Readers are referred to the sections "Non-IFRS Financial Measures" and "Forward-Looking Statements" at the end of this release. All figures are expressed in Canadian dollars unless otherwise noted.

MONTREAL, March 17, 2022 /CNW Telbec/ - Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) today reported earnings results for the fourth quarter and twelve months ended December 31, 2021.

Power Corporation
Consolidated results for the period ended December 31, 2021

HIGHLIGHTS

Power Corporation

• The Corporation reported record-high net and adjusted net earnings ^[1][2] for 2021 of $2,917 million and $3,230 million, respectively, representing record-high net earnings per share of $4.31 and adjusted net earnings per share ^[1] of $4.77.
• Net earnings per share of $0.93 for the fourth quarter of 2021, compared with $0.92 in 2020 and adjusted net earnings per share of $1.00, compared with $0.93 in 2020.
• Adjusted net asset value per share ^[1] increased 27.5% to $52.60 at December 31, 2021, compared with $41.27 at December 31, 2020. The Corporation's book value per participating share was $34.56 at December 31, 2021, compared with $31.38 at December 31, 2020, an increase of 10%.
• On January 5, 2022, the Corporation announced the consolidation of its interest in China Asset Management Co., Ltd. (ChinaAMC) under IGM Financial Inc.
• On February 24, 2022, the Corporation announced its intention to purchase for cancellation up to 30 million subordinate voting shares under a normal course issuer bid for up to one year.
• For a second consecutive year, the Corporation was one of only three Canadian companies to earn an A ("Leadership") for its response to the CDP's 2021 Climate Change Questionnaire.
• The Corporation has achieved its $50 million targeted cost reduction.

Great-West Lifeco Inc. (Lifeco)

• Lifeco reported fourth quarter adjusted net earnings ^[3] of $825 million, up 11% compared to the fourth quarter of 2020, reflecting the results of recent acquisitions as well as business growth in all segments.
• Lifeco reported total assets of $630 billion and assets under administration ^[1] of $2.3 trillion at December 31, 2021, an increase of 5% and 15.5%, respectively, from December 31, 2020.
• On November 1, 2021, a Lifeco subsidiary, Irish Life Group Limited (Irish Life) completed the acquisition of Ark Life Assurance Company dac (Ark Life) from Phoenix Group Holdings plc for a total cash consideration of €230 million.
• On November 19, 2021, Lifeco and Sagard Holdings Inc. (Sagard) completed the sale of Lifeco's United States-based subsidiaries EverWest Real Estate Investors, LLC and EverWest Advisors, LLC (EverWest) to Sagard.
• Lifeco announced, on January 25, 2022, its intention to purchase for cancellation up to 20 million common shares under a normal course issuer bid for up to one year.

IGM Financial Inc. (IGM)

• Record-high fourth quarter net earnings of $268.5 million, up 17% from the fourth quarter of 2020, driven by record-high net sales, positive investment returns for its clients, and increased earnings contributions from strategic investments.
• Record-high assets under management and advisement ^[4] of $277.1 billion, up 4.5% in the fourth quarter and 15.5% from December 31, 2020.
• IGM announced, on February 10, 2022, its intention to purchase for cancellation up to 6 million common shares under a normal course issuer bid for up to one year.

Groupe Bruxelles Lambert (GBL)

• GBL reported a net asset value ^[4] of €22.5 billion, representing €143.91 per share, an increase of 13% on a per share basis compared with December 31, 2020, following the cancellation of 5 million treasury shares. In 2021, GBL completed €407 million of share buybacks.
• GBL increased its private and alternative assets from 17% of the portfolio at year-end 2020, to 25% at year-end 2021.

FOURTH QUARTER

Net earnings attributable to participating shareholders were $626 million or $0.93 per share, compared with $623 million or $0.92 per share in 2020.

Adjusted net earnings attributable to participating shareholders ^[1] were $676 million or $1.00 per share, compared with $627 million or $0.93 per share in 2020.

Contributions to Power Corporation's Earnings per Share  

Lifeco: contribution to net earnings per share decreased by 13.5% and contribution to adjusted net earnings per share increased by 12.3%.

IGM: contribution to net earnings per share increased by 14.3% and contribution to adjusted net earnings per share increased by 26.3%.

