North American Financial 15 Split Corp. Announces Successful Overnight Offering

TORONTO, ONTARIO--(Marketwired - May 29, 2015) - North American Financial 15 Split Corp. (the "Company") (TSX:FFN)(TSX:FFN.PR.A) is pleased to announce it has completed the overnight marketing of up to 1,380,000 Preferred Shares and up to 1,380,000 Class A Shares. Total proceeds of the offering are expected to be approximately $25.7 million.

The offering will be co-led by National Bank Financial Inc., CIBC, RBC Capital Markets, Scotia Capital Inc., and will also include BMO Capital Markets, GMP Securities L.P., Canaccord Genuity Corp., Dundee Securities, Raymond James, Desjardins Securities Inc., Mackie Research Capital Corporation and Manulife Securities Incorporated.

The sales period of the overnight offering has now ended.

The Preferred Shares were offered at a price of $10.00 per Preferred Share to yield 5.25% on the issue price and the Class A Shares were offered at a price of $8.65 per Class A Share to yield 13.87% on the issue price. The closing price on the TSX of each of the Preferred Shares and Class A Shares on May 28, 2014 was $10.09 and $9.13, respectively.

The net proceeds of the secondary offering will be used by the Company to invest in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows:

Bank of Montreal	National Bank of Canada	Bank of America Corp.
The Bank of Nova Scotia	Manulife Financial Corporation	Citigroup Inc.
Canadian Imperial Bank of Commerce	Sun Life Financial Services of Canada Inc.	Goldman Sachs Group Inc.
Royal Bank of Canada	Great-West Lifeco Inc.	JP Morgan Chase & Co.
The Toronto-Dominion Bank	CI Financial Corp.	Wells Fargo & Co.

The Company's investment objectives are:

Preferred Shares:

1. to provide holders of Preferred Shares with cumulative preferential monthly cash dividends currently in the amount of 5.25% annually, to be set by the Board of Directors annually subject to a minimum of 5.25% until 2019; and
2. on or about the termination date of December 1, 2019 (subject to further 5 year extensions thereafter), to pay the holders of the Preferred Shares $10 per Preferred Share.

Class A Shares:

1. to provide holders of the Class A Shares with regular monthly cash distributions in an amount to be determined by the Board of Directors; and
2. to permit holders to participate in all growth in the net asset value of the Company above $10 per Unit, by paying holders on or about the termination date of December 1, 2019 (subject to further 5 year extensions thereafter) such amounts as remain in the Company after paying $10 per Preferred Share.

The Company will today file an amended and restated preliminary short form prospectus, containing important information relating to the Class A Shares and the Preferred Shares, with securities commissions or similar authorities in all provinces of Canada. The amended and restated preliminary short form prospectus is still subject to completion or amendment. Copies of the amended and restated preliminary short form prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the underwriters listed above. Investors should read the prospectus before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.