FFN.PR.A North American Financial 15 Split Corp

Financial 15 Split Corp. II ("Financial 15 II") announces its annual financial results for the year ending November 30, 2008.

By the end of 2008, the cumulative impact of the deterioration in financial and economic conditions created record lows in business, investor and consumer confidence and resulted in recessionary conditions throughout the world. In addition, the de-leveraging of hedge funds and other similar funds during the final months exacerbated market volatility and losses in financial markets. Market indices experienced declines not seen since the Great Depression of the 1930s. In North America, declines of-32.45% and-47.62% respectively for the S&P TSX Financial index and S&P 500 Financials index for the year ending November 30, 2008 evidenced the deterioration of financial and economic conditions on even the most broadly financial indices.

Throughout this difficult environment, the core holdings in the portfolio have been negatively impacted. The Company met its distribution objectives during the year for Preferred shares but due to the decline in the net asset value to below $15 per unit in November, the final dividend payment in November was not declared and as a result Class A shares received only 11 of the 12 monthly payments. The net asset value declined to $13.13 per unit (a unit consisting of one Preferred share and one Class A share) as of November 30, 2008.

Financial 15 II invests in a portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, CIBC, Royal Bank, Toronto-Dominion Bank, National Bank of Canada, ManuLife Financial, Sun Life Financial, Great-West Lifeco, CI Financial Income Fund, Bank of America, Citigroup, JP Morgan & Chase, Wells Fargo. Shares held within the Portfolio are expected to range between 4-8% in weight but may vary from time to time.

Selected Financial Information from the Statement of Financial Operations:
For the year ending November 30, 2008
                                                               ($ Millions)
Income                                                               5.379
Expenses                                                            (1.389)
                                                                ----------
Net investment income                                                3.990
Realized option premiums and gain on sale of investments             1.084
Change in unrealized depreciation of investments                   (62.777)
                                                                ----------
Decrease in net assets from operations before distributions        (57.703)

Comparative financial information is available in documents filed on
www.sedar.com.

Contacts: Financial 15 Split Corp. II Investor Relations (416) 304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372) Website: www.financial15.com