One brand. One company.

Une marque. Une compagnie.

The new Canada Life On Jan. 1, 2020, The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company became one company – The Canada Life Assurance Company.

There’s nothing you need to do If you have a Great-West Life, London Life, or Canada Life™ policy or contract, it’s now with The Canada Life Assurance Company. Your policy coverage and contract details haven’t changed. And you can continue to work with the same advisor you know and trust.

La nouvelle Canada Vie Le 1er janvier 2020, La Great-West, compagnie d’assurance-vie, la London Life, Compagnie d’Assurance-Vie et La Compagnie d’Assurance du Canada sur la Vie se sont unies pour ne former qu’une seule compagnie – La Compagnie d’Assurance du Canada sur la Vie.

Vous n’avez aucune mesure à prendre Si votre police ou contrat a été établi auprès de la Great-West, de la London Life ou de la Canada VieMC, sachez qu’il s’agit désormais d’un produit de La Compagnie d’Assurance du Canada sur la Vie. La protection que vous procure votre police et les particularités de votre contrat n’ont pas changé. Vous pouvez aussi continuer de travailler avec le même conseiller que vous connaissez et en qui vous avez confiance.

Great-West Life, London Life and Canada Life amalgamated on Jan. 1, 2020

La Great-West, la London Life etla Canada Vie ont fusionné le 1er janvier 2020

You’ll see references to Great-West Life and London Life for a while It takes time to update websites, materials and forms with this change. Until that’s done, all references to Great-West Life or London Life – whether online, in banking transactions or in print (including any materials with this notice) – refer to The Canada Life Assurance Company.

Please keep this notice with your records.Learn more at canadalife.com/onecompany or contact your advisor.Canada Life: 1-888-252-1847London Life: 1-877-566-5433Great-West Life Investments: 1-800-665-5758Great-West Life Insurance: 1-800-665-0551

Vous continuerez de voir des références à la Great-West et à la London Life pendant un certain temps Il faut du temps pour mettre les sites Web, le matériel et les formulaires à jour afin qu’ils reflètent ce changement. D’ici là, toute référence à la Great-West ou à la London Life – qu’elle soit en ligne, dans des opérations bancaires ou dans des documents imprimés (y compris tout le matériel inclus avec cette annonce) – doit être comprise comme faisant référence à La Compagnie d’Assurance du Canada sur la Vie.

Veuillez conserver la présente annonce dans vos dossiers.Pour en savoir plus sur ce changement, consultez le site canadavie.com/unecompagnie ou communiquez avec votre conseiller.Canada Vie : 1 888 252-1847London Life : 1 877 566-5433Investissements de la Great-West : 1 800 665-9479Assurance de la Great-West : 1 800 665-2630

Canada Life head office:100 Osborne Street North, Winnipeg MB R3C 1V3

London Life and design, Great-West Life and the key design, and Canada Life and designs, are trademarks of The Canada Life Assurance Company.

Siège social de la Canada Vie :100 rue Osborne Nord, Winnipeg MB R3C 1V3

London Life et le symbole social, la Great-West et la conception graphique de la clé, et Canada Vie et les symboles sociaux sont des marques de commerce de La Compagnie d’Assurance du Canada sur la Vie.

70-0247 BIL-11/19 MCC# 903874

Addendum to 46-8423 – 05/2019 11/19

Great-West Life segregated funds policies information folder addendum

Preferred series 2

Updates to the following funds:

North American High Yield Bond Fund (Putnam) Change to – North American High Yield Bond Fund (Mackenzie)

Canadian Equity Growth (Mackenzie) Change to – Canadian Growth (Mackenzie)

Foreign Equity (Mackenzie) Change to – Ivy Foreign Equity (Mackenzie)

Global Balanced (Mackenzie) Change to – Ivy Global Balanced (Mackenzie)

Global Income (Sentry) Change to – Sentry Global Income (CI)

International Bond (Brandywine) Change to – Global Bond (Brandywine)

The Great-West Life Assurance Company

Addendum to 46-8423 – 05/2019 11/19

Effective November 2019 the following segregated fund was renamed as shown in the table below. Existing segregated fund name New segregated fund name North American High Yield Bond (Putnam) North American High Yield Bond (Mackenzie)

The information folder is amended by replacing the name North American High Yield Bond Fund (Putnam) with North American High Yield Bond Fund (Mackenzie) wherever it appears. This update is as a result of a change in the manager of the underlying mutual fund. The segregated fund will now be managed by Mackenzie Investments. No other changes were made to the segregated fund. Effective November 2019 the following segregated funds are being renamed as shown in the table below. Existing segregated fund name New segregated fund name Canadian Equity Growth (Mackenzie) Canadian Growth (Mackenzie) Foreign Equity (Mackenzie) Ivy Foreign Equity (Mackenzie) Global Balanced (Mackenzie) Ivy Global Balanced (Mackenzie) Global Income (Sentry) Sentry Global Income (CI) International Bond (Brandywine) Global Bond (Brandywine)

