Ms. Jill MacRae reports

HOME CAPITAL ANNOUNCES DEFERRAL OF ANNUAL GENERAL MEETING

Home Capital Group Inc. has applied for and obtained an exemption from the Toronto Stock Exchange's requirement to hold its annual shareholder meeting by June 30, 2023, provided the meeting is held on or prior to Sept. 29, 2023. If the previously announced acquisition of Home Capital by a wholly owned subsidiary of Smith Financial Corp. (SFC) is completed on or prior to Sept. 29, 2023, the meeting will not be held.

Home Capital expects to report financial results for the three months and six months ended June 30, 2023, on Aug. 3, 2023, before markets open. If the arrangement is completed on or prior to Aug. 3, 2023, the results will not be issued.

Home Capital also provides an update regarding the arrangement. Home Capital is currently awaiting receipt of regulatory approvals required under the Bank Act (Canada) and the Trust and Loan Companies Act (Canada) in respect of the arrangement. All other conditions for closing (except those that are only capable of being satisfied on closing) have been satisfied.

While Home Capital continues to expect that the arrangement will be completed during the summer of 2023, the timing cannot be assured.

Pursuant to the arrangement, SFC has agreed to acquire the issued and outstanding common shares of Home Capital that SFC does not already own for $44 in cash per share. Since the arrangement did not close on or prior to May 20, 2023, the purchase price will be increased by an amount equal to 0.273973 cent per share in cash per day up to and including the day prior to the closing of the arrangement (equivalent to approximately 25 cents per share for every three-month delay beyond May 20, 2023).

About Home Capital Group Inc.

Home Capital is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust Company is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of residential mortgage products, consumer lending, and credit card services. In addition, Home Trust Company and its wholly owned subsidiary, Home Bank, offer deposits via brokers and financial planners, and through a direct-to-consumer brand, Oaken Financial. Licensed to conduct business across Canada, the company has offices in Ontario, Alberta, British Columbia, Nova Scotia and Quebec.

We seek Safe Harbor.