LFE Canadian Life Companies Split Corp

Canadian Life Companies Split Corp. (the "Company") announced today that Toronto
Stock Exchange (the "TSX") has accepted its notice of intention to make a Normal
Course Issuer Bid (the "NCIB") to purchase its 2012 Preferred Shares and Class A
Shares (the "Shares") through the facilities of TSX. The NCIB will commence on
January 14, 2013 and terminate on January 13, 2014.


Pursuant to the NCIB, the Company proposes to purchase, from time to time, if it
is considered advisable, up to 793,011 2012 Preferred Shares (the "Preferred
Shares") and 793,011 Class A Shares of the Company, representing approximately
10% of the public float of the Preferred Shares and the Class A Shares. As of
January 2, 2012, there are 7,930,113 Preferred Shares and 7,930,113 Class A
Shares issued and outstanding. The Company will not purchase, in any given
30-day period, in the aggregate, more than 158,602 Preferred Shares or more than
158,602 Class A Shares, being approximately 2% of the issued and outstanding
Shares as of the date hereof. In the previous 12-month period, the Company has
not repurchased any Shares through a NCIB.


The Board of Directors of the Company, on the advice of Quadravest Capital
Management Inc., the Company's investment manager, believes that such purchases
are in the best interests of the Company and are a desirable use of its funds.
All purchases will be made through the facilities and in accordance with the
rules and policies of the TSX. All Preferred Shares or Class A Shares purchased
by the Company pursuant to the NCIB will be cancelled.


Canadian Life Companies Split Corp. is an investment fund managed and advised by
Quadravest Capital Management Inc. The Preferred Shares and Class A Shares of
the Company are listed in the Toronto Stock Exchange under the symbols LFE.PR.B
and LFE respectively.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
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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