Dividend 15 Split Corp.
TSX : DFN
TSX : DFN.PR.A

Dividend 15 Split Corp.

July 27, 2005 12:06 ET

Dividend 15 Split Corp.: Financial Results to May 31, 2005

TORONTO, ONTARIO--(CCNMatthews - July 27, 2005) - Dividend 15 Split Corporation ("Dividend 15") (TSX:DFN)(TSX:DFN.PR.A) announces its semi-annual financial results for the six months ending May 31, 2005.

During the six months, Dividend 15 achieved its targeted distribution objectives for both the Preferred and Class A shares. In addition, the net asset value per unit (one Preferred Share and one Class A share) increased by $1.11 to $25.64 (after all distributions paid) as at May 31, 2005.

The fund's investment objectives are:



Preferred Shares:
i. 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
ii. on or about December 1, 2009 (termination date), to pay the
holders of the Preferred Shares the original issue price of those
shares.

Class A Shares:
i. to provide holders of the Class A Shares with regular monthly
cash dividends initially targeted to be $0.10 per Class A Share
to yield 8.0% per annum on the original issue price; and
ii. on or about December 1, 2009 (termination date), to pay the
holders of Class A Shares at least the original issue price of
those shares.


Dividend 15 invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows:
Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, CI Financial, BCE Inc., Dofasco Inc., Enbridge Inc., TELUS Corporation, The Thomson Corporation, TransAlta Corporation, TransCanada Corporation. CI Financial was selected as a replacement security for Brascan, after contributing more than 57 cents per unit to the net asset value of Dividend 15 (see July 18/05 press release for further details). Shares held within the portfolio are expected to range between 4-8% in weight but may vary at any time. A limited covered call writing program is also employed to provide supplementary income to the portfolio.



Selected Financial Information from the Semi-Annual Statement of
Financial Operations:
For the six months ending May 31, 2005 and for the period Mar 16,
2004 to May 31, 2004 ($ millions)

2005 2004

Income 3.275 .790

Expenses 1.260 .529
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Net investment income 2.015 .261

Realized option premiums and
gain on sale of investments 1.738 (.091)

Change in unrealized
appreciation of investments 12.790 .658
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Increase (decrease) in net
assets from operations before
distributions 16.543 .828



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