2024 Annual Information Form (baif pcc 2024 eng final)

2024

ANNUAL INFORMATION

FORM

MARCH 19, 2025

Annual Information Form

Table of contents

Item 1

General Information 3

1.1 Information regarding Power Financial 3

1.2 Documents incorporated by reference 3

1.3 Forward-looking information 4

1.4 Non-IFRS financial measures and Other financial measures 5

Item 2

Corporate Structure 6

2.1

Incorporation 6

2.2 Intercorporate relationships 6

Item 3

General Development of the Business 8

3.1

Business of Power 8

3.2 Development of the business over the last three years 8

Item 4

Narrative Description of the Business 11

4.1

Publicly traded operating companies 11

4.2 Alternative asset investment platforms 14

4.3

Other 14

Item 5

Sustainability 16

Item 6

Risk Factors 17

Item 7

Description of the Share Capital 19

7.1

Power 19

7.2 Power Financial 21

Item 8

Ratings 25

Item 9

Dividends 27

9.1

Power 27

9.2 Power Financial 27

Item 10

Market for Securities 28

10.1 Power 28

10.2 Power Financial 29

Item 11

Directors and Officers 31

11.1 Directors 31

11.2 Executive and other officers 32

Item 12

Voting Securities 33

Item 13

Committees 34

13.1 Audit Committee 34

Item 14

Interest of Management and Others in Material Transactions 37

Item 15

Transfer Agent 37

Item 16

Experts 37

Item 17

Additional Information 37

Appendix A Power Corporation of Canada Audit Committee Charter 38

ITEM 1 GENERAL INFORMATION

All dollar figures are in Canadian dollars, unless stated otherwise. The information in this Annual Information Form is as at December 31, 2024, unless stated otherwise and except for information in documents incorporated by reference that have a different date. In addition, the table below lists a number of defined terms that are used throughout this Annual Information Form.

Name in full

Abbreviation

Annual Information Form of Great-West Lifeco dated February 5, 2025

Great-West Lifeco's AnnualInformation Form

Annual Information Form of IGM dated March 25, 2025

IGM's Annual InformationForm

The Canada Life Assurance Company China Asset Management Co., Ltd. Empower Annuity Insurance Company of America

Canada Life ChinaAMC Empower

EverWest Holdings Inc.

Groupe Frère / Compagnie Nationale à Portefeuille

EverWest Frère Group

Great-West Lifeco Inc. Groupe Bruxelles Lambert IGM Financial Inc. Investors Group Inc. Irish Life Group Limited The Lion Electric Company Mackenzie Financial CorporationManagement's Discussionand Analysis of Great-West Lifeco dated February 5, 2025

Great-West Lifeco GBL

IGM

IG Wealth Management Irish Life

Lion Electric Mackenzie Investments Great-WestLifeco'sMD&A

Management's Discussion and Analysisof IGM datedFebruary 6, 2025

IGM's MD&A

Management's Discussion and Analysisof Power dated March 19, 2025 Nautilus Solar Energy, LLC Northleaf Capital Group Ltd. Pansolo Holding Inc.

Power's MD&A

Nautilus Solar Northleaf Pansolo

1.1 INFORMATION REGARDING POWER FINANCIAL

Power Financial relies on certain of the continuous disclosure documents filed by Power pursuant to an exemption from the requirements of National Instrument 51-102-Continuous Disclosure Obligationsand as provided in the decision of the Autorité des marchés financiers and the Ontario Securities Commission, dated September 10, 2024, regarding Power Financial and Power. This includes an exemption from the

1.2 DOCUMENTS INCORPORATED BY REFERENCE

The following documents are incorporated herein by reference to the extent specified herein:

• ▪Certain portions of Great-WestLifeco's Annual Information Form;and

• ▪Certain portions of IGM's Annual Information Form.

Name in full

Pargesa SA Parjointco SA

Portag3 Ventures Limited Partnership Portag3 Ventures II Limited Partnership Portage Ventures III Limited Partnership Portage VenturesIV Limited PartnershipPortage Ventures I, Portage Ventures II, Portage Ventures III & Portage Ventures IV Power Corporation of Canada

Power Financial Corporation Power Sustainable Capital Inc.

Power Sustainable Energy Infrastructure Partnership

Power Sustainable Manager Inc. Putnam US Holdings I, LLC

Rockefeller Capital Management General Partner L.L.C.

