Mr. Shubha Khan reports

GREAT WEST ANNOUNCES OFFERING OF SERIES 24 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 Bank of Nova Scotia pursuant to which the underwriters have agreed to purchase, on a bought deal basis, six million non-cumulative first preferred shares, Series 24, from Great West for sale to the public at a price of $25 per Series 24 share, representing aggregate gross proceeds of $150-million. The Series 24 shares will yield 5.70 per cent per annum, payable quarterly, as and when declared by the Great West board of directors.

Great West has also granted the underwriters an option, exercisable up to 48 hours prior to closing, to purchase up to an additional two million Series 24 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 June 22, 2026, and is subject to customary closing conditions.

Access to offering documents

The Series 24 shares will be offered in Canada by way of a prospectus supplement to Great West's short form base shelf prospectus dated Dec. 23, 2025. 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, care of 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 email address or address, as applicable. The shelf prospectus and prospectus supplement contain important, detailed information about the corporation and the proposed offering of Series 24 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 is a financial services holding company focused on building stronger, more financially secure futures. The company operates in the United States, Canada and Europe under the brands Empower, Canada Life and Irish Life. It provides wealth, retirement, group benefits and insurance, and risk solutions to its approximately 40 million customer relationships. As of March 31, 2026, Great-West's total client assets were $3.3-trillion.

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

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