The information folder is amended to replace the existing segregated fund name wherever it appears with the new segregated fund name. This addendum forms part of your information folder containing important provisions that you should read prior to investing. The information folder contains general information about your policy and includes a summary of the various types of risks that may apply when you invest in a segregated fund. This addendum is not an insurance contract. The Great-West Life Assurance Company (“Great-West Life”) is the sole issuer of the individual variable annuity policy described in the information folder. You can contact us at: The Great-West Life Assurance Company 255 Dufferin Avenue London, ON N6A 4K1 Web: greatwestlife.com Email: On our website please go to the “Contact Us Section”. Telephone: 1-800-665-5758 Great-West Life and design are trademarks of The Great-West Life Assurance Company.

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

North American High Yield Bond (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in higher-yielding fixed- income securities issued by North American corporations currently through the Mackenzie North American Corporate Bond Fund.

Are there any guarantees?This fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The insurance cost for the guarantee is included in the investment management fee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 5 years. This option does not deduct a MER but you pay fees that you agree to in your fee agreement directly. See the Ongoing expenses section below for details.The performance below is of the fund’s 75/75 guarantee Standard series FEL option after the MER has been deducted. The returns for the preferred series 2 FEL option will, in most instances, exceed the performance shown below due to lower fees.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee policy you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund’s 75/75 guarantee Standard series FEL option on July 8, 2013 would have $1,087.96 on December 31, 2018. This works out to an average of 1.55% a year.Year-by-year returns (%)This chart shows how the fund’s 75/75 guarantee Standard series FEL option has performed in each of the past 5 years. In the past 5 years, the fund was up in value 3 years and down in value 2 years.

How risky is it?

Low Low to moderate Moderate Moderate to high High

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking potential for interest income in their portfolio and is comfortable with low to moderate risk. Since the fund invests in bonds, its value is affected by changes in interest rates.NotesEffective September 24, 2019 the name of the segregated fund changed to North American High Yield Bond Fund (Mackenzie) from North American High Yield Bond Fund (Putnam). The performance prior to that date was achieved under the previous investment manager.

............................................................................................................................0.84

............................................................................................................................0.83

............................................................................................................................0.74

............................................................................................................................0.72

............................................................................................................................0.64

............................................................................................................................0.60

............................................................................................................................0.58

............................................................................................................................0.58

............................................................................................................................0.58

............................................................................................................................0.57

............................................................................................................................6.66

............................................................................................................................476

............................................................................................................................94.88

............................................................................................................................8.48

............................................................................................................................2.29

............................................................................................................................0.15

............................................................................................................................-5.80

Quick facts: Date fund available: July 8, 2013Date fund created: July 8, 2013Managed by: Mackenzie Investments

Total fund value: $18,253,225Portfolio turnover rate: 17.79%

Guarantee policy Preferred series 2: FEL option

Maturity / death benefit (%) MER (%) NAV ($) Units outstanding

75 / 75 2.37 12.42 138,00175 / 100 2.59 12.42 205,240100 / 100 -- -- --

Minimum investment

The preferred series 2 does not have a MER as all fees and expenses are paid directly by you. See the section Ongoing expenses below for further details. The MER shown is the Standard series FEL option. Your cost to hold the fund, in most instances, will be lower than the MER shown. The cost of owning this fund is set out in your fee agreement - see the Fees and expenses section of the information folder for more details and discuss with your financial security advisor.

FEL – Front-end load MER – Management expense ratio NAV – Net asset value

1

* 1 1

*

1 Non-registered, RRSP, TFSA and RRIF policies: $100,000 initial (with $500,000 minimum total holdings requirement)

•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

CSC Holdings LLC, 7.75%, 7/15/2025 144A

First Data Corp., 5.75%, 1/15/2024 144A

Navistar Inc. Term Loan B 1st Lien F/R 11/06/2024

EMC Corp., 6.02%, 6/15/2026 144A

Total

Fixed income

Foreign equity

OtherCanadian equity

Cash and equivalents

Total investments:

SFR Group S.A., 7.375%, 5/1/2026 144A

HCA Inc., 5.875%, 03/15/2022

CCO Holdings LLC, 5.5%, 5/1/2026 144A

Sprint Corp., 7.25%, 9/15/2021

Ally Financial Inc., 8%, 11/1/2031Sprint Corp., 7.875%, 9/15/2023

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

North American High Yield Bond (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund.1. Sales charges

Sales charge option What you pay How it works

Preferred series 2 FEL option Up to 2% of the amount you invest.

