Wednesday, June 29 2022

Winnipeg, January 25 2022 … Great-West Lifeco Inc. (the “Company”) announced today that it has received approval from the Toronto Stock Exchange (“TSX”) for the renewal of its in-the-money issuer bid Normal Business (“OPRNA”).

Under the Renewed Offer, the Company may purchase for cancellation up to 20,000,000 common shares (“Common Shares”), representing approximately 2.15% of its 930,731,758 common shares issued and outstanding on January 14, 2022. The term of the tender offer will begin on [27], 2022 and continue until January [26]2023, the expiry date of the offer, or an earlier date on which the Company completes its purchases pursuant to the notice of intention filed with the TSX. The average daily trading volume during the six-month period prior to January 14, 2022 was 1,344,139 common shares. Accordingly, daily purchases will be limited to 336,034 Common Shares, subject to TSX rules permitting bulk purchases. Purchases may be made through the facilities of the TSX and other Canadian trading systems or through any other means permitted by the TSX or under applicable laws. The price paid for such redeemed shares will be the prevailing market price at the time of acquisition. All Common Shares purchased by the Company pursuant to the Issuer Bid will be cancelled. Purchases under the issuer bid will be made by the Company’s broker within the parameters prescribed by the TSX and applicable laws.

The Board of Directors of the Company has authorized the renewal of the issuer bid because, in the opinion of the Board, such purchases constitute an appropriate use of funds which will benefit both the Company and its shareholders. . The company will use the renewed offer to acquire common shares to mitigate the dilutive effect of the issuance of securities under the company’s stock option plan and for other management purposes. capital.

As part of its previous public tender offer, the Company received approval from the TSX to purchase up to 20,000,000 common shares for the period from January 27, 2021 to January 26, 2022. The Company did not purchase any shares ordinary within the framework of its previous RPO. However, a non-independent trustee purchased 529,889 common shares which were to be counted against the issuer bid limits pursuant to section 629(j) of the TSX Company Handbook, without affecting the number of shares outstanding. These common shares were purchased at a weighted average price of $35.00.

About Great-West Lifeco Inc.

Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance. We operate in Canada, the United States and Europe under the Canada Life, Empower Retirement, Putnam Investments and Irish Life brands. At the end of 2020, our businesses had approximately 24,500 employees, 205,000 advisor relationships and thousands of channel partners, all serving our more than 30 million customer relationships in these regions. Great-West Lifeco and its companies are members of the Power Corporation group of companies. Great-West Lifeco is listed on the Toronto Stock Exchange (TSX) under the symbol GWO.

For more information contact:

Media Relations
Liz Kulyk
204-391-8515
[email protected]

Investor Relations
Deirdre Neary
647 328-2134
[email protected]

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