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

Dividend 15 Split Corp.

March 15, 2005 10:46 ET

Dividend 15 Split Corp: Financial Results to November 30, 2004


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DIVIDEND 15 SPLIT CORP

TSX SYMBOL: DFN
TSX SYMBOL: DFN.PR.A

MARCH 15, 2005 - 10:46 ET

Dividend 15 Split Corp: Financial Results to November
30, 2004

TORONTO, ONTARIO--(CCNMatthews - March 15, 2005) - Dividend 15 Split
Corporation (TSX:DFN)(TSX:DFN.PR.A) ("Dividend 15") announces it's
financial results for the period March 16, 2004 (inception date) to
November 30, 2004.

Dividend 15 made distributions at the targeted rate for both the
Preferred and Class A shares. The net asset value per unit (one
Preferred Share and one Class A share) was $24.53 (after all
distributions paid) as at November 30, 2004.

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, Brascan Corporation, BCE
Inc., Dofasco Inc., Enbridge Inc., TELUS Corporation, The Thomson
Corporation, TransAlta Corporation, TransCanada Corporation. 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 Annual Statement of Financial
Operations:
For the period March 16, 2004 to November 30, 2004

$
(millions)
Income 3.791
Expenses (1.760)
---------
Net investment income 2.031
Realized option premiums and gain on sale of investments 1.600
Change in unrealized appreciation of investments 12.847
---------
Increase (decrease) in net assets from operations
before distributions 16.478


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Dividend 15 Split Corp.: Investor Relations
    Royal Trust Tower, 77 King Street West, PO Box 341
    Toronto, Ontario, M5K 1K7
    (416) 304-4443 or 1 (877) 478-2372
    info@dividend15.com
    www.dividend15.com