An anonymous director reports

PARTNERS VALUE INVESTMENTS L.P. ANNOUNCES ESTABLISHMENT OF NORMAL COURSE ISSUER BIDS

Partners Value Investments LP has received approval from the TSX Venture Exchange to commence normal course issuer bids to purchase up to 3,533,556 of its non-voting equity limited partnership units, representing approximately 5 per cent of its currently outstanding equity LP units; and to purchase up to 938,350 of its non-voting Class A preferred limited partnership units, Series 1, representing approximately 5 per cent of its currently outstanding preferred LP units (collectively, the bids). The period of the bids will be effective from Jan. 3, 2024, to Jan. 2, 2025, or such earlier date that the partnership completes its purchases.

Purchases by the partnership pursuant to the bids will be made by its broker, RBC Capital Markets, through the facilities of the exchange, other designated exchanges and alternative trading systems in Canada. The price which the partnership will pay for any equity LP units and preferred LP units purchased will be the market price of the equity LP units and preferred LP units at the time of acquisition. Any equity LP units and/or preferred LP units acquired through the bids will be cancelled. As of Dec. 15, 2023, there were 70,671,137 equity LP units outstanding and 18,767,012 preferred LP units outstanding.

This is the partnership's first normal course issuer bid, and therefore it has not made any purchases of its equity LP units or preferred LP units.

The partnership believes that, from time to time, the market price of its securities may not adequately reflect their value. In such circumstances, the partnership believes that its outstanding securities may represent an appropriate and desirable use of its available funds. All equity LP units and preferred LP units acquired by the partnership under the bids will be cancelled.

In connection with the bids, the partnership entered into an automatic purchase plan with its designated broker, RBC Capital Markets. The automatic purchase plan will allow for the purchase of equity LP units and preferred LP units when the partnership would not ordinarily be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of these periods, equity LP units and preferred LP units will be repurchased in accordance with management's discretion and in compliance with applicable law.

We seek Safe Harbor.