Great-West Lifeco raises dividend 6.4% and reports full year 2007 results



    TSX:GWO

    Readers are referred to the cautionary note regarding Forward-Looking
    Information and Non-GAAP Financial Measures at the end of this Release.

    WINNIPEG, Feb. 14, 2008 /CNW/ - Great-West Lifeco Inc. (Lifeco) has
reported net income attributable to common shareholders of $537 million for
the three months ended December 31, 2007, up 9% compared to net income of
$491 million reported a year ago. On a per share basis, this represents $0.601
per common share for the three months ended December 31, 2007 compared to
$0.550 per common share for 2006. The strength of the Canadian dollar reduced
net income reported by the Company in the quarter by approximately $0.043 per
common share or $38 million. On a constant currency basis, net income
attributable to common shareholders increased 17% over 2006.
    For the twelve months ended December 31, 2007 adjusted net income
attributable to common shareholders was $2,153 million compared to
$1,875 million reported a year ago. On a per share basis, this represents
$2.413 per common share for the twelve months ended December 31, 2007, an
increase of 15% compared to $2.104 per common share for 2006. Adjusted net
income excludes a $97 million after-tax provision for certain Canadian
retirement plans that was recorded in the third quarter of 2007. Net income
attributable to common shareholders after this provision was $2,056 million or
$2.304 per common share for the twelve months ended December 31, 2007. On a
constant currency basis, adjusted net income attributable to common
shareholders increased 16% over 2006.
    Results for the year were strong across all three of Lifeco's business
segments, Canada, United States and Europe.

    
    Highlights

    -   Quarterly dividends declared were $0.2925 per common share, an
        increase of 6.4%, payable March 31, 2008. Dividends paid on common
        shares for the twelve months ended December 31, 2007 were 14% higher
        than a year ago.
    -   The acquisition of Putnam Investments, LLC closed on August 3, 2007.
        Lifeco results include the results of Putnam from that date. Putnam
        contributed approximately $0.029 per common share to net income for
        the quarter, and approximately $0.046 per common share since the
        closing of the transaction.
    -   Announced on February 14, 2008, a $13 billion reinsurance transaction
        with Standard Life Assurance Limited.
    -   Announced on November 26, 2007 that the U.S. Healthcare business
        would be sold to CIGNA.
    -   Lifeco continues to benefit from a high quality asset portfolio in
        the face of significant uncertainty in global credit markets.
    -   Adjusted return on common shareholders' equity was 21.6% for the
        twelve months ended December 31, 2007.
    

    Consolidated net income for Lifeco is comprised of the net income of The
Great-West Life Assurance Company (Great-West Life), Canada Life Financial
Corporation (CLFC), London Life Insurance Company (London Life), Great-West
Life & Annuity Insurance Company (GWL&A), and Putnam Investments, LLC
(Putnam), together with Lifeco's corporate results.

    CANADA

    Net income attributable to common shareholders for the fourth quarter of
2007 was $246 million compared to $223 million in 2006, an increase of 10%.
    For the twelve months ended December 31, 2007, net income attributable to
common shareholders was up 9% to $973 million from $893 million for the twelve
months ended December 31, 2006. Individual Insurance & Investment Products
earnings at $637 million were up 9% while Group Insurance earnings of
$384 million were up 15%.

    Total sales for the twelve months ended December 31, 2007 were
$9.4 billion compared to $8.4 billion in 2006, an increase of 12%.
    Total assets under administration at December 31, 2007 were
$101.0 billion, compared to $96.6 billion at December 31, 2006.

    UNITED STATES

    Net income attributable to common shareholders for the fourth quarter of
2007 increased 10% to $141 million from $128 million for the fourth quarter of
2006. For the twelve months ended December 31, 2007, net income attributable
to common shareholders was up 11% to $569 million from $511 million for the
twelve months ended December 31, 2006.
    Net income for the quarter includes $43 million in 2007 and $50 million
in 2006 in connection with Lifeco's U.S. healthcare business, which has been
designated as discontinued operations. For the twelve months ended
December 31, the amounts included were $203 million in 2007 and $191 million
in 2006.
    In the quarter, the strength of the Canadian dollar reduced net income by
$0.026 per common share, or $23 million. On a constant currency basis, net
income increased by 27% in the quarter, and 18% for the year.
    Total sales for the twelve months ended December 31, 2007 were
$21.0 billion compared to $3.4 billion in 2006. Putnam's asset management
business is included from August 3, 2007.
    Total assets under administration at December 31, 2007 were
$231.7 billion compared to $48.2 billion at December 31, 2006. Included in
assets under administration were $184 billion of mutual fund and institutional
account assets managed by Putnam.