GBL: negative contribution to net earnings per share of $0.01. Results include a charge of $0.01 per share in the fourth quarter of 2021 for losses due to an increase in the put right liability of the non-controlling interests in Webhelp Group (Webhelp) and charges related to Webhelp's employee incentive plan.

Alternative asset investment platforms: net earnings per share includes a contribution of $0.09 per share from Sagard mainly related to fair value increases within its venture capital (fintech) funds, partially offset by a negative contribution of $0.07 per share from Power Sustainable Capital Inc. (Power Sustainable) mainly related to an impairment and operating losses in its energy infrastructure platform.

ChinaAMC: On January 5, 2022, the Corporation entered into an agreement under which the Power Group's current combined 27.8% equity ownership stake in ChinaAMC will be consolidated at IGM. Under the agreement, the Corporation will sell its 13.9% interest to Mackenzie, a wholly owned subsidiary of IGM, for aggregate consideration of $1.15 billion in cash. To partially fund the transaction, IGM has agreed to sell 15,200,662 Lifeco common shares to Power Financial Corporation (Power Financial), for aggregate consideration of $575 million. These transactions are expected to close in the first half of 2022 and are subject to customary closing conditions, including Chinese regulatory approvals.

Standalone businesses: results include a positive impact of $0.02 per share resulting from the contribution from The Lion Electric Company (Lion) in the quarter which consists of the Corporation's share of earnings of Lion, a decrease in the fair value of the outstanding call rights held by Power Sustainable and a decrease in amounts payable for long-term incentive plans, net of related taxes.

Corporate operations and Other: As part of the reorganization completed in February 2020 (the Reorganization), the Corporation projected near-term cost reductions of approximately $50 million per year within two years by eliminating duplicative public company-related expenses and rationalizing other general and administrative expenses. At December 31, 2021, the Corporation had implemented actions to achieve its targeted reduction, including the reorganization of the Corporation's asset management activities, restructuring of the Power group of companies' research and advisory services model, the reorganization of travel services, rationalization of its real estate business, reduction of certain public company expenses of Power Financial and other restructuring activities, as well as a decrease in the cost of the senior management group following the retirement of the Corporation's former Co-Chief Executive Officers. The Corporation continues to examine and undertake initiatives to improve the efficiency of its oversight and operations while adapting to the development of the Group's business.

Adjustments in the fourth quarter of 2021, excluded from adjusted net earnings, were a net negative impact to earnings of $50 million or $0.07 per share, mainly related to the Corporation's share of Lifeco's and IGM's net adjustments and the Corporation's share of an impairment charge of $15 million recognized by Power Sustainable on direct investments in energy assets. Adjustments in the fourth quarter of 2020 were a negative impact to earnings of $4 million or $0.01 per share, mainly related to the Corporation's net charges of $8 million in conjunction with the Reorganization, partially offset by the Corporation's share of Lifeco's and IGM's net adjustments.

TWELVE MONTHS

Net earnings attributable to participating shareholders were $2,917 million or $4.31 per share, compared with $1,994 million or $3.08 per share in 2020.

Adjusted net earnings attributable to participating shareholders were $3,230 million or $4.77 per share, compared with $1,988 million or $3.07 per share in 2020.

Contributions to Power Corporation's Earnings per Share

Adjustments in the twelve-month period of 2021, excluded from adjusted net earnings, were a net negative impact to earnings of $313 million or $0.46 per share, mainly related to the Corporation's net charges of $13 million in conjunction with the Reorganization, the Corporation's share of an impairment charge of $15 million recognized by Power Sustainable on direct energy infrastructure investments, its share of Lifeco's adjustments and its share of the charge arising from the remeasurement of the put right liability of certain of the non-controlling interests in Wealthsimple to fair value of $208 million recognized in the first quarter. These were reflected in the Adjustments of the alternative and other investments and in the Effect of consolidation based on Lifeco's and IGM's respective interest. Adjustments in the twelve-month period of 2020 were a net positive impact to earnings of $6 million or $0.01 per share, mainly related to the Corporation's share of Lifeco's adjustments, a recovery on the deconsolidation of IntegraMed America, Inc. (IntegraMed), partially offset by the Corporation's share of IGM's adjustments and the share of the charge arising from the remeasurement of the put right liability of certain of the non-controlling interests in Wealthsimple to fair value of $45 million.

