22, 2009.
    Holders of Preferred Shares are entitled to receive quarterly fixed
cumulative distributions equal to $0.3344 per Preferred Share. The Company's
Capital Share dividend policy is to pay a quarterly dividend on the Capital
Shares equal to the dividends received on the underlying portfolio securities
minus the dividends payable on the Preferred Shares and all administrative and
operating expenses provided the net asset value per Unit at the time of
declaration, after giving effect to the dividend, would be greater than 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:, Web site:

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AllBanc Split Corp.

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