Mr. Don Coulter reports

MCAN FINANCIAL GROUP ANNOUNCES CFO TRANSITION

Floriana Cipollone, senior vice-president and chief financial officer, will be leaving MCAN Mortgage Corp., doing business as MCAN Financial Group, effective immediately to pursue other opportunities.

"On behalf of the board of directors, I would like to thank Floriana for her years of dedication and many contributions to the company and wish her continued success in her future endeavours," said Don Coulter, president and chief executive officer.

The company has an executive search process under way to assess potential internal and external candidates and expects to fill the permanent position of senior vice-president and chief financial officer in the coming months.

In the interim, Peter Ryan has been appointed as interim chief financial officer. Mr. Ryan is a seasoned senior executive with over 15 years of financial and industry experience including over four years with the company, serving as director, financial reporting and accounting, and most recently as vice-president and controller.

About MCAN Mortgage Corp.

MCAN is a public company listed on the Toronto Stock Exchange under the symbol MKP and is a reporting issuer in all provinces and territories in Canada. MCAN also qualifies as a mortgage investment corporation (MIC) under the Income Tax Act (Canada). MCAN is the largest MIC in Canada and the only federally regulated MIC.

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