NB Split Corp.

NB Split Corp.

December 16, 2010 18:00 ET

NB Split Corp. Announces Partial Redemption of Preferred Shares

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2010) - NB Split Corp. (the "Company") (TSX:NBF.PR.A)(TSX:NBF) announced today that in accordance with the Company's articles, it will redeem 235,150 Preferred Shares on December 29, 2010 at a price of $32.72 per Preferred Share for payment on December 30, 2010 as a result of the special annual retraction of Capital Shares by the holders thereof. The Preferred Shares shall be redeemed on a pro rata basis by CDS in accordance with its participants' policies and procedures. In aggregate approximately 31.05% of the Company's Preferred Shares will be redeemed.

Following the redemption of the Preferred Shares, and other Capital Shares and Preferred Shares tendered pursuant to the special annual retraction, there will remain approximately 1,044,248 Capital Shares and approximately 522,124 Preferred Shares outstanding, for an approximate net asset value of the Company of approximately $37.7 million, based on the current value of the National Bank shares.

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