Mulvihill World Financial Split Corp.

Mulvihill World Financial Split Corp.

March 30, 2005 09:00 ET

World Financial Split Corp. Announces Year End Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MULVIHILL WORLD FINANCIAL SPLIT CORP.

TSX SYMBOL: WFS
TSX SYMBOL: WFS.PR.A

MARCH 30, 2005 - 09:00 ET

World Financial Split Corp. Announces Year End Results

TORONTO, ONTARIO--(CCNMatthews - March 30, 2005) - World Financial Split
Corp. (the "Fund") (TSX:WFS)(TSX:WFS.PR.A) announces results for the
year ended December 31, 2004. Net realized income before distributions
amounted to $15.8 million or $0.84 per unit. Net assets were $22.96 per
unit, net of distributions to shareholders in the amounts of $0.46 per
Preferred share and $1.04 per Class A share.

The Fund is a mutual fund corporation which invests in a portfolio that
includes common equity securities selected from the ten largest
financial services companies by market capitalization in each of Canada,
the United States and the Rest of the World (the "Portfolio Universe").
The issuers of securities in the Portfolio, other than Canadian issuers,
must have a minimum credit rating of "A" from Standard & Poor's Rating
Services or a comparable rating from an equivalent rating agency.

In addition, up to 20% of the Net Asset Value of the Fund may be
invested in common equity securities of financial services companies not
included in the Portfolio Universe as long as such companies have a
market capitalization at the time of investment of at least US$10
billion and for non-Canadian issuers, a minimum credit rating of "A"
from Standard & Poors Rating Services or a comparable rating from an
equivalent rating agency.

To generate additional returns above the dividend income earned on the
portfolio, the Fund may from time to time write covered call options in
respect of all or part of the common shares in the Portfolio. In
addition, the Fund may write cash covered put options in respect of
securities in which the Fund is permitted to invest.

The Fund's investment portfolio is managed by its investment manager,
Mulvihill Capital Management Inc. The Fund's Preferred and Class A
shares are listed on The Toronto Stock Exchange under the symbols
WFS.PR.A and WFS.



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Selected Financial Information: ($ Millions)
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Statement of Net Assets 2004
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Assets $ 433.6
Liabilities 189.3
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Net Assets (Unitholders Equity) $ 244.3

Statement of Financial Operations
Income $ 9.3
Expenses (5.7)
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Net Investment Income $ 3.6

Net Gain on Investments $ 12.2
----

Net Realized Income Before Distributions $ 15.8

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Mulvihill Structured Products
    John Mulvihill
    President & CEO
    (416) 681-3966 or (800) 725-7172
    or
    Mulvihill Structured Products
    Bruce Graham
    Vice President
    (416) 681-3966 or (800) 725-7172
    hybrid@mulvihill.com
    www.mulvihill.com
    A member of the Mulvihill Capital Management Inc. Group of Funds