LIFE & BANC SPLIT CORP. ANNOUNCES PREFERRED SHARE OFFERING

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

TORONTO, April 22, 2026 /CNW/ - (TSX: LBS) (TSX: LBS.PR.A) Life & Banc Split Corp. (the "Fund") is pleased to announce it is undertaking a treasury offering of preferred shares ("Preferred Shares") (the "Offering").

The sales period for this offering is expected to end on Thursday, April 23, 2026. The offering is expected to close on or about April 30, 2026 and is subject to certain closing conditions including approval by the Toronto Stock Exchange ("TSX").

The Preferred Shares will be offered at a price of $10.50 per Preferred Share to yield 6.9%.⁽¹⁾ The closing price on the TSX for the Preferred Shares on April 21, 2026 was $10.55. 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 $0.18125 per Preferred Share (7.25% per annum on the original $10.00 issue price), and to return the original issue price to holders of Preferred Shares on October 30, 2028. 

Purchasers of Preferred Shares in this Offering will be eligible to receive the full June 2026 quarterly dividend of $0.18125 per Preferred Share when the dividend is declared. The Fund has declared aggregate dividends on the Preferred Shares of $10.55 per Preferred Share, representing 78 consecutive quarterly dividends since inception on October 17, 2006 to March 31, 2026. 

Based on the most recently calculated net asset value per unit of the Fund on April 16, 2026, adjusted for the April 20, 2026 stock split of the Fund's class A shares, the Preferred Shares have downside protection from a decline in the value of the Fund's portfolio of approximately 56%. The Preferred Shares are rated Pfd-3 by Morningstar DBRS.

The Fund invests on an approximately equally weighted basis, in a portfolio (the "Portfolio") consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:

Bank of Montreal	Great-West Lifeco Inc.
National Bank of Canada	The Bank of Nova Scotia
Canadian Imperial Bank of Commerce	Royal Bank of Canada
iA Financial Corporation Inc.	The Toronto-Dominion Bank
Sun Life Financial Inc.	Manulife Financial Corporation

About Brompton Funds

For over 25 years, Brompton has been providing unique, well-conceived investments for Canadians, with a focus on low management fees, performance driven diversification strategies and attractive income and growth solutions for various market cycles. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email [email protected] or visit our website at www.bromptongroup.com.

A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Fund intends to file a supplement to the short form base shelf prospectus, and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada.

(1) Annualized yield on offer price. See Performance table below.

Life & Banc Split Corp. Compound Annual Returns to March 31, 2026	1-Yr	3-Yr	5-Yr	10-Yr	S.I.
Preferred Shares (TSX: LBS.PR.A)	7.4 %	7.1 %	6.5 %	5.8 %	5.5 %

Returns are for the periods ended March 31, 2026, and are unaudited. Inception date October 17, 2006. The table shows the compound return on a Preferred Share. Past performance does not necessarily indicate how the Preferred Shares will perform in the future. The information shown is based on the redemption price per Preferred Share and assumes that cash distributions made by the Fund on the Preferred Shares during the periods shown were reinvested at the redemption price per Preferred Share in additional Preferred Shares of the Fund.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of the Fund on the TSX or other alternative Canadian trading system (an "exchange"). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the Fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in its public filings available at www.sedarplus.ca. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income tax payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

SOURCE Brompton Life & Banc Split Corp