An anonymous director reports

POWER FINANCIAL ANNOUNCES RESULTS OF CONVERSION RIGHTS OF NON-CUMULATIVE 5-YEAR RATE RESET FIRST PREFERRED SHARES, SERIES T

Further to Power Financial Corp.'s press releases dated Dec. 4, 2023, and Jan. 2, 2024, none of its outstanding eight million non-cumulative five-year rate reset first preferred shares, Series T, will be converted on Jan. 31, 2024, into non-cumulative floating rate first preferred shares, Series U, of Power Financial. During the conversion notice period, which ran from Jan. 2, 2024, to Jan. 16, 2024, 86,590 Series T shares were tendered for conversion into Series U shares. Pursuant to the terms and conditions of the Series T shares, since there would be outstanding on Jan. 31, 2024, after having taken into account all Series T shares tendered for conversion into Series U shares, less than one million Series U shares, holders of Series T shares who tendered their shares for conversion will not be entitled to convert their shares into Series U shares. As a result, Series U shares will not be issued at this time.

The Series T shares are currently listed on the Toronto Stock Exchange under the symbol PWF.PR.T.

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.

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