Mr. Vlad Tasevski reports

BIG BANC SPLIT CORP. ANNOUNCES EXTENSION OF TERM AND INCREASED DISTRIBUTION RATES FOR CLASS A SHARES AND PREFERRED SHARES

Big Banc Split Corp.'s board of directors has approved an extension of the maturity date of the company's Class A shares and preferred shares for an additional three-year term to Nov. 30, 2026, along with a significant increase in distribution rates for both Class A shares and preferred shares. Effective Dec. 1, 2023, the monthly distribution on Class A shares will increase to 12 cents per Class A share (or $1.44 per annum), representing a 14.8-per-cent yield per annum based on the closing price as at Sept. 28, 2023. The monthly distributions on preferred shares will increase to seven cents (84 cents per annum), representing an 8.4-per-cent yield on the par value of $10 per preferred share. Purpose Investments Inc. is the manager, portfolio manager and promoter of the company, and provides all administrative services required by the company.

"Having carefully assessed the portfolio of the company and its yield-generating potential, we are pleased to provide shareholders with an extension of the company's maturity date, along with material increases in monthly distribution rates on both the Class A shares and preferred shares," said Vlad Tasevski, head of asset management and head of investors and institutional partners at Purpose Investments. "We believe the preferred shares offer a very competitive combination of attractive monthly distributions and downside protection while the Class A shares combine the opportunity for an enhanced capital appreciation with an attractive double-digit distribution yield per annum. We believe this emphasis on yield is consistent with our medium-term market outlook for the company's portfolio," added Mr. Tasevski.

The company invests on an approximately equally weighted basis in a portfolio of equity securities of the following publicly traded Canadian banks: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia and Toronto-Dominion Bank. To seek additional returns and enhance the portfolio's income, Purpose Investments, the company's manager, may write covered-call options and cash-covered put options in respect of some or all of the portfolio shares held in the portfolio.

In connection with the extension, holders of Class A shares and preferred shares who do not wish to continue their investment in the company will be able to retract their preferred shares or Class A shares, as applicable, on Nov. 30, 2023, pursuant to a special retraction right and receive a retraction price that is calculated in the same way that such price would be calculated if the company were to terminate on Nov. 30, 2023. Pursuant to this option, the retraction price may be less than the market price if the Class A share or preferred share, as applicable, is trading at a premium to net asset value. To exercise this retraction right, shareholders must provide notice to their investment dealer by Oct. 31, 2023, at 5 p.m. Toronto time. Alternatively, shareholders may sell their preferred shares and/or Class A shares through their securities dealer at the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to hold their Class A shares or preferred shares.

About Purpose Investments Inc.

Purpose Investments is an asset management company with more than $16-billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, offering a range of managed and quantitative investment products. Purpose Investments is led by entrepreneur Som Seif and is a division of Purpose Unlimited, an independent, technology-driven financial service platform that is reshaping the industry by connecting and creating opportunities across asset management, wealth management and small business financial services.

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