Commentary & Deal Flow

Reoffer: 7yr: MS+90bp / 99.575 / 3.695%
Benchmark: 7yr: DBR 2.3% 15-Feb-33 @ 97.610 / B+99.7bp / HR 102%

Final Books: Above €1.55bn.

Launched: 7yr: €500m @ MS+90bp - Books above €1.4bn (pre-rec)
Book Update: Books above €1bn
IPTs: 7yr: MS+115/120bp

• Issuer: Great-West Lifeco Inc.
• LEI Code: 549300X81X4VZEESFU46
• Expected Ratings: A+ (Stable) / A (Stable) (S&P/Fitch)
• Format: Regulation S, Registered Global Certificate, New Safekeeping Structure
• Ranking: Senior Unsecured
• Tenor: 7-year
• Size: €500m
• Re-offer: MS+90bp / 3.695% / 99.575
• Benchmark: DBR 2.3% 15-Feb-33 (97.610 bid) + 99.7bp | HR 102%
• 1st coupon date: 07-Jul-27
• Maturity Date: 07-Jul-33
• Coupon: 3.625% Fixed, Annual, Act/Act (ICMA)
• Use of Proceeds: General Corporate Purposes including, without limitation, repayment of the Issuer's outstanding €500,000,000 1.750% Bonds due 2026 (ISIN: XS1528141788)
• Pricing Date: 30-Jun-26
• Settlement: 07-Jul-26 (T+5)
• Denominations: €100,000 with €1,000 increments thereafter
• Listing: Irish Stock Exchange plc, trading as Euronext Dublin: Global Exchange Market
• Governing Law: English Law
• Target Market: Manufacturer target market (UK MiFIR and MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail investors in the European Economic Area (EEA) or the United Kingdom (UK)
• Stabilization: Relevant stabilization regulations including FCA / ICMA apply
• ISIN: XS3307269038
• Clearing: Euroclear and/or Clearstream Luxembourg
• Sales Into Canada: Yes (via Canadian Offering Memorandum)
• Joint Lead Managers: Barclays (B&D), BofA Securities, Crédit Agricole CIB and J.P. Morgan
• Timing: ToE 14:04 UKT | FTT 14:30 UKT