Mr. Stuart Adair reports

ACCORD ANNOUNCES 2015 SECOND QUARTER AND FIRST HALF EARNINGS AND INCREASE IN QUARTERLY DIVIDEND

Accord Financial Corp. has released its financial results for the three and six months ended June 30, 2015. The financial figures presented in this release are reported in Canadian dollars and have been prepared in accordance with international financial reporting standards.

                                                                                                   
                                            SUMMARY OF FINANCIAL RESULTS

                                                          Three months ended       Six months ended 
                                                                June 30,               June 30,
                                                              2015     2014        2015        2014

Average funds employed (millions)                             $155     $146        $148        $138
Revenue (000s)                                               7,657    7,529      15,216      14,145
Net earnings (000s)                                          1,736    1,537       3,441       2,334
Adjusted net earnings (000s) (note)                          1,885    1,593       3,749       2,828
Earnings per common share (basic and diluted)                 0.21     0.18        0.41        0.28
Adjusted earnings per common share (basic and diluted)        0.23     0.19        0.45        0.34
Book value per share (June 30)                                                   $ 7.90      $ 6.67
                                                                                                   

Net earnings for the second quarter of 2015 rose 13 per cent to $1,736,000 compared with $1,537,000 last year. Net earnings increased mainly as a result of higher revenue and a lower effective tax rate. Earnings per share (EPS) increased 17 per cent to 21 cents compared with 18 cents last year. Adjusted net earnings totalled $1,885,000 in the second quarter of 2015, 18 per cent above the $1,593,000 earned in the second quarter of 2014. Adjusted EPS increased 21 per cent to 23 cents compared with 19 cents in last year's second quarter.

Revenue was 2 per cent higher at $7,657,000 in the current quarter compared with $7,529,000 last year. Revenue increased on higher average funds employed, which rose 6 per cent in the current quarter compared with the second quarter of 2014.

Net earnings in the first half of 2015 increased by 47 per cent to $3,441,000 compared with $2,334,000 in the first half of 2014 as a result of higher revenue and a lower effective tax rate. EPS rose 46 per cent to 41 cents compared with 28 cents last year. Adjusted net earnings increased by 33 per cent to $3,749,000 in the first half of 2015 compared with $2,828,000 last year. Adjusted EPS was up 32 per cent to 45 cents compared with 34 cents last year.

Revenue rose 8 per cent to a first half record $15,216,000 this year compared with $14,145,000 last year as average funds employed increased by 7 per cent to $148-million in the first half of 2015. Funds employed totalled $158-million at June 30, 2015, compared with $149-million a year earlier.

Commenting on the second quarter and first half 2015 results, Tom Henderson, the company's president and chief executive officer, stated: "Our financial performance in the second quarter held steady even in the presence of what feels like a record number of new competitors entering our market. We are seeing no shortage of lending opportunities in our traditional markets and we are pressing ahead with new product innovations that will make Accord attractive to a wider borrowing audience."

The company's board of directors today declared a quarterly dividend of nine cents per common share, payable Sept. 1, 2015, to shareholders of record Aug. 14, 2015. This represents a 6-per-cent increase from the previous dividend of 8.5 cents per common share.

Note: non-IFRS (international financial reporting standards) measures

The company's financial statements have been prepared in accordance with IFRS. The company uses a number of other financial measures to monitor its performance and believes these measures may be useful to investors in evaluating the company's operating performance and financial position. These measures may not have standardized meanings or computations as prescribed by IFRS that would ensure consistency between companies using these measures and are, therefore, considered to be non-IFRS measures. The non-IFRS measures presented in this press release are as follows.

1) Adjusted net earnings and adjusted EPS. The company derives these measures from amounts presented in its IFRS prepared financial statements. Adjusted net earnings comprise net earnings before non-operating stock-based compensation and business acquisition expenses (namely, transaction and integration costs, and amortization of intangibles). Adjusted EPS is adjusted net earnings divided by the weighted average number of common shares outstanding in the period. Management believes adjusted net earnings is a more appropriate measure of operating performance as it excludes items which do not relate to ongoing operating activities. The attached table provides a reconciliation of the company's net earnings to adjusted net earnings.

                     ADJUSTED NET EARNINGS RECONCILIATION
                            (thousands of dollars)

                               Three months ended June 30,    Six months ended June 30,
                                       2015          2014           2015          2014

Net earnings reported                $1,736        $1,537         $3,441        $2,334
Adjustments, net of tax                                                              
Stock-based compensation                 43           (44)            97           245
Business acquisition expenses           106           100            211           249
Adjusted net earnings                 1,885         1,593          3,749         2,828

2) Book value per share book value is the net asset value of the company calculated as total assets minus total liabilities and, by definition, is the same as total equity. Book value per share is the net asset value divided by the number of common shares outstanding as of a particular date.

3) Funds employed are the company's finance receivables and loans, an IFRS measure. Average funds employed are the average finance receivables and loans calculated over a particular period.