Subsidiaries

The Great-West Life Assurance Company is a leading Canadian insurer, with interests in the life and health insurance, investment, savings and retirement income and reinsurance businesses, primarily in Canada and Europe.

In Canada, Great-West Life and its subsidiaries, London Life and Canada Life, offer a broad portfolio of financial and benefit plan solutions and serve the financial security needs of more than 12 million people.

London Life Insurance Company offers financial security advice and planning through its more than 3,300-member Freedom 55 Financial™ division.

Freedom 55 Financial offers London Life’s own brand of investments, savings and retirement income, annuities, life insurance and mortgage products; and a broad range of financial products from other financial institutions.

In addition to its domestic operations, London Life participates in international reinsurance markets through London Reinsurance Group.

The Canada Life Assurance Company provides insurance and wealth management products and services in Canada, the United Kingdom, Isle of Man, Ireland and Germany.

Canada Life is a leading provider of traditional mortality, structured and annuity reinsurance solutions for life insurers in the United States and in international markets, through its Canada Life Reinsurance Division.

Great-West Life & Annuity Insurance Company operates in the United States, administering retirement savings plans for employees in the public/non-profit and corporate sectors.

The company offers fund management, investment and advisory services, and provides annuities and life insurance for individuals and businesses.

Putnam Investments is a Boston-based global money management firm with over 70 years of investment experience.

In addition to 80 retail mutual funds, the firm offers a full range of investment and retirement products and services for advisors and their clients, institutional investors and plan sponsors.

Founded in 1989, PanAgora Asset Management is a premier provider of institutional investment solutions spanning all major asset classes and risk ranges.

The company is committed to providing its clients with transparency, reliable investment process, consistent performance, and access to its investment resources. Research plays a central role in PanAgora’s investment philosophy and process, a fact that is underscored by the blend of academic, industry and investment backgrounds of its investment professionals.

PanAgora’s client base is comprised of institutional clients across the globe, such as sovereign wealth & pension funds, sub-advisory, public & private retirement funds, and endowments & foundations.

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Percentages denote equity interest as at December 31, 2011 unless otherwise noted.

[1] Through its wholly owned subsidiary, Power Financial Europe B.V., Power Financial held a 50% interest in Parjointco. Parjointco held a voting interest of 76.0% and an equity interest of 56.5% in Pargesa.

[2] Together, 65% direct and indirect voting interest.

[3] Denotes voting interest.