Press Release

DBRS Confirms Ratings on 38 Preferred Shares and Securities Issued by Split Share Vehicles

Split Shares & Funds

August 10, 2010

DBRS has today confirmed the ratings for 38 structured preferred shares issued by 34 split share companies and trusts (the Issuers).

Each of the Issuers has invested in a portfolio of securities (the Portfolio) funded by issuing two classes of shares – dividend-yielding preferred shares or securities (the Preferred Shares) and capital shares or units (the Capital Shares). The main form of credit enhancement available to the Preferred Shares is a buffer of downside protection. Downside protection corresponds to the percentage decline in market value of the Portfolio that must be experienced before the Preferred Shares would be in a loss position. The amount of downside protection available to the Preferred Shares will fluctuate over time, based on changes in the market value of the Portfolio.

Canadian equity performance has been relatively stable in 2010 to date, following the extraordinary decline and rebound experienced during 2008 and 2009. The difference between the minimum and maximum values of the S&P/TSX Composite Index observed during 2010 is approximately 10% of the average level, compared with roughly 40% in 2009 and 60% in 2008. The increased stability in prices has contributed to today’s confirmation of the Preferred Share ratings.

DBRS will continue to closely monitor changes in the credit quality of the Preferred Shares. The timing of DBRS rating actions will generally follow the surveillance guidelines listed in DBRS’s split share methodology.

Notes:
The applicable methodology is Rating Canadian Split Share Companies and Trusts, which can be found on our website under Methodologies.

Ratings

5Banc Split Inc.

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Class B Preferred Shares	Pfd-3	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Class B Preferred Shares	Pfd-2 (low)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Class A Preferred Shares	Pfd-3 (high)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-2 (low)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Class A, Preferred Shares	Pfd-2 (low)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-2	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-4 (high)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-3 (high)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-1	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-3 (high)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	3.90% Cumulative Redeemable Class A Preference Shares, Series 3	Pfd-1 (low)	--	Confirmed	CA
10-Aug-10	4.65% Cumulative Redeemable Class A Preference Shares, Series 2	Pfd-1 (low)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-3 (low)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-3 (high)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-3	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-3	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-3	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-2	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-3 (high)	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-3	--	Confirmed	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Aug-10	Preferred Shares	Pfd-4 (high)	--	Confirmed	CA

Show More Issuers

5Banc Split Inc.

Class B Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3
Trend:--
Rating Recovery:
Issued:CA

AllBanc Split Corp.

Class B Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-2 (low)
Trend:--
Rating Recovery:
Issued:CA

Allbanc Split Corp. II

Class A Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3 (high)
Trend:--
Rating Recovery:
Issued:CA

BNS Split Corp. II

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-2 (low)
Trend:--
Rating Recovery:
Issued:CA

Big Bank Big Oil Split Corp.

Class A, Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-2 (low)
Trend:--
Rating Recovery:
Issued:CA

Brompton Equity Split Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-2
Trend:--
Rating Recovery:
Issued:CA

Brompton Lifeco Split Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-4 (high)
Trend:--
Rating Recovery:
Issued:CA

Brompton Split Banc Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3 (high)
Trend:--
Rating Recovery:
Issued:CA

CANADIAN Financials & Utilities Split Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-1
Trend:--
Rating Recovery:
Issued:CA

Canadian Banc Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3 (high)
Trend:--
Rating Recovery:
Issued:CA

Canadian General Investments, Limited

3.90% Cumulative Redeemable Class A Preference Shares, Series 3

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-1 (low)
Trend:--
Rating Recovery:
Issued:CA

4.65% Cumulative Redeemable Class A Preference Shares, Series 2

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-1 (low)
Trend:--
Rating Recovery:
Issued:CA

Canadian Life Companies Split Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3 (low)
Trend:--
Rating Recovery:
Issued:CA

Dividend 15 Split Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3 (high)
Trend:--
Rating Recovery:
Issued:CA

Dividend 15 Split Corp. II

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3
Trend:--
Rating Recovery:
Issued:CA

Dividend Growth Split Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3
Trend:--
Rating Recovery:
Issued:CA

Financial 15 Split Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3
Trend:--
Rating Recovery:
Issued:CA

First Asset CanBanc Split Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-2
Trend:--
Rating Recovery:
Issued:CA

Global 45 Split Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3 (high)
Trend:--
Rating Recovery:
Issued:CA

Life & Banc Split Corp.

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-3
Trend:--
Rating Recovery:
Issued:CA

Mulvihill Premium Canadian Bank

Preferred Shares

Date Issued:Aug 10, 2010
Rating Action:Confirmed
Ratings:Pfd-4 (high)
Trend:--
Rating Recovery:
Issued:CA

Show More Issuers

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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