2. Ongoing expensesNormally the MER includes the investment management fee, operating expenses and the cost for the guarantee. These fees are normally deducted from the fund. The preferred series 2 FEL option is only available if you pay fees by redeeming units from your policy. The preferred series 2 fee agreement shows the fees you pay. These fees reduce the return you get on your investment. The advisory and management service fee is negotiable and the fee ranges between 0.50% and 1.25%.Available additional guarantee options are subject to the following fees. You have to pay for these as set out below. For details about how the guarantees work, please see the applicable section of your information folder and contract.

Guarantee policyDeath benefit

guarantee reset option (%)

Maturity guarantee reset

option (%)Maturity / death benefit (%) Additional costs

75 / 75 n/a n/a75 / 100 0.11 n/a100 / 100 0.11 0.05

Trailing commissionNo trailing commission.

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee

Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

Switch fee You may make up to 12 free switches in each calendar year and after that you may be charged a fee.

What if I change my mind?You can change your mind and cancel the segregated fund policy, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy by telling us in writing within two business days of the earlier of the date you received confirmation of the transaction or five business days after it is mailed to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units acquired on the day we process your request. The amount returned only applies to the specific transaction and will include a refund of any sales charges or other fees you paid.For more informationThe Fund Facts may not contain all the information you need. Please read the contract and the information folder or you may contact us at:The Great-West Life Assurance Company 255 Dufferin Avenue London, ON N6A 4K1 Web: www.greatwestlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-800-665-5758

You and your financial security advisor determine the rate.•The fee is deducted from the amount you invest. It is paid as a commission.•

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

Canadian Growth (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in Canadian stocks with exposure to foreign stocks.

Are there any guarantees?This fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The insurance cost for the guarantee is included in the investment management fee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 9 years. This option does not deduct a MER but you pay fees that you agree to in your fee agreement directly. See the Ongoing expenses section below for details.The performance below is of the fund’s 75/75 guarantee Standard series FEL option after the MER has been deducted. The returns for the preferred series 2 FEL option will, in most instances, exceed the performance shown below due to lower fees.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee policy you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund’s 75/75 guarantee Standard series FEL option on October 5, 2009 would have $1,486.63 on December 31, 2018. This works out to an average of 4.39% a year.Year-by-year returns (%)This chart shows how the fund’s 75/75 guarantee Standard series FEL option has performed in each of the past 9 years. In the past 9 years, the fund was up in value 6 years and down in value 3 years.

How risky is it?

Low Low to moderate Moderate Moderate to high High

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of stocks, which includes moderate exposure to foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.NotesEffective November 2019 the name of the segregated fund changed to Canadian Growth (Mackenzie) from Canadian Equity Growth (Mackenzie). No other changes were made to the segregated fund.

............................................................................................................................5.17

............................................................................................................................5.01

............................................................................................................................4.69

............................................................................................................................4.62

............................................................................................................................4.42

............................................................................................................................4.37

............................................................................................................................4.30

............................................................................................................................4.25

............................................................................................................................4.22

............................................................................................................................4.17

............................................................................................................................45.23

............................................................................................................................33

............................................................................................................................52.55

............................................................................................................................45.66

............................................................................................................................2.23

............................................................................................................................-0.45

Quick facts: Date fund available: May 14, 2012Date fund created: December 12, 2000Managed by: Mackenzie Investments

Total fund value: $8,322,983Portfolio turnover rate: 130.28%

Guarantee policy Preferred series 2: FEL option

Maturity / death benefit (%) MER (%) NAV ($) Units outstanding

75 / 75 2.88 17.13 21,73075 / 100 2.99 17.13 8,394100 / 100 -- -- --

Minimum investment

The preferred series 2 does not have a MER as all fees and expenses are paid directly by you. See the section Ongoing expenses below for further details. The MER shown is the Standard series FEL option. Your cost to hold the fund, in most instances, will be lower than the MER shown. The cost of owning this fund is set out in your fee agreement - see the Fees and expenses section of the information folder for more details and discuss with your financial security advisor.

FEL – Front-end load MER – Management expense ratio NAV – Net asset value

1

* 1 1

*

1 Non-registered, RRSP, TFSA and RRIF policies: $100,000 initial (with $500,000 minimum total holdings requirement)

•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

CCL Industries Inc.

Baxter International Inc.

Koninklijke Philips N.V.

Dollarama Inc.

Total

Canadian equity

Cash and equivalentsOther

Foreign equity

Total investments:

Stantec Inc.

Fiserv, Inc.

Stryker Corporation

Accenture plc

Aon plcRoyal Bank of Canada

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

Canadian Growth (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund.1. Sales charges

Sales charge option What you pay How it works

Preferred series 2 FEL option Up to 2% of the amount you invest.