Great-West Lifeco, IGM Financial and Groupe Bruxelles Lambert
Results for the quarter ended December 31, 2021

The information below is derived from Lifeco and IGM's annual MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which are also available either directly from SEDAR (www.sedar.com) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com. The information below related to GBL is derived from publicly disclosed information, as issued by GBL in its fourth quarter press release at December 31, 2021. Further information on GBL's results is available on its website at www.gbl.be.

GREAT-WEST LIFECO INC.

FOURTH QUARTER  

Net earnings attributable to common shareholders were $765 million or $0.82 per share, compared with $912 million or $0.98 per share in 2020.

Adjusted net earnings ^[1] attributable to common shareholders were $825 million or $0.89 per share, compared with $741 million or $0.80 per share in 2020.

Adjustments in the fourth quarter of 2021, excluded from adjusted net earnings, were a net negative earnings impact of $60 million, compared with a net positive impact to earnings of $171 million in 2020. Lifeco's adjustments in 2021 consisted of a net negative impact on earnings from:

• Transaction costs of $74 million related to the acquisitions of the full-service retirement business of Prudential Financial, Inc. (Prudential), Personal Capital Corporation (Personal Capital) and the retirement services business of Massachusetts Mutual Life Insurance Company (MassMutual);
• Restructuring and integration costs of $15 million; and
• A net charge on business dispositions of $14 million in the Europe Corporate business unit.

Partially offset by:

• Actuarial assumption changes and other management actions of $23 million; and
• Market-related impact on liabilities of $20 million.

IGM FINANCIAL INC.

FOURTH QUARTER

Net earnings available to common shareholders were $268.5 million or $1.11 per share, compared with $229.1 million or $0.96 per share in 2020.

Adjusted net earnings ^[2] available to common shareholders were $260.8 million or $1.08 per share, compared with $204.3 million or $0.86 per share in 2020.

Adjustments in the fourth quarter of 2021, excluded from adjusted net earnings, were a positive impact of $7.7 million consisting of additional consideration receivable related to the sale of IGM's equity interest in Personal Capital in 2020.

Assets under management and advisement at December 31, 2021 were $277.1 billion, an increase of 4.5% in the quarter and 15.5% from the prior year.

GROUPE BRUXELLES LAMBERT

FOURTH QUARTER

GBL reported a net loss of €12 million, compared with net earnings of €68 million in 2020.

GBL reported a net asset value at December 31, 2021 of €22,501 million, representing €143.91 per share, compared with €20,498 million or €127.03 per share at December 31, 2020.

GBL adopted IFRS 9 in 2018. Power Corporation continues to apply IAS 39; this resulted in a negative adjustment to the contribution from GBL of $24 million in the fourth quarter of 2021.

Alternative and Other Investments
Results for the quarter ended December 31, 2021

Alternative and other investments are comprised of the results of the Corporation's alternative asset investment platforms, Sagard and Power Sustainable, which includes income earned from asset management activities and investing activities. Asset management activities includes management fees and carried interest net of investment platform expenses. Investing activities comprises income earned on the capital invested by the Corporation (proprietary capital) in the investment funds managed by each platform and the share of earnings (losses) of controlled and consolidated subsidiaries held within the alternative asset investment platforms. Other includes the share of earnings (losses) of standalone businesses and the Corporation's investments in investment and hedge funds. For additional information, refer to the table later in this news release.

FOURTH QUARTER

Net earnings of alternative and other investments, including standalone businesses, was $36 million, compared with $78 million in the corresponding period in 2020. Adjusted net earnings of alternative and other investments was $51 million, compared with $78 million in the corresponding period in 2020.

SAGARD AND POWER SUSTAINABLE
Sagard announced in the fourth quarter the successful first closing of Sagard Private Equity Canada's Canadian mid-market private equity fund with commitments totalling $200 million.

Net earnings in the fourth quarter include a net contribution of $16 million from the asset management activities of Sagard and
Power Sustainable, and a net contribution from investing activities of Sagard of $32 million primarily related to fair value gains in its venture capital (fintech) funds, offset by a negative contribution from Power Sustainable's investing activities of $35 million which includes a $15 million impairment charge on direct energy infrastructure investments.  

