Allbanc Split Corp. II Declares Quarterly Dividends and Retains Financial
Advisor

TORONTO, Aug. 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 August 31, 2010 to holders of record at the close of business on August 13, 2010.

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.

The Company announced today that its Board of Directors has retained Scotia Capital to advise the Company on a possible extension and reorganization of the Company. There is no guarantee that after such review an extension will be proposed or if proposed, will be approved by shareholders.

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: Investor Relations, Allbanc Split Corp. II, Telephone: [phone], E-mail: [email protected], Web site: www.scotiamanagedcompanies.com