Power Corporation Reports First Quarter 2023 Financial Results

MONTRÉAL, May 15, 2023 /CNW/ - Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW) today reported earnings results for the three months ended March 31, 2023.

Power Corporation
Consolidated results for the period ended March 31, 2023

HIGHLIGHTS [1]

Power Corporation

• Net earnings [2] were $313 million or $0.47 per share [3] for the first quarter of 2023, compared with $862 million or $1.28 per share in 2022.
  Adjusted net earnings [2][4] were $514 million or $0.77 per share, compared with $442 million or $0.65 per share in the first quarter of 2022.
• Adjusted net asset value per share [4] was $46.89 at March 31, 2023, compared with $41.91 at December 31, 2022, an increase of 11.9%. The Corporation's book value per participating share [5] was $31.81 at March 31, 2023, compared with $31.37 at December 31, 2022.
• The Corporation purchased for cancellation 1.2 million subordinate voting shares for a total of $42 million.
• Contribution to net earnings from the publicly traded operating companies was $535 million in the first quarter of 2023, compared with $1,043 million in 2022.
  Contribution to adjusted net earnings from the publicly traded operating companies was $682 million in the first quarter of 2023, compared with $613 million in 2022.

• First quarter net earnings were $595 million, compared with $1,334 million in the first quarter of 2022.
  Adjusted net earnings [6] were $808 million, compared with $712 million in the first quarter of 2022.
• Results reported for the first quarter of 2023 are in accordance with IFRS 17, Insurance Contracts (IFRS 17) and IFRS 9, Financial Instruments (IFRS 9), a milestone which marks the successful implementation of IFRS 17 and culmination of a multi-year enterprise-wide initiative.
• On April 3, 2023, Lifeco announced an agreement to acquire Investment Planning Counsel Inc. (IPC), a leading independent wealth management firm, from IGM Financial.
• Putnam Investments, LLC ranked 2nd, 3rd and 9th on a ten-, five- and one-year performance basis, respectively, in the 2022 Barron's Annual Best Fund Families rankings.

• First quarter net earnings were $381.3 million, compared with $219.3 million in the first quarter of 2022.
  Adjusted net earnings were $206.5 million for the first quarter of 2023, compared with $219.3 million in 2022.
• Assets under management and advisement [5] were $260.4 billion at March 31, 2023, a decrease of 2.9% from March 31, 2022 and an increase of 4.4% from December 31, 2022.
• Net inflows [7] were $990 million in the first quarter of 2023, compared with net inflows of $2.5 billion in the first quarter of 2022.
• On January 12, 2023, IGM and Power Corporation closed the transaction to combine the group's interest in China Asset Management Co., Ltd. (ChinaAMC) under IGM, increasing IGM's investment in ChinaAMC to 27.8%.
• In April 2023, IGM announced the acquisition of a 20.5% interest in Rockefeller Capital Management.

• On March 30, 2023, GBL's largest private asset, Webhelp Group (Webhelp), a global business process outsourcer, announced a transaction to combine with Concentrix Corporation (Concentrix) (Nasdaq: CNXC) to create a prominent global player in customer experience.
• GBL reported a net asset value [5] of €18.6 billion at March 31, 2023, or €121.54 per share, compared with €17.8 billion or €116.18 per share at December 31, 2022.
• In the first quarter of 2023, GBL completed €147 million of share buybacks.

FIRST QUARTER

Net earnings attributable to participating shareholders were $313 million or $0.47 per share, compared with $862 million or $1.28 per share in 2022.

Adjusted net earnings attributable to participating shareholders [1] were $514 million or $0.77 per share, compared with $442 million or $0.65 per share in 2022.

Contributions to Power Corporation's Earnings

Publicly traded operating companies: contribution to net earnings was $535 million and to adjusted net earnings was $682 million, representing a decrease of 48.7% and an increase of 11.3%, respectively, from the first quarter of 2022:

Lifeco: contribution to net and adjusted net earnings decreased by 54.5% and increased by 15.8%, respectively. The adoption of IFRS 17 on January 1, 2023 has introduced net earnings volatility, primarily driven by the removal of the direct link between asset and liability measurement and Lifeco's accounting policy decisions that were made to maintain regulatory capital stability.

IGM: contribution to net and adjusted net earnings increased by 75.6% and decreased by 5.2%, respectively. Net earnings in the first quarter of 2023 include IGM's gain recognized on the sale of a portion of its interest in Lifeco to the Corporation, eliminated in the Effect of consolidation.

