Mr. Philip Mayers reports

SAGEN MI CANADA INC. TO ISSUE $200 MILLION OF UNSECURED DEBENTURES

Sagen MI Canada Inc. has agreed to issue $200-million of debentures by way of private placement under applicable Canadian securities laws. The debentures will be senior direct, unsecured and unsubordinated obligations of the company and will rank equally and rateably with all other unsecured and unsubordinated indebtedness of the company. The debentures are to be offered by a syndicate of agents including Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and RBC Dominion Securities Inc.

The debentures will bear interest at a fixed annual rate of 5.909 per cent, payable semi-annually in equal instalments in arrears on May 19 and Nov. 19 in each year, commencing on Nov. 19, 2023, until maturity on May 19, 2028, unless redeemed at an earlier date. The debentures are expected to be assigned a rating of A (high) by DBRS and a rating of BBB+ by S&P. The company intends to use the net proceeds of the offering for the potential redemption, refinancing and repayment of the company's outstanding 2.242 per cent debentures due April 1, 2024, and any other outstanding indebtedness, and for liquidity and capital management purposes. The debentures are expected to be issued on May 19, 2023.

About Sagen MI Canada Inc.

Sagen MI Canada, operating through its wholly owned subsidiary, Sagen Mortgage Insurance Company Canada (doing business as Sagen), is the largest private sector residential mortgage insurer in Canada. The company provides mortgage default insurance to Canadian residential mortgage lenders, making homeownership more accessible to first-time homebuyers. Sagen differentiates itself through customer service excellence, innovative processing technology and a robust risk management framework. For more than two decades, the company has supported the housing market by providing thought leadership and a focus on the safety and soundness of the mortgage finance system. As at March 31, 2023, the company had $6.7-billion total assets and $2.8-billion of shareholders' equity.

We seek Safe Harbor.