PI Financial Announces Ownership Transition; Management and Operations Unchanged as PI Builds on Strong Results

VANCOUVER, July 8, 2020 - PI Financial Corp. (PI) today announced a definitive agreement pursuant to
which the ownership of PI will transfer to a joint venture controlled by two investment firms, H.I.G. Capital and
RCM Capital Management. PI will continue to be managed by its experienced executive team, with no changes
to the firm’s investment personnel, day-to-day operations, capital or client accounts.

H.I.G. Capital is a global investment firm with over US$32 billion in assets under management, focusing on
small and mid-sized companies. RCM Capital Management is a Vancouver and Toronto-based asset
management firm making direct debt and equity investments in middle-market North American companies.

“We are pleased to be working with experienced financial professionals who share our belief in PI’s model and
long-term growth prospects,” said Jean-Paul Bachellerie, PI’s Chief Executive Officer. “Our team is performing
well and delivering for our clients, with a very strong 2020 despite the tumultuous markets and COVID-19
disruptions. We expect the ownership transition to be seamless for our team and our clients, and we look
forward to building on our momentum with the support of our new owners.”

“We are committed backers of PI, and are thrilled to become involved with this outstanding investment firm,”
said John Yeager, Managing Director of H.I.G. Capital. “We fully support the PI executive leadership team, their
strategy and their talented teams of financial advisors and capital markets professionals. PI’s success is
founded upon its proven model of independent, experience-driven financial advice, and we look forward to a
long-term partnership that will enrich that success.”

“As a Canadian financial firm ourselves, our team has long admired PI, and we respect the drive that has made
it into one of Canada’s leading investment dealers and a top investment bank,” said Christopher Morris,
Managing Partner of RCM Capital Management. “We are proud to be participating in the continued growth of a
remarkable Canadian success story.”

Pursuant to a definitive agreement, H.I.G. Capital and RCM Capital Management will assume ownership from
Ng Group of Companies. The ownership change is subject to regulatory approval.

About PI Financial Corp.
PI Financial Corp. (PI) is a leading, independent investment dealer which provides a full range of investment
products and services for individual, corporate and institutional investors.

Founded in 1982, PI has become one of Canada’s largest independent dealers with over 300 employees from
Toronto west to our headquarters in Vancouver, BC. In 2019 PI was named one of Canada’s Top Growing
Companies by the Report on Business magazine.

Our experienced Investment Advisors, Portfolio Managers, and Commodities Futures Advisors are driven by a
singular purpose of helping clients achieve their investment, capital or corporate objectives. Whether it is
planning for retirement, income, or capital appreciation, PI has the advisor suited to your unique needs.

As one of Canada’s top investment banks for small to mid cap Canadian companies we provide expertise
across a variety of growth sectors. Our Capital Markets professionals deliver a full range of research, investment
banking, advisory, and institutional sales & trading services.

PI Financial Corp. Contact:
Jean-Paul Bachellerie
Chief Executive Officer

H.I.G. Capital Contact:
John Yeager
Managing Director

RCM Capital Management Contact:
Christopher Morris
Managing Partner

Media Contact:
Trevor Zeck
Longview Communications & Public Affairs