An anonymous director reports

FINANCIAL 15 SPLIT CORP. ANNOUNCES OVERNIGHT OFFERING

Financial 15 Split Corp. will undertake an offering of preferred shares and Class A shares of the company. The offering will be co-led by National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc. and RBC Capital Markets and will also include BMO Capital Markets, Canaccord Genuity Corp., Industrial Alliance Securities Inc., Echelon Wealth Partners, GMP Securities LP, Raymond James Ltd., Desjardins Securities Inc., Mackie Research Capital Corp. and Manulife Securities Inc.

The preferred shares will be offered at a price of $9.85 per preferred share to yield 5.6 per cent and the Class A shares will be offered at a price of $8.15 per Class A share to yield 18.5 per cent.

The closing price on the Toronto Stock Exchange of each of the preferred shares and the Class A shares on April 22, 2019, was $9.97 and $8.22, respectively.

Since inception of the company, the aggregate dividends declared on the preferred shares have been $8.15 per share and the aggregate dividends declared on the Class A shares have been $19.27 per share, for a combined total of $27.42. All distributions to date have been made in tax advantage eligible Canadian dividends or capital gains dividends.

The net proceeds of the offering will be used by the company to invest in an actively managed, high-quality portfolio comprising 15 financial services companies made up of Canadian and U.S. issuers 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 Corp., Sun Life Financial, Great-West Lifeco, CI Financial Corp., Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.

The company's investment objectives are as follows.

Preferred shares:

1. To provide holders of the preferred shares with fixed, cumulative preferential monthly cash dividends currently in the amount of 5.50 per cent annually, to be set by the board of directors annually subject to a minimum of 5.25 per cent until 2020;
2. On or about the termination date, currently Dec. 1, 2020 (subject to further five-year extensions thereafter), to pay the holders of the preferred shares $10 per preferred share.

Class A shares:

1. To provide holders of the Class A shares with regular monthly cash dividends in an amount to be determined by the board of the directors;
2. To permit holders to participate in all growth in the net asset value of the company above $10 per unit, by paying holders on or about the termination date of Dec. 1, 2020 (subject to further five-year extensions thereafter), such amounts as remain in the company after paying $10 per preferred share.

The sales period of this overnight offering will end at 9 a.m. EST on April 24, 2019. The offering is expected to close on or about April 30, 2019, and is subject to certain closing conditions, including approval by the TSX.

A prospectus supplement to the company's short form base shelf prospectus dated Nov. 2, 2017, containing important detailed information about the preferred shares and the Class A shares being offered will be filed with securities commissions or similar authorities in all provinces of Canada. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial adviser using the contact information for such adviser, or from representatives of the agents listed above. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada.