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Press release from CNW Group

Allbanc Split Corp. II Declares Quarterly Dividends

Thursday, February 03, 2011

Allbanc Split Corp. II Declares Quarterly Dividends15:08 EST Thursday, February 03, 2011TORONTO, Feb. 3 /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 February 28, 2011 to holders of record at the close of business on February 25, 2011.The Preferred Shares will be redeemed by the Company on February 28, 2011 in accordance with their share provisions. Pursuant to these provisions, the Preferred Shares will be redeemed at a price per share equal to the lesser of $25.00 and Unit Value (currently $50.47).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 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. 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. The Preferred Shares will be delisted after the close on February 28, 2011.For further information: Investor Relations Allbanc Split Corp. II Telephone: (416) 863-5930 E-mail: Web site: