Lifeco Split Corporation Inc. Considers Extension Proposal

TORONTO, March 24 /CNW/ - The Board of Directors of Lifeco Split Corporation Inc. ("Lifeco") announced today that it is considering the merits of a possible extension of the term of the Capital Shares and the Preferred Shares beyond their scheduled redemption date of July 31, 2010. Lifeco has retained Scotia Capital Inc. to assist in this regard. There is no guarantee that after such review an extension will be proposed or if proposed will be approved by shareholders.

Lifeco is a mutual fund corporation created to hold a portfolio of common shares of selected publicly listed Canadian life insurance companies. Lifeco will generate a fixed quarterly dividend for the Preferred shareholders and provide the Capital shareholders with a leveraged investment, the value of which is linked to changes in the market price of the portfolio shares.

Capital Shares and Preferred Shares of Lifeco are listed for trading on The Toronto Stock Exchange under the symbols LSC and LSC.PR.C respectively.

%SEDAR: 00014447E

SOURCE Lifeco Split Corporation Inc.

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

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Lifeco Split Corporation Inc.

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