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Press release from CNW Group

Allbanc Split Corp. II Announces Shareholder Approval of Reorganization

Wednesday, December 08, 2010

Allbanc Split Corp. II Announces Shareholder Approval of Reorganization15:50 EST Wednesday, December 08, 2010TORONTO, Dec. 8 /CNW/ - Allbanc Split Corp. II (the "Company") announced today that holders of its Class A Capital Shares have approved a share capital reorganization (the "Reorganization") allowing holders of Class A Capital Shares, at their option, to retain their investment in the Company after the scheduled redemption date of February 28, 2011. The Reorganization will permit holders of Class A Capital Shares to extend their investment in the Company beyond the redemption date of February 28, 2011 for an additional 5 years. The Class A Preferred Shares will be redeemed on the same terms originally contemplated in their share provisions and will be called for redemption on or about February 28, 2011. In order to maintain the leveraged "split share" structure of the Company, a new class of shares to be known as the Series 1 Preferred Shares will be created and issued.Holders of Class A Capital Shares who do not wish to continue their investment in the Company after February 28, 2011 must give notice that they wish to exercise their special retraction right and how they wish to be paid for their shares on or prior to January 7, 2011. Holders of Class A Capital Shares who retract their Class A Capital Shares will be paid on or about February 28, 2011. The Reorganization will become effective provided that holders of at least 2,667,000 Class A Capital Shares retain their Class A Capital Shares and do not exercise the special retraction right.For further information: Investor Relations Allbanc Split Corp. II Telephone: (416) 863-5930 E-mail: mc_allbanc2@scotiacapital.com Web site: www.scotiamanagedcompanies.com