201720152013 20162014

Total assets under administration[in billions of dollars]

1,3501,063 1,213 1,248

2017 20172015 2013 [1] 20162014

Adjusted net earningsattributable to common shareholders[in millions of dollars]

2,6472,546 2,762 2,6852,052

20152013 20162014

Net earnings attributable to common shareholders[in millions of dollars]

2,546 2,7622,278 2,641 2,149 758

[1] Described as operating earnings (a non-IFRS financial measure) by Lifeco.

Great-West LifecoGreat-West Lifeco Inc. is an international financial services

holding company with interests in life insurance, health

insurance, retirement and investment services, asset

management and reinsurance businesses. Great-West Lifeco

has operations in Canada, the United States and Europe

through Great-West Life, London Life, Canada Life,

Irish Life, Great-West Financial, Putnam Investments and

PanAgora. Great-West Lifeco and its companies have

$1.35 trillion in total assets under administration.

9POWER FINANCIAL CORPORATION 2017 ANNUAL REPORT

Canada

Great-West Life is a leading Canadian insurer, with interests in life insurance, health insurance, investment, savings and retirement income and reinsurance businesses, primarily in Canada and Europe.

In Canada, Great-West Life and its subsidiaries, London Life and Canada Life, offer a broad portfolio of financial and benefit plan solutions and serve the financial security needs of 13 million people.

$180 billion Total assets under administration

$13.6 billion Sales

$1,074 million  Net earnings

13 million Customer relationships

$13.5 million contributed to communities in Canada

Europe

Canada Life and its Irish Life subsidiary in Europe provide a broad range of protection and wealth management products, including: payout annuities, investments and group insurance in the United Kingdom; investments and individual insurance in the Isle of Man; insurance, pension and investment products in Ireland; and pensions, critical illness and disability insurance in Germany.

$255 billion Total assets under administration

$21.9 billion  Insurance and annuities sales

$1,152 million Net earnings

Top 4 provider of payout annuities in the U.K.

No. 1 pension, investment and life insurance provider in Ireland

United States

Great-West Financial provides life insurance, annuities and executive benefits products. Its Great-West Investments unit offers fund management, investment and advisory services. Its Empower Retirement arm serves all segments of the employer-sponsored retirement plan market: small, mid-size and large corporate clients, government plans, non-profit entities and private-label record-keeping clients. Empower also offers individual retirement accounts.

US$557 billion Total assets under administration

8.8 million retirement, insurance and annuity customers

No. 1 in government deferred- compensation market by assets and participants

No. 2 defined contribution record keeper in the U.S. by participants

United States • Europe • Asia

Putnam is a U.S.-based global asset manager, offering investment management services across a range of asset classes, including fixed income, equity – both U.S. and global – global asset allocation and alternatives, including absolute return, risk parity and hedge funds. Putnam’s investment performance was ranked in the “top ten” among investment firms in all time periods (one, five, ten years) in Barron’s Best Fund Families of 2017.

The firm’s affiliate PanAgora is a premier provider of institutional investment solutions, including alternatives, risk premia – including risk parity – and active strategies, spanning all major asset classes and risk ranges.

US$171 billion Total assets under management

180+ investment professionals

100+ mutual funds available

80 years of investment experience

150+ institutional mandates

168,000 advisors distribute Putnam products

2017 adjusted net earningsattributable to common shareholders

$2,647 MILLION

2017 return on shareholders’ equity [1]

13.4%

Total assets under administration

$1.35 TRILLIONGREAT-WEST LIFECO

LONDON LIFE 100%

GREAT-WEST FINANCIAL

100%

[1] Return on shareholders’ equity is calculated using adjusted net earnings.

GREAT-WEST LIFE 100%

* As of February 9, 2018CANADA LIFE

100%

IRISH LIFE 100%

PANAGORA 92.7%*

PUTNAM INVESTMENTS

95.9%

201720152013 20162014

Net earnings available to common shareholders[in millions of dollars]

602762 753 772 771

201720152013 20162014

Total assets under management[in billions of dollars]

157132 142 143134

201720152013 20162014

Adjusted net earningsavailable to common shareholders[in millions of dollars]

728826 796 737764

IGM Financial Inc. is one of Canada’s premier

personal financial services companies with

$157 billion in total assets under management.

The company serves the financial needs of

Canadians through multiple businesses, each

operating distinctly within the advice segment

of the financial services market. The company

is committed to building on its record of

delivering long-term growth and value to

its clients and shareholders.

IGM Financial

11POWER FINANCIAL CORPORATION 2017 ANNUAL REPORT

IGM FINANCIAL

INVESTORS GROUP 100%

INVESTMENT PLANNING COUNSEL

100%*

Investors Group is committed to comprehensive planning delivered through long-term client and consultant relationships. The company provides advice and services to approximately one million Canadians through a network of consultants located across Canada.

$88.0 billion Total assets under management

$9.7 billion Mutual fund gross sales

2,124 Consultant practices* advise on 95% of assets under management

98% of Consultant practices hold the Certified Financial Planner (CFP) or Financial Planner (F.Pl.) designation or are enrolled in the programs

* Consultant practices are teams led by consultants with greater than four years' experience.

