S Split Corp. Declares Monthly Distribution

TORONTO, ONTARIO, Nov 02 (MARKET WIRE) --
S Split Corp. (TSX: SBN)(TSX: SBN.PR.A) (the "Fund"), has declared its
monthly distribution of $0.04375 on each of its Preferred Shares and
$0.05015 on each of its Class A shares, payable November 30, 2009 to
shareholders of record as of November 16, 2009. 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 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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Distribution Details :
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Distribution per Preferred Share: $0.04375
Distribution per Class A Share: $0.05015
Payable Date: November 30, 2009
Record Date: November 16, 2009
Ex-Dividend Date: November 12, 2009
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A member of the Mulvihill Capital Management Inc. Group of Funds

Contacts:
S Split Corp.
Investor Relations
(416) 681-3966 or Toll Free: 1-800-725-7172
Website: www.mulvihill.com

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