Overnight Offering Announced

TORONTO, Feb. 03, 2026 (GLOBE NEWSWIRE) — Canadian Life Companies Split Corp. (“the Company”) is pleased to announce it will undertake an offering of Preferred Shares (TSX: LFE.PR.B) and Class A Shares (TSX: LFE) of the Company. The offering will be led by National Bank Financial Inc.

The sales period of this overnight offering will end at 8:30 a.m. EST on February 4, 2026. The offering is expected to close on or about February 11, 2026 and is subject to certain closing conditions including approval by the TSX.

The Preferred Shares will be offered at a price of $10.45 per Preferred Share and the Class A Shares will be 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 February 2, 2026 was $10.53 and $7.83, respectively.

Since inception of the Company, the aggregate dividends declared on the Preferred Shares have been $12.85 per share and the aggregate dividends declared on the Class A Shares have been $9.85 per share, for a combined total of $22.70 per unit. All distributions paid to date have been made in tax advantage eligible Canadian dividends or capital gains dividends.

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 Corporation Inc., Manulife Financial Corporation and Sun Life Financial Inc.

The Company’s investment objectives are:

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% OR Prime Rate plus 2% (max of 9%) annually based on the $10.00 original issue price, and;
2. on or about December 1, 2030 (subject to further 6 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; and
2. on or about December 1, 2030 (subject to further 6 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 October 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 advisor using the contact information for such advisor. 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.