Lifeco Split Corporation Inc. Announces Partial Call for Redemption



    TORONTO, July 17 /CNW/ - Lifeco Split Corporation Inc. (the "Company")
announced today that it has called 10,107 Preferred Shares for cash redemption
on July 31, 2008 (in accordance with the Company's Articles) representing
approximately 2.477% of the outstanding Preferred Shares as a result of the
special annual retraction of 77,114 Capital Shares by the holders thereof. The
Preferred Shares shall be redeemed on a pro rata basis, so that each holder of
Preferred Shares of record on July 30, 2008 will have approximately 2.477% of
their Preferred Shares redeemed. The redemption price for the Preferred Shares
will be $51.19 per share.
    Holders of Preferred Shares that are on record for dividends but have
been called for redemption will be entitled to receive dividends thereon which
have been declared but remain unpaid up to but not including July 31, 2008.
    Payment of the amount due to holders of Preferred Shares will be made by
the Company on July 31, 2008. From and after July 31, 2008 the holders of
Preferred Shares that have been called for redemption will not be entitled to
dividends or to exercise any right in respect of such shares except to receive
the amount due on redemption.

    Lifeco Split Corporation Inc. is a mutual fund corporation created to
hold a portfolio of common shares of selected publicly listed Canadian life
insurance companies. Capital Shares and Preferred Shares of Lifeco Split
Corporation Inc. are listed for trading on The Toronto Stock Exchange under
the symbols LSC and LSC.PR.C respectively.

    %SEDAR: 00014447E




For further information:

For further information: Investor Relations, Lifeco Split Corporation
Inc., (416) 945-4166, E-mail: mc_lifeco@scotiacapital.com, Web site:
www.scotiamanagedcompanies.com

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Lifeco Split Corporation Inc.

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