Power Corporation Reports Third Quarter 2024 Financial Results

Readers are referred to the sections Non-IFRS Financial Measures and Forward-Looking Statements later in this release. All figures are expressed in Canadian dollars unless otherwise noted.

MONTRÉAL, Nov. 12, 2024 /CNW/ - Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) (TSX: POW.PR.E) today reported earnings results for the three and nine months ended September 30, 2024.

Power Corporation Consolidated results for the period ended September 30, 2024

HIGHLIGHTS

POWER CORPORATION

• Net earnings from continuing operations ^[1] for the third quarter of 2024 were $371 million or $0.58 per share ^[2], compared with $997 million or $1.50 per share in the third quarter of 2023.
  Adjusted net earnings from continuing operations ^[1][3][4] were $542 million or $0.84 per share, compared with $1,006 million or $1.52 per share in the third quarter of 2023.
• Adjusted net asset value per share ^[3] was $57.92 at September 30, 2024, compared with $53.53 at December 31, 2023.
  The Corporation's book value per share ^[5] was $34.00 at September 30, 2024, compared with $32.49 at December 31, 2023.
• In 2024, the Corporation purchased for cancellation 8.0 million subordinate voting shares for a total of $309 million at September 30, 2024.

GREAT-WEST LIFECO INC. (LIFECO)

• Third quarter net earnings from continuing operations were $859 million, compared with $936 million in the third quarter of 2023.
  Adjusted net earnings from continuing operations ^[6] were $1,061 million, compared with $950 million in the third quarter of 2023.
• Third quarter adjusted net earnings increased for the sixth consecutive quarter, reflecting strong underlying momentum across all of Lifeco's segments and the execution of key actions to support and accelerate Lifeco's growth strategies in both the United States and Canada.

IGM FINANCIAL INC. (IGM OR IGM FINANCIAL)

• Third quarter net earnings were $239.2 million, compared with $209.8 million in the third quarter of 2023.
  Adjusted net earnings ^[3] were $244.1 million, compared with $220.5 million in the third quarter of 2023.
• Assets under management and advisement ^[5] were at a record high of $264.9 billion, an increase of 16.5% from the third quarter of 2023 and 4.9% from June 30, 2024.
• Assets under management and advisement including strategic investments ^[5] were $461.6 billion at September 30, 2024, compared with $431.7 billion at June 30, 2024 and $373.8 billion at September 30, 2023.

GROUPE BRUXELLES LAMBERT (GBL)

• GBL reported a net asset value ^[5] of €16.3 billion or €117.99 per share at September 30, 2024, compared with €16.7 billion or €113.64 per share at December 31, 2023.
• In 2024, GBL completed €190 million of share buybacks at September 30, 2024, and cancelled 8.3 million treasury shares.

SAGARD HOLDINGS INC. (SAGARD) AND POWER SUSTAINABLE CAPITAL INC. (POWER SUSTAINABLE)

• Sagard and Power Sustainable, the alternative asset investment platforms, have raised $1.9 billion in new commitments ^[7] in 2024.
• In the third quarter, Sagard completed the first close of Portage Ventures IV and Sagard Private Credit, raising commitments of US$359 million and $50 million, respectively.

STANDALONE BUSINESSES

• On September 30, 2024, Peak Achievement Athletics Inc. (Peak) announced that Sagard will sell its 42.6% interest in Peak ^[8].

[1]	Attributable to participating shareholders.
[2]	All per share amounts are per participating share of the Corporation.
[3]	Adjusted net earnings from continuing operations, adjusted net earnings reported by IGM and adjusted net asset value are non-IFRS financial measures. Adjusted net earnings from continuing operations per share and adjusted net asset value per share are non-IFRS ratios. See the Non-IFRS Financial Measures section later in this news release.
[4]	Effective the first quarter of 2024, the Corporation modified the definition of adjusted net earnings. Refer to the section Non-IFRS Financial Measures later in this news release. The comparative periods have been restated to reflect this change.
[5]	See the Other Measures section later in this news release.
[6]	Defined as "base earnings" by Lifeco, a non-IFRS financial measure; see the Non-IFRS Financial Measures section later in this news release.
[7]	Includes commitments from the Corporation, associated companies and third parties.
[8]	The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Third Quarter

Net earnings from continuing operations attributable to participating shareholders were $371 million or $0.58 per share, compared with $997 million or $1.50 per share in 2023.

Adjusted net earnings from continuing operations attributable to participating shareholders ^[1] were $542 million or $0.84 per share, compared with $1,006 million or $1.52 per share in 2023.

Net earnings attributable to participating shareholders were $371 million or $0.58 per share, compared with $975 million or $1.47 per share in 2023.

Contributions to Power Corporation's Earnings from Continuing Operations

(in millions of dollars, except per share amounts)	Adjusted Net Earnings			Net Earnings
	2024	2023		2024	2023
Lifeco ^[2]	724	649		586	639
IGM ^[2]	153	137		150	131
GBL ^[2]	(62)	315		(62)	315
Effect of consolidation ^[3]	(31)	(4)		(36)	1
Publicly traded operating companies	784	1,097		638	1,086
Sagard and Power Sustainable ^[4]	(40)	(13)		(65)	(11)
Standalone businesses ^[5]	(107)	2		(107)	2
	637	1,086		466	1,077
Corporate operations and Other ^[5][6]	(95)	(80)		(95)	(80)
	542	1,006		371	997
Per participating share	0.84	1.52		0.58	1.50
Average shares outstanding (in millions)	647.1	660.4		647.1	660.4

Publicly traded operating companies: contribution to net earnings from continuing operations was $638 million and to adjusted net earnings from continuing operations was $784 million, representing a decrease of 41.3% and 28.5%, respectively, from the third quarter of 2023:

Lifeco: contribution to net earnings decreased by 8.3% and contribution to adjusted net earnings increased by 11.6%.

IGM: contribution to net earnings and adjusted net earnings increased by 14.5% and by 11.7%, respectively.

GBL: negative contribution to net earnings of $62 million in the third quarter of 2024, compared with a positive contribution of $315 million in 2023. In the third quarter of 2024, Imerys SA disposed of its assets serving the paper market, resulting in a non-cash loss from the reclassification of the related cumulative translation adjustment in earnings. The Corporation's share of this loss was $45 million. The third quarter of 2023 included the Corporation's share of a gain on deconsolidation of Webhelp of $323 million, which included the reversal of the liability to Webhelp's minority shareholders.

