<PAGE>
<TABLE>
<CAPTION>
VARIFUND(R) ANNUITY
- -----------------------------------------------------------------------------------------------------------------------------------
VARIABLE SUB-ACCOUNT PERFORMANCE Average Annual Total Returns For Periods Ending June 30, 1999
Assuming Contract Continues
Since Fund
One Three Five Ten Fund Inception
Portfolio Type Portfolio YTD Year Year Year Year Inception Date
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Equity
Portfolios Alger American Growth 15.16 % 33.23 % 30.07 % 28.28 % 20.71 % 20.85 % 01/08/89
Alger American Leveraged AllCap 24.62 % 55.41 % 31.64 % N/A N/A 39.32 % 01/25/95
Alger American MidCap Growth 12.08 % 20.29 % 18.65 % 23.58 % N/A 22.06 % 05/03/93
Alger American Small Capitalization 12.50 % 13.84 % 10.48 % 18.05 % 15.94 % 17.59 % 09/20/88
Berger Small Company Growth 14.87 % 2.91 % 8.99 % N/A N/A 10.13 % 05/01/96
CLASF Capital 11.34 % 14.66 % 16.56 % 19.47 % N/A 15.40 % 04/23/93
CLASF Value Equity 7.21 % 2.95 % 12.08 % 12.71 % N/A 9.91 % 12/04/89
Dreyfus Capital Appreciation 6.72 % 14.25 % 24.65 % 24.28 % N/A 19.32 % 03/31/93
Dreyfus Growth & Income 10.27 % 14.93 % 12.37 % 20.55 % N/A 19.50 % 05/02/94
Dreyfus Socially Responsible 11.95 % 21.44 % 25.92 % 23.80 % N/A 21.59 % 10/07/93
Fidelity VIP II Contrafund 10.44 % 22.06 % 24.34 % N/A N/A 26.22 % 01/03/95
Fidelity VIP Growth 13.58 % 32.01 % 25.01 % 25.78 % 15.15 % 16.17 % 10/09/86
Montgomery Growth 18.30 % 11.41 % 18.61 % N/A N/A 21.32 % 02/09/96
Fidelity VIP II Index 500 11.23 % 20.65 % 26.75 % 25.65 % N/A 19.75 % 08/27/92
Fidelity VIP III Growth Opportunities 5.70 % 17.44 % 22.58 % N/A N/A 22.95 % 01/03/95
Seligman Frontier (6.74)% (15.88)% 1.80 % N/A N/A 12.62 % 10/11/94
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International Berger-IPT International 5.47 % 4.72 % N/A N/A N/A 7.57 % 05/01/97
CLASF International Equity 10.84 % 10.24 % 10.24 % N/A N/A 11.35 % 04/24/95
Fidelity VIP Overseas 7.32 % 3.58 % 11.08 % 9.12 % 8.97 % 7.33 % 01/28/87
Montgomery Emerging Markets 30.30 % 9.20 % (7.63)% N/A N/A (5.41)% 02/02/96
------------------------------------------------------------------------------------------------------------------
Specialty
Portfolio Seligman Communications & Information 20.06 % 43.77 % 29.50 % N/A N/A 25.75 % 10/11/94
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Balanced CLASF Managed 2.25 % 2.26 % 8.02 % 9.55 % N/A 8.09 % 12/04/89
Fidelity VIP II Asset Manager 4.49 % 9.18 % 14.83 % 12.62 % N/A 11.24 % 09/06/89
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Fixed Income
Portfolios CLASF Bond (4.11)% 0.51 % 4.39 % 5.39 % N/A 5.59 % 12/04/89
Fidelity VIP High Income 7.17 % (2.89)% 7.31 % 9.18 % 9.76 % 9.69 % 09/19/85
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Money Market CLASF Money Market 1.29 % 2.87 % 3.18 % 3.17 % N/A 2.96 % 12/04/89
</TABLE>
CLASF Money Market Portfolio current yield (annualized yield for a seven day
period ended June 30, 1999) is 4.23% VariFund Fixed Account 1 year rate was
4.50% as of July 1, 1999. The performance data quoted is after the deduction of
all fees and charges, except for possible surrender charges. For performance
figures after the deduction of all fees and charges, including the maximum
possible surrender charge, please see the reverse side. Performance data
represents past performance and is not a guarantee of future results. Investment
returns and principal value may fluctuate so that an investor's shares, when
redeemed, may be more or less than his or her original cost. Performance figures
for portfolios with inception dates prior to December 4, 1989 reflect
performance if VariFund existed at the inception of those portfolios. Contact
your registered representative or call Canada Life Insurance Company of America
at (800) 905-1959 for a Prospectus containing full details including information
on fees and charges. Please read the prospectus carefully before investing or
sending money.
