GlobalBanc Advantaged 8 Split Corp.
TSX : GBA
TSX : GBA.PR.A

GlobalBanc Advantaged 8 Split Corp.

December 18, 2008 08:00 ET

GlobalBanc Advantaged 8 Split Corp. Announces Dividend and Revised Dividend Policy

TORONTO, ONTARIO--(Marketwire - Dec. 18, 2008) - GlobalBanc Advantaged 8 Split Corp. (TSX:GBA.PR.A)(TSX:GBA) announces a distribution of $0.07 per Preferred Share for the quarter ending December 31, 2008. The distribution will be paid on January 13, 2009 to holders of record on December 31, 2008. No distribution will be paid on the Class A Shares for the quarter ending December 31, 2008.

The Company has determined that, as a result of anticipated changes in the dividend payments to be paid by the banks included in the Bank Portfolio, future dividend payments to be received by the Company may not generate sufficient yield to pay in full the fixed cumulative quarterly dividends in the amount of $0.1125 per Preferred Share (as established by the share conditions relating to the Preferred Shares) and the expenses of the Company. Accordingly, the Company has determined to pay during 2009 a quarterly dividend amount of one-quarter of the Bloomberg Dividend Forecast of the dividends to be paid by the banks comprising the Bank Portfolio in the upcoming 12 months, less an estimate of the expenses of the Company. The Board of Directors will monitor these estimates and may revise the amount of dividends paid on the Preferred Shares in the future, up or down, to take in to account changes in these estimates and changes in the Company's expenses.

Assuming dividends are paid by the Bank Portfolio at least consistent with these estimates over the coming 12 months, the Company will maintain sufficient cash flow to make dividend payments in accordance with the revised dividend policy and to fund current operating expenses. If the Company were to pay dividends and incur operating expenses in excess of these cash flows it may be necessary to dispose of a portion of the securities comprising the Bank Portfolio. The Board of Directors believes it is in the best interests of the Company to pay dividends at a level which avoids a sale of assets at this time.

The shortfall below the prescribed amount of the Preferred Share dividend will accumulate and, in accordance with the terms of the Preferred Shares and the Class A Shares, will be paid in priority to any payments on the Class A Shares.

For further information, please contact First Asset, attention: Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.globalbancsplit.com.

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