Financial 15 Split Corp. II
TSX : FFN
TSX : FFN.PR.A

Financial 15 Split Corp. II

March 22, 2005 14:09 ET

Financial 15 Split Corp. II: Financial Results To November 30, 2004


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FINANCIAL 15 SPLIT CORP II

TSX SYMBOL: FFN
TSX SYMBOL: FFN.PR.A

MARCH 22, 2005 - 14:09 ET

Financial 15 Split Corp. II: Financial Results To
November 30, 2004

TORONTO, ONTARIO--(CCNMatthews - March 22, 2005) - Financial 15 Split
Corp. II (TSX:FFN)(TSX:FFN.PR.A) ("Financial 15 II") announces its
annual financial results for the period October 15, 2004 to November 30,
2004.

The major investment activity during this initial and brief six week
period was to invest the proceeds of the offering in the 15 financial
services companies listed below. Both the Class A shareholders and the
Preferred shareholders received their first monthly dividend at the
targeted rates. The net asset value per unit (one Preferred Share and
one Class A Share) was $23.06 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.

Financial 15 II invests in a high quality portfolio consisting of 15
financial services companies made up of Canadian and U.S. issuers as
follows: Bank of Montreal, The Bank of Nova Scotia, CIBC, Royal Bank,
Toronto-Dominion Bank, National Bank of Canada, ManuLife Financial, Sun
Life Financial, Great-West Lifeco, CI Fund Management, Bank of America,
Citigroup, JP Morgan & Chase, Merrill Lynch, Wells Fargo. Shares held
within the Portfolio are expected to range between 4-8% in weight but
may vary from time to 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 Oct 15/04 to Nov 30/04 ($ Millions)



2004

Income .410

Expenses (.268)
-------
Net investment income .142

Realized option premiums and gain on sale of investments (.721)

Change in unrealized appreciation of investments (2.770)
-------
Increase (decrease) in net assets from
operations before distributions (3.349)


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