Prospectus excerpt:  This short form prospectus qualifies the distribution of 4,000,000 5.30% non-cumulative redeemable Series B Preference Shares (the ‘‘Series B Preference Shares’’) of E-L Financial Corporation Limited (the ‘‘Corporation’’).

The holders of the Series B Preference Shares will be entitled to fixed non-cumulative preferential cash dividends, if, as and when declared by the board of directors, at a rate equal to $1.325 per share per annum. If the Series B Preference Shares are converted into First Preference Shares, Series 1 (see ‘‘Automatic Conversion or Redemption of Series B Preference Shares’’ below), holders of the First Preference Shares, Series 1 will be entitled to fixed non-cumulative cash dividends at the same rate, if, as and when declared by the board of directors, and no dividend will be paid in respect of the Series B Preference Shares. In such event, the initial dividend on the First Preference Shares, Series 1, if declared, will be payable on January 17, 2005. Based on an anticipated closing date of the offering of September 28, 2004 (the ‘‘Closing Date’’), the initial dividend, if declared, will be $0.40295 per share. Thereafter, dividends, if declared, will be payable quarterly on the 17th day of April, July, October and January in each year at a rate of $0.33125 per share. The Series B Preference Shares rank pari passu with the Series A Convertible Preference Shares of the Corporation (the ‘‘Series A Preference Shares’’) and in priority to the common shares of the Corporation (the ‘‘Common Shares’’) with respect to the payment of dividends. The Series B Preference Shares rank pari passu with the Series A Preference Shares and Common Shares with respect to the distribution of assets on the dissolution, liquidation or winding up of the Corporation. See ‘‘Details of the Offering’’.