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Investor Presentaiton

Sale of U.S. individual life and annuity business GREAT-WEST LIFECO INC. • On January 24, 2019, Great-West Lifeco announced an agreement by its subsidiary, Great-West Life & Annuity Insurance Company, to sell, via reinsurance, substantially all of its U.S. individual life insurance and annuity business1 • The transaction is expected to close in the second quarter of 2019 and result in an after-tax transaction value of approximately US$1.2 billion • • Lifeco expects to recognize an IFRS book value loss of approximately US$70 million and transaction costs of US$57 million, at closing Putnam, Empower Retirement and Great-West Investments are unaffected The transaction will allow Lifeco to focus on its retirement and asset management businesses in the U.S. 1. Great-West Life & Annuity Insurance Company will retain a small block of participating life insurance policies which will be administered by Protective Life Corporation. 11
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