Readers are referred to the section "Forward-Looking Statements" at the end of this release.

MONTRÉAL, Dec. 4, 2023 /CNW/ - Power Financial Corporation ("Power Financial" or the "Corporation") (TSX: PWF.PR.T) announced today that it does not intend to exercise its right to redeem all or part of the currently outstanding 8,000,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series T (the "Series T shares") on January 31, 2024. As a result, subject to certain conditions, the holders of the Series T shares have the right to convert all or part of their Series T shares, on a one-for-one basis, into Non-Cumulative Floating Rate First Preferred Shares, Series U (the "Series U shares") on January 31, 2024 (the "Conversion Date") pursuant to the terms and conditions of the Series T shares.