Canadian Life Companies Split Corp. ("CLC Split") announces its annual financial
results for the year ending November 30, 2008.


By the end of 2008, the cumulative impact of the deterioration in financial and
economic conditions created record lows in business, investor and consumer
confidence and resulted in recessionary conditions throughout the world. In
addition, the de-leveraging of hedge funds and other similar funds during the
final months exacerbated market volatility and losses in financial markets.
Market indices experienced declines not seen since the Great Depression of the
1930s. In Canada, the S&P TSX Financial index declined by 32.45% for the year
ending November 30, 2008 evidencing the deterioration of financial and economic
conditions on these broad based financial services indices.


Throughout this difficult environment, the core holdings in the portfolio have
been negatively impacted. The Company met its distribution objectives during the
year for Preferred shares and Class A shares, but the net asset value declined
to $16.04 per unit (a unit consisting of one Preferred share and one Class A
share) as at November 30, 2008.


CLC Split invests primarily in a core 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.




Selected Financial Information from the Statement of Financial Operations:
For the year ending November 30, 2008

                                                                ($ Millions)
Income                                                                6.152
Expenses                                                             (2.717)
                                                                     -------
Net investment income                                                 3.435
Realized option premiums and gain on sale of investments              3.085
Change in unrealized depreciation of investments                    (94.675)
                                                                    --------
Decrease in net assets from operations before distributions         (88.155)

Comparative financial information is available in documents filed on
www.sedar.com.
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