Mackenzie Investments provides investment management and related services through diversified investment solutions, using proprietary investment research and experienced investment professionals to deliver its various product offerings. The company distributes its investment services through multiple distribution channels to both retail and institutional investors.

$64.6 billion Total assets under management

$9.2 billion Mutual fund gross sales

Investment products offered through 30,000+ third-party advisors and institutional clients

70% of Mackenzie mutual fund assets rated 3, 4 or 5 Star by Morningstar

Investment Planning Counsel is an integrated financial services company focused on providing Canadians with high-quality financial products, services and advice. The company is dedicated to providing independent financial advisors with the tools, products and support they need to build a successful business and serve a wide range of clients.

$5.4 billion Assets under management

$889 million Mutual fund gross sales

$27.6 billion Assets under administration

Partners with approximately 800 advisors across the country

2017 adjusted net earnings available to common shareholders

$728 MILLION

2017 return on shareholders’ equity [1]

15.6%

Total assets under management

$157 BILLION

[1] Return on shareholders’ equity is calculated using adjusted net earnings.

* As of January 19, 2018

CHINA AMC 13.9%

MACKENZIE INVESTMENTS

100%

Net asset value

SF10.85 BILLION

2017 adjusted net earnings [1]

SF384 MILLION

[1] Described as Economic operating income by Pargesa.

[2] Representing 51.8% of the voting rights.

PARGESA

IMERYS 53.8%

TOTAL 0.6%

ONTEX 19.9%

PARQUES 21.2%

ADIDAS 7.5%

PERNOD RICARD

7.5%

LAFARGE HOLCIM

9.4%

UMICORE 17.0%

BURBERRY 6.5%

GEA 4.3%

SGS 16.6%

50.0% [2]

GROUPE BRUXELLES LAMBERT

Power Financial, through its wholly

owned subsidiary, Power Financial

Europe B.V., and the Frère family group

of Belgium each hold a 50 per cent

interest in Parjointco, a Netherlands-

based company. Parjointco’s sole

holding is a 55.5 per cent equity interest

(75.4 per cent of the voting rights)

in Pargesa Holding SA, the Pargesa

group’s parent company based in

Geneva, Switzerland.

Pargesa, through its subsidiary,

Groupe Bruxelles Lambert, has holdings

in global industrial and services

companies based in Europe.

Pargesa Group

13POWER FINANCIAL CORPORATION 2017 ANNUAL REPORT

Imerys is the world leader in mineral-based specialty solutions for industry.

€3,366 million Market capitalization 6,252 Revenues 4,598 Current operating income 648Capital/voting rights

53.8% / 67.5%

SGS is the world leader in inspection, verification, testing and certification.

€2,751 million [SF million]

Market capitalization 19,397 Revenues 6,349 Adjusted operating income 969

Capital and voting rights

16.6% 

LafargeHolcim is the leading global construction materials and solutions company.

€2,693 million [SF million]

Market capitalization 33,350 Net sales 26,129 Recurring EBITDA 5,990

Capital and voting rights

9.4% 

Pernod Ricard is the world’s number two player in wines and spirits, holding a leading position globally.

€2,625 million Market capitalization 31,121 Net sales 9,010 Profit from recurring operations 2,394

As at June 30, 2017 company's year-end

Capital/voting rights

7.5% / 10.9%

adidas is the European leader in sports equipment.

€2,623 million Market capitalization 34,970 Net sales 21,218 Operating profit 2,070Capital and voting rights

7.5% 

Umicore is a leader in materials technology and recycling of precious metals.

€1,503 million Market capitalization 8,838 Revenues (excluding metal) 2,916 Recurring EBITDA 599Capital and voting rights

17.0% 

Total is an integrated global oil and gas group with a presence in chemicals.

€746 million Market capitalization 116,447Sales [US$ million] 171,493Adjusted net operating income

from business segments [US$ million] 11,936

Capital/voting rights

0.6% /1.2%

Burberry is a global luxury brand with a distinctive British heritage.

€557 million[£ million]

Market capitalization 7,675 Revenues 2,766 Adjusted operating profit 459As at March 31, 2017 company's year-end

Capital and voting rights

6.5% 

Ontex is a leading international personal hygiene solutions provider.

€454 million Market capitalization 2,271 Revenues 2,355 Adjusted profit 131Capital and voting rights

19.9%

GEA is one of the largest suppliers of process technology to the food industry.

€328 million Market capitalization 7,702 Revenues 4,605 Operating EBITDA 564Capital and voting rights

4.3% 

Parques Reunidos is a leading operator of leisure parks with a global presence.

€254 million Market capitalization 1,033 Revenues 579 Recurrent EBITDA 174

As at September 30, 2017 company's year-end

Capital and voting rights

21.2% 

EBITDA is a non-IFRS financial measure.

Key 2017 Financial Data[in millions of euros, unless otherwise indicated]

GBL’s InvestmentAs of December 31, 2017