Life Insurance Cos' Excess Capital

Scotia Capital, 19 September 2006� Great-West Lifeco's business is the least capital intensive of the group and IAG's is the most, with Manulife and Sun Life in the middle. With little in the way of share buybacks we expect Great-West Lifeco to rapidly rebuild excess capital (currently $500 million) and continue to make tuck-in acquisitions in Europe and/or the United States. We expect IAG to