2. Ongoing expensesNormally the MER includes the investment management fee, operating expenses and the cost for the guarantee. These fees are normally deducted from the fund. The preferred series 2 FEL option is only available if you pay fees by redeeming units from your policy. The preferred series 2 fee agreement shows the fees you pay. These fees reduce the return you get on your investment. The advisory and management service fee is negotiable and the fee ranges between 0.50% and 1.25%.Available additional guarantee options are subject to the following fees. You have to pay for these as set out below. For details about how the guarantees work, please see the applicable section of your information folder and contract.

Guarantee policyDeath benefit

guarantee reset option (%)

Maturity guarantee reset

option (%)Maturity / death benefit (%) Additional costs

75 / 75 n/a n/a75 / 100 0.16 n/a100 / 100 0.16 0.21

Trailing commissionNo trailing commission.

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee

Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

Switch fee You may make up to 12 free switches in each calendar year and after that you may be charged a fee.

What if I change my mind?You can change your mind and cancel the segregated fund policy, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy by telling us in writing within two business days of the earlier of the date you received confirmation of the transaction or five business days after it is mailed to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units acquired on the day we process your request. The amount returned only applies to the specific transaction and will include a refund of any sales charges or other fees you paid.For more informationThe Fund Facts may not contain all the information you need. Please read the contract and the information folder or you may contact us at:The Great-West Life Assurance Company 255 Dufferin Avenue London, ON N6A 4K1 Web: www.greatwestlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-800-665-5758

You and your financial security advisor determine the rate.•The fee is deducted from the amount you invest. It is paid as a commission.•

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

Ivy Foreign Equity (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in stocks worldwide currently through the Mackenzie Ivy Foreign Equity Fund.

Are there any guarantees?This fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The insurance cost for the guarantee is included in the investment management fee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 9 years. This option does not deduct a MER but you pay fees that you agree to in your fee agreement directly. See the Ongoing expenses section below for details.The performance below is of the fund’s 75/75 guarantee Standard series FEL option after the MER has been deducted. The returns for the preferred series 2 FEL option will, in most instances, exceed the performance shown below due to lower fees.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee policy you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund’s 75/75 guarantee Standard series FEL option on October 5, 2009 would have $2,005.05 on December 31, 2018. This works out to an average of 7.82% a year.Year-by-year returns (%)This chart shows how the fund’s 75/75 guarantee Standard series FEL option has performed in each of the past 9 years. In the past 9 years, the fund was up in value 8 years and down in value 1 year.

How risky is it?

Low Low to moderate Moderate Moderate to high High

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the longer term, seeking the growth potential of foreign stocks and is comfortable with moderate risk. Since the fund invests in stocks its value is affected by stock prices, which can rise and fall in a short period of time.NotesEffective November 2019 the name of the segregated fund changed to Ivy Foreign Equity (Mackenzie) from Foreign Equity (Mackenzie). No other changes were made to the segregated fund.

............................................................................................................................3.89

............................................................................................................................3.62

............................................................................................................................3.57

............................................................................................................................3.48

............................................................................................................................3.40

............................................................................................................................3.34

............................................................................................................................3.32

............................................................................................................................3.03

............................................................................................................................2.97

............................................................................................................................2.81

............................................................................................................................33.44

............................................................................................................................34

............................................................................................................................68.25

............................................................................................................................29.14

............................................................................................................................2.39

............................................................................................................................0.23

Quick facts: Date fund available: May 14, 2012Date fund created: December 12, 2000Managed by: Mackenzie Investments

Total fund value: $185,056,674Portfolio turnover rate: 4.85%

Guarantee policy Preferred series 2: FEL option

Maturity / death benefit (%) MER (%) NAV ($) Units outstanding

75 / 75 2.94 21.11 1,302,38375 / 100 3.11 21.11 751,060100 / 100 3.63 21.11 9,038

Minimum investment

The preferred series 2 does not have a MER as all fees and expenses are paid directly by you. See the section Ongoing expenses below for further details. The MER shown is the Standard series FEL option. Your cost to hold the fund, in most instances, will be lower than the MER shown. The cost of owning this fund is set out in your fee agreement - see the Fees and expenses section of the information folder for more details and discuss with your financial security advisor.

FEL – Front-end load MER – Management expense ratio NAV – Net asset value

1

* 1 1

*

1 Non-registered, RRSP, TFSA and RRIF policies: $100,000 initial (with $500,000 minimum total holdings requirement)

•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-40.00-20.00

0.0020.0040.0060.00

Henkel AG & Co. KGaA

Omnicom Group Inc.

Amcor Limited

Oracle Corporation

Total

Foreign equity

Canadian equityOther

Cash and equivalents

Total investments:

Comcast Corporation

The Procter & Gamble Company

Johnson & Johnson

PepsiCo, Inc.

Seven & i Holdings Co., Ltd.Henry Schein, Inc.