Summary of assets under management ^[1] (including unfunded commitments):

STANDALONE BUSINESSES
Net earnings of the standalone businesses in the fourth quarter of 2021 were $12 million, compared with $47 million in the comparative period in 2020. The fourth quarter of 2021 includes a net contribution of $16 million from Lion which consists of the Corporation's share of earnings of Lion, a decrease in the fair value of outstanding call rights held by Power Sustainable and a decrease in amounts payable for long-term incentive plans, net of related taxes.

At December 31, 2021, the fair value of standalone businesses was $1.5 billion, compared with $1.4 billion at December 31, 2020.

Adjusted Net Asset Value and Participating Shareholder's Equity
At December 31, 2021

ADJUSTED NET ASSET VALUE

Adjusted net asset value per share represents management's estimate of the fair value of participating shareholders' equity of the Corporation. Adjusted net asset value is the fair value of the assets of the combined Power Corporation and Power Financial holding company balance sheet less their net debt and preferred shares. Refer to Non-IFRS Financial Measures section later in this news release for a reconciliation with the combined holding company balance sheet.

The Corporation's adjusted net asset value per share was $52.60 at December 31, 2021, compared with $41.27 at December 31, 2020, representing an increase of 27.5%.

PARTICIPATING SHAREHOLDERS' EQUITY

Book value per participating share represents Power Corporation's participating shareholders' equity divided by the number of participating shares outstanding at the end of the reporting period. Participating shareholders' equity is the total assets of the combined Power Corporation and Power Financial holding company balance sheet, including investments in subsidiaries presented using the equity method, less their net debt and preferred shares.

The Corporation's book value per participating share was $34.56 at December 31, 2021, compared with $31.38 at December 31, 2020, an increase of 10.1%.

Dividend on Power Corporation Participating Shares

The Board of Directors declared a quarterly dividend of 49.50 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable April 29, 2022 to shareholders of record March 31, 2022.

Dividends on Power Corporation Non-Participating Preferred Shares

The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable April 15, 2022 to shareholders of record March 29, 2022:

Investor Information

About Power Corporation

Power Corporation 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. To learn more, visit www.PowerCorporation.com.

At December 31, 2021, Power Corporation held the following economic interests:

Earnings Summary

Alternative and Other Investments – Earnings

Non-IFRS Financial Measures
Net earnings attributable to participating shareholders are comprised of:

• Adjusted net earnings attributable to participating shareholders; and
• Adjustments, which include the after-tax impact of any item that in management's judgment, including those identified by management of its publicly traded operating companies, would make the period-over-period comparison of results from operations less meaningful. Includes the Corporation's share of Lifeco's impact of actuarial assumption changes and management actions, direct equity and interest rate market impacts on insurance contract liabilities net of hedging, as well as items that management believes are not indicative of the underlying business results which include those identified by a subsidiary or a jointly controlled corporation. Items that management and management of its subsidiaries believe are not indicative of the underlying business results include restructuring or reorganization costs, integration costs related to business acquisitions, material legal settlements, material impairment charges, impact of substantially enacted income tax rate changes and other tax impairments, certain non-recurring material items, and net gains, losses or costs related to the disposition or acquisition of a business.

Management uses these financial measures in its presentation and analysis of the financial performance of Power Corporation and believes that they provide additional meaningful information to readers in their analysis of the results of the Corporation. Adjusted net earnings, as defined by the Corporation, assist the reader in comparing the current period's results to those of previous periods as it reflects management's view of the operating performance of the Corporation and its subsidiaries and excludes items that are not considered to be part of the underlying business results.

Adjusted net asset value is commonly used by holding companies to assess their value. Adjusted net asset value is the fair value of the assets of the combined Power Corporation and Power Financial holding company balance sheet less their net debt and preferred shares. The investments held in public entities (including Lifeco, IGM and GBL) are measured at their market value and investments in private entities and investment funds are measured at management's estimate of fair value. This measure presents the fair value of the net assets of the holding company to management and investors, and assists the reader in determining or comparing the fair value of investments held by the company or its overall fair value.

