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Life & Banc Split Corp. Announces Proposal to Extend Term

TORONTO, ONTARIO -- (Marketwire) -- 01/30/13 -- (TSX:LBS)(TSX:LBS.PR.A) Life & Banc Split Corp. ("LBS" or the "Fund") is pleased to announce that its board of directors (the "Board") has approved granting shareholders an additional option to allow them to continue their investment in the Fund beyond its currently scheduled termination date of November 29, 2013. The proposed extension will not result in any changes to shareholder redemption rights.

Over the last three years, the Class A shares and Preferred shares have traded at an average combined premium to net asset value per share of approximately 4.2%. By approving the extension of the Fund, shareholders will have the opportunity to benefit from potential future trading premiums. In the event that the proposed extension is not approved by shareholders, the Fund will terminate and Class A and Preferred shareholders will receive the net asset value per Class A and Preferred share which are currently less than their trading prices.

LBS invests in a portfolio, on an approximately equal weight basis, of common shares of 6 Canadian Banks: Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, The Bank of Nova Scotia and The Toronto-Dominion Bank and 4 Canadian life insurance companies: Great-West Lifeco Inc., Industrial Alliance Insurance and Financial Services Inc., Manulife Financial Corporation and Sun Life Financial Inc. In 2012, the Class A shares and Preferred shares of the Fund had total returns of 46.8% and 5.4%, respectively, as the 6 Canadian banks and 4 Canadian life insurance companies had strong performance over the year.

Under the proposal:

--  The term of LBS may be extended for an additional term of up to 5 years,
    as determined by the Board. In addition, the termination date may be
    extended further for successive terms of up to 5 years thereafter, as
    determined by the Board;  
--  Current retraction rights of the Class A shareholders and Preferred
    shareholders will remain unchanged and shareholders will be provided
    with an additional special retraction right providing an option to
    retract either Preferred shares or Class A shares at the end of the term
    (and each successive term thereafter) 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 November 29, 2013; and 
--  The distribution rates on the Preferred shares and Class A shares for
    the new term will be announced prior to the extension of the term.  

LBS will hold a special meeting of holders of Preferred shares and Class A shares on April 11, 2013 to consider and vote upon the proposal. Shareholders of record at the close of business on March 1, 2013 will be provided with the notice of meeting and management information circular in respect of the meeting and will be entitled to vote at the meeting. The proposal is also subject to any required regulatory approvals.

Further details regarding the proposal will be contained in the management information circular. The circular will also be available on and posted at

About Brompton Funds

Brompton Funds, a division of Brompton Group, is a leading and experienced investment fund manager. Brompton is focused on meeting the needs of investors by offering low cost, innovative products with client friendly terms and supported by strong corporate governance. 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 or visit our website at

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the Fund's publicly filed documents which are available from SEDAR at Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the Funds, to the future outlook of the Funds and anticipated events or results and may include statements regarding the future financial performance of the Funds. 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 for a variety of reasons, including those set forth below.

Brompton Funds
Investor Relations
416-642-6000 or toll-free at 1-866-642-6001

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