An anonymous director reports

BNS SPLIT CORP. II ANNOUNCES REORGANIZATION PROPOSAL

BNS Split Corp. II's board of directors has approved a proposal to reorganize the company. The reorganization will permit holders of capital shares to extend their investments in the company beyond the scheduled redemption date of Sept. 22, 2015, for an additional five years. The preferred shares will be redeemed on the same terms originally contemplated in their share provisions. Holders of capital shares who do not wish to extend their investments and all holders of preferred shares will have their shares redeemed on Sept. 22, 2015.

The reorganization will involve: (i) the extension of the originally scheduled redemption date, (ii) a special retraction right to enable holders of capital shares to retract their shares as originally contemplated should they not wish to extend their investment; and (iii) the issuance of a new class of preferred shares in order to provide continuing leverage for the capital shares. The company may also offer additional capital shares at the time of the preferred share offering.

A special meeting of holders of the capital shares will be held on Aug. 7, 2015, to consider and vote upon the proposed reorganization. Details of the proposed reorganization will be outlined in an information circular to be prepared and delivered to holders of capital shares of record on July 9, 2015, in connection with the special meeting and will be available on SEDAR. Implementation of the proposed reorganization will also be subject to applicable regulatory approval, including the Toronto Stock Exchange.