Putnam Investments Acquisition Completed

Business Wire,  August 3, 2007  

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BOSTON -- Putnam Investments said today that the previously announced sale of the firm by Marsh and McLennan Companies (MMC) to Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, has been completed.

"We are very excited to join Great-West Lifeco and the Power Financial Corporation group of companies," said Putnam President and Chief Executive Officer Charles E. Haldeman, Jr. "They understand our business, have a long term view, and are financially very strong. Investors, clients, financial advisors, strategic partners and employees have enthusiastically supported the ownership change."

In mid-May, shareholders in all of Putnam's 105 funds, including all 10 of its closed-end funds, endorsed the pending sale. MMC and Great-West Lifeco had signed a definitive agreement for this transaction on February 1.

Putnam funds have been showing ongoing performance strength across the range of asset classes over the last several years. As of June 30, 2007, 36 funds or 65% of Putnam funds beat their Lipper peer group averages based on total return performance for the three-year period.

About Putnam Investments:

Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. At the end of June 2007, Putnam had $193 billion in assets under management. Mutual fund assets were $121 billion and institutional assets were $72 billion. Putnam has offices in Boston, London, and Tokyo. For more information, go to www.putnam.com.

About Great-West Lifeco:

Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company with interests in the life insurance, health insurance, retirement savings, investment management and reinsurance businesses. Lifeco has operations in Canada, the United States and Europe through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, Great-West Life & Annuity Insurance Company and Putnam Investments Trust. With this transaction, Lifeco and its companies have more than $415 billion CDN in assets under administration, based on June 30, 2007 values. Great-West Lifeco is a member of the Power Financial Corporation group of companies. For more information go to www.greatwestlifeco.com.

About Power Financial Corporation:

Power Financial Corporation is a diversified management and holding company that has interests, directly or indirectly, in companies that are active in the financial services sector in Canada, the United States and Europe and has substantial holdings in a group of energy, water, waste services, specialty minerals as well as cement and building materials companies based in Europe. For more information, go to www.powerfinancial.com.

Past performance is no guarantee of future results. All funds involve the risk that the stock prices of the companies in the portfolio will fall or will fail to rise. Many factors can adversely affect a stock's performance, including both general financial market conditions and factors related to a specific company or industry.

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