Rfa Financial Inc. · TSX:RFA
Rfa Financial — Merger or Acquisition (September 2025)
18 slides from Rfa Financial's merger presentation, Sep 15, 2025
Slide 1: Creating a Scaled, Bank-Led Financial Services Platform Positioned for Growth
C R E AT I N G A S C A L E D, BA N K- L E D F I N A N C I A L S E R V I C E S P L AT F O R M P O S I T I O N E D F O R G RO W T H SEPTEMBER 2025
Slide 2: Disclaimer
DISCLAIMER Caution Regarding Forward-Looking Statements Certain statements in this presentation are forward-looking statements. All such statements are made in accordance with applicable securities legislation in Canada. Forward-looking statements in this presentation may include, but are not limite
Slide 3: Merger Snapshot
M E R G E R S N A P S H OT Growing Canadian Bank Diversified Real Estate Platform Canadian bank positioned to scale Engine to rotate capital into high ROE opportunities ▪ Industrial, retail, office and residential Multiple and diverse paths Canadian Schedule I Bank properties across Canada and the U
Slide 4: Transaction Details
T R A N S A CT I O N D E TA I L S ▪ Artis Real Estate Investment Trust ("Artis") and RFA Capital Holdings Inc. ("RFA") have agreed to be combined through a share exchange transaction to form RFA Financial Transaction ▪ Combination creates a scaled and dynamic financial services platform, featuring a
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS Creation of a Leading, Attractive Value Creation Multiple Avenues Provides Exposure to the Strengthened Bank-Led Financial Opportunity Through for Growth Supporting Canadian Financial Management Team & Services Platform Capital Reallocation Shareholder Returns Services Sector B
Slide 6: RFA Is a Bank-Led Financial Services Platform
R FA I S A B A N K- L E D F I N A N C I A L S E R V I C E S P L AT F O R M Platform Overview (1) Benefits to Artis Unitholders • Next evolution of Artis, creating a diversified financial ~$2.7B Consolidated ~$24M (2) services platform positioned for growth and enhanced Total Assets Total Net Income
Slide 7: RFA Bank Positioned for Growth in Canada
R FA B A1.N K P O S I T I O N E D F O R G R O W T H I N C A N A DA Ranked in order by Total Assets ($ M) $54,562 $49,931 $31,594 $31,056 $22,531 $7,389 $5,767 $5,417 $5,320 $4,340 $4,027 $3,610 $2,539 $2,104 $1,430 $1,090 $1,034 Transaction presents a tremendous opportunity to grow and scale RFA Ban
Slide 8: Owner of a High-Quality Real Estate Portfolio
O W N E R O F A H I G H - Q U A L I T Y R E A L E S TAT E P O R T F O L I O Overview Stable Operations Via Diversification (2) ▪ Artis is one of the largest Canadian diversified commercial real estate investment trusts o Income Producing Portfolio consists of 92 properties across industrial, retail,
Slide 9: Creating a Leading, Bank-Led Financial Services Platform
C R E AT I N G A L E A D I N G , B A N K - L E D F I N A N C I A L S E R V I C E S P L AT F O R M RFA Bank of Canada RFA Mortgage Corp. Artis REIT Platform (1) (Operating Entity) (1) (Operating Entity) (1) Canadian Schedule I bank offering single family, Canadian single-family Diversified REIT with
Slide 10: Attractive Value Creation Opportunity
AT T R A CT I V E VA LU E C R E AT I O N O P P O R T U N I T Y ORGANIC RE-RATE OPPORTUNITY INORGANIC GROWTH & ATTRACTIVE DIVIDEND GROWTH ▪ Ability to participate in a growing ▪ Significant disconnect between Artis’ ▪ Excess capital anticipated to be bank-led financial services platform public value
Slide 11: Multiple & Diverse Paths for Organic & Inorganic Growth
M U LT I P L E & D I V E R S E PAT H S F O R O R G A N I C & I N O R G A N I C G R O W T H RFA Bank Total Lending Assets ($ B) Track record of robust historical growth in both lending assets and originations $2.1 $1.9 Established Bank lending programs in residential $1.8 mortgages, commercial mortga
Slide 12: Strength & Stability of Financial Services Investing
S T R E N GT H & S TA B I L I T Y O F F I N A N C I A L S E R V I C E S I N V E S T I N G Historical Average Adj. Return on Equity of Canadian Banks(1) Tech Market Global Financial Oil Price Onset of Crash Crisis Crash COVID-19 23.4% 21.9% 18.3% 18.5% 18.6% 17.4% 17.0% 16.9% 15.8% 16.0% 15.6% 15.5%
Slide 13: Proven Leadership With Deep & Multi-Disciplinary Experience
P R O V E N L E A D E R S H I P W I T H D E E P & M U LT I - D I S C I P L I N A R Y E X P E R I E N C E BEN RODNEY MELODY LO JACLYN KOENIG KARA WATSON President Chief Operating Officer Chief Financial Officer EVP, Legal & Corporate Secretary & Chief Executive Officer ▪ Current Chairman of Artis REI
Slide 14: Leadership Team
L E A D E R S H I P T E A M B A C K E D BY E X P E R I E N C E D B U S I N E S S E X E C U T I V E S ROBERT MARINA KIM AREES KATHERINE MORTON BOURNAS RILEY JIWANI TATHUM RFA Bank RFA Mortgage Corp. RFA Asset Management TM Investments Five Continents (President & CEO) (President & CEO) (President) (P
Slide 15: Board of Directors
B O A R D O F D I R E CTO R S SAMIR MANJI | EXECUTIVE CHAIRMAN ▪ Current President, CEO, and Trustee of Artis REIT ▪ 30+ years of experience in real estate and seniors housing, with involvement in $3B+ of real estate transactions BEN RODNEY | DIRECTOR JACQUELINE MOSS | DIRECTOR ▪ Current Chairman of
Slide 16: Medium Term Targets
M E D I U M T E R M TA R G E T S KEY PERFORMANCE INDICATOR 3 - 5 YEAR TARGETS COMMENTARY ▪ A significant increase in annual originations to drive higher Total Lending Assets $8.0 to $12.0 billion lending assets over time RFA Bank Return on Equity Low-to-Mid Teen Double Digits % ▪ ROE metrics to impr
Slide 17: Sustainable & Growing Dividend Payout
S U S TA I N A B L E & G R O W I N G D I V I D E N D PAYO U T Annual dividend is expected to be recalibrated to $0.44 per share, paid quarterly Dividend Yield (%) (1) 5.8% Dividends are projected to be fully covered by the robust earnings of the combined entity, ensuring 5.0% sustainability and reli
Slide 18: Recapping the Investment Thesis
RECAPPING THE INVESTMENT THESIS Transaction creates a scaled, diversified platform with an efficient structure to grow a Canadian Bank Potential for significant value creation as capital is rotated out of Artis and reinvested into the RFA platform at materially higher returns Multiple compelling ave
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