An anonymous director reports

LIFE & BANC SPLIT CORP. RENEWS AT-THE-MARKET EQUITY PROGRAM

Life & Banc Split Corp. has renewed its at-the-market equity program so that the fund can issue Class A and preferred shares to the public from time to time, at the fund's discretion. This ATM program replaces the prior program established in June, 2022, that has terminated. Any Class A shares or preferred shares sold under the ATM program will be sold through the Toronto Stock Exchange or any other marketplace in Canada on which the Class A shares and preferred shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale. Sales of Class A shares and preferred shares through the ATM program will be made pursuant to the terms of an equity distribution agreement dated Jan. 18, 2024, with RBC Capital Markets.

Sales of Class A shares and preferred shares will be made by way of at-the-market distributions as defined in National Instrument 44-102, Shelf Distributions, on the TSX or on any marketplace for the Class A shares and preferred shares in Canada. Since the Class A shares and preferred shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM program is being offered pursuant to a prospectus supplement dated Jan. 18, 2024, to the fund's short form base shelf prospectus dated Jan. 18, 2024. The maximum gross proceeds from the issuance of the shares will be $75-million for each of the Class A and preferred shares. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial adviser or from representatives of the agent and are available on SEDAR+.

The volume and timing of distributions under the ATM program, if any, will be determined at the fund's sole discretion. The ATM program will be effective until Feb. 18, 2026, unless terminated prior to such date by the fund. The fund intends to use the proceeds from the ATM program in accordance with the investment objectives and investment strategies of the fund, subject to the investment restrictions of the fund.

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

The investment objectives for the Class A shares are to provide holders with regular monthly cash distributions targeted to be 10 cents per Class A share and to provide the opportunity for growth in the net asset value per Class A share.

The investment objectives for the preferred shares are to provide holders with fixed cumulative preferential quarterly cash distributions in the amount of 18.125 cents per preferred share (72.5 cents per annum) for the period Oct. 30, 2023, to Oct. 30, 2028, and to return the original issue price plus accrued dividends (if any) to holders of preferred shares on Oct. 30, 2028.

We seek Safe Harbor.