An anonymous trustee reports

PARTNERS VALUE INVESTMENTS L.P. ANNOUNCES TEN-FOR-ONE UNIT SPLIT

The board of trustees of the general partner of Partners Value Investments LP (the partnership) has approved a 10-for-one unit split of the outstanding equity units of the partnership.

The unit split will be implemented by way of a subdivision.

In conjunction with the unit split, the board of directors of Partners Value Investments Inc. (PVII) approved a concurrent 10-for-one share split of the outstanding non-voting exchangeable shares of PVII. The split of exchangeable shares will also be implemented by way of subdivision.

The splits are being undertaken to ensure that the equity units and exchangeable shares remain accessible to individual holders and to improve their liquidity. The split will not change the rights of holders and will not change a holder's proportionate ownership in the partnership or PVII, as applicable. The splits should not be taxable to holders of equity units or exchangeable shares for Canadian and U.S. tax purposes.

On Aug. 8, 2025, the additional equity units/exchangeable shares required to give effect to the splits will be issued to holders of record at the close of business on Aug. 5, 2025. As of the close of business on July 2, 2025, there were 70,558,120 equity units and 2,786,058 exchangeable shares issued and outstanding. Adjusted for the splits, as of July 2, 2025, there would have been 705,581,200 equity units and 27,860,580 exchangeable shares issued and outstanding.

The equity units and exchangeable shares will begin trading with due bills on the TSX Venture Exchange at the opening of business on Aug. 5, 2025 (being the record date), until the close of business on Aug. 8, 2025 (being the payment date), inclusively. During such period, anyone who purchases equity units or exchangeable shares on the TSX-V will receive the entitlement to be issued additional equity units or exchangeable shares pursuant to the splits. The equity units and exchangeable shares will commence trading on an ex distribution (postsplit) basis on the TSX-V at the opening of business on Aug. 11, 2025.

Holders do not need to take any action. The partnership and PVII will use the direct registration system (DRS) to electronically register the additional equity units and exchangeable shares issued pursuant to the splits, rather than issuing paper certificates to registered unitholders. A DRS advice statement, indicating the additional equity units or exchangeable shares to which registered holders are entitled as a result of the splits, will be mailed to holders following Aug. 8, 2025. The combination of any old unit/share certificates and the new DRS advice statement sent will represent each registered holder's total postsplit unitholdings/shareholdings. For beneficial holders who hold their units/shares in an account with a broker or other intermediary, their account will be automatically updated to reflect the splits in accordance with the applicable brokerage account providers' usual procedures.

In addition, in conjunction with the splits, the outstanding warrants of PVII will be adjusted in accordance with the terms of the warrant indenture between PVII and TSX Trust Company dated Nov. 27, 2023, to reflect the share split. Prior to the share split, the exercise price for each exchangeable share is $29.34 and a holder of warrants who tenders five warrants will receive 1.106 exchangeable shares for an aggregate exercise price of $32.45. After completion of the share split, the exercise price for each exchangeable share will be $2.93 and a holder of warrants who tenders five warrants will receive 11.06 exchangeable shares for an aggregate exercise price of $3.245. As of the close of business on July 2, 2025, there were 27,902,009 warrants issued and outstanding. There will be no change to the number of issued and outstanding warrants as a result of the splits. The adjustment to the warrants should not be taxable to holders of warrants for Canadian and U.S. tax purposes.

All unit/share and per-unit/per-share data for future periods will reflect the splits. The partnership's current normal course issuer bid for the equity units will be adjusted to reflect the unit split.

We seek Safe Harbor.