Mr. Kish Kapoor reports

RF CAPITAL REPORTS SECOND QUARTER 2023 RESULTS

RF Capital Group Inc. had revenue of $89-million for the second quarter of 2023, a decrease of 2 per cent. Excluding one large insurance commission in Q2 2022, revenue increased 7% driven by a 3% increase in fee revenue and a 61% increase in interest revenue. Adjusted EBITDA1 of $15 million was 10% lower than Q2 2022 given our flat gross margin and a 4% increase in Adjusted operating expenses1 over the period.

1. Considered to be non-GAAP or supplemental financial measures, which do not have any standardized meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "Non-GAAP and Supplemental Financial Measures" section at the end of this press release.

2. Assets under administration (AUA) is a measure of client assets and is common in the wealth management business. AUA represents the market value of client assets managed and administered by Richardson Wealth from which it earns commissions and fee revenue.

Kish Kapoor, President, and Chief Executive Officer, commented, "Our transformation work has strengthened our platform, generated interest in our story, and reduced the risk in our business. It has made our business more profitable and valuable than when we started our journey in 2020. While the share price is not yet aligned, we expect the improving fundamentals of our business will translate into meaningful long-term shareholder value and the share price to follow. With transformation work complete, our story now centers around growth, both within our advisors' practices and through acquisition."

Mr. Kapoor also stated, "The optimism that is being felt across our company is so inspiring. We have every reason to believe we will become the destination for Canada's top advisors and their high-net worth clients."

Q2 2023 - Select Financial Information

The attached table presents the Company's financial results for Q2 2023, Q1 2023 and Q2 2022.

Preferred Share Dividend

On August 2, 2023, the board of directors approved a cash dividend of $0.233313 per Series B Preferred Share for a total of $1,073, payable on September 30, 2023 1, to preferred shareholders of record on September 15, 2023.

Items of Note

The adjusted financial results presented in this MD&A exclude the impact of transformation program expenses, costs associated with legacy legal matters, and the amortization of acquired intangibles.

Q2 2023 included $0.4 million of pre-tax transformation costs and other provisions:

• $0.8 million of pre-tax charges ($0.4 million after-tax) related to outsourcing our carrying broker operations to Fidelity.
• $0.4 million of pre-tax recoveries related to legacy legal and other transformation matters ($0.3 million after-tax).

Q1 2023 included $4.1 million of pre-tax transformation costs and other provisions:

• $4.1 million of pre-tax charges for our ongoing transformation ($3.0 million after-tax). These charges are related largely to outsourcing our carrying broker operations to Fidelity.

Q2 2022 included $2.4 million of pre-tax transformation costs and other provisions:

• $2.4 million of pre-tax charges for our ongoing transformation ($1.6 million after-tax). These charges are related largely to developing our growth strategy and outsourcing our carrying broker operations.

Each quarter also includes:

• $3.3 million of pre-tax amortization of acquired intangible assets ($2.4 million after-tax). The amortization arose from intangible assets created on the acquisition of Richardson Wealth. It will continue through 2035.

1 In the event that the payment date is not a business day, such dividend shall be paid on the next succeeding day that is a business day.

About RF Capital Group Inc.

RF Capital Group Inc. is a TSX-listed (TSX: RCG) wealth management-focused company. Operating under the Richardson Wealth brand, the Company is one of the largest independent wealth management firms in Canada with $36.0 billion in assets under administration (as of July 31, 2023) and 21 offices across the country. The firm's Advisor teams are focused exclusively on providing strategic wealth advice and innovative investment solutions customized for high net worth or ultra-high net worth families and entrepreneurs. The Company is committed to maintaining exceptional fiduciary standards and has earned certification - determined annually - from the Center for Fiduciary Excellence for its Separately Managed and Portfolio Management Account platforms. Richardson Wealth has also been recognized as a Great Place to Work(TM) for the past three years, a Best Workplace for Women, a Best Workplace in Canada and Ontario, a Best Workplace for Mental Wellness, for Financial Services and Insurance, and for Hybrid Work.

We seek Safe Harbor.