Lifeco Split Corporation Inc. Declares Quarterly Dividends and Revises Capital Share Dividend Policy



    TORONTO, Jan. 8 /CNW/ - The Board of Directors of Lifeco Split
Corporation Inc. ("Lifeco") has declared today dividends of $0.5119 per
Preferred Share and $0.1600 per Capital Share, payable on January 30, 2009 to
holders of record at the close of business on January 23, 2009.
    Holders of Preferred Shares are entitled to receive quarterly fixed
cumulative dividends equal to $0.5119 per Preferred Share. Lifeco has
determined to revise its Capital Share dividend policy so that to the extent
the downside asset coverage on the Preferred Shares drops below 1.3 times at
any time during the quarter, any excess of the dividends received on the
underlying portfolio securities minus the distributions payable on the
Preferred Shares and all administrative and operating expenses will be
reinvested in short-term debt securities or underlying portfolio securities.

    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




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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