Sagard and Power Sustainable: Sagard had a contribution to net earnings and adjusted net earnings of nil and Power Sustainable's contribution to net earnings and adjusted net earnings were negative $65 million and negative $40 million, respectively.

Standalone businesses: negative contribution to net earnings of $107 million includes a negative contribution from LMPG Inc. (LMPG) of $93 million, primarily related to the Corporation's share of a non-cash impairment charge at LMPG.

Adjustments in the third quarter of 2024, excluded from adjusted net earnings from continuing operations, were a negative net impact to earnings of $171 million or $0.26 per share, mainly related to the Corporation's share of adjustments of Lifeco and Power Sustainable. In the third quarter of 2023, Adjustments were a negative net impact to earnings of $9 million or $0.02 per share, mainly related to the Corporation's share of Lifeco's adjustments.

[1]	A non-IFRS financial measure; see the Non-IFRS Financial Measures section later in this news release.
[2]	Contribution based on earnings reported by Lifeco, IGM and GBL.
[3]	Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent Management's Discussion and Analysis (MD&A) for additional information.
[4]	Consists of earnings (losses) from the alternative asset investment platforms, including controlled and consolidated subsidiaries.
[5]	In the third quarter of 2024, the Corporation modified its presentation; the contribution to net earnings and adjusted net earnings from Standalone businesses has been presented separately, and the contribution from the Corporation's other investment activities, including China Asset Management Co., Ltd. (ChinaAMC) (sold to IGM in January 2023), has been presented within Corporate operations and Other. The comparatives have been reclassified to conform with the current presentation.
[6]	Includes the contribution to net earnings and adjusted net earnings from the Corporation's investments held in private investment funds, as well as corporate operations of the Corporation and Power Financial Corporation (Power Financial), which includes operating expenses, financing charges, depreciation, income taxes, and dividends on non-participating and perpetual preferred shares. Refer to the Earnings Summary below.

Nine Months

Net earnings from continuing operations attributable to participating shareholders were $1,859 million or $2.87 per share, compared with $1,873 million or $2.82 per share in 2023.

Adjusted net earnings from continuing operations attributable to participating shareholders ^[1] were $2,006 million or $3.09 per share, compared with $2,436 million or $3.66 per share in 2023.

Net earnings attributable to participating shareholders were $1,810 million or $2.79 per share, compared with $1,789 million or $2.69 per share in 2023.

Contributions to Power Corporation's Earnings from Continuing Operations

(in millions of dollars, except per share amounts)	Adjusted Net Earnings			Net Earnings
	2024	2023		2024	2023
Lifeco^[2]	2,098	1,838		1,974	1,444
IGM^[2]	430	397		424	454
GBL^[2]	13	424		13	424
Effect of consolidation^[3]	(59)	(11)		(69)	(143)
Publicly traded operating companies	2,482	2,648		2,342	2,179
Sagard and Power Sustainable^[4]	(68)	(56)		(75)	(96)
Standalone businesses^[5]	(144)	5		(144)	5
	2,270	2,597		2,123	2,088
Corporate operations and Other^[5][6]	(264)	(161)		(264)	(215)
	2,006	2,436		1,859	1,873
Per participating share	3.09	3.66		2.87	2.82
Average shares outstanding (in millions)	649.0	664.3		649.0	664.3

[1]	A non-IFRS financial measure; see the Non-IFRS Financial Measures section later in this news release.
[2]	Contribution based on earnings reported by Lifeco, IGM and GBL.
[3]	Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A for additional information.
[4]	Consists of earnings (losses) from the alternative asset investment platforms, including controlled and consolidated subsidiaries.
[5]	The comparatives have been reclassified to conform with the current presentation.
[6]	Includes the contribution to net earnings and adjusted net earnings from the Corporation's investments held in private investment funds, ChinaAMC (sold to IGM in January 2023), as well as corporate operations of the Corporation and Power Financial, which includes operating expenses, financing charges, depreciation, income taxes, and dividends on non-participating and perpetual preferred shares. Refer to the Earnings Summary below.

Great-West Lifeco, IGM Financial and Groupe Bruxelles Lambert Results for the quarter ended September 30, 2024

The information below is derived from Lifeco and IGM's third quarter MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which are also available either directly from SEDAR+ (www.sedarplus.ca) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com. The information below related to GBL is derived from publicly disclosed information, as issued by GBL in its third quarter press release at September 30, 2024 and its half-year report at June 30, 2024. Further information on GBL's results is available on its website at www.gbl.com.

GREAT-WEST LIFECO INC.

Third Quarter

Net earnings from continuing operations attributable to common shareholders were $859 million or $0.92 per share, compared with $936 million or $1.01 per share in 2023.

Adjusted net earnings from continuing operations ^[1] attributable to common shareholders were $1,061 million or $1.14 per share, compared with $950 million or $1.02 per share in 2023.

Net earnings attributable to common shareholders were $859 million or $0.92 per share, compared with $905 million or $0.97 per share in 2023.

Adjustments in the third quarter of 2024, excluded from adjusted net earnings, were a net negative impact of $202 million, compared with a net negative impact of $14 million in 2023. Lifeco's adjustments consisted of:

• Assumption changes and management actions of negative $203 million;
• Amortization of acquisition-related finite life intangible assets of $36 million; and
• Business transformation impacts of negative $4 million;
• Partially offset by market experience relative to expectations of positive $41 million.

IGM FINANCIAL INC.

Third Quarter

Net earnings available to common shareholders were $239.2 million or $1.01 per share, compared with $209.8 million or $0.88 per share in 2023.

Adjusted net earnings attributable to common shareholders were $244.1 million or $1.03 per share, compared with $220.5 million or $0.92 per share in 2023.

Assets under management and advisement (AUM&A) ^[2][3] at September 30, 2024 were $264.9 billion, an increase of 4.9% from June 30, 2024 and an increase of 16.5% from the third quarter of 2023.

GROUPE BRUXELLES LAMBERT

Third Quarter

GBL reported a net loss of €224 million, compared with net earnings of €1,276 million in 2023. In the third quarter of 2024, Imerys, a consolidated operating company of GBL, disposed of its assets serving the paper market, resulting in a non-cash loss of €302 million from the reclassification of the related cumulative translation adjustment in earnings. GBL's share of this loss was €166 million. Net earnings in the third quarter of 2023 included a gain on deconsolidation of Webhelp of approximately €1.3 billion, including the reversal of the liability to Webhelp's minority shareholders.

