NEWS

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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.

Details

Published: 01 December 2025

We're excited to share the December monthly HR newsletter, provided by the HR Consulting firm that we have partnered with - Spraggs Group!

Each month, they will bring you updates on important HR topics and helpful resources to make your workplace experience even better. The goal is to keep you informed, engaged, and connected with everything happening in the HR world. It will also include tips for personal and professional growth.

In this edition, you can expect:

• Supporting Employee Well-Being During the Holiday Season.
• HR tip of the month: Stay Safe During Winter Weather and Holiday Travel.
• Curiosity mindset: Diving Beneath the Obvious and Exploring the 'Why.'

To read the Newsletter - Click HERE!

They would love to hear your feedback and ideas of topics you'd like to see in future editions, so please feel free to reach out with any suggestions - This email address is being protected from spambots. You need JavaScript enabled to view it.!

Details

Published: 12 November 2025

Performance Management

On Octover 7, Spraggs Advisory Group hosted a webinar focused on Performance Management. During this webinar, the team at Spraggs explored the Preformance Management process, why it matters, how it impacts your team, and practical strategies to make it truly effective. Please see below for a recording of this webinar.