GBL: contribution to net earnings of $19 million. Results include the Corporation's share of a charge of $20 million in the first quarter of 2023 for losses due to an increase in the put right liability of the non-controlling interests in Webhelp and charges related to Webhelp's employee incentive plan. Upon completion of the Webhelp and Concentrix combination transaction, expected by the end of 2023, GBL's liabilities to non-controlling interests will be extinguished without any cash impact for GBL.

Sagard Holdings Inc. (Sagard) and Power Sustainable Capital Inc. (Power Sustainable): net earnings include a negative contribution of $77 million from Power Sustainable, mainly related to a charge for the revaluation of non-controlling interests of $33 million due to fair value increases within the Power Sustainable Energy Infrastructure Partnership (PSEIP) and operating losses in its energy infrastructure platform. Sagard had a negative contribution of $11 million.

ChinaAMC: net earnings include a charge of $54 million related to the sale of the Corporation's interest in ChinaAMC to IGM, primarily consisting of transaction costs and income taxes. As the Power group continues to hold a 27.8% interest in ChinaAMC, the Corporation did not recognize a gain on the disposal of its interest.

Adjustments in the first quarter of 2023, excluded from adjusted net earnings, were a negative net impact to earnings of $201 million or $0.30 per share, mainly related to the Corporation's share of Lifeco's adjustments and charges incurred by the Corporation related to the combination of the group's interest in ChinaAMC under IGM, including transaction costs and income taxes. Adjustments in the first quarter of 2022 were a positive net impact to earnings of $420 million or $0.63 per share, mainly related to the Corporation's share of Lifeco's adjustments and the Corporation's share of an impairment charge of $10 million recognized by Power Sustainable on direct investments in energy assets.

Great-West Lifeco, IGM Financial and Groupe Bruxelles Lambert
Results for the quarter ended March 31, 2023

GREAT-WEST LIFECO INC.

FIRST QUARTER

Net earnings attributable to common shareholders were $595 million or $0.64 per share, compared with $1,334 million or $1.43 per share in 2022.

Adjusted net earnings [1] attributable to common shareholders were $808 million or $0.87 per share, compared with $712 million or $0.76 per share in 2022.

Adjustments in the first quarter of 2023, excluded from adjusted net earnings, were a net negative impact of $213 million, compared with a net positive impact of $622 million in 2022. Lifeco's adjustments consisted of:

• Market experience losses of $168 million;
• Restructuring and integration costs of $19 million in the United States segment; and
• Amortization of acquisition-related finite life intangibles of $33 million.

Partially offset by:

• Positive earnings impact from assumption changes and management actions of $7 million.

IGM FINANCIAL INC.

FIRST QUARTER

Net earnings available to common shareholders were $381.3 million or $1.60 per share, compared with $219.3 million or $0.91 per share in 2022.

Adjusted net earnings [2] available to common shareholders were $206.5 million or $0.87 per share for the first quarter of 2023, compared with $219.3 million or $0.91 per share in 2022. Adjustments in the first quarter of 2023, excluded from adjusted net earnings, were a positive impact of $174.8 million consisting of a gain on the sale of Lifeco's shares.

Assets under management and advisement [3] at March 31, 2023 were $260.4 billion, a decrease of 2.9% from the first quarter of 2022 and an increase of 4.4% from December 31, 2022.

GROUPE BRUXELLES LAMBERT

FIRST QUARTER

GBL reported net earnings of €77 million, compared with a net loss of €126 million in 2022.

GBL reported a net asset value [3] of €18,596 million at March 31, 2023, or €121.54 per share, compared with €17,775 million or €116.18 per share at December 31, 2022.

Sagard and Power Sustainable
Results for the quarter ended March 31, 2023

FIRST QUARTER

Net loss and adjusted net loss [1] of the alternative asset investment platforms was $88 million, compared with net loss of $91 million and adjusted net loss of $81 million in the corresponding period in 2022.

Net loss in the first quarter is comprised of:

• A negative contribution of $22 million from the asset management activities of Sagard and Power Sustainable;
• A negative contribution of $66 million from investing activities, which is primarily related to Power Sustainable and is comprised of:

i. losses before the revaluation of non-controlling interests liabilities of $30 million in its energy infrastructure platform due to seasonality; and
ii. fair value increases within the Power Sustainable Energy Infrastructure Partnership resulting in a revaluation of non-controlling interests liabilities [2] of $33 million.

Summary of assets under management [3] (including unfunded commitments):

Other Investments and Standalone Businesses
Results for the quarter ended March 31, 2023

FIRST QUARTER

OTHER INVESTMENTS

The Corporation holds an investment in Bellus Health Inc. (Bellus), with a carrying value of nil at March 31, 2023. On April 18, 2023, subsequent to quarter-end, Bellus announced an agreement in which it will be acquired by GSK Inc. for US$14.75 per share in cash. The Corporation expects to receive proceeds of approximately US$73 million. The transaction is expected to close in the third quarter of 2023.