Sagard Credit Partners, LP Sagard Credit Partners II, LP

Sagard Healthcare Royalty Partners, LP Sagard Holdings Inc.

Sagard Holdings Management Inc. Sagard Senior Lending Partners Holdings (I and II) LP, and Sagard Senior Lending Partners Holdings (I-U and II-U) LP Wealthsimple Financial Corp.

Abbreviation

Pargesa Holding Parjointco

Portage Ventures I

Portage Ventures II

Portage Ventures III

Portage Ventures IV

Portage Ventures Funds

Power or the Corporation Power Financial

Power Sustainable PSEIP

PSM

Putnam Investments Rockefeller

Sagard Credit Partners I

Sagard Credit Partners II Sagard Healthcare Sagard

SHMI

Sagard Senior Lending PartnersWealthsimple

requirement for Power Financial to file an annual information form provided Power includes disclosure in its annual information form that would be required of Power Financial under Items 6 (Dividends and Distributions), 7 (Description of Capital Structure) and 8 (Market for Securities) of Form 51-102F2-Annual Information Form.

These documents have been prepared by Great-West Lifeco and IGM, respectively, and are available on SEDAR+ under their respective company profiles atwww.sedarplus.ca.

In addition, certain portions of Power's MD&A,Great-WestLifeco's MD&A and IGM's MD&A are incorporated herein by reference to the extent specified herein. Power's MD&A (containingGreat-WestLifeco's MD&A and IGM's MD&A) is available on SEDAR+ under theCorporation's profile atwww.sedarplus.ca.

1.3 FORWARD-LOOKING INFORMATION

Certain statements in this Annual Information Form, other than statements of historical fact, are forward-looking statements based on certainassumptions and reflect the Corporation's current expectations, or with respect to disclosure regarding the Corporation's public subsidiaries, reflect such subsidiaries' current expectations asdisclosed in their respective annual information forms. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Corporation and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments, and the reader 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, theCorporation's2025 NCIB (as defined herein), the fintech strategy, investment strategies of the investment platforms, capital commitments by the Power group and third parties,GBL'sproposed dividend, GBL'sintent to grow its portfolio and third-party asset management activity, the timing, size and expected impactof GBL's proposed investment in SHMI,the benefits of Great-West Lifeco's internal reinsurance transactions and the Corporation's subsidiaries'disclosed expectations, including in respect of the ongoing obligations resulting from the sale of Putnam Investments to Franklin Resources Inc. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include wordssuch as "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts" ornegative 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, affectthe 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 healthpandemic or other public health crises, the Corporation's and its subsidiaries' ability to complete strategic transactions, integrate acquisitions and implement other growth strategies,the liquidity of the Participating Preferred Shares, the controlling shareholder's majority ownership of the votes attached to the Corporation's voting securities, theCorporation's and its subsidiaries' success in anticipating and managing the foregoing factors,as well as the risks referenced in the section entitled "Risk Factors" herein and in the section entitled "Risk Management" of Power's MD&A and,with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this Annual Information Form, the factors identified by such subsidiaries in their respective MD&A and annual information form.

The 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 drawinga conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditionsand 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, including the availability of cash to complete purchases under the 2025 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 Annual Information Form,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 onwhich information contained in forward‐looking statements is based is provided in its disclosure materials, including this Annual Information Form and Power's MD&A, filed with the securities regulatory authorities in Canada and available atwww.sedarplus.ca.The sections, in each case, entitled "General"of Great-WestLifeco's Annual Information Form and IGM's Annual Information Form are incorporated herein by reference.

1.4 NON-IFRS FINANCIAL MEASURES AND OTHER FINANCIAL MEASURES

Disclosures incorporated by reference into this Annual Information Form contain certain financial measures (including ratios) that do not have a standard meaning under International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board. Management uses these financial measures in its presentation and analysis of the financial performance, financial condition and cash flows of Power, and believes that such measures provide additional meaningful information to readers in their analysis of the results of the Corporation. These non-IFRS financial measures may not be comparable to similar measures used by other entities. Refer to the disclosures included or referenced in thesections entitled "Non-IFRS Financial Measures"in Part Aof Power's MD&A,"Non-GAAP Financial Measures and Ratios" ofGreat-WestLifeco's MD&A, which can be foundin Part B of Power's MD&A, and "Non-IFRS Financial Measures and Other FinancialMeasures" of IGM's MD&A,which can be found in Part Cof Power's MD&A,as applicable, which sections are incorporated herein by reference, for the appropriate reconciliations of these non-IFRS financial measures to measures prescribed by IFRS as well as additional details on each measure, as applicable.Power's MD&A is located under the Corporation's profile on SEDAR+ atwww.sedarplus.ca.

