Intact Financial Corporation announced that it has agreed to issue $300 million aggregate principal amount of Series 15 unsecured medium term notes by way of private placement to accredited investors in Canada (the "Private Placement"). The Notes will be direct unsecured obligations of Intact and will rank equally with all other unsecured and unsubordinated indebtedness of Intact. The Notes will bear interest at a fixed annual rate of 4.653% until May 16, 2029 and thereafter at a rate of 1.00% over Daily Compounded CORRA until their maturity on May 16, 2034.

Intact may redeem the Notes in whole or in part, at its option, by giving prior notice of not less than 10 days and not more than 60 days to the holders of Notes, on or after May 16, 2029 on payment of a redemption price equal to par, together with accrued and unpaid interest to, but excluding, the date of redemption. Intact intends to use the net proceeds from the Private Placement towards the repayment of Intact's outstanding $375 million Series 11 1.207% unsecured medium term notes due May 21, 2024. The Notes, offered on a best efforts basis through a syndicate co-led by CIBC Capital Markets and BMO Capital Markets, are expected to be issued on or about May 16, 2024.

The closing of the Private Placement is subject to certain customary conditions.