An anonymous director reports

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

Canadian Banc Corp. has declared its monthly distribution of 11.988 cents for each Class A share and 6.667 cents for each preferred share. Distributions are payable Dec. 8, 2023, to shareholders on record as at Nov. 30, 2023.

Under the distribution policy announced in November, 2021, the monthly dividend payable on the Class A shares is determined by applying a 15-per-cent annualized rate 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 Nov. 30, 2023, will receive a dividend of 11.988 cents per share based on the VWAP of $9.59 payable on Dec. 8, 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 $21.32 per share and preferred shareholders have received a total of $10.04 per share inclusive of this distribution, for a combined total of $31.35.

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 to 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.