Mr. Tim Oracheski reports

GREAT-WEST LIFECO ANNOUNCES CONVERSION RIGHT OF NON-CUMULATIVE 5-YEAR RATE RESET FIRST PREFERRED SHARES, SERIES N

Great-West Lifeco Inc. does not intend to exercise its rights to redeem its outstanding non-cumulative five-year rate reset first preferred shares, Series N, on Dec. 31, 2025. As a result and subject to certain conditions, holders of Series N shares have the right to convert all or any of their Series N shares into non-cumulative floating-rate first preferred shares, Series O, on a one-for-one basis on Dec. 31, 2025.

Lifeco will send a formal notice of this conversion right to the registered holder of the Series N shares in accordance with the terms and conditions attached to the shares. Holders of Series N shares who do not exercise their conversion right will retain their Series N shares.

The conversion right is subject to the following conditions: (i) if Lifeco determines that, after having taken into account all shares tendered for conversion, there would be fewer than one million Series O shares outstanding on Dec. 31, 2025, no Series N shares may be converted into Series O shares; and (ii) alternatively, if Lifeco determines that, after having taken into account all shares tendered for conversion, there would be fewer than one million Series N shares outstanding on Dec. 31, 2025, then all remaining Series N shares will automatically be converted into Series O shares on a one-for-one basis on Dec. 31, 2025. In either case, Lifeco will give written notice to that effect to any registered holder affected by the preceding conditions on or before Wednesday, Dec. 24, 2025.

The dividend rate applicable to the Series N shares for the five-year period commencing on Dec. 31, 2025, and ending on Dec. 30, 2030, and the dividend rate applicable to the Series O shares for the three-month period commencing on Dec. 31, 2025, and ending on March 30, 2026, will be determined on Monday, Dec. 1, 2025, and written notice of these rates will be given to the registered holder of the Series N shares on that day.

Beneficial owners of Series N shares who wish to convert their shares into Series O shares should communicate as soon as possible with their broker or other nominee to ensure their instructions are followed, so that the registered holder of the Series N shares can meet the deadline to exercise the conversion right, which is 5 p.m. ET on Tuesday, Dec. 16, 2025.

Lifeco may redeem the Series N shares, in whole or in part, on Dec. 31, 2030, and on Dec. 31 every five years thereafter, for $25 per share plus declared and unpaid dividends. Lifeco may redeem the Series O shares, in whole or in part, on any date for $25.50 per share plus declared and unpaid dividends, unless such Series O shares are redeemed on Dec. 31, 2030, or on Dec. 31 every five years thereafter, in which case the redemption price will be $25 per share plus declared and unpaid dividends.

About Great-West Lifeco Inc.

Great-West Lifeco is a financial service holding company focused on building stronger, more inclusive and financially secure futures. It operates in Canada, the United States and Europe under the brands Canada Life, Empower and Irish Life. Together it provides wealth, retirement, group benefits and insurance, and risk solutions to its over 40 million customer relationships. As of Sept. 30, 2025, Great-West Lifeco's total client assets exceeded $3.3-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.