An anonymous director reports

NORTH AMERICAN FINANCIAL 15 SPLIT CORP. EXTENDS TERMINATION DATE

North American Financial 15 Split Corp. will extend the termination date of the company a further five-year period from Dec. 1, 2024, to Dec. 1, 2029.

The term extension allows holders of FFN Class A shares to continue to receive continuing leveraged exposure to a portfolio consisting of high-quality financial services companies made up of Canadian and United States issuers, as well as receiving targeted monthly distributions. Since inception of the company, Class A shareholders have received monthly distributions totalling $16.16 per share.

Holders of the FFN.PR.A preferred shares are expected to continue to benefit from cumulative preferential monthly distributions. The preferred shareholders have received a total of $10.90 per share since inception.

The extension of the term of the company is not expected to be a taxable event and should enable shareholders to defer potential capital gains tax liability that would have otherwise been realized on the redemption of the Class A shares or preferred shares at the end of the term, until such time as such shares are disposed of by shareholders.

In connection with the extension, the company will have the right to amend the minimum rate of cumulative preferential monthly dividends to be paid to the preferred shares for the five-year renewal period, commencing Dec. 1, 2024. Any change to the preferred share minimum dividend rate for the extended term will be based on market yields for preferred shares with similar terms at such time and will be announced no later than Sept. 30, 2024. The company has the right to establish the rate of cumulative preferential monthly dividends to be paid to the preferred shares on an annual basis.

In connection with the term extension, the company will offer a non-concurrent special retraction right which will allow existing shareholders to tender one or both classes of shares and receive a retraction price based on the Nov. 29, 2024, net asset value per unit.

About North American Financial 15 Split Corp.

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.