An anonymous director reports

CANADIAN BANC CORP. ANNOUNCES TSX ACCEPTANCE OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Canadian Banc Corp.'s notice of intention to make a normal course issuer bid (NCIB) to purchase its preferred shares and Class A shares through the facilities of the TSX and/or alternative Canadian trading systems. The NCIB will commence on May 29, 2023 and terminate on May 28, 2024.

Pursuant to the NCIB, the Company proposes to purchase, from time to time, if it is considered advisable, up to 2,226,511 Preferred Shares and 2,204,842 Class A Shares of the Company, representing 10% of the public float of 22,265,111 Preferred Shares and 22,048,422 Class A Shares. As of May 15, 2023, there were 22,287,682 Preferred Shares and 22,082,182 Class A Shares issued and outstanding. The Company will not purchase, in any given 30-day period, in the aggregate, more than 445,753 Preferred Shares or more than 441,643 Class A Shares, being 2% of the issued and outstanding Preferred Shares and Class A Shares as of May 15, 2023. Under the previous normal course issuer bid that commenced on May 27, 2022 and will terminate on May 26, 2023, no purchases of Preferred Shares or Class A Shares were made.

The Board of Directors of the Company, on the advice of Quadravest Capital Management Inc., the Company's investment manager, believes that such purchases are in the best interests of the Company and are a desirable use of its funds. All purchases will be made through the facilities and in accordance with the rules and policies of the TSX. All Preferred Shares or Class A Shares purchased by the Company pursuant to the NCIB will be cancelled.

The Company invests in a portfolio of six publicly traded Canadian Banks as follows:

Bank of Montreal

Canadian Imperial Bank of Commerce

Royal Bank of Canada Bank of Nova Scotia

National Bank of Canada

Toronto-Dominion Bank

We seek Safe Harbor.