Great West completes offering of Series 24 Preferred Shares

• Great-West Lifeco completed the closing of its previously announced offering of 8,000,000 Series 24 Non-Cumulative First Preferred Shares.
• Gross proceeds totaled $200 million CAD, including the full exercise of the underwriters' over-allotment option.
• The shares carry a 5.70% dividend rate, payable quarterly as declared by the Board.
• Proceeds are designated for general corporate purposes.
• The transaction follows the June 15, 2026 announcement and is a standard insurance holding company capital management action to maintain regulatory solvency and fund operations.

• The $200 million preferred share offering is a routine capital management action. It does not alter the growth trajectory, profitability profile, or strategic direction.
• The stock's +21% advance since the May 6 earnings print implies the market was already pricing in sustained execution and aggressive capital returns. The financing event itself is not a catalyst for re-rating.
• Given the elevated price action and the routine nature of the news, the material impact is low. The upside is capped by rich pricing, while downside risk is elevated if Q2 flows normalize faster than expected or CRS growth decelerates.

Great-West Lifeco Inc. is a Canadian financial holding company with a diversified portfolio including Empower (U.S. retirement and wealth management), Canada Life (Canada insurance and wealth), and Capital & Risk Solutions (CRS). The company serves millions of investors, manages trillions in client assets, and focuses on capital-light growth, operational efficiency, and shareholder returns through dividends and buybacks.