An anonymous director reports

INTACT FINANCIAL CORPORATION ANNOUNCES RESULTS OF CONVERSION OF ITS SERIES 7 PREFERRED SHARES

Intact Financial Corp., after having taken into account all elections received before the June 15, 2023, 5 p.m. (ET) conversion deadline, with respect to the non-cumulative rate reset Class A shares Series 7 of IFC tendered for conversion on June 30, 2023, into non-cumulative floating rate Class A shares Series 8 of IFC, the holders of Series 7 preferred shares are not entitled to convert their shares. There were 39,183 Series 7 preferred shares tendered for conversion, which is fewer than the one million Series 7 preferred shares required for the ability to proceed with the conversion, in accordance with the terms of the Series 7 preferred shares.

There are 10 million Series 7 preferred shares listed on the Toronto Stock Exchange under the symbol IFC.PR.G. The annual dividend rate for the Series 7 preferred shares for the five-year period from and including June 30, 2023, to but excluding June 30, 2028, will be 6.012 per cent, as determined in accordance with the terms of the Series 7 preferred shares.

Subject to certain conditions described in IFC's prospectus supplement dated May 22, 2018, to the short form base shelf prospectus dated Nov. 15, 2017, IFC may redeem the Series 7 preferred shares, in whole or in part, on June 30, 2028, and on June 30 every five years thereafter.

For more information on the terms of, and risks associated with an investment in, the Series 7 preferred shares, see IFC's prospectus which is available on SEDAR.

About Intact Financial Corp.

Intact Financial is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the United Kingdom and Ireland. Its business has grown organically and through acquisitions to over $21-billion of total annual premiums. In Canada, Intact Financial distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly owned subsidiary BrokerLink and directly to consumers through belairdirect. Intact Financial also provides affinity insurance solutions through the Johnson Affinity Groups. In the United States, Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies. In the U.K., Ireland and Europe, Intact Financial provides personal, commercial and specialty insurance solutions through the RSA brands.

We seek Safe Harbor.