Great-West Life in discussions with Solium on share purchase plans

LONDON, ON, July 30, 2003 – Group Retirement Services, a division of The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company, is pleased to announce that it has agreed on the principal terms of an arrangement with Solium Capital Inc. to deliver an enhanced service solution to plan sponsors of capital accumulation plans offered by Group Retirement Services.

The enhanced solution would combine Group Retirement Services’ suite of capital accumulation products, including group RRSPs, pensions, DPSPs and share incentive plans, with Solium’s innovative record keeping system, Web interface and expertise for share incentive plans. Group Retirement Services would continue to provide clients with on-site and back office service including Client Service Centre support and administrative processing. Completion of the arrangement is subject to finalizing legal documentation and
satisfying certain conditions.

About Group Retirement Services

Together, Great-West and its subsidiaries, Canada Life and London Life, serve the financial security needs of more than 11 million Canadians.

Group Retirement Services, a division of Great-West, London Life and Canada Life, has a significant presence in the Canadian capital accumulation plan marketplace with over:

  • 12,000 plans
  • 1.1 million plan members
  • $21 billion in assets
  • $3.5 billion in annual deposits
  • 29 per cent market share based on assets

About Solium Capital Inc.

Since its founding in 1999, Solium has developed a proprietary Web-based plan administration platform and has become a leading Canadian specialist in providing solutions for employee share entitlement programs. Solium is headquartered in Calgary with offices in Toronto and Montreal.