STANDALONE BUSINESSES

Net loss of the standalone businesses in the first quarter of 2023 was $5 million, compared with net earnings of $4 million in 2022.

At March 31, 2023, the fair value of standalone businesses was $0.8 billion, compared with $1.3 billion at March 31, 2022.

Adjusted Net Asset Value and Participating Shareholders' Equity
At March 31, 2023

ADJUSTED NET ASSET VALUE

The Corporation's adjusted net asset value per share was $46.89 at March 31, 2023, compared with $41.91 at December 31, 2022, representing an increase of 11.9%.

Power Corporation's Ownership in Publicly Traded Operating Companies

PARTICIPATING SHAREHOLDERS' EQUITY

The Corporation's book value per participating share was $31.81 at March 31, 2023, compared with $31.37 at December 31, 2022, representing an increase of 1.4%.

Transition to IFRS 17 and IFRS 9

The Corporation and its subsidiaries adopted IFRS 17, Insurance Contracts (IFRS 17) which replaced IFRS 4, Insurance Contracts (IFRS 4) effective January 1, 2023. IFRS 17 impacted only Lifeco due to its insurance activities. While the new standard changes Lifeco's recognition and measurement of insurance contracts and the corresponding presentation and disclosures in the Corporation's financial statements, it did not have a material impact. The accounting change does not impact the underlying economics of Lifeco's business activities nor change Lifeco's business strategy. The Corporation and its subsidiaries also adopted IFRS 9, Financial Instruments (IFRS 9) which replaced IAS 39, Financial Instruments: Recognition and Measurement effective January 1, 2023, which did not lead to a material change in the level of investments. The Corporation has also applied IFRS 9 as at January 1, 2023 when applying the equity method of accounting to GBL's results. Lifeco expects an increase in net earnings volatility primarily driven by the de-linking of asset and liability measurement and accounting policy decisions to maintain regulatory capital stability.

The Corporation's January 1, 2022 participating shareholders' equity decreased by approximately 10% on the adoption of IFRS 17 on January 1, 2023, in line with original expectations, primarily due to Lifeco's establishment of the contractual service margin (CSM), partially offset by the removal of provisions no longer required under IFRS 17.

Dividend on Power Corporation Participating Shares

The Board of Directors declared a quarterly dividend of 52.50 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable August 1, 2023 to shareholders of record June 30, 2023.

Dividends on Power Corporation Non-Participating Preferred Shares

The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable July 15, 2023 to shareholders of record June 23, 2023:

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 March 31, 2023, Power Corporation held the following economic interests:

Earnings Summary

Contribution to Adjusted Net Earnings and Net Earnings

Sagard and Power Sustainable

Other Investments and Standalone Businesses

BASIS OF PRESENTATION

The condensed consolidated interim unaudited financial statements for the period ended March 31, 2023 of the Corporation, which reflect the adoption of IFRS 17 and IFRS 9 that resulted in the restatement of certain comparative amounts, have been prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted and are the basis for the figures presented in this news release, unless otherwise noted.

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 market-related impacts, where actual market returns in the current period are different than longer-term expected returns on assets and liabilities, assumption changes and management actions that impact the measurement of assets and liabilities, realized gains (losses) on the sale of assets measured at FVOCI, direct equity and interest rate impacts on the measurement of surplus assets and liabilities and amortization of acquisition-related finite life intangible assets, 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.

Effective the first quarter of 2023, the Corporation introduced a refined definition of its non-IFRS financial measure, adjusted net earnings. This change is consistent with the introduction of a refined definition of base earnings (losses) by Lifeco with the adoption of IFRS 17 on January 1, 2023. Lifeco's base earnings (losses) continues to represent its management's view of the underlying business performance of Lifeco and provides an alternate measure to understand the underlying business performance of Lifeco compared to its IFRS-reported net earnings. The definition of Adjustments continues to include what the Corporation previously presented, including Lifeco's impact of assumption changes and management actions that impact the measurement of assets and liabilities, and market-related impacts where actual market returns in the current period are different than longer-term expected returns on assets and liabilities. The definition of Lifeco's base earnings has been refined to also exclude the following impacts that are included in IFRS-reported net earnings for an improved representation of Lifeco's underlying business performance, as well as for consistency and comparability with its financial services peers:

• Realized gains (losses) on the sale of assets measured at fair value through other comprehensive income;
• The direct equity and interest rate impacts on the measurement of surplus assets and liabilities; and
• Amortization of acquisition-related finite life intangible assets.

