DBRS Confirms World Financial Split Corp. at Pfd-2

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

The Company holds a portfolio (the “Portfolio”) of common shares selected from the ten largest financial services companies by market capitalization in Canada, the U.S., and the Rest of World – where listed on a North American stock exchange (collectively, 30 companies, the “Portfolio Universe”). The maximum investment in each company is 10% and there is no investment limit in any geographic area. Up to 20% of the net asset value (NAV) of the Portfolio could be invested in financial services companies other than the Portfolio Universe. The Portfolio is actively managed by Mulvihill Capital Management Inc.

Holders of the Preferred Shares are entitled to receive fixed, quarterly cumulative distributions in an amount that will provide for an annual yield of 5.25%. At closing on February 2004, the Portfolio had a downside protection of 56.6% net of expenses for the principal amount of the Preferred Shares which increased to 62.21% as of December 30, 2005. As of June 2005, the annualized Portfolio Yield was 2.75%. The Company will also pay quarterly distributions to Class A Shares issued by the Company to yield 8.00% per annum. The distributions to both classes of shares will be made from income generated by the underlying yield on the Portfolio and from writing covered call options on the common shares in the Portfolio. No quarterly distributions to the Class A Shares will be made if the dividends of the Preferred Shares are in arrears or the NAV of the Portfolio falls below 1.5 times of the principal amount (i.e. Cdn$15/unit) of the outstanding Preferred Shares. The current rating confirmation of the Preferred Shares is based on: (1) the available downside protection; (2) consistency of dividend distributions of the Portfolio, and (3) the size and stability of the companies in the Portfolio Universe. The main constraint to the rating is the concentration of the Portfolio in the financial services industry and the Company’s dependence on the value and dividend policies of the companies in the Portfolio Universe. The termination date for both classes of shares will be June 30, 2011.