NEWS

Details

Published: 12 March 2026

We write further to our letter dated February 4, 2026, in which we advised you of the December 2025 write-downs in certain underlying funds managed by Capstone Asset Management Inc. (“Capstone”) and the resulting impact on CCMBC Legacy Fund Inc. (“Legacy”).

Since that time, Legacy has continued to actively engage with Capstone and our professional advisors to assess the situation and to develop and implement a plan to address the reduction in net asset value and short-term liquidity. This remains a fluid and evolving matter. We are continuing to monitor developments closely and will provide further updates as appropriate.

Processing of Withdrawal Requests

As noted in our prior correspondence, Legacy continues to accept withdrawal requests. 

Account Holders that have submitted a withdrawal request as of March 10, 2026, will receive 100% of their requested amount.

Application of Future Cash Receipts

Legacy anticipates being able to repay all withdrawal requests in full over time; however, the timing of such repayments remains subject to the pace at which cash is received from underlying investments and other sources. As available cash is received — whether from the excess funds that Legacy has invested with Capstone or from other sources — such available cash will be applied toward outstanding withdrawal requests that have not yet been fully satisfied, in an equitable and orderly manner.

To maintain consistency in communication, all questions should be directed to Jason Krueger, CEO (This email address is being protected from spambots. You need JavaScript enabled to view it.).

March 17, 2026 Webinar

We invite Account Holders to join a webinar on March 17, 2026, at 2:00 p.m. CT (12:00 p.m. PT). Account Holders who wish to submit questions in advance may do so by emailing Jason Krueger (This email address is being protected from spambots. You need JavaScript enabled to view it.).

• Zoom link: https://us02web.zoom.us/j/87065796482

March 19, 2026 Town Hall

We invite interested Account Holders to meet on March 19, 2026, at 10:00 a.m. PT in the Fellowship Hall, Clearbrook Mennonite Brethren Church, 2719 Clearbrook Rd., Abbotsford, BC.

Commentary

We wish to express sincere gratitude for the patience, prayers, and many words of encouragement received from investors and ministry partners, and to our employees and board members who work tirelessly as we navigate complex circumstances. Although this is a dynamic situation, we see a path forward and remain confident the Lord will bring further clarity to us in His time. We remain focused on restoring Legacy’s net asset position and maintaining the long-term stability of the organization.

We’re sensitive to your reasons for investing and having accessibility to your investment. Your semi-annual statements will continue to reflect the original value of your investment, as this is money owed to you. The write-downs will be reflected in our financial statements.

We confirm that CCMBC Pension Plan members are not affected in any way by the matters described or referenced above. The pension plan has no exposure to Capstone Asset Management, its funds, or its underlying investments.

On February 4, 2026, we wrote of forming a plan to restore our financial position. Several elements of this plan continue to advance. Between formal communications, Account Holders can expect to receive a timely response to inquiries from the Legacy team. We acknowledge that recent events have reopened wounds that were healing. We are acutely aware of the need for timely and transparent communication.

We exist to provide ministry-focused financial services to facilitate Kingdom Growth. For more than 40 years, investors have funded our church mortgage program, the bedrock of CCMBC’s stewardship ministries and the engine that supports several other services as we “serve the servants”—the workers and churches of CCMBC. Please continue to pray for us as we seek to honour God in every decision and rely upon Him to help us discern the path forward.

Jason Krueger, CFA
CEO, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.

Cory Regier
Board Chair, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.

Details

Published: 12 March 2026

We write further to our letter dated February 4, 2026, in which we advised you of the December 2025 write-downs in certain underlying funds managed by Capstone Asset Management Inc. (“Capstone”) and the resulting impact on CCMBC Investments Ltd. (“CCMBC”).

Since that time, CCMBC has continued to actively engage with Capstone and our professional advisors to assess the situation and to develop and implement a plan to address the reduction in net asset value and short-term liquidity. This remains a fluid and evolving matter. We are continuing to monitor developments closely and will provide further updates as appropriate.

