Overnight Offering Announced

Executive Summary

• Canadian Life Companies Split Corp. announced an overnight financing offering of Preferred Shares (TSX: LFE.PR.B) at $10.45 each and Class A Shares (TSX: LFE) at $7.65 each, led by National Bank Financial Inc.
• The offering is expected to close around February 11, 2026, subject to TSX approval and other closing conditions.
• Net proceeds will be used to invest in an actively managed portfolio of four publicly‑traded Canadian life insurance companies (Great‑West Lifeco, iA Financial, Manulife Financial, Sun Life Financial).

Key Details

• Offering Structure – Overnight offering of two share classes: Preferred Shares and Class A Shares.
• Pricing – Preferred Shares offered at $10.45 per share; Class A Shares offered at $7.65 per share.
• Reference Prices – Closing market prices on February 2, 2026 were $10.53 (Preferred) and $7.83 (Class A).
• Sales Period – Ends 8:30 a.m. EST on February 4, 2026; expected closing date on or about February 11, 2026.
• Lead Manager – National Bank Financial Inc.
• Dividends History – Aggregate dividends declared to date: $12.85 per Preferred Share and $9.85 per Class A Share (combined $22.70 per unit), paid as tax‑advantaged Canadian dividends or capital‑gains dividends.
• Preferred Share Dividend Terms – Fixed, cumulative preferential monthly cash dividend at the greater of 7.00% or Prime Rate + 2% (capped at 9%) based on a $10.00 original issue price; redemption of original $10 issue price targeted for ~December 1, 2030 (subject to extensions).
• Class A Share Dividend Terms – Regular monthly cash dividends as determined by directors; residual amounts after Preferred Share obligations payable around December 1, 2030 (subject to extensions).
• Use of Proceeds – Investment in an actively managed portfolio primarily consisting of: Great‑West Lifeco Inc., iA Financial Corporation Inc., Manulife Financial Corporation, and Sun Life Financial Inc.
• Regulatory Filings – Prospectus supplement to the short‑form base shelf prospectus (dated May 1, 2024; amended Oct 2, 2025) will be filed with Canadian securities commissions prior to any sale or acceptance of offers.

Notable Quotes

(No executive quotes were provided in the release.)