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INTRODUCTION TO Power Corporation January 2026
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POWER CORPORATION OF CANADA 2 Forward looking statements, disclosures concerning public investees and presentation of the holding company For definitions of capitalized terms used herein, see "Abbreviations" in the Appendix hereto. Forward Looking Statements In the course of today’s meeting, representatives of the Corporation may make, in their remarks or in response to questions, and the accompanying materials may include, statements containing forward-looking information. Such forward-looking statements are 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’ current expectations as disclosed in their respective current MD&A. Forward- looking statements are provided for the purposes of assisting the listener/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/listener 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 including the outlook for North American and international economies for the current fiscal year and subsequent periods, the Corporation’s NCIB commenced in 2025, statements concerning deferred taxes, Empower's growth outlook, impact of the strategic partnership transaction in Power Sustainable Manager, ability to continue to monetize assets, the fintech strategy, fundraising activities and investment strategies of the investment platforms, the Corporation’s growth and value creation expectations with respect to its NAV-based strategies and investments, capital commitments by the Power group and third parties, the expected timing and impact of SHMI’s investment in Unigestion, GBL’s strategy to simplify its portfolio and expected timing and impact of its partial divestment of GBL Capital’s portfolio, and its sale of Sienna Gestion and Sienna Private Credit, GBL’s value creation strategy and its medium-term TSR objective, the expected impacts of GBL’s and Baird’s investment in SHMI, and the Corporation’s subsidiaries’ disclosed expectations including Great-West’s NCIB and the Corporation’s participation therein, Great-West’s medium-term objectives, and IGM’s medium-term objectives. 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 administrations, regulation, legislation and policies, changes in tax laws, the impact of trade relations and ongoing trade tensions, including the threat of tariffs and other governmental actions, as well as retaliatory actions, 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 presentation, the factors identified by such subsidiaries in their respective current MD&A. The listener/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. Other considerations also include the availability of cash to complete purchases under the NCIB, that the list of risks and uncertainties in the previous paragraph, collectively, are not expected to have a material impact on the Corporation, and with respect to forward-looking statements of the Corporation’s subsidiaries disclosed in this presentation, that the risks identified by such subsidiaries in their respective MD&A and Annual Information Form are not expected to have a material impact on the Corporation. 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 current MD&A and its most recent Annual Information Form, filed with the securities regulatory authorities in Canada and available at www.sedarplus.ca. Disclosures Concerning Public Investees Information in this presentation and any accompanying oral statements, including in response to questions, (i) concerning Great-West and IGM, as applicable, has been derived from Great-West’s and IGM’s current MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which is included in Parts B and C, respectively, of the Corporation’s current MD&A, available under the Corporation’s profile on SEDAR+ (www.sedarplus.ca), and is also available either under their respective profiles on SEDAR+ (www.sedarplus.ca) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com; and (ii) concerning GBL has been derived from publicly disclosed information, as issued by GBL in its third quarter press release and its half-year report at June 30, 2025. Further information on GBL’s results is available on its website at www.gbl.com. For definitions and reconciliations of non-IFRS financial measures, refer to the “Non-GAAP Financial Measures and Ratios” section and specifically the sub-sections entitled “Base capital generation”, “Base earnings (loss)”, “Base dividend payout ratio”, “Base return on equity”, “Non-GAAP Ratios” and "Assets under administration (AUA), assets under management or advisement (AUMA), assets under administration only (AUAO) and client assets“ of Great-West’s current MD&A and “Non-IFRS Financial Measures and Other Financial Measures” section and specifically “Table 1: Reconciliation of Non-IFRS Financial Measures” of IGM’s current MD&A, which are each included in Parts B and C, respectively, of the Corporation’s current MD&A located under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, which sections, definitions, and reconciliations are incorporated herein by reference. On a quarterly basis, GBL reports its net asset value as it represents an important criterion used in assessing its performance. GBL's net asset value represents the fair value of its investment portfolio, its gross cash, and its treasury shares, less its gross debt. GBL’s investments held in listed entities and treasury shares are measured at their market value, investments in private entities are measured using the recommendations of the International Private Equity and Venture Capital Valuation Guidelines, and recent investments are valued at their acquisition cost, which represents GBL management’s best estimate. GBL Capital’s portfolio of investments is measured by adding all investments at fair value provided by the fund managers with GBL Capital’s net cash, less its net debt. Sienna Investment Managers’ assets are valued at the fair value of the acquired management companies. For more information on GBL's net asset value and valuation principles, refer to its website (www.gbl.com). Assets under management disclosed by GBL is an operational business indicator corresponding to assets in portfolio marketed by Sienna Investment Managers, whether Sienna Investment Managers manages them, advises on them or delegates their management to an external manager. It includes the NAV of the proprietary capital. Presentation of the Holding Company The Corporation’s reportable segments include Great-West, IGM Financial 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 segments’ contributions 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 Great-West, 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” in Part A of the Corporation’s current 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, and reconciliations of these statements are provided in the Corporation’s current MD&A.
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POWER CORPORATION OF CANADA 3 Basis of presentation, non-IFRS financial measures, other measures and clarifications on adjusted net asset value Basis of Presentation The condensed consolidated interim financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), unless otherwise noted and are the basis for the figures presented in this presentation, unless otherwise noted. All earnings figures presented in this presentation are attributable to participating or common shareholders as applicable. Non-IFRS Financial Measures 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 listeners/readers in their analysis of the results of the Corporation. Adjusted net earnings from continuing operations attributable to participating shareholders (“Adjusted net earnings”) is calculated as (1) net earnings from continuing operations attributable to participating shareholders excluding (2) adjustments, which include the after-tax impact of any item that in management’s judgment, including those identified by management of Great-West and IGM, would make the period-over-period comparison of results from operations less meaningful. Includes the Corporation’s share of Great-West’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; 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 management of a subsidiary or a jointly controlled corporation, including: business transformation and other impacts (including restructuring or reorganization and integration costs, acquisition and divestiture costs); material legal settlements; material impairment charges; material impacts of the remeasurement of deferred tax assets and liabilities including those as a result of income tax rate changes, and other tax impairments; certain non- recurring material items, net gains, losses or costs related to the disposition or acquisition of a business, including those related to an investment in an associate or jointly controlled corporation; impacts related to remeasurements due to market changes that result in an accounting mismatch including the remeasurement of derivatives where the hedged item is not also measured at fair value and hedge accounting is not applied, and the revaluation of redemption liabilities, share warrants and conversion options on convertible and exchangeable debt obligations; 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; and other items that, when removed, assist in explaining underlying operating performance. Adjusted net earnings from continuing operations per share (“Adjusted net earnings per share”) is calculated as adjusted net earnings from continuing operations divided by the weighted average number of participating shares outstanding. In 2024, the Corporation modified the definition of adjusted net earnings, a non-IFRS earnings measure. The comparative periods presented herein have been restated to conform with the current definition. Refer to the 2024 Annual MD&A for additional information. Adjusted net asset value ("NAV" or "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 (also referred to as gross asset value) less their net debt and preferred shares. The investments held in publicly traded entities (including Great-West, 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. The definition of adjusted net asset value involves a number of assumptions, judgments and estimates that may prove to be inaccurate, and the adjusted net asset value per share is not a representation or guarantee of the value a participating shareholder will be able to realize. This measure presents the fair value of the participating shareholders’ equity of the holding company, and assists the listener/reader in determining or comparing the fair value of investments held by the holding company or its overall fair value. Adjusted net asset value per share is calculated as adjusted net asset value divided by the number of participating shares outstanding at the end of the reporting period. The discount to adjusted net asset value ("discount to NAV" or "NAV discount") is defined as the percentage difference (expressed in relation to the adjusted net asset value) between the market capitalization of the Corporation and the adjusted net asset value. Fee-related earnings is presented for Sagard and Power Sustainable and includes management fees and fee-related performance revenues 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 performance revenues represents the realized portion of performance revenues from perpetual capital vehicles that are i) measured and expected to be received on a recurring basis, ii) not dependent on realization events from underlying investments, and iii) not subject to clawback. Fee-related earnings is presented on a gross pre-tax basis, including non-controlling interests. Fee-related earnings excludes i) share-based compensation expenses, ii) amortization of acquisition-related finite life 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 and fee-related performance revenues, which are not based on future realization events, are sufficient to cover associated operating expenses. Adjusted net earnings attributable to participating shareholders, fee-related earnings, adjusted net asset value, adjusted net earnings per share, discount to adjusted net asset value, 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. Refer to the section entitled "Non-IFRS Financial Measures" in Part A of the current MD&A located under the Corporation's profile on SEDAR+ at www.sedarplus.ca for further explanations of their uses and specifically the sub-sections entitled "Adjusted Net Earnings", "Adjusted Net Asset Value“ and "Fee-related earnings" included in section entitled "Reconciliations of IFRS and Non-IFRS Financial Measures" for the appropriate reconciliations of these non-IFRS financial measures to measures prescribed by IFRS, including those used in calculating non-IFRS ratios, which further explanations and reconciliations are incorporated herein by reference. Other Measures This presentation also includes other measures used to discuss activities of the Corporation’s 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“, “average assets under management and advisement”, “book value per participating share”, “carried interest”, “fee-bearing capital”, “market capitalization”, “net asset value”, “net carried interest”, “unfunded commitments” and “weighted average management fee rate”. As well, the presentation of the holding company is used to present and analyze the financial position and cash flows of Power Corporation as a holding company. Refer to the section “Other Measures” in Part A of the current 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. Assets under management of investment platforms include: (i) Net asset value of the investment funds and co-investment vehicles managed, including unfunded commitments and permanent leverage; (ii) Gross asset value of investment funds managed within the real estate platform; and (iii) Fair value of assets managed on behalf of the Corporation and clients by asset managers controlled within the investment platforms, including assets managed through a separately managed account. Funded AUM represents AUM less unfunded commitments. Fee-bearing capital includes: (i) Total capital commitments of venture capital, private equity, and certain private credit funds during the investment period; (ii) Net invested capital of private credit funds, funds which have completed their investment period, separately managed accounts within the credit platforms and certain co-investment vehicles; (iii) Net asset value of Power Sustainable Energy Infrastructure including direct investments in energy assets, and funds within the real estate platform; and (iv) Invested capital or gross asset value of assets managed through separately managed accounts within the real estate platform. Clarifications on Adjusted Net Asset Value (i) The Corporation’s share of GBL’s reported net asset value was $3.9 billion (€2.4 billion) at September 30, 2025; (ii) The management company of Sagard is presented at its fair value. The management company of Power Sustainable is presented at its carrying value; (iii) Sagard includes the Corporation’s investments in Portage Ventures I, Portage Ventures II and Wealthsimple, held by Power Financial; (iv) 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.