Processing of Repayment Requests

As noted in our prior correspondence, CCMBC continues to accept repayment requests in accordance with the terms of the Notes. However, due to higher-than-normal redemption requests, aggregate repayment requests received exceed available cash at this time. In order to ensure fairness and equal treatment to all investors, and to prudently manage liquidity during this period, CCMBC will process repayment requests on a pro rata basis, using available cash (see below for those holding their investments through RRIFs).

The available cash on hand as at the date hereof will be distributed proportionately among investors who have submitted valid repayment requests as of the close of business March 10, 2026.

Accordingly, each investor who has submitted a repayment request as of March 10, 2026 will receive 50% of their requested amount. The unpaid balance of each request will remain outstanding and will be satisfied as additional cash becomes available.

Investors who hold their investments through RRIFs may continue to make withdrawals according to the same schedule that was in effect prior to our initial communication on February 4, 2026. To ensure fair and equal treatment of all investors, those holding investments in a RRIF will not receive repayments in excess of the amounts already contemplated, nor will they be given priority over other investors while CCMBC awaits distributions from its underlying Capstone investments.

However, RRIF investors may still submit a request for repayment beyond their existing withdrawal schedule. Any such request will be considered as part of the general pool of repayment requests.

Application of Future Cash Receipts

CCMBC anticipates being able to repay all repayment requests in full over time; however, the timing of such repayments remains subject to the pace at which cash is received from underlying investments and other sources. As available cash is received — whether from the excess funds that CCMBC has invested with Capstone or from other sources — such available cash will be applied toward outstanding repayment requests that have not yet been fully satisfied, in an equitable and orderly manner.

To maintain consistency in communication, all questions should be directed to Jason Krueger, CEO (This email address is being protected from spambots. You need JavaScript enabled to view it.).

March 16, 2026 Webinar

We invite investors to join a webinar on March 16, 2026, at 7:00 p.m. CT (5:00 p.m. PT). Investors who wish to submit questions in advance may do so by emailing Jason Krueger (This email address is being protected from spambots. You need JavaScript enabled to view it.).

• Zoom link: https://us02web.zoom.us/j/84392321174

March 19, 2026 Town Hall

We invite interested investors to meet on March 19, 2026, at 10:00 a.m. PT in the Fellowship Hall, Clearbrook Mennonite Brethren Church, 2719 Clearbrook Rd., Abbotsford, BC.

Commentary

We wish to express sincere gratitude for the patience, prayers, and many words of encouragement received from investors and ministry partners, and to our employees and board members who work tirelessly as we navigate complex circumstances. Although this is a dynamic situation, we see a path forward and remain confident the Lord will bring further clarity to us in His time. We remain focused on restoring CCMBC’s net asset position and maintaining the long-term stability of the organization.

We’re sensitive to our investors reasons for investing and having accessibility to their investment. Your semi-annual statements will continue to reflect the original value of your investment, as this is money owed to you. The write-downs will be reflected in our financial statements. On February 4, we wrote of forming a plan to restore our financial position. Several elements of this plan continue to advance. Between formal communications, investors can expect to receive a timely response to inquiries from the CCMBC team. We are acutely aware of the need for timely and transparent communication.

We exist to provide ministry-focused financial services to facilitate Kingdom Growth. For more than 40 years, investors have funded our church mortgage program, the bedrock of CCMBC’s stewardship ministries and the engine that supports several other services as we “serve the servants”—the workers and churches of CCMBC. Please continue to pray for us as we seek to honour God in every decision and rely upon Him to help us discern the path forward.

Jason Krueger, CFA
CEO, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.

Cory Regier
Board Chair, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.

Details

Published: 09 February 2026

Assurance Concerning CCMBC Pension Plan Investments

Further to the February 4, 2026 communication sent to our investors and churches regarding
CCMBC Legacy’s/CCMBC Investments’ holdings with Capstone Asset Management, we would
like to provide a brief clarification.

The CCMBC Pension Plan assets are entirely separate from CCMBC Investments, CCMBC
Legacy, and CCMBC. Pension assets are invested exclusively in the ClearPath Index Plus
target-date fund family managed by Fidelity Investments Canada. Canada Life serves as the
record keeper of our pension plan.

