Investor Presentaiton

GREAT-WEST LIFECO 28 Footnotes Slide 13 1. Lifeco Corporate base earnings not displayed separately. 2. Effective January 1, 2020, as a result of strategic operational changes, Lifeco divided the previously reported Europe segment into two separate reporting segments - Europe and CRS. 2017 figures were reported under the previous segments. 2017 European data includes CRS 3. 2017 base earnings were calculated by excluding items from net earnings as discussed in the "Non-GAAP Financial Measures and Ratios" section of the Company's Q2 2023 MD&A. In addition, the Company excluded earnings related to the business transferred to Protective Life under an indemnity reinsurance agreement in 2019 to provide a more accurate comparison for the 5-year growth rate. 2017 base earnings were $2,244 million and base earnings per share was $2.269 compared to net earnings of $2,149 million and net earnings per share of $2.173. Items excluded from 2017 base earnings included a positive impact on actuarial assumption changes and management actions of $243 million, a negative impact on market-related impacts on liabilities of $3 million, restructuring and integration costs of $160 million, a net charge on business disposition of $122 million, a net charge on tax legislative impacts of $216 million and $163 million of earnings related to the business transferred to Protective Life. 4. Effective January 1, 2020, as a result of strategic operational changes, Lifeco has divided the previously reported Europe segment into two separate reporting segments - Europe and CRS. 2017 figures were reported under the previous segments. 2017 European data includes CRS. Lifeco Corporate net earnings not displayed separately. Slide 18 2. Leverage ratio as of Q2 2023. Leverage Ratio is defined as debt, hybrid securities, and preferred shares divided by total consolidated capitalization 3. LICAT Ratio as of Q2 2023. LICAT ratios for The Canada Life Assurance Company, calculated in accordance with OSFI's guideline - Life Insurance Capital Adequacy Test. OSFI minimum is 90% 4. At par values. Excludes capital trust securities ($156m) and short-term borrowings ($132m) Slide 19 1. Canada Life's ratings are financial strength ratings 2. Lifeco's ratings are senior debt ratings Slide 22 2. Q4 2022 LIMRA Report for Group Life and Health 3. These transactions are expected to close in the second half of 2023, contingent on regulatory and other customary closing conditions Slide 23 2.2022 Base earnings for US excludes Putnam 3.Base and net ROE for Empower 4. Pensions & Investments 2021 Defined Contribution Survey Ranking as of April 2022 5. As of June 30, 2023

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