REPORTS STELLAR RESULTS FOR Q4 2022

TORONTO, Feb. 23, 2023 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group ("MCAN", the "Company" or "we") (TSX: MKP) reported net income of $24.1 million ($0.75 earnings per share) for the fourth quarter of 2022, an increase from net income of $16.1 million ($0.57 earnings per share) in the fourth quarter of 2021. Fourth quarter 2022 return on average shareholders' equity¹ was 21.17% compared to 15.39% in the prior year. Year to date, we reported net income of $55.4 million ($1.77 earnings per share), a decrease from net income of $64.4 million ($2.40 earnings per share) in 2021. Year to date return on average shareholders' equity¹ was 12.47% compared to 16.86% in the prior year. We reported lower total net income mainly as a result of unrealized fair value losses on our REIT portfolio due to the inflationary and rising interest rate environment, partially offset by growth in our core mortgage and lending business.