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POWER CORPORATION OF CANADA 4 Reference information www.powercorporation.com Q3 2025 Conference Call Q3 2025 Earnings Release November 13, 2025 November 12, 2025 investor.relations@powercorp.com www.greatwestlifeco.com Q3 2025 Conference Call Q3 2025 Earnings Release November 6, 2025 November 5, 2025 investorrelations@canadalife.com www.igmfinancial.com Q3 2025 Conference Call Q3 2025 Earnings Release November 7, 2025 November 6, 2025 investor.relations@igmfinancial.com www.gbl.com Q3 2025 Conference Call Q3 2025 Earnings Release November 7, 2025 November 6, 2025 adonohoe@gbl.com www.sagard.com www.powersustainable.com
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POWER CORPORATION OF CANADA Table of Contents Power Corporation Overview 6 Great-West Lifeco 11 IGM Financial 15 GBL 19 Alternative Investment Platforms 22 Value Creation Strategy 26 Appendix 55 5 Fixed Income 46
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POWER CORPORATION OF CANADA 6QUARTERLY RESULTS PRESENTATION | Q4 2024POWER CORPORATION OF CANADA 6 Power Corporation Overview
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POWER CORPORATION OF CANADA 7 Power Corporation is an international management company focused on financial services Note: Market data as of December 31, 2025; figures in Canadian dollars. [1] Calculated as the annualized dividend based on the dividend declared on November 12, 2025 divided by the December 31, 2025 s hare price. [2] From continuing operations attributable to participating shareholders. [3] In 2024, the Corporation modified the definition of adjusted net earnings. Refer to the “Non -IFRS Financial Measures” sectio n at the beginning of this presentation for more information. [4] As of September 30, 2025. Power held 68.8% of Great-West; IGM held an additional 2.4% of Great- West. Power held 62.5% of IGM; Great-West held an additional 3.9% of IGM. [5] As of September 30, 2025. Through a strategic partnership with the Frère family, Power holds a 50% interest in Parjointco, which has a 48.0% voting interest in GBL. [6] As of September 30, 2025. Power held a 44.9% interest in SHMI, and Great -West and GBL also held interests of 11.2% and 4.9%, respectively. Power held a 74.7% interest in PSM, and Great -West also held a 20.8% interest. [7] Refer to the “Other Measures” section at the beginning of this presentation for more information. $46.4 BILLION Market Capitalization 3.4% Dividend Yield [1] $2.79 BILLION 2024 Net Earnings [2] $2.97 BILLION 2024 Adjusted Net Earnings [2,3] $16.3 BILLION Market Capitalization [7] $14.5 BILLION Market Capitalization [7] $61.3 BILLION Market Capitalization [7] 68.8% [4] 62.5% [4] 17.1% [5] ALTERNATIVE ASSET MANAGEMENT BUSINESSES 44.9% [6] 74.7% [6]
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POWER CORPORATION OF CANADA 8 Adjusted net asset value (“NAV” or “Net asset value”) [1] Adjusted net asset value is a non -IFRS financial measure and Adjusted net asset value per share is a non -IFRS ratio. Refer to the “Non-IFRS Financial Measures” and “Clarifications on Adjusted Net Asset Value” sections at the beginning of this presentat ion for more information. [2] Refer to the “Other Measures” section at the beginning of this presentation for more information. [3] Based on September 30, 2025 closing price of $56.48 for Great-West, $50.66 for IGM and €76.05 for GBL. [4] The alternative asset investment platforms includes asset management businesses and Power’s proprietary capital. The managem ent business of Sagard is presented at its fair value and the management business of Power Sustainable is presented at its carrying value. NAV per share [1] was $72.24, and book value per participating share [2] was $36.74 at September 30, 2025 Contribution to Gross Asset Value Publicly Traded Operating Companies [3] Alt. Asset Investment Platforms [4] Other 83% EARNINGS FOCUSED IGM14.3% Great-West68.3% 5.1% Other 7.0% Sagard and Power Sustainable 5.3% GBL 17% NAV FOCUSED Sep. 30, % of Gross ($ billions, except per share amounts) 2025 Asset Value Great-West $35.8 68.3% IGM 7.5 14.3% GBL 2.7 5.3% 46.0 87.9% Sagard 2.8 5.4% Power Sustainable 0.8 1.6% 3.7 7.0% Standalone businesses 0.1 0.1% Other assets and investments 0.7 1.4% Cash and cash equivalents 1.9 3.6% Gross asset value $52.3 100.0% Liabilities and preferred shares (6.1) NAV [1] $46.2 Shares outstanding (millions) 639.6 NAV per share $72.24
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POWER CORPORATION OF CANADA 9 Net and adjusted net earnings from continuing operations Note: Great-West, IGM and GBL’s contributions to adjusted net earnings are based on PCC’s share of earnings as reported by each respective company. [1] In 2024, the Corporation modified the definition of adjusted net earnings. Refer to the “Non -IFRS Financial Measures” sectio n at the beginning of this presentation for more information. The comparative period has been restated to reflect this change. For a reconciliation of Great-West, IGM, Sagard and Power Sustainable’s non-IFRS adjusted net earnings to their net earnings and the contribution to adjusted net earnings from GBL and standalone businesses, refer to the “Lifeco”, “IGM Financial”,”GBL”, “Sagard and Power Sustainable” and “Standalone Businesses” sections in Part A of the current MD&A. [2] Refer to the detailed table in the “Contribution to Net Earnings and Adjusted Net Earnings” section of the current MD&A for additional information. [3] Consists of earnings (losses) from asset management and investing activities. [4] In the third quarter of 2024, the Corporation modified its presentation; the contribution to net earnings and adjusted net e arnings from Standalone businesses has been presented separately, and the contribution from the Corporation’s other investment activities has been presented within Corporate operations and Other. The comparatives have been reclassified to conform with the current presenta tion. [5] Includes the contribution to net earnings and adjusted net earnings from the Corporation’s other investment activities, inc luding 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 “Adjustments” section in Part A of the current MD&A for further details. P ower’s earnings underscored by stable recurring earnings contribution from Great-West and IGM, with other investment businesses and investments focused on value appreciation Net and adjusted net earnings [1] ($ in millions, except per share amounts) 2024 2023 Great-West 2,858 2,500 IGM 586 524 Effect of consolidation [2] (65) (23) 3,379 3,001 GBL [1] 75 111 Sagard [1,3] 65 11 Power Sustainable [1,3] (136) (86) Standalone businesses [1,4] (64) (15) Corporate operations and Other [1,4,5] (348) (351) Adjusted net earnings from continuing operations [6] 2,971 2,671 Adjustments [7] (179) (389) Net earnings from continuing operations [6] 2,792 2,282 Earnings per share - basic [6] Adjusted net earnings from continuing operations 4.58 4.04 Adjustments (0.27) (0.59) Net earnings from continuing operations 4.31 3.45 Average shares outstanding (in millions) 648.1 662.0 Earnings Focused NAV Focused
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POWER CORPORATION OF CANADA 10 Power delivered strong Q3 2025 results • Strong year-over-year performance driven by earnings focused businesses, Great-West and IGM, partly offset by a negative contribution from GBL Great-West – contribution to adjusted net earnings up 16%, driven by strong markets, new business volume and insurance experience gains IGM – contribution to adjusted net earnings up 23% driven by record client assets levels, as average AUM&A [1] increased by 13% year-over-year GBL – adjusted net loss of $11 million Sagard – results were negatively impacted this quarter by the carried interest expense associated with the increase in Wealthsimple valuation and the impact of acquiring the remaining economic interest in Performance Equity Management Power Sustainable – improved contribution, driven by lower net carried interest expense and lower acquisition costs Note: Great-West and IGM’s contributions to adjusted net earnings are based on PCC’s share of earnings as reported by each respective company. [1] Refer to the “Other Measures” section at the beginning of this presentation for more information. [2] For a reconciliation of Great-West, IGM, and Sagard and Power Sustainable’s non-IFRS adjusted net earnings to their net earnings and the contribution to adjusted net earnings from GBL and standalone businesses, refer to the “Lifeco”, “IGM Financial”, “GBL”, “Sagard and Power Sustainable” and “Standalone Businesses” sections in Part A of the current MD&A. [3] Refer to the detailed table in the “Contribution to Net Earnings and Adjusted Net Earnings” section of the current MD&A for additional information. [4] Consists of earnings (losses) from asset management and investing activities. [5] Attributable to participating shareholders. [6] Refer to the “Adjustments” section in Part A of the current MD&A for further details. Net and Adjusted Net Earnings [2] Earnings Focused NAV Focused ($ in millions, except per share amounts) Q3 2025 Q3 2024 Great-West 842 724 IGM 188 153 Effect of consolidation [3] (39) (31) 991 846 GBL (11) (18) Sagard [4] (11) - Power Sustainable [4] (16) (30) Standalone businesses (2) (10) Corporate operations and Other (88) (95) Adjusted net earnings from continuing operations [5] 863 693 Adjustments [6] (160) (322) Net earnings from continuing operations [5] 703 371 Earnings per share - basic [5] Adjusted net earnings from continuing operations 1.35 1.07 Adjustments (0.25) (0.49) Net earnings from continuing operations 1.10 0.58
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POWER CORPORATION OF CANADA 11 Great-West Lifeco overview $859 BILLION Consolidated Assets $3.5 TRILLION Total Assets Under Administration [3] $4.01 BILLION Net Earnings – Continuing Operations [1] 16.7% Return on Equity – Continuing Operations [1,2] $4.19 BILLION Base Earnings [1,3] 17.5% Base Return on Equity [1,2,3] Great-West Lifeco is a financial services holding company focused on building stronger, more inclusive and financially secure futures. Great- West provides wealth, retirement, workplace benefits and insurance and risk solutions to its over 40 million customer relationships. 2024 Highlights U.S. CANADA EUROPE CAPITAL & RISK SOLUTIONS 31% of 2024 base earnings [3,4] • Second largest retirement services provider [5] in the U.S. • 19M+ Customers [6] • ~50% 5-year CAGR in Wealth client assets [7] 31% of 2024 base earnings [3,4] • 14M+ Customers (1 in 3 Canadians) [6] • #1 Group Benefits provider [8] • Top-3 Entrepreneurial advisor wealth platform [9] 20% of 2024 base earnings [3,4] • Leader across Great-West’s businesses in Ireland [10] • Second largest provider of U.K. Group Benefits [11] • #3 in U.K. retail Annuities [12] 18% of 2024 base earnings [3,4] • Leading Capital Solutions provider in the U.S. and Europe [13] • #1 Group life reinsurer in U.S. [14] • 22 out of 25 largest U.S. life insurers are clients [15] [1] Attributable to common shareholders. [2] The description of return on equity can be found under “Glossary” in Great-West’s most recent annual MD&A available on SEDAR+ at www.sedarplus.ca. [3] Base earnings, base return on equity and assets under administration are identified as non-GAAP financial measures or non-GAAP financial ratios by Great-West. Refer to the “Disclosures Concerning Public Investees” section at the beginning of this presentation for more information. [4] Reflects restated Great-West results to conform with updated 2025 segment classifications, as described in Great-West’s news release dated March 17, 2025 (available at www.sedarplus.ca). [5] By total participants, Source: PLANSPONSOR, DC Recordkeeping Survey, 2024. [6] As of December 31, 2024. [7] CAGR from 2019 to 2024, in USD. "Client assets" is a non-GAAP financial measure. Refer to the "Disclosures Concerning Public Investees" section at the beginning of this presentation for more information. [8] Fraser, Group Universe Report, 2023, based on premiums. [9] Canada Life analysis using industry peer public disclosure. [10] Milliman, Market Statistics, 2024. [11] Swiss Re, Group Watch Data, 2024. [12] Internal analysis of market data. [13] NMG Consulting, Structured Financial Solutions Program 2023, December 2023. [14] AM Best, Best’s Review – Guide to Understanding the Insurance Industry, January 2025. [15] NAIC, Life and Fraternal Insurance Industry, 2024 Top 25 groups and companies by countrywide premium, as of March 15, 2024. Q3 2025
