Acquisition of Canada Life by Great-West Lifeco Inc. Receives Government Approval

OTTAWA, June 27, 2003 — The Government of Canada has approved the acquisition of Canada Life Financial Corporation by Great-West Lifeco Inc. The announcement was made today by the Secretary of State for International Financial Institutions.

The Secretary of State added that the transaction was reviewed by the Office of the Superintendent of Financial Institutions and the federal Competition Bureau. The Superintendent recommended approval of the transaction and the Commissioner of Competition raised no objection.

The Competition Bureau is an independent law enforcement agency that ensures all Canadians enjoy the benefits of a competitive economy. The Bureau oversees the application of the Competition Act, the Consumer Packaging and Labelling Act, the Textile Labelling Act and the Precious Metals Marking Act.