An anonymous director reports

IA FINANCIAL GROUP ANNOUNCES THE CLOSING OF OFFERING OF $400 MILLION OF 5.685% FIXED/FLOATING UNSECURED SUBORDINATED DEBENTURES

iA Financial Corp. Inc. has closed its previously announced offering of $400-million aggregate principal amount of 5.685 per cent fixed/floating unsecured subordinated debentures due June 20, 2033.

The debentures will mature on June 20, 2033. Interest on the debentures at the rate of 5.685 per cent per annum will be payable in arrears in equal semi-annual instalments on June 20 and Dec. 20, in each year, commencing on Dec. 20, 2023, and continuing until June 20, 2028. After June 20, 2028, interest on the debentures will be payable at a rate per annum equal to daily compounded CORRA plus 1.96 per cent payable quarterly in arrears on the 20th day of each of March, June, September and December in each year, commencing on Sept. 20, 2028. Subject to prior regulatory approval, the company may redeem the debentures, in whole or in part, on or after June 20, 2028.

The debentures have been rated "A (low)" by DBRS Ltd. and "A-" by S&P Global Ratings, a division of S&P Global Inc.

The debentures were offered through a syndicate of agents led by RBC Capital Markets, BMO Capital Markets and Scotiabank, as co-leads and bookrunners, and including, CIBC World Markets, National Bank Financial, TD Securities, iA Private Wealth Inc., Casgrain & Company Ltd. and UBS Securities Canada Inc.

The debentures were issued under a prospectus supplement dated June 15, 2023, to the short form base shelf prospectus dated April 5, 2022. Details of the offering are set out in the prospectus supplement which is available on the SEDAR website and on the company's website.

About iA Financial Corp. Inc.

iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is an important Canadian public company and is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares).