NAV NAVCO Pharmaceuticals Inc

S Split Corp. (the "Fund") (TSX:SBN)(TSX:SBN.PR.A) announces results of
operations for the year ended December 31, 2013. Net income for the year
amounted to $6.6 million or $2.05 per Class A share. Net assets per Unit were
$19.85, net of distributions of $0.50 per Class A share and $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 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 invests in The Bank of Nova Scotia ("BNS") shares.

The Fund employs a proprietary investment strategy, Strathbridge Selective
Overwriting ("SSO"), to enhance the income generated by the BNS shares and to
reduce volatility. In addition, the Fund may write cash covered put options in
respect of securities in which it is permitted to invest.


The Fund's investment portfolio is managed by its investment manager,
Strathbridge Asset 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.




---------------------------------------------------------------
Selected Financial Information : ($ Millions)                  
---------------------------------------------------------------
Statement of Financial Position                           2013 
                                                       ------- 
Assets                                                $   62.0 
Liabilities (including redeemable Preferred Shares)      (31.3)
                                                     --------- 
Equity                                                $   30.7 
                                                               
Statement of Operations                                        
Revenue                                               $    1.8 
Expenses                                                  (1.4)
Preferred Share Distributions                             (1.7)
                                                     --------- 
Net Investment Loss                                   $   (1.3)
Net Gain on Investments                                    7.9 
                                                     --------- 
Net Income                                            $    6.6 
---------------------------------------------------------------



Aaron Ho, Vice-President, Finance                 

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Strathbridge Asset Management Inc.
416.681.3966; 1.800.725.7172
info@strathbridge.com
www.strathbridge.com

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