This Annual Information Form also includes disclosureof "assets under management and advisement of IGM" and "net asset value reported by GBL", which are used to discuss activities of the Corporation's publicly traded operating companies. Refer to the section entitled "Non-IFRS FinancialMeasures and Other Financial Measures" of IGM's MD&A which can be found inPart Cof Power's MD&A, for a definition of "Assets under management and advisement", and to the section entitled "Other Measures"in Part A of Power's MD&A fora definition of"net asset value reported by GBL","assets under management of alternative asset investment platforms" and "unfunded commitments",which definitions are incorporated herein by reference.

This Annual Information Form also includes disclosure of"market capitalization" and "assets under administration"of Wealthsimple. Refer to thesection entitled "Other Measures" inPart Aof Power's MD&A for a definition of each such term, which definitions are incorporated herein byreference.

See also "Documents Incorporated by Reference" above.

ITEM 2 CORPORATE STRUCTURE

2.1 INCORPORATION

Power Corporation of Canada-Power Corporation du Canada was incorporated on April 18, 1925 under theCompanies Act(Canada) and continued under theCanada Business Corporations Act("CBCA") on June 13, 1980. Its head and registered office is located at 751 Victoria Square, Montréal,Quebec H2Y 2J3.

Since June 13, 1980, the Articles of Power have been amended to, among other things: subdivide and re-designate the common shares as Subordinate Voting Shares; subdivide and re-designate the 15¢ Participating Preferred Shares as Participating Preferred Shares; and create various series of First Preferred Shares.

2.2 INTERCORPORATE RELATIONSHIPS

The chart on the following page summarizes Power's corporate structureas at December 31, 2024, including interests in its material and certain other subsidiaries and investee companies. The chart sets forth the jurisdiction of incorporation (unless otherwise indicated, all companies were incorporated in Canada) and the approximate percentages of participating equity securities beneficially owned, or over which control or direction is exercised, directly or indirectly, as at that date and, unless otherwise indicated, such percentages also represent the approximate percentages of votes attached to voting securities beneficially owned, or over which control or direction is exercised, directly or indirectly. Certain subsidiaries whose total assets or revenues did not represent more than 10 percent of the Corporation's consolidated assets or revenues as atDecember 31, 2024 have been omitted[a]. The subsidiaries that have been omitted represent, as a group, significantly less than 20 per cent of the consolidated assets and revenue of the Corporation as at December

31, 2024. The chart also omits certain subsidiaries whose primary role is to hold investments in other subsidiaries of the Corporation.

The sections, in each case, entitled "Corporate Structure" ofGreat-WestLifeco's Annual Information Form and IGM's Annual Information Formare incorporated herein by reference.

[a]Based on the Corporation's annual consolidated financial statements for the fiscal year ended December 31,2024 filed with the Canadian securities regulators and which areavailable under the Corporation's profile atwww.sedarplus.caand on the Corporation's website.

• [1]The Corporation and Great-West Lifeco respectively hold a 50.8 per cent interest and a 12.7 per cent interest in SHMI.Refer to the section "Alternativeasset investment platforms".

• [2]The Corporation and Great-West Lifeco respectively hold a 74.7 per cent interest and a 20.8 per cent interest in PSM. Refer to the Section"Alternativeasset investment platforms".

• [3]As at December 31, 2024, 53.5 per cent of the participating equity securities of Great-West Lifeco were owned by Power Financial, 3.1 per cent were owned by 3411893 Canada Inc., 6.8 per cent were owned by 3439453 Canada Inc., 3.2 per cent were owned by 4400003 Canada Inc. and 1.6 per cent were owned by 11249207 Canada Inc., each an indirectly wholly owned subsidiary of the Corporation. In addition, IGM, an indirect subsidiary of the Corporation, owned 2.4 per cent of the participating equity securities of Great-West Lifeco. As at December 31, 2024, the Corporation beneficially owned an aggregate of 635,450,694 Great-West Lifeco common shares, excluding those shares which are beneficially owned by IGM, representing approximately 68.2 per cent of the participating equity securities of Great-West Lifeco. The Corporation and its subsidiaries, including IGM, own, in the aggregate, voting securities to which are attached 65.0 per cent of the votes attached to all voting securities of Great-West Lifeco.