    EUROPE

    Net income attributable to common shareholders for the fourth quarter of
2007 of $150 million was comparable to $150 million for the fourth quarter of
2006. In the quarter, the strength of the Canadian dollar reduced net income
by $0.017 per common share, or $15 million. On a constant currency basis, net
income increased by 10% in the quarter and 25% for the year. For the twelve
months ended December 31, 2007, net income attributable to common shareholders
was up 26% to $611 million from $486 million for the twelve months ended
December 31, 2006.
    Total sales for the twelve months ended December 31, 2007 were
$6.1 billion compared to $5.8 billion in 2006, an increase of 4%.
    Total assets under administration at December 31, 2007 were
$61.8 billion, compared to $67.8 billion at December 31, 2006.

    CORPORATE

    Corporate net income for Lifeco attributable to common shareholders was
nil for the fourth quarter of 2007 and a charge of $97 million for the twelve
months ended December 31, 2007 compared to a charge of $10 million for the
fourth quarter and a charge of $15 million for the full year 2006. The 2007
results include a $97 million after tax provision for certain Canadian
retirement plans.

    QUARTERLY DIVIDENDS

    At its meeting today, the Board of Directors approved a quarterly
dividend of $0.2925 per share on the common shares of the Company payable
March 31, 2008 to shareholders of record at the close of business
March 3, 2008.

    
    In addition, the Directors approved quarterly dividends on:

    -   Series D First Preferred Shares of $0.293750 per share;
    -   Series E First Preferred Shares of $0.30 per share;
    -   Series F First Preferred Shares of $0.36875 per share;
    -   Series G First Preferred Shares of $0.325 per share;
    -   Series H First Preferred Shares of $0.30313 per share; and
    -   Series I First Preferred Shares of $0.28125 per share;
    all payable March 31, 2008 to shareholders of record at the close of
business March 3, 2008.
    

    For purposes of the Income Tax Act (Canada), and any similar provincial
legislation, the dividends referred to above are eligible dividends.

    GREAT-WEST LIFECO

    Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company
with interests in the life insurance, health insurance, retirement savings,
investment management and reinsurance businesses. The Company has operations
in Canada, the United States, Europe and Asia through The Great-West Life
Assurance Company, London Life Insurance Company, The Canada Life Assurance
Company, Great-West Life & Annuity Insurance Company and Putnam Investments,
LLC. Lifeco and its companies have over $394 billion in assets under
administration. Great-West Lifeco is a member of the Power Financial
Corporation group of companies.

    Cautionary note regarding Forward-Looking Information

    This release contains some forward-looking statements about the Company,
including its business operations, strategy and expected financial performance
and condition. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or conditions, or
include words such as "expects," "anticipates," "intends," "plans,"
"believes," "estimates" or negative versions thereof and similar expressions.
In addition, any statement that may be made concerning future financial
performance (including revenues, earnings or growth rates), ongoing business
strategies or prospects, and possible future Company action is also a
forward-looking statement. Forward-looking statements are based on current
expectations and projections about future events and are inherently subject
to, among other things, risks, uncertainties and assumptions about the
Company, economic factors and the financial services industry generally,
including the insurance and mutual fund industries. They are not guarantees of
future performance, and actual events and results could differ materially from
those expressed or implied by forward-looking statements made by the Company
due to, but not limited to, important factors such as sales levels, premium
income, fee income, expense levels, mortality experience, morbidity
experience, policy lapse rates and taxes, as well as general economic,
political and market factors in North America and internationally, interest
and foreign exchange rates, global equity and capital markets, business
competition, technological change, changes in government regulations,
unexpected judicial or regulatory proceedings, catastrophic events, and the
Company's ability to complete strategic transactions and integrate
acquisitions. The reader is cautioned that the foregoing list of important
factors is not exhaustive, and there may be other factors listed in other
filings with securities regulators, including factors set out under "Risk
Management and Control Practices" in the Company's 2007 Annual Management's
Discussion and Analysis, which, along with other filings, is available for
review at www.sedar.com. The reader is also cautioned to consider these and
other factors carefully and to not place undue reliance on forward-looking
statements. Other than as specifically required by applicable law, the Company
has no intention to update any forward-looking statements whether as a result
of new information, future events or otherwise.

