TDb Split Corp. is closed-end mutual fund consisting of units invested in the common shares of TD Bank. These units are divided or split into two classes of shares, one kind is the Class A Shares while the other is the Priority Equity or Preferred Shares. The various shares trade separately on the TSX under the symbol XTD for the Class A shares and XTD.PR.A for the preferred shares.

As stated by the company, its investment objectives with respect to the Priority Equity Shares are:

(a) to provide holders of the Priority Equity Shares with fixed cumulative preferential monthly cash dividends in the amount of $0.04375 per Priority Equity Share to yield 5.25% per annum on the original issue price of $10; ]

and

(b) on or about December 1, 2019, to pay the holders of the Priority Equity Shares the original issue price of $10 for equity shares.

With respect to the Class A Shares, the objectives are:

(a) to provide holders of Class A Shares with regular monthly cash dividends targeted to be $0.05 per Class A Share to yield 6.0% per annum on the original issue price of $10;

and

(b) on or about the December 1, 2019, to pay the holders of Class A Shares at least the original issue price of the Class A Shares.

Under certain conditions, the termination date of December 1, 2019 may be changed to a later date. Only after the holders of the Priority Equity Shares receive the distribution of $0.5250 on their shares will the class A shareholders receive distributions, if available, from the total fund and subject to other restrictions.

The net asset value of a class A share is the net asset value of a unit minus the fixed net asset value of a Priority Equity Share which stays fixed at $10. This means that the class A shares reflect the increasing or decreasing market value of the underlying TD Bank shares. For example, if the net asset value of a unit is $15 at then the net asset value of a class A share would be $5.

The closing prices on the TSE today, October 1 2014 were:

Class A shares (XTD),   $5.22 with a distribution of $0.60 for a yearly yield of 11.49%;

Priority Equity Share (XTD.PR.A),   $10.17 with a distribution of $0.525 for a yearly yield of 5.16% .

The Net Asset Value of a unit on September 15 2014 was $15.60

The fund is managed by Quadravest Capital Management . For more information please go to its website at http://www.quadravest.com . For those people interested in TD Bank you may also want to follow XTD and XTD.PR.A.

-M