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Preferred share information

Preferred share information

Stock exchange listings

Lifeco's Series F (GWO.PR.F), Series G (GWO.PR.G), Series H (GWO.PR.H), Series I (GWO.PR.H), Series I (GWO.PR.I), Series L (GWO.PR.L), Series M (GWO.PR.M), Series N (GWO.PR.N), Series O (GWO.PR.O), Series P (GWO.PR.P), Series Q (GWO.PR.Q), Series R (GWO.PR.R) and Series S (GWO.PR.S) are listed on the Toronto Stock Exchange.

Dividend record and payment dates

Preferred shares Series F, G, H, I, L, M, N, O, P, Q, R and S – Dividend record dates are usually between the 1st and 4th of March, June, September and December. Dividends are paid the last day of each quarter.

Information about the Series N and O dividend rates can be found in the news release issued on December 2, 2015.

Preferred share data

Issuer Entity Great-West Lifeco Inc.
Issue Series F Series G Series H Series I Series L Series M Series N Series O Series P Series Q Series R Series S
Ticker GWO.PR.F GWO.PR.G GWO.PR.H GWO.PR.I GWO.PR.L GWO.PR.M GWO.PR.N GWO.PR.O GWO.PR.P GWO.PR.Q GWO.PR.R GWO.PR.S
General Type Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual 5-Year Rate Reset Floating Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual Fixed Rate Perpetual
Cumulative/ Non-Cumulative Non-cumulative Non-cumulative Non-cumulative Non-cumulative Non-cumulative Non-cumulative Non–cumulative Non-cumulative Non-cumulative Non-cumulative Non-cumulative Non-cumulative
Date Issued July 10, 2003 Sep 14, 2004 Aug 12, 2005 Apr 12, 2006 Oct 2, 2009 Mar 4, 2010 Nov 23, 2010 Dec 31, 2015 Feb 22, 2012 Jul 6, 2012 Oct 11, 2012 May 22, 2014
Shares Outstanding 7,740,032 12,000,000 12,000,000 12,000,000 6,800,000 6,000,000 8,524,422 1,475,578 10,000,000 8,000,000 8,000,000 8,000,000
Amount Outstanding (Par) $193,500,800 $300,000,000 $300,000,000 $300,000,000 $170,000,000 $150,000,000 $213,110,550 $36,889,450 $250,000,000 $200,000,000 $200,000,000 $200,000,000
Yield 5.90% 5.20% 4.85% 4.50% 5.65% 5.80% 2.176%1 1.742%2 5.40% 5.15% 4.80% 5.25%
Earliest Issuer Redemption Date Sep 30, 2008 Dec 31, 2009 Sep 30, 2010 Jun 30, 2011 Dec 31, 2014 Mar 31, 2015 Dec 31, 2015 Dec 31, 2015 Mar 31, 2017 Sep 30, 2017 Dec 31, 2017 June 30, 2019
Paid-up Capital per Share $20.59 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00 $25.00
S&P Rating A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low) A-, P-1(low)
DBRS Rating Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high) Pfd-2(high)

Important information on paid-up capital

Lifeco Series F Shares

In 2003, pursuant to a share reorganization and exchange transaction, Great-West Lifeco Inc. ("Lifeco") acquired all of the outstanding common shares in the capital of Canada Life Financial Corporation ("CLFC") that it did not already control ("Original Shares"), for consideration per Original Share which consisted of one of or a combination of cash and the following shares in the capital of Lifeco: common shares, Non-Cumulative First Preferred Shares, Series E, and Non-Cumulative First Preferred Shares, Series F (collectively, "Exchanged Shares").

On December 31, 2009, the Company redeemed all of the Non-Cumulative First Preferred Shares, Series E for $26.00 per share.

Great-West Series L Shares

In 1997, Lifeco and The Great-West Life Assurance Company ("Great-West") purchased common shares in the capital of London Insurance Group Inc. ("Original Shares") for consideration per Original Share which consisted of one of or a combination of cash and common shares and Non-Cumulative Class A Preferred Shares, Series 1 (which have since been redeemed) in the capital of Lifeco, and Non-Cumulative Preferred Shares, Series L, in the capital of Great-West (collectively, "Exchanged Shares").

Great-West Series O Shares

In 2000, Great-West and 3812774 Canada Inc., a wholly-owned subsidiary of Lifeco (which was subsequently dissolved), purchased Non-Cumulative Preferred Shares, Series L, in the capital of Great-West ("Original Shares") for consideration per share which consisted of cash or Non-Cumulative Preferred Shares, Series O, in the capital of Great-West ("Exchanged Shares").

On October 29, 2010, Great-West Life redeemed all of its outstanding 5.55% Non-Cumulative Preferred Shares, Series O at a price of $25.00 per share.

Paid-Up Capital

In connection with the issuance of Exchanged Shares in exchange for Original Shares, each shareholder, if eligible, could make a joint election (a "Tax Election") with either or both of Lifeco and Great-West Life, as applicable, pursuant to section 85 of the Income Tax Act (Canada) and thereby obtain a full or partial tax-deferred "rollover" for Canadian income tax purposes. The paid-up capital per share of the applicable class of Exchanged Shares was determined using the aggregate of the paid-up capital of all Exchanged Shares whether or not a Tax Election was made. The paid-up capital of the Exchanged Shares where a Tax Election was not made (“Non-Elected Exchanged Shares”) is equal to the fair market value of the consideration received for the Non-Elected Exchanged Shares. The paid-up capital of the Exchanged Shares where a Tax Election was made (“Elected Exchanged Shares”) is based on the transfer amount elected (the “Elected Amount”) in the Tax Election for each Elected Exchanged Share.

The Elected Amount of each Elected Exchanged Share was provided by the owners of the Original Shares. The reader is cautioned that neither Lifeco nor Great-West Life will be responsible for any inaccuracy in the paid-up capital of any class of Exchanged Shares resulting from an error made by any owner of Elected Exchanged Shares as to the Elected Amount thereof. As a result of the full or partial tax-deferred rollover as described above, the paid-up capital of the Lifeco Series F First Preferred Shares to all holders may be significantly less than the redemption price of such shares, and therefore, a significant deemed dividend could arise on redemption. A deemed dividend is calculated by subtracting the paid-up capital from the redemption price paid for the share. Please refer to the applicable public document filed on SEDAR at sedar.com pursuant to which the Exchanged Shares were issued and contact your tax advisor for further information and advice concerning the tax attributes of such shares.