    Cautionary note regarding Non-GAAP Financial Measures

    This release contains some non-GAAP financial measures. Terms by which
non-GAAP financial measures are identified include but are not limited to
"earnings before restructuring charges", "adjusted net income", "earnings
before adjustments", "net income on a constant currency basis", "premiums and
deposits", "sales", and other similar expressions. Non-GAAP financial measures
are used to provide management and investors with additional measures of
performance. However, non-GAAP financial measures do not have standard
meanings prescribed by GAAP and are not directly comparable to similar
measures used by other companies. Please refer to the appropriate
reconciliations of these non-GAAP financial measures to measures prescribed by
GAAP.
    Further information

    Selected financial information is attached.
    Great-West Lifeco's fourth quarter analyst teleconference will be held
Thursday, February 14 at 3:30 p.m. (Eastern). The call can be accessed through
www.greatwestlifeco.com or by phone at:

    
    -   Participants in the Toronto area: 416-406-6419
    -   Participants from North America: 1-888-575-8232
    -   Participants from Overseas: Dial international access code first,
        then 800-9559-6849
    

    A replay of the call will be available from February 14 until
February 21, 2008, and can be accessed by calling 1-800-408-3053 or
416-695-5800 in Toronto (passcode: 3250823 followed by the number sign).
    Additional information relating to Lifeco, including the 2007 audited
financial statements, Management's Discussion and Analysis (MD&A), Annual
Information Form (AIF), and CEO/CFO certificates will be filed on SEDAR at
www.sedar.com.

    
                       FINANCIAL HIGHLIGHTS (Unaudited)
                   (in $ millions except per share amounts)

                       For the three months ended For the twelve months ended
                               December 31                 December 31
                       --------------------------  --------------------------
                                             %                           %
                         2007       2006   Change    2007       2006   Change
    -------------------------------------------------------------------------
      Premiums:
      Life insurance,
       guaranteed
       annuities and
       insured health
       products        $  5,764   $  5,997    -4%  $ 18,753   $ 17,752     6%
      Self-funded
       premium
       equivalents
       (ASO contracts)      570        546     4%     2,233      2,145     4%
      Segregated funds
       deposits:
        Individual
         products         1,935      2,415   -20%     9,183      8,420     9%
        Group products    1,460      1,399     4%     5,788      5,240    10%
      Proprietary
       mutual funds
       deposits (1)       9,531        178     -     15,964        629     -
                       --------------------------  --------------------------
      Total premiums
       and deposits      19,260     10,535    83%    51,921     34,186    52%
                       --------------------------  --------------------------
      Fee and other
       income               861        503    71%     2,703      1,894    43%
      Paid or
       credited to
       policyholders      6,858      6,447     6%    19,224     19,660    -2%

      Net income -
       common
       shareholders
       before
       adjustments          537        491     9%     2,153      1,875    15%
      Adjustments
       after tax (2)          -          -     -         97          -     -
      Net income -
       common
       shareholders         537        491     9%     2,056      1,875    10%
    -------------------------------------------------------------------------
    Per common share
      Basic earnings
       before
       adjustments     $  0.601   $  0.550     9%  $  2.413   $  2.104    15%
      Adjustments
       after tax (2)          -          -     -      0.109          -     -
      Basic earnings      0.601      0.550     9%     2.304      2.104    10%
      Dividends paid      0.275      0.240    15%     1.060     0.9275    14%
      Book value                                      10.98      11.24    -2%
    -------------------------------------------------------------------------
    Return on common
     shareholders'
     equity:
      Net income
       before
       adjustments (2)                                 21.6%      20.1%
      Net income                                       20.7%      20.1%
    -------------------------------------------------------------------------
    At December 31
      Total assets                                 $118,388   $120,528    -2%
      Segregated funds
       net assets                                    89,181     90,146    -1%
      Proprietary
       mutual funds
       net assets                                   186,594      1,907     -
                      	                         --------------------------
      Total assets
       under
       administration                              $394,163   $212,581    85%
                                                   --------------------------
                                                   --------------------------
      Share capital
       and surplus                                 $ 10,908   $ 11,114    -2%
    -------------------------------------------------------------------------
    (1) Includes Putnam Investments, LLC mutual funds deposits.

