Winnipeg, December 2, 2020. . . Great-West Lifeco Inc. (“Lifeco”) announced today the dividend rates for its Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N (the “Series N Shares”) and for its Non-Cumulative Floating Rate First Preferred Shares, Series O (the “Series O Shares”).

The annual fixed dividend rate for the five-year period commencing on December 31, 2020 and ending on December 30, 2025 applicable to any Series N Shares that remain outstanding on December 31, 2020 will be 1.749% per annum (or $0.109313 per Series N Share per quarter). The 1.749% annual rate is equal to the sum of the Government of Canada Yield (as defined in the Series N Share conditions) on December 1, 2020 plus 1.30%.

The floating dividend rate for the period commencing on December 31, 2020 and ending on March 30, 2021 applicable to any Series O Shares that remain outstanding on December 31, 2020 will be 1.409% per annum (or $0.086855 per Series O Share per quarter). The 1.409% annual rate is equal to the sum of the T-Bill Rate (as defined in the Series O Share conditions) on December 1, 2020 plus 1.30%.