LBS Life and Banc Split Corp

At a special meeting held on April 11, 2013, shareholders of Life & Banc Split
Corp. ("LBS" or the "Fund") (TSX:LBS) (TSX:LBS.PR.A) approved a special
resolution to allow the Board of Directors to extend the term of the Class A
Shares and the Preferred Shares for up to 5 years and to determine the
distribution rates for the extended term. The Board of Directors is pleased to
announce that it has approved a 5 year extension to the term of the Class A
Shares and Preferred Shares to November 29, 2018. The Fund was originally
scheduled to terminate on November 29, 2013. The distribution rate for the
Fund's Preferred Shares for this new 5 year term which commences on November 30,
2013 will be $0.475 per annum paid in equal quarterly amounts. The new Preferred
Share distribution rate is based on current market rates for preferred shares
with similar terms. The Preferred Share distribution for the quarter ended
December 31, 2013 is expected to be $0.12690 per Preferred Share which takes
into account the new distribution rate for December and the previous
distribution rate for October and November. In addition, the Fund intends to
maintain the targeted monthly Class A Share distribution at $0.10 per Class A
Share. 


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. The extension
of the term of the Fund is not a taxable event and enables shareholders to defer
potential capital gains tax liability that would have otherwise been realized on
the redemption of the Class A Shares or Preferred Shares until such time as such
shares are disposed of by shareholders.


In connection with the extension, those shareholders who do not wish to continue
their investment in the Fund and do not wish to sell their shares through the
TSX, may retract their Preferred Shares or Class A Shares on November 29, 2013
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 November 29, 2013. Such retraction price will be approximately
equal to the net asset value per share less certain costs including trading
commissions. The notice expiry for the special retraction is October 31, 2013 at
5:00 p.m. (Toronto time). Shareholders are reminded that Class A Shares and
Preferred Shares have traded at an average premium to net asset value of 8.7%
and 1.2%, respectively, over the past 12 months to July 31.


About Brompton Funds

Brompton Funds, a division of Brompton Group, is an experienced investment fund
manager operating since 2002. 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 info@bromptongroup.com or
visit our website at www.bromptongroup.com. 


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 www.sedar.com. 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 Fund, to the future outlook
of the Fund and anticipated events or results and may include statements
regarding the future financial performance of the Fund. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Brompton Funds
Investor Relations
416-642-6000 or toll-free at 1-866-642-6001
info@bromptongroup.com
www.bromptongroup.com

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