GBL reported a net asset value ^[2] of €16,330 million or €117.99 per share at September 30, 2024, compared with €16,671 million or €113.64 per share at December 31, 2023.

[1]	Defined as "base earnings" by Lifeco. For additional information, refer to the Non-IFRS Financial Measures section later in this news release.
[2]	See the Other Measures section later in this news release.
[3]	Comparative information presented excludes AUM&A of Investment Planning Counsel Inc. (IPC), presented as discontinued operations by IGM.

Sagard and Power Sustainable Results for the quarter ended September 30, 2024

Sagard and Power Sustainable comprise the results of the Corporation's alternative asset investment platforms, which includes income earned from asset management and investing activities. Asset management activities includes fee-related earnings (a non-IFRS financial measure, see the Non-IFRS Financial Measures section later in this news release), which is comprised of management fees less investment platform expenses. Asset management activities also includes carried interest and income from other management activities. Investing activities comprises income earned on the capital invested by the Corporation (proprietary capital) in the investment funds managed by each platform and the share of earnings (losses) of controlled and consolidated subsidiaries held within the alternative asset investment platforms. For additional information, refer to the table later in this news release.

Third Quarter

Net loss of the alternative asset investment platforms was $65 million, compared with a net loss of $11 million in 2023. The adjusted net loss of the alternative asset investment platforms was $40 million, compared with an adjusted net loss of $13 million in 2023.

The adjusted net loss is comprised of:

• A contribution of nil from Sagard comprised of a positive contribution of $6 million from asset management activities and a negative contribution of $6 million from investing activities; and
• A negative contribution of $40 million from Power Sustainable comprised of a negative contribution of $24 million from asset management activities and a negative contribution of $16 million from investing activities. Adjustments in the third quarter of 2024, excluded from adjusted net earnings, were a negative impact of $25 million, compared with a net positive impact of $2 million in 2023. Power Sustainable adjustments consisted of a revaluation of non-controlling interests liabilities ^[1] within the Power Sustainable Energy Infrastructure Partnership (PSEIP).

Summary of assets under management ^[2] (including unfunded commitments):

(in billions of dollars)	September 30, 2024	September 30, 2023
Sagard ^[3]	35.0	19.4
Power Sustainable	4.0	4.2
Total	39.0	23.6
Percentage of third-party and associated companies	92 %	87 %

Standalone Businesses Results for the quarter ended September 30, 2024

Standalone businesses include the Corporation's share of earnings (losses) of The Lion Electric Company (Lion), LMPG and Peak.

Third Quarter

The net loss from standalone businesses was $107 million, compared with net earnings of $2 million in 2023. The net loss in the third quarter of 2024 includes a negative contribution from Lion of $30 million, including a non-cash impairment charge of $11 million on the Corporation's investment in Lion, which reflects a decline in market value at September 30, 2024, and a negative contribution from LMPG of $93 million, primarily related to the Corporation's share of a non-cash impairment charge recognized on goodwill by LMPG. The negative contributions from Lion and LMPG were partially offset by a positive contribution from Peak of $16 million.

On September 30, 2024, Peak announced that Fairfax Financial Holdings Limited will acquire Sagard's 42.6% interest in Peak. On close of the transaction, the Corporation expects proceeds of approximately US$325 million and to recognize a gain in net earnings of approximately US$195 million, representing a 3x multiple on invested capital since the original investment in Peak ^[4]. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

At September 30, 2024, the fair value of standalone businesses was $0.7 billion, compared with $0.9 billion at September 30, 2023.

[1]	The Corporation controls and consolidates the activities of PSEIP on a historical cost basis; however, limited partner equity interests held by third parties have redemption features and are classified as a financial liability and remeasured at their redemption value. The net asset value ^[2] of PSEIP was $1,629 million at September 30, 2024, compared with $1,342 million at December 31, 2023.
[2]	See the Other Measures section later in this news release.
[3]	Includes ownership in Wealthsimple Financial Corp. (Wealthsimple) valued at $2.1 billion at September 30, 2024 ($0.9 billion at September 30, 2023) and excludes assets under management of Sagard's wealth management business. In the first quarter of 2024, Sagard acquired a controlling interest of Performance Equity Management, LLC, representing assets under management of $12.1 billion at September 30, 2024.
[4]	Before expenses and taxes.

Adjusted Net Asset Value and Participating Shareholders' Equity At September 30, 2024

Adjusted Net Asset Value

Adjusted net asset value is presented for Power Corporation and represents management's estimate of the fair value of the participating shareholders' equity of the Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company (the gross asset value) less their net debt and preferred shares. Refer to the Non-IFRS Financial Measures section later in this news release for a description and reconciliation.

The Corporation's adjusted net asset value per share was $57.92 at September 30, 2024, compared with $53.53 at December 31, 2023, representing an increase of 8.2%.

	(in millions of dollars, except per share amounts)	September 30, 2024	December 31, 2023	Variation %
Publicly traded operating companies	Lifeco	29,307	27,871	5
	IGM	6,003	5,179	16
	GBL	2,319	2,295	1
		37,629	35,345	6
Alternative asset investment platforms	Sagard^[1]	1,972	1,327	49
	Power Sustainable^[1][2]	1,062	1,499	(29)
		3,034	2,826	7
Other	Standalone businesses^[3]	681	800	(15)
	Other assets and investments^[2]	451	391	15
	Cash and cash equivalents	1,356	1,218	11
		2,488	2,409	3
	Gross asset value	43,151	40,580	6
	Liabilities and preferred shares	(5,716)	(5,663)	(1)
	Adjusted net asset value	37,435	34,917	7
	Shares outstanding (in millions)	646.3	652.2
	Adjusted net asset value per share	57.92	53.53	8

[1]	Includes the management companies as well as the fair value of proprietary capital invested in assets managed within the platforms. The management company of Sagard is presented at its fair value and the management company of Power Sustainable is presented at its carrying value.
[2]	At the end of March 2024, Power Sustainable made a strategic decision to wind down the Power Sustainable China public equity strategy; the Corporation's remaining investments are included in other assets and investments.
[3]	Includes Lion, LMPG and Peak.

