Investor Presentaiton

GREAT-WEST U.S. Putnam LIFECO INC. EMPOWER 44 RETIREMENT INVESTMENTS Invest for significant organic growth and consolidation opportunities Segment Overview Two primary businesses: Empower Retirement and Putnam Investments ✰ Empower Retirement: second-largest retirement plan record keeper by total participants² in the U.S. with assets under administration of US$640B Putnam: global asset manager providing a broad range of investment strategies with assets under management of US$175B Earnings 1 (In C$ Millions) 306 306 Net Adjusted Net 409 409 388 388 334 269 249 (50) 2014 ROE 7% 2015 8% 2016 2017 2018 4% 5% (1%) 6% 7% Recent Developments Completed sale of U.S. Individual Life Insurance and Annuity business with transaction value of $1.6B ❖ Empower IRA reached US$10B milestone Broadened the Empower offering with the introduction of Advisor Managed Accounts ◆ Improved results at Putnam in Q2 2019 with 9% pre- tax operating margin¹ driven by expense actions and strong fund performance Key Metrics - FY 2018 Net Earnings by Segment* Sales by Segment: $106B 1 Other 2% Ind. Mkts Empower 50% Fin. Services 43% 48% Putnam 57% *Excludes Corporate earnings of $52m. Putnam earnings of ($61m) 1. Adjusted net earnings, adjusted ROE, pre-tax operating margin, and sales are non-IFRS measures. Please refer to the Company's Annual Reports and MD&A filings for definitions and details on these adjustments and the appropriate reconciliations of these non-IFRS measures to measures prescribed by IFRS. 2. Pensions & Investments, April 2018 13

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