SNP Split Corp. Declares Quarterly Distribution and Confirms Final Redemption Date

TORONTO, May 17 /CNW/ - The Board of Directors of SNP Split Corp. (the "Company") has today declared a cash distribution of US$0.1281 per Class B Preferred Share consisting of a return of capital on such Class B Preferred Shares equal to US$0.1281 per share payable on June 3, 2011 to holders of record at the close of business on June 2, 2011.

Holders of Class B Preferred Shares are entitled to receive quarterly fixed cumulative distributions equal to US$0.1281 per Class B Preferred Share. Such distributions may consist of ordinary dividends, capital gains dividends, and/or non-taxable returns of capital.

The Capital Shares and Preferred Shares will be redeemed by the Company on June 3, 2011 (the "Redemption Date") in accordance with the redemption provisions of the shares. Pursuant to these provisions, the Preferred Shares will be redeemed at a price per shares equal to the lesser of $10.25 and the Net Asset Value per Unit. The Capital Shares will be redeemed at a price equal to the amount (for every two capital shares) by which the Net Asset Value per unit exceeds $10.25.

A further press release will be issued by the Company in connection with the redemption prices on June 2, 2011. Payment of the amounts due to holders of Capital Shares and Preferred Shares will be made by the Company on June 3, 2011.

SNP Split Corp. is a mutual fund corporation created to hold a portfolio of common shares (the "Portfolio Shares") of the companies that make up the S&P 100 Index. The Company generates quarterly fixed cumulative preferential distributions for the Class B Preferred Shareholders and provides the Capital Shareholders with a leveraged investment, the value of which is linked to changes in the market price of the Portfolio Shares.

Capital Shares and Class B Preferred Shares of SNP Split Corp. are listed for trading on The Toronto Stock Exchange under the symbols SNP.U and SNP.PR.V respectively.

SOURCE SNP Split Corp.

For further information:

Investor Relations
SNP Split Corp.
(416) 945-4994
E-mail: mc_snpsplit@scotiacapital.com
Web site: www.scotiamanagedcompanies.com

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SNP Split Corp.

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