As a result, CCMBC pension plan members are not affected in any way by the matters
described in the February 4, 2026 communication. The pension plan has no exposure to
Capstone Asset Management, its funds, or its underlying investments.

We confidently assure you that pension investments remain unchanged and are not connected
to the Capstone developments.

Jason Krueger, CFA
CEO, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.

Details

Published: 04 February 2026

We wish to inform Mennonite Brethren Church Legacy Account Holders (“Account Holders”) of recent events that may affect you and to outline the steps we are taking in response.

Recent Events

As you are aware, CCMBC Legacy Fund Inc. (“CCMBC Legacy”) provides financial and administrative services to the conferences, churches, agencies, and employees of the Canadian Conference of Mennonite Brethren Churches. Capstone Asset Management Inc. (“Capstone”) is engaged by CCMBC Legacy to provide portfolio management services to the funds held by CCMBC Legacy. Capstone invests in different funds, including what are commonly known as “funds of funds”, namely investment funds that invest in other investment funds.

We were recently informed by Capstone that CCMBC Legacy will experience a December 2025 write-down in three of these underlying funds, totaling $3.3 million.

We estimate that these adjustments will result in year end 2025 negative net unrestricted assets of approximately $5.2 million for CCMBC Legacy. In other words, our total obligation of $41 million to Account Holders exceeds the value of our assets by $5.2 million, or 12.7%.

Implications and Actions Taken

• Temporary pause on accepting new funds
  CCMBC Legacy will not accept new funds from Account Holders until we develop a plan to restore the net asset position.
  
  
• Withdrawal requests remain available
  CCMBC Legacy continues to accept withdrawal requests by Account Holders in the normal course and intends to satisfy such requests within 45 days, as it always has done.
  
  
• Interest continues to accrue
  Interest continues to compound and accrue and remains payable semi annually on December 31 and June 30, the same as it always has done.
  
  
• Liquidity remains strong, and we are monitoring closely
  We are closely monitoring withdrawal requests and regularly updating our board of directors on liquidity. We currently hold more than enough readily available funds to pay withdrawal requests at normal levels. Provided withdrawal requests remain within normal ranges, operations will continue as usual – account holders will continue to have access to their funds. If withdrawal requests become unusually high, we may need to limit withdrawal requests on a pro rata basis or other equitable basis.
  
  
• Work underway to restore net asset position
  We have begun developing a plan to address the net asset deficiencies at CCMBC Legacy. Components of that plan include the sale of surplus capital assets, cost containment measures, and a review of ancillary services. While the affected Capstone funds may recover value in future quarters, we are not basing our plan on that possibility. To be clear, while our goal is to restore our investments back to the levels prior to the write-downs, this may take time and it will require patience by stakeholders.
  
  
• Engagement of professional advisors
  Our external advisors have been informed of these developments and are providing guidance on our response and plan.

Commentary

This communication is intended to inform all stakeholders and provide Account Holders adequate time to make informed decisions. While CCMBC Legacy is not required to proactively send this communication, we believe it is our moral responsibility to communicate clearly with our stakeholders. Our third value states: “We steward resources on God’s behalf. We exercise care and integrity as we oversee the funds and ministry assets entrusted to us. We demonstrate accountability and transparency in our reporting, policies, and actions.”

Although periodic losses can occur within any investment portfolio, we recognize the significance of these developments and the importance of capital preservation. In 2025, we proactively initiated an asset allocation study with a third party consultant and implemented a capital adequacy policy to support long term financial stability. The study and the capital adequacy policy will help inform our strategic plan in connection with the write-downs described above.

As we navigate the complexity of these interrelated matters, we ask for your prayers. Our first value reminds us that: “We operate in dependence on God. We live in prayerful and obedient attentiveness to God - Father, Son, and Holy Spirit. We seek to glorify His name.” May He guide our next steps.

To maintain consistency in communication, all questions should be directed to Jason Krueger, CEO (This email address is being protected from spambots. You need JavaScript enabled to view it.).

Jason Krueger, CFA
CEO, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.

Cory Regier
Board Chair, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.

Details

Published: 04 February 2026

We wish to inform our investors in CCMBC Investments Ltd. (“CCMBC Investments”) of recent events that may affect you and to outline the steps we are taking in response.

