Mr. Richard Carty reports

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

Upon the terms and subject to the conditions of its substantial issuer bid, E-L Financial Corp. Ltd. has taken up and will pay for 90,668 common shares that were validly deposited to the offer and not withdrawn at a price of $1,050.00 per share.

The shares to be purchased under the offer represent an aggregate purchase price 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 has 3,461,722 shares issued and outstanding.

Payment and settlement of the shares purchased pursuant to the offer will be effected by Computershare Investor Services Inc. 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total that could have been acquired by the company under the terms of the offer, all shares validly deposited and not withdrawn prior to the expiry of the offer will be acquired and no pro ration will be required.

For Canadian federal income tax purposes, a deemed dividend arises on the repurchase of shares under the offer. To assist holders of shares in determining the Canadian income tax consequences of the offer, the company has determined that for purposes of the Income Tax Act (Canada), the paid-up capital per share is estimated to be approximately $18.00 at the time of repurchase under the offer. Shareholders should review the issuer bid circular dated Nov. 7, 2023, for more information, including information about the tax treatment of deemed dividends. The company designates the entire amount of the deemed dividend arising from its repurchase of shares under the offer as an eligible dividend for purposes of the tax act.

The specified amount for purposes of Subsection 191(4) of the tax act in respect of each share is $1,005.00.

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 investment, insurance and group benefits coverage they need to build wealth, generate income and achieve financial security.

We seek Safe Harbor.