Mr. Philip Mayers reports

SAGEN MI CANADA INC. ANNOUNCES REDEMPTION PRICE FOR 4.242% DEBENTURES DUE APRIL 1, 2024

Sagen MI Canada Inc. said on May 19, 2023, that it would redeem all of its outstanding 4.242 per cent debentures due April 1, 2024, being $169,934,000 aggregate principal amount, on June 19, 2023. Today, the company has determined the redemption price according to the method and process outlined in the trust indenture governing the debentures.

Pursuant to the terms of the trust indenture governing the debentures, the 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, calculated today in accordance with the governing trust indenture, is approximately $991.70 per $1,000 of principal amount of debentures. Accordingly, all of the outstanding debentures will be redeemed on the redemption date at par, plus $9.18131503995669 per $1,000 of principal amount of debentures for accrued and unpaid interest up to, but excluding, the redemption date of June 19, 2023. The aggregate redemption price payable by the company on such date, including accrued and unpaid interest, is approximately $171,494,218.

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.