Power Corporation's Ownership in Publicly Traded Operating Companies

		Shares held ^[1] (in millions)	Share price
	Ownership ^[1] (%)		September 30, 2024	December 31, 2023
Lifeco	68.2	635.5	$46.12	$43.86
IGM	62.5	147.9	$40.58	$35.01
GBL^[2]	16.5	22.8	€69.95	€71.22

[1]	At September 30, 2024.
[2]	Held through Parjointco SA (Parjointco), a jointly controlled corporation (50%).

Participating Shareholders' Equity

Book value per participating share represents Power Corporation's participating shareholders' equity divided by the number of participating shares outstanding at the end of the reporting period. Participating shareholders' equity is calculated as the total assets of the combined Power Corporation and Power Financial holding company, including investments in subsidiaries presented using the equity method, less their net debt and preferred shares.

The Corporation's book value per participating share was $34.00 at September 30, 2024, compared with $32.49 at December 31, 2023, representing an increase of 4.6%.

	(in millions of dollars, except per share amounts)	September 30, 2024	December 31, 2023	Variation %
Publicly traded operating companies	Lifeco	16,240	15,326	6
	IGM	3,911	3,702	6
	GBL	3,829	3,717	3
		23,980	22,745	5
Alternative asset investment platforms	Sagard	976	829	18
	Power Sustainable^[1]	514	1,032	(50)
		1,490	1,861	(20)
Other	Standalone businesses^[2]	416	641	(35)
	Other assets and investments^[1]	451	391	15
	Cash and cash equivalents	1,356	1,218	11
		2,223	2,250	(1)
	Total assets	27,693	26,856	3
	Liabilities and preferred shares	(5,716)	(5,663)	(1)
	Participating shareholders' equity	21,977	21,193	4
	Shares outstanding (in millions)	646.3	652.2
	Book value per participating share	34.00	32.49	5

[1]	At the end of March 2024, Power Sustainable made a strategic decision to wind down the Power Sustainable China public equity strategy; the Corporation's remaining investments are included in other assets and investments.
[2]	Includes Lion, LMPG and Peak.

Dividend on Power Corporation Participating Shares

The Board of Directors declared a quarterly dividend of 56.25 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable January 31, 2025 to shareholders of record December 31, 2024.

Dividends on Power Corporation Non-Participating Preferred Shares

The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable January 15, 2025 to shareholders of record at December 24, 2024:

Series	Stock Symbol	Amount		Series	Stock Symbol	Amount
Series A	POW.PR.A	35¢		Series D	POW.PR.D	31.25¢
Series B	POW.PR.B	33.4375¢		Series G	POW.PR.G	35¢
Series C	POW.PR.C	36.25¢

Investor Information

About Power Corporation

Power Corporation is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. To learn more, visit www.powercorporation.com.

At September 30, 2024, Power Corporation held the following economic interests:

100% – Power Financial			www.powerfinancial.com
68.2 %	Great-West Lifeco (TSX: GWO)		www.greatwestlifeco.com
62.5 %	IGM Financial (TSX: IGM)		www.igmfinancial.com
16.5 %	GBL^[1] (Euronext: GBLB)		www.gbl.com
55.1 %	Wealthsimple^[2]		www.wealthsimple.com
Investment Platforms
	Sagard ^[3]		www.sagard.com
	Power Sustainable^[4]		www.powersustainable.com

[1]	Held through Parjointco, a jointly controlled corporation (50%).
[2]	Undiluted equity interest held by Portag3 Ventures Limited Partnership (Portage Ventures I), Power Financial and IGM, representing a fully diluted equity interest of 43.6%.
[3]	The Corporation holds a 51.9% interest in Sagard Holdings Management Inc.
[4]	The Corporation holds a 74.7% interest in Power Sustainable Manager Inc.

Earnings Summary

Contribution to Adjusted Net Earnings and Net Earnings

	Three months ended September 30,			Nine months ended September 30,
(in millions of dollars, except per share amounts)	2024	2023		2024	2023
Adjusted net earnings from continuing operations ^[1]
Lifeco ^[2]	724	649		2,098	1,838
IGM ^[2]	153	137		430	397
GBL ^[2]	(62)	315		13	424
Effect of consolidation ^[3]	(31)	(4)		(59)	(11)
	784	1,097		2,482	2,648
Sagard and Power Sustainable	(40)	(13)		(68)	(56)
Standalone businesses^[4]	(107)	2		(144)	5
Corporate operations and Other^[4][5]	(95)	(80)		(264)	(161)
Adjusted net earnings from continuing operations ^[^6]	542	1,006		2,006	2,436
Adjustments^[7]	(171)	(9)		(147)	(563)
Net earnings from continuing operations ^[6]
Lifeco^[2]	586	639		1,974	1,444
IGM^[2]	150	131		424	454
GBL^[2]	(62)	315		13	424
Effect of consolidation^[3]	(36)	1		(69)	(143)
	638	1,086		2,342	2,179
Sagard and Power Sustainable	(65)	(11)		(75)	(96)
Standalone businesses^[4]	(107)	2		(144)	5
Corporate operations and Other^[4][5]	(95)	(80)		(264)	(215)
Net earnings from continuing operations ^[6]	371	997		1,859	1,873
Net earnings (loss) from discontinued operations – Putnam^[8]	−	(22)		(49)	(84)
Net earnings ^[6]	371	975		1,810	1,789
Earnings per share – basic ^[6]
Adjusted net earnings from continuing operations	0.84	1.52		3.09	3.66
Adjustments	(0.26)	(0.02)		(0.22)	(0.84)
Net earnings from continuing operations	0.58	1.50		2.87	2.82
Net earnings (loss) from discontinued operations – Putnam	−	(0.03)		(0.08)	(0.13)
Net earnings	0.58	1.47		2.79	2.69

[1]	Effective the first quarter of 2024, the Corporation modified the definition of adjusted net earnings. Refer to the section Non-IFRS Financial Measures later in this news release. The comparative periods have been restated to reflect this change. For a reconciliation of Lifeco, IGM, and Sagard and Power Sustainable's non-IFRS adjusted net earnings to their net earnings, refer to the Non-IFRS Financial Measures, and Sagard and Power Sustainable sections below.
[2]	Contribution based on earnings reported by Lifeco, IGM and GBL.
[3]	Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A for additional information.
[4]	Certain comparatives have been reclassified to conform with the current presentation.
[5]	Includes the contribution to net earnings and adjusted net earnings from the Corporation's investments held in private investment funds, ChinaAMC (sold to IGM in January 2023), as well as corporate operations, which includes operating expenses, financing charges, depreciation, income taxes, and dividends on non-participating and perpetual preferred shares.
[6]	Attributable to participating shareholders.
[7]	Refer to the detailed table of Adjustments in the Non-IFRS Financial Measures section below.
[8]	Putnam U.S. Holdings I, LLC (Putnam).

