Financial 15 Split Corp.
TSX : FTN.PR.A
TSX : FTN

Financial 15 Split Corp.

July 27, 2005 11:53 ET

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

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

During the six months, Financial 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 $0.88 to $25.44 (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, 2008 (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, 2008 (termination date), to pay the holders of Class A Shares at least the original issue price of those shares.

Financial 15 invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers. The issuers are as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Fund Management, Bank of America, Citigroup Inc., JP Morgan Chase & Co., Merrill Lynch & Co., Wells Fargo & Co. 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 ($ Millions)

2005 2004

Income 3.853 3.739

Expenses (1.604) (1.764)
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Net investment income 2.249 1.975

Realized option premiums and gain on sale
of investments 4.010 2.801

Change in unrealized appreciation of
investments 12.821 20.039
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Increase (decrease) in net assets from
operations before distributions 19.080 24.815



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