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POWER CORPORATION OF CANADA 12 +40bps Medium-term objectives of 19%+ Great-West delivered strong Q3 2025 results Base EPS and Net EPS from Continuing Operations ($ per share) [1] Base EPS and Base ROE are defined as a non -GAAP ratios by Great-West. Refer to the “Disclosures Concerning Public Investees” sec tion at the beginning of this presentation for more information. [2] Cash and cash equivalents at the Great -West holding company level. [3] Excluding purchases made to offset dilution under Great West’s share compensation plans. Subject to market conditions, Great-West’s ability to effect the purchases on a prudent basis, and other strategic opportunities emerging. Base ROE and Net ROE from Continuing OperationsQ3 2025 Highlights • Great-West reported net earnings per share from continuing operations of $1.25 vs. $0.92 in Q3 2024 • Record base earnings per share [1] of $1.33, up 17% from $1.14 in Q3 2024 o Double digit growth in the U.S., Europe and Capital & Risk Solutions, supported by strong markets, new business volume and insurance experience gains • Base ROE [1] of 17.7% • Strong cash generation supporting increased buybacks o Cash of $2.5 billion [2] and strong capital ratios, providing substantial financial flexibility o $603 million [3] of shares repurchased year-to-date at September 30, 2025 o Great-West intends to repurchase shares for at least $1.5 billion [3] in aggregate for 2025 +17% Medium-term objectives of 8-10%
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POWER CORPORATION OF CANADA 13 Revised objectives Prior objectives Delivered Base EPS Growth [1] 8-10% Re-Affirmed 8-10% Base ROE [1,2] 19%+ Increased 16-17% Base Dividend Payout Ratio [1] 45-55% Re-Affirmed 45-55% Base Capital Generation [1,3] 80%+ Introduced N/A Great-West updated its medium-term objectives at its 2025 Investor Day Medium-Term Objectives Note: Medium-term defined as the next 3 -5 years. [1] Base EPS, base ROE, base dividend payout ratio and base capital generation are non -IFRS financial ratios. Refer to the “Disclosures Concerning Public Investees” section at the beginning of this presentation for more information. [2] Calculated on a trailing four quarters basis. [3] This measure provides a view of capital generated or consumed by the business above the internal operating target level. Bas e capital generation is calculated as follows: base earnings calculated over the trailing 12 months ending September 30, 202 5, plus organic CSM movement, plus the change in surplus allowance and required capital related to new business and the run -off of in-force business. Organic CSM movement refers to CSM (excluding participating products), plus impact of new insurance business, plus expecte d movements from asset returns and locked-in rates, plus CSM recognized for services provided, plus insurance experience gains and losses. C hange in surplus allowance and required capital related to new business and the run- off of in-force business excludes participating business and the same items excluded from net earnings to calculate base earnings. [4] CAGR from 2020-2024. As of December 31, 2024. [5] 3-year average base ROE under IFRS 17, given no appropriate 4 -year comparison with transition to IFRS 17. As of December 31, 2024. [6] 4-year average from 2021-2024. As of December 31, 2024. 12% [4] CAGR 17% [5] 52% [6] Average Q3/25 80%+
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POWER CORPORATION OF CANADA 14 Growth driven by a focus on high-return, capital-efficient businesses Note: Medium-term defined as the next 3 -5 years. [1] Base Earnings and Base EPS are defined as non -GAAP financial ratios by Great-West. Refer to the “Disclosures Concerning Publ ic Investees” section at the beginning of this presentation for more information. [2] Reflects restated Great-West results to conform with updated 2025 segment classifications, as described in Great -West’s news release dated March 17, 2025 (available at www.sedarplus.ca). Medium-Term Growth Objectives Mid single digits + Mid single digits + Mid single digits Double digits 8-10% Base EPS [1] growth Base Earnings and % by Segment [1,2] ($ billions) $3.3B $4.2B 25% 34% 35-40% 40% 34% 25-30% 29% 23% 15-20% 19% 20% 15-20% (13%) (11%) (5-10%) 2022 2024 2029 Ambition U.S. Canada Europe CRS Corporate
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POWER CORPORATION OF CANADA 15 IGM Financial overview $562.4 BILLION AUM&A Incl. Strategic Investments [3] $8.3 BILLION Indicative Value of Strategic Investments [4] $934 MILLION Net Earnings [1] 13.0% Return on Equity [1] $939 MILLION Adjusted Net Earnings [1,2] 13.1% Adjusted Return on Equity [1,2] IGM Financial is a leading Canadian diversified wealth and asset management company supporting advisors and the clients they serve in Canada, and institutional investors globally. IGM provides a broad range of financial planning and investment management services to help approximately two million Canadians meet their financial goals. 2024 Highlights 2024 Adjusted Net Earnings per Share [1,2] • Anchored in financial planning and utilizing leading-edge technology, IG Wealth Management has a nationwide presence with long -standing, intergenerational client relationships, a focus on mass affluent and high net -worth clients and a segmented advice mode • Rockefeller is a $259.9 billion client assets [5] leading U.S. independent financial services advisor firm, serving high- and ultra-high net worth clientele • Wealthsimple is a $100.8 billion AUA [5] technology-driven and one of Canada’s fastest growing financial services company • Leveraging a boutique model and strong distribution relationships, Mackenzie Investments holds a leadership position in Canad ian retail, is focused on expanding strategic partnerships and developing a targeted presence in institutional • ChinaAMC is a $587.7 billion AUM [5] asset manager that has developed and maintained a position among the market leaders in China • Northleaf is a $34.4 billion AUM [5] global private markets solutions provider specializing in mid -market private equity, private credit, and infrastructure Wealth Management 50.9% Asset Management 37.3% Corp & Other 11.8% $3.95 [1] Available to common shareholders. [2] Adjusted net earnings is a non-IFRS financial measure. Adjusted return on equity and Adjusted net earnings per share are non- IFRS ratios. Refer to the “Disclosures Concerning Public Investees” section at the beginning of this presentation. IGM’s investmen t in Wealthsimple is recorded at FVOCI. [3] Refer to “Other Measures” section at the beginning of this presentation for more information. [4] Indicative value includes investments valued at carrying value, fair value or trading price. Refer to p.41 of IGM’s Q3 2025 Investor Presentation for more details. [5] As of September 30, 2025. [6] Calculated using the treasury method which includes options that are in the money and assumes option proceeds are used to repurchase shares. Q3 2025 27.8% [5] 56.0% [5] 20.5% [5] 100% [5] 26.0% [5,6] 2.4% [5] 100% [5]
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POWER CORPORATION OF CANADA 16 264.9 302.6 Q3 2024 Q3 2025 IGM delivered strong Q3 2025 earnings, coupled with value creation through its strategic assets [1] Adjusted net earnings is defined as a non- IFRS financial measure by IGM. Refer to the “Disclosures Concerning Public Investees” section at the beginning of this presentation for more information. [2] IGM classifies its investment in Wealthsimple as fair value through other comprehensive income (FVOCI) and its investment in Rockefeller as an associate; as such there is no impact on net earnings. [3] A 1.40 USD/CAD exchange rate was used to translate the current value of IGM’s equity interest and a 1.34 USD/CAD excha nge rate was used to translate the initial value of IGM’s equity interest. Q3 2025 Highlights • All-time high adjusted net earnings [1] of $301.2 million o Strong IG Wealth and Mackenzie net flows; $2.4 billion during the quarter o Strong earnings contribution from ChinaAMC; Rockefeller earnings positive • Record quarter-end AUM&A of $302.6 billion, up 14.2% from Q3 2024 and 6.6% from Q2 2025 • IGM’s investment in Wealthsimple increased in value by $680 million from a valuation of $1.5 billion in Q2 2025 [2] • IGM’s investment in Rockefeller increased in value by $750 million from its initial investment of $835 million at June 2023 [2, 3] • Maintained significant unallocated capital and continued return of capital to shareholders o $164 million of share repurchases in 2025, ahead of $122 million in full year 2024 o $400 million of dividends paid in 2025 +23% Medium-term objectives of 9%+ +14% Net EPS and Adjusted Net EPS ($ per share) Consolidated AUM&A ($ billion)
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POWER CORPORATION OF CANADA 17 IGM medium-term objectives 9%+ 5-Year Adjusted EPS CAGR [2,3] Sum-of-the-parts shareholder value creation 15%+ [2,3] 5-Year Earnings CAGR Wealth Management Asset Management 7%+ [2] 5-Year Earnings CAGR [1] Announced as part of IGM’s December 2023 Investor Day. [2] “Adjusted net earnings” is defined as a non- IFRS financial measure and “Adjusted EPS” is defined as a non- IFRS financial ratio by IGM. Refer to the “Disclosures Concerning Public Investees” section at the beginning of this presentation for more info rmation. [3] Includes share of Great-West’s earnings contribution based on Great -West’s June 20, 2023 Investor Day disclosures, and other portfolio investments. IGM Financial 5-Y ear EPS Growth T argets [1] Core Businesses Strategic Investments
