US Financial 15 Split Corp.
TSX : FTU
TSX : FTU.PR.A

US Financial 15 Split Corp.

March 30, 2006 11:52 ET

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

TORONTO, ONTARIO--(CCNMatthews - March 30, 2006) - US Financial 15 Split Corp. ("US Financial 15") announces its annual financial results for the initial period February 15, 2005 to November 30, 2005.

During the period, US Financial 15 achieved its targeted distribution objectives. The net asset value per unit (one Preferred Share and one Class A Share) was $23.23 as at November 30, 2005.

US Financial 15 invests in a high quality portfolio consisting of 15 U.S. financial services companies as follows:



American Express American International Group Bank of America
Citigroup Fifth Third Bancorp The Goldman Sachs
Group
J.P. Morgan Chase Lehman Brothers Merrill Lynch
Morgan Stanley SunTrust Banks U.S. Bancorp
Wachovia Corporation Washington Mutual Wells Fargo


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, 2012 (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, 2012 (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 Feb 15/05 to Nov 30/05 ($ Millions)
2005
Income 2.450
Expenses (1.207)
-------
Net investment income 1.243
Realized option premiums and gain on sale of investments 1.813
Change in unrealized appreciation of investments 1.071
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Increase (decrease) in net assets from operations before
distributions 4.127


Contact Information

  • Financial 15 Split Corp. II Investor Relations
    (416) 304-4443 or 1 (877) 478-2372
    info@financial15.com
    www.financial15. com