Sagicor shares important information concerning the Canadian Depository for Securities

December 28, 2020

Sagicor Financial Company Ltd (Sagicor) wishes to share some important information concerning The Canadian Depository for Securities Limited (CDS) and its handling of withholding tax on declared dividends for Sagicor.

Sagicor is a Bermuda domiciled company that is tax resident in Barbados.  As such, a 5% withholding tax is applied to the Gross Rate (based on Barbados withholding requirements) on declared dividends.  The Net Rate is then paid to CDS.

CDS then pays out the Net payment to shareholders in the Depository without the application of any further deductions.

As the amount paid to CDS has already been reduced for applicable withholding taxes, no further deductions should be made from amounts credited to clients on account of withholding taxes.

Shareholders should consult with their own tax advisors for assistance and guidance concerning their own particular situation.

The information above does not constitute legal, taxation or other advice and should not be treated as such. Shareholders should consult with their own tax advisors for assistance and guidance concerning their own particular situation.

ORIGINAL

CDS has been advised by the Issuer of the following tax information in regard to the Dividends paid by Sagicor Financial Company Ltd.

Following the Alignvest  to the Plan of Arrangement completed in December 2019 between Alignvest Acquisition II Corporation and Sagicor Financial Corporation Limited, Participants are advised that Sagicor is a Bermuda Domiciled Company that is tax resident in Barbados.

Participants are further advised that upon declaration of a Dividend, a 5% withholding tax is applied to the Gross Rate (Based on Barbados withholding requirements) and the Net Rate is then paid to CDS.

CDS then pays out the Net payment to holders in the Depository without the application of any further deductions.

As the amount paid to CDS has already been reduced for applicable withholding taxes, Participants should not make any further deductions from amounts credited to clients on account of withholding taxes.

Shareholders should consult with their own tax advisors for assistance and guidance concerning their own particular situation.

Participants are advised to contact the Issuer directly at the following email address should further clarification be required:

[email protected]