Canada Life acquires sole ownership of Laketon Investment Management Ltd.

TORONTO, Dec. 18, 2003 – Canada Life announced today that it has increased its ownership of Laketon Investment Management Ltd., from 40 per cent to 100 per cent.

Laketon Investment Management Ltd., located in Toronto, Ontario, is a leading Canadian investment management firm. As of Sept. 30, 2003, Laketon managed over $5.6 billion in assets across a broad range of investment mandates for a wide variety of institutional and individual clients.

Effective immediately, Alex Macdonald – a member of Canada Life’s Investment Division since 1989 and a Director of Laketon since early 2002 — has been appointed President of Laketon.

“Canada Life is committed to delivering an outstanding selection of segregated fund products for its individual savings and group pension clients,” said Raymond L. McFeetors, President and CEO of Canada Life. “We look forward to working with Laketon as we build Canada Life’s segregated fund business.”

In addition to growing its Canada Life segregated fund business, Laketon will continue to build on its long and successful history in the pension, separately managed account/WRAP program and private client businesses.

“We are very pleased with Laketon’s strengthened relationship with Canada Life, which will enhance our investment management capabilities and distribution reach,” says Tony Brebner, Chairman of Laketon.

About Laketon

Laketon is a leading Canadian investment management firm with over $5.6 billion of assets under management. Laketon manages assets across a broad range of asset classes including Canadian equities, U.S. equities, Canadian and global fixed income, as well as a balanced product that blends all of these skills with the company’s expertise in strategic asset mix management. Strong client relationships and superior client service have been the hallmark of Laketon since its founding in 1979.

About Canada Life

Founded in 1847, The Canada Life Assurance Company provides insurance and wealth management products and services. Canada Life is a subsidiary of The Great-West Life Assurance Company, which together with its subsidiaries, including Canada Life, has more than $117 billion in assets under administration. Canada Life and Great-West Life are members of the Power Financial Corporation group of companies.

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