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Investor Presentaiton

Net and adjusted net earnings ☐ ■ Great-West and IGM contributions: . • Great-West results reflect benefit of recent strategic transactions and operational improvements, supported by disciplined expense management IGM's average AUM&A¹ was $260.3 billion in Q3 2023 vs. $247.2 billion in Q3 2022 GBL contribution includes a gain on deconsolidation of Webhelp of $323 million, including the reversal of the NCI put right liabilities Corporate operating expenses include an $8 million net loss on change in fair value of share- based compensation-related liabilities, compared with a $2 million net gain in Q3 2022 ($ in millions, except per share amounts) Net and adjusted net earnings (2) Great-West Q3 2023 Q3 2022 NAV Earnings Focused Focused 649 539 IGM 130 134 Effect of consolidation (3) 2 10 781 683 GBL (4) 315 (50) Sagard and Power Sustainable (5) (11) (45) ChinaAMC 15 Other investments and standalone businesses (6) 34 14 Corporate operating expenses (7) (50) (34) Financing charges and income taxes (15) (16) Dividends on non-participating and perpetual preferred shares (47) (47) Adjusted net earnings from continuing operations (8) Adjustments (9) 1,007 520 (10) 122 Net earnings from continuing operations (8) 997 642 Net earnings (loss) from discontinued ops. - Putnam (10) Net earnings (8) (22) 1 975 643 Earnings per share - basic (8) Adjusted net earnings from continuing operations Adjustments 1.52 0.78 (0.02) 0.18 Net earnings from continuing operations 1.50 0.96 Net earnings (loss) from discontinued ops. - Putnam Net earnings (0.03) 1.47 0.96 4 5 Q3 2022 included $14 million negative impact from Effect of consolidation. Consists of earnings (losses) of the Corporation's investment platforms, including asset management and investing activities. 6 Includes the results of Lion, LMPG and Peak. 7 Includes operating expenses and depreciation. Note: Great-West, IGM and GBL's contributions to adjusted net earnings based on PCC share of earnings reported by each respective company. 1 Refer to the "Other Measures" section at the beginning of this presentation for more information. 2 For a reconciliation of Great-West, IGM and Sagard and Power Sustainable's non-IFRS adjusted net earnings to their net earnings, refer to the "Lifeco", "IGM Financial", and "Sagard and Power Sustainable" sections in Part A of the most recent interim MD&A, which detail the contribution to net earnings and adjusted net earnings for each, from continuing operations where applicable. 3 Refer to the information on Effect of Consolidation included in the "Contribution to net earnings and adjusted net earnings" section of the most recent interim MD&A for further details. 8 Attributable to participating shareholders. 9 Refer to the "Adjustments" section in Part A of the Corporation's most recent interim MD&A for further details. 10 Comparative results have been restated to exclude net earnings (loss) from discontinued operations related to Putnam. POWER CORPORATION OF CANADA QUARTERLY RESULTS PRESENTATION | Q3 2023 10
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