Sagard and Power Sustainable

	Three months ended September 30,			Nine months ended September 30,
(in millions of dollars)	2024	2023		2024	2023
Adjusted net earnings (loss)
Asset management activities^[1]
Sagard^[2]	6	(6)		6	(29)
Power Sustainable	(24)	(15)		(56)	(36)
Investing activities (proprietary capital)
Sagard^[3]	(6)	2		26	19
Power Sustainable
China public equity	−	2		(2)	1
Energy Infrastructure ^[4]	(16)	4		(42)	(11)
Adjusted net earnings (loss)	(40)	(13)		(68)	(56)
Adjustments ^[5]	(25)	2		(7)	(40)
Net earnings (loss)	(65)	(11)		(75)	(96)

[1]	Includes management fees charged by the investment platforms on proprietary capital. Management fees paid by the Corporation are deducted from income from investing activities.
[2]	In the second quarter of 2024, Sagard recognized a retroactive management fee of $4 million related to new capital committed in the fundraising close of Portage Capital Solutions ($6 million and $3 million, in the first and second quarters of 2023, respectively, related to new capital committed in the fundraising close of Sagard NewGen and Portage Capital Solutions).
[3]	Includes the Corporation's share of earnings (losses) of Wealthsimple. The third quarter of 2024 includes a charge of $20 million related to the Corporation's share of the carried interest payable due to the increase in fair value of the investment held in Wealthsimple. The net increase in fair value of the Corporation's investments, including its investments held through Power Financial in Portage Ventures I, Portag3 Ventures II Limited Partnership (Portage Ventures II), Portage Ventures III Limited Partnership, and Wealthsimple, was $370 million in the nine-month period ended September 30, 2024, compared with a net decrease of $7 million in fair value in the corresponding period in 2023.
[4]	Consists of the Corporation's share of earnings (losses) from direct investments in energy infrastructure and in the consolidated activities of PSEIP.
[5]	Refer to the detailed table of Adjustments in the Non-IFRS Financial Measures section below.

Corporate operations and Other

	Three months ended September 30,			Nine months ended September 30,
(in millions of dollars)	2024	2023		2024	2023
Adjusted net earnings (loss)
Other Investments^[1]	5	32		47	157
Operating and other expenses^[2]	(52)	(65)		(167)	(176)
Dividends on non-participating and perpetual preferred shares	(48)	(47)		(144)	(142)
Adjusted net earnings (loss)	(95)	(80)		(264)	(161)
Adjustments^[3]	−	−		−	(54)
Net earnings (loss)	(95)	(80)		(264)	(215)

[1]	Includes the Corporation's investments held in private investment funds, ChinaAMC (sold to IGM in January 2023), as well as foreign exchange gains or losses and interest on cash and cash equivalents. In the second quarter of 2023, income earned from other investments included a recovery of $97 million from the sale of the Corporation's investment in Bellus Health Inc.
[2]	Includes operating expenses, financing charges, depreciation and income taxes of the Corporation and Power Financial.
[3]	Refer to the detailed table of Adjustments in the Non-IFRS Financial Measures section below.

BASIS OF PRESENTATION

The condensed consolidated interim financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted and are the basis for the figures presented in this news release, unless otherwise noted.

NON-IFRS FINANCIAL MEASURES

Net earnings from continuing operations attributable to participating shareholders are comprised of:

• Adjusted net earnings from continuing operations (adjusted net earnings) attributable to participating shareholders; and
• Adjustments, which include the after-tax impact of any item that in management's judgment, including those identified by management of its publicly traded operating companies, would make the period-over-period comparison of results from operations less meaningful. Includes the Corporation's share of Lifeco's impact of market-related impacts, where actual market returns in the current period are different than longer-term expected returns, assumption changes and management actions that impact the measurement of assets and liabilities, realized gains (losses) on the sale of assets measured at FVOCI, direct equity and interest rate impacts on the measurement of surplus assets and liabilities, and amortization of acquisition-related finite life intangible assets, as well as items that management believes are not indicative of the underlying business results which include those identified by a subsidiary or a jointly controlled corporation. Items that management and management of its subsidiaries believe are not indicative of the underlying business results include business transformation impacts (including restructuring or reorganization and integration costs, acquisition and divestiture costs), material legal settlements, material impairment charges, impacts of income tax rate changes on the remeasurement of deferred tax assets and liabilities and other tax impairments, certain non-recurring material items, net gains, losses or costs related to the disposition or acquisition of a business, and other items that, when removed, assist in explaining underlying operating performance.

Adjusted net earnings from continuing operations (or adjusted net earnings) represents net earnings from continuing operations excluding Adjustments. Effective the first quarter of 2024, the Corporation modified the definition of adjusted net earnings to better reflect the underlying operating performance of the Corporation. The definition of Adjustments, used to calculate adjusted net earnings, was modified to include the impact of the revaluation of non-controlling interests liabilities related to PSEIP which result from changes in fair value of assets held within the fund, and the share of earnings (losses) from the consolidated activities of PSEIP attributable to third-party investors. The comparative periods have been restated to reflect this change.

Management uses these financial measures in its presentation and analysis of the financial performance of Power Corporation, and believes that they provide additional meaningful information to readers in their analysis of the results of the Corporation. Adjusted net earnings, as defined by the Corporation, assists the reader in the comparison of the current period's results to those of previous periods as it reflects management's view of the operating performance of the Corporation and its subsidiaries, excluding items that are not considered to be part of the underlying business results.

