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Life & Banc Split Corp.

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  • Closing Price (Mar 21, 2019) $8.51
  • Distribution(1) $0.10
  • Distribution Rate(1) (Mar 21, 2019) 14.13%
  • Distribution Frequency Monthly
  • Management Fee 0.60%
  • NAV (Mar 14, 2019) $7.57
  • Unit NAV (Mar 14, 2019) $17.68
  • Total Assets (Feb 28, 2019) $459 Million
  • Closing Price (Mar 21, 2019) $10.24
  • Distribution $0.13625
  • Distribution Rate (Mar 21, 2019) 5.34%
  • Distribution Frequency Quarterly
  • NAV (Mar 14, 2019) $10.11
  • Unit NAV (Mar 14, 2019) $17.68
  • Total Assets (Feb 28, 2019) $459 Million
  • DBRS Rating Pfd-3

Why Invest?

  • Approximately equal weight portfolio of Canada’s four largest publicly-listed life insurance companies (“LifeCos”) and the “Big Six” banks
  • Canadian LifeCos and Banks have historically delivered strong positive returns during periods of rising long-term interest rates
  • LifeCos and Big Six banks all have a dominant market position in Canada, favourable demographic trends and significant international operations
  • Attractive distributions on Class A and Preferred Shares
  • Potential for capital appreciation for Class A shares due to leveraged exposure to the LifeCos and Big Six 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

  • Class A Shares Ticker
    LBS
  • Class A Shares CUSIP
    53184C100
  • Class A Shares Service Fee
    0.40%
  • Class A Shares Ouststanding (Mar 21, 2019)
    25,887,658
  • Preferred Shares Ticker
    LBS.PR.A
  • Preferred Shares CUSIP
    53184C118
  • Preferred Shares Ouststanding (Mar 21, 2019)
    25,887,658
  • Maturity Date(2)
    October 30, 2023
  • Inception Date
    October 17, 2006
  • 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
    10 business days prior to the second last business day of November, except in the year in which there is an extension of the termination date
  • Special Non-Concurrent Retraction Date
    October 30, 2023
  • Special Retraction Notice Deadline
    September 29, 2023

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.

Life & Banc Split Corp.

Summary of Investment Portfolio as at December 31, 2018

Total Net Asset Value$412,331,492.00

Holdings

% of Portfolio% of Net Asset Value
Royal Bank of Canada10.3%10.4%
Bank of Nova Scotia (The)10.2%10.3%
Sun Life Financial Inc.10.0%10.1%
Great-West Lifeco Inc.10.0%10.1%
National Bank of Canada10.0%10.1%
Toronto-Dominion Bank (The)10.0%10.1%
Canadian Imperial Bank of Commerce9.9%10.0%
Bank of Montreal9.8%9.9%
Industrial Alliance Insurance and Financial Services Inc.9.7%9.8%
Manulife Financial Corporation9.6%9.7%
Cash and short-term investments0.5%0.5%
Total100%101%
Performance NAV History

Annual Compound Returns(1)