    (2) During 2007, net income attributable to common shareholders was
        reduced by $97 after-tax as a result of a provision for certain
        Canadian retirement plans. Net income, basic earnings per common
        share and return on common shareholders' equity are presented before
        adjustments, as a non-GAAP financial measure of earnings performance.
    



    
               SUMMARY OF CONSOLIDATED OPERATIONS (Unaudited)
                   (in $ millions except per share amounts)

                         For the three months ended     For the years ended
                                  December 31               December 31
                          ------------------------- -------------------------
                               2007         2006         2007         2006
                          ------------ ------------ ------------ ------------
    Income
      Premium income      $     5,764  $     5,997  $    18,753  $    17,752
      Net investment
       income
        Regular net
         investment income      1,304        1,473        5,565        5,836
        Changes in fair
         value on held for
         trading assets           821            -       (1,098)           -
                          ------------ ------------ ------------ ------------
      Total net investment
       income                   2,125        1,473        4,467        5,836
      Fee and other income        861          503        2,703        1,894
                          ------------ ------------ ------------ ------------
                                8,750        7,973       25,923       25,482
                          ------------ ------------ ------------ ------------

    Benefits and expenses
      Policyholder
       benefits                 4,208        4,431       16,186       14,742
      Policyholder
       dividends and
       experience refunds         343          260        1,137        1,124
      Change in actuarial
       liabilities              2,307        1,756        1,901        3,794
                          ------------ ------------ ------------ ------------
      Total paid or
       credited to
       policyholders            6,858        6,447       19,224       19,660

      Commissions                 374          364        1,366        1,254
      Operating expenses          647          461        2,260        1,693
      Premium taxes                57           61          225          235
      Financing charges            84           50          269          202
      Amortization of
       finite life
       intangible assets            8            4           32           18
                          ------------ ------------ ------------ ------------

    Net income from
     continuing operations
     before income taxes          722          586        2,547        2,420

    Income taxes - current        344           98          696          459
                 - future        (164)           3         (216)          63
                          ------------ ------------ ------------ ------------

    Net income from
     continuing
     operations before
     non-controlling
     interests                    542          485        2,067        1,898

    Non-controlling
     interests                     35           30          159          162
                          ------------ ------------ ------------ ------------

    Net income from
     continuing operations        507          455        1,908        1,736

    Net income from
     discontinued
     operations                    43           50          203          191
                          ------------ ------------ ------------ ------------

    Net income                    550          505        2,111        1,927

    Perpetual
     preferred share
     dividends                     13           14           55           52
                          ------------ ------------ ------------ ------------

    Net income - common
     shareholders         $       537  $       491  $     2,056  $     1,875
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------

    Earnings per common
     share
      Basic               $     0.601  $     0.550  $     2.304  $     2.104
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------

      Diluted             $     0.597  $     0.547  $     2.287  $     2.089
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------

    Average number of
     shares outstanding
      Basic               892,860,429  891,050,178  892,227,627  891,050,178
      Diluted             899,198,601  897,725,841  898,930,293  897,725,841
    



    
                   CONSOLIDATED BALANCE SHEETS (unaudited)
                               (in $ millions)

                                                   December 31,  December 31,
                                                       2007          2006
                                                  ------------- -------------

    Assets
    Bonds                                          $    65,069   $    64,946
    Mortgage loans                                      15,869        15,334
    Stocks                                               6,543         4,766
    Real estate                                          2,547         2,216
    Loans to policyholders                               6,317         6,776
    Cash and cash equivalents                            3,650         3,059
    Funds held by ceding insurers                        1,512        12,371
    Assets of operations held for sale                    697           866
    Goodwill                                             6,295         5,393
    Intangible assets                                    3,917         1,570
    Other assets                                         5,972         3,231
                                                  ------------- -------------
    Total assets                                   $   118,388   $   120,528
                                                  ------------- -------------
                                                  ------------- -------------

