Business: Intact Financial Corp., Reset Rate Non-Cumulative Preference Shares Class A Series 7, liquidation preference $25 Canadian dollars per share, redeemable at the issuer's option on or after 06/30/2023 and every June 30th in every fifth year thereafter at $25 Canadian dollars per share plus accrued and unpaid dividends, and with no stated maturity. <p> Non-cumulative distributions of one quarter of the Annual Fixed Dividend Rate will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date fixed by the board, not more than 60 days or less than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The Annual Fixed Dividend Rate will be equal to the sum of the three month Government of Canada Treasury Bills on the applicable fixed rate calculation date plus 2.55% (see prospectus for more details). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. <p> On 06/30/2023 and every June 30th in every fifth year there after the holder will have the right to convert their Series 7 shares into Intact Financial Corp Non-Cumulative Floating Rate Class A Shares Series 8 (see prospectus for more details). In regard to the payment of dividends and upon liquidation, the preference shares rank junior to the company's senior debt, equally with other preference shares of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preference shares.