Mr. Tom Henderson reports

ACCORD ANNOUNCES FIRST QUARTER 2016 RESULTS

Accord Financial Corp. has released its financial results for the quarter ended March 31, 2016. 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 March 31,
                                                      2016             2015

Average funds employed (millions)                   $  142           $  142
Revenue (000s)                                       6,871            7,559
Net earnings (000s)                                  1,465            1,705
Adjusted net earnings (000s) (note)                  1,591            1,865
Earnings per common share (basic and diluted)         0.18             0.21
Adjusted earnings per common share
(basic and diluted)                                   0.19             0.22
Book value per share (March 31)                     $ 8.61           $ 7.83

Net earnings decreased by $240,000, or 14 per cent, to $1,465,000 in the first quarter of 2016, compared with earnings of $1,705,000 last year. Net earnings declined mainly as a result of lower revenue. Earnings per common share decreased to 18 cents, compared with 21 cents last year. Adjusted net earnings were $1,591,000, 15 per cent lower than the $1,865,000 earned in the first quarter of 2015. Adjusted earnings per share were 19 cents, compared with 22 cents in last year's first quarter.

Revenue declined by 9 per cent to $6,871,000 in the first quarter, compared with $7,559,000 last year, mainly as a result of lower fees earned from receivables management and somewhat lower yields. Average funds employed remained unchanged at $142-million in the first quarter of 2016, compared with last year's first quarter.

Commenting on the first quarter's results, Tom Henderson, the company's president and chief executive officer, noted, "We came away from the first quarter with mixed feelings; while revenue and earnings were down compared to last year's record levels, our pipeline of new business was strong at the end of the first quarter, and we are looking forward to higher activity for the balance of the year."

As noted in the company's press release of April 18, 2016, a regular quarterly dividend of nine cents per share has been declared payable June 1, 2016, to shareholders of record at the close of business May 16, 2016.