Press release - Cyclical Split NT Corp.

    TORONTO, Feb. 20 /CNW/ - The board of directors of Cyclical Split NT
Corp. has declared a capital gains dividend of $3.1876 per share payable on
its Capital Shares. The capital gains dividend will be payable in Capital
Shares on February 29, 2008, on the basis of one Capital Share for
approximately every 50.987 Capital Shares held by the shareholders of record
at the close of business on February 28, 2008, based on the net asset value
per Capital Share as at February 15, 2008 of approximately $162.52669. The
dividend will be paid from the Company's capital gains dividend account.
Immediately following the payment of the capital gains dividend, in accordance
with the articles of the Company the outstanding Capital Shares of the Company
will be consolidated on the basis of one Capital Share for approximately every
1.01960 Capital Shares outstanding, such that after consolidation the number
of Capital Shares outstanding will be equal to the number of Capital Shares
outstanding immediately prior to the payment of capital gains dividend.
    In accordance with the Income Tax Act (Canada), the amount of capital
gains dividend received by holders of Capital Shares and paid out of the
Company's capital gains dividend account will be considered to be a capital
gain of such holder from the disposition of capital property in the 2008
taxation year (the taxation year of the holder in which the capital gains
dividend is received). Capital Shares received by a holder of Capital Shares
as payment of a capital gains dividend will be deemed to have been acquired by
such holder at a cost equal to the amount of such dividend.
    As of February 19, 2008, the Company held the following securities in its

    Security                                               No. of securities

    Brookfield Asset Management Inc.
     (Class A limited voting shares)                                 126,021
    Brookfield Infrastructure Partners LP
     (limited partnership units)                                       5,040
    Canadian Pacific Railway Limited (common shares)                  44,224
    Domtar (Canada) Paper Inc. (common shares)                       150,076
    Fording Canadian Coal Trust (income fund units)                  113,350
    Potash Corporation of Saskatchewan Inc. (common shares)           76,737


    The Capital Shares and Preferred Shares of Cyclical Split NT Corp. are
listed for trading on the Toronto Stock Exchange under the symbols CYC and
CYC.PR.A, respectively.

For further information:

For further information: Investor Relations, Cyclical Split NT Corp.,
(416) 359-4541

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