    Liabilities
    Policy liabilities
      Actuarial liabilities                        $    87,681   $    89,379
      Provision for claims                               1,315         1,179
      Provision for policyholder dividends                 600           568
      Provision for experience rating refunds              310           437
      Policyholder funds                                 2,160         2,084
                                                  ------------- -------------
                                                        92,066        93,647


    Debentures and other debt instruments                5,241         1,980
    Funds held under reinsurance contracts                 164         1,822
    Other liabilities                                    5,211         3,918
    Liabilities of operations for sale                     428           599
    Repurchase agreements                                  344           974
    Deferred net realized gains                            179         2,825
                                                  ------------- -------------
                                                       103,633       105,765

    Preferred shares                                       786           756
    Capital trust securities and debentures                639           646
    Non-controlling interests
    Participating account surplus in subsidiaries        2,103         1,884
    Preferred shares issued by subsidiaries                157           209
    Perpetual preferred shares issued by
     subsidiaries                                          152           154
    Non-controlling interests in capital stock
     and surplus                                            10             -

    Share capital and surplus
    Share capital
      Perpetual preferred shares                         1,099         1,099
      Common shares                                      4,709         4,676
    Accumulated surplus                                  6,599         5,858
    Accumulated other comprehensive income              (1,533)         (547)
    Contributed surplus                                     34            28
                                                  ------------- -------------
                                                        10,908        11,114
                                                  ------------- -------------
    Total liabilities, share capital and surplus   $   118,388   $   120,528
                                                  ------------- -------------
                                                  ------------- -------------
    



    
    Segmented Information (unaudited)
    Consolidated Operations
     For the three months ended December 31, 2007

                                        United              Lifeco
                              Canada    States    Europe  Corporate   Total
                            --------- --------- --------- --------- ---------
     Income:
       Premium income       $  3,452  $    436  $  1,876  $      -  $  5,764
       Net investment income
         Regular net
          investment income      681       310       311         2     1,304
         Changes in fair
          value on held for
          trading assets         235        32       554         -       821
                            --------- --------- --------- --------- ---------

       Total net investment
        income                   916       342       865         2     2,125
       Fee and other income      266       414       181         -       861
                            --------- --------- --------- --------- ---------

     Total income              4,634     1,192     2,922         2     8,750
                            --------- --------- --------- --------- ---------

     Benefits and expenses:
       Paid or credited to
        policyholders          3,691       669     2,498         -     6,858
       Other                     556       398       207         1     1,162
       Amortization of
        finite life
        intangible assets          4         3         1         -         8
                            --------- --------- --------- --------- ---------

     Net operating income
       before income taxes       383       122       216         1       722

     Income taxes                 90        29        60         1       180
                            --------- --------- --------- --------- ---------

     Net income before
      non-controlling
      interests                  293        93       156         -       542

     Non-controlling
      interests                   37        (5)        3         -        35
                            --------- --------- --------- --------- ---------

     Net income from
      continuing operations      256        98       153  $      -       507
     Net income from
      discontinued
      operations                   -        43         -         -        43
                            --------- --------- --------- --------- ---------

     Net Income                  256       141       153         -       550

     Perpetual preferred
      share dividends             10         -         3         -        13
                            --------- --------- --------- --------- ---------

     Net income - common
      shareholders          $    246  $    141  $    150  $      -  $    537
                            --------- --------- --------- --------- ---------
                            --------- --------- --------- --------- ---------


     For the three months ended December 31, 2006

                                        United              Lifeco
                              Canada    States    Europe  Corporate   Total
                            --------- --------- --------- --------- ---------
    Income:
      Premium income        $  3,375  $    466  $  2,156  $      -  $  5,997
      Net investment income      724       361       397        (9)    1,473
      Fee and other income       236       109       158         -       503
                            --------- --------- --------- --------- ---------
    Total income               4,335       936     2,711        (9)    7,973
                            --------- --------- --------- --------- ---------
    Benefits and expenses:
      Paid or credited to
       policyholders           3,472       664     2,311         -     6,447
      Other                      548       159       228         1       936
      Amortization of finite
       life intangible assets      3         -         1         -         4
                            --------- --------- --------- --------- ---------
    Net operating income
     before income taxes         312       113       171       (10)      586

    Income taxes                  55        30        16         -       101
                            --------- --------- --------- --------- ---------
    Net income before non-
     controlling interests       257        83       155       (10)      485