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POWER CORPORATION OF CANADA 18 • Fundraising to drive AUM growth of 10% CAGR over medium-term • Current capacity to scale and create operating leverage • Expected industry AUM growth of 13-15% over medium/long term • Maintain/gain share with demonstrated strong net sales • Strong historical AUM growth. It reached ~$100 billion AUA three years ahead of its original 2028 goal • Strategy for net client growth and grow share of wallet with existing relationships • Target recruiting of $120 million in annual production acquired [2] • Target organic growth of 6-8% [3] • Current capacity to scale and create operating leverage IGM’s strategic investments diversify and accelerate earnings growth profile [1] [1] This section contains information about IGM’s forward -looking statements. See “Caution concerning forward -looking statements” in IGM’s November 2025 Investor Presentation. Medium -term financial objectives issued during IGM Financial’s Investor Day on December 5, 2023. [2] Rockefeller Capital Management “production acquired” is defined as production directly attributed to the onboarding of acqui red advisor teams, measured as trailing twelve- month revenue. [3] Organic growth is defined as non-acquired client asset growth during the specified period. With respect to Private Wealth Ma nagement, this includes all transactions related to cash, dividends and transfers of assets, stocks and securities for teams on -boarded more than a year or with a 90% client asset conversion rate. [4] Includes share of Great-West’s earnings contribution based on Great -West’s June 20, 2023 Investor Day disclosures, and other portfolio investments. 15%+ 5-year earnings CAGR [4] Sum-of-the-parts shareholder value creation Diversified source of AUM and earnings Medium-term objectives & expected benefits
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POWER CORPORATION OF CANADA 19 % of Portfolio [5] Investment Strategy Listed Assets 2012 - start of portfolio rebalancing • Leading companies in their sector, with a clear and sustainable business model • Majority or minority shareholdings with influence, enabling a position as a reference shareholder and an engaged role in the governance • Net asset value growth Direct Private Assets 2019 - start of activity • Leading companies in their sector, with a clear and sustainable business model • Mainly majority shareholdings • Equity investments from €500M to €1.5B • Net asset value growth • Consolidation opportunities • Attractive returns thanks to agile structures • Less replicable portfolio Indirect Investments 2013 - start of activity 2021 - start of activity • Fund commitments and co-investments alongside funds in which GBL is invested • Private equity funds typically, but also other strategies (e.g., private credit, structured equity, secondaries) • Sienna is a platform for third-party asset management, with approximately €42B assets under management [4] at the end of September 2025 • In November 2025, GBL announced a large portfolio divestment for estimated proceeds of €1.5 billion • GBL announces the signing of the agreement to sell its stakes in Sienna Gestion and Sienna Private Credit to Malakoff Humanis. GBL overview €336 MILLION 2024 Cash Earnings [1] 6.6% Dividend Yield [3] €672 MILLION Capital Returned to Shareholders in 2024 [2] €14.0 BILLION Net Asset Value [4,5] GBL is a leading and active investor in Europe, focused on long-term value creation with a portfolio composed of global companies, leaders in their sectors, in which GBL can contribute to value creation by being an active professional investor. Power holds its interest in GBL through a 50% interest in Parjointco, a strategic partnership with the Frère family. 2024 Highlights T ransition toward fast-growing private assets [1] Cash earnings primarily include dividends from portfolio companies and treasury shares, dividends and interests from GBL Capital or Sienna Investment Managers, net earnings from the yield enhancement activity, income from cash management, realized exchange differences, tax refunds, less general overhead, gross debt-related charges and taxes. All of these results relate to the holding activity of GBL. [2] Includes €292 million in share buybacks and €380 million in dividends. [3] Based on December 31, 2025 share price of €75.95 per share and GBL’s dividend of €5.00 paid on May 13, 2025. [4] Refer to the “Disclosures Concerning Public Investees” section at the beginning of this presentation for more information. [5] As of September 30, 2025. Q3 2025 29 17 54
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POWER CORPORATION OF CANADA 20 GBL focused on its value creation strategy and announced significant divestment [1] Announced in GBL’s November 2024 Strategy Update. TSR objective assumes constant discount to NAV versus Q3 2024. [2] Refer to the “Disclosures Concerning Public Investees” section at the beginning of this presentation for more informat ion. Q3 2025 Highlights • GBL is targeting double digit TSR [1] over the medium- term as part of its overall value creation strategy • Generating cash through earnings and rotating its portfolio out of listed assets and indirect private assets o Partial disposal of SGS in March 2025 o Announced a large portfolio divestment in GBL Capital on November 3, 2025 for estimated proceeds of €1.5 billion • Investing in new investments with a focus on direct private assets o Financial capacity with €4.8 billion in liquidity to deploy in new investments • Returning capital to shareholders through dividends and share buybacks o Completed a total of €259 million of share buybacks year-to-date at September 30, 2025 17% 29% 54% 46% PRIVATE ASSETS 4.7% Significant divestment in GBL Capital to support strategic priorities (% of portfolio) [2] Q3 2025 Private Assets Listed Assets GBL Capital Announced divestment of indirect private assets €13,349M
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POWER CORPORATION OF CANADA 21 GBL continues to target double-digit TSR [1] growth objective [1] Assuming constant discount versus Q3 2024. [2] As at November 18, 2025. [3] Paid on May 13, 2025. • Disposals across multiple asset classes (~€5 billion) o €4.3 billion [2] of total proceeds from disposals of listed assets and GBL Capital under the mid-term plan, or approximately 85% [2] of the targeted amount Portfolio simplification Focus on direct private assets Attractive returns to shareholders1 2 3 • Focus on direct private assets o €4.8 billion in available liquidity as of September 30, 2025 o Capital injections as a fuel for future growth (€150 million additional investment into Affidea in October 2025) o Ongoing value creation driven by healthcare companies (Affidea, Sanoptis) • Dividends: 82% increase in dividend paid in 2025 to €5.00 per share [3] o Funded via capital gains from disposals and cash earnings • Buyback: capitalize on attractive discount levels
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POWER CORPORATION OF CANADA 22 Value creation from Power’s alternative asset investment platforms Building investment platforms to deliver recurring asset management earnings • Through ownership in the GPs of Sagard and Power Sustainable, Power expects to generate a recurring stream of management fees and its share of carried interest, net of operating expenses Earning attractive returns on its proprietary capital across multiple strategies • Power invests proprietary capital in the platforms’ strategies to earn attractive returns and support the growth of each respective management business P ower drives value from Sagard and P ower Sustainable by building third-party asset managers and benefiting from the returns on proprietary capital invested in each platform + + Asset Management Activities Investing Activities Carried Interest Recurring Fee-Related Earnings Proprietary Capital
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POWER CORPORATION OF CANADA 23 2.1 3.11.6 36.0 3.7 Q1 2020 Q3 2025 39.1 Fee-Bearing Capital [1,4] $4.8B $32.5B Total AUM [4] $5.6B $49.1B Funded AUM [1] Note: 3rd party funded includes associated companies (Great -West, IGM and GBL) as well as commitments from management. [1] Refer to the “Other Measures“ section at the beginning of this presentation for more information. [2] 38% equity interest and control acquired in January 2024. In Q3 2025, acquired remaining economic interest. The funded AUM o f PEM of $10.9 billion is included in funded AUM at September 30, 2025. [3] 45% equity interest acquired as of June 2025 and an exercisable option to acquire an additional 5.1% equity interest. Sagard also has a path to acquire the remaining equity in 2029. The Corporation determined that it has control of BEX and as a resul t has consolidated BEX on the date of the acquisition. The funded AUM of BEX of $1.9 billion is included in funded AUM at September 30, 2025. [4] Excludes AUM from Sagard’s private wealth investment platform. Asset Management Activities – Sagard and Power Sustainable continue to scale their platforms 10.6x • Sagard and Power Sustainable continue to scale through different levers, generating recurring fee-related earnings o Ongoing fundraising from third-party investors (existing and new LPs) o Launch of successor funds and new strategies o Inorganic growth through acquisitions and strategic partnerships • In addition, both platforms are generating carried interest from strong fund performance to date PCC Funded Third Party Funded ($ billions) PEM Acquisition [2] BEX Acquisition [3]
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POWER CORPORATION OF CANADA 24 Power SustainableSagard Ongoing growth at alternative asset investment platforms • $49 billion of AUM [1,2] at September 30, 2025 Note: Converted to C$ based on exchange rates as at September 30, 2025. AUM excludes Sagard’s private wealth investment platform. [1] Refer to the “Other Measures” section at the beginning of this presentation for more information. [2] Funded and unfunded AUM as at September 30, 2025 do not include funds launched or capital raised subsequent to September 30, 2025. [3] Includes Power group’s ownership in Wealthsimple managed through Sagard vehicles valued at $3.8 billion. [4] Net of $3.2 billion of project debt. ($ billions) AUM $49.1 Private Equity Private Credit Venture Capital [3] Real Estate Energy Infrastructure [4] Infrastructure Credit Lios $3.0 (8% Power) $36.0 (92% Third Party) Decarb. AUM (Funded and Unfunded) by Strategy $17.0 $7.1 $13.6 $7.2 $2.4 $1.1 $0.3 $0.4 $39.1 Funded AUM $10.0 Unfunded AUM
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POWER CORPORATION OF CANADA 25 Investing Activities – Earning attractive returns on its proprietary capital across multiple strategies Strategies P ower Fair Value of Investments [1] T arget Net IRR [2] Value Realization [3] • Energy Infrastructure $0.8B 8-9% Expected to generate recurring returns during the life of the investment period• Private Credit $0.2B 8-11% • Real Estate <$0.1B 6-8% • Venture Capital [4] $1.7B 12-20% Expected to generate returns in the form of fair value increases • Cash generated as investments are monetized• Private Equity $0.3B 10-18% Proprietary Capital $3.1B 10%+ $3.1B Funded AUM Capital Appreciation Strategies 67% Income Strategies 33% P ower’s proprietary capital invested in Sagard and P ower Sustainable strategies, currently valued at $3.1 billion, targeted to generate 10%+ net returns [1] Power’s investments as at September 30, 2025, excludes investments by Great -West and IGM, cash and other investments. [2] Illustrative target net of fees, carried interest and expenses and assumes no recycling / leverage at the fund level. There can be no assurance that the fund or any investment will achieve the targeted return. An internal rate of return (IRR) represents the d iscount rate at which the net present value of all cash flows equal to zero. [3] The profile of earnings in accordance with IFRS is dependent on accounting of underlying investments (consolidation, marked to market through P&L). [4] Including Power’s equity investment in Wealthsimple valued at $1.5 billion as at September 30, 2025.
