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

MONTRÉAL, Jan. 22, 2024 /CNW/ - Further to Power Financial Corporation's (TSX: PWF.PR.T) ("Power Financial" or the "Corporation") press releases dated December 4, 2023 and January 2, 2024, Power Financial announced today that none of its outstanding 8,000,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series T (the "Series T shares") will be converted on January 31, 2024 into Non-Cumulative Floating Rate First Preferred Shares, Series U (the "Series U shares") of Power Financial. During the conversion notice period, which ran from January 2, 2024 to January 16, 2024, 86,590 Series T shares were tendered for conversion into Series U shares. Pursuant to the terms and conditions of the Series T shares, since there would be outstanding on January 31, 2024, after having taken into account all Series T shares tendered for conversion into Series U shares, less than 1,000,000 Series U shares, holders of Series T shares who tendered their shares for conversion will not be entitled to convert their shares into Series U shares. As a result, Series U shares will not be issued at this time.