    Non-controlling interests     24         5         1         -        30
                            --------- --------- --------- --------- ---------
    Net income from
     continuing operations       233        78       154       (10)      455
    Net income from
     discontinued operations       -        50         -         -        50
                            --------- --------- --------- --------- ---------
    Net income                   233       128       154       (10)      505

    Perpetual preferred
     share dividends              10         -         4         -        14
                            --------- --------- --------- --------- ---------
    Net income - common
     shareholders           $    223  $    128  $    150  $    (10) $    491
                            --------- --------- --------- --------- ---------
                            --------- --------- --------- --------- ---------


     For the year ended December 31, 2007

                                        United              Lifeco
                              Canada    States    Europe  Corporate   Total
                            --------- --------- --------- --------- ---------
    Income:
      Premium income        $  8,916  $  1,910  $  7,927  $      -  $ 18,753
      Net investment income
        Regular net
         investment income     2,546     1,337     1,663        19     5,565
        Changes in fair
         value on held for
         trading assets         (421)      (58)     (619)        -    (1,098)
                            --------- --------- --------- --------- ---------
      Total net investment
       income                  2,125     1,279     1,044        19     4,467
      Fee and other income     1,029     1,001       673         -     2,703
                            --------- --------- --------- --------- ---------
    Total income              12,070     4,190     9,644        19    25,923
                            --------- --------- --------- --------- ---------
    Benefits and expenses:
      Paid or credited to
       policyholders           8,498     2,631     8,095         -    19,224
      Other                    2,163     1,027       768       162     4,120
      Amortization of
       finite life
       intangible assets          14        14         4         -        32
                            --------- --------- --------- --------- ---------
    Net operating income
     before income taxes       1,395       518       777      (143)    2,547

    Income taxes                 252       138       136       (46)      480
                            --------- --------- --------- --------- ---------
    Net income before
     non-controlling
     interests                 1,143       380       641       (97)    2,067

    Non-controlling interests    128        14        17         -       159
                            --------- --------- --------- --------- ---------
    Net income from
     continuing operations     1,015       366       624       (97)    1,908
    Net income from
     discontinued operations       -       203         -         -       203
                            --------- --------- --------- --------- ---------
    Net Income                 1,015       569       624       (97)    2,111

    Perpetual preferred
     share dividends              42         -        13         -        55
                            --------- --------- --------- --------- ---------
    Net income - common
     shareholders           $    973  $    569  $    611  $    (97) $  2,056
                            --------- --------- --------- --------- ---------
                            --------- --------- --------- --------- ---------


     For the year ended December 31, 2006

                                        United              Lifeco
                              Canada    States    Europe  Corporate   Total
                            --------- --------- --------- --------- ---------

    Income:
      Premium income        $  8,149  $  2,380  $  7,223  $      -  $ 17,752
      Net investment income    2,789     1,319     1,710        18     5,836
      Fee and other income       895       388       611         -     1,894
                            --------- --------- --------- --------- ---------
    Total income              11,833     4,087     9,544        18    25,482
                            --------- --------- --------- --------- ---------
    Benefits and expenses:
      Paid or credited to
       policyholders           8,231     3,147     8,282         -    19,660
      Other                    2,204       490       686         4     3,384
      Amortization of finite
       life intangible assets     14         -         4         -        18
                            --------- --------- --------- --------- ---------
    Net operating income
     before income taxes       1,384       450       572        14     2,420

    Income taxes                 317       117        59        29       522
                            --------- --------- --------- --------- ---------
    Net income before non-
     controlling interests     1,067       333       513       (15)    1,898

    Non-controlling interests    132        13        17         -       162
                            --------- --------- --------- --------- ---------
    Net income from
     continuing operations       935       320       496       (15)    1,736
    Net income from
     discontinued operations       -       191         -         -       191
                            --------- --------- --------- --------- ---------
    Net income                   935       511       496       (15)    1,927

    Perpetual preferred
     share dividends              42         -        10         -        52
                            --------- --------- --------- --------- ---------
    Net income - common
     shareholders           $    893  $    511  $    486  $    (15) $  1,875
                            --------- --------- --------- --------- ---------
                            --------- --------- --------- --------- ---------
    





For further information:

For further information: Marlene Klassen, APR, Assistant Vice-President,
Communication Services (204) 946-7705


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