Recent Events

As you are aware, CCMBC Investments runs the lending program to our Churches and Church organizations. As part of the program, we have taken in more money than required for such loans. The excess funds received over and above CCMBC Investments’ lending needs are managed by a portfolio manager, Capstone Asset Management Inc. (“Capstone”), engaged by CCMBC Investments to provide portfolio management services. Capstone has invested such excess funds in different funds, including what are commonly known as “funds of funds”, namely investment funds that invest in other investment funds.

We were recently informed by Capstone that CCMBC Investments will experience a December 2025 write-down in three of these underlying funds, totaling $8.9 million.

We estimate that these adjustments will result in year end 2025 negative net unrestricted assets of approximately $5.6 million for CCMBC Investments. In other words, our total obligation of $114 million under the Notes exceeds the value of our assets by $5.6 million, or 4.9%.

Implications and Actions Taken

• Temporary pause on new investments
  CCMBC Investments will not accept new investments until an updated offering memorandum for CCMBC Investments is prepared in accordance with securities laws. We anticipate this occurring in a few months to give us time to develop a plan to address the decreased net asset values in the investments managed by Capstone. The offering memorandum includes important disclosures, including investment risks and audited financial statements.
  
  
• Promissory Note repayment requests remain available
  CCMBC Investments continues to accept repayment requests by holders of promissory notes (“Notes”) in the normal course and intends to satisfy such requests within 45 days, in accordance with the terms outlined in our most recently filed offering memorandum and the Terms and Conditions of the Notes. It is our expectation that regularly scheduled RRIF and recurring payments will continue as scheduled.
  
  
• Interest continues to accrue
  Interest on Notes continues to compound and accrue at the face value of the Notes and remains payable semi annually on December 31 and June 30, the same as it always has done.
  
  
• Liquidity remains strong, and we are monitoring closely
  We are closely monitoring repayment requests and regularly updating our board of directors on liquidity. We currently hold more than enough readily available funds to pay requests of repayment of the Notes at normal levels. Provided repayment requests remain within normal ranges, operations will continue as usual - investors will continue to have access to their funds, and we will continue to fund Mennonite Brethren Churches and Church organizations. If repayment requests become unusually high, we may need to limit repayment requests on a pro rata basis or other equitable basis.
  
  
• Work underway to restore net asset position
  We have begun developing a plan to address the net asset deficiencies at CCMBC Investments. Components of that plan include the sale of surplus capital assets, cost containment measures, and a review of ancillary services. While the affected Capstone funds may recover value in future quarters, we are not basing our plan on that possibility. To be clear, while our goal is to restore our investments back to the levels prior to the write-downs, this may take time and it will require patience by stakeholders.
  
  
• Engagement of professional advisors
  Our external advisors have been informed of these developments and are providing guidance on our response and plan.

Commentary

This communication is intended to inform all stakeholders and provide investors adequate time to make informed decisions. While CCMBC Investments is not required to proactively send this communication, we believe it is our moral responsibility to communicate clearly with our stakeholders. Our third value states: “We steward resources on God’s behalf. We exercise care and integrity as we oversee the funds and ministry assets entrusted to us. We demonstrate accountability and transparency in our reporting, policies, and actions.”

Although periodic losses can occur within any investment portfolio, we recognize the significance of these developments and the importance of capital preservation. In 2025, we proactively initiated an asset allocation study with a third party consultant and implemented a capital adequacy policy to support long term financial stability. The study and the capital adequacy policy will help inform our strategic plan in connection with the write-downs described above.

As we navigate the complexity of these interrelated matters, we ask for your prayers. Our first value reminds us that: “We operate in dependence on God. We live in prayerful and obedient attentiveness to God - Father, Son, and Holy Spirit. We seek to glorify His name.” May He guide our next steps.

To maintain consistency in communication, all questions should be directed to Jason Krueger, CEO (This email address is being protected from spambots. You need JavaScript enabled to view it.).

Jason Krueger, CFA
CEO, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.

Cory Regier
Board Chair, CCMBC Legacy Fund Inc. and CCMBC Investments Ltd.