TMX group

TSX:GWO

WINNIPEG, Aug. 30, 2006 /CNW/ - Great-West Lifeco Inc. announced today
that a normal course issuer bid has been accepted by The Toronto Stock
Exchange.
The Corporation intends to purchase for cancellation, during the course
of the bid, up to but not more than 200,000 Non-Cumulative First Preferred
Shares, Series D (the "Series D Preferred Shares") and 575,000 Non-Cumulative
First Preferred Shares, Series E (the "Series E Preferred Shares") of the
Corporation, representing 2.5% of the outstanding Series D Preferred Shares
and 2.5% of the outstanding Series E Preferred Shares on August 24, 2006. As
of August 24, 2006, the total number of outstanding shares was 7,978,900
Series D Preferred Shares and 22,822,915 Series E Preferred Shares. Any shares
purchased by the Corporation under the bid will be cancelled.
The bid will commence on September 1, 2006 and will terminate on
November 30, 2006. The expiry date of November 30, 2006 will allow the
Corporation to align future normal course issuer bids for these shares with
the normal course issuer bid program for the Corporation's common shares.
Purchases will be made through the facilities of The Toronto Stock
Exchange at prevailing market prices.
The Corporation utilizes the normal course issuer bid program to acquire
the Series D Preferred Shares and Series E Preferred Shares in order to reduce
the Corporation's overall use of financial leverage represented by debt and
non-perpetual preferred shares.
During the past 12 months, the Corporation has purchased 21,100 Series D
Preferred Shares at an average price of $27.21 per share and 1,045,200 Series
E Preferred Shares at an average price of $27.60 per share pursuant to its
previous normal course issuer bid.

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. The Corporation has operations in Canada, the United
States and Europe through The Great-West Life Assurance Company, London Life
Insurance Company, The Canada Life Assurance Company and Great-West Life &
Annuity Insurance Company. The Corporation and its companies have more than
$191 billion in assets under administration. The Corporation is a member of
the Power Financial Corporation group of companies.