An anonymous director reports

LIFE & BANC SPLIT CORP. ANNOUNCES SUCCESSFUL OVERNIGHT OFFERING

Life & Banc Split Corp. had a successful overnight treasury offering of Class A shares and preferred shares. Gross proceeds of the offering are expected to be approximately $65.9-million. The offering is expected to close on or about Dec. 19, 2023, and is subject to certain closing conditions. The fund has granted the agents (as defined below) an overallotment option, exercisable for 30 days following the closing date of the offering, to purchase additional Class A shares and preferred shares up to such number as is equal to 15 per cent of the number of Class A shares issued at the closing of the offering.

The Class A shares were offered at a price of $7.80 per Class A share for a distribution rate of 15.4 per cent on the issue price, and the preferred shares were offered at a price of $9.80 per preferred share for a yield to maturity of 8.1 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 fund invests in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:

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

We seek Safe Harbor.