LFE Canadian Life Companies Split Corp

Canadian Life Companies Split Corp. ("CLC Split") declares its regular monthly distribution of $0.04375 for each Preferred share ($0.525 annually). Distributions are payable January 9, 2009 to shareholders on record as of December 31, 2008. There will not be a distribution paid to the Class A shares for December 31, 2008 as per the Prospectus which states no regular monthly dividends or other distributions will be paid on the Class A shares in any month as long as the net asset value per unit is equal to or less than $15.00. The net asset value as of December 15, 2008 was $13.65.

Since inception Class A shareholders have received a total of $4.30 per share and Preferred shareholders have received a total of $1.94 per share inclusive of this distribution, for a combined total of $6.24.

CLC Split invests in a portfolio of four publicly traded Canadian life insurance companies as follows: Great-West Life, Industrial Alliance, Manulife Financial and Sun Life Financial. Shares held within the portfolio are expected to range between 10-30% in weight but may vary at any time.

Distribution Details:

Preferred Share (LFE.PR.A)                                 $0.04375

Ex-Dividend Date:                                          December 29, 2008

Record Date:                                               December 31, 2008

Payable Date:                                              January 9, 2009

Contacts: Canadian Life Companies Split Corp. Investor Relations (416) 304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372) Website: www.lifesplit.com