Canadian Life Companies Split Corp. Announces Further Details of Capital Reorganization

TORONTO, ONTARIO--(Marketwire - June 13, 2012) - Canadian Life Companies Split Corp. (the "Company") previously announced that a proposed reorganization of Preferred Shares of the Company (the "Reorganization") had been approved at the special meeting of shareholders held on April 16, 2012. The special retraction right afforded to shareholders in connection with the Reorganization has now expired and the Company expects to complete the Reorganization on June 25, 2012. Payment of retraction price for shares retracted pursuant to the special retraction right is expected to occur on June 19, 2012.

In order to facilitate the Reorganization, the Company has announced the monthly retraction date for June 2012 to be June 15, 2012. Payments for shares retracted pursuant to May and June 2012 monthly retraction rights will also be made on June 19, 2012.

Additional information regarding the capital reorganization is contained in the Management Information Circular dated March 14, 2012 prepared in respect of the special meeting, available on SEDAR at www.sedar.com or on the Company's website 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.