LIFE & BANC SPLIT CORP. ANNOUNCES PREFERRED SHARE OFFERING

Executive Summary of Recent Financing

• Life & Banc Split Corp. announced a treasury offering of preferred shares priced at $10.50 per share on April 22, 2026.
• The offering targets an annualized yield of 6.9% with fixed cumulative preferential quarterly cash distributions of $0.18125 per share.
• Redemption date is set for October 30, 2028, returning the original issue price to holders.
• RBC Capital Markets acts as the lead manager; expected closing on or about April 30, 2026.

Capital Deployment and Leverage Management

• The preferred offering is consistent with the January ATM program renewal, indicating planned capital management rather than emergency fundraising.
• Issuing preferreds at $10.50 (a premium over the $10.00 issue price) allows the Fund to raise more capital per share than par value, which is favorable for existing common shareholders if deployed efficiently.
• The 6.9% yield is competitive in the current rate environment implied by the April 2026 timeframe, suggesting strong demand for income-generating assets within the portfolio.

Business Model

• Life & Banc Split Corp. operates as a closed-end investment fund (Split Corp) focused on Canadian financial institutions.
• The Fund invests in an approximately equally weighted portfolio of six major Canadian banks and four leading life insurance companies.
• Structure includes Class A Shares for growth and income, and Preferred Shares for fixed-income yield with redemption features.