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Brompton Split Banc Corp.

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  • Closing Price (Nov 20, 2019) $13.12
  • Distribution(1) $0.10
  • Distribution Rate(1) (Nov 21, 2019) 9.15%
  • Distribution Frequency Monthly
  • Management Fee 0.55%
  • NAV (Nov 14, 2019) $12.97
  • Unit NAV (Nov 14, 2019) $23.03
  • Total Assets (Oct 31, 2019) $198 Million
  • Closing Price (Nov 20, 2019) $10.45
  • Distribution $0.12500
  • Distribution Rate (Nov 21, 2019) 4.79%
  • Distribution Frequency Quarterly
  • NAV (Nov 14, 2019) $10.06
  • Unit NAV (Nov 14, 2019) $23.03
  • Total Assets (Oct 31, 2019) $198 Million
  • DBRS Rating Pfd-3 (high)

Why Invest?

  • Approximately equal weight portfolio of common shares of Canada’s “”Big Six”” banks
  • The Big Six Canadian Banks have outperformed the S&P/TSX Composite Index over the long term and have increased dividends
  • Canada’s banks were ranked among as the soundest in the world by the World Economic Forum in 2016
  • Attractive distributions on Class A and Preferred Shares
  • Potential for capital appreciation for Class A shares due to leveraged exposure to the common shares of the Big Six Canadian banks

Preferred Shares:

  • 5-year term, subject to extension for periods of up to five years, as determined by the board of directors
  • Quarterly cumulative preferred distributions (primarily eligible Canadian dividends)
  • Dividend resets at end-of-term extension, based on comparable market yields, without complicated reset formulas
  • Shareholder’s option to redeem at end-of-term, with no restrictions.

Class A Shares:

  • Monthly distributions (primarily return of capital)(1)
  • Opportunity for capital appreciation
  • Shareholder’s option to redeem at end-of-term, with no restrictions

FUND FACTS

  • Ticker (Class A Shares)
    SBC
  • CUSIP (Class A Shares)
    11221E109
  • Service Fee (Class A Shares)
    0.40%
  • Ouststanding (Class A Shares) (Nov 21, 2019)
    8,706,401
  • Ticker (Preferred Shares)
    SBC.PR.A
  • CUSIP (Preferred Shares)
    11221E208
  • Ouststanding (Preferred Shares) (Nov 21, 2019)
    8,706,401
  • Maturity Date(1)
    November 29, 2022
  • Inception Date
    November 16, 2005
  • Currency
    CAD
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • Custodian
    CIBC Mellon Trust Company
  • Transfer Agent
    TSX Trust Company
  • Eligibility
    All registered and non-registered accounts
  • Annual Concurrent Retraction Date
    Second last business day of November
  • Annual Retraction Notice Deadline
    At least 10 business days prior to retraction date.
  • Special Non-Concurrent Retraction Date
    November 29, 2022
  • Special Retraction Notice Deadline
    October 31, 2022

Manager/Portfolio Manager

Brompton Funds, a division of Brompton Group which was founded in 2000, is an experienced investment fund manager with over $2 billion in assets under management. Brompton’s Portfolio Management team specializes in Canadian and global equity investments and is a leading manager of covered call writing strategies in Canada.

Brompton Split Banc Corp.

Summary of Investment Portfolio as at September 30, 2019

Total Net Asset Value$196,023,719.00

Holdings

% of Portfolio% of Net Asset Value
National Bank of Canada15.7%15.7%
Bank of Nova Scotia (The)15.6%15.7%
Royal Bank of Canada15.5%15.6%
Toronto-Dominion Bank (The)15.2%15.3%
Canadian Imperial Bank of Commerce14.8%14.9%
Bank of Montreal13.8%13.9%
Brompton North American Financials Dividend ETF9.3%9.3%
Cash and short-term investments0.1%0.1%
Total100%100.5%
Performance NAV History

Annual Compound Returns(1)

YTD 1-Year 3-Year 5-Year 10-Year Since Inception(2)
Brompton Split Banc Corp. - Class A 27.9% 12.3% 12.5% 9.5% 14.9% 10.9%
S&P/TSX Capped Financials Index 20.7% 14.4% 10.5% 8.5% 10.8% 8.2%
S&P/TSX Composite Index 18.0% 13.2% 6.8% 5.6% 7.3% 6.2%
Brompton Split Banc Corp. - Preferred 4.2% 5.1% 4.9% 4.8% 4.9% 5.1%
S&P/TSX Preferred Share Index (0.2%) (7.7%) 2.4% (0.9%) 2.2% 1.6%
Brompton Split Banc Corp. - Unit 17.5% 9.4% 9.5% 7.5% 10.4% 8.3%

