Mr. Denis Ricard reports

IA FINANCIAL CORPORATION INC. COMPLETES ACQUISITION OF RF CAPITAL GROUP INC.

iA Financial Corp. Inc. and RF Capital Group Inc. have successfully completed the previously announced acquisition of RF Capital.

RF Capital is a leading independent wealth management company based in Canada, operating under the Richardson Wealth brand. It is renowned for providing comprehensive, client-focused financial advisory services tailored to the high-net-worth market, with more than $43.6-billion in assets under administration (as of Sept. 30, 2025).

"We are proud to mark the closing of this strategic acquisition, which not only creates compelling opportunities for accelerated growth, but also underscores our commitment to the value of advice," said Denis Ricard, president and chief executive officer of iA. "This transaction further reinforces iA Wealth's position as a leading non-bank wealth platform in Canada and will generate meaningful synergies, expanded capabilities and long-term shareholder value."

iA Financial Group's total assets under management and total assets under administration, combined with RF Capital's total assets under administration, surpassed $330-billion as of Sept. 30, 2025. Following this transaction, iA Wealth now serves more than 500,000 clients through over 1,450 adviser teams.

"With the combination of iA and RF Capital strengths, we elevate our value proposition and personalized financial solutions for advisors and clients through best-in-class technology and product offering," said Stephan Bourbonnais, executive vice-president, wealth management. "Since the announcement, adviser engagement has been remarkably strong. This positive response reflects advisers' confidence in our long-term vision, the benefits of scale and the significant growth opportunities."

"This marks an exciting new chapter for RF Capital, unlocking powerful opportunities for our advisers and clients," said Dave Kelly, president and chief executive officer of RF Capital. "RF Capital and its advisers maintain their operational independence and valued culture, and we are thrilled to join iA and collaborate to bring the best of both organizations to power the ongoing success of our advisers and financial security for our clients."

Mr. Kelly remains committed to executing RF Capital's strategic plan and ensuring a smooth transition of the business following the completion of the arrangement.

Transaction details

The acquisition of RF Capital was completed by a wholly owned subsidiary of iA (the purchaser) pursuant to a court-approved plan of arrangement under the provisions of the Business Corporation Act (Ontario).

Pursuant to the arrangement, the purchaser acquired (i) all of the issued and outstanding common shares of RF Capital for cash consideration of $20.00 per common share, and (ii) all of the issued and outstanding cumulative five-year rate reset preferred shares, Series B of RF Capital, for cash consideration of $25.00 per Series B preferred share (plus all accrued and unpaid dividends and an amount in cash per Series B preferred share equal to the dividends that would have been payable in respect of such share until March 31, 2026, which is the next available redemption date).

Consideration for the purchased shares has been remitted to TSX Trust Company, as depositary under the arrangement, and will be paid to shareholders of RF Capital as soon as reasonably practicable after the date hereof.

Letters of transmittal have been mailed to registered shareholders and are also available under RF Capital's profile on SEDAR+. The letters of transmittal explain how registered shareholders can deposit and obtain payment for their shares. Registered shareholders must return their duly completed letters of transmittal to TSX Trust Company in order to receive the consideration to which they are entitled for their shares.

As a result of the completion of the arrangement, it is expected that the common shares and the Series B preferred shares will be delisted from the Toronto Stock Exchange on or about Nov. 4, 2025. RF Capital has applied to cease to be a reporting issuer under the securities legislation of each province of Canada where RF Capital is currently a reporting issuer.

More information regarding the arrangement is provided in the RF Capital management proxy circular dated Aug. 21, 2025, available under RF Capital's profile on SEDAR+.

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 symbol IAG (common shares).

About RF Capital Group Inc.

RF Capital is a Toronto Stock Exchange-listed (TSX: RCG) wealth management-focused company. Operating under the Richardson Wealth brand, RF Capital is one of the largest independent wealth management firms in Canada with $43.6-billion in assets under administration (as of Sept. 30, 2025) and 23 offices across the country. The firm's adviser teams are focused exclusively on providing strategic wealth advice and innovative investment solutions customized for high-net-worth or ultrahigh-net-worth families and entrepreneurs.

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