SBN S Split Corp

S Split Corp. (TSX:SBN)(TSX:SBN.PR.A) announces announces results for the year
ended December 31, 2010. Net realized income before distributions amounted to
$2.1 million or $0.49 per unit. Net assets were $21.45 per unit, net of
distributions to Class A shareholders in the amount of $2.6 million or $0.62 per
Class A share and distributions to Preferred Shareholders in the amount of $2.2
million or $0.53 per Preferred Share. Each unit consists of one Preferred Share
and one Class A Share.


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 net proceeds of the offering were invested by the Fund in The Bank of Nova
Scotia ("BNS") shares.


To generate additional returns above the dividend income earned on BNS shares,
the Fund may, from time to time, write covered call options in respect of some
or all of such BNS shares. The number of BNS shares that may be subject to call
options and the terms of such options will vary, from time to time, based on the
assessment of market conditions.


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
Toronto Stock Exchange under the symbols SBN.PR.A and SBN respectively.




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Selected Financial Information : ($ Millions)                               
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Statement of Financial Position                                        2010 
                                                                 -----------
Assets                                                            $    96.5 
Liabilities                                                            51.5 
                                                                 -----------
                                                                            
Equity                                                            $    45.0 
                                                                            
Statement of Operations                                                     
Revenue                                                           $     3.1 
Expenses                                                               (2.1)
                                                                 -----------
Net Investment Income                                             $     1.0 
Net Realized Gain on Investments                                        1.1 
                                                                 -----------
Net Realized Income before Distributions                          $     2.1 
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For further information, please contact Investor Relations at 416.681.3966, toll
free at 1.800.725.7172 or visit www.mulvihill.com.


Commissions, trailing commissions, management fees and expenses all may be
associated with investment funds. Please read the prospectus before investing.
Investment funds are not guaranteed, their values change frequently and past
performance may not be repeated.

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