Prospectus excerpt: This offering of 5.65% Non-Cumulative First Preferred Shares, Series L (the “Series L First Preferred Shares”) of Great-West Lifeco Inc. (“Great-West Lifeco” or the “Corporation”) under this prospectus supplement (the “Prospectus Supplement”) consists of 6,000,000 Series L First Preferred Shares. The holders of the Series L First Preferred Shares will be entitled to fixed non-cumulative preferential cash dividends, if, as and when declared by the Board of Directors of the Corporation (the “Board of Directors”) at a rate equal to $1.4125 per share per annum. The initial dividend, if declared, will be payable on December 31, 2009 and will be $0.34829 per share, based on the anticipated closing date of this offering of October 2, 2009. Thereafter, dividends will be payable quarterly on the last day of March, June, September and December in each year at a rate of $0.353125 per share. Certain provisions relating to the Series L First Preferred Shares are summarized under “Details of the Offering”.
On and after December 31, 2014, Great-West Lifeco may, on not less than 30 nor more than 60 days’ notice, redeem for cash the Series L First Preferred Shares in whole or in part, at the Corporation’s option, at $26.00 per share if redeemed on or after December 31, 2014 and prior to December 31, 2015, $25.75 per share if redeemed on or after December 31, 2015 and prior to December 31, 2016, $25.50 per share if redeemed on or after December 31, 2016 and prior to December 31, 2017, $25.25 per share if redeemed on or after December 31, 2017 and prior to December 31, 2018 and $25.00 per share if redeemed on or after December 31, 2018, in each case together with all declared and unpaid dividends to but excluding the date of redemption. See “Details of the Offering”.