Fee-related earnings is presented for Sagard and Power Sustainable and includes revenues from management fees earned across all asset classes, less investment platform expenses which include i) fee-related compensation including salary, bonus, and benefits, and ii) operating expenses. Fee-related earnings is presented on a gross basis, including non-controlling interests. Fee-related earnings excludes i) share-based compensation expenses, ii) amortization of acquisition-related intangible assets, iii) foreign exchange-related gains and losses, iv) net interest, and v) other items that in management's judgment are not indicative of underlying operating performance of the alternative asset investment platforms, which include restructuring costs, transaction and integration costs related to business acquisitions and certain non-recurring material items. Management uses this measure to assess the profitability of the asset management activities of the alternative asset investment platforms. This financial measure provides insight as to whether recurring revenues from management fees, which are not based on future realization events, are sufficient to cover associated operating expenses.

Adjusted net asset value is commonly used by holding companies to assess their value. Adjusted net asset value represents the fair value of the participating shareholders' equity of Power Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company less their net debt and preferred shares. The investments held in public entities (including Lifeco, IGM and GBL) are measured at their market value and investments in private entities and investment funds are measured at management's estimate of fair value. This measure presents the fair value of the participating shareholders' equity of the holding company, and assists the reader in determining or comparing the fair value of investments held by the holding company or its overall fair value.

Adjusted net earnings attributable to participating shareholders, fee-related earnings, adjusted net asset value, gross asset value, adjusted net earnings from continuing operations per share (adjusted net earnings per share) and adjusted net asset value per share are non-IFRS financial measures and ratios that do not have a standard meaning and may not be comparable to similar measures used by other entities.

Presentation of Holding Company Activities

The Corporation's reportable segments include Lifeco, IGM and GBL, which represent the Corporation's investments in publicly traded operating companies, as well as the holding company. These reportable segments, in addition to the asset management activities, reflect Power Corporation's management structure and internal financial reporting. The Corporation evaluates its performance based on the operating segment's contribution to earnings.

The holding company comprises the corporate activities of the Corporation and Power Financial, on a combined basis, and presents the investment activities of the Corporation. The investment activities of the holding company, including the investments in Lifeco, IGM and controlled entities within the alternative asset investment platforms, are presented using the equity method. The holding company activities present the holding company's assets and liabilities, including cash, investments, debentures and non-participating shares. The discussions included in the sections Financial Position and Cash Flows of the Corporation's most recent MD&A present the segmented balance sheets and cash flow statements of the holding company, which are presented in Note 20 of the Interim Consolidated Financial Statements. This presentation is useful to the reader as it presents the holding company's (parent) results separately from the results of its consolidated operating subsidiaries.

RECONCILIATIONS OF NON-IFRS FINANCIAL MEASURES

Power Corporation

Adjusted net earnings from continuing operations

	Three months ended September 30,			Nine months ended September 30,
(in millions of dollars)	2024	2023		2024	2023
Adjusted net earnings from continuing operations – Non-IFRS financial measure^[1]	542	1,006		2,006	2,436
Share of Adjustments^[2], net of tax
Lifeco	(143)	(11)		(135)	(412)
IGM	(3)	−		(5)	(57)
Power Sustainable	(25)	2		(7)	(40)
Corporate operations and Other	−	−		−	(54)
	(171)	(9)		(147)	(563)
Net earnings from continuing operations – IFRS financial measure^[1]	371	997		1,859	1,873
Net earnings (loss) from discontinued operations – Putnam	−	(22)		(49)	(84)
Net earnings – IFRS financial measure^[1]	371	975		1,810	1,789

[1]	Attributable to participating shareholders of Power Corporation.
[2]	Refer to the Adjustments section for more details on Adjustments from Lifeco, IGM, Power Sustainable, and Corporate operations and Other.

Adjustments (excluded from Adjusted net earnings)

	Three months ended September 30,			Nine months ended September 30,
(in millions of dollars)	2024	2023		2024	2023
Lifeco ^[1]
Market experience relative to expectations (pre-tax)	32	130		155	(75)
Income tax (expense) benefit	(4)	(26)		(35)	11
Assumption changes and management actions (pre-tax)	(161)	(85)		(157)	(82)
Income tax (expense) benefit	22	13		44	12
Business transformation impacts (pre-tax)^[2]	(5)	(23)		(75)	(139)
Income tax (expense) benefit	2	6		19	33
Realized OCI gains (losses) from asset rebalancing (pre-tax)	−	−		−	(99)
Income tax (expense) benefit	−	−		−	16
Amortization of acquisition-related finite life intangible assets (pre-tax)	(32)	(34)		(101)	(96)
Income tax (expense) benefit	8	9		26	25
	(138)	(10)		(124)	(394)
Effect of consolidation (pre-tax)^[3][4]	(5)	(1)		(11)	(19)
Income tax (expense) benefit	−	−		−	1
	(143)	(11)		(135)	(412)
IGM^[1]
Rockefeller debt refinancing (pre-tax)	−	−		(2)	−
Income tax (expense) benefit	−	−		−	−
Gain on disposal of Lifeco shares (pre-tax)	−	−		−	108
Income tax (expense) benefit	−	−		−	(3)
Restructuring charges (pre-tax)	−	−		−	(64)
Income tax (expense) benefit	−	−		−	17
IFRS 17 adjustment (pre-tax)	−	−		−	9
Income tax (expense) benefit	−	−		−	−
Share of Lifeco's adjustments (pre-tax)	(3)	(6)		(4)	(10)
Income tax (expense) benefit	−	−		−	−
	(3)	(6)		(6)	57
Effect of consolidation (pre-tax)^[3]	−	6		−	(124)
Income tax (expense) benefit	−	−		1	10
	(3)	−		(5)	(57)
Power Sustainable
Reclassification to earnings of foreign currency gains on Power Sustainable China (pre-tax)	−	−		54	−
Income tax (expense) benefit	−	−		−	−
Revaluation of non-controlling interests liabilities (pre-tax)^[4]	(25)	2		(47)	(40)
Income tax (expense) benefit	−	−		−	−
Restructuring charges (pre-tax)	−	−		(14)	−
Income tax (expense) benefit	−	−		−	−
	(25)	2		(7)	(40)
Corporate operations and Other
Transaction costs on disposal of ChinaAMC (pre-tax)	−	−		−	(14)
Income tax (expense) benefit	−	−		−	−
Income taxes on disposal of ChinaAMC	−	−		−	(40)
	−	−		−	(54)
	(171)	(9)		(147)	(563)

[1]	As reported by Lifeco and IGM.
[2]	Business transformation impacts include restructuring and integration costs as well as acquisition and divestiture costs.
[3]	The Effect of consolidation reflects: i) the elimination of intercompany transactions, including the gain recognized by IGM on the sale of a portion of its interest in Lifeco to the Corporation, as well as IGM's share of Lifeco's IFRS 17 adjustment; and ii) the application of the Corporation's accounting method for investments under common control to the Adjustments reported by Lifeco and IGM.
[4]	Effective the first quarter of 2024, the Corporation modified the definition of adjusted net earnings. The comparative periods have been restated to reflect this change.

