Life & Banc Split Corp. Renews At-the-Market Equity Program

Core Viewpoint - Life & Banc Split Corp. has renewed its at-the-market equity program to issue Class A and Preferred Shares, replacing the previous program that ended in January 2024 [1][2]. Group 1: ATM Program Details - The renewed ATM Program allows the Fund to issue shares at its discretion through the Toronto Stock Exchange or other Canadian marketplaces at prevailing market prices [1][2]. - The maximum gross proceeds from the issuance of shares under the ATM Program will be $250 million for both Class A and Preferred Shares [2]. - The program will remain effective until February 12, 2028, unless terminated earlier by the Fund [3]. Group 2: Investment Objectives and Performance - The Fund invests in a portfolio of common shares from the six largest Canadian banks and four major publicly traded Canadian life insurance companies [4]. - Class A Shares aim to provide monthly cash distributions targeted at $0.10 per share and growth in net asset value [4]. - Over the last 10 years, Class A Shares have delivered a total return of 22.2% per annum, outperforming the S&P/TSX Capped Financials Index by 7.6% and the S&P/TSX Composite Total Return Index by 9.5% [5][10]. - Preferred Shares offer fixed cumulative quarterly cash distributions of $0.18125 per share (7.25% per annum) and aim to return the original issue price by October 30, 2028 [6]. - Preferred Shares have returned 5.8% per annum over the last decade, with downside protection of approximately 57% from declines in the Fund's portfolio value [7].