Prospectus excerpt: The 4.50% Non-Cumulative First Preferred Shares, Series I (the ‘‘Series I First Preferred Shares’’) will be entitled to fixed non-cumulative preferential cash dividends, if, as and when declared by the Board of Directors, at a rate equal to $1.125 per share per annum. The initial dividend, if declared, will be payable June 30, 2006, and will be $0.24349 per share, based upon an anticipated closing date of April 12, 2006. Thereafter, dividends will be payable quarterly on the last day of March, June, September and December in each year at a rate of $0.28125 per share. Certain provisions relating to the Series I First Preferred Shares are summarized under ‘‘Details of the Offering’’.
On and after June 30, 2011, Great-West Lifeco Inc. (‘‘Great-West Lifeco’’ or the ‘‘Corporation’’) may, on not less than 30 nor more than 60 days’ notice, redeem for cash the Series I First Preferred Shares in whole or in part, at the Corporation’s option, at $26.00 per share if redeemed prior to June 30, 2012, $25.75 per share if redeemed on or after June 30, 2012 and prior to June 30, 2013, $25.50 per share if redeemed on or after June 30, 2013 and prior to June 30, 2014, $25.25 per share if redeemed on or after June 30, 2014 and prior to June 30, 2015 and $25.00 per share if redeemed on or after June 30, 2015, in each case together with all declared and unpaid dividends to but excluding the date of redemption. See ‘‘Details of the Offering’’.