Mr. George Lawton reports

NORTH AMERICA HOME FINANCE ANNOUNCES NORMAL COURSE ISSUER BID FOR "HOUSING SHARES" SERIES 1 NON-VOTING PREFERRED SHARES: NAHF.PR.A

The Canadian Securities Exchange has accepted North America Home Finance Inc.'s notice of intention to commence a normal course issuer bid (NCIB) for its Series 1 non-voting preferred shares.

Under the NCIB, North America Home may purchase for cancellation up to 3,112 housing shares, representing approximately 10 per cent of the 31,127 housing shares issued and outstanding as of Aug. 20, 2026.

Purchases under the NCIB may begin on Aug. 22, 2026, and will end on the earlier of:

• The close of trading on Aug. 21, 2027;
• The date on which North America Home has acquired the maximum number of housing shares permitted under the NCIB;
• The date on which the company elects to terminate the NCIB.

The NCIB will be conducted through the facilities of the CSE and any alternative Canadian trading systems on which the housing shares are traded. Integral Wealth Securities Ltd. has been appointed as the company's purchasing dealer for the NCIB.

All purchases will be made at prevailing market prices and in accordance with applicable securities laws and CSE policies. The actual timing and number of housing shares purchased, if any, will be determined by management based on market conditions, the trading price of the housing shares, the most recently determined HYU (housing yield unit) value (as defined below) per HY (housing yield) unit (as defined below), the availability of capital and other factors.

Purpose of the NCIB

The company maintains a 1:1 ratio of housing shares issued and outstanding to the number of HY units, Series A, of NAHF Real Estate Trust held by the company. The value of the housing shares is therefore dependent on the underlying value of the HY units, which is based on the value set for the units by the trustees of the trust as at the most recently completed quarterly fiscal period, calculated in accordance with the terms and conditions established by the trustees of the trust. The price at which HY units may be redeemed by the trust is derived from the HYU value, subject to certain adjustments described under non-GAAP (generally accepted accounting principles) and other financial measures.

As North America Home expands its housing portfolio, housing shares may be issued in connection with several parts of the company's growth strategy. These may include:

• The acquisition of rental properties or newly completed homes;
• Exchanges involving interests in residential housing assets;
• Exchanges of HY units for housing shares;
• The settlement of equity earned by qualifying families through North America Home's HomePlan shared-equity housing program.

Some recipients of housing shares may seek liquidity following an issuance. For example, a family leaving a HomePlan home may wish to sell housing shares received for its accumulated equity so that the proceeds can be applied toward the purchase of another home. Developers, landlords and other counterparties receiving housing shares in connection with property transactions may also choose to sell some or all of their shares.

North America Home established the NCIB as one component of its broader approach to supporting an orderly and liquid public market for housing shares as the housing portfolio and shareholder base grow.

The NCIB will provide the company with the ability to purchase housing shares when management believes their market price represents an attractive value relative to the most recently determined HYU value and that repurchasing shares is an appropriate use of available operating cash.

Purchasing housing shares below the most recently determined HYU value may increase the proportionate interest in the underlying housing equity attributable to the remaining housing shares and reduce the number of housing shares outstanding. It may also improve the company's ability to issue housing shares as consideration for future residential property acquisitions by contributing to a more active and orderly market for the shares.

The company does not intend to fund the NCIB with proceeds required for committed property investments or ordinary operating requirements. Purchases will be financed from available cash resources and will be made only when the board of directors and management determine that they represent a prudent allocation of capital.

"The housing shares were created to connect investment capital, residential housing ownership and shared equity opportunities for families," said George Lawton, chief executive officer of North America Home. "As we issue housing shares to acquire more housing and recognize equity earned by HomePlan families, it is important to continue developing a deeper and more liquid market for those shares.

"The NCIB gives NAHF another capital allocation tool. When housing shares are available at an appropriate discount to the applicable HYU value, the company may be able to purchase and cancel shares in a manner that benefits the remaining shareholders, while preserving its primary focus on expanding the housing portfolio."

Purchase pricing

In assessing possible purchases, North America Home currently expects to focus principally on circumstances in which housing shares are trading below the most recently determined HYU value.

