An anonymous director reports

NORTH AMERICAN FINANCIAL 15 SPLIT CORP. ANNOUNCES TSX ACCEPTANCE OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted North American Financial 15 Split 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 5,408,428 preferred shares and 5,514,879 Class A shares of the company, representing 10 per cent of the public float of 54,084,287 preferred shares and 55,148,797 Class A shares. As of May 15, 2023, there were 54,084,787 preferred shares and 55,220,987 Class A shares issued and outstanding. The company will not purchase, in any given 30-day period, in the aggregate, more than 1,081,695 preferred shares or more than 1,104,419 Class A shares, being 2 per cent 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, 260,400 preferred shares and 790,600 Class A shares were purchased.

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 high-quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corp., Sun Life Financial, Great-West Lifeco, CI Financial Corp., Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co., and Wells Fargo & Co.

We seek Safe Harbor.