Power Corporation of Canada (POW) 23rd Annual CIBC Eastern Institutional Investor Conference summary

Leadership and strategic focus

• New CFO is prioritizing active ownership, board involvement, and engagement with both internal teams and shareholders, focusing on capital allocation, strategic direction, leadership, and risk management.

• Emphasis on long-term value creation and disciplined capital allocation, with a strong balance sheet and liquidity to support both near-term and long-term opportunities.

Operating subsidiaries and growth initiatives

• Great-West, representing about two-thirds of assets, has expanded its U.S. Empower business, now the #2 defined contribution manager with $1.6 trillion in assets and 18 million clients.

• Recent M&A includes acquisitions like MassMutual, Prudential, and OptionTrax, with further consolidation opportunities considered but not required for success.

• IGM's growth is driven by core wealth and asset management, with significant positions in ChinaAMC, Northleaf, Rockefeller, and Wealthsimple; capital deployment is focused on existing businesses, with M&A considered opportunistically.

GBL and capital return strategy

• GBL is shifting from public to private assets to seek higher, less replicable returns, recently increasing its dividend by 82%, providing significant capital inflow and optionality.

• Capital returned from GBL supports flexibility for further investments or shareholder returns.