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MCAN Mortgage Corporation Announces Q1 2020 Results

Toronto, Ontario – May 12, 2020.  MCAN Mortgage Corporation (“MCAN”, the “Company” or “we”) (TSX: “MKP”) reported a net loss of $9.7 million ($0.40 loss per share) for the first quarter ended March 31, 2020, a decrease of 168% from net income of $14.3 million ($0.60 earnings per share) in the first quarter of 2019. In the first quarter of 2020, we recorded a $15.7 million net loss on securities compared to an $8.0 million net gain on securities in the first quarter of 2019, due primarily to fair value changes in our real estate investment trust (“REIT”) portfolio.  The net loss on securities in Q1 2020 negatively impacted earnings per share by $0.65, while the net gain on securities in Q1 2019 positively impacted earnings per share by $0.34.  The Board of Directors (the “Board”) declared a second quarter dividend of $0.34 per share on May 12, 2020 to be paid June 30, 2020 to shareholders of record as of June 15, 2020.

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