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Investor Presentaiton

Stable earnings and dividend growth GREAT-WEST LIFECO INC. Dividends per share (C$) -O-Adjusted net earnings per share¹(C$) 3.05 2.77 2.71 2.68 2.55 2.41 2.30 2.02 2.10 1.83 1.50 1.27 1.10 0.86 0.72 2.11 2.00 2.05 1.92 1.72 1.56 1.47 1.38 1.20 1.23 1.23 1.23 1.23 1.23 1.23 1.30 1.06 0.59 0.93 0.81 0.69 0.56 0.47 0.22 0.27 0.33 0.39 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1. Adjusted net earnings per share is a non-IFRS measure. Please refer to the Company's Annual Reports and Management's Discussion and Analysis filings for details on these adjustments and the appropriate reconciliations of this non-IFRS measure to the measure prescribed by IFRS. In past years, the term 'operating earnings' was also used to denote adjustments applied to the net earnings figures prescribed by IFRS. 19
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