• [4]As at December 31, 2024, 59.0 per cent of the participating equity securities of IGM were owned by Power Financial, 2.3 per cent were owned by 3411893 Canada Inc. and 0.9 per cent were owned by 4400003 Canada Inc., each an indirect wholly owned subsidiary of the Corporation. In addition, Canada Life, an indirect subsidiary of the Corporation, owned 3.9 per cent of the participating equity securities of IGM. The Corporation and its subsidiaries owned, in the aggregate, voting securities to which are attached approximately 66.1 per cent of the votes attached to all voting securities of IGM.

• [5]Held through Parjointco, a jointly controlled corporation (50 per cent). Parjointco has a 47.0 per cent voting interest in GBL. Refer to the section"Narrative Description of the Business-Publicly traded operating companies-GBL"for a list ofGBL'sinvestments.

• [6]Includes a controlling interest in the Portage Ventures Funds and Wealthsimple, held through Power Financial, Great-West Lifeco and IGM.

• [7]Represents a 49.9 per cent non-controlling voting interest. The interest in Northleaf is held through an acquisition vehicle in which Mackenzie Investments holds an 80 per cent equity interest and Great-West Lifeco holds a 20 per cent equity interest.

ITEM 3 GENERAL DEVELOPMENT OF THE BUSINESS

3.1 BUSINESS OF POWER

Power 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.

As at December 31, 2024, Power held all of the issued and outstanding Common Shares of Power Financial, representing an aggregate equity and voting interest of 100 per cent. Through Power Financial, Power holds a controlling interest in Great-West Lifeco and IGM. It also holds, jointly with the Frère Group of Belgium, an indirect controlling interest in GBL.

Power conducts its investment activities, built upon a network of deep and long-standing relationships, to provide superior returns. Investment activities include investments in alternative asset managers, Sagard and Power Sustainable, investment funds, and interests in China resulting from more than 40 years of engagement.

As at December 31, 2024, Power and its group companies had, in aggregate, approximately 40,400 employees worldwide.

3.2 DEVELOPMENT OF THE BUSINESS OVER THE LAST THREE YEARS

The sections entitled "General Development of the Business"starting on page 17 of Great-WestLifeco's Annual Information Form, as well as theapplicable, corresponding disclosures included or referenced in the section entitled"Non-GAAP Financial Measures and Ratios"of Great-WestLifeco's MD&A,which can befound in Part B of Power'sMD&A,and "Development of Business Over the Last Three Years"starting on page 7of IGM'sAnnual Information Form, as well as the applicable, corresponding disclosures included or referenced in the section entitled"Non-IFRS Financial Measures and Other Financial Measures"ofIGM's MD&A,which can be foundin Part C of Power'sMD&A, are each incorporated herein by reference.

The Corporation_____________________________________________________________________________________________________________________________ ________

On January 15, 2022, the Corporation redeemed all 86,100 of its outstanding Cumulative Redeemable First Preferred Shares, 1986 Series for a price of $50.00 per share, in accordance with the terms of such shares.

On February 24, 2022, the Corporation announced that the TSX had accepted the Corporation's notice of intention to make a normal course issuerbid (the "2022 NCIB") to purchase for cancellation, on the open market, during the period commencing on February28, 2022 and ending on the earlier of February 27, 2023 and the completion of purchases under the 2022 NCIB, up to 30,000,000 Subordinate Voting Shares, representingapproximately 5.3 per cent of the "public float" of the Corporation's issued and outstanding Subordinate Voting Shares at that time. The Corporation purchased for cancellation 10,515,700 Subordinate Voting Shares pursuant to the 2022 NCIB for a total of approximately $386 million.

On January 12, 2023, the Corporation sold its 13.9 per cent ownership stake in ChinaAMC to Mackenzie Investments, an indirectly wholly ownedsubsidiary of IGM, for aggregate consideration of $1.15 billion in cash, bringing IGM's equity ownership in ChinaAMC to 27.8 per cent. In a separate transaction, on January 12, 2023, the Corporation, through an indirectly wholly owned subsidiary of the Corporation, acquired from IGM 15,200,662 common shares of Great-West Lifeco for cash consideration of approximately $552.7 million. Immediately following the acquisition of these additional Great-West Lifeco common shares, the Corporation beneficially owned an aggregate of 635,450,694 Great-West Lifeco common shares, excluding those which remain beneficially owned by IGM, representing 68.2 per cent of the issued and outstanding Great-West Lifeco common shares.

