Mr. Kish Kapoor reports

RF CAPITAL REPORTS FIRST QUARTER 2024 RESULTS

RF Capital Group Inc. had revenue of $89.4-million in the first quarter of 2024, up 2 per cent as compared with the prior year. The increase in revenue was driven by AUA1,2 growth of 3% or $1.0 billion, which is attributable mainly to strong equity markets. With year-over-year growth in adjusted operating expenses1 contained to 2%, Adjusted EBITDA1 increased 4% to $13.5 million.

For more detail on our results, please refer to our MD&A for the period ending March 31, 2024.

1. Considered to be non-GAAP or supplemental financial measures, which do not have any standardized meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplemental Financial Measures" section of this release.

2. AUA is a measure of client assets and is common in the wealth management business. It represents the market value of client assets managed and administered by us.

Kish Kapoor, President and Chief Executive Officer, commented, "2024 has started off strong with AUA1,2 reaching $37.0 billion at the end of Q1, up $1.8 billion or 5% over the last three months. This growth was driven largely by continued strength in equity markets and supported by both recruiting and the success that our outstanding advisors have had growing their practices. This AUA1,2 growth led to an increase in recurring fee revenue of 3% sequentially and 5% versus last year. Combined with the Company's vigilant cost containment efforts, revenue growth drove Q1 Adjusted EBITDA1 to $13.5 million, up 4% from Q1 2023."

Mr. Kapoor continued, "Looking ahead, we are laser-focused on our three strategic growth pillars and expect to continue deploying our free cash flow for growth1 into recruitment. I am excited by the addition of three new leaders to our Company - Dave Kelly, Kevin Shubley, and Steve Hunter - who will be accountable for driving our organic growth and are already having an impact. We are confident that our team, our focus, and the foundation that we have built - including our exceptional advisors, scale, and technology platforms - will enable us to grow the brand of choice for Canada's top advisors and translate into accelerated growth for Richardson Wealth."

Outlook and Key Performance Drivers

Our view with respect to the drivers of our financial performance and profitability in 2024 is as follows:

• AUA1,2 is highly correlated with equity market movements but will also be supported by growth in our existing advisors' client assets and by recruiting. We expect recruiting to accelerate over the coming quarters.
• Interest revenue is likely to follow prime rate trends, which economists expect to decline from current levels starting in the middle of the year
• Transaction activity underlying our corporate finance revenue could rebound but is likely to remain subdued through the first half of the year
• Although we expect inflation to continue at elevated rates, we are committed to finding operating cost savings and efficiencies in our business as a partial offset
• Free cash flow for growth1 is expected to be deployed towards advisor recruitment

Preferred Share Dividend

On May 1, 2024, the board of directors approved a cash dividend of $0.233313 per Series B Preferred Share for a total of $1,073, payable on June 28, 2024 3, to preferred shareholders of record on June 14, 2024.

Q1 2024 Conference Call

A conference call and live audio webcast to discuss RF Capital's first quarter 2024 financial results will be held on Thursday, May 2, 2024, at 10:00 a.m. (EST). Interested parties are invited to access the conference call on a listen-only basis by dialing 416-406-0743 or 1-800-898-3989 (toll-free) and entering participant passcode 8739205#, or via live audio webcast on the company's website. A recording of the conference call will be available until Tuesday, June 4, 2024, by dialing 905-694-9451 or 1-800-408-3053 and entering access code 2453497#. The audio webcast will be archived on the company's website.

1. Considered to be non-GAAP or supplemental financial measures, which do not have any standardized meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplemental Financial Measures" section of this release.

2. AUA is a measure of client assets and is common in the wealth management business. It represents the market value of client assets managed and administered by us.

3. In the event that the payment date is not a business day, such dividend shall be paid on the next succeeding day that is a business day.

Select Financial Information

The following table presents the Company's financial results for Q1 2024, Q4 2023 and Q1 2023.

Quarterly Results

The following table presents selected quarterly financial information for our eight most recently completed financial quarters.

About RF Capital Group Inc.

RF Capital Group Inc. is a TSX-listed (TSX: RCG) wealth management-focused company. Operating under the Richardson Wealth brand, the Company is one of the largest independent wealth management firms in Canada with $37.0 billion in assets under administration (as of March 31, 2024) and 22 offices across the country. The firm's Advisor teams are focused exclusively on providing strategic wealth advice and innovative investment solutions customized for high net worth or ultra-high net worth families and entrepreneurs. The Company is committed to maintaining exceptional fiduciary standards and has earned certification - determined annually - from the Centre for Fiduciary Excellence for its Separately Managed and Portfolio Management Account platforms. Richardson Wealth has also been recognized as a Great Place to Work(TM), a Best Workplace for Women, a Best Workplace in Canada and Ontario, a Best Workplace for Mental Wellness, for Financial Services and Insurance, and for Hybrid Work.

We seek Safe Harbor.