Adjusted net earnings attributable to participating shareholders, adjusted net asset value, adjusted net earnings per share and adjusted net asset value per share are non-IFRS financial measures and ratios that do not have a standard meaning and may not be comparable to similar measures used by other entities.

Presentation of Holding Company Activities  
The Corporation's reportable segments are Lifeco, IGM and GBL, which represent the Corporation's investments in publicly traded operating companies. These reportable segments, in addition to the asset management and holding company activities, reflect Power Corporation's management structure and internal financial reporting. The Corporation evaluates its performance based on the operating segment's contribution to earnings.

The holding company activities comprise the corporate activities of the Corporation and Power Financial, on a combined basis, and present the investment activities of the Corporation as a holding company. The investment activities of the holding company, including the investments in Lifeco, IGM and controlled entities within the alternative asset investment platforms, are presented using the equity method. The holding company activities also present the corporate assets and liabilities managed, including the cash and non-participating shares, which fund a portion of the capital invested in other operations. The discussions included in the sections "Financial Position" and "Cash Flows" of the Corporation's 2021 Annual MD&A present the segmented balance sheet and cash flow statement of the holding company; these non-consolidated statements are presented in Note 33 of the Corporation's 2021 Consolidated Financial Statements. This presentation is useful to the reader as it presents the holding company's (parent) results separately from the results of its consolidated operating subsidiaries.

Comparative Figures
In the first quarter of 2021, the charge related to the remeasurement of the put right liability of certain of the non-controlling interests in Wealthsimple to fair value was presented as an Adjustment as these rights were extinguished at the close of the transaction and thereafter will not have future fair value changes. The fair value changes in the put right obligations were not previously presented as an Adjustment as they were expected to be recurring. The related amounts in the comparative periods have been reclassified as an Adjustment to reflect this presentation. Adjusted net earnings in 2020 has been restated to reflect this change.

The Corporation's share of the charge on the remeasurement of the put right liability was $45 million in the third quarter of 2020. The charge has been reflected in the Adjustments of the alternative asset investment platforms, Lifeco and IGM based on their respective interest in the Effect of consolidation of $22 million, $2 million and $21 million, respectively.

Reconciliations of Non-IFRS Financial Measures

Power Corporation
ADJUSTED NET EARNINGS

ADJUSTED NET ASSET VALUE

Adjusted net asset value represents management's estimate of the fair value of the participating shareholders' equity of the Corporation. Adjusted net asset value is the fair value of the assets of the combined Power Corporation and Power Financial holding company balance sheet less their net debt and preferred shares. The Corporation's adjusted net asset value per share is presented on a look-through basis.

The Corporation's adjusted net asset value per share was $52.60 at December 31, 2021, compared with $41.27 at December 31, 2020, representing an increase of 27.5%. The Corporation's book value per participating share was $34.56 at December 31, 2021, compared with $31.38 at December 31, 2020, an increase of 10.1%.

This news release also contains other non-IFRS financial measures which are publicly disclosed by the Corporation's subsidiaries including adjusted net earnings, adjusted net earnings per share and Lifeco's assets under administration. The below section includes the description and reconciliation of the non-IFRS financial measures included in this news release as reported by the Corporation's subsidiaries. The information below is derived from Lifeco and IGM's annual MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which are also available either directly from SEDAR (www.sedar.com) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com.

Lifeco
ADJUSTED NET EARNINGS ATTRIBUTABLE TO LIFECO'S COMMON SHAREHOLDERS
Adjusted net earnings (loss) ^[1] reflect Lifeco's management's view of the underlying business performance of Lifeco and provide an alternate measure to understand the underlying business performance compared to IFRS net earnings. Adjusted net earnings (loss) exclude the following items:  

• The impact of actuarial assumption changes and other management actions;
• The net earnings impact related to the direct equity and interest rate market impacts on insurance and investment contract liabilities, net of hedging, and related deferred tax liabilities, which includes:
• the impact of hedge ineffectiveness related to segregated fund guarantee liabilities that are hedged and the performance of the
  related hedge assets;
• the impact on segregated fund guarantee liabilities not hedged;
• the impact on general fund equity and investment properties supporting insurance contract liabilities;
• other market impacts on insurance and investment contract liabilities and deferred tax liabilities, including those arising from the difference between actual and expected market movements; and
• Certain items that, when removed, assist in explaining Lifeco's underlying business performance including restructuring costs, integration costs related to business acquisitions, material legal settlements, material impairment charges related to goodwill and intangible assets, impact of substantially enacted income tax rate changes and other tax impairments and net gains, losses or costs related to the disposition or acquisition of a business.