Subject at all times to CSE requirements, available cash and market conditions, the company presently expects that purchases would generally be considered when the trading price of the housing shares is within a range of approximately 4 per cent to 9 per cent below the most recently determined HYU value.

This range shown above is an internal capital allocation guideline and does not represent a guaranteed trading range, minimum price, standing purchase commitment, or assurance that North America Home will purchase housing shares at any particular price or at all. The company may revise or discontinue this guideline based on market conditions, changes in the HYU value, available resources, the growth of the housing share market or other considerations.

Any purchase price must also comply with CSE requirements, including the requirement that purchases generally be made at or below the price of the last independent trade at the time of purchase.

CSE trading requirements

Purchases under the NCIB will be subject to all applicable CSE requirements, including limits governing the price, timing and volume of purchases.

Among other restrictions:

• Purchases will be made through one appointed dealer at any one time.
• Purchases will not be made through intentional crosses, prearranged trades or private agreements, except as permitted under applicable exemptions.
• North America Home will not purchase housing shares under the NCIB while in possession of undisclosed material information.
• Purchases will not be made at the opening of trading or during the 30 minutes before the scheduled close of continuous trading.
• Purchases during any rolling 30-trading-day period will not exceed the applicable CSE volume limit.

The company will report purchases to the CSE in accordance with applicable requirements. Shareholders should not assume that any housing shares will be purchased, and the company may suspend or discontinue purchases at any time.

Relationship to North America Home's housing growth strategy

North America Home's principal objective remains the expansion of a diversified residential housing portfolio that can support shared-equity housing opportunities across a broad range of home types and price points.

The company has developed methods intended to allow single-family homes, condominiums, townhomes and existing rental apartments to participate in its housing equity platform. This flexibility is intended to help North America Home offer shared equity options to families at different income levels while creating a scalable source of residential housing investment opportunities.

Management believes that a liquid public market for housing shares can assist this strategy by allowing the company to use housing shares, where appropriate, as part of the consideration paid for housing assets. The NCIB complements North America Home's investor relations, market-making and institutional outreach activities intended to broaden the shareholder base and support the long-term development of the housing share market.

About housing shares

Housing shares are Series 1 non-voting preferred shares of North America Home listed on the CSE under the symbol NAHF.PR.A.

Each housing share is backed by an equal number of HY units of the trust held by the company. The underlying value of the HY units is based on the HYU value of the trust as at the most recently completed quarterly fiscal period, determined by the trustees in accordance with the HY unit terms. The redemption price is derived from the HYU value, subject to adjustments to reflect changes in unitholders' equity, unrealized housing appreciation allocated to lessees, market value attribution and, for early redemptions, a time-based discount, as further described under non-GAAP and other financial measures.

Non-GAAP and other financial measures

This news release references the redemption price of the HY units, which is derived from the HYU value of the trust determined by the trustees in accordance with the HY unit terms. HYU value is a non-GAAP financial measure and does not have a standardized meaning under international financial reporting standards (IFRS). HYU value is determined by the trustees based on the consolidated quarterly financial statements of the trust as at the most recently completed quarterly fiscal period, with residential real properties valued at acquisition cost and cost of capital additions, adjusted utilizing a market value attribution amount and independent third party appraisals, the Teranet National Bank House Price Index or such other methodology as the trustees may approve, in each case addressing the high-watermark increase attributable to the equity portion of the asset. The redemption price is then derived from the HYU value, subject to discretionary adjustments by the trustees to reflect additions or reductions in HY unitholders' equity, and further adjusted to account for: (a) the portion of unrealized housing appreciation allocated to lessees under the trust's shared-equity arrangements; (b) the market value attribution amount described above; and (c) where applicable, a time-based redemption discount that declines from 6.0 per cent in the first year following subscription to 0.0 per cent after the fifth year. Management uses the HYU value and the redemption price derived from it as benchmarks for assessing the relative value of the housing shares and intends to reference them in connection with capital allocation decisions under the NCIB. Because HYU value does not have a standardized meaning under IFRS, the redemption price derived from it may not be comparable to similar measures presented by other issuers and should not be construed as an alternative to any financial measure determined in accordance with IFRS. Readers are encouraged to review the company's financial statements and other public disclosure, available under the company's profile on SEDAR+.

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