Year-by-Year Returns

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Brompton Split Banc Corp. - Class A (19.3%) 20.3% 49.8% (12.5%) 20.1% 34.8% 22.0% (2.2%) 10.1% 206.9%
S&P/TSX Capped Financials Index (9.2%) 13.3% 24.2% (3.0%) 12.6% 26.8% 17.1% (3.8%) 8.5% 45.8%
S&P/TSX Composite Index (8.9%) 9.1% 21.1% (8.3%) 10.6% 13.0% 7.2% (8.7%) 17.6% 35.1%
Brompton Split Banc Corp. - Preferred 5.1% 4.6% 4.6% 4.6% 4.6% 4.3% 5.6% 5.4% 5.4% 5.4%
S&P/TSX Preferred Share Index (7.9%) 13.6% 7.0% (14.9%) 6.8% (2.6%) 5.5% 5.8% 7.7% 27.0%
Brompton Split Banc Corp. - Unit (10.2%) 14.1% 28.5% (5.5%) 13.4% 19.8% 13.6% 1.5% 7.2% 64.1%

Returns for Brompton Split Banc Corp. are unaudited.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment fund on the Toronto Stock Exchange 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 investment 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 the public filings available at www.sedar.com.  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 certain fees such as redemption costs or income taxes 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.

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Distributions

Distributions from the Fund may have tax benefits which result in higher after tax cash flow than if the income had been earned as interest income.

It is expected that the distributions on the Class A shares will mainly be comprised of capital gains or return of capital and over time are expected to include a portion of dividend income. Distributions on the Preferred shares are expected to be mainly characterized as dividend payments, which receive the preferential dividend tax treatment and to a lesser extent return of capital. For the purposes of the Income Tax (Canada) and any similar provincial legislation, to the extent that distributions on either the Class A or Preferred shares are characterized as dividend payments, the Company designates any and all dividends paid on both its Class A and Preferred shares as “eligible dividends” unless the Company indicates otherwise.

The annual breakdown of distributions for tax purposes will be provided to shareholders annually in February. This information will also be posted on the website as soon as it is available.

This information is of a general nature only and does not constitute legal or tax advice to any particular investor. Accordingly, prospective investors are advised to consult their own tax advisors with respect to their individual circumstances.

DRIP Plan

Tax Allocation

The following information is applicable to holders who, for the purpose of the Income Tax Act (Canada), are resident in Canada and hold shares as capital property outside of an RRSP, RRIF or DPSP. Shareholders should receive a T5 slip from their investment dealer providing this information.

T5 supplementary slips will indicate Capital Gains Dividends in Box 18 and Actual Amount of Eligible Dividends in Box 24. Dividend incomes is subject to the standard gross-up and federal dividend tax credit rules.

The return of capital component is a non-taxable amount that serves to reduce the adjusted cost base of the Fund units.

Select a year

Preferred Share

Record Date Payment Date Return of Capital Eligible Dividend Total Distribution
Sep 30, 2019 Oct 15, 2019 0.00000 0.00000 0.12500
Jun 28, 2019 Jul 15, 2019 0.00000 0.00000 0.12500
Mar 29, 2019 Apr 12, 2019 0.00000 0.00000 0.12500
Dec 31, 2018 Jan 15, 2019 0.00000 0.00000 0.12500
Sep 28, 2018 Oct 15, 2018 0.00000 0.12500 0.12500
Jun 29, 2018 Jul 16, 2018 0.00000 0.12500 0.12500
Mar 29, 2018 Apr 13, 2018 0.00000 0.12500 0.12500
Dec 29, 2017 Jan 15, 2018 0.00000 0.11685 0.11685
Sep 29, 2017 Oct 16, 2017 0.00000 0.11250 0.11250
Jun 30, 2017 Jul 17, 2017 0.00000 0.11250 0.11250
Mar 31, 2017 Apr 17, 2017 0.00000 0.11250 0.11250
Dec 30, 2016 Jan 16, 2017 0.00000 0.11250 0.11250
Total 0.00000 0.94185 1.44185
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