Canada Life launches product for high net-worth investors

TORONTO, June 13, 2002 – The Canada Life Assurance Company
today announced the launch of an exciting new investment opportunity, Private Collections.
The launch of Private Collections represents another step in Canada Life’s(TM) strategy to
increase its commitment toward the individual investment market in Canada.

“We want to provide products that are unique, that are
exclusive to Canada Life and that meet the needs of higher net worth investors”, says
Don Gallagher, Vice-President and Director of Individual Investments & Pensions at
Canada Life. “These investors demand innovative and high performance products –
features that Private Collections offers.”

Private Collections has four new segregated funds,
available on a deferred sales charge or no-load basis.

The Premium Leveraged Currency and Foreign Exchange Funds
are managed by Canada Life’s North American Investment Management Group. These funds offer
investors the opportunity to receive incremental income from active currency management
while also enjoying the steady returns of the funds’ underlying t-bill or bond investments.

The Euro Focus 20 Fund is managed by Setanta Asset
Management. Based in Dublin, Ireland, Setanta is well positioned to capitalize on the
increasing integration of Europe, where some 300 million people recently adopted the Euro
as their currency and a further 127 million inhabitants are likely to join the European
Union within three years. Investors in the Euro Focus 20 Fund will gain access to
Setanta’s expertise in choosing the 20 best stocks in Europe.

Laketon Investment Management manages the Global Blue Chip
15 Fund. Laketon currently manages 13 other funds representing $2 billion in assets of
Canada Life’s Canadian investors, and another $6 billion for pensions, endowment funds,
and private clients, among others. Their experience and knowledge of global markets will
drive them to find the 15 best opportunities for this new portfolio.

Both the Euro Focus 20 and the Global Blue Chip 15 Funds
offer investors monthly reporting on the performance of each holding, a brief on any
holdings sold or purchased that month and tidbits of interesting information on holdings
or market trends as they arise.

Private Collections also offers investors the opportunity
to invest in the Protected Growth Investment (PGI). The Protected Growth Investment is
available in terms of 5 – 10 years, offers a variable annual interest rate and the
opportunity for a maturity bonus at the end of a term. This ensures investors receive a
steady return for the duration of the term, and they have the opportunity to participate
in market gains via the maturity bonus.

“With the launch of Private Collections, we stride
forward in developing our business in the individual marketplace, we close a gap in our
product offering and effectively respond to market demands,” said Phil Marsillo,
Vice- President of Individual Distribution Operations at Canada Life. “Private
Collections is unique in the Canadian marketplace, exclusive to Canada Life and a valuable
addition to investment portfolios.”

About Canada Life

The Canada Life Assurance Company, Canada’s first domestic
life insurance company founded in 1847, has total assets under administration in excess of
$66 billion. Headquartered in Toronto, the Company operates in Canada, the United States,
the Republic of Ireland, the United Kingdom, Brazil, Germany, Hong Kong and the Caribbean.

About Canada Life North American Investment Management

For more than 150 years, the Canada Life North American
Investment Management team of exceptional investment professionals has successfully
managed Canada Life’s assets and contributed to the company’s overall financial strength.
The group currently manages more than $22 billion in assets and follows a disciplined
investment management approach, focusing on capital preservation.

About Setanta

Setanta is based in Dublin, Ireland and is a wholly owned
subsidiary of Canada Life. It was incorporated in 1999 and is licensed by the Central Bank
of Ireland. Setanta currently manage the equivalent of Cdn.$3 billion on behalf of the
Irish and German operations of Canada Life.

About Laketon

Laketon is one of Canada’s premier investment management
firms with assets of over $8 billion under management. Laketon manages assets in a broad
range of asset classes including Canadian equities, global equities, Canadian and global
fixed income, as well as a balanced product that blends all of these skills with our
expertise in strategic asset mix management. Strong client relationships and superior
client service have been the hallmark of the organization ever since its founding in 1979.