IGM Financial : Investor Presentation – March 2024

IGM Financial Investor Presentation

March 2024

Caution concerning forward-looking statements

Certain statements in this report, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect IGM Financial Inc.'s (IGM Financial, IGM or the Company) and, where applicable, its subsidiaries' and strategic investments', current expectations. Forward-looking statements are provided to assist the reader in understanding the Company's, and its subsidiaries and strategic investments, financial position and results of operations 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. Readers are 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 Company, and its subsidiaries and strategic investments, as well as the outlook for North American and international economies, for the current fiscal year and subsequent periods. 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".

This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward- looking statements, including the perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. While the Company considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.

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 material factors, many of which are beyond the Company's and its subsidiaries' and strategic investments' control, affect the operations, performance and results of the Company and its subsidiaries and strategic investments, 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, interest and foreign exchange rates, global equity and capital markets, management of market liquidity and funding risks, changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates), the effect of applying future accounting changes, operational and reputational risks, business competition, technological change, changes in government regulations and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, outbreaks of disease or pandemics (such as COVID-19), the Company's ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, and the Company's and its subsidiaries' and strategic investments' success in anticipating and managing the foregoing factors.

The reader is cautioned that the foregoing list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. The reader is also cautioned to consider these and other factors, uncertainties and potential events carefully and not place undue reliance on forward-looking statements.

Other than as specifically required by applicable Canadian law, the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are 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 Company's business and material factors or assumptions on which information contained in forward-looking statements is based is provided in its disclosure materials filed with the securities regulatory authorities in Canada, available at www.sedarplus.ca.

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Non-IFRS financial measures & other financial measures

This report contains Non-IFRS financial measures and non-IFRS ratios that do not have standard meanings prescribed by IFRS and may not be directly comparable to similar measures used by other companies. These measures and ratios are used to provide management, investors and investment analysts with additional measures to assess earnings performance.

Non-IFRS financial measures include, but are not limited to, "adjusted net earnings available to common shareholders", "adjusted net earnings", "adjusted earnings before income taxes", "adjusted earnings before interest and taxes" (Adjusted EBIT), "earnings before interest, taxes, depreciation and amortization before sales commissions" (EBITDA before sales commissions), and "earnings before interest, taxes, depreciation and amortization after sales commissions" (EBITDA after sales commissions). These measures exclude other items which are items of a non-recurring nature, or that could make the period-over-period comparison of results from operations less meaningful. EBITDA before sales commissions excludes all sales commissions. EBITDA after sales commissions includes all sales commissions and highlights aggregate cash flows.

Non-IFRS ratios include the following:
Ratio	Numerator	Denominator
Adjusted earnings per share (Adjusted EPS)	Adjusted net earnings available to common	Average number of outstanding common shares on a diluted basis
	shareholders
Return (Adjusted return) on equity (ROE, Adjusted ROE)	Net earnings (Adjusted net earnings) available	Average shareholders' equity excluding non-controlling interest
	to common shareholders
ROE (Adjusted ROE) excluding the impact of fair value through	Net earnings (Adjusted net earnings) available	Average shareholders' equity excluding non-controlling interest and the impact of fair value
other comprehensive income investments	to common shareholders	through other comprehensive income investments net of tax

Refer to the appropriate reconciliations of non-IFRS financial measures, including as components of non-IFRS ratios, to reported results in accordance with IFRS included in the respective IGM Financial Inc.'s Management, Discussion and Analysis and other documents contained on slide 5, Documents incorporated by reference.

This report also contains other financial measures which include:

• Assets Under Management and Advisement (AUM&A) represents the consolidated AUM and AUA of IGM Financial's core businesses IG Wealth Management and Mackenzie Investments. In the Wealth Management segment, AUM is a component part of AUA. All instances where the asset management segment is providing investment management services or distributing its products through the Wealth Management segment are eliminated in our reporting such that there is no double-counting of the same client savings held at IGM Financial's core businesses. AUM&A excludes Investment Planning Counsel's (IPC's) AUM, AUA, sales, redemptions and net flows which have been disclosed as Discontinued operations.
• Assets Under Advisement (AUA) are the key driver of the Wealth Management segment. AUA are savings and investment products held within client accounts of our Wealth Management segment core business.
• Assets Under Management (AUM) are the key driver of the Asset Management segment. AUM are an additional driver of revenues and expenses within the Wealth Management segment in relation to its investment management activities. AUM are client assets where we provide investment management services, and include investment funds where we are the fund manager, investment advisory mandates to institutions, and other client accounts where we have discretionary portfolio management responsibilities.
• Assets Under Management and Advisement Including Strategic Investments (AUM&A Including SI) represents AUM&A including the Company's proportionate share of the AUM&A of strategic investments based on the Company's direct and indirect ownership of the strategic investments. The strategic investments included are those whose activities are primarily in asset and wealth management, and include ChinaAMC, Northleaf, Rockefeller and Wealthsimple. Rockefeller client assets include assets under management and advisement as well as assets held for investment purposes and only receiving administrative services.
• Working Capital which consists of current assets less current liabilities excluding assets and liabilities not reflective of ongoing operations.

