Dividend 15 Split Corp. Announces Successful Overnight Offering

TORONTO, ONTARIO--(Marketwired - May 13, 2014) - Dividend 15 Split Corp. (the "Company") is pleased to announce that it has completed the overnight marketing of up to 2,500,000 Class A Shares and up to 2,500,000 Preferred Shares. Total proceeds of the offering are expected to be approximately $55 million. The Company has granted the dealers an overallotment of 375,000 units if exercised, bringing the total proceeds to $63.3 million.

The offering is being co-led by National Bank Financial Inc., CIBC and RBC Capital Markets and also includes BMO Capital Markets, TD Securities Inc., GMP Securities L.P. and Canaccord Genuity Corp.

The sales period of the overnight offering has now ended.

The Class A Shares will be offered at a price of $12.00 per Class A Share to yield 10.0% on the issue price and the Preferred Shares will be offered at a price of $10.00 per Preferred Share to yield 5.25% on the issue price. The closing price on the TSX of each of the Class A Shares and the Preferred Shares on May 12, 2014 was $12.34 and $10.27, respectively.

The net proceeds of the secondary offering will be used by the Company to invest in an actively managed portfolio of dividend-yielding common shares which includes each of the 15 Canadian companies listed below:

Bank of Montreal The Bank of Nova Scotia BCE Inc. Canadian Imperial Bank of Commerce CI Financial Corp.

Enbridge Inc. Manulife Financial Corp. National Bank of Canada Royal Bank of Canada Sun Life Financial Inc.

TELUS Corporation Thomson-Reuters Corporation The Toronto-Dominion Bank TransAlta Corporation TransCanada Corporation

The Company's investment objectives are:

Preferred Shares:

1. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends in the amount of $0.04375 per Preferred Share to yield 5.25% per annum on the original issue price; and
2. on or about December 1, 2019, to pay the holders of the Preferred Shares the original issue price of those shares.

Class A Shares:

1. to provide holders of the Class A Shares with regular monthly cash dividends initially targeted to be $0.10 per Class A; and
2. on or about December 1, 2019, to pay the holders of Class A Shares at least the original issue price of those shares.

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.