Mr. Tim Oracheski reports

GREAT-WEST LIFECO ANNOUNCES OFFERING OF SERIES Z PREFERRED SHARES

Great-West Lifeco Inc. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Scotiabank pursuant to which the underwriters have agreed to purchase, on a bought deal basis, six million non-cumulative first preferred shares, Series Z, from Lifeco for sale to the public at a price of $25.00 per Series Z share, representing aggregate gross proceeds of $150-million. The Series Z shares will yield 5.70 per cent per annum, payable quarterly, as and when declared by the Lifeco board of directors.

Lifeco has also granted the underwriters an option, exercisable up to 48 hours prior to closing, to purchase up to an additional two million Series Z shares ($50-million) at the issue price. Should the underwriters' option be exercised in full, the total gross proceeds of the offering will be $200-million.

The net proceeds of the offering will be used for general corporate purposes. The offering is expected to close on or about Sept. 24, 2025, and is subject to customary closing conditions.

Access to offering documents

The Series Z shares will be offered in Canada by way of a prospectus supplement to Lifeco's short form base shelf prospectus dated Dec. 5, 2023. Access to the prospectus supplement, the shelf prospectus and any amendments to the documents is provided in accordance with securities legislation relating to procedures for providing access to a prospectus supplement, a base shelf prospectus and any amendment. The shelf prospectus is, and the prospectus supplement will be (within two business days of the date hereof), accessible on SEDAR+. An electronic or paper copy of the prospectus supplement, the shelf prospectus and any amendment to the documents may be obtained, without charge, from BMO Capital Markets, by mail at Brampton Distribution Centre c/o The Data Group of Companies, 9195 Torbram Rd., Brampton, Ont., L6S 6H2, by telephone at 905-791-3151 extension 4312, or by e-mail at torbramwarehouse@datagroup.ca, by providing the contact with an e-mail address or address, as applicable. The shelf prospectus and prospectus supplement contain important, detailed information about the corporation and the proposed offering of Series Z shares. Prospective investors should read the shelf prospectus and prospectus supplement (when filed) before making an investment decision.

About Great-West Lifeco Inc.

Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. The company operates in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together the company provides wealth, retirement, workplace benefits, and insurance and risk solutions to the company's over 40 million customer relationships. As of June 30, 2025, Great-West Lifeco's total client assets were $3-trillion.

Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corp. group of companies.

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