DF Dividend 15 Split Corp II

Dividend 15 Split Corp. II ("Dividend 15 II") declares its regular monthly distribution of $0.04375 for each Preferred share ($0.525 annually). Distributions are payable June 10, 2009 to shareholders on record as of May 29, 2009. There will not be a distribution paid to the Class A shares for May 29, 2009 as per the Prospectus which states no regular monthly dividends or other distributions will be paid on the Class A shares in any month as long as the net asset value per unit is equal to or less than $15.00. The net asset value as of May 15, 2009 was $14.80.

Since inception (November 16, 2006) Class A shareholders have received a total of $2.40 per share and Preferred shareholders have received a total of $1.33 per share inclusive of this distribution, for a combined total of $3.73.

Dividend 15 II invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, CI Financial Income Fund, BCE Inc., Manulife Financial, Enbridge, Sun Life Financial, TELUS Corporation, The Thomson Corporation, TransAlta Corporation, TransCanada Corporation. Shares held within the portfolio are expected to range between 4-8% in weight but may vary at any time.

Distribution Details:

Preferred Share (DF.PR.A)              $0.04375

Ex-Dividend Date:                  May 27, 2009

Record Date:                       May 29, 2009

Payable Date:                     June 10, 2009

Contacts: Dividend 15 Split Corp. II Investor Relations 416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372) www.dividend15.com