LIFECO'S ASSETS UNDER MANAGEMENT AND ASSETS UNDER ADMINISTRATION

Total assets under administration includes total assets per Lifeco's financial statements, proprietary mutual funds and institutional assets and other assets under administration. Please refer to the "Glossary" section of Lifeco's 2021 Annual Management's Discussion and Analysis for additional information regarding proprietary mutual funds and institutional net assets and other assets under administration.

IGM Financial
ADJUSTED NET EARNINGS ATTRIBUTABLE TO IGM'S COMMON SHAREHOLDERS

Net earnings available to common shareholders may be subdivided into two components consisting of:

• Adjusted net earnings available to common shareholders; and
• Other items, which include the after-tax impact of any item that management considers to be of a non-recurring nature or that could make the period-over-period comparison of results from operations less meaningful.

OTHER MEASURES
This press release and other continuous disclosure documents also include other measures used to discuss activities of the Corporation's consolidated publicly traded operating companies and alternative asset investment platforms including, but not limited to, "assets under management", "assets under administration", "assets under management and advisement", "book value per participating share", "carried interest", "net asset value", and "unfunded commitments". Refer to the section "Other Measures" in the Corporation's 2021 Annual MD&A, which can be located in the Corporation's profile on SEDAR at www.sedar.com, for a definition of such measure, which definition is incorporated herein by reference.

ELIGIBLE DIVIDENDS
For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends on the Corporation's preferred shares (including the Participating Preferred Shares) and Subordinate Voting Shares are eligible dividends.

FORWARD-LOOKING STATEMENTS
Certain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Corporation's current expectations, or with respect to disclosure regarding the Corporation's public subsidiaries, reflect such subsidiaries' disclosed current expectations. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Corporation's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future 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, the expected impact of the COVID-19 pandemic on the Corporation and its subsidiaries' operations, results and dividends, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, the intended effects of the Reorganization, the Corporation's normal course issuer bid commenced in 2022, the Corporation's sale of its interest in ChinaAMC to IGM, including IGM's sale of a portion of its interest in Lifeco, and related impacts and timing thereof, management of standalone businesses to realize value over time, fundraising activities by investment platforms, capital commitments by the Power Group and third parties, the objective to maintain a minimum cash and cash equivalents relative to fixed charges, and the Corporation's subsidiaries' disclosed expectations, including the acquisition of the Prudential's full-service retirement business as well as the funding of the transaction and related synergies, impacts, and timing thereof as well as a result of the acquisition of the retirement services business of MassMutual, Personal Capital, Northleaf Capital Group Ltd., ClaimSecure Inc., Ark Life and related synergies, impacts and timing thereof as well as the impacts of the EverWest transaction. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts" or negative 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, affect the 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 regulation and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, man-made disasters, terrorist attacks, wars and other conflicts, or an outbreak of a public health pandemic or other public health crises (such as COVID-19), the Corporation's and its subsidiaries' ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, the Corporation's and its subsidiaries' success in anticipating and managing the foregoing factors and with respect to forward-looking statements of the Corporation's subsidiaries' disclosed in this news release, the factors identified by such subsidiaries in their respective MD&A.

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 drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the availability of cash to complete purchases under the Corporation's normal course issuer bid, that the list of factors in the previous paragraph, collectively, are not expected to have a material impact on the Corporation and its subsidiaries and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, the risks identified by such subsidiaries in their respective MD&A and Annual Information Form most recently filed with the securities regulatory authorities in Canada and available at www.sedar.com. 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 on which information contained in forward-looking statements is based is provided in its disclosure materials, including its most recent Management's Discussion and Analysis and Annual Information Form, filed with the securities regulatory authorities in Canada and available at www.sedar.com.

SOURCE Power Corporation of Canada

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