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POWER CORPORATION OF CANADA 26QUARTERLY RESULTS PRESENTATION | Q4 2024POWER CORPORATION OF CANADA 26 Value Creation Strategy
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POWER CORPORATION OF CANADA 27 Power has been pursuing a new value creation strategy since the reorganization announced in late 2019 • Focused on financial services • Publicly traded operating companies investing organically and through active M&A to position for higher growth • At the Power level, adding additional value through: • Simplifying our group structure • Building the alternative asset management businesses focused on raising 3 rd party capital • Monetizing other assets and returning capital to shareholders • Clearly communicating objectives, strategies and performance to market participants
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POWER CORPORATION OF CANADA 28 Value creation strategy launched during reorganization consistent with Power’s key principles Our key principles reflect the long-term orientation of the Desmarais family, controlling shareholders of P ower since 1968 • Long-term perspective & investment horizon • Build industry leaders with attractive growth profiles • Provide active & strong governance oversight of our companies • Strong financial position & prudent approach to risk management
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POWER CORPORATION OF CANADA 29 Simplification of Power’s group structure Pre-December 2019 Reorganization Present [1] As of September 30, 2025. Power held 68.8% of Great-West; IGM held an additional 2.4% of Great- West. Power held 62.5% of IGM; Great-West held an additional 3.9% of IGM. [2] Through a strategic partnership with the Frère family, Power holds a 50% interest in Parjointco , which held a 34.2% indirect (48.0% of the voting rights) controlling interest in GBL as of September 30, 2025. 64% 50% Power Non-Public Investments 67% 62% 28% 17% [2] Power Non-Public Investments 69% [1] 63% [1]
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POWER CORPORATION OF CANADA 30 Great-West • Re-positioned through M&A and organic investments • Attractive, diversified growth prospects led by Empower’s retirement and wealth business in the U.S. IGM Financial • Leading core franchises and high-growth businesses in each of wealth and asset management segments: o Wealth management: IG Wealth + Rockefeller and Wealthsimple o Asset management: Mackenzie + ChinaAMC and Northleaf Power has re-positioned its businesses for higher growth based on three key levers Operating Companies Organic Levers Organic growth strategies at each of our publicly traded operating companies Operating Companies M&A Levers Deployment and redeployment of capital Power Company Level Levers Actions we can take at Power and between Power and its operating companies 1 2 3 • Strong return of capital to shareholders through dividends and share buybacks • Monetization of non-core assets • Successful fundraising, acquisitions and/or partnerships through the alternative platforms • Enhanced engagement and ongoing communication with investment community
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POWER CORPORATION OF CANADA 31 Strategic repositioning of Great-West’s U.S. business to accelerate growth in retirement and wealth [1] Pensions & Investments Defined Contribution Survey (2024). Rating measured by total number of participants as of December 20 23. 2018 Last Five Years Today 2019 2020 2021 2022 2023 Acquisitions Divestments Retirement Services Business Full-Service Retirement Business U.S. Individual Life & Annuity Business 2nd largest U.S. retirement services provider [1]
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POWER CORPORATION OF CANADA 32 In Canada, Great-West combined its three franchises into Canada Life and has been investing to enhance product, distribution and efficiency Leading insurance, wealth management and benefit provider serving more than 14 million [1] customer relationships 2020 Amalgamation to simplify the business, unite its employees and better serve its client base [1] As of December 31, 2024.
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POWER CORPORATION OF CANADA 33 IGM owns leading wealth and asset management franchises in Canada and has high growth plays in the U.S. and China • IG Wealth has strengthened its advisor force, product suite and technology platform for the benefit of its clients and to cater to the high-net-worth market • In April 2023, acquired a 20.5% equity interest in Rockefeller creating an entry into the U.S., the largest and deepest wealth market in the world • Wealthsimple’s AUA grew to $100.8 billion at Q3 2025, up 19% sequentially and 94% year-over-year Wealth management • IGM’s investment management functions were combined under Mackenzie in 2017. Mackenzie acquired GLC in 2021, further strengthening its position as a leading asset manager • Acquired interest in Northleaf in 2020; launched numerous alternative investment products • In January 2023, increased its ownership in ChinaAMC to 27.8%, enhancing participation in the Chinese asset management industry Asset management
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POWER CORPORATION OF CANADA 34 Power group’s strategic NAV-based investments demonstrate value creation potential Fair value of IGM Financial’s equity interest increased 89% [1] from its initial investment [2] Power’s fair value increased 47% [3] Q/Q [4] • On October 14, 2025, Rockefeller Capital Management announced a recapitalization at an enterprise valuation of over US$6.6 billion • The investor group – led by Mousse Partners, Progeny 3 and Abrams Capital – brings together several distinguished families and investors alongside Viking Global Investors and the Rockefeller and Desmarais families$835 million $1.6 billion $997 million $1.5 billion Power IGM [1] A 1.40 USD/CAD exchange rate was used to translate the current value of IGM’s equity interest and a 1.34 USD/CAD exchange ra te was used to translate the initial value of IGM’s equity interest. [2] IGM announced the acquisition of a stake in Rockefeller Capital Management on April 3, 2023; funding occurred on June 2, 202 3. [3] Figures are presented on a pre-money basis and exclude the $100 million investment by each of Power and IGM announced on October 27, 2025. The Corporation controls and consolidates Wealthsimple; therefore, the increase in fair value is not reflected in net earnings. [4] As at September 30, 2025 and compared to June 30, 2025 quarter end. • On October 27, 2025, Wealthsimple announced an equity round of up to $750 million, which included a primary of $550 million. Power and IGM participated in the offering for $200 million. The round was co-led by Dragoneer Investment Group and GIC, and signals deep conviction from world-renowned investors in Wealthsimple’s role as the future of financial services in Canada • Other investors included new investor Canada Pension Plan Investment Board, and existing investors Power, IGM, ICONIQ, Greylock and Meritech $2.7 billion $3.9 billion Power Group of Companies
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POWER CORPORATION OF CANADA 35 GBL has embarked on a portfolio simplification focusing on direct private investments • Investments in leading companies in their sector, with a clear and sustainable business model • Focus on direct private assets for significant value creation • Shareholdings with influence in listed assets • In November 2025, GBL announced disposals across its indirect private assets and third-party asset management o GBL Capital – large portfolio divestment for estimated proceeds of €1.5 billion [2] • Sienna Investment Managers – GBL announced the signing of the agreement to sell its stakes in Sienna Gestion and Sienna Private Credit to Malakoff Humanis €7.1 BILLION (54%) Listed Assets €3.9 BILLION (29%) Direct Private Assets €13.3 billion portfolio value [1] €2.3 BILLION (17%) [1] For an explanation of the composition of net asset value reported by GBL, refer to the "Disclosures Concerning Public Invest ees" section at the beginning of this presentation. [2] Expected to close by the end of Q1 2026. As at Q3 2025
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POWER CORPORATION OF CANADA 36 Development of Power’s alternative asset management businesses • Operate in asset classes where we can create competitive advantage • Platforms’ growth strategy is focused on raising 3rd party capital • Power invests proprietary capital in the strategies of Sagard and Power Sustainable to support their growth and development as alternative asset managers • Through ownership in the GPs of Sagard and Power Sustainable, Power expects to generate a recurring stream of management fees and its share of performance-based carried interest, net of operating expenses • Realize synergies with our various operating companies, by creating mutually beneficial distribution agreements to help them serve their clients, or by meeting their own balance sheet needs Multi-strategy alternative asset manager • Venture Capital • Private Equity • Private Credit • Real Estate Sustainability-focused investment manager • Energy Infrastructure • Infrastructure Credit • Power Sustainable Lios • Decarbonization Private Equity 44.9% [1] GP ownership 74.7% [1] GP ownership [1] As of September 30, 2025.
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POWER CORPORATION OF CANADA 37 Sagard continues to build and scale its platform through acquisitions and partnerships Sagard and Unigestion combine to create a global leader in middle market private equity investment solutions • Headquartered in Geneva, Unigestion focuses on private equity primaries, secondaries and co-investments globally • Unigestion is recognized for its bespoke, risk-managed investment solutions across private equity and liquid markets • Headquartered in the U.S, Baird offers wealth management, asset management, investment banking, and capital markets services to individuals, corporations and institutions • Baird has more than US$525 billion [2] in client assets • On September 23, 2025, Sagard and Unigestion announced the combination of their private equity platforms [1]; in August 2025, Sagard acquired its remaining economic interest in PEM • The combined platform will manage over US$23 billion [2] private equity assets • The new platform, Sagard Private Equity Solutions, will include private equity primaries, secondaries and co-investment activities • As a result of this combination, Sagard will manage US$44 billion [2] in total assets post-closing Acceleration of U.S. wealth channel expansion through a partnership • Sagard and Baird announced a multi-faceted strategic partnership to accelerate U.S. wealth channel expansion • As part of this partnership, Baird acquired 5% interest in Sagard • The partnership will facilitate the distribution of appropriate, differentiated Sagard strategies to Baird’s private wealth network clients, with joint efforts on product innovation, advisor engagement, and ecosystem-wide growth [1] Transaction expected to close in early 2026, pending regulatory approvals. [2] As at June 30, 2025.