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Non-IFRS financial measures & other financial measures

Other items

Other items for the year ended December 31, 2023 consisted of:

• A gain on the sale of IPC of $220.7 million recorded in the fourth quarter.
• Restructuring and other charges of $76.2 million after-tax ($103.3 million pre-tax), recorded in the second quarter, related to further streamlining and simplifying the
  Company's operating model to better align with business priorities. The initiatives include:
• • Organizational structure changes including aligning the Company's organizational structure to advance the growing needs of the business and deliver against key strategic initiatives. It also includes optimizing the Company's resources and talent structure to advance the growing needs of the business, enable partnerships across the business and operate more efficiently and effectively.
  • Digital transformation to retire duplicate systems and to automate and modernize our technology infrastructure to enhance efficiencies and the Company's ability to service client needs.
  • Real estate consolidation of IG Wealth's footprint to reflect the adoption of hybrid work and new technologies.
• A gain on the sale of a portion of the Company's investment in Lifeco of $168.6 million after-tax ($172.9 million pre-tax), consisting of $174.8 million recorded in the first quarter and a decrease of $6.2 million that was recorded on a prospective basis in the second quarter.
• Lifeco IFRS 17 adjustment of $15.1 million, recorded in the second quarter, representing a change of estimate which has been recorded on a prospective basis.

All figures as of December 31 unless otherwise noted. Figures may not add due to rounding.

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Documents incorporated by reference

This summary document and webcast are meant to discuss, not to serve as a substitute for, information included in these documents.

The reader is hereby cautioned to refer to the following documents relating to IGM Financial's results:

1. Documents related to IGM Financial's Q4, 2023 results issued on February 15, 2024:
2. • IGM Financial Q4, 2023 and 2023 financial results press release. This press release includes financial highlights as well as a summary earnings statement.
   • IGM Financial Q4, 2023 Consolidated Financial Statements and Notes.
   • IGM Financial Q4, 2023 Management's Discussion and Analysis ("MD&A").
   • IGM Financial Q4, 2023 Supplemental Information.
   • IGM Financial Q4, 2023 Analyst Presentation.
3. IGM Financial 2022 Sustainability Report issued on May 4, 2023.
4. IGM Financial January 2024 Total Assets Under Management and Advisement and Net Flows press release and Trended History files issued February 5, 2024.
5. IGM Financial 2022 Annual Report issued on March 16, 2023.
6. IGM Financial 2023 Investor Day Presentation issued on December 5, 2023.

Each of these documents are available on the Company's website at www.igmfinancial.com and/or at www.sedarplus.ca.

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Presentation sections

IGM Financial

Overview	8
Performance Summary	19
Wealth Management
IG Wealth Management	32
Rockefeller Capital Management	49
Wealthsimple	53
Asset Management
Mackenzie Investments	56
ChinaAMC	69
Northleaf	72
IGM Financial
Q4 and Full-Year 2023	75

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Glossary

AUM&A	Assets Under Management & Advisement	IFIC	The Investment Funds Institute of Canada
AUA	Assets Under Advisement	IMF	International Monetary Fund
AUM	Assets Under Management	OECD	Organization of Economic Cooperation and Development
CAGR	Compound Annual Growth Rate	Portag3	Portag3 Ventures LP and Portag3 Ventures II LP
CFP	Certified Financial Planner	SMA	Separately Managed Account
EPS	Earnings per Share	LTM	Last Twelve Months
ESG	Environmental, Social and Governance	YTD	Year-to-date
ETF	Exchange Traded Fund	QTD	Quarter-to-date
FMV	Fair market value	SOW	Share of Wallet
FSB	Full-Service Broker	$	Canadian dollar
HNW	High Net Worth

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IGM Financial

Overview

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IGM Financial: A compelling wealth and asset management company that is built for growth

• A wealth and asset management company that is built for growth
• IG Wealth and Mackenzie (the "Core") are extending their industry leadership positions
• Strategic investments in complementary wealth and asset managers, valued at ~$5B 1, help to accelerate IGM's growth, expand distribution & product capabilities and create synergies across the organization

Wealth management

Anchored in financial planning and utilizing leading-edge technology, IG Wealth Management has a nationwide presence with long-standing, intergenerational client relationships, a focus on mass affluent and high net-worth clients and a segmented advice model

Strategic investments extend geographical and generational reach, adding distribution capabilities and growth drivers

Asset management

Leveraging a boutique model and strong distribution relationships, Mackenzie Investments holds a leadership position in Canadian retail, is focused on expanding strategic partnerships and developing a targeted presence in institutional

Strategic investments extend geographical and product reach, adding leading market positions and growth drivers

1) As at December 31, 2023, includes unallocated capital, investment in LifeCo and other investments. See slide 96 for further details.

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IGM at a glance

Consolidated AUM&A

incl. strategic investments1

Mutual Fund AUM Market Share2

Clients Employees3

2023 Net earnings available to common shareholders

2023 Adjusted Net earnings available to common shareholders

2023 adjusted EBITDA4

$389.4B

Top 4

In CANADA

~2 Million

4,000+

$1,149MM

$821MM

$1,404MM

2023 Adjusted EPS by Segment2

$3.44

Wealth Management

53.9%

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Asset Management

37.8%

Fair Value of strategic Investments5

~$5.0B

8.3%

Corporate & Others

1) See other financial measures on slide 3. 2) Source: The Investment Funds Institute of Canada (IFIC), ISS Market Intelligence Simfund Canada data reflecting the "Funds Administration View", based on long-term funds and is based on total industry. 3) As at December 31,
2022, includes 455 employees at IPC, which has been sold to Canada Life. The transaction closed on November 30, 2023. 4) A non-IFRS financial measure - see Non-IFRS Financial Measures and Other Financial Measures section on slide 3. Adjusted EBITDA is before sales	10
commissions. 5) See slide 96 for further details. 6) Wealthsimple's fair value is recorded at Fair Value Through Other Comprehensive Income (FVTOCI).