Mr. Phillip Mayers reports

SAGEN MI CANADA INC. COMPLETES ISSUANCE OF $200 MILLION OF UNSECURED DEBENTURES DUE MAY 19, 2028 AND ANNOUNCES REDEMPTION ON JUNE 19, 2023 OF ITS OUTSTANDING 4.242% DEBENTURES DUE APRIL 1, 2024

Sagen MI Canada Inc. has completed its previously announced offering of $200-million of 5.909 per cent debentures due May 19, 2028, by way of private placement under applicable Canadian securities laws. The offering was made through a syndicate of agents led by Scotia Capital, including TD Securities, BMO Capital Markets, CIBC World Markets, National Bank Financial and RBC Capital Markets.

The company also announced today that it will redeem all of its outstanding 4.242 per cent debentures due April 1, 2024. The company has given notice to the registered holder of the redeemed debentures that it will redeem on June 19, 2023, the outstanding $169,934,000 aggregate principal amount of redeemed debentures.

Pursuant to the terms of the trust indenture governing the redeemed debentures, the redeemed debentures will be redeemed on the redemption date at a price equal to the greater of the Canada yield price and par, together in each case with accrued and unpaid interest to the redemption date.

The Canada yield price, with respect to any redemption date, means a price which would provide a yield from the redemption date to April 1, 2024, equal to the government of Canada yield, plus 45 basis points (0.45 per cent), compounded semi-annually.

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 shareholders' equity.

We seek Safe Harbor.