YTD 1-Year 3-Year 5-Year 10-Year Since Inception(2)
Life & Banc Split Corp. - Class A 30.3% (6.2%) 23.1% 10.8% 33.6% 8.7%
S&P/TSX Capped Financials Index 11.8% 4.0% 14.1% 9.2% 15.5% 7.6%
S&P/TSX Composite Index 12.2% 6.9% 10.8% 5.5% 10.2% 5.3%
Life & Banc Split Corp. - Preferred 0.9% 5.0% 4.9% 4.9% 5.1% 5.2%
S&P/TSX Preferred Share Index 1.6% (7.0%) 9.6% 0.3% 4.2% 1.6%
Life & Banc Split Corp. - Unit 11.8% (0.4%) 12.4% 7.6% 14.4% 6.8%
Since Inception(2) 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 20063
Life & Banc Split Corp. - Class A 8.7% (32.1%) 16.9% 52.7% (9.9%) 17.0% 73.3% 46.8% (32.4%) 11.9% 157.2% (68.3%) (7.8%) 16.5%
Life & Banc Split Corp. - Preferred 5.2% 4.9% 4.9% 4.9% 4.9% 4.8% 5.3% 5.4% 5.4% 5.4% 5.4% 5.4% 5.4% 5.4%
Life & Banc Split Corp. - Unit 6.8% (13.1%) 10.6% 24.2% (2.3%) 10.6% 30.6% 18.8% (11.1%) 8.2% 47.2% (35.9%) (2.6%) 10.0%
S&P/TSX Capped Financials Index 7.6% (9.2%) 13.3% 24.2% (3.0%) 12.6% 26.8% 17.1% (3.8%) 8.5% 45.8% (35.8%) (0.8%) 9.8%
S&P/TSX Composite Index 5.3% (8.9%) 9.1% 21.1% (8.3%) 10.6% 13.0% 7.2% 8.7% 17.6% 35.1% (33.0%) (1.3%)

The tables show the past performance of the Fund. Past performance does not necessarily indicate how the Fund will perform in the future. The information shown is based on Net Asset Value per Class A share and per unit, or the redemption price per Preferred share and assumes that distributions (including deemed distributions based on the intrinsic value of the warrants at approximately the exercise date of the warrants) made by the Fund on the Class A shares, Preferred shares and units in the periods shown were reinvested (at Net Asset Value per Class A share and per unit, or the redemption price per Preferred share) in additional Class A shares, units and Preferred shares of the Fund.

The tables show the Fund’s year-by-year and compound returns on a Class A share, Preferred share and unit basis for each period indicated, compared with the S&P/TSX Capped Financials Index (‘‘Financials Index’’) and the S&P/TSX Composite Index (‘‘Composite Index’’) and the S&P/TSX Preferred Share Index (“Preferred Share Index”). The Composite Index tracks the performance, on a market weight basis, of a broad index of large-capitalization issuers listed on the TSX and the Financials Index is derived from the Composite Index based on the financials sector of the Global Industry Classification Standard. The Preferred Share Index tracks the performance, on a market weight basis, of a broad index of preferred shares trading on the Toronto Stock Exchange. The Fund passively invests on an equal weight basis in a portfolio comprised of four Canadian life insurance companies and six Canadian banks which are in both the Financials Index and the Composite Index. Since the indices have more diversified portfolios it is therefore not expected that the Fund’s performance will mirror that of the indices. Further, the Financials Index and Composite Index returns are calculated without the impact of management fees and fund expenses, whereas the performance of the Fund is calculated after deducting such fees and expenses.

Returns for Life & Banc Split 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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Class A Share

Record Date Payment Date Return of Capital Eligible Dividend Total Distribution
Feb 28, 2019 Mar 14, 2019 0.00000 0.00000 0.10000
Jan 31, 2019 Feb 14, 2019 0.00000 0.00000 0.10000
Dec 31, 2018 Jan 15, 2019 0.00000 0.00000 0.10000
Nov 30, 2018 Dec 14, 2018 0.08522 0.01478 0.10000
Oct 31, 2018 Nov 14, 2018 0.08522 0.01478 0.10000
Sep 28, 2018 Oct 15, 2018 0.08522 0.01478 0.10000
Aug 31, 2018 Sep 17, 2018 0.08522 0.01478 0.10000
Jul 31, 2018 Aug 15, 2018 0.08522 0.01478 0.10000
Jun 29, 2018 Jul 16, 2018 0.08522 0.01478 0.10000
May 31, 2018 Jun 14, 2018 0.08522 0.01478 0.10000
Apr 30, 2018 May 14, 2018 0.08522 0.01478 0.10000
Mar 29, 2018 Apr 13, 2018 0.08522 0.01478 0.10000
Total 0.76698 0.13302 1.20000
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