Great-West Lifeco Inc. - Issue of Subordinated Debentures



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
    UNITED STATES/

    TSX:GWO

    WINNIPEG, June 8, 2007 /CNW/ - Great-West Lifeco Inc. (Lifeco) today
announced that an affiliated Delaware Limited Partnership, Great-West Lifeco
Finance (Delaware) LP (GWLP), has today filed a preliminary short form
prospectus for an offering by GWLP of subordinated debentures. The obligations
of GWLP under the debentures will be guaranteed by Lifeco on a subordinated
basis.
    The subordinated debentures will be offered through a syndicate of
underwriters jointly led by BMO Capital Markets, Merrill Lynch Canada and
Scotia Capital. The amount and yield of the Debentures will be determined
prior to the filing of the final prospectus. The net proceeds will be used by
GWLP to provide funding to subsidiaries of Lifeco for general corporate
purposes, including to finance the previously announced acquisition of Putnam
Investments Trust.
    The subordinated debentures offered have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any State in which such offer,
solicitation or sale would be unlawful.

    GREAT-WEST LIFECO INC.

    Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company
with interests in the life insurance, health insurance, retirement savings,
and reinsurance businesses. Lifeco has operations in Canada, the United States
and Europe through The Great-West Life Assurance Company, Great-West Life &
Annuity Insurance Company, London Life Insurance Company and The Canada Life
Assurance Company. Lifeco and its companies have more than $216 billion in
assets under administration. Great-West Lifeco is a member of the Power
Financial Corporation group of companies.





For further information:

For further information: Marlene Klassen, APR, FLMI, Director, Media &
Public Relations, (204) 946-7705


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