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POWER CORPORATION OF CANADA 38 Power Sustainable announced the launch of its decarbonization private equity strategy • In May 2025, Power Sustainable announced the launch of its fourth investment strategy: Power Sustainable Decarbonization Private Equity • The strategy has secured up to $450 million [1] in commitments from partners including Export Development Canada, Power group and Fonds de solidarité FTQ • Strategy seeks superior risk-adjusted returns by investing in established middle-market companies that contribute to a more resource-efficient and resilient North American economy o Target sectors include energy, industrials, transportation and the built environment • Led by an experienced investment team, each with over 20 years of climate investing experience and deep sector knowledge Power Sustainable Strategies Energy Infrastructure Infrastructure Credit Lios (Agri-Food Private Equity) Decarbonization Private Equity [1] Represents US$330 million, of which US$266 million is callable.
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POWER CORPORATION OF CANADA 39 $1,081 $1,211 $1,331 $1,374 $1,436 $1,541 $193 $153 $416 $583 $430 $517 $695 $1,274 $1,364 $1,746 $1,958 $1,866 $2,058 2019 2020 2021 2022 2023 2024 Oct. 31, 2025 Total capital return to shareholders [1] Includes dividend declared on August 7, 2025 and paid on October 31, 2025. Shares repurchased as at October 31, 2025. Delivering consistent growth in shareholder returns supported by dividend increases and strategic share buybacks ($ millions) Shares repurchased Dividends paid (participating shareholders) [1]
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POWER CORPORATION OF CANADA 40 [1] All figures below presented before long -term incentive plan, taxes and transaction -related adjustments. [2] As of September 30, 2025. Significant monetization of assets at the Power level over the last five years to fund share buybacks and support investments ($ millions) 2020-2024 Sale of Power’s interest in ChinaAMC to IGM 1,150 Sale of investments in China equity strategy 656 Sale of investment in Peak (including Rawlings) 549 Sale of energy infrastructure projects 433 Sale of LP interest in Sagard Europe funds 370 Wealthsimple secondary transaction 187 Sale of GP Strategies and Jaguar Health 111 Sale of Bellus 97 Other 96 T otal 2024 $3.6 billion 2025 Sale of wind projects (Potentia Renewables Inc.) 262 Proceeds from Great-West NCIB [2] 130 ~$4 billion of asset monetizations over the last 5 years [1] As at December 31, 2024 • $1.8 billion of share buybacks since 2020 with 49.4 million shares repurchased, representing 7.2% of subordinate voting shares outstanding, at an average price of $35.97 o Share buybacks supported the growth of NAV, earnings and dividends per share • $1.4 billion in seed capital reinvestments supporting the growth of Sagard and Power Sustainable’s respective platforms o Power has proprietary capital investments worth $2.7 billion to generate 10%+ return • $553 million in Great-West shares acquired as part of Power’s sale of ChinaAMC to IGM
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POWER CORPORATION OF CANADA 41 Power Corporation and its OpCos have elevated their communication programs with the investment community • Increased communication with stakeholders • Launched quarterly earnings call in Q1 2020 • Continued enhancement of investment platform disclosure aligned with business model introduced in Q2 2020 • Modified definition of Adjusted Net Earnings to better communicate the underlying performance of our businesses • Launched Supplementary Information Package in Q3 2025 • Base earnings metric, new segment disclosure and enhanced Source of Earnings disclosure in 2020 • Provided medium-term financial objectives of 8-10% Base EPS growth per annum, 16-17% Base ROE in 2023, before M&A and a target dividend payout ratio of 45-55% of base earnings • Revised its Base ROE target to 19%+ and introduced Base Capital Generation metric of 80%+ at its 2025 Investor Day • Disclosure enhancements made as part of the adoption of IFRS 17 and IFRS 9, including the introduction of three Value Drivers for describing its business: Workplace Solutions, Wealth & Asset Management and Insurance & Risk Solutions. In Q1 2025, Great-West updated its lines of business, previously referred to as value drivers, and made certain other segment changes • Supplemental Information Package format revised to reflect internal reviews and feedback received from the analyst community • New segment disclosure introduced in Q3 2020: Wealth Management, Asset Management and Strategic Investments & Other • Introduction of adjusted net earnings and valuation by segment in Q1 2021 to reinforce sum-of-the-parts approach to valuation • Updated segment disclosure in Q4 2023 to reflect alignment of strategic investments within its wealth and asset management businesses • Provided medium-term financial objectives of 9%+ adjusted EPS growth per annum
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POWER CORPORATION OF CANADA 42 Power discount to NAV [1] continues to narrow as we execute our strategy [1] Discount to NAV is a non-IFRS ratio. Refer to the "Non-IFRS Financial Measures" section at the beginning of this presentatio n for more information. [2] Based on September 30, 2025 adjusted net asset value updated for market values of publicly traded operating companies at Dec ember 31, 2025. 15.0% Dec 31 discount [2] 3 level share buyback announced PCC / PFC reorganization announced Wealthsimple fundraising Empower acquires Personal Capital Putnam sale announcedEmpower acquires MassMutual Empower acquires Prudential Wealthsimple fundraising Great-West sale of U.S. life business announced
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POWER CORPORATION OF CANADA 43 Power’s total shareholder returns Source: Bloomberg. Note: Total shareholder return represents share price appreciation and dividends received over a period of time expressed as an annualized percentage. Assumes dividends are reinvested in the shares when received. P ower’s shareholder returns have outperformed the S&P TSX and S&P TSX Financials indices in recent periods T otal Shareholder Returns As at December 31, 2025 Period Last 12 Months Last 3 Years Last 5 Years Since Dec. 31, 2019 Annualized Annualized Annualized P ower Corporation 69.7% 38.8% 26.5% 20.6% S&P TSX Financials 35.3% 26.1% 19.9% 16.7% Over / (Under) S&P TSX Financials 34.4% 12.7% 6.6% 3.9% S&P TSX 31.7% 21.4% 16.1% 14.3% Over / (Under) S&P TSX 38.0% 17.4% 10.4% 6.3%
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POWER CORPORATION OF CANADA 44 Opportunities for further value creation Operating Companies Organic Levers 1 Operating Companies M&A Levers 2 Power Company Level Levers 3 • Ongoing assessment of potential opportunities to scale existing businesses or add complementary capabilities • Continuously manage portfolio to ensure growth and return objectives are met • Return capital to Power shareholders through buybacks and dividends • Opportunities for further simplification • Continued fundraising at Sagard and Power Sustainable to realize the benefits of scale • Continued communication with stakeholders • Public operating companies positioned for organic growth: o Diversified, broadly-based growth at Great-West led by Retirement and Wealth businesses o IGM driven by its core businesses IG Wealth and Mackenzie, augmented by high-growth strategic investments o GBL focus on growing private asset investments while returning cash to shareholders Power will continue to exercise its three levers for value creation, with concrete actions and opportunities available in the short to medium-term
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POWER CORPORATION OF CANADA 45 Looking ahead Power is well-positioned to continue generating attractive returns to its shareholders [1] As of September 30, 2025. Represents the fair value of the assets of the combined Power Corporation and Power Financial hold ing company included in Adjusted net asset value, a non- IFRS financial measure. Refer to the "Non -IFRS Financial Measures" and " Clarifications on Adjusted Net Asset Value" sections at the beginning of this presentation for more information. [2] Based on the latest quarterly dividend declared annualized divided by the share price as of December 31, 2025. • GBL targeting medium-term double-digit TSR • Power’s proprietary capital investments in Sagard and Power Sustainable strategies targeting 10%+ returns Attractive returns expected from GBL and investment platforms Earnings focused companies have momentum • Great-West and IGM represent 83% of Power’s gross asset value [1] o Great-West targeting 8-10% base EPS growth per annum plus its 3.6% dividend yield [2] o IGM targeting 9%+ adjusted EPS growth per annum plus its 3.6% dividend yield [2] Strong capital position with optionality for deployment • Power continues to maintain a strong balance sheet and a prudent amount of available cash and cash equivalents • Provides flexibility for capital deployment options, including potential support for corporate actions • Power continues to buy back its shares and supports the growth of NAV, earnings and dividends per share
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POWER CORPORATION OF CANADA 46QUARTERLY RESULTS PRESENTATION | Q4 2024POWER CORPORATION OF CANADA 46 Fixed Income
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POWER CORPORATION OF CANADA 47 Executive Summary • Power Corp operates with a conservative capital structure, supported by strong credit ratings and asset coverage ratio [1] of over 8x • Minimal debt of $900 million at the PCC/PFC Holdco level with an average weighted maturity of 17 years (earliest maturity date is 2033) • Strong earnings generation supported by earnings-based companies, GWO and IGM (which account for 83% of NAV); double-digit returns expected from investments o GWO and IGM have medium-term EPS growth targets [2] of 8-10% and 9%+, respectively o Additional targets include 10%+ return on proprietary capital from Sagard and Power Sustainable • Strong cash balance, with historical levels well above $1 billion [1] Calculated using the fair value of the assets of the combined Power Corporation and Power Financial holding company included in Adjusted net asset value, a non -IFRS financial measure. Refer to the "Non -IFRS Financial Measures" and "Clarifications on Adjust ed Net Asset Value" sections at the beginning of this presentation for more information. [2] Medium-term EPS growth targets are based on base EPS for Great -West and adjusted EPS for IGM. Base EPS is defined as a non -GAAP ratio by Great-West and Adjusted EPS is defined as a non -IFRS ratio by IGM. Refer to the “Disclosures Concerning Public Investe es” section at the beginning of this presentation for more information.
