An anonymous director reports

NORTH AMERICAN FINANCIAL 15 SPLIT CORP. AT-THE-MARKET EQUITY PROGRAM RENEWED

North American Financial 15 Split Corp. has renewed its at-the-market equity program (ATM program) that allows the company to issue shares of the company to the public from time to time at the company's discretion, effective until Sept. 9, 2024, unless terminated prior to such date by the company. This ATM program replaces the prior program established in April, 2022, that has terminated. Any Class A shares or preferred shares sold in 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 Aug. 8, 2022, with National Bank Financial Inc.

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 Aug. 8, 2022, to the company's short-form base shelf prospectus dated Aug. 8, 2022. The maximum gross proceeds from the issuance of the shares will be $350-million. Copies of the prospectus supplement and the short-form base shelf prospectus may be obtained from your registered financial adviser using the contact information for such 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 company's sole discretion. The company intends to use the proceeds from the ATM program in accordance with the investment objectives and investment strategies of the company, subject to the investment restrictions of the company.

About North American Financial 15 Split Corp.

The company invests primarily in a high-quality portfolio consisting of 15 financial services companies made up of Canadian and United States issuers as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corp., Sun Life Financial Inc., Great-West Lifeco Inc., CI Financial Corp., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., JP Morgan Chase & Co. and Wells Fargo & Company.

We seek Safe Harbor.