An anonymous director reports

CANADIAN BANC CORP.: MONTHLY DIVIDEND DECLARATION FOR CLASS A & PREFERRED SHARE

Canadian Banc Corp. has declared its monthly distribution of 16.313 cents for each Class A share and 6.667 cents for each preferred share. Distributions are payable July 10, 2023, to shareholders on record as at June 30, 2023.

Under the distribution policy announced in November, 2021, the monthly dividend payable on the Class A shares is determined by applying an annualized rate of 15 per cent on the volume weighted average market price (VWAP) of the Class A shares over the last three trading days of the preceding month. As a result, Class A shareholders of record on June 30, 2023, will receive a dividend of 16.313 cents per share based on the VWAP of $13.05, payable on July 10, 2023. The yield will remain stable at 15.00 per cent (based on the VWAP) under this distribution policy.

Preferred shareholders will receive prime plus 1.50 per cent with a minimum rate of 5.00 per cent and a maximum rate of 8.00 per cent.

Since inception, Class A shareholders have received a total of $20.57 per share and preferred shareholders have received a total of $9.70 per share, inclusive of this distribution, for a combined total of $30.27.

The company invests in a portfolio of six publicly traded Canadian Banks as follows: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank. Shares held within the portfolio are expected to range between 5 and 20 per cent in weight but may vary at any time. To generate additional returns above the dividend income earned on the portfolio, The company engages in a selective covered call writing program.

Distribution details

Class A share:  16.313 cents

Preferred share (BK.PR.A):  6.667 cents

Record date:  June 30, 2023

Payable date:  July 10, 2023