Corporate action extension and retraction op.. yeah or nay..Prior to making any election, holders are strongly advised to consult their professional advisors and the Prospectus dated September 28, 2006, the latest Annual Information Form and Press Release dated August 28, 2023 for information regarding the complete terms and conditions of the event. Security Description: Symbol (Market): CUSIP: Life & Banc Split Corporation Class A Shares LBS (TSX) / LFBCF (OTC) 53184C100 Corporate Action Event: Special Retraction Right ACTION DEADLINES: Deadline for Client Instructions: September 28, 2023 11:59 AM Toronto time Issue Expiry Date: September 29, 2023 05:00 PM Eastern time Instructions: Should be given to your account representative by telephone. Holders are advised to read the “Important Information” section of this notice prior to selecting an option(s). TERMS: Life & Banc Split Corp. (the “Company”) announced that the board of directors has approved an extension of the maturity date of the Class A and Preferred shares of the Company for an additional 5-year term to October 30, 2028. In connection with the extension, shareholders who do not wish to continue their investment in the Fund, will be able to retract their Preferred Shares or Class A Shares on October 30, 2023 pursuant to a special retraction right and receive a retraction price that is calculated in the same way that such price would be calculated if the Fund were to terminate on October 30, 2023. Pursuant to this option, the retraction price may be less than the market price if the share is trading at a premium to net asset value. To exercise this retraction right, shareholders must provide notice to their investment dealer by September 29, 2023 at 5:00 p.m. (Toronto time). Alternatively, shareholders may sell their Preferred Shares and/or Class A Shares through their securities dealer at the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to hold their shares. Holders have the option of: Option 1: Cash - To receive a retraction price calculated in the same way that such price would be calculated if the Fund were to terminate on October 30, 2023, which will be equal to the greater of (i) the NAV per Unit on that date minus $10.00 CAD plus any accrued and unpaid distributions on the Preferred Shares, and (ii) nil. HOLDERS WHO DO NOT WISH TO RETRACT THEIR SHARES TO THIS OFFER NEED NOT SUBMIT INSTRUCTIONS. IMPORTANT INFORMATION Special Retraction Date: October 30, 2023 Payment Date: On or before November 14, 2023
Non-Concurrent Retraction Right: On the Maturity Date and upon any subsequent maturity date as determined by the board of directors, a holder of Class A Shares will be entitled to retract their Class A Shares pursuant to a nonconcurrent retraction right and the Company will provide at least 60 days' notice to Class A Shareholders. Class A Shareholders will receive the same amount per Class A Share that would have applied had the Company redeemed all of the Class A Shares on the Maturity Date as scheduled prior to the extension. Class A Shares must be surrendered for retraction by 5:00 p.m. (Toronto time) on the last business day of the month prior to the Maturity Date in the year in which there is an extension of the term of the Class A Shares. Class A Shareholders will receive payment for Class A Shares so retracted no later than the tenth business day of the month following the month in which the date of the non-concurrent retraction occurs. If more Preferred Shares than Class A Shares have been redeemed pursuant to the non-concurrent retraction right, the Company will be authorized to redeem Class A Shares on a pro rata basis in a number to be determined by the Company reflecting the extent to which the number of Class A Shares outstanding following the non-concurrent retraction exceeds the number of Preferred Shares outstanding following the non-concurrent retraction. Conversely, if more Class A Shares than Preferred Shares have been redeemed pursuant to the non-concurrent retraction right, the Company may issue Class A Shares to the extent the number of Preferred Shares outstanding following the nonconcurrent retraction exceeds the number of Class A Shares outstanding following the non-concurrent retraction. Class A Shares surrendered will be irrevocable, except with respect to those Class A Shares which are not retracted by the Company on the relevant Retraction Payment Date. The Company may, in its discretion, permit the withdrawal of any Class A Share retraction request at any time prior to the Retraction Payment Date. Holders are strongly advised to consult their professional advisors, the Annual Information Form dated 23 March 2023 and Press Release dated August 28, 2023 regarding the tax information and details of the above-mentioned special retraction right. https://www.bromptongroup.com/wp-content/uploads/2023/03/LBS-2022-AIF.pdf Press Release: https://www.bromptongroup.com/wp-content/uploads/2023/08/LBS-Preferred-Share-Distribution-Rate.pdf Announcement of Extension of Term: https://www.bromptongroup.com/wp-content/uploads/2023/04/LBS_Announcement_of_Extension.pdf The important information above is not exhaustive, holders are advised to review any published material regarding this security and or corporate action event. Currency Disclaimer: If the payment is denominated in a currency other than that specified by your account at the time instructions are given, we will convert the payment at our then prevailing exchange rate and credit you in the currency of that account. We and/or parties related to us may earn revenue from such transactions. For US Residents: You now have the option of making a specific tax lot selection for your covered securities being sold. If we have not received your instruction prior to the effective date of the corporate action, the default accounting method used to calculate the cost basis for your security transactions will be First –In, First-Out (FIFO) as per the IRS. As this corporate action may impact your investment portfolio, we would suggest you carefully read this notice. You may wish to consult your tax advisor as there may be tax consequences regarding thi