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Press release from CNW Group

Allbanc Split Corp. Announces Conference Call

Wednesday, May 18, 2011

Allbanc Split Corp. Announces Conference Call11:22 EDT Wednesday, May 18, 2011/THIS PRESS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/TORONTO, May 18 /CNW/ - Allbanc Split Corp. (the "Company") is pleased to announce that it will be hosting an investor update conference call on Tuesday, May 24, 2011, with Brian McChesney, President and CEO of Scotia Managed Companies Administration (the "Administrator").The conference call will provide an update on the Company's portfolio and performance.Investors and investment advisors are reminded that the Fund currently has warrants outstanding which expire on June 6, 2011 at 5:00 p.m. (Toronto time). Note that investment dealers may have deadlines earlier than June 6, 2011.Conference CallTuesday, May 24, 2011 at 11:00 a.m. (EST)Featuring Brian McChesney, President and CEO of the AdministratorDial-in Numbers: 416-340-2217 or 1-866-696-5910Passcode: 6138843#A replay of the conference call will be available at 905-694-9451 or 1-800-408-3053, passcode 1365315#.Each warrant entitles the holder to purchase one Unit, each Unit consisting of one Class A Capital Share and one Class B Preferred Share, for a subscription price of $62.78 per Unit. The warrants are listed on the Toronto Stock Exchange under the ticker symbol ABK.WT.Holders of Class B Preferred Shares are entitled to receive quarterly fixed cumulative dividends equal to $0.3344 per Class B Preferred Share. The Company's Capital Share dividend policy is to pay holders of Class A Capital Shares quarterly dividends in an amount equal to the dividends received on the underlying portfolio securities minus the dividends payable on the Class B 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 Class B 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. The Class A Capital Shares and Class B Preferred Shares of Allbanc Split Corp. are all listed for trading on The Toronto Stock Exchange under the symbols ABK.A and ABK.PR.B respectively.For further information: Investor Relations Allbanc Split Corp. (416) 945-4171 E-mail: Web site: