#1GREAT-WEST LIFECO INC. Investor Presentation Q4 2020 TM canada life Irish Life EMPOWER ATA Putnam RETIREMENT™ INVESTMENTS Note: All dollar amounts are expressed in Canadian dollars and references to "dollars" or "$" are to Canadian dollars, unless otherwise stated. Canada Life™ Reinsurance#2Cautionary notes CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This document may contain forward-looking information. Forward-looking information includes statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "will", "may", "expects", "anticipates", "intends", "plans", "believes", "estimates", "objective", "target", "potential" and other similar expressions or negative versions thereof. These statements include, without limitation, statements about the Company's operations, business, financial condition, expected financial performance (including revenues, earnings or growth rates), ongoing business strategies or prospects, anticipated global economic and market conditions and possible future actions by the Company, including statements made with respect to the expected cost (including deferred consideration), benefits, timing of integration activities and revenue and expense synergies of acquisitions and divestitures, including the recent acquisitions of Personal Capital Corporation (Personal Capital) and the retirement services business of Massachusetts Mutual Life Insurance Company (MassMutual), expected capital management activities and use of capital, expected dividend levels, expected cost reductions and savings, expected expenditures or investments (including but not limited to investment in technology infrastructure and digital capabilities), the impact of regulatory developments on the Company's business strategy and growth objectives, the expected impact of the current pandemic health event resulting from the novel coronavirus ("COVID-19") and related economic and market impacts on the Company's business operations (including sales levels and customer demand for products), financial results and financial condition. Forward-looking statements are based on expectations, forecasts, estimates, predictions, projections and conclusions about future events that were current at the time of the statements and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company, economic factors and the financial services industry generally, including the insurance, mutual fund and retirement solutions industries. They are not guarantees of future performance, and the reader is cautioned that actual events and results could differ materially from those expressed or implied by forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance that they will prove to be correct. Whether or not actual results differ from forward-looking information may depend on numerous factors, developments and assumptions, including, without limitation, the severity, magnitude and impact of the COVID-19 pandemic (including the effects of the COVID-19 pandemic and the effects of the governments' and other businesses' responses to the COVID-19 pandemic on the economy and the Company's financial results, financial condition and operations), assumptions around sales, fee rates, asset breakdowns, lapses, plan contributions, redemptions and market returns, the ability to integrate the acquisitions of Personal Capital and the retirement services business of MassMutual, the ability to leverage Empower Retirement's, Personal Capital's and MassMutual's retirement services businesses and achieve anticipated synergies, customer behaviour (including customer response to new products), the Company's reputation, market prices for products provided, sales levels, premium income, fee income, expense levels, mortality experience, morbidity experience, policy and plan lapse rates, participant net contribution, reinsurance arrangements, liquidity requirements, capital requirements, credit ratings, taxes, inflation, interest and foreign exchange rates, investment values, hedging activities, global equity and capital markets (including continued access to equity and debt markets), industry sector and individual debt issuers' financial conditions (including developments and volatility arising from the COVID-19 pandemic, particularly in certain industries that may comprise part of the Company's investment portfolio), the United Kingdom's exit ("Brexit") from the European Union, business competition, impairments of goodwill and other intangible assets, the Company's ability to execute strategic plans and changes to strategic plans, technological changes, breaches or failure of information systems and security (including cyber attacks), payments required under investment products, changes in local and international laws and regulations, changes in accounting policies and the effect of applying future accounting policy changes, unexpected judicial or regulatory proceedings, catastrophic events, continuity and availability of personnel and third party service providers, the Company's ability to complete strategic transactions and integrate acquisitions, unplanned material changes to the Company's facilities, customer and employee relations or credit arrangements, levels of administrative and operational efficiencies, changes in trade organizations, and other general economic, political and market factors in North America and internationally. The reader is cautioned that the foregoing list of assumptions and factors is not exhaustive, and there may be other factors listed in other filings with securities regulators, including factors set out in the Company's 2020 Annual MD&A under "Risk Management and Control Practices" and "Summary of Critical Accounting Estimates" and in the Company's annual information form dated February 10, 2021 under "Risk Factors", which, along with other filings, is available for review at www.sedar.com. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not to place undue reliance on forward-looking information. Other than as specifically required by applicable law, the Company does not intend to update any forward-looking information whether as a result of new information, future events or otherwise. CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURES This document contains some non-IFRS financial measures. Terms by which non-IFRS financial measures are identified include, but are not limited to, "base earnings (loss)", "base earnings (loss (US$)", "base earnings per common share", "return on equity", "base return on equity", "core net earnings (loss)", "constant currency basis", "impact of currency movement", "premiums and deposits", "pre-tax operating margin", "sales", "operating expenses", "assets under management", "assets under administration", "coverage ratio" and "leverage ratio". Non-IFRS financial measures are used to provide management and investors with additional measures of performance to help assess results where no comparable IFRS measure exists. However, non-IFRS financial measures do not have standard meanings prescribed by IFRS and are not directly comparable to similar measures used by other companies. Refer to the "Non-IFRS Financial Measures" section in the Company's 2020 Annual MD&A for the appropriate reconciliations of these non-IFRS financial measures to measures prescribed by IFRS as well as additional details on each measure. 2#3GREAT-WEST LIFECO INC. Highly Diversified Business With Leadership Positions in Key Markets#4A Leading Global Financial Services Company US 13% 170+ Years Of History 6th Largest Life Insurer in North America¹ Capital & Risk Solutions 21% $2.9B Net Earnings5 $2.0T Assets Under Administration 2,3 AA S&P4 Europe 31% $951B Assets Under Management 2,3 Capital & Risk Solutions 20% 30M+ Customer Relationships US 10% $2.7B Base Earnings³,5 Europe 26% Canada 36% Canada 45% 1. By market capitalization; Source: Capital IQ, December 31, 2020 2. As of December 31, 2020 3. A non-IFRS measure; refer to the discussion of this measure in the Company's 2020 Annual MD&A. 4. Insurer Financial Strength rating applicable to operating subsidiaries of Lifeco; The Canada Life Assurance Company ("Canada Life") and Great-West Life & Annuity Insurance Company ("GWL&A") 5. Net earnings of $2.9B, base earnings of $2.7B for the year ended December 31, 2020. Lifeco net and base earnings include Corporate net loss of $34M in 2020. Figures may not sum to 100% due to rounding. 4#5Great-West Lifeco At A Glance • Great-West Lifeco ("Lifeco") is a global financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance - Operations in Canada, Europe and the United States Financial strength ratings of AA by S&P and Aa3 by Moody's 1 Net Earnings of $2.9B for the year ended December 31, 2020 Assets under administration² of ~$2.0T as of December 31, 2020 Member of the Power Corporation group of companies Strong governance and oversight through board representation Collaboration with IGM and fintech collaboration through Portag3 Key Performance Metrics In $B, unless otherwise noted Net Earnings Base Earnings² ROE² Financial Strength Ratings, Regulatory Capital and Liquidity AA 12 Months Ended December 31, 2020 12 Months Ended December 31, 2019 As at December 31, 2020 December 31, 2019 2.9 2.4 2.7 14.1% 2.7 11.7% S&P Global Ratings¹ AA Base ROE² 12.8% 13.4% Sales² 178 208 AUM² 951 772 AUA² Moody's¹ 1,976 1,630 Book Value Per Share $22.97 $21.53 Corporate Structure5 Aa3 Aa3 LICAT³ 129% 135% canada life Irish Life 66.8% GREAT-WEST LIFECO INC. EMPOWER RETIREMENT RBC4 POWER CORPORATION OF CANADA 62.1% IgM Financial" 44 Putnam IG INVESTMENTS WEALTH MANAGEMENT MACKENZIE Investments 484% 662% Cash at Lifeco Holding Company Level ($B) 0.9 0.7 . 1. Financial strength ratings for The Canada Life Assurance Company 2. A non-IFRS measure; refer to the discussion of this measure in the Company's 2020 Annual MD&A. Investment Planning Counsel" FINANCIAL SOLUTIONS FOR LIFE 3. 345 5. LICAT ratios for The Canada Life Assurance Company Risk-Based Capital (RBC) ratio for Great-West Life & Annuity Insurance Company; Corporate structure as at December 31, 2020 5 ST#6Leadership Position Across Operating Segments + CANADA • • • 45% Of Base Earnings 1,2 - = = 111111 10 A leader for insurance and wealth management products and services in Canada #1 in individual life insurance4 #2 in segregated funds³ #2 group life and health4; #3 in group retirement = U.S. - ww • • Multiple, complementary and diverse distribution channels 10% Of Base Earnings 1,2 Empower: #2 defined contribution record keeper in the U.S.5; AUA² of US$958B6 and 12M plan participants With Empower's acquisition of MassMutual's retirement services business, the U.S. segment is expected to be 20%+ of Lifeco's earnings Putnam: Globally diversified asset management platform with AUM² of US$192B6 11: EUROPE 26% Of Base Earnings 1,2 U.K.: Market leader in group risk and strong position in payout annuities Ireland: Irish Life is Ireland's largest life assurance company; Irish Life Investment Managers (ILIM) is one of Ireland's largest fund managers Germany: Fast growing position in unit-linked broker market Irish Life canada life CAPITAL & RISK SOLUTIONS 20% Of Base Earnings 1,2 Top 10 global reinsurer Top two reinsurers in the U.S. for structured life reinsurance Leading provider in the evolving European structured life reinsurance market Leading provider of U.K. and other European annuity/ longevity reinsurance Canada Life™ Reinsurance canada life EMPOWER 44 Putnam INVESTMENTS RETIREMENT 1. Base earnings for the year ended December 31, 2020. Net earnings of $2.9B 2. 234 A non-IFRS measure; refer to the discussion of this measure in the Company's 2020 Annual MD&A. 3. Strategic Insights (Investor Economics), full year 2020 results 4. LIMRA, 2020 results 5. By total assets and total participants, Pensions & Investments 2020 Defined Contribution Survey Ranking as of April 2020 As of December 31, 2020 559 6. 7. Based on the U.S. segment as a percentage of base earnings in 2019 and including earnings accretion estimates disclosed when the transaction was announced 6#7I+I Canada Overview Individual Customer (IC) and Group Customer (GC) businesses Life insurance, health insurance, retirement savings and investment management Leading market shares in major product categories Earnings and ROE 1,2 (C$m) 1,051 12m+ customer relationships; 1 in 3 Canadians Net 1,178 Base 1,070 Serving customers through ~23k advisors, and group plan members through ~27k employers Recent Highlights 2019 15% 17% canada life Key Metrics 2,3 (by Business Unit) 1,206 Base Earnings* Group Customer 55% Ind. Customer 45% Sales: $12B1 Group Customer 22% 2020 16% 19% *Excludes Corporate loss of ($23m) Return on Equity & Base Return on Equity Ind. Customer 78% Amalgamated our three Canadian life insurance companies under a single brand, Canada Life, enhancing efficiencies and simplifying our business Canada Life recognized by Brand Finance as the fastest growing brand in Canada and the fastest growing insurance brand in the world Elevated our wealth strategy by combining GLC Asset Management with Mackenzie Financial, providing greater scale and more diversified investment capabilities Took an ownership stake in Northleaf Capital Partners, enhancing our alternative asset capabilities for more competitive product and balance sheet solutions 1. Base earnings, return on equity (ROE), base return on equity, and sales are non-IFRS measures. Refer to the Company's Annual 2. In C$ millions, unless otherwise indicated Reports and MD&A filings for definitions and details and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. 3. For fiscal year 2020 7#8U.S. Overview Two primary businesses: Empower Retirement and Putnam Investments Empower is the second-largest retirement services provider in the U.S., serving 67k plans and 12m participants with AUA of US$958B7 Empower has expertise across all plan types, company sizes and market segments Putnam is a global asset manager with a range of investment strategies and AUM of US$192B7 Earnings and ROE 1,3,6 (C$m) Net (61) 5% (10%) 380 350 Base 11% 6% 2019 Financial Services (primarily Empower) Asset Management (Putnam) 12% 1% Return on Equity & Base Return on Equity Recent Highlights 273 Key Metrics 3,4 EMPOWER RETIREMENT 44 Putnam INVESTMENTS Base Earnings * Sales: $137B¹ Rutnam 6% Empower 65% Putnam 55% Empower 89% 2020 *Excludes Corporate base loss of ($13m). 9% 1% Acquired the retirement services business of MassMutual, positioning Empower as a significant contributor to Lifeco's earnings profile and growth Acquired Personal Capital, a best-in-class hybrid digital wealth manager, to accelerate growth of Empower's retail wealth management strategy In October 2020, PLANADVISER named Empower Retirement the best in the country among recordkeepers for the ninth consecutive year on "Value for Price" Putnam's pre-tax operating margin¹ improved to 20.6% in Q4 2020, and Putnam continues to sustain strong investment performance relative to its peers 1. Base earnings, return on equity (ROE), base return on equity, sales and pre-tax operating margin are non-IFRS measures. Refer to the Company's Annual Reports and MD&A filings for definitions and details and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. 2. Pensions & Investments, March 2019. 3. In C$ millions. 4. For fiscal year 2020. 6. The difference between 2019 net and base earnings reflects the impact of the disposition of Lifeco's U.S. Individual Insurance business and the write-down of U.S. deferred tax assets. 7. As of Dec. 31, 2020 8#9Empower's Acquisition of Personal Capital Adds best-in-class hybrid digital wealth management platform to Empower • High growth direct-to-consumer wealth management business focused on large mass affluent market Accelerates Empower's strategy by creating an integrated retirement and wealth platform • • • • Profitable business prior to customer acquisition costs (CAC) with attractive new customer Lifetime Value (LTV) / CAC Strategic focus and investment in driving strong asset growth Significantly accelerates the growth of Empower's existing DC-focused retail wealth management platform by integrating Personal Capital's technology and capabilities Empower will leverage Personal Capital's capabilities to enhance its direct-to-consumer retail offering, leading to increased rollovers, roll-ins and a larger share of wallet Empower, including Personal Capital, has U$33B in individual wealth assets under administration, as at December 31, 2020 Enhances Empower's successful Defined Contribution business with the addition of leading financial planning and financial wellness capabilities • Increase DC plan sales . Drive usage of managed accounts . Grow participants' out-of-plan asset capture EMPOWER RETIREMENT™ personal CAPITAL 9#10Empower's Acquisition of MassMutual's Retirement Services Business Consolidates Empower's leadership position in the U.S. retirement industry and creates meaningful value Strengthens Empower's #2 position in the growing U.S. retirement industry Establishes a clear #1 leadership position in highly attractive small-medium corporate market segment Presents meaningful expense and revenue synergy opportunities leveraging Empower's proven track record of platform integrations ✓ Increases synergy potential of Personal Capital across a larger combined business Increases scale advantages and capitalizes on expertise, technology excellence and deep product capabilities within the Empower platform Highly cash generative transaction that positions Empower as a significant contributor to Great-West Lifeco's earnings profile and growth 10 10#11Europe Segment Overview Operations in the U.K., Ireland and Germany Market leader in group risk, a leading player in payout annuities and a strong competitor in the equity release mortgage market in the U.K. Irish Life has leadership positions across all products-pension, investment savings and protection - and channels in Ireland Leading position in unit-linked products sold through brokers in Germany Earnings and ROE 1,2 (C$m) 1,004 Net 796 913 Base 688 2019 2020 16% 13% 16% 12% Return on Equity & Base Return on Equity Recent Highlights Irish Life canada life Other Key Metrics 2,3 Base Earnings by Geography* Germany 22% U.K. 48% Ireland 30% *Excludes Corporate base loss of ($13m) Canada Life U.K. continues its transformation program to build out a differentiated retirement-focused wealth offering Irish Life continues to develop capabilities and grow share in the occupational and personal pensions markets through targeted M&A; it is also focused on growing sales with its bank distribution partners Information systems investments in Germany are supporting an expansion of our small case occupational pensions capabilities 1. Base earnings, return on equity (ROE), and base return on equity are non-IFRS measures. Refer to the Company's Annual Reports and MD&A filings for definitions and details and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. 2. In C$ millions 3. For fiscal year 2020 11#12Capital & Risk Solutions (CRS) Canada Life™ Reinsurance Segment Overview Provides capital and risk solutions to clients primarily located in the U.S. and Europe through operations in the U.S., Ireland, Barbados and Bermuda Includes both reinsurance and retrocession business transacted directly with clients or through reinsurance brokers Products include traditional and structured life, annuity / longevity, mortgage and surety and property catastrophe reinsurance Lifeco also uses internal reinsurance transactions between companies in the Lifeco group to better manage insurance risks and to facilitate capital management Earnings and ROE 1,2 (C$m) 386 Net 401 Base 614 536 2019 2020 32% 33% 44% 39% Return on Equity & Base Return on Equity Recent Highlights Reinsurance was separated from the Europe and Reinsurance segment in Q1 2020 to form the Capital and Risk Solutions (CRS) segment; the change reflected the realignment of senior leadership responsibilities and was designed to improve transparency and disclosure around CRS' results and strategies CRS completed three major long-term longevity reinsurance agreements in 2020 with $15B of in-force liabilities combined, covering 92k in-payment and deferred pensioners, highlighting CRS' strength as a partner for reinsurance longevity transactions globally 1. Base earnings, return on equity (ROE), and base return on equity are non-IFRS measures. Refer to the Company's Annual Reports and MD&A filings for definitions and details and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. 2. In C$ millions 12#13GREAT-WEST LIFECO INC. Consistent Long-Term Earnings and Successful M&A Track Record#141. Long History Of Consistent Execution Net Income Available to Common Shareholders 2000-2020, C$m 18.6% 44 Putnam INVESTMENTS Canada Life™ 2,056 1,875 1,742 22.9% 1,600 1,627 1,615 20.4% 20.5% 20.7% 20.7% 20.1% 1,396 1,195 13.7% 931 643 515 2000 2001 2002 2003 2004 2005 2006 2007 Irish Life 2,022 1,806 EMPOWER RETIREMENT 1 2,762 2,641 2,546 2,278 MassMutual's Retirement Services Business personal CAPITAL 2,961 2,943 2,359 2,149 17.6% 16.8% 14.8% 15.3% 15.7% 14.7% 13.8% 13.8% 14.0% 14.1% 12.7% 11.7% 10.9% T 2008 2009 2010 2011 Net Income to Common Shareholders Empower resulted from the combination of GWL&A's retirement business with the retirement businesses of Putnam and JP Morgan 2012 2013 2014 2015 2016 2017 2018 2019 2020 Return on Common Shareholders' Equity 14#15Solid Earnings and Dividend Growth 2.30 2.10 1.96 1.79 1.48 1.26 1.72 1.70 1.56 2.13 1.90 2.77 2.67 2.55 2.34 3.17 3.00 2.49 2.17 1.75 1.65 1.56 1.47 1.38 1.30 0.86 1.20 1.23 1.23 1.23 1.23 1.23 1.23 ° 0.69 1.06 0.93 0.81 0.69 0.56 0.47 0.39 0.33 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 IDividends per share (C$) -Net earnings per share - basic (C$) 1. "Dividend per share" and "Net earnings per share - basic" figures presented above are rounded to the nearest cent. 15#16History Of Value Creation Through M&A ACQUISITIONS JP Morgan RPS Aviva Health Insurance Ireland Limited London Life Canada Life 44 Putnam Irish Life INVESTMENTS EMPOWER RETIREMENT™ GloHealth FINANCIAL HORIZONS Clearly Great Cover GROUP Invesco retirement advantage ACUMEN & TRUST Financial Advice MassMutual's Retirement Services Business personal CAPITAL 1997 2003 2007 2013 2014 2016 2017 2018 2019 2020 DIVESTITURES M&A Priority Areas ■ U.S. Retirement U.S. Individual glc Life Insurance and Annuity Business asset management ◆ IPSI Long-Term ROE of 15% or Higher ■ Investment and Asset Management M&A Objectives Accretive After Integration Sound Risk-Return Profile ■ Broadening Our European Businesses Long-Term Value Creation 16#172020 Acquisitions, Divestitures and Financing Activity 1 On Aug. 4, 2020, Irish Life completed the sale of Irish Progressive Services International Limited (IPSI) 2 3 4 5 60 On Aug. 4, 2020, the Company announced the proposed sale of GLC Asset Management Group Ltd. (GLC) to Mackenzie Financial Corporation (transaction completed Dec. 31, 2020) On Aug. 17, 2020, Empower Retirement completed the previously announced acquisition of Personal Capital On Sept. 8, 2020, Empower Retirement announced that it had reached an agreement to acquire the retirement services business of Massachusetts Mutual Life Insurance Company (MassMutual) (transaction completed Dec. 31, 2020) On Sept. 17, 2020, the Company announced that Mackenzie and Lifeco will jointly acquire a non-controlling interest in Northleaf Capital Partners Ltd. through an acquisition vehicle 80% owned by Mackenzie and 20% owned by Lifeco (transaction completed Dec. 31, 2020) On Sept. 28, 2020, Empower Retirement announced an agreement to acquire the retirement business of Fifth Third Bank Financing Activities Lifeco issued $600m Senior Debentures in May and $500m Senior Debentures in July. Proceeds from the issuances were used to repay Lifeco $500m Senior Debentures in August, and the remainder was used for general corporate purposes On August 12, 2020 Great-West Lifeco US Finance 2020, LP issued US$500m, 5-year senior notes to fund the acquisition of Personal Capital On September 17, 2020 Empower Finance 2020, LP issued three tranches of senior notes totaling US$1.5B to fund the acquisition of MassMutual's retirement services business 17#18GREAT-WEST LIFECO INC. Strong Balance Sheet and Capital Position#19Diversified, High Quality Asset Mix Conservative Investment Portfolio, Predominantly Comprised of Fixed Income Instruments - 99% of Which Is Investment-Grade . Invested assets of ~$215B Invested Asset Distribution¹ Bond Portfolio Quality¹ . Bonds represent 71% - - - 99% are investment grade 75% rated A or higher 86% of bond holdings are domiciled in Canada, the U.S., and the U.K. Mortgage portfolio represents 13% - - Well diversified by geography and property type Well seasoned, with minimal impairments; delinquencies > 90 days on non-impaired mortgages are negligible Stocks represent 5%, mostly Canadian publicly traded² Investment Properties represent 3% - - - 58% in Canada / U.S.; 42% in U.K./ Europe Properties are unlevered U.K. European properties benefit from long term lease contracts Gov't, Gov't Related and Agency Securitized Bonds Cash and CD's 4% Loans to Policyholders 4% Investment Properties 3% Stocks 5% Insured Residential & Multi-family Mortgages 2% 45% Total Invested Assets $215B AAA 15% Conventional, Residential, Commercial Mortgages and Equity Release Mortgages 11% Corporate and Non- Agency Securitized Bonds 47% BB or lower 1% 1. At December 31, 2020; includes certain funds held by ceding insurers (carrying value of $15.9b) 2. Mostly held within the Lifeco Canadian participating account AA 26% BBB 25% Total Bond Portfolio $153B A 33% 19#20Solid Capital Base Substantial Excess Capital Over Regulatory Thresholds CLAC¹-LICAT Ratio GWL&A² - Risk-Based Capital 140% 139% 136% 135% 133% 132% 131% 129% CLAC Target 502% Range: 480% 458% 110% 120% OSFI Supervisory Target - 100% 662% 484% Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2016 2017 2018 2019 2020 1. LICAT ratio for The Canada Life Assurance Company; OSFI minimum is 90%, 2. Risk-Based Capital (RBC) ratio for Great-West Life & Annuity Insurance Company (GWL&A) 20 20#21Strong Liquidity and Well-Laddered Debt Maturity Profile Historical Coverage Ratio¹ . Liquidity requirements are largely self-funded (x) • - Short-term obligations met by internal funds and maintaining levels of liquid investments adequate to meet anticipated liquidity needs Committed lines of credit with Canadian chartered banks for unanticipated liquidity needs The Company has stable access to the USD, CAD and EUR debt financing markets 8.6x 7.1x 2016 2017 Well Laddered Debt Maturity Profile³ As at December 31, 2020, C$m $0.9 billion in cash and equivalents at the Lifeco holding company level (December 31, 2020) 1. 775 775 635 8.9x 8.1x 7.2x Historical Leverage Ratio² (%) 33.8% 27.8% 27.1% 27.1% 27.6% 2018 2019 2020 2016 2017 2018 2019 2020 508 981 708 600 400 344 889 635 500 889 2023 2025 2026 2027 2028 2030 2031 2033 2039 2047 2048 2050 2051 USD EUR CAD Coverage Ratio is a non-IFRS measure. Coverage Ratio calculated as earnings before interest & taxes divided by interest & preferred dividends requirements. Excludes one-time items such as restructuring charges, gains and losses on dispositions, tax reform impacts. 2. Leverage Ratio is a non-IFRS measure. Leverage Ratio is defined as debt, hybrid securities, and preferred shares divided by total consolidated capitalization. 3. At par values. Excludes capital trust securities ($158Mm) and short-term borrowings ($970m) 21#22Strong Credit Ratings 1. Canada Life (Opco) are financial strength ratings 2. Lifeco (Holdco) are senior debt ratings AM BEST Canada Life (Opco)¹ Lifeco (Holdco)² Outlook A+ Stable MORNINGSTAR DBRS AA A (High) Stable Fitch Ratings AA A Negative MOODY'S Aa3 Stable S&P Global Ratings AA A+ Stable *Lifeco (Holdco) are senior debt ratings 22 22#23Efficient Capital Structure Lifeco Finance LP U.S. Senior Debt $874m GREAT-WEST LIFECO INC. Lifeco Finance 2018, LP U.S. Senior Debt $1,007m Senior Debentures $2.5b Lifeco U.S. Finance 2020, LP Preferred Shares $2.7b U.S. Senior Debt $631m Euro Senior Debt $1.5b U.S. Senior Debt Empower Finance 2020, LP $1,889m Great-West Life & Annuity Putnam Investments LLC Insurance Company $635m Short-term borrowings $125m Short-term borrowings $210m The Canada Life Assurance Company (LICAT) Great-West Lifeco U.S. LLC (RBC) Subordinated $100m Short-term borrowings Debentures Capital Trust Securities $158m Germany Capital & Risk Canada Solutions Europe (Solvency II) Ireland As at December 31, 2020, C$ U.K. 23#24GREAT-WEST LIFECO INC. Investor Presentation Q4 2020 TM canada life Irish Life EMPOWER ATA Putnam RETIREMENT™ INVESTMENTS Note: All dollar amounts are expressed in Canadian dollars and references to "dollars" or "$" are to Canadian dollars, unless otherwise stated. Canada Life™ Reinsurance