DBRS Confirms SNP Health Split Corp. at Pfd-3 (high)

Dominion Bond Rating Service (“DBRS”) has today confirmed the ratings of SNP Health Split Corp. (“SNP Health” or the “Company”) as indicated above.

The Company holds a portfolio of common shares (the “Portfolio”) of companies that form the S&P Health Care Sector Index of the S&P 500 Index (the “Health Care Sector Index”).

At inception, the Portfolio provided downside protection of approximately 47% for the principal amount of the Preferred Shares. As of December 31, 2005, the downside protection had declined to 35.78%, mainly due to a continuing downward trend in the market value of the investment Portfolio. At inception the Portfolio yield was about 1% after taxes compared to 1.27% on an annualized basis as of August 2005. The distributions to both classes of shares will be made primarily from income generated by the underlying yield on the Portfolio. Holders of the Preferred Shares will be entitled to receive fixed, quarterly cumulative distributions for an annual yield of 6.0%. The Company will also pay quarterly distributions to Capital Shares in an amount equal to the dividend received on the Portfolio minus the distribution payable on the Preferred Shares and expenses.

The rating confirmation of the SNP Health Preferred Shares is based on: (1) the available downside protection, (2) the credit quality and consistency of dividend distributions of the S&P Health Care Sector Index, and (3) the ability to sell shares to provide liquidity and certainty of dividends to Preferred Shares. The main constraint to the rating is the concentration of the Portfolio in the health care and services sector and the Company’s dependence on the value of the common shares and dividend policies of the companies in the Health Care Sector Index for downside protection and dividend income. The redemption date is February 11, 2009.

There is a risk that the use of covered call option writing strategies could result in the distribution of income to the Capital Shares while reducing the NAV of the Portfolio, resulting in lower levels of protection for the Preferred Shares.