E-L Financial Corporation Limited (the "Corporation") (TSX:ELF) announced today
the completion of its previously-announced sale to a syndicate of underwriters,
co-led by Scotia Capital Inc. and TD Securities Inc., of 4,000,000
Non-Cumulative Redeemable First Preference Shares, Series 3 for sale to the
public at a price of $25.00 per share and paying fixed non-cumulative quarterly
dividends that will yield 5.50% per annum. The gross proceeds of $100,000,000,
less the expenses of the offering, will be added to the Corporation's capital
base to supplement the Corporation's financial resources and used for general
corporate purposes. The First Preference Shares, Series 3 will be posted for
trading on the Toronto Stock Exchange ("TSX") under the symbol ELF.PR.H.


The First Preference Shares, Series 3 will rank in priority to the common shares
and the Series A Preference Shares of the Corporation, with respect to the
payment of dividends and with respect to the distribution of assets on the
dissolution, liquidation or winding up of the Corporation. On and after April
17, 2017, the Corporation may, subject to TSX approval, convert all or any part
of the outstanding First Preference Shares, Series 3 into freely tradeable
common shares of the Corporation. The First Preference Shares, Series 3 are also
redeemable at the option of the Corporation on and after April 17, 2017.
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