An anonymous director reports

LIFE & BANC SPLIT CORP. ANNOUNCES PREFERRED SHARE OFFERING

Life & Banc Split Corp. is undertaking a treasury offering of preferred shares.

The sales period for this offering is expected to end on Tuesday, July 7, 2026. The offering is expected to close on or about July 14, 2026, and is subject to certain closing conditions, including approval by the Toronto Stock Exchange.

The preferred shares will be offered at a price of $10.55 per preferred share to yield 6.9 per cent. The closing price on the Toronto Stock Exchange for the preferred shares on July 3, 2026, was $10.64. The offering is being led by RBC Capital Markets.

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 (7.25 per cent per annum on the original $10 issue price) and to return the original issue price to holders of preferred shares on Oct. 30, 2028.

The fund has declared aggregate dividends on the preferred shares of $10.73 per preferred share, representing 79 consecutive quarterly dividends since inception on Oct. 17, 2006, to June 30, 2026. Purchasers of preferred shares in this offering will be eligible to receive the full September, 2026, quarterly dividend of 18.125 cents per preferred share when the dividend is declared.

Based on the most recently calculated net asset value per unit of the fund on July 2, 2026, the preferred shares have downside protection from a decline in the value of the fund's portfolio of approximately 58 per cent. The preferred shares are rated Pfd-3 by Morningstar DBRS.

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

We seek Safe Harbor.