An anonymous director reports

SUCCESSFUL OVERNIGHT OFFERING

Canadian Life Companies Split Corp. has completed the overnight marketing of preferred shares (symbol LFE.PR.B) and Class A shares (symbol LFE) of the company. Total gross proceeds of the offering are expected to be approximately $60.1-million.

The offering is being led by National Bank Financial Inc.

The sales period of the overnight offering has now ended.

The offering is expected to close on or about Feb. 11, 2026, and is subject to certain closing conditions, including approval by the Toronto Stock Exchange.

The preferred shares were offered at a price of $10.45 per preferred share and the Class A shares were offered at a price of $7.65 per Class A share.

The closing price on the TSX of each of the preferred shares and Class A shares on Feb. 3, 2026, was $10.55 and $7.78, respectively.

The net proceeds of the offering will be used by the company to invest in an actively managed portfolio primarily consisting of four publicly traded Canadian life insurance companies as follows: Great-West Lifeco Inc., iA Financial Corp. Inc., Manulife Financial Corp. and Sun Life Financial Inc.

The company's investment objectives are as follows.

Preferred shares:

1. To provide holders of the preferred shares with fixed, cumulative preferential monthly cash dividends at a rate equal to the greater of: 7.00 per cent or prime rate plus 2 per cent (max of 9 per cent) annually based on the $10 original issue price;
2. On or about Dec. 1, 2030 (subject to further six-year extensions), to pay the holders of the preferred shares the original $10 issue price of those shares.

Class A shares:

1. To provide holders of the Class A shares with regular monthly cash dividends as the directors of the company may from time to time determine;
2. On or about Dec. 1, 2030 (subject to further six-year extensions), to pay the holders of Class A shares such amounts as remain after paying the holders of the preferred shares the amounts owing to them.

A prospectus supplement to the company's short form base shelf prospectus dated May 1, 2024, as amended Oct. 2, 2025, containing important detailed information about the preferred shares and the Class A shares being offered will be filed with securities commissions or similar authorities in all provinces of Canada. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial adviser using the contact information for such adviser. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces of Canada.