Canadian Life Companies Split Corp. Announces Mailing of Notice of Meeting and Management Information Circular

The Board of Directors of Canadian Life Companies Split Corp. (the "Company") today announced that the Notice of Special Meeting of Shareholders and Management Information Circular relating to the previously announced special meeting of the holders of the Company's Preferred Shares and Class A Shares (the "Shareholders"), to be held at 10:00 a.m. (Eastern standard time) on April 16, 2012, has been mailed to the Shareholders. The Company 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.

The purpose of the meeting is to consider and vote upon a special resolution to reorganize the Company, including a capital reorganization of the Preferred Shares of the Company and an extension of the termination date of the Company as described in the Management Information Circular. Extending the life of the Company would allow Shareholders to participate in any strengthening in the Canadian life insurance sector:


--  Preferred Shareholders will receive an increased dividend and the
    opportunity to participate in increases in the net asset value as a
    result of the issuance of two classes of warrants; and 
    
--  Class A Shareholders could benefit from any market appreciation or
    dividend increase over the extended time period;

If the capital reorganization is approved Preferred Shareholders would receive an increased dividend payment of 6.25% per annum and the following securities for each Preferred share held on or about June 28, 2012 (the "Conversion Date"):

One 2012 Preferred Share - paying fixed cumulative preferential monthly dividends to yield 6.25% per annum on the $10.00 nominal issue price and having a repayment objective on the termination date of $10.00;

One 2013 Warrant - each 2013 Warrant can be exercised to purchase one 2012 Preferred Share and one Class A Share (together a "Unit") for an exercise price of the lesser of $13.25 and 103% of the net asset value of the Company on the Conversion Date (the "2013 Warrant Subscription Price") on any business day during the period commencing at market open (Eastern time) on the day following the Conversion Date and ending at 5:00 p.m. (Eastern time) on June 3, 2013; and

One 2014 Warrant - each 2014 Warrant can be exercised to purchase one Unit for an exercise price of 105% of the 2013 Warrant Subscription Price on any business day during the period commencing at market open (Eastern time) on the day following the Conversion Date and ending at 5:00 p.m. (Eastern time) on June 2, 2014.

In addition, if the capital reorganization is approved, Class A Shareholders and Preferred Shareholders will be provided with a Special Retraction Right as described in the Management Information Circular which is designed to provide Shareholders with an opportunity to retract their Shares, if they so wish, and receive a retraction price that is calculated in the same way that such price would be calculated if the Company were to terminate on December 1, 2012 as originally contemplated.

The special resolution also allows the Board of Directors to provide subsequent 6 year extension terms while continuing to provide all Shareholders with the same retraction right entitlement at each extension date as they would have had if the term of the Company were not to be so extended. The ability to extend the termination date will save the Company all of the associated costs of holding a special shareholders meeting while still retaining each Shareholder's right to retract their Shares on the same basis as if a termination date had occurred. The resolution provides the Board with the ability to modify the dividend formula for ensuing extension terms beyond December 1, 2018 if necessary, to reflect market conditions existing at that time.

For full details, please review the Notice of Special Meeting of Shareholders and the Management Information Circular which is available on SEDAR and the Company's website at www.lifesplit.com.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Company. The forward-looking statements are not historical facts but reflect the Company's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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

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