An anonymous director reports

LIFE & BANC SPLIT CORP. ANNOUNCES SUCCESSFUL PREFERRED SHARE OFFERING

Life & Banc Split Banc Corp. has arranged a treasury offering of preferred shares. Gross proceeds of the offering are expected to be approximately $94-million. The offering is expected to close on or about Oct. 31, 2023, and is subject to certain closing conditions. The company has granted the agents (as defined below) an overallotment option, exercisable for 30 days following the closing date of the offering, to purchase additional preferred shares up to such number as is equal to 15 per cent of the number of preferred shares issued at the closing of the offering.

The preferred shares were offered at a price of $9.60 per preferred share for a yield to maturity of 8.3 per cent. The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank and included Hampton Securities Ltd., Canaccord Genuity Corp., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., IA Private Wealth Inc., Echelon Wealth Partners Inc., Manulife Securities Inc., Research Capital Corp. and Richardson Wealth Ltd.

The company invests in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies.

               INVESTMENT PORTFOLIO

Manulife Financial Corp.        Bank of Montreal                  
Sun Life Financial Inc.         Toronto-Dominion Bank     
IA Financial Corp. Inc.         National Bank of Canada      
Royal Bank of Canada            Bank of Nova Scotia      
Great-West Lifeco Inc.          Canadian Imperial Bank of Commerce

We seek Safe Harbor.