An anonymous director reports

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

Canadian Banc Corp. has declared its monthly distributions of 13.138 cents for each Class A share and 6.667 cents for each preferred share. The distributions are payable Feb. 9, 2024, to shareholders on record as at Jan. 31, 2024.

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 Jan. 31, 2024, will receive a dividend of 13.138 cents per share based on the VWAP of $10.51, payable on Feb. 9, 2024. The yield will remain stable at 15 per cent (based on the VWAP) under this distribution policy.

Preferred shareholders will receive prime plus 1.5 per cent, with a minimum rate of 5 per cent and a maximum rate of 8 per cent.

Since inception, Class A shareholders have received a total of $21.57 per share and preferred shareholders have received a total of $10.17 per share, inclusive of these distributions, for a combined total of $31.74.

Distribution details

Class A share:  13.138 cents

Preferred share:  6.667 cents

Record date:  Jan. 31, 2024

Payable date:  Feb. 9, 2024