E-L Financial Corporation Announced Offering of C$100 Million of Preference Shares

TORONTO, ONTARIO--(Marketwire - March 9, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

E-L Financial Corporation Limited (the "Corporation") (TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G) announced today that it has entered into an agreement with Scotia Capital Inc. and TD Securities Inc., on behalf of a syndicate of underwriters, under which the underwriters have agreed to buy, on a bought deal basis, 4,000,000 First Preference Shares, Series 3 (the "Series 3 Preference Shares"). The total gross proceeds of the financing will be $100.0 million.

The Series 3 Preference Shares will be priced at $25.00 per share and will pay non-cumulative quarterly dividends that will yield 5.50% per annum. The net proceeds 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 transaction is subject to the receipt of all necessary regulatory and stock exchange approvals. The offering is expected to close on or about April 2, 2012.

The Preference Shares being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This media release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in the United States or any state thereof or in any province or territory of Canada in which such offer, solicitation or sale would be unlawful.