Ms. Liz Kulyk reports

GREAT-WEST LIFECO ANNOUNCES PRICING OF US$500 MILLION SENIOR NOTES OFFERING

Great-West Lifeco Inc.'s subsidiary, Great-West Lifeco U.S. Finance 2020 LP (GWLP), has priced an offering of $500-million (U.S.) total principal amount of 0.904 per cent senior notes due 2025. The notes will be fully and unconditionally guaranteed by Great-West Lifeco.

The offering is expected to close on Aug. 12, 2020, subject to the satisfaction of customary closing conditions. GWLP intends to use the net proceeds of the offering to finance a portion of the pending acquisition, announced on June 29, 2020, of Personal Capital Corp., a hybrid wealth manager that combines a leading-edge digital experience with personalized advice delivered by human advisers, and the fees, expenses and costs incurred in connection with the transaction. In the event the transaction is not consummated, GWLP intends to use the net proceeds from this offering for general corporate purposes.

Morgan Stanley & Co. LLC, Morgan Stanley Canada Ltd., J.P. Morgan Securities LLC, RBC Capital Markets LLC and RBC Dominion Securities Inc. are acting as joint bookrunning managers for this offering.

The notes are being sold to qualified institutional buyers in the United States in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended, and to persons outside the United States in accordance with Regulation S under the Securities Act.

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. It operates in Canada, the United States and Europe under the brands Canada Life, Empower Retirement, Putnam Investments and Irish Life.

At the end of 2019, Great-West Lifeco's companies had approximately 24,000 employees, 197,000 adviser relationships and thousands of distribution partners -- all serving more than 31 million customer relationships across these regions. Great-West Lifeco and its companies have approximately $1.7-trillion in consolidated assets under administration as of June 30, 2020, and are members of the Power Corp. group of companies.

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