Ms. Liz Kulyk reports

GREAT-WEST LIFECO CAUTIONS INVESTORS REGARDING OBATAN LLC'S THIRD MINI-TENDER OFFER FOR SHARES IN IRELAND

Great-West Lifeco Inc. has been notified of an unsolicited mini-tender offer by Obatan LLC, made to residents of Ireland, to purchase up to 50,000 common shares of Great-West. The unsolicited offer represents a discount of approximately 18 per cent to the closing price of the common shares on the Toronto Stock Exchange on May 26, 2023, the last trading day before the offer was commenced. The common shares do not trade on a recognized stock exchange in Ireland.

Great-West does not endorse Obatan's unsolicited offer, has no association with Obatan or its offer, and does not recommend acceptance of the offer. Obatan's offer has been made at a price below the current market price for the shares.

Mini-tender offers such as Obatan's seek less than 5 per cent of a class of outstanding shares and so avoid many of the investor protections like disclosure and procedural protections applicable to most bids under Canadian law. Securities regulators have expressed serious concerns about mini-tender offers, including the possibility that investors might tender to such offers without understanding the offer price relative to the actual market price of their securities. The U.S. Securities and Exchange Commission has noted that some bidders make these offers at below-market prices hoping that they will catch investors off guard if the investors do not compare the offer price with the current market price.

Great-West urges shareholders to obtain current market quotes for their shares and to consult with their broker or financial adviser in considering Obatan's offer. According to Obatan's offer documents, shareholder tenders are irrevocable and cannot be withdrawn once lodged. Further, tendering shareholders do not have the option to tender only a portion of their shares. Obatan has reserved the right to purchase an additional amount of shares over and above 50,000 common shares, such additional amount not to exceed 2 per cent of the outstanding common shares.

To read more about the risks of mini-tender offers, please review the Canadian Securities Administrators' comments.

Great-West requests that a copy of this news release be included in any distribution of materials relating to Obatan's mini-tender offer for Great-West common shares.

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 businesses. The company operates in Canada, the United States and Europe under the brands Canada Life, Empower, Putnam Investments and Irish Life. At the end of 2022, Great-West's companies had approximately 31,000 employees, 234,500 adviser relationships and thousands of distribution partners -- all serving over 38 million customer relationships across these regions. Great-West Lifeco trades on the Toronto Stock Exchange under the ticker symbol GWO and is a member of the Power Corp. group of companies.