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

Ivy Foreign Equity (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund.1. Sales charges

Sales charge option What you pay How it works

Preferred series 2 FEL option Up to 2% of the amount you invest.

2. Ongoing expensesNormally the MER includes the investment management fee, operating expenses and the cost for the guarantee. These fees are normally deducted from the fund. The preferred series 2 FEL option is only available if you pay fees by redeeming units from your policy. The preferred series 2 fee agreement shows the fees you pay. These fees reduce the return you get on your investment. The advisory and management service fee is negotiable and the fee ranges between 0.50% and 1.25%.Available additional guarantee options are subject to the following fees. You have to pay for these as set out below. For details about how the guarantees work, please see the applicable section of your information folder and contract.

Guarantee policyDeath benefit

guarantee reset option (%)

Maturity guarantee reset

option (%)Maturity / death benefit (%) Additional costs

75 / 75 n/a n/a75 / 100 0.21 n/a100 / 100 0.21 0.27

Trailing commissionNo trailing commission.

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee

Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

Switch fee You may make up to 12 free switches in each calendar year and after that you may be charged a fee.

What if I change my mind?You can change your mind and cancel the segregated fund policy, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy by telling us in writing within two business days of the earlier of the date you received confirmation of the transaction or five business days after it is mailed to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units acquired on the day we process your request. The amount returned only applies to the specific transaction and will include a refund of any sales charges or other fees you paid.For more informationThe Fund Facts may not contain all the information you need. Please read the contract and the information folder or you may contact us at:The Great-West Life Assurance Company 255 Dufferin Avenue London, ON N6A 4K1 Web: www.greatwestlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-800-665-5758

You and your financial security advisor determine the rate.•The fee is deducted from the amount you invest. It is paid as a commission.•

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

Ivy Global Balanced (Mackenzie)

What does the fund invest in?This segregated fund invests primarily in foreign fixed-income securities and foreign stocks currently through the Mackenzie Ivy Global Balanced Fund.

Are there any guarantees?This fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The insurance cost for the guarantee is included in the investment management fee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 9 years. This option does not deduct a MER but you pay fees that you agree to in your fee agreement directly. See the Ongoing expenses section below for details.The performance below is of the fund’s 75/75 guarantee Standard series FEL option after the MER has been deducted. The returns for the preferred series 2 FEL option will, in most instances, exceed the performance shown below due to lower fees.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee policy you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund’s 75/75 guarantee Standard series FEL option on October 5, 2009 would have $1,770.99 on December 31, 2018. This works out to an average of 6.38% a year.Year-by-year returns (%)This chart shows how the fund’s 75/75 guarantee Standard series FEL option has performed in each of the past 9 years. In the past 9 years, the fund was up in value 8 years and down in value 1 year.

How risky is it?

Low Low to moderate Moderate Moderate to high High

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to foreign bonds and stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.NotesEffective November 2019 the name of the segregated fund changed to Ivy Global Balanced (Mackenzie) from Global Balanced (Mackenzie). No other changes were made to the segregated fund.

............................................................................................................................3.94

............................................................................................................................3.66

............................................................................................................................3.61

............................................................................................................................3.57

............................................................................................................................3.53

............................................................................................................................3.39

............................................................................................................................3.36

............................................................................................................................3.08

............................................................................................................................3.08

............................................................................................................................2.84

............................................................................................................................34.06

............................................................................................................................1454

............................................................................................................................73.26

............................................................................................................................20.55

............................................................................................................................4.03

............................................................................................................................2.57

............................................................................................................................-0.42

Quick facts: Date fund available: May 14, 2012Date fund created: October 5, 2009Managed by: Mackenzie Investments

Total fund value: $21,229,447Portfolio turnover rate: 12.63%

Guarantee policy Preferred series 2: FEL option

Maturity / death benefit (%) MER (%) NAV ($) Units outstanding

75 / 75 2.80 19.72 42,79175 / 100 2.96 19.72 101,926100 / 100 -- -- --

Minimum investment

The preferred series 2 does not have a MER as all fees and expenses are paid directly by you. See the section Ongoing expenses below for further details. The MER shown is the Standard series FEL option. Your cost to hold the fund, in most instances, will be lower than the MER shown. The cost of owning this fund is set out in your fee agreement - see the Fees and expenses section of the information folder for more details and discuss with your financial security advisor.

FEL – Front-end load MER – Management expense ratio NAV – Net asset value

1

* 1 1

*

1 Non-registered, RRSP, TFSA and RRIF policies: $100,000 initial (with $500,000 minimum total holdings requirement)

•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

0.0015.0030.0045.00

Henkel AG & Co. KGaA

PepsiCo, Inc.

