Mr. Fabrice Morin reports

CANADA LIFE ACQUIRES VALUE PARTNERS, A FAST-GROWING WEALTH PLANNING FIRM

The Canada Life Assurance Company, a subsidiary of Great-West Lifeco Inc., has reached an agreement to acquire Value Partners Group Inc., a fast-growing Winnipeg-based investment firm known for its positive impact in serving clients with complex and sophisticated wealth needs. Value Partners includes Value Partners Investment Counsel, Value Partners Investments and LP Financial Planning Services.

• Acquisition of Value Partners and its companies accelerates Canada Life's efforts in building a leading wealth management platform for independent advisers.
• Value Partners adds complementary products and capabilities to help advisers serve their clients and grow their business.
• The addition of Value Partners will help enable a full spectrum of personalized wealth solutions, equipping independent advisers to support changing client wealth needs.
• Over time, Canada Life will bring together the full range of wealth products and services so that advisers can evolve their practices to meet the changing needs of their clients.

"This acquisition is another step in our efforts to build a leading wealth management platform for independent advisers and their clients in Canada," said Jeff Macoun, president and chief operating officer, Canada Life. "Value Partners is an excellent complement to our existing wealth business, adding capabilities that will accelerate our strategy."

"We started Value Partners to improve the lives of families across Canada by partnering with the best advisers and investing in the best businesses. Today, our clients have $1.45-billion more than they initially invested," said Gregg Filmon, president, Value Partners. "Together with Canada Life's world-class insurance and investment products and exceptional advisers, we're going to help far more Canadians build their wealth."

Value Partners will continue to operate independently, with its existing management team and employees. Over time, Canada Life will bring together the full range of wealth products, services and support so that advisers can evolve their practices.

"The addition of Value Partners builds on our existing foundation and our recently announced agreement to acquire Investment Planning Counsel," said Fabrice Morin, executive vice-president, individual wealth and insurance solutions, Canada Life. "Value Partners Investment Counsel portfolio management platform will further extend our wealth capabilities and provide advisers with leading discretionary asset management solutions and services through a dedicated team of private investment counsellors. It's another way for advisers to grow their practice and meet their clients' changing needs."

"We know that Canadians who work with an adviser are better off. That's why we're continuing to invest in advice-centred solutions and the capabilities to enable advisers to serve their clients," said Hugh Moncrieff, EVP, advisory network and industry affairs, Canada Life. "Value Partners enables us to support more advisers with a full spectrum of personalized wealth solutions and capabilities."

The transaction is expected to close by the end of 2023 and is subject to customary closing conditions including regulatory approvals (including from the Toronto Stock Exchange). The acquisition will be financed with existing resources and is not expected to have a material impact on Canada Life's financial position.

Value Partners will add to Canada Life's position as one of the largest non-bank wealth providers in Canada (1) -- resulting in more than 4,000 adviser relationships and $89-billion in assets under administration after closing the acquisition (2).

The Manitoba Securities Commission and the Ontario Securities Commission issued a decision document on April 19, 2023, granting Lifeco exemptive relief from the formal takeover bid requirements of applicable securities laws in certain provinces of Canada. A copy of the decision is expected to be posted on the website of the Manitoba Securities Commission.

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, the companies had approximately 31,000 employees, 234,500 adviser relationships and thousands of distribution partners -- all serving their more than 38 million client relationships across these regions. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO and is a member of the Power Corp. of Canada group of companies.

About The Canada Life Assurance Company

The Canada Life Assurance Company is an international company providing insurance, wealth management, and health care benefit products and services in Canada, the United Kingdom, Isle of Man and Germany, and in Ireland through Irish Life. Canada Life also provides reinsurance products, through Canada Life Reinsurance, primarily in the United States, Barbados, Bermuda and Ireland.

The company is an industry leader providing Canadians options for personal insurance solutions, including life, health and dental, disability, critical illness, and creditor insurance. As a leading provider of group workplace benefit plans, it helps employers and associations provide valuable benefits to their employees and members. In addition, Canada Life offers investment, retirement and wealth management solutions including annuities and segregated funds.

For 175 years, individuals, families and business owners across Canada have trusted the company to provide sound guidance and deliver on the promises it has made. The company proudly serves more than 12 million customer relationships from coast to coast to coast.

About Value Partners Group Inc.

Value Partners Group is an investment firm dedicated to improving the lives of its clients by investing wisely. Since its inception, Value Partners has grown the collective wealth of its clients by more than $1.45-billion* -- but more importantly, has helped Canadians achieve their financial goals and retire comfortably without the need to worry about money.

* Wealth created figure in Canadian dollars as of June 8, 2023. Source: Value Partners Investments.

(1) Based on assets under management (AUM) in the case of segregated funds and otherwise assets under administration (AUA).

(2) Includes assets to be acquired pursuant to Canada Life's proposed acquisition of Investment Planning Counsel. Assets under administration (AUA) is a non-GAAP (generally accepted accounting principles) financial measure. Additional information on this measure is incorporated by reference and can be found under "Non-GAAP Financial Measures and Ratios" in Canada Life's 2022 annual management's discussion and analysis and can be accessed on SEDAR.

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