An anonymous director reports

PARTNERS VALUE INVESTMENTS LP AND PARTNERS VALUE INVESTMENTS INC. RECEIVE SECURITYHOLDER AND COURT APPROVAL FOR REORGANIZATION

Partners Value Investments LP and Partners Value Investments Inc. (PVII) have obtained a final order from the Ontario Superior Court of Justice (Commercial List) approving the previously announced transaction with Partners Ltd. to be implemented by way of a court-approved plan of arrangement.

The effect of the arrangement is to, among other things, amalgamate Partners Ltd. with PVII and other related entities, with the resulting entity continuing to be named Partners Value Investments Inc. (Amalco), under a newly formed limited partnership named Partners Value Investments LP (New PVI LP). New PVI LP will have substantially the same capital structure and unit terms as the partnership.

Receipt of the final order follows the approval of the arrangement by holders of equity limited partnership units of the partnership, holders of Class A preferred limited partnership units, Series 1, Series 2, Series 3 and Series 4 of the partnership, and holders (warrantholders) of share purchase warrants of PVII (PVII warrants) at the joint special meeting of the partnership and PVII on Nov. 9, 2023. The special resolution approving the arrangement required the approval of at least two-thirds of the votes cast by equity unitholders, at least two-thirds of the votes cast by preferred unitholders, voting as a single class, and a simple majority of the votes cast by equity unitholders, excluding votes attached to certain equity units under the requirements of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

The partnership and PVII have now received board, securityholder and court approval, all material regulatory approvals have been obtained, and the shareholders of Partners Ltd. have approved the arrangement. Subject to the satisfaction or waiver of the remaining conditions to the arrangement, it is expected the arrangement will become effective following the close of business on Nov. 24, 2023.

The TSX Venture Exchange is expected to establish special trading rules for the three trading days preceding the effective date of the arrangement to facilitate settlement prior to the effective date of trades occurring on the TSX-V during the three-day period. The equity units and Series 1 of the preferred units are expected to be delisted from the TSX-V at the close of business on Nov. 24, 2023, while the PVII warrants are expected to be delisted on Nov. 27, 2023. The equity limited partnership units (new equity units) and Class A preferred limited partnership units, Series 1, of New PVI LP will commence trading on the TSX-V under the symbols PVF.UN and PVF.PR.U, respectively, following the close of markets on Nov. 24, 2023, the Class A preferred shares, Series 1 (Amalco preferred shares), of Amalco are expected to commence trading on the TSX-V under the symbol PVF.PR.V on Nov. 27, 2023, and the share purchase warrants (Amalco warrants) of Amalco are expected to be listed on Nov. 27, 2023, and commence trading on the TSX-V under the symbol PVF.WT on Nov. 29, 2023.

Completion of transaction and other information

Securityholders should expect to receive their new securities, including the Brookfield Reinsurance Ltd. shares they are entitled to receive pursuant to the arrangement, during the week of Nov. 27, 2023.

For further details concerning the arrangement, please consult the joint management information circular of the partnership and PVII that has been filed on the partnership's and PVII's profiles on SEDAR+.

We seek Safe Harbor.