Pursuant to a resolution passed on June 23, 2025, by the board of trustees of Partners Value Investments LP's and by the directors of Partners Value Investments Inc. (PVII), a subsidiary of the partnership, the currently listed equity limited partnership units of the partnership (PVF.UN) (the equity units) and non-voting exchangeable shares of PVII (PVF.A) (the exchangeable shares) will be split concurrently on the basis of 10 equity units/exchangeable shares for each equity unit/exchangeable share held of the applicable class. The name of the partnership or PVII has not been changed.

The split will be conducted on a pushout basis, with the record date being the close of business on Aug. 5, 2025. The partnership and PVII will use a direct registration system to electronically register the additional equity units and exchangeable shares issued pursuant to the split.

Notice of distribution -- due-bill trading

The payable date, record date, due-bill trading date, ex distribution date and due-bill redemption date will be as set forth below.

Split ratio:  10 for one

Record date:  Aug. 5, 2025 (as of the close of business)

Payable date:  Aug. 8, 2025

Due-bill period:  Aug. 5, 2025 (at the opening), to Aug. 8, 2025 (at the close), inclusively

Ex distribution date and postsplit trading date:  Aug. 11, 2025

Due-bill redemption date:  Aug. 11, 2025

Trades that are executed during the due-bill period will be identified to ensure purchasers of the equity units or exchangeable share receive the distribution. For further information, please refer to the partnership's news release dated July 4, 2025.

The listed issuer, being the partnership, is classified as an investment issuer.

Postsplit

Equity limited partnership units of the partnership (PVF.UN)

Capitalization:  unlimited equity units, of which 705,595,620 equity units are issued and outstanding

Escrowed equity units:  nil

Transfer agent:  TSX Trust Company

Trading symbol:PVF  .UN (unchanged)

Cusip No.:  G6936M 10 0 (unchanged)

Non-voting exchangeable shares of PVII (PVF.A)

Capitalization:  unlimited number of exchangeable shares, of which 27,861,680 exchangeable shares are issued and outstanding

Escrowed exchangeable shares:  nil

Transfer agent:  TSX Trust Company

Trading symbol:  PVF.A (unchanged)

Cusip No.:  70214W 10 4 (unchanged)

There are no changes to the terms of the exchangeable shares.

Warrant amendment

As a result of the aforementioned split, the existing warrants of PVII (PVF.WT), currently listed on TSX Venture Exchange, will also be subject to an adjustment. The terms of the warrants will be adjusted as follows and effective at the opening on Monday, Aug. 11, 2025.

Existing exercise terms of the warrants:  The warrants entitle the holder thereof to purchase 1.106 exchangeable shares of PVII for every five warrants at a price of $29.34 per share (for an aggregate exercise price of $32.45).

New exercise terms of the warrants:  The warrants will entitle the holder thereof to purchase 11.06 exchangeable shares of PVII for every five warrants at a price of $2.934 per share (for an aggregate exercise price of $32.45).

Expiry date of warrants:  June 30, 2026

Transfer agent:  TSX Trust Company

Trading symbol:  PVF.WT (unchanged)

Cusip No.:  70214W 11 2 (unchanged)

Capitalization:  27,901,509 warrants issued and outstanding

For more information, please refer to the partnership's news release issued on July 4, 2025.