Canadian Life Companies Split Corp: Initial Regular Monthly Dividend Declaration.

TORONTO -- Canadian Life Companies Split Corp. ("CLC Split")(TSX:LFE)(TSX:LFE.PR.A) declares its initial regular monthly distribution of $0.10 for each Class A share ($1.20 annually) and $0.06329 (for the period Apr. 18/05 to May 31/05) for each Preferred share ($0.525 annually). Distributions are payable June 10, 2005 to shareholders on record as of May 31, 2005.

The fund's investment objectives are:

Preferred Shares:

i. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends in the amount of $0.04375 per Preferred Share to yield 5.25% per annum on the original issue price; and

ii. on or about December 1, 2012 (termination date), to pay the holders of the Preferred Shares the original issue price of those shares.

Class A Shares:

i. to provide holders of the Class A Shares with regular monthly cash dividends initially targeted to be $0.10 per Class A Share to yield 8.0% per annum on the original issue price; and

ii. on or about December 1, 2012 (termination date), to pay the holders of Class A Shares at least the original issue price of those shares.

CLC Split 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.

Distribution Details:

Class A Share (LFE):                          $0.10
Preferred Share (LFE.PR.A)                    $0.06329
Ex-Dividend Date:                             May 27, 2005
Record Date:                                  May 31, 2005
Payable Date:                                 June 10, 2005

Canadian Life Companies SplitCorp. (TSX:LFE) (TSX:LFE.PR.A)