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POWER CORPORATION OF CANADA 48 Power Corp: $52.5 billion in Gross Asset Value and virtually unlevered – with less than $1 billion of debt outstanding as at September 30, 2025 GWO shares (68.8%) [2] IGM shares (62.5%) [2] GBL shares (17.1%) [2] Investment Platforms Cash and Cash Equivalents [5] Other Assets & Investments [3] Gross Asset Value [4] PCC/PFC Debt Preferred Shares [5] Other Liabilities [6] [1] NAV is a non-IFRS financial measure. Refer to the “Non -IFRS Financial Measures” and “Clarifications on Adjusted Net Asset Value” sections at the beginning of this presentation for more information. [2] Represents PCC’s ownership stake as of September 30, 2025. [3] Includes PCC’s investment in LMPG. [4] Represents the fair value of the assets of the combined Power Corporation and Power Financial holding company included in Adj usted net asset value, a non-IFRS financial measure. Refer to the "Non -IFRS Financial Measures" and "Clarifications on Adjusted Net Asset Value" sections at the beginning of this presentation for more information. [5] Includes $200M series I announced on November 13, 2025 and closed on November 20, 2025. [6] Other Liabilities include account payable and accrued liabilities, accrued benefit liabilities, and dividend payable. Liabilities & Preferred shares +$52.5 billion in assets [4] provide ~8.3x coverage of ~$6.3 billion in liabilities and preferred equity Adjusted Net Asset Value (“NAV”) [1] ($ billions) Assets
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POWER CORPORATION OF CANADA 49 Conservative capital structure 23.5 83% Debentures and other debt instruments Perpetual preferred and non-participating shares Participating shareholders’ equity 28.6 Capital Structure ($ billions) • Power Corporation’s prudent approach to managing leverage has contributed to strong and stable credit ratings, throughout economic cycles • Most of the capital structure is supported by equity at over 82% • Minimal debt usage, reflected at just 3% • Balance relates mainly to preferred shares that are non-cumulative o On November 13, 2025, announced issuance of $200M of Series I fixed rate perpetual preferred shares. The net proceeds of this offering will be used for general corporate purposes Note: As of September 30, 2025. [1] Includes $200M series I announced on November 13, 2025 and closed on November 20, 2025. 0.9 3% 4.2 [1] 23.5 82% 15%
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POWER CORPORATION OF CANADA 50 Strong and stable credit ratings at PCC/PFC, GWO, and IGM S&P Global Morningstar DBRS Fitch Ratings AM Best Moody's POWER CORPORATION Senior Unsecured Debt A+ A Preferred Shares A- / P-1(Low) Pfd-2 POWER FINANCIAL Senior Unsecured Debt A+ A (high) Preferred Shares A- / P-1(Low) Pfd-2 (high) GREAT-WEST LIFECO Senior Unsecured Debt A+ A (high) A a Subordinated Debt A- a- Subordinated Debt (The Canada Life Assurance Company) AA- AA (low) A+ A2 Preferred Shares A- / P-1(Low) Pfd-2 (high) BBB+ bbb+ Preferred Shares (The Canada Life Assurance Company) Pfd-1 Limited recourse capital notes A- A (low) BBB+ IGM FINANCIAL Senior Unsecured Debt A A (high)
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POWER CORPORATION OF CANADA 51 The earliest maturity of PCC/PFC’s $900 million debt is in 2033 • Approximately $900 million in debt outstanding across PCC/PFC o $650 million of debt at Power Corp and $250 million at Power Financial o Long dated maturities (earliest maturity is in 2033 or 8 years out; weighted average maturity is 17 years) o Strong credit ratings from DBRS (A, Stable on the PCC Series; A (High), Stable on the PFC Series) and S&P (A+, Stable) PCC/PFC – Debt Outstanding as at September 30, 2025 ($ millions) Notes: Figures are rounded.
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POWER CORPORATION OF CANADA 52 PCC Group debt maturities are well positioned with no concentration PCC Senior Debentures PFC Senior Debentures Great-West Lifeco Senior Debentures IGM Financial Senior Debentures Great-West Lifeco Guaranteed USD Senior Notes Great-West Lifeco Sub Debt Great-West Lifeco Innovative Capital Great-West Lifeco LRCN PCC Group Maturity Schedule as at September 30, 2025 ($ millions)
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POWER CORPORATION OF CANADA 53 Net earnings 1,108 1,994 2,917 2,216 2,282 2,792 2,164 1,275 1,988 3,230 2,221 2,671 2,971 2,533 2019 2020 2021 2022 2023 2024 YTD Q3 25 PCC shows strong resilient earnings Notes: The Corporation and its subsidiaries adopted IFRS 17 and IFRS 9, on their effective date of January 1, 2023. The 2021 and pri or annual results have not been restated to reflect the adoption of IFRS 17 and IFRS 9, as well as to reflect the net earnings ( losses) of Putnam as discontinued operations and are therefore not comparable to the results in subsequent periods. In 2024, the Corporation modif ied the definition of adjusted net earnings. Refer to the section “Non -IFRS Financial Measures” in the 2024 Annual MD&A. The compar ative periods for 2023 and 2022 have been restated to reflect these changes. The 2021 and prior annual results have not been restated to refle ct this modification. [1] Adjusted net earnings attributable to participating shareholders is a non -IFRS financial measure. Refer to the "Non -IFRS Financial Measures" section at the beginning of this presentation for more information. [2] PCC successfully completed its reorganization in February 2020, where it acquired 100% of the issued and outstanding common shares of PFC which were delisted from the TSX. Pre- Reorganization numbers are presented on a look -through basis based on PCC share of PFC adjusted net earnings. [3] Includes: Sagard, PSC, ChinaAMC (PCC sold it 13.9% stake in the company in January 2023), corporate and other investments and standalone businesses. PCC Adjusted Net Earnings from Continuing Operations [1,2] ($ millions) Pre Reorganization on a look-through basis Post Reorganization Adjusted net earnings from publicly traded operating companies and Corporate and Other Expense Contribution from investments [3]
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POWER CORPORATION OF CANADA 54 Strong cash position maintained at PCC/PFC’s holding companies [1] PCC successfully completed its reorganization in February 2020, where it acquired 100% of the issued and outstanding common shares of PFC which were delisted from the TSX. Pre- Reorganization numbers are presented as a combination of PCC and PFC’s cash and cash equivalents. [2] Adjusted for IGM dividend declared and not received and PCC/PFC dividends declared and not paid (preferred and common). Divide nds flows occur one month following quarter end. Pre Reorganization on a look-through basis Post Reorganization Cash and Cash Equivalents [1] ($ billions) Available cash Dividend adjustments [2]
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POWER CORPORATION OF CANADA 55QUARTERLY RESULTS PRESENTATION | Q4 2024POWER CORPORATION OF CANADA 55 Appendix
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POWER CORPORATION OF CANADA 56 A significant number of value-enhancing transactions have been announced since the reorganization [1] Based on GBL’s share price at the closing of each respective exchange period. [2] US$825 million consideration and deferred consideration of up to US$175 million at announcement. [3] Payment on closing. Excludes contingent consideration at the end of five years should the business achieve exceptional growt h in performance measures over the period. Date Event Size Overview Feb’20 Reorganization of Power and PFC $8.7 billion • Completed the reorganization of PFC and Power to eliminate dual holding company structure Mar’20 Reorganization of Pargesa and GBL €2.7 billion [1] • Announced reorganization of Pargesa and GBL to eliminate dual holding company structure Jun’20 Empower acquisition of Personal Capital US$1.0 billion [2] • Adds best-in-class direct-to-consumer hybrid digital wealth management platform, accelerating the growth of Empower’s existing DC-focused retail wealth platform and its core DC business Aug’20 Mackenzie acquisition of GLC Canada Life acquisition of QGOF $215 million $185 million GLC $30 million QGOF • Strengthens Mackenzie’s position in the Canadian market with the addition of $37 billion in AUM and supports Canada Life’s objectives of strengthening and growing its wealth management business Sep’20 Empower acquisition of MassMutual’s Retirement Services Business US$3.35 billion • Strengthens position as the 2nd largest player in U.S. retirement market Sep’20 Mackenzie & Great-West’s acquisition of a strategic interest in Northleaf $245 million [3] • Adds significant presence in the rapidly growing private markets investment industry • Meets client demand across IGM and Great-West and balance sheet needs at Great-West Oct’20 Wealthsimple fundraising $114 million $1.4 billion pre-money valuation • The investment round was led by leading institutional technology investors at a $1.4 billion pre-money valuation Nov’20 Lion merger US$520 million • Lion listed on the TSX and New York Stock Exchange
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POWER CORPORATION OF CANADA 57 A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) [1] Including a 3.8% interest held through a co -investment vehicle managed by Sagard. [2] Pre-tax, before carried interest. Date Event Size Overview May’21 Wealthsimple fundraising $750 million $250 million primary $500 million secondary offering • Valued Power group’s interest at $2.6 billion as of the transaction date, including $500 million returned as part of a secondary offering • Power group retained 43% fully diluted equity interest and 60% [1] voting interest Jul’21 Canada Life acquisition of ClaimSecure Not disclosed • Enhances Canada Life’s presence in the third-party administrator and third-party payor markets Jul’21 Irish Life acquisition of Ark Life €230 million • Acquisition adds significant scale to Irish Life’s retail division • Ark Life manages approximately 150,000 policies and €2.1 billion in assets Jul’21 Empower acquisition of Prudential’s Full-Service Retirement Business US$3.55 billion • Reinforces Empower’s position of leadership in the U.S. retirement market • Highly accretive transaction driven by large synergy opportunities creates long -term value for Great-West Lifeco shareholders • Leverages Empower’s strong track record of building scale through M&A and its proven integration capabilities Oct’21 Power sale of its interest in GP Strategies $94 million [2] • GP Strategies acquired by Learning Technologies Group • Part of Power’s strategy of managing standalone businesses to realize value over time Nov’21 Sagard acquires EverWest from Great-West Not disclosed • U.S. based real estate investment platform • Great-West became a minority equity holder in Sagard Holdings Management Inc. • As part of the transaction, Great-West committed to investing additional capital in EverWest and certain Sagard managed funds Jan’22 Power Group consolidates interest in ChinaAMC Under IGM $1.15 billion • Power continues to simplify corporate structure • Power sells its 13.9% interest in ChinaAMC to IGM • Transaction closed in January 2023