Adjusted net asset value

Adjusted net asset value represents management's estimate of the fair value of the participating shareholders' equity of the Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company less their net debt and preferred shares. The Corporation's adjusted net asset value per share is presented on a look-through basis.

The following table presents a reconciliation of the participating shareholders' equity reported in accordance with IFRS to the adjusted net asset value, a non-IFRS financial measure:

(in millions of dollars, except per share amounts)	September 30, 2024	December 31, 2023
Participating shareholders' equity – IFRS financial measure
Share capital – participating shares	9,238	9,284
Retained earnings	10,693	10,005
Reserves	2,046	1,904
	21,977	21,193
Fair value adjustments^[1]
Lifeco	13,067	12,545
IGM	2,092	1,477
GBL	(1,510)	(1,422)
Sagard and Power Sustainable	1,544	965
Standalone businesses	265	159
	15,458	13,724
Adjusted net asset value – Non-IFRS financial measure	37,435	34,917
Per share^[2]
Participating shareholders' equity (book value)	34.00	32.49
Adjusted net asset value	57.92	53.53

[1]	Refer to the table below for more details on the fair value.
[2]	Attributable to participating shareholders.

The Corporation's adjusted net asset value per share was $57.92 at September 30, 2024, compared with $53.53 at December 31, 2023, representing an increase of 8.2%. The Corporation's book value per participating share was $34.00 at September 30, 2024, compared with $32.49 at December 31, 2023, representing an increase of 4.6%.

		September 30, 2024				December 31, 2023
(in millions of dollars, except per share amounts)	Holding company balance sheet	Fair value adjustment	Adjusted net asset value		Holding company balance sheet	Fair value adjustment	Adjusted net asset value
Holding company assets
Investments
Power Financial
Lifeco	16,240	13,067	29,307		15,326	12,545	27,871
IGM	3,911	2,092	6,003		3,702	1,477	5,179
GBL ^[1]	3,829	(1,510)	2,319		3,717	(1,422)	2,295
Alternative asset investment platforms
Asset management companies ^[2]
Sagard	137	265	402		108	157	265
Power Sustainable	5	−	5		−	−	−
Investing activities
Sagard^[3][4]	839	731	1,570		721	341	1,062
Power Sustainable ^[5]	509	548	1,057		1,032	467	1,499
Standalone businesses	416	265	681		641	159	800
Cash and cash equivalents	1,356	−	1,356		1,218	−	1,218
Other assets and investments ^[5]	451	−	451		391	−	391
Total holding company assets	27,693	15,458	43,151		26,856	13,724	40,580
Holding company liabilities and    non-participating shares
Debentures and other debt instruments	897	−	897		897	−	897
Other liabilities ^[6]	1,039	−	1,039		986	−	986
Non-participating shares and perpetual    preferred shares	3,780	−	3,780		3,780	−	3,780
Total holding company liabilities and    non-participating shares	5,716	−	5,716		5,663	−	5,663
Net value
Participating shareholders' equity (IFRS) /    Adjusted net asset value (non-IFRS)	21,977	15,458	37,435		21,193	13,724	34,917
Per share	34.00		57.92		32.49		53.53

[1]	The Corporation's share of GBL's reported net asset value was $4.1 billion (€2.7 billion) at September 30, 2024 ($3.8 billion (€2.6 billion) at December 31, 2023).
[2]	The management company of Sagard is presented at its fair value. The management company of Power Sustainable is presented at its carrying value.
[3]	Includes the Corporation's investments in Portage Ventures I, Portage Ventures II and Wealthsimple, held by Power Financial.
[4]	Includes $21 million of cash held within the Sagard investing activities at September 30, 2024 (cash and other assets of $21 million at December 31, 2023).
[5]	At the end of March 2024, Power Sustainable made a strategic decision to wind down the Power Sustainable China public equity strategy; the Corporation's remaining investments are included in other investments.
[6]	In accordance with IAS 12, Income Taxes, no deferred tax liability is recognized with respect to temporary differences associated with investments in subsidiaries and jointly controlled corporations as the Corporation is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. If the Corporation were to dispose of an investment in a subsidiary or a jointly controlled corporation, income taxes payable on such disposition would be minimized through careful and prudent tax planning and structuring, as well as with the use of available tax attributes not otherwise recognized on the balance sheet, including tax losses, tax basis, safe income and foreign tax surplus associated with the subsidiary or jointly controlled corporation.

This news release also contains other non-IFRS financial measures which are publicly disclosed by the Corporation's subsidiaries including adjusted net earnings and adjusted net earnings per share. The section below includes the description and reconciliation of the non-IFRS financial measures included in this news release as reported by the Corporation's subsidiaries. The information below is derived from Lifeco's and IGM's third quarter MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which are also available either directly from SEDAR+ (www.sedarplus.ca) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com.

Lifeco

Adjusted net earnings (loss) from continuing operations attributable to Lifeco's common shareholders

Adjusted net earnings (loss) from continuing operations ^[1] (adjusted net earnings (loss)) reflects Lifeco management's view of the underlying business performance of Lifeco and provides an alternate measure to understand the underlying business performance compared with IFRS net earnings. Adjusted net earnings (loss) excludes the following items from IFRS-reported net earnings:

• Market-related impacts, where actual market returns in the current period are different than longer-term expected returns;
• Assumption changes and management actions that impact the measurement of assets and liabilities;
• Business transformation impacts which include acquisition and divestiture costs and restructuring and integration costs;
• Material legal settlements, material impairment charges related to goodwill and intangible assets, impacts of income tax rate changes on the remeasurement of deferred tax assets and liabilities and other tax impairments, net gains, losses or costs related to the disposition or acquisition of a business, and net earnings (loss) from discontinued operations;
• Realized gains (losses) on the sale of assets measured at fair value through other comprehensive income;
• The direct equity and interest rate impacts on the measurement of surplus assets and liabilities;
• Amortization of acquisition-related finite life intangible assets; and
• Other items that, when removed, assist in explaining Lifeco's underlying business performance.

