Canada Life Files $1.5B Shelf Prospectus

Canada Life Financial Corporation and its two subsidiaries, The Canada Life Assurance Company and Canada Life Capital Corporation Inc. received a final receipt for an unallocated shelf prospectus qualifying up to $1.5 billion of common shares and preferred shares of the three issuers on June 15, 2001. The shares were also qualified for issuance in the US. Canada Life obtained relief from all jurisdictions in Canada to allow Canada Life Capital to qualify shares under the prospectus without attracting the customary reporting issuer obligations going forward.

The shelf prospectus is the first to have been filed by Canada Life since its demutualization in October 1999. Canada Life is the first Canadian demutualized life insurer to take advantage of the new National Instrument 44-102 shelf distribution system.

The McCarthy Tétrault LLP team that acted for Canada Life was led by David B. Tennant (securities) and D. Murray Paton (insurance) with assistance from Rasha H. El Sissi and Trevor M. Noronha (securities), under the instruction of Andrew Brands, Vice-President and General Counsel of Canada Life.

Lawyer(s)

Rasha H. El Sissi Trevor M. Noronha David B. Tennant