Date of first use May 31, 1999
<PAGE>
<TABLE>
<CAPTION>
VARIFUND(R) ANNUITY
- ------------------------------------------------------------------------------------------------------------------------------------
VARIABLE SUB-ACCOUNT PERFORMANCE Average Annual Total Returns For Periods Ending June 30, 1999
Assuming Contract is Surrendered At End Of Period
Since Sub-Account
Portfolio One Three Five Ten Sub-Acct Inception
Type Portfolio YTD Year Year Year Year Inception Date
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Equity
Portfolios Alger American Growth 9.76 % 27.83 % 29.17 % N/A N/A 26.91 % 05/01/96
Alger American Leveraged AllCap 19.22 % 50.01 % 30.77 % N/A N/A 27.95 % 05/01/96
Alger American MidCap Growth 6.68 % 14.89 % 17.58 % N/A N/A 15.16 % 05/01/96
Alger American Small Capitalization 7.10 % 8.44 % 9.23 % N/A N/A 7.39 % 05/01/96
Berger Small Company Growth 9.47 % (2.49)% N/A N/A N/A (4.36)% 05/01/98
CLASF Capital 5.94 % 9.26 % 15.45 % 19.20 % N/A 15.31 % 05/01/93
CLASF Value Equity 1.81 % (2.45)% 10.87 % 12.37 % N/A 9.91 % 12/04/89
Dreyfus Capital Appreciation 1.32 % 8.85 % N/A N/A N/A 10.71 % 05/01/98
Dreyfus Growth & Income 4.87 % 9.53 % 11.17 % N/A N/A 12.26 % 05/01/96
Dreyfus Socially Responsible 6.55 % 16.04 % 24.97 % N/A N/A 23.71 % 05/01/96
Fidelity VIP II Contrafund 5.04 % 16.66 % N/A N/A N/A 16.82 % 05/01/98
Fidelity VIP Growth 8.18 % 26.61 % 24.05 % 25.57 % N/A 22.74 % 05/01/94
Montgomery Growth 12.90 % 6.01 % N/A N/A N/A 18.07 % 05/01/97
Fidelity VIP II Index 500 5.83 % 15.25 % 25.81 % N/A N/A 25.39 % 05/01/96
Fidelity VIP III Growth Opportunities 0.30 % 12.04 % N/A N/A N/A 11.66 % 05/01/98
Seligman Frontier (12.14)% (21.28)% 0.33 % N/A N/A 9.61 % 05/01/95
---------------------------------------------------------------------------------------------------------------------
International Berger-IPT International 0.07 % (0.68)% N/A N/A N/A 5.64 % 05/01/97
CLASF International Equity 5.44 % 4.84 % 8.71 % N/A N/A 10.77 % 05/01/95
Fidelity VIP Overseas 1.92 % (1.82)% 9.85 % 8.73 % N/A 7.89 % 05/01/94
Montgomery Emerging Markets 24.90 % 3.80 % (9.42)% N/A N/A (8.35)% 05/01/96
---------------------------------------------------------------------------------------------------------------------
Specialty
Portfolio Seligman Communications & Information 14.66 % 38.37 % 28.60 % N/A N/A 23.37 % 05/01/95
---------------------------------------------------------------------------------------------------------------------
Balanced CLASF Managed (3.15)% (3.14)% 6.72 % 9.17 % N/A 8.09 % 12/04/89
Fidelity VIP II Asset Manager (0.91)% 3.78 % 13.68 % 12.28 % N/A 11.41 % 05/01/94
---------------------------------------------------------------------------------------------------------------------
Fixed Income
Portfolios CLASF Bond (9.51)% (4.89)% 2.99 % 4.95 % N/A 5.59 % 12/04/89
Fidelity VIP High Income 1.77 % (8.29)% 5.99 % 8.80 % N/A 8.40 % 05/01/94
---------------------------------------------------------------------------------------------------------------------
Money Market CLASF Money Market (4.11)% (2.53)% 1.75 % 2.69 % N/A 2.96 % 12/04/89
</TABLE>
The above figures are SEC required "standardized" performance returns which
include the deduction of all fees and charges, including the maximum possible
sales charge. These figures may not be applicable to your contract, since you
may not have to pay these early withdrawal charges. Please see the prospectus
for more details. CLASF refers to Canada Life of America Series Fund, Inc.
Fidelity VIP and Fidelity VIP II refer to Fidelity Investments Variable
Insurance Products Fund and Fidelity Variable Insurance Products Fund II.
Annuities are not deposits of, obligations of, or guaranteed by any depository
institution. They are not insured by FDIC or any federal agency, and as such are
subject to investment risk including possible loss of principal invested. The
FIXED account portions of a variable annuity (NOT the separate accounts) are
backed by the issuing insurance company.
Issued By: Canada Life Insurance Company of America, 6201 Powers Ferry Road,
N.W. Atlanta, GA 30339 and distributed by its subsidiary Canada Life of America
Financial Services, Inc. 6201 Powers Ferry Road, N.W. Atlanta GA 30339