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POWER CORPORATION OF CANADA 58 A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) [1] Value of GBL’s stake in Webhelp at the time of announcement. [2] At the time of announcement, subject to adjustments. Date Event Size Overview Mar’23 Webhelp combination with Concentrix €1,529 million [1] • Combination creates a prominent global player in customer experience • GBL to be paid with a combination of Concentrix shares, earn -out shares and a seller note to be received on the second anniversary of the transaction closing • GBL to become the largest shareholder of the combined entity Apr’23 IGM acquires interest in Rockefeller Capital Management US$622 million • Expansion of IGM’s wealth management footprint into the U.S., with a brand and business model focused on the HNW and UNHW segments • Strategic ownership with 2 board seats and rights enhancing IGM’s opportunity to increase its equity interest in Rockefeller in the future • Opportunity for knowledge sharing and collaboration between Rockefeller and IG Wealth Apr’23 Canada Life acquires Investment Planning Counsel from IGM $575 million [2] • Canada Life accelerates its vision of establishing a leading wealth management platform for independent advisors and their clients • Creates one of Canada’s largest non-bank wealth providers • Over time, Canada Life expects to build to a single, end -to-end wealth platform May’23 Sale of Putnam to Franklin Templeton US$1.7-1.8 billion potential transaction consideration and retained value at the time of announcement • Unlocks the value of Putnam and facilitates the continued focus of Great-West’s U.S. strategy on retirement and personal wealth • Great-West will hold a 4.9% interest in Franklin Templeton on a long-term basis and will retain its controlling interest in PanAgora, a leading quantitative asset manager • Great-West, Power and Franklin have entered a strategic partnership to distribute Franklin products for the benefit of clients, distribution partners and shareholders Jun’23 Canada Life acquires Value Partners Not disclosed • Fast-growing Winnipeg-based investment firm known for its positive impact in serving clients with complex and sophisticated wealth needs • Adds complementary products and capabilities to help advisors serve their clients and grow their business
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POWER CORPORATION OF CANADA 59 A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview Jul’23 Lunate and BMO acquire minority equity in Sagard’s management company Not disclosed • New strategic partnerships between Sagard, Lunate (formerly ADQ), an Abu Dhabi -based investment and holding company, and Bank of Montreal; expanded existing partnership with Great-West • Lunate, BMO and Great-West agreed to invest capital to drive Sagard’s future growth Dec’23 Sagard acquires strategic stake in Performance Equity Management Not disclosed • US$8.9 billion AUM global private equity investment firm • Allows Sagard to establish a fund of funds, secondary and co -investment platform Mar’24 Sagard enters strategic partnership with HalseyPoint Not disclosed • US$3.2 billion AUM U.S.-based collateralized loan obligations (“CLO”) manager • HalseyPoint’s CLO strategy will broaden Sagard’s credit offering which currently covers opportunistic credit and senior lending across North America May’24 Power Sustainable enters strategic partnership with Great-West Not disclosed • Enables Power Sustainable to accelerate its growth and market penetration in sustainable private equity and infrastructure credit • Supports Great-West’s value creation strategy as part of a responsible investing transition • Great-West becomes a minority shareholder and agrees to invest in funds across Power Sustainable’s strategies Jul’24 Peak sold its minority interest in Rawlings Not disclosed • Power received approximately $83M from Peak Sep’24 Power sale of its interest in Peak ~US$325 million [1] • Part of Power’s strategy of managing standalone businesses to realize value over time Sep’24 Empower acquires OptionTrax® creator Plan Management Corporation Not disclosed • Combination advances a scalable, real-time, technology-driven equity compensation platform that delivers leading digital experience to public and private clients of all sizes • Clients to benefit from full suite of capabilities and services to drive integrated workplace and wealth management solutions Mar’25 Sagard enters partnership with GBL US$33 million • GBL acquired a 5% minority interest in Sagard Holdings Management Inc. • As part of the transaction, GBL committed to invest a minimum of €250 million in Sagard - managed funds over a five-year period, in-line with GBL Capital’s investment strategy [1] Gross of LTIP and transaction-related adjustments.
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POWER CORPORATION OF CANADA 60 A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview Apr’25 Sagard enters partnership with BEX Capital Not disclosed • Marks a significant step in Sagard’s expansion into private equity secondaries • BEX Capital’s capabilities complement Sagard’s existing private equity strategies, allowing for greater investment opportunities and broader investor reach, including institutional and private high-net-worth investors worldwide May’25 Sagard enters partnership with Empower Not disclosed • New program that will pave the way for private market investments to be included within defined contribution retirement plans • Sagard-managed strategies will be made accessible via collective investment trusts in coming years. These structures are designed to bring the benefits of private market investing —such as diversification, potential for enhanced returns, and exposure to less correlated assets— to retirement plan participants in a cost-efficient and liquidity-aware manner July’25 IPC acquires De Thomas Wealth Management Not disclosed • Great-West fortifies IPC's position within the Canadian wealth management sector and underscores IPC's commitment to improved experiences for both advisors and clients • Expected to add $2.7 billion of assets under administration and 40 advisors Sep’25 Sagard enters partnership with Baird US$34 million • Accelerates U.S. wealth channel expansion and facilitates the distribution of appropriate, differentiated Sagard strategies to Baird’s private wealth network clients, with joint efforts on product innovation, advisor engagement, and ecosystem-wide growth • Baird acquired a 5% minority interest in Sagard Holdings Management Inc. Sep’25 Sagard and Unigestion announce the combination of their private equity platforms [1] Not disclosed • Creates a global leader in middle market private equity investment solutions • Offers a greatly enhanced geographical reach and product scope, delivering bespoke and scalable private equity solutions across primaries, secondaries and co -investments to institutional and high net worth investors [1] Expected to close in early 2026, subject to customary approvals and conditions including regulatory approvals.
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POWER CORPORATION OF CANADA 61 A significant number of value-enhancing transactions have been announced since the reorganization (cont’d) Date Event Size Overview Oct’25 Rockefeller recapitalization Over US$6.6 billion • Rockefeller announced a recapitalization at an enterprise valuation of over $6.6 billion, marking a significant milestone in the firm’s growth trajectory and long -term strategic plan • IGM will remain the second largest and a strategic investor following a planned sale of a small portion of its US$1.13 billion equity interest to support the goals of the transaction Oct’25 Wealthsimple fundraising Up to $750 million $550 million primary $200 million secondary offering • Power and IGM participated in the offering by investing $200 million. The round was co -led by Dragoneer Investment Group and GIC, and signals deep conviction from world -renowned investors in Wealthsimple’s role as a future of financial services in Canada • Power group's interest valued at $3.9 billion, an increase of 47% since Q2 2025
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POWER CORPORATION OF CANADA 62 Abbreviations The following abbreviations are used throughout this presentation: Ark Life AUA AUM AUM&A AUM&A Including SI Baird BEX BMO CAGR Canada Life ChinaAMC ClaimSecure CLO Concentrix DC Empower Energy Infrastructure EPS EverWest (rebranded Sagard Real Estate) Franklin Templeton or Franklin FVOCI GAAP GBL GLC GP GP Strategies Great-West or Great-West Lifeco HalseyPoint IFRS IG Wealth or IG IGM or IGM Financial Investment Planning Counsel or IPC Learning Technologies Group Lion LMPG LTIP Lunate (formerly ADQ) M&A Ark Life Assurance Company dac Assets under administration Assets under management Assets under management & advisement Assets under management & advisement including strategic investments Baird Financial Group BEX Capital Bank of Montreal Compound annual growth rate The Canada Life Assurance Company China Asset Management Co., Ltd. ClaimSecure Inc. Collateralized Loan Obligations Concentrix Corporation Defined contribution Empower Insurance Company of America Power Sustainable Energy Infrastructure Inc. Earnings per share EverWest Real Estate Investors, LLC and EverWest Advisors, LLC Franklin Resources, Inc. Fair value through other comprehensive income Generally Accepted Accounting Principles Groupe Bruxelles Lambert GLC Asset Management Group Ltd. General partner GP Strategies Corporation Great-West Lifeco Inc. HalseyPoint Asset Management, LLC International Financial Reporting Standards IG Wealth Management Inc. IGM Financial Inc. Investment Planning Counsel Inc. Learning Technologies Group plc The Lion Electric Company LMPG Inc. Long-Term Incentive Plan Lunate Holding RSC Ltd. Mergers and acquisitions Mackenzie MassMutual MD&A NAV or Net Asset Value NCIB Northleaf Parjointco Peak Performance Equity Management or PEM Personal Capital Power Corporation, PCC, Power or the Corporation Power Financial or PFC Power Sustainable Power Sustainable China or Sustainable China Power Sustainable Infrastructure Credit Power Sustainable Lios or Lios Prudential PSEIP PSM Putnam QGOF Rawlings Rockefeller ROE S&P Sagard SHMI Standalone businesses TSR TSX Unigestion Value Partners Wealthsimple Webhelp WHO Mackenzie Financial Corporation Massachusetts Mutual Life Insurance Company Management’s Discussion & Analysis Adjusted net asset value Normal course issuer bid Northleaf Capital Partners Parjointco SA Peak Achievement Athletics Inc. Performance Equity Management, LLC (rebranded as: Sagard Private Equity Solutions) Personal Capital Corporation Power Corporation of Canada Power Financial Corporation Power Sustainable Capital Inc. Power Sustainable Investment Management Inc. Power Sustainable Infrastructure Credit Manager, L.P. Power Sustainable Lios Inc. Prudential Financial, Inc. Power Sustainable Energy Infrastructure Partnership Power Sustainable Manager Inc. Putnam U.S. Holdings I, LLC Quadrus Group of Funds Rawlings Sporting Goods Company Inc. Rockefeller Capital Management Return on equity Standard & Poor’s Sagard Holdings Inc. Sagard Holdings Management Inc. Lion, LMPG and Peak (currently only LMPG) Total shareholder return Toronto Stock Exchange Unigestion Private Equity Holding SA Value Partners Inc. Wealthsimple Financial Corp. Webhelp Group World Health Organization