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

Dividend 15 Split Corp.

July 18, 2005 14:00 ET

Dividend 15 Split Corp. Realizes Strong Gain

TORONTO, ONTARIO--(CCNMatthews - July 18, 2005) - Dividend 15 Split Corp. ("Dividend 15") (TSX:DFN) (TSX:DFN.PR.A)

Brascan Corporation, which was one of the original 15 highest dividend yielding holdings in the Fund, has shown very strong price appreciation of over 37% from March 2004 (inception of Dividend 15 Split Corp.) to July 15, 2005. This has contributed a total of over $4.million in realized and unrealized capital gains in the Dividend 15 Split Corp. portfolio which translates into an increase of 57.5 cents to the net asset value per unit over this time period. This gain has helped increase the net asset value attributable to the Class A share to over $16.50.

Brascan Corporation has been among the strongest performers on the TSX over this period. At the time of first inclusion in the portfolio, Brascan was among the highest dividend yielding stocks on the TSX with a 2.6% annualized dividend yield. However, as a result of the strong appreciation in its share price, this yield hasdeclined to 1.6%.

The Manager, Quadravest Capital Management Inc., has made a decision to realize capital gains on this holding and has begun adding C.I. Financial as a replacement security. C.I. Financial is one of Canada's leading wealth management companies with a strong share performance record and currently has a dividend yield of 3.1% making it one of the highest dividend yielding stocks in Canada.

Dividend 15 invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank 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.

Dividend 15 Split Corp. offers two classes of shares and their investment objectives are as follows:

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 $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.

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