TXT.UN Top Ten Split Trust

Top 10 Split Trust (the "Fund") (TSX:TXT.UN)(TSX:TXT.PR.A) is pleased to
announce that holders of capital units ("Capital Units") and holders of
preferred securities ("Preferred Securities") of the Fund (collectively, the
"Securityholders") have approved a proposal to extend the term of the Fund for
five years beyond its scheduled termination date of March 31, 2011, and for
automatic successive five-year terms after March 31, 2016.


As a result, holders of Capital Units have the opportunity to benefit from: (i)
ongoing leveraged exposure to a high quality portfolio consisting principally of
common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial
Bank of Commerce, National Bank of Canada, Royal Bank of Canada, The
Toronto-Dominion Bank, Great-West Lifeco Inc., Industrial Alliance Insurance and
Financial Services Inc., Manulife Financial Corporation and Sun Life Financial
Inc. and (ii) attractive quarterly cash distributions on the Capital Units which
is currently paid at a rate of 7.5% per annum of the net asset value of the
Fund. Holders of Preferred Securities have the opportunity to benefit from: (i)
fixed quarterly cash interest payments equal to 6.25% per annum on the $12.50
principal amount of a Preferred Security and (ii) an attractive five-year term
with automatic successive five-year term extensions after March 31, 2016.


As part of the extension of the term of the Fund, the Fund will also make other
changes, including: (i) provide a special redemption right to enable holders of
Capital Units and Preferred Securities to retract their securities on March 31,
2011 on the same terms that would have applied had the Fund redeemed or repaid
all Capital Units and Preferred Securities in accordance with the existing terms
of such securities; (ii) change the monthly retraction prices for the Capital
Units such that monthly retraction prices are calculated by reference to market
price in addition to net asset value ("NAV") and to change the notice period and
payment period for the exercise of such rights and the payment of the retraction
amount relating thereto; and (iii) consolidate the Capital Units or redeem the
Preferred Securities on a pro rata basis, as the case may be, in order to
maintain the same number of Capital Units and Preferred Securities outstanding.


To preserve the rights that were originally provided to Securityholders, the
Fund will permit Securityholders to retract their securities pursuant to a
special retraction right ("Special Retraction Right") for proceeds equal to the
amount which holders of Capital Units and Preferred Securities would have
received had the March 31, 2011 termination date not been extended. Payments for
securities tendered pursuant to the Special Retraction Right will be made no
later than 10 business days after March 31, 2011, provided that such securities
have been surrendered for redemption on or prior to 5:00 p.m. (Toronto time) on
March 18, 2011. The retraction price per Capital Unit will be equal to the NAV
per Capital Unit. Holders of Preferred Securities who retracted their securities
in accordance with the Special Retraction Right will receive the repayment price
equal to $12.50 per Preferred Security, plus all accrued and unpaid interest
thereon.


Commissions, trailing commissions, management fees and expenses all may be
associated with fund investments. Please read the prospectus before investing.
Investment funds are not guaranteed, their values change frequently and past
performance may not be repeated.

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