	Three months ended September 30,			Nine months ended September 30,
(in millions of dollars)	2024	2023		2024	2023
Adjusted net earnings – Non-IFRS financial measure ^[1][2]	1,061	950		3,077	2,696
Adjustments ^[3]
Market experience relative to expectations (pre-tax)	46	191		227	(110)
Income tax (expense) benefit	(5)	(38)		(51)	16
Realized OCI gains (losses) from asset rebalancing (pre-tax)	−	−		−	(158)
Income tax (expense) benefit	−	−		−	37
Assumption changes and management actions (pre-tax)	(235)	(125)		(230)	(121)
Income tax (expense) benefit	32	19		65	18
Business transformation impacts (pre-tax)^[4]	(7)	(33)		(110)	(203)
Income tax (expense) benefit	3	8		28	48
Amortization of acquisition-related finite life intangible assets (pre-tax)	(47)	(48)		(149)	(140)
Income tax (expense) benefit	11	12		38	36
	(202)	(14)		(182)	(577)
Net earnings from continuing operations – IFRS financial measure^[2]	859	936		2,895	2,119
Net earnings (loss) from discontinued operations (post-tax)	−	(31)		(115)	(121)
Net gain from disposal of discontinued operations (post-tax)	−	−		44	−
Net earnings^[2]	859	905		2,824	1,998

[1]	Defined as "base earnings" and identified as a non-GAAP financial measure by Lifeco.
[2]	Attributable to Lifeco common shareholders.
[3]	Described as "items excluded from base earnings" by Lifeco.
[4]	Business transformation impacts include restructuring and integration costs as well as acquisition and divestiture costs.

IGM Financial

Adjusted net earnings attributable to IGM's common shareholders

Adjusted net earnings attributable to common shareholders excludes Adjustments, which includes the after‐tax impact of any item that management of IGM considers to be of a non‐recurring nature, or that could make the period‐over‐period comparison of results from operations less meaningful.

Effective in the first quarter of 2024, adjusted net earnings also excludes IGM's proportionate share of items that Lifeco excludes from its IFRS-reported net earnings in arriving at Lifeco's base earnings. Comparative periods have been restated to reflect this change.

	Three months ended September 30,			Nine months ended September 30,
(in millions of dollars)	2024	2023		2024	2023
Adjusted net earnings – Non-IFRS financial measure^[1]	244.1	220.5		689.0	638.2
Adjustments ^[2]
Gain on sale of Lifeco shares (pre-tax)	−	−		−	172.9
Income tax (expense) benefit	−	−		−	(4.3)
Restructuring and other (pre-tax)	−	−		−	(103.3)
Income tax (expense) benefit	−	−		−	27.1
IFRS 17 adjustment (pre-tax)	−	−		−	15.1
Income tax (expense) benefit	−	−		−	−
Rockefeller^[3] debt refinancing (pre-tax)	−	−		(3.3)	−
Income tax (expense) benefit	−	−		−	−
Lifeco other items	(4.9)	(10.7)		(6.9)	(16.4)
	(4.9)	(10.7)		(10.2)	91.1
Net earnings – IFRS financial measure^[1]	239.2	209.8		678.8	729.3

[1]	Available to IGM common shareholders.
[2]	Described as "Other items" by IGM.
[3]	Rockefeller Capital Management (Rockefeller).

OTHER MEASURES

This news release and other continuous disclosure documents also include other measures used to discuss activities of the Corporation, its consolidated publicly traded operating companies and alternative asset investment platforms including, but not limited to, "assets under management", "assets under administration", "assets under management and advisement", "assets under management and advisement including strategic investments", "book value per participating share", "carried interest", "net asset value", and "unfunded commitments". Refer to the section "Other Measures" in the Corporation's most recent MD&A, which can be located in the Corporation's profile on SEDAR+ at www.sedarplus.ca, for definitions of such measures, which definitions are incorporated herein by reference.

ELIGIBLE DIVIDENDS

For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends on the Corporation's preferred shares (including the Participating Preferred Shares) and Subordinate Voting Shares are eligible dividends.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Corporation's current expectations, or with respect to disclosure regarding the Corporation's public subsidiaries, reflect such subsidiaries' disclosed current expectations. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Corporation's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Corporation and its subsidiaries, capital commitments to strategies of the investment platforms, as well as the proposed sale of the Corporation's interest in Peak and the timing thereof. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could".

By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the Corporation's and its subsidiaries' control, affect the operations, performance and results of the Corporation and its subsidiaries and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in North America and internationally, fluctuations in interest rates, inflation and foreign exchange rates, monetary policies, business investment and the health of local and global equity and capital markets, management of market liquidity and funding risks, risks related to investments in private companies and illiquid securities, risks associated with financial instruments, changes in accounting policies and methods used to report financial condition (including uncertainties associated with significant judgments, estimates and assumptions), the effect of applying future accounting changes, business competition, operational and reputational risks, technological changes, cybersecurity risks, changes in government regulation and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, man-made disasters, terrorist attacks, wars and other conflicts, or an outbreak of a public health pandemic or other public health crises, the Corporation's and its subsidiaries' ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, the Corporation's and its subsidiaries' success in anticipating and managing the foregoing factors and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, the factors identified by such subsidiaries in their respective MD&A.

The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, and that strategic transactions, acquisitions, divestitures or other growth or optimization strategies will be completed on expected terms, including that any required approvals will be received when and on such terms as are expected, as well as other considerations that are believed to be appropriate in the circumstances, including that the list of risks and uncertainties in the previous paragraph, collectively, are not expected to have a material impact on the Corporation and its subsidiaries and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, the risks identified by such subsidiaries in their respective MD&A and Annual Information Form most recently filed with the securities regulatory authorities in Canada and available at www.sedarplus.ca. While the Corporation considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.

Other than as specifically required by applicable Canadian law, the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Additional information about the risks and uncertainties of the Corporation's business and material factors or assumptions on which information contained in forward-looking statements is based is provided in its disclosure materials, including its most recent MD&A and Annual Information Form, filed with the securities regulatory authorities in Canada and available at www.sedarplus.ca.

SOURCE Power Corporation of Canada

For further information, please contact: Stéphane Lemay, Vice-President, General Counsel and Secretary, 514-286-7400