B Split II Corp. Confirms Final Redemption and Declares Quarterly
Distributions

TORONTO, May 13 /CNW/ - The Board of Directors of B Split II Corp. (the "Company") has declared today an ordinary quarterly dividend of $0.1036 per Preferred Share payable on June 1, 2010 to holders of record at the close of business on May 31, 2010. Holders of Preferred Shares are entitled to receive quarterly fixed cumulative dividends equal to $0.1036 per Preferred Share.

In addition, the Board of Directors of the Company has declared today a return of capital distribution of $0.12 per Capital Share, payable on June 1, 2010 to holders of record at the close of business on May 31, 2010. The Company's Capital Share distribution policy is to pay holders of Capital Shares quarterly distributions in an amount equal to the dividends received by the Company on the BCE Inc. common shares minus the dividends payable on the Preferred Shares and all administrative and operating expenses.

The Capital Shares and Preferred Shares will be redeemed by the Company on June 1, 2010 (the "Redemption Date") in accordance with the redemption provisions as detailed in the prospectus dated May 25, 2005. Pursuant to these provisions, the Preferred Shares will be redeemed at a price per share equal to the lesser of $9.75 and the net asset value per Unit. The Capital Shares will be redeemed at a price per share equal to the amount by which the net asset value per Unit exceeds $9.75. The net asset value per Unit was $21.30 as at May 12, 2010.

Holders of Capital Shares who requested to receive their redemption payment in BCE Inc. common shares ("BCE Shares") and gave notice to this effect and tendered $9.75 for every Capital Share by May 3, 2010 will receive their pro rata share of the BCE Shares. The redemption of Capital Shares and Preferred Shares will constitute a taxable disposition of the Company's shares at the time of the redemption whether the payment is received in the form of cash or BCE Shares.

A further press release will be issued by the Company in connection with the redemption prices on May 27, 2010. Payment of the amounts due to holders of Capital Shares and Preferred Shares will be made by the Company on June 1, 2010.

B Split II Corp. is a mutual fund corporation created to hold a portfolio of common shares of BCE Inc. Capital Shares and Preferred Shares of B Split II Corp. are listed for trading on The Toronto Stock Exchange under the symbols BXN and BXN.PR.B respectively.

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For further information: Investor Relations, B Split II Corp., [phone], E-mail: [email protected]; Web site: www.scotiamanagedcompanies.com