An anonymous director reports

FINANCIAL 15 SPLIT CORP. COMPLETES OVERNIGHT OFFERING OF $92,220,000

Financial 15 Split Corp. has completed the overnight offering of preferred shares of the company. Total gross proceeds of the offering were $92.2-million.

The preferred shares will begin trading on the Toronto Stock Exchange under the existing symbol of FTN.PR.A.

The offering was led by National Bank Financial Inc.

The net proceeds of the offering will be used by the company to invest in an actively managed, high-quality portfolio consisting of financial services companies made up of Canadian and U.S. issuers as follows.

The company's preferred share investment objectives are:

1. Effective Dec. 1 ,2025, to provide holders of the preferred shares with fixed, cumulative monthly dividends at an annual rate of 7.25 per cent, as determined annually by the board of directors, and subject to a minimum rate of 6.00 per cent until 2030 (previously, 8.50 per cent with a five-year minimum of 5.50 per cent);
2. On or about the termination date, currently Dec. 1, 2030 (subject to further five-year extensions thereafter), to pay the holders of the preferred shares $10 per preferred share.