Canadian Life Companies Split Corp. 2014 Warrants Expire on June 2, 2014

TORONTO, ONTARIO--(Marketwired - May 22, 2014) - Canadian Life Companies Split Corp (the "Company") would like to provide an update on the Company's outstanding warrants. The warrants can be exercised up until the expiry date of June 2, 2014 at 5:00 p.m. (Toronto time). One warrant entitles a holder to purchase a Unit consisting of one Preferred share (LFE.PR.B) and one Class A share (LFE) for an exercise price of $12.60. The combined trading price of a Unit, which includes one Preferred share and one Class A share was $13.65 as at May 15, 2014. The most recent net asset value per unit was $14.25, fully diluted $13.96 as of May 15, 2014. The subscription price for the warrant represents a discount of 7.7% to the trading price as of May 15, 2014 and a discount of 9.7% to the fully diluted net asset value as of May 15, 2014 and therefore it may be beneficial for shareholders to exercise their warrants. Any warrants not exercised by June 2, 2014 will expire worthless.

Warrant holders should contact their advisors for more information on how to exercise their warrants in advance of the expiry date.

Since inception Class A shareholders have received a total of $5.85 per share in distributions and Preferred shareholders have received a total of $4.93 per share in distributions, for a combined total of $10.78.

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

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.