Allbanc Split Corp. II Declares Quarterly Dividends

    TORONTO, April 30 /CNW/ - The Board of Directors of Allbanc Split Corp.
II (the "Company") has declared today dividends of $0.26563 per Preferred
Share and $0.09 per Capital Share, payable on May 29, 2009 to holders of
record at the close of business on May 15, 2009.
    Holders of Preferred Shares are entitled to receive quarterly fixed
cumulative distributions equal to $0.26563 per Preferred Share. The Company's
Capital Share dividend policy is to pay a quarterly dividend on the Capital
Shares if 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. Providing this criteria is met, the Company's policy
is to pay holders of Capital Shares quarterly dividends in an amount equal to
the dividends received on the underlying portfolio securities minus the
dividend payable on the Preferred Shares and all administrative and operating

    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,
Telephone: (416) 863-5930, E-mail:, Web site:

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