An anonymous director reports

CANADIAN LIFE COMPANIES SPLIT CORP. AT-THE-MARKET EQUITY PROGRAM RENEWED

Canadian Life Companies Split Corp. has renewed its at-the-market (ATM) equity program that allows the company to issue shares of the company to the public from time to time at the company's discretion, effective until June 1, 2026, unless terminated prior to such date by the company. This ATM Program replaces the prior program established in March 2022 that has terminated. Any Class A Shares or Preferred Shares sold in the ATM Program will be sold through the Toronto Stock Exchange (the "TSX") or any other marketplace in Canada on which the Class A Shares and Preferred Shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale. Sales of Class A Shares and Preferred Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated May 3, 2024 with National Bank Financial Inc. (the "Agent").

Sales of Class A Shares and Preferred Shares will be made by way of "at-the-market distributions" as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Class A Shares and Preferred Shares in Canada. Since the Class A Shares and Preferred Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated May 3, 2024 to the Company's short form base shelf prospectus dated May 1, 2024. The maximum gross proceeds from the issuance of the shares will be $70,000,000. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent and are available on SEDAR at www.sedarplus.com.

The volume and timing of distributions under the ATM Program, if any, will be determined at the Company's sole discretion. The Company intends to use the proceeds from the ATM Program in accordance with the investment objectives and investment strategies of the Company, subject to the investment restrictions of the Company.

The Company invests in an actively managed portfolio of companies which primarily includes four publicly traded Canadian life insurance companies as follows: Great-West Lifeco Inc., Industrial Alliance Insurance & Financial Services Inc., Manulife Financial Corporation and Sun Life Financial Inc.