PRESS RELEASE

Split Yield Corporation - Financial Results for the year Ending January 31, 2004

Toronto, Ontario - May 14, 2004  / CCN Matthews - Split Yield Corporation ("Split Yield") reports financial results for the year ending January 31, 2004.

The net asset value per unit (1 Class I Preferred share, 1 Class II Preferred Share and 1 Capital share) increased by 15.6% to $34.16 (after distributions) as at January 31, 2004.

Class I Preferred shareholders and Class II Preferred shareholders received their regular dividends of $1.10 and $1.05 respectively during the year. Capital shareholders did not receive a distribution under the variable distribution program due to the overall level of net assets and realized income during the year. Since inception of Split Yield in April 1998 to January 31, 2004, Class I Preferred Shareholders received a total of $6.37 per share in dividends, Class II Preferred Shareholders received a total of $6.08 per share and Capital Shareholders received a total of $7.25 per share.

Split Yield is an actively managed mutual fund corporation that invests in common shares of companies included in the TSX 100 Index and the S&P 100 Index. To generate additional returns above the dividend income earned on the Portfolio, the company writes covered call options on all or part of the common shares in the portfolio. Quadravest Capital Management Inc. manages Split Yield's portfolio.

A unit of Split Yield is comprised of one Class I Preferred Share, one Class II Preferred Share and one Capital Share. The holders of Class I Preferred Shares are entitled to receive $1.10 per share or 5.50% annually based on the initial issue price. The holders of Class II Preferred Shares are entitled to receive $1.05 per share or 7.0% annually based on the initial issue price. Holders of Capital Shares are entitled to receive quarterly distributions from net realized gains and other investment income, if any, after the payment of distributions to Class I and Class II preferred shareholders.

Selected Financial Information from the Annual Statement of Financial Operations:
For the years ending January 31 ($ millions)

For further information contact Quadravest Capital Management: 
Wayne Finch, Chairman and Chief Investment Officer, Laura Johnson, Vice President, Peter Cruickshank, Chief Financial Officer