An anonymous director reports

PARTNERS VALUE INVESTMENTS INC. REMINDS WARRANT HOLDERS OF APPROACHING WARRANT EXPIRY DATE

Partners Value Investments LP's Partners Value Investments Inc. has issued a reminder that the outstanding share purchase warrants issued on Nov. 27, 2023, which are exercisable into non-voting exchangeable shares of the company will expire on June 30, 2026, in accordance with their terms.

Any warrants that have not been exercised by 5 p.m. Toronto time on June 30, 2026, will automatically be cancelled. The warrants, which are publicly listed on the TSX Venture Exchange under the symbol PVF.WT, will be delisted before the market opens on July 1, 2026.

Holders of warrants who wish to exercise their warrants should review the warrant indenture between TSX Trust Company and the company dated Nov. 27, 2023, which is available under the company's profile on SEDAR+, the exercise requirements contained in the notice that was delivered to registered holders of warrants dated Aug. 8, 2025, and, if applicable, the certificate evidencing their warrants, and contact their legal and investment advisers before submitting the exercise form and any other applicable documentation to the warrant agent. For more information, please see the company's news releases dated Nov. 27, 2023, and July 4, 2025.

Five warrants can be converted into 11.06 exchangeable shares by delivering the warrants and $32.45 in cash. Warrantholders may also deliver warrants to the warrant agent and receive the net amount of exchangeable shares after deducting the exercise price. Holders of warrants should refer to the full text of the warrant indenture, which is available under the company's profile on SEDAR+, for detailed procedures for the exercise of the warrants, including for cashless exercise.

The $32.45 exercise price may also be satisfied by delivering Series 1 preferred limited partnership units of Partners Value Investments LP in lieu of cash. Each preferred LP unit will be credited at its $25 (U.S.) face value plus any declared and unpaid dividends, converted into Canadian dollars. Prior to the expiration of the warrants, PVI LP is expected to declare dividends on its preferred LP units on March 9, 2026, and May 11, 2026. Preferred LP units delivered after these declarations and before the close of business on the applicable record date will be credited with the value of the dividend for the purpose of satisfying the warrant exercise price. The final dividend record dates prior to the expiration of the warrants will occur on the last business day of March and June.

Each exchangeable share is, at the option of the holder, exchangeable on a one-for-one basis for the currently listed equity limited partnership units of PVI LP.

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