Prospectus excerpt:  This short form prospectus qualifies the distribution of 4,000,000 5.50% Non-cumulative Redeemable First Preference Shares, Series 3 (the “First Preference Shares, Series 3”) of E-L Financial Corporation Limited (the “Corporation”).

The holders of the First Preference Shares, Series 3 will be entitled to fixed non-cumulative preferential cash dividends, if, as and when declared by the board of directors of the Corporation, at a rate equal to $1.3750 per share per annum. The initial dividend on the First Preference Shares, Series 3, if declared, will be payable in respect of the period from, but excluding, April 2, 2012 (the “Closing Date”) to and including July 17, 2012 and will be $0.3993 per share. Thereafter, dividends, if declared, will be payable quarterly on the 17th day of October, January, April and July in each year at a rate of $0.34375 per share. The First Preference Shares, Series 3 rank pari passu with the 5.30% non-cumulative redeemable First Preference Shares, Series 1 (the “First Preference Shares, Series 1”) and the 4.75% non-cumulative redeemable First Preference Shares, Series 2 (the “First Preference Shares, Series 2”, and together with the First Preference Shares, Series 1 and the First Preference Shares, Series 3, the “First Preference Shares”) and in priority to the Series A Convertible Preference Shares of the Corporation (the “Series A Preference Shares”) and the common shares of the Corporation (the “Common Shares”) with respect to both the payment of dividends and with respect to the distribution of assets on the dissolution, liquidation or winding up of the Corporation. See “Details of the Offering”.