Big Banc Split Corp. Completes $36.3 Million Initial Public Offering

Purpose Investments Inc. (“Purpose Investments”, “Purpose” or the “Manager”) is pleased to announce that Big Banc Split Corp. (TSX: BNK, BNK.PR.A) (the “Company”) has completed its initial public offering (the “Offering”) of 1,814,104 preferred shares (the “Preferred Shares”) and 1,814,104 class A shares (the “Class A Shares” and together with the Preferred Shares, the “Shares”) for total gross proceeds of $36,282,080. The Preferred Shares and Class A Shares will begin trading today on the Toronto Stock Exchange under the symbols “BNK.PR.A” and “BNK”, respectively.

Purpose will act as the manager, portfolio manager and promoter of the Company, and will provide all administrative services required by the Company.

The Company will invest on an approximately equally-weighted basis in a portfolio (the “Portfolio”) of equity securities (the “Portfolio Shares”) of the following publicly traded 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.

The investment objectives for the Preferred Shares are to provide their holders with fixed cumulative preferential monthly cash distributions in the amount of $0.05 per Preferred Share ($0.60 per annum or 6.0% per annum on the issue price of $10.00 per Preferred Share) until November 30, 2023 (the “Maturity Date”) and to return the original issue price of $10.00 to holders on the Maturity Date.

The investment objectives for the Class A Shares are to provide their holders with regular monthly non-cumulative cash distributions initially in the amount of $0.067 per Class A Share, representing a yield on the issue price of the Class A Shares of 8.0% per annum and to provide holders with the opportunity for growth in the net asset value per Class A Share.

In order to seek to generate additional returns and enhance the Portfolio’s income, the Manager may write covered call options and cash covered put options in respect of some or all of the Portfolio Shares held in the Portfolio. The Manager expects that initially covered call options will be written on up to approximately 30% of the Portfolio Shares in the Portfolio.

The syndicate of agents for the Offering was led by National Bank Financial Inc. and included CIBC Capital Markets, BMO Capital Markets, Canaccord Genuity Corp., RBC Capital Markets, Richardson GMP Limited, Scotiabank, TD Securities Inc., Industrial Alliance Securities Inc., Echelon Wealth Partners Inc., Raymond James Ltd., Desjardins Securities Inc., Hampton Securities Limited, Haywood Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated and PI Financial Corp.

About Purpose Investments

Purpose Investments is an asset management company with over $9-billion under management. Purpose Investments is built around the core values of risk management, quality investment strategies, transparency, accessibility and sustainability. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.

For further information please contact:

Matt Padanyi

Purpose Investments Inc. Tel: [phone] Email: [e-mail]

The Offering is made only by prospectus. The prospectus contains important detailed information relating to the Preferred Shares and Class A Shares being offered. Copies of the prospectus may be obtained from any of the agents and is also available at www.sedar.com. Investors should read the prospectus before making an investment decision.