Mr. Tim Oracheski reports

GREAT-WEST LIFECO COMPLETES OFFERING OF SERIES Z PREFERRED SHARES

Great-West Lifeco Inc. has closed its previously announced offering of eight million 5.70 per cent non-cumulative first preferred shares, Series Z, for gross proceeds of $200-million, which includes the full exercise of the underwriters' option. The offering was completed through a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Bank of Nova Scotia. The Series Z shares will be listed for trading on the Toronto Stock Exchange under the symbol GWO.PR.Z.

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. The company provides wealth, retirement, workplace benefits and insurance, and risk solutions to its 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 under the ticker symbol GWO and is a member of the Power Corp. group of companies.