Amcor Limited

The Procter & Gamble Company

Total

Foreign equity

Cash and equivalents

OtherCanadian equity

Fixed income

Total investments:

Comcast Corporation

Oracle Corporation

Johnson & Johnson

Omnicom Group Inc.

Seven & i Holdings Co., Ltd.Henry Schein, Inc.

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

Ivy Global Balanced (Mackenzie)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund.1. Sales charges

Sales charge option What you pay How it works

Preferred series 2 FEL option Up to 2% of the amount you invest.

2. Ongoing expensesNormally the MER includes the investment management fee, operating expenses and the cost for the guarantee. These fees are normally deducted from the fund. The preferred series 2 FEL option is only available if you pay fees by redeeming units from your policy. The preferred series 2 fee agreement shows the fees you pay. These fees reduce the return you get on your investment. The advisory and management service fee is negotiable and the fee ranges between 0.50% and 1.25%.Available additional guarantee options are subject to the following fees. You have to pay for these as set out below. For details about how the guarantees work, please see the applicable section of your information folder and contract.

Guarantee policyDeath benefit

guarantee reset option (%)

Maturity guarantee reset

option (%)Maturity / death benefit (%) Additional costs

75 / 75 n/a n/a75 / 100 0.11 n/a100 / 100 0.11 0.11

Trailing commissionNo trailing commission.

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee

Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

Switch fee You may make up to 12 free switches in each calendar year and after that you may be charged a fee.

What if I change my mind?You can change your mind and cancel the segregated fund policy, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy by telling us in writing within two business days of the earlier of the date you received confirmation of the transaction or five business days after it is mailed to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units acquired on the day we process your request. The amount returned only applies to the specific transaction and will include a refund of any sales charges or other fees you paid.For more informationThe Fund Facts may not contain all the information you need. Please read the contract and the information folder or you may contact us at:The Great-West Life Assurance Company 255 Dufferin Avenue London, ON N6A 4K1 Web: www.greatwestlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-800-665-5758

You and your financial security advisor determine the rate.•The fee is deducted from the amount you invest. It is paid as a commission.•

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

Sentry Global Income (CI)

What does the fund invest in?This segregated fund invests primarily in fixed-income securities and stocks anywhere in the world.

Are there any guarantees?This fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The insurance cost for the guarantee is included in the investment management fee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 9 years. This option does not deduct a MER but you pay fees that you agree to in your fee agreement directly. See the Ongoing expenses section below for details.The performance below is of the fund’s 75/75 guarantee Standard series FEL option after the MER has been deducted. The returns for the preferred series 2 FEL option will, in most instances, exceed the performance shown below due to lower fees.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee policy you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund’s 75/75 guarantee Standard series FEL option on October 5, 2009 would have $1,370.92 on December 31, 2018. This works out to an average of 3.47% a year.Year-by-year returns (%)This chart shows how the fund’s 75/75 guarantee Standard series FEL option has performed in each of the past 9 years. In the past 9 years, the fund was up in value 6 years and down in value 3 years.

How risky is it?

Low Low to moderate Moderate Moderate to high High

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking exposure to Canadian and foreign bonds and stocks and is comfortable with low to moderate risk. Since the fund invests in stocks and bonds its value is affected by changes in interest rates and by stock prices, which can rise and fall in a short period of time.NotesEffective November 2016 Sentry Investments Inc. assumed portfolio management responsibilities for the Growth & Income Fund (AGF). The name of the fund changed to Global Income Fund (Sentry) from Growth & Income Fund (AGF). The investment objective of the segregated fund changed from investing primarily in Canadian fixed-income securities and stocks to investing primarily in fixed-income securities and stocks anywhere in the world. The performance before that date was achieved under the previous manager and investment objective.Effective November 2019 the name of the segregated fund changed to Sentry Global Income (CI) from Global Income (Sentry). No other changes were made to the segregated fund.

............................................................................................................................3.53

............................................................................................................................3.25

............................................................................................................................2.59

............................................................................................................................1.96

............................................................................................................................1.43

............................................................................................................................1.31

............................................................................................................................1.25

............................................................................................................................1.22

............................................................................................................................1.22

............................................................................................................................1.19

............................................................................................................................18.97

............................................................................................................................499

............................................................................................................................61.03

............................................................................................................................26.01

............................................................................................................................11.44

............................................................................................................................1.54

............................................................................................................................-0.02

Quick facts: Date fund available: May 14, 2012Date fund created: January 23, 1996Managed by: Sentry Investments

Total fund value: $21,996,529Portfolio turnover rate: 9.37%

Guarantee policy Preferred series 2: FEL option

Maturity / death benefit (%) MER (%) NAV ($) Units outstanding

75 / 75 2.82 16.60 50,09875 / 100 2.90 16.59 26,843100 / 100 -- -- --

Minimum investment

The preferred series 2 does not have a MER as all fees and expenses are paid directly by you. See the section Ongoing expenses below for further details. The MER shown is the Standard series FEL option. Your cost to hold the fund, in most instances, will be lower than the MER shown. The cost of owning this fund is set out in your fee agreement - see the Fees and expenses section of the information folder for more details and discuss with your financial security advisor.

