An anonymous director reports

INTACT FINANCIAL CORPORATION COMPLETES $575 MILLION BOUGHT DEAL COMMON SHARE OFFERING

Intact Financial Corp. has closed its previously announced bought deal offering of common shares of the company underwritten by a syndicate of underwriters led by CIBC Capital Markets and BMO Capital Markets resulting in aggregate gross proceeds (including the proceeds resulting from the exercise, in full, of the overallotment option) to Intact of approximately $575-million.

The net proceeds are expected to be used by Intact to subscribe for shares of one or more subsidiaries of the company to ultimately be used for the purpose of partially financing the execution of the proposed indirect acquisition by Intact of assets comprising, among other things, the brokered commercial lines operations of Direct Line Insurance Group PLC and certain of its affiliates announced by Intact on Sept. 6, 2023, and related capital requirements and integration costs. In the event the acquisition is not completed for any reason, the net proceeds from the offering will be used for general corporate purposes. The acquisition is subject to approval by Direct Line's shareholders. Additional information on the acquisition is available at Intact's website.

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.

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