Mr. Paul Mahon reports

GREAT-WEST LIFECO COMPLETES SALE OF PUTNAM INVESTMENTS TO FRANKLIN TEMPLETON

Great-West Lifeco Inc. has successfully completed the sale of Putnam Investments to Franklin Resources Inc., operating as Franklin Templeton, one of the world's largest independent and diversified asset managers.

"As client needs for asset management continue to evolve, Franklin Templeton's scale and breadth, together with Putnam's complementary capabilities, will drive positive outcomes for their stakeholders," said Paul Mahon, president and chief executive officer, Great-West Lifeco. "This transaction furthers Lifeco's strategy of building and extending strategic partnerships with best-in-class asset managers to support our clients' retirement, group benefits and personal wealth management needs."

Consistent with the company's previous announcement, the transaction is not expected to have a material financial impact for Great-West Lifeco at close. Further details will be provided as part of the company's year-end disclosures in February, 2024.

About Great-West Lifeco Inc.

Great-West Lifeco is an international financial service holding company with interests in life insurance, health insurance, retirement and investment services, asset management, and reinsurance businesses. It operates in Canada, the United States and Europe under the brands Canada Life, Empower 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 over 38 million customer relationships across these regions.

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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