Mr. Richard Carty reports

E-L FINANCIAL CORPORATION LIMITED ANNOUNCES PRELIMINARY RESULTS OF ITS SUBSTANTIAL ISSUER BID

E-L Financial Corp. Ltd. has released the preliminary results of its modified Dutch auction substantial issuer bid. Pursuant to the offer, the company offered to purchase for cancellation up to $100-million in value of its outstanding common shares from holders of shares for cash. The offer expired at 5 p.m. Toronto time on Dec. 15, 2023.

Based on the preliminary count by Computershare Investor Services Inc., the company expects to take up and pay for approximately 90,668 shares at a price of $1,050 per share under the offer, representing an aggregate purchase amount of approximately $95,201,400 and 2.55 per cent of the total number of the company's issued and outstanding shares before giving effect to the offer. After giving effect to the offer, the company expects to have 3,461,722 shares issued and outstanding.

Payment and settlement of the shares purchased pursuant to the offer will be effected by the depositary in accordance with the settlement procedures described in the offer documents. As the total number of shares tendered was less than the total that could have been acquired by the company under the terms of the offer, all shares validly deposited and not withdrawn prior to the expiry of the offer will be acquired at the maximum purchase price offered under the offer, and no proration will be required.

The number of shares to be purchased and the purchase price under the offer are preliminary. Final results will be determined subject to confirmation by the depositary of the proper delivery of the shares validly tendered and not withdrawn. Upon take-up and payment of the shares purchased, the company will release the final results, including the final purchase price, the estimated paid-up capital per share and the specified amount for purposes of Subsection 191(4) of the Income Tax Act (Canada).

Details of the offer are described in the offer to purchase and issuer bid circular dated Nov. 7, 2023, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR+.

About E-L Financial Corp. Ltd.

E-L Financial operates as an investment and insurance holding company. In managing its operations, the company distinguishes between two operating segments, E-L Corporate and Empire Life.

E-L Corporate represents investments in stocks and fixed-income securities held directly and indirectly through pooled funds, closed-end investment companies and other investment companies. The investment strategy is to accumulate shareholder value through long-term capital appreciation and dividend and interest income from its investments.

Empire Life is a subsidiary of the company. Since 1923, Empire Life has provided individual and group life and health insurance, investment, and retirement products to Canadians. Empire Life's mission is to make it simple, fast and easy for Canadians to get the products and services they need to build wealth, generate income and achieve financial security.

We seek Safe Harbor.