S Split Corp. Declares Monthly Distribution

TORONTO, ONTARIO, Aug 05 (MARKET WIRE) --
S Split Corp. (the "Fund")(TSX: SBN.PR.A)(TSX: SBN), has declared its
monthly distribution of $0.04375 on each of its Preferred Shares and
$0.05910 on each of its Class A shares, payable August 29, 2008 to
shareholders of record as of August 15, 2008. To the extent that any
portion of the distributions are ordinary taxable dividends and not
capital gains dividends, they will be eligible dividends.

The Fund is a mutual fund corporation which invests in a portfolio of
common shares of The Bank of Nova Scotia ("BNS Shares"). Investors in the
Fund's Class A Shares will receive leveraged exposure to the performance
of The Bank of Nova Scotia, including increases or decreases in the value
of BNS Shares and increases or decreases in the dividends paid on BNS
Shares. Investors in the Fund's Preferred Shares will receive monthly
distributions on a fixed, cumulative and preferential basis.

The investment objectives for the Class A Shares are: (i) to provide
holders of Class A Shares with regular monthly cash distributions in an
amount targeted to be 6.00% per annum on the net asset value ("NAV") of
the Class A Shares; and (ii) to provide holders of Class A Shares with
the opportunity for leveraged growth in NAV and distributions per Class A
Share.

The investment objectives for the Preferred Shares are: (i) to provide
holders of Preferred Shares with fixed cumulative preferential monthly
cash distributions in the amount of $0.04375 per Preferred Share ($0.525
per year) representing a yield on the issue price of the Preferred Shares
of 5.25% per annum; and (ii) to return the issue price of $10.00 per
Preferred Share to holders of Preferred Shares at the time of redemption
of such shares on December 1, 2014.

The Fund's investment portfolio is managed by its investment manager,
Mulvihill Capital Management Inc. The Fund's Preferred and Class A shares
are listed on The Toronto Stock Exchange under the symbols SBN.PR.A and
SBN.

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Distributio
n Details :
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Distribution per Preferred Share: $0.04375
Distribution per Class A Share: $0.05910
Payable Date: August 29, 2008
Record Date: August 15, 2008
Ex-Dividend Date: August 13, 2008

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A member of the Mulvihill Capital Management Inc. Group of Funds.

Contacts:
Mulvihill Structured Products
John Mulvihill
President & CEO
(416) 681-3966 or 1-800-725-7172

Mulvihill Structured Products
Don Biggs
Senior Vice President
(416) 681-3966 or 1-800-725-7172
Email: hybrid@mulvihill.com
Website: www.mulvihill.com

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