EL FINANCIAL INC.

E-L Financial Corporation Limited ("E-L Financial" or the "Company") operates as an investment and insurance holding company. It operates in two segments, E-L Corporate and Empire Life Insurance Company ("Empire Life"). E-L Corporate’s operations includes the oversight of investments in global equities held through direct and indirect holdings of common shares, investment funds, closed-end investment companies and other private companies. E-L Corporate has two significant investments in associates including a 34.9% interest in Algoma Central Corporation and a 24.9% interest in Economic Investment Trust Limited. The Company’s investment in Empire Life (99.5% interest) is consolidated by E-L Financial. The Empire Life operating segment underwrites life and health insurance, investment and retirement products to Canadians. The Company’s strategy is to accumulate shareholder value through long-term capital appreciation and dividend and interest income from its investments. E-L Financial oversees its investments through representation on the boards of directors of the subsidiaries and the other companies in which the Company has significant shareholdings.