Financial 15 Split Corp.

Financial 15 Split Corp.

March 15, 2005 10:47 ET

Financial 15 Split Corp Financial Results to November 30, 2004


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FINANCIAL 15 SPLIT CORPORATION

TSX SYMBOL: FTN
TSX SYMBOL: FTN.PR.A

MARCH 15, 2005 - 10:47 ET

Financial 15 Split Corp Financial Results to November
30, 2004

TORONTO, ONTARIO--(CCNMatthews - March 15, 2005) - Financial 15 Split
Corporation ("Financial 15") (TSX:FTN)(TSX:FTN.PR.A) announces its
annual financial results for the year ending November 30, 2004.

During the year, 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 $0.75 to $24.56 (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, 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. Merrill Lynch & Co. was selected as the
substitute security for Bank One Corp., which was acquired by J.P.
Morgan. 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 year ending November 30 ($ Millions)

2004
Income 7.375
Expenses (3.475)
-------
Net investment income 3.900
Realized option premiums and gain on sale of investments 4.910
Change in unrealized appreciation of investments 18.400
-------
Increase (decrease) in net assets from operations before
distributions 27.210


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Financial 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@financial15.com
    www.financial15.com