The Corporation updated its definition of adjusted net earnings in line with Lifeco's change. The comparative periods have been restated to reflect this change.

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, assists 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.

Fee-related earnings is presented for Sagard and Power Sustainable and includes revenues from management fees earned across all asset classes, less i) fee-related compensation including salary, bonus, and benefits, and ii) operating expenses. Fee-related earnings is presented on a gross basis, including non-controlling interests. Fee-related earnings excludes i) share-based compensation expenses, ii) amortization of acquisition-related intangibles, iii) foreign exchange-related gains and losses, iv) net interest, and v) other items that in management's judgment are not indicative of underlying operating performance of the alternative asset investment platforms, which include restructuring costs, transaction and integration costs related to business acquisitions and certain non-recurring material items. Management uses this measure to assess the profitability of the asset management activities of the alternative asset investment platforms. This financial measure provides insight as to whether recurring revenues from management fees, which are not based on future realization events, are sufficient to cover associated operating expenses.

Adjusted net asset value is commonly used by holding companies to assess their value. Adjusted net asset value represents the fair value of the participating shareholders' equity of Power Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company 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 participating shareholders' equity of the holding company, and assists the reader in determining or comparing the fair value of investments held by the holding company or its overall fair value.

Adjusted net earnings attributable to participating shareholders, fee-related earnings, adjusted net asset value, gross 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 include Lifeco, IGM and GBL, which represent the Corporation's investments in publicly traded operating companies, as well as the holding company. These reportable segments, in addition to the asset management 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 comprises the corporate activities of the Corporation and Power Financial, on a combined basis, and presents the investment activities of the Corporation. 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 present the holding company's assets and liabilities, including cash, investments, debentures and non-participating shares. The discussions included in the sections Financial Position and Cash Flows of the Corporation's most recent MD&A present the segmented balance sheet and cash flow statement of the holding company, which are presented in Note 23 of the Interim 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.

RECONCILIATIONS OF NON-IFRS FINANCIAL MEASURES

Power Corporation
ADJUSTED NET EARNINGS

ADJUSTMENTS (excluded from Adjusted net earnings)

ADJUSTED NET ASSET VALUE

The following table presents a reconciliation of the participating shareholders' equity reported in accordance with IFRS to the adjusted net asset value, a non-IFRS financial measure:

The Corporation's adjusted net asset value per share was $46.89 at March 31, 2023, compared with $41.91 at December 31, 2022, representing an increase of 11.9%. The Corporation's book value per participating share was $31.81 at March 31, 2023, comparable with $31.37 at December 31, 2022.

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 section below 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's and IGM's first quarter 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] reflects Lifeco management's view of the underlying business performance of Lifeco and provides an alternate measure to understand the underlying business performance compared with IFRS net earnings. Adjusted net earnings (loss) excludes the following items from IFRS reported net earnings:

• Market-related impacts, where actual market returns in the current period are different than longer-term expected returns on assets and liabilities;
• Assumption changes and management actions that impact the measurement of assets and liabilities;
• Acquisition transaction costs;
• Restructuring and integration costs;
• Material legal settlements, material impairment charges related to goodwill and intangible assets, impacts of income tax rate changes and other tax impairments, net gains, losses or costs related to the disposition or acquisition of a business; and
• Other items that, when removed, assist in explaining Lifeco's underlying business performance.

The definition of adjusted net earnings (loss) has been refined (in 2023 and applied to 2022 comparative results) to also exclude the following impacts that are included in IFRS reported net earnings for an improved representation of Lifeco's underlying business performance, as well as for consistency and comparability with its financial services industry peers:

• Realized gains (losses) on the sale of assets measured at fair value through other comprehensive income;
• The direct equity and interest rate impacts on the measurement of surplus assets and liabilities; and
• Amortization of acquisition-related finite life intangible assets.
  
  

LIFECO'S ASSETS UNDER MANAGEMENT AND ASSETS UNDER ADMINISTRATION

Assets under management and assets under administration are non-IFRS financial measures that provide an indicator of the size and volume of Lifeco's overall business. 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 section "Glossary" of Lifeco's most recent Management's Discussion and Analysis for additional information regarding other assets under management and other assets under administration.

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

Adjusted net earnings attributable to common shareholders excludes Adjustments [1], which includes 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 news 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 most recent MD&A, which can be located in the Corporation's profile on SEDAR at www.sedar.com, for definitions of such measures, which definitions are 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, and pending transactions involving each of IPC, Webhelp and Bellus. 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 (such as the invasion of Ukraine), 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 that the list of risks and uncertainties 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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