Press Release

Files Final Prospectus for Offering of Preferred Shares and Class A Shares
(For Immediate Release, January 28, 2004)

Toronto, January 28, 2004: World Financial Split Corp. announced today that it has filed a final prospectus dated January 27, 2004 relating to its initial public offering of Preferred shares and Class A shares at a price of $10.00 per Preferred share and $15.00 per Class A share. World Financial is offering a minimum of 10,000,000 Preferred shares and 10,000,000 Class A shares for gross proceeds of $250,000,000 and a maximum of 30,000,000 Preferred shares and 30,000,000 Class A shares for gross proceeds of $750,000,000. Closing of the offering is scheduled for February 17, 2004.

World Financial will invest the net proceeds from the offering in a portfolio which will include common equity securities selected from the ten largest financial services companies by market capitalization in each of Canada, the United States and the Rest of the World (the "Portfolio Universe"). In addition, the issuers of securities in the Portfolio, other than Canadian issuers, must have a minimum credit rating of "A" from Standard & Poor's Rating Services or a comparable rating from an equivalent rating agency.

In addition, up to 20% of the Net Asset Value of World Financial may be invested in common equity securities of financial services companies not included in the Portfolio Universe as long as such companies have a market capitalization at the time of investment of at least US$10 billion and for non-Canadian issuers, a minimum credit rating of "A" from S&P or a comparable rating from an equivalent rating agency.

World Financial's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund's Preferred shares and Class A shares have been conditionally approved for listing on the Toronto Stock Exchange under the symbols WFS.PR.A and WFS.A..

RBC Capital Markets is lead agent of the syndicate of agents for the offering that includes CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Canaccord Capital Corporation, Desjardins Securities Inc., First Associates Investments Inc., HSBC Securities (Canada) Inc. and Raymond James Ltd.

World Financial has granted to the Agents an option exercisable for a period of 30 days from the closing of the offering to purchase up to 4,500,000 additional Preferred shares and 4,500,000 Class A shares on the same terms and conditions as set forth above.

For further information contact:
John Mulvihill, President & CEO
David Middleton, CFO
Mulvihill Structured Products

World Financial Split Corp.
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172