An anonymous director reports

IGM FINANCIAL INC. -- NORMAL COURSE ISSUER BID APPROVED

IGM Financial Inc. has received regulatory approval respecting its intention to renew its normal course issuer bid (NCIB) and automatic securities purchase plan (ASPP) through the facilities of the Toronto Stock Exchange. The term of the NCIB will commence Dec. 21, 2023, and continue until Dec. 20, 2024, when the bid expires, or such earlier date as the corporation completes its purchases pursuant to the notice of intention filed with the TSX.

The corporation may purchase for cancellation, by means of open-market transactions through the facilities of the TSX and/or alternative Canadian trading systems, up to three million common shares, representing approximately 1.3 per cent of the 238,131,738 common shares outstanding on Dec. 7, 2023. The corporation's previous normal course issuer bid expired on Feb. 28, 2023, and the corporation has not repurchased any shares in the past 12 months.

The average daily trading volume for the six months ended Nov. 30, 2023, was 184,983 common shares. Consequently, daily repurchases on the TSX under the NCIB will be limited to 46,245 common shares, other than block purchase exceptions. Purchases will be at the prevailing market price at the time of acquisition. Any common shares purchased pursuant to the NCIB will be cancelled.

The ASPP provides standard instructions regarding how IGM Financial's common shares are to be purchased under the NCIB during certain predetermined trading blackout periods, subject to pre-established parameters. Outside of these predetermined trading blackout periods, purchases under the NCIB will be completed based on management's discretion.

The ASPP constitutes an automatic plan for purposes of applicable Canadian securities legislation and has been reviewed by the TSX. Should the ASPP be materially varied, suspended or terminated prior to the expiry date, IGM Financial will issue a press release advising of such variation, suspension or termination, as the case may be.

The corporation's board of directors has authorized the renewal of the NCIB and ASPP. The program will be used to acquire common shares to mitigate the dilutive effect of stock options issued under the corporation's stock option plan and for other capital management purposes.

About IGM Financial Inc.

IGM Financial is one of Canada's leading diversified wealth and asset management companies, with approximately $235-billion in total assets under management and advisement at Nov. 30, 2023. The company provides a broad range of financial planning and investment management services to help more than two million Canadians meet their financial goals. Its activities are carried out principally through IG Wealth Management and Mackenzie Investments. IGM Financial is a member of the Power Corp. group of companies.

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