FEL – Front-end load MER – Management expense ratio NAV – Net asset value

1

* 1 1

*

1 Non-registered, RRSP, TFSA and RRIF policies: $100,000 initial (with $500,000 minimum total holdings requirement)

•

Top 10 investments Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-30.00-15.00

0.0015.0030.00

Province of Ontario, 2.9%, 12/2/2046

407 International Inc., 3.6%, 5/21/2047

Gov. of Canada, 0.5%, 3/1/2022

Gov. of Canada, 1%, 9/1/2022

Total

Fixed income

Canadian equity

OtherCash and equivalents

Foreign equity

Total investments:

Home Trust, 3.4%, 12/10/2018

Canada Housing Trust No.1, 1.9%, 9/15/2026

Brookfield Asset Management Inc.

Gov. of Canada, 0.75%, 9/1/2021

Gov. of Canada, 3.5%, 12/1/2045Gov. of Canada, 2%, 6/1/2028

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

Sentry Global Income (CI)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund.1. Sales charges

Sales charge option What you pay How it works

Preferred series 2 FEL option Up to 2% of the amount you invest.

2. Ongoing expensesNormally the MER includes the investment management fee, operating expenses and the cost for the guarantee. These fees are normally deducted from the fund. The preferred series 2 FEL option is only available if you pay fees by redeeming units from your policy. The preferred series 2 fee agreement shows the fees you pay. These fees reduce the return you get on your investment. The advisory and management service fee is negotiable and the fee ranges between 0.50% and 1.25%.Available additional guarantee options are subject to the following fees. You have to pay for these as set out below. For details about how the guarantees work, please see the applicable section of your information folder and contract.

Guarantee policyDeath benefit

guarantee reset option (%)

Maturity guarantee reset

option (%)Maturity / death benefit (%) Additional costs

75 / 75 n/a n/a75 / 100 0.11 n/a100 / 100 0.11 0.11

Trailing commissionNo trailing commission.

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee

Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

Switch fee You may make up to 12 free switches in each calendar year and after that you may be charged a fee.

What if I change my mind?You can change your mind and cancel the segregated fund policy, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy by telling us in writing within two business days of the earlier of the date you received confirmation of the transaction or five business days after it is mailed to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units acquired on the day we process your request. The amount returned only applies to the specific transaction and will include a refund of any sales charges or other fees you paid.For more informationThe Fund Facts may not contain all the information you need. Please read the contract and the information folder or you may contact us at:The Great-West Life Assurance Company 255 Dufferin Avenue London, ON N6A 4K1 Web: www.greatwestlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-800-665-5758

You and your financial security advisor determine the rate.•The fee is deducted from the amount you invest. It is paid as a commission.•

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

Global Bond (Brandywine)

What does the fund invest in?This segregated fund invests primarily in fixed-income securities issued by governments and corporations currently through the Legg Mason Brandywine Global Fixed Income Fund.

Are there any guarantees?This fund is being offered under an insurance contract. It comes with guarantees that may protect your investment if the markets go down. The insurance cost for the guarantee is included in the investment management fee. For details, please refer to the information folder and contract.

How has the fund performed?This section tells you how the fund has performed over the past 9 years. This option does not deduct a MER but you pay fees that you agree to in your fee agreement directly. See the Ongoing expenses section below for details.The performance below is of the fund’s 75/75 guarantee Standard series FEL option after the MER has been deducted. The returns for the preferred series 2 FEL option will, in most instances, exceed the performance shown below due to lower fees.It’s important to note that this doesn’t tell you how the fund will perform in the future. Also, your actual return will depend on the guarantee policy you choose and on your personal tax situation.Average returnA person who invested $1,000 in the fund’s 75/75 guarantee Standard series FEL option on October 5, 2009 would have $1,428.92 on December 31, 2018. This works out to an average of 3.94% a year.Year-by-year returns (%)This chart shows how the fund’s 75/75 guarantee Standard series FEL option has performed in each of the past 9 years. In the past 9 years, the fund was up in value 8 years and down in value 1 year.

How risky is it?

Low Low to moderate Moderate Moderate to high High

The value of your investments can go down. Please see the Fund risks section of the information folder for further details.

Who is this fund for?A person who is investing for the medium to longer term and seeking potential for interest income and wants exposure to foreign fixed-income securities in their portfolio and is comfortable with low to moderate risk. Since the fund invests in bonds its value is affected by changes in interest rates.NotesEffective November 2019 the name of the segregated fund changed to Global Bond (Brandywine) from International Bond (Brandywine). No other changes were made to the segregated fund.

