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Press release from CNW Group

Great-West Lifeco announces Normal Course Issuer Bid

Wednesday, December 07, 2011

Great-West Lifeco announces Normal Course Issuer Bid10:10 EST Wednesday, December 07, 2011/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/TSX:GWOWINNIPEG, Dec. 7, 2011 /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 6,000,000 of its Common Shares ("Common Shares"), representing0.63% of the outstanding Common Shares on November 30, 2011.  As of November 30, 2011, the total number of issued and outstanding Common Shares was 949,760,141.  The average daily trading volume for the six months ending on November 30, 2011 was 650,663 Common Shares.  Daily purchases will be limited to 162,666 Common Shares, other than block purchase exceptions.  Any Common Shares purchased by the Corporation under the bid will be cancelled.The bid will commence on December 9, 2011 and will terminate on December 8, 2012.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 Common Shares in order to mitigate the dilutive effect of stock options issued under the Corporation's Stock Option Plan.During the past year, the Corporation has not purchased any Common Shares pursuant to its previous normal course issuer bid.Great-West Lifeco Inc. (TSX:GWO) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco 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. Great-West Lifeco and its companies have over $493 billion* in assets under administration, and are members of the Power Financial Corporation group of companies.*assets as of September 30, 2011For further information: Marlene Klassen, APR Assistant Vice-President, Communication Services 204-946-7705