An anonymous director reports

LIFE & BANC SPLIT CORP. ANNOUNCES CLASS A SHARE SPLIT AND AN INCREASE TO TOTAL DISTRIBUTIONS

Life & Banc Split Corp. intends to complete a stock split of its Class A shares due to the fund's strong performance. Class A shareholders of record at the close of business on June 25, 2026, will receive 12 additional Class A shares for every 100 Class A shares held, pursuant to the share split. The share split is subject to the approval of the Toronto Stock Exchange.

Class A shareholders will continue to receive regular monthly cash distributions, targeted to be 10 cents per Class A share following the share split. As a result, the total dollar amount of distributions to be paid to Class A shareholders is expected to increase by approximately 12 per cent. The fund provides a distribution reinvestment plan, on a commission-free basis, for Class A shareholders who wish to reinvest distributions and realize the benefits of compound growth.

Over the last 10 years, the Class A shares have delivered a 23.6-per-cent-per-annum total return based on net asset value, significantly outperforming both the S&P/TSX Capped Financials Total Return Index by 8.4 per cent per annum and the S&P/TSX Composite Total Return Index by 10.8 per cent per annum. Since inception, Class A shareholders have received cash distributions of $21.75 per share.

Following the completion of the share split, the preferred shares of the fund are expected to have downside protection from a decline in the value of the fund's portfolio of approximately 57 per cent.

The Class A shares are expected to commence trading on an ex split basis at the opening of trading on June 25, 2026. No fractional Class A shares will be issued and the number of Class A shares each holder shall receive will be rounded down to the nearest whole number. The share split is a non-taxable event.

The fund invests, on an approximately equally weighted basis, 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.

We seek Safe Harbor.