An anonymous director reports

POWER FINANCIAL ANNOUNCES DIVIDEND RATES ON NON-CUMULATIVE 5-YEAR RATE RESET FIRST PREFERRED SHARES, SERIES T, AND NON-CUMULATIVE FLOATING RATE FIRST PREFERRED SHARES, SERIES U

Further to Power Financial Corp.'s news release dated Dec. 4, 2023, Power Financial has released the applicable dividend rates for its non-cumulative five-year rate reset first preferred shares, Series T and non-cumulative floating rate first preferred shares, Series U.

With respect to any Series T shares that remain outstanding after Jan. 31, 2024, holders thereof will be entitled to receive quarterly fixed non-cumulative preferential cash dividends, if, as and when declared by the board of directors of Power Financial. The dividend rate for the five-year period from and including Jan. 31, 2024, to, but excluding, Jan. 31, 2029, will be 5.595 per cent, being equal to the five-year government of Canada bond yield, determined as of today, plus 2.37 per cent, in accordance with the terms of the Series T shares.

With respect to any Series U shares that may be issued on Jan. 31, 2024, holders thereof will be entitled to receive quarterly floating rate non-cumulative preferential cash dividends, if, as and when declared by the board of directors of Power Financial. The dividend rate for the three-month floating rate period from and including Jan. 31, 2024, to, but excluding, April 30, 2024, will be 7.407 per cent, being equal to the three-month government of Canada treasury bill yield, determined as of today, plus 2.37 per cent, calculated on the basis of the actual number of days in such quarterly period divided by 365, in accordance with the terms of the Series U shares.

Beneficial owners of Series T shares who wish to exercise their conversion right should communicate with their broker or other nominee to ensure their instructions are followed so that the registered holder of the Series T shares can meet the deadline to exercise such conversion right, which is 5 p.m. (ET) on Jan. 16, 2024.

About Power Financial Corp.

Power Financial, a wholly owned subsidiary of Power Corp. of Canada, is an international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe. It also has significant holdings in a portfolio of global companies based in Europe.

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