On February 27, 2023, the Corporation announced that the TSX had accepted the Corporation's notice of intention to make a normal course issuerbid (the "2023NCIB") to purchase for cancellation, on the open market, during the period commencing on March 1, 2023 and ending on the earlier of February 29, 2024 and the completion of purchases under the 2023 NCIB, up to 30,000,000 Subordinate Voting Shares, representing approximately 5.4 per centof the "public float" of the Corporation's issued and outstanding Subordinate Voting Shares at that time. The Corporation purchased for cancellation 18,243,400 Subordinate Voting Shares pursuant to the 2023 NCIB for a total of approximately $665 million.

On February 28, 2024, the Corporation announced that the TSX had accepted the Corporation's notice of intention to make a normal course issuer bid (the "2024NCIB") to purchase for cancellation, on the open market, during the period commencing onMarch 1, 2024 and ending on the earlier of February 28, 2025 and the completion of purchases under the 2024 NCIB, up to 25,000,000 Subordinate Voting Shares, representing approximately 4.6 per centof the "public float" of the Corporation's issued and outstanding Subordinate Voting Shares on February 16, 2024. The Corporation purchased for cancellation 10,814,600 Subordinate Voting Shares pursuant to the 2024 NCIB for a total of approximately $453 million.

On February 27, 2025, the Corporation announced that the TSX had accepted the Corporation's notice of intention to make a normal course issuer bid (the "2025NCIB"), as more fully described in the section entitled "Market for Securities-Normal Course Issuer Bid".

GBL_____________________________________________________________________________________________________________________________ ________

In 2022, GBL repurchased, directly and through its subsidiaries, 7.6 million shares of its own capital, for a total consideration of €643 million,representing 5.0 per centof GBL's capitalasat December 31, 2022. In May 2022, GBL's board of directors approved a fifth allocation for share buybacks of €500 million, which GBL started to implement in June 2022 and had 63.0per cent completed as at December 31, 2022. During the second quarter of 2022, GBL cancelled 3.4 million of its treasury shares.

On September 23, 2023, GBL's largest private asset, Webhelp Group ("Webhelp"), a global business process outsourcer combined with Concentrix Corporation ("Concentrix") to create a prominent global player in customer experience.GBL's payment terms at closing consisted of(i) Concentrixshares (Concentrix + Webhelp), representing a market value of €684 million (13.2 per cent of the capital and voting rights as of September 30, 2023); (ii) earn-out shares that could give access to additional capital of the combined entity if certain thresholds are reached, representing a market valueof €17million; (iii) a seller note entitling GBL to receive approximately €510million in cash on the second anniversary of the transaction closing,corresponding to an estimated present value of €460million; and (iv) cash of €15million.

During 2023, GBL continued to actively rotate its portfolio, and completed disposals within its portfolio, generating total proceeds of approximately€1.3 billion.

In2023, GBL also repurchased, directly and through its subsidiaries, €816million of its own share capital. On November 2, 2023, GBL's board of directors approved a seventh allocation of €500 million. During the second quarter of 2023, GBL cancelled 6.3 million of itstreasury shares.

During 2024, GBL continued to rotate its portfolio, and completed the disposal of a portion of its interest in adidas, reducing its interest from 7.6 per cent as at December 31, 2023 to 3.5 per cent as at December31, 2024, generating total proceeds of approximately €1.7billion and a net capitalgain of €1.1billion for GBL.

In July 2024,GBL announced that it will propose a dividend of €5.00 per sharefor fiscal year 2024, an increase of 82.0 per cent, funded from its cash earnings and gains on disposals of a portion of its interest in adidas. The proposed dividend is subject to approval at GBL's General Shareholders'Meeting in May 2025.

During 2024, GBL repurchased, directly and through its subsidiaries, 4.3million shares of its own capital for a total consideration of €292 million. During the second quarter of 2024, GBL cancelled 8.3 million of its treasury shares.

As at December 31, 2024, GBL and its subsidiaries held 12,890,643 treasury shares, representing 9.3 per cent of its capital.

