Energy Split Corp. II Inc. Announces Redemption and Subdivision of ROC Preferred Shares and Completion of the Reorganization

    TORONTO, Dec. 17 /CNW/ - Energy Split Corp. II Inc. (the "Company")
announced today that it has redeemed 186,000 ROC Preferred Shares called for
redemption on November 30, 2007 for a cash price of $25.00 per ROC Preferred
Share as well as completed a subdivision of the remaining 650,131 ROC
Preferred Shares on the basis of approximately 1.82-to-1, resulting in
1,183,343 ROC Preferred Shares remaining outstanding. The remaining ROC
Preferred Shares are redeemable for a cash amount equal to the lesser of i)
$13.74 and (ii) Unit Value and are entitled to quarterly fixed distributions
of $0.1718 per ROC Preferred Share. On an annualized basis, the fixed
distribution amount represents a yield of 5.00% on a redemption price of
    The Company has now successfully completed its reorganization which,
among other things, extended the redemption date of the Capital Yield Shares
and ROC Preferred Shares for an additional three year term, approved at a
special meeting of holders of Capital Yield Shares and ROC Preferred Shares on
October 23, 2007.
    Capital Yield Shares and ROC Preferred Shares of Energy Split Corp. II
Inc. are listed for trading on the Toronto Stock Exchange under the symbols EN
and EN.PR.A respectively.

    %SEDAR: 00021250E

For further information:

For further information: Investor Relations, Energy Split Corp. II Inc.,
(416) 945-4777, E-mail:, Web site:

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