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

Financial 15 Split Corp. II

March 30, 2006 11:43 ET

Financial 15 Split Corp. II: Financial Results to November 30, 2005

TORONTO, ONTARIO--(CCNMatthews - March 30, 2006) - Financial 15 Split Corp. II ("Financial 15 II") announces its annual financial results for the year ending to November 30, 2005.

During the year, Financial 15 II achieved its targeted distribution objectives. In addition, the net asset value per unit (one Preferred Share and one Class A Share) increased by $2.39 to $25.45 (after all distributions paid) as at November 30, 2005.

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 National Bank of Canada Bank of America
The Bank of Nova Canadian Manulife Citigroup Inc.
Scotia Financial Corporation
Imperial Bank of Sun Life Financial JP Morgan Chase & Co.,
Commerce
Royal Bank of Great West Lifeco Merrill Lynch & Co.
Canada
Toronto Dominion CI Fund Management Wells Fargo & Co.
Bank


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.

Please visit our web site at www.financial15.com



Selected Financial Information from the Annual Statement of Financial
Operations:
For the period ending November 30 ($ Millions)
2005 Oct 14/04 to
Nov 30/04
Income 4.569 .410
Expenses (3.076) (.268)
-----------------------
Net investment income 1.493 .142
Realized option premiums and gain on sale
of investments 2.877 (.721)
Change in unrealized appreciation of
investments 23.195 (2.770)
-----------------------
Increase (decrease) in net assets from
operations before distributions 27.565 (3.349)



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