An anonymous director reports

LIFE & BANC SPLIT CORP. FILES FINAL PROSPECTUS

Life & Banc Split Corp. has filed a final short-form prospectus with respect to a treasury offering of up to 1.86 million Class A shares and up to 1.86 million preferred shares for aggregate gross proceeds of up to approximately $36.7-million.

The company invests in a portfolio of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies. Currently, the portfolio consists of common shares of the following banks and life insurance companies:

• The Bank of Nova Scotia;
• Royal Bank of Canada;
• National Bank of Canada;
• Industrial Alliance Insurance and Financial Services Inc.;
• The Toronto-Dominion Bank;
• Canadian Imperial Bank of Commerce;
• Great-West Lifeco Inc.;
• Bank of Montreal;
• Manulife Financial Corp.;
• Sun Life Financial Inc.

The Class A shares are being offered at a price of $9.65 per Class A share and the preferred shares are being offered at a price of $10.10 per preferred share. The Class A and preferred share offering prices were determined so as to be non-dilutive to the most recent calculated net asset value per unit of the company on June 23, 2015, as adjusted for dividends accrued prior to closing of the offering.

The investment objectives for the Class A shares are to provide holders with regular monthly cash distributions targeted to be 10 cents per Class A share, and to provide the opportunity for growth in net asset value per Class A share.

The investment objectives for the preferred shares are to provide holders with fixed cumulative preferential quarterly cash distributions in the amount of 11.875 cents per preferred share (47.5 cents per annum), representing a yield on the original issue price of 4.75 per cent per annum, and to return the original issue price to holders of preferred shares on the maturity date of the company, being Nov. 29, 2018.

The syndicate of agents for the offering is being led by RBC Capital Markets, CIBC and Scotiabank, and includes TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., GMP Securities LP, Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Dundee Securities Ltd., Haywood Securities Inc., Industrial Alliance Securities Inc. and Mackie Research Capital Corp.

This offering is only made by prospectus. The short-form prospectus contains important detailed information about the securities being offered. Copies of the short-form prospectus may be obtained from any of the above-mentioned agents. Investors should read the short-form prospectus before making an investment decision.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of the company on the TSX or other alternative Canadian trading platform. If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the company, and may receive less than the current net asset value when selling them.

There are continuing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the company. You can find more detailed information about the company in the public filings available on SEDAR. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.