M Split Corp.-Portfolio Update

TORONTO, ONTARIO--(Marketwire - Feb. 18, 2009) - M Split Corp. ("the Company") was created to provide exposure to the common shares of Manulife Financial Corporation ("Manulife") through two classes of securities, the Priority Equity Shares and the Class A Shares (a "Unit"). Manulife had performed relatively well during these extremely difficult times until October 2008 and has since experienced a precipitous decline. Since its initial downward descent during the month of October 2008 when Manulife fell 39%, it has further descended in 2009 declining an additional 27% year to date. Since the inception of the Company on April 18, 2007 (22 months ago) the price of Manulife has declined 61% from $41.08 to $15.08 as of February 18, 2009.

This sharp decline in Manulife has resulted in the Company's net asset value being reduced significantly and as mentioned in previous updates, has required the Company to implement the Priority Equity Portfolio Protection Plan (the "Plan") in accordance with the prospectus. As a result of implementing the Plan, the Company has been required to sell the vast majority of the Manulife common shares held in the Portfolio and acquire fixed income securities.

The Company's total net asset value is approximately $8.71 per unit as at February 18, 2009, consisting of less than 7% common shares of Manulife. The reduced exposure to Manulife will materially limit the future impact of price movements of Manulife shares on the net asset value of the Company and lower the ability of the Company to generate income from dividends and its covered call option writing program.

The significant price decline of Manulife has made it extremely difficult to achieve the original stated objectives for both classes of shares. The Company intends to establish a normal course issuer's bid which would allow the Company to re-purchase units in the market when trading prices are at a discount to the net asset value.

The Company will continue to review and dialogue with shareholders in order to establish potential solutions for re-organizing the Company that would be suitable for all shareholders.

Investor Relations
M Split Corp.
(416) 304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)
Website: www.M-Split.com