iA Financial Corporation Inc. Completes Acquisition of RF Capital Group Inc.

Executive Summary

• iA Financial Corporation Inc. completed its previously announced acquisition of RF Capital Group Inc. under a court‑approved plan of arrangement.
• The purchase price was C$20.00 per common share and C$25.00 per Series B preferred share (plus accrued dividends and a cash payment equal to dividends payable through March 31 2026).
• Post‑transaction, iA Wealth’s combined assets under management/administration exceed $330 billion and the firm now serves over 500,000 clients with more than 1,450 advisor teams.

Key Details

• Acquisition Structure: Wholly‑owned subsidiary of iA (“Purchaser”) acquired all issued and outstanding common shares and Cumulative 5‑Year Rate Reset Preferred Shares, Series B, of RF Capital.
• Consideration – Common Shares: C$20.00 per share paid in cash.
• Consideration – Series B Preferred Shares: C$25.00 per share paid in cash plus all accrued/unpaid dividends and an additional cash amount equal to dividends that would have been payable up to March 31 2026 (next redemption date).
• Payment Mechanics: Consideration remitted to TSX Trust Company, the depositary under the Arrangement; shareholders will receive payment after returning completed letters of transmittal.
• Delisting Timeline: Expected delisting of RF Capital’s common and Series B preferred shares from the Toronto Stock Exchange on or about 4 Nov 2025.
• Reporting Status: RF Capital has applied to cease being a reporting issuer under Canadian securities legislation.
• Combined Scale: Total assets under management/administration > $330 billion (as of 30 Sep 2025); client base >500,000; advisor teams >1,450.
• Strategic Rationale (CEO Quote): “The transaction reinforces iA Wealth’s position as a leading non‑bank wealth platform in Canada and will generate meaningful synergies, expanded capabilities and long‑term shareholder value.” – Denis Ricard, President & CEO, iA.
• Operational Independence: RF Capital will retain operational independence and its culture post‑integration (statement by Dave Kelly, President & CEO, RF Capital).

Notable Quotes

“We are proud to mark the closing of this strategic acquisition… it underscores our commitment to the value of advice.” – Denis Ricard, President & CEO, iA.

“With the combination of iA and RF Capital strengths, we elevate our value proposition… advisor engagement has been remarkably strong.” – Stephan Bourbonnais, EVP Wealth Management, iA.

“RF Capital and its advisors maintain their operational independence… we are thrilled to join iA.” – Dave Kelly, President & CEO, RF Capital.