Big 8 Split Inc.

Big 8 Split Inc. is a split share corporation that acquired a portfolio of common shares of the five largest Canadian banks and three life insurance companies by issuing preferred shares and capital shares. Different classes of preferred shares rank pari passu with respect to payment of dividends and repayment of capital. The preferred shares rank in priority to the capital shares with respect to the payment of dividends and the repayment of capital upon the termination of the corporation.