M Split Corp. Announces Opening NAV for Reorganized M Split Corp.

M Split Corp. (the "Company") today announced that the opening net asset value
per unit for the newly reorganized Company was $9.01 per unit as of the close of
business on March 22, 2010. There were 2,846,795 units outstanding for total net
assets of $25.6 million as at March 22, 2010.


The Company will begin to initiate its full investment plan and increase its
investment in Manulife common shares and its supplemental covered call writing
program.


Trading will begin today on the TSX under the following new stock symbols listed
below:




  XMF.PR.B - the Class I Preferred Share                                  
                                                                          
  XMF.PR.C - the Class II Preferred Share                                 
                                                                          
  XMF.WT - the 2011 Warrant                                               
                                                                          
  XMF.WT.A - the 2012 Warrant                                             
                                                                          
  XMF.A - the Capital Share                                               



The following is a summary of some of the principal provisions of the Class I
Preferred Shares, Class II Preferred Shares, 2011 Warrants, 2012 Warrants and
Capital Shares:


Class I Preferred Shares

Each Class I Preferred Share (Symbol: XMF.PR.B) pays fixed cumulative
preferential monthly dividends to yield 7.50% per annum on the $5.00 notional
issue price and having a repayment objective on December 1, 2014 or such other
date as the Company may be terminated (the "Termination Date") of $5.00.


Class II Preferred Shares

Each Class II Preferred Share (Symbol: XMF.PR.C) pays distributions to yield
7.50% per annum on the $5.00 notional issue price if and when the net asset
value per Unit exceeds $12.50 and having a repayment objective on the
Termination Date of $5.00. Each "Unit" consists of one Class I Preferred Share,
one Class II Preferred Share and one Capital Share.


2011 Warrant

Each 2011 Warrant (Symbol: XMF.WT) can be exercised to purchase one Unit for an
exercise price of $10.00 per Unit at specified times until February 28, 2011.


2012 Warrant

Each 2012 Warrant (Symbol: XMF.WT.A) can be exercised to purchase one Unit for
an exercise price of $12.50 per Unit at specified times until February 28, 2012.


Capital Shares

Capital Shares (Symbol: XMF.A) will continue to participate in any net asset
value growth over $10.00 per Unit and dividends would be reinstated only if and
when the net asset value per Unit exceeds $15.00. The dividend rate on the
Capital Shares will be set by the Board of Directors of the Company at its
discretion, based on market conditions. No dividend payments will be made on the
Capital Shares unless all dividends on the Class I Preferred Shares and, if
applicable, Class II Preferred Shares have been declared and paid.


For additional information regarding the provisions attached to the Class I
Preferred Shares, Class II Preferred Shares, 2011 Warrants, 2012 Warrants and
Capital Shares, reference should be made to the Company's Management Information
Circular dated December 23,2009.