............................................................................................................................9.77

............................................................................................................................9.70

............................................................................................................................6.20

............................................................................................................................5.23

............................................................................................................................5.20

............................................................................................................................4.62

............................................................................................................................4.12

............................................................................................................................3.90

............................................................................................................................3.29

............................................................................................................................3.17

............................................................................................................................55.20

............................................................................................................................43

............................................................................................................................66.17

............................................................................................................................34.31

............................................................................................................................-0.48

Quick facts: Date fund available: May 14, 2012Date fund created: November 8, 1994Managed by: Brandywine Global Investment Management

Total fund value: $97,328,982Portfolio turnover rate: 13.89%

Guarantee policy Preferred series 2: FEL option

Maturity / death benefit (%) MER (%) NAV ($) Units outstanding

75 / 75 2.47 15.51 102,07675 / 100 2.55 15.51 165,548100 / 100 2.61 15.51 33,980

Minimum investment

The preferred series 2 does not have a MER as all fees and expenses are paid directly by you. See the section Ongoing expenses below for further details. The MER shown is the Standard series FEL option. Your cost to hold the fund, in most instances, will be lower than the MER shown. The cost of owning this fund is set out in your fee agreement - see the Fees and expenses section of the information folder for more details and discuss with your financial security advisor.

FEL – Front-end load MER – Management expense ratio NAV – Net asset value

1

* 1 1

*

1 Non-registered, RRSP, TFSA and RRIF policies: $100,000 initial (with $500,000 minimum total holdings requirement)

•

Top 10 investments (of the underlying fund) Assets %

Investment segmentation Assets %

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-15.00

-7.500.007.50

15.0022.50

Inter-American Development Bank (FRN), 10/9/2020

European Investment Bank, 1.875%, 10/15/2019

South Africa, 8.75%, 2/28/2048

Brazil, 10%, 1/1/2023

Total

Fixed income

OtherCash and equivalents

Total investments:

The Goldman Sachs Group Inc. (FRN), 2/23/2023

International Finance Corp., 1.75%, 9/16/2019

Mexico, 8%, 11/7/2047

Mexico, 7.75%, 11/13/2042

U.S Dept. of the Treasury, 8/15/2048United Kingdom Debt Management Office, 1.75%, 7/22/2019

The Great-West Life Assurance Company FUND FACTS — Great-West Life Segregated Funds Policy - preferred series 2All information as at December 31, 2018

Global Bond (Brandywine)How much does it cost?The following table shows the fees and expenses you could pay to invest in or redeem units of the fund.1. Sales charges

Sales charge option What you pay How it works

Preferred series 2 FEL option Up to 2% of the amount you invest.

2. Ongoing expensesNormally the MER includes the investment management fee, operating expenses and the cost for the guarantee. These fees are normally deducted from the fund. The preferred series 2 FEL option is only available if you pay fees by redeeming units from your policy. The preferred series 2 fee agreement shows the fees you pay. These fees reduce the return you get on your investment. The advisory and management service fee is negotiable and the fee ranges between 0.50% and 1.25%.Available additional guarantee options are subject to the following fees. You have to pay for these as set out below. For details about how the guarantees work, please see the applicable section of your information folder and contract.

Guarantee policyDeath benefit

guarantee reset option (%)

Maturity guarantee reset

option (%)Maturity / death benefit (%) Additional costs

75 / 75 n/a n/a75 / 100 0.11 n/a100 / 100 0.11 0.05

Trailing commissionNo trailing commission.

3. Other feesYou may have to pay other fees when you redeem or switch units of the fund.

Fee What you pay

Short-term trading fee

Up to 2% of the value of units you redeem or switch within 90 days of investing in the fund.

Switch fee You may make up to 12 free switches in each calendar year and after that you may be charged a fee.

What if I change my mind?You can change your mind and cancel the segregated fund policy, the initial pre-authorized chequing premium or any lump-sum premium you apply to the policy by telling us in writing within two business days of the earlier of the date you received confirmation of the transaction or five business days after it is mailed to you.Your cancellation request has to be in writing, which can include email or letter. The amount returned will be the lesser of the amount of the premium being cancelled or the value of the applicable units acquired on the day we process your request. The amount returned only applies to the specific transaction and will include a refund of any sales charges or other fees you paid.For more informationThe Fund Facts may not contain all the information you need. Please read the contract and the information folder or you may contact us at:The Great-West Life Assurance Company 255 Dufferin Avenue London, ON N6A 4K1 Web: www.greatwestlife.com Email: On our website please go to the “Contact Us” section Telephone: 1-800-665-5758

You and your financial security advisor determine the rate.•The fee is deducted from the amount you invest. It is paid as a commission.•