An anonymous director reports

POWER CORPORATION - NORMAL COURSE ISSUER BID

Power Corp. of Canada has filed with the Toronto Stock Exchange, and the TSX has accepted, the corporation's notice of intention to make a normal course issuer bid (NCIB).

Under the NCIB, the corporation is permitted to purchase for cancellation, on the open market, during the period commencing on March 1, 2024, and ending on the earlier of Feb. 28, 2025, and the completion of purchases under the NCIB, up to 25 million subordinate voting shares of the corporation, representing approximately 4.6 per cent of the public float of the subordinate voting shares (within the meaning of the rules of the TSX) as of Feb. 16, 2024, subject to the normal terms and limitations of such bids.

Daily purchases on the TSX under the NCIB will be limited to 704,683 subordinate voting shares, other than purchases made pursuant to the block purchase exception, based on the applicable average daily trading volume on the TSX for the six months ending Jan. 31, 2024, of 2,818,735 subordinate voting shares. The actual number of subordinate voting shares which may be purchased under the NCIB, and the timing of any such purchases, will be determined by the management of the corporation, subject to applicable law and the rules of the TSX.

Purchases under the NCIB are expected to be made at prevailing market prices through the facilities of the TSX, and other designated exchanges and/or alternative Canadian trading systems, or by such other means as may be permitted by the Autorite des marches financiers or other applicable Canadian Securities Administrators. The NCIB will be financed using Power Corp.'s existing cash resources, and any subordinate voting shares repurchased by the corporation under the NCIB will be cancelled.

As of Feb. 16, 2024, the corporation had 595,686,962 issued and outstanding subordinate voting shares and a public float (within the meaning of the rules of the TSX) of 545,341,553 subordinate voting shares.

Power Corp. believes that the NCIB will provide the flexibility to manage the corporation's capital position while generating value for shareholders.

Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Power Corp. sought acceptance of the TSX to purchase up to 30 million subordinate voting shares, and which commenced on March 1, 2023, and expires on Feb. 29, 2024, Power Corp. had, as of Feb. 16, 2024, repurchased and cancelled 17,987,500 subordinate voting shares on the open market at an average purchase price of $36.41 per share.

In addition, Power Corp. has agreed to the form of an automatic share purchase plan (ASPP) with a designated broker to allow for the purchase of subordinate voting shares under the NCIB at times when the corporation would ordinarily not be permitted to purchase shares due to regulatory restrictions or self-imposed blackout periods. The ASPP has been precleared by the TSX and will be entered into in connection with the commencement of the NCIB.

About Power Corp. of Canada

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

We seek Safe Harbor.