Alternative Asset Investment Platforms_____________________________________________________________________________________________________________________________ ________

SAGARD

On July 6, 2023, Sagard announced new strategic partnerships with Abu Dhabi Developmental Holding Co. ("ADQ"), an Abu Dhabi-based investment and holding company, and Bank of Montreal("BMO"). Sagard also expanded its existing partnership with Great-West Lifeco, as ADQ, BMO and Great-West Lifeco acquired an aggregate minority interest of 29.0 per cent in SHMI, Sagard's alternative investment manager. The transactions closed on September 28, 2023.

On September 22, 2023, Sagard acquired a significant economic and voting interest in Diagram Corporation("Diagram"), a leading venture builder and investor that conceives and launches technology companies, primarily in the financial services (fintech) and climate tech spaces.

In January, 2024, SHMI completed the previously announced transaction to acquire a strategic interest in Performance Equity Management, LLC("PEM"), a global, multi-product, private equity investment firm. Sagard's investment in PEM marks its establishment of a fund of funds, secondaryand co-investment platform. The agreement includes a path for Sagard to acquire all of the remaining equity of PEM on December 31, 2028. PEM had $13.1 billion (US$9.1 billion) of assets under management at December 31, 2024.The Corporation, through Sagard, currently has an exercisable option to buy an additional 13.0% equity interest in PEM.

On March 8, 2024, SHMI completed the acquisition of a 40% interest and strategic partnership with HalseyPoint Asset Management("HalseyPoint"), a U.S.-based collateralized loan obligations ("CLO") manager. The HalseyPoint CLO strategy broadens Sagard's credit offering, whichincludes opportunistic credit and senior lending products across North America.

In the second quarter of 2024, Sagard and Export Development Canada ("EDC") announced a strategic partnershipincluding EDC's commitment ofUS$250million into Sagard's strategies. Sagard and EDC committed to apartnership to share their ecosystem connections and expertise with the objective of helping Canadian companies access the capital and resources necessary to scale and export their products and services. EDC is expected to deploy this commitment over the next three years.

On March 13, 2025, subsequent to year end, Sagard and GBL announced that GBL Capital will invest US$33 million and acquire a 5% interest inSHMI. GBL has also agreed to make future commitments of €250 million over the next five yearsin Sagard-managed strategies.

10

POWER SUSTAINABLE

On March 30, 2022, Power Sustainable announced the launch of its North American agri-food private equity platform, Power Sustainable Lios, and its inaugural Lios Fund I.

On March 9, 2023, Power Sustainable announced the launch of its Global infrastructure credit platform. This platform targets global investments in energy, transportation, social, digital and other sustainable infrastructure.

In the first quarter of 2024, Power Sustainable made a strategic decision as part of the realignment of its management business to wind down its China public equity strategy, which included the closing of its investment management operations in China. During the period ended December 31, 2024, the investments managed through the China public equity strategy were liquidated and returned to investors accordingly. Power Sustainable is focused on growing its alternative asset management business primarily through fundraising third-party capital.

On May 6, 2024, Power Sustainable and Great-West Lifeco jointly announced that they had entered into a new long-term strategic partnership. Under the transaction, Great-West Lifeco became a minority shareholder in the management business of PSM, with an ownership interest of slightly below 20 per cent on a fully diluted basis,and agreed to invest in certain funds across Power Sustainable's investment strategies in thefuture. As part of the transaction, management of PSM acquired an interest of 4.5 per cent in PSM and the Corporation's interest in PSM decreased to74.7 per cent at the close of the transaction.

Standalone Businesses_____________________________________________________________________________________________________________________________ ________

On December 19, 2024, Lion Electric and its subsidiaries were granted protection under theCompanies' Creditors Arrangement Act("CCAA"). Power Sustainable held a 34.1% equity interest as at December 31, 2024 in Lion Electric.

On December 23, 2024, Sagard completed the previously announced sale of its 42.6% equity interest (50.0% voting interest) in Peak Achievement Athletics Inc. to Fairfax Financial Holdings Limited. On close of the transaction, the Corporation received proceeds of approximately US$325 million and recognized a net gain in earnings of approximately US$195 million, net of transaction costs and related long-term incentive payments.

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PCC - Power Corporation of Canada published this content on March 27, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 27, 2025 at 20:58:49.330.