Accord Announces Record Fiscal 2021 Funds Employed, Revenue and Earnings and Reports Strong Fourth Quarter Results

Toronto – March 10, 2022:  Accord Financial Corp. (TSX – ACD) today released its financial results for the fourth quarter and year ended December 31, 2021. The financial figures presented in this release are reported in Canadian dollars and have been prepared in accordance with International Financial Reporting Standards.

“Accord turned in a record performance in 2021 across every key metric, putting the Company squarely back on its pre-pandemic growth and earnings trajectory. Total funds employed rose 33% from year-end 2020, closing 2021 at an all-time high of $478 million. Earnings per share (“EPS”) followed suit, also notching a record at $1.39. With the economy rebounding, we continue to capitalize on innovative product development, deep market presence and financial strength, and look forward to accelerating into 2022,” said President and CEO Simon Hitzig.

Along with strong growth in funds employed, average yields also rose as the portfolio mix shifted in favor of higher yielding segments, led by Accord Small Business Finance and BondIt Media Capital. These factors combined to drive 2021 revenue to an all-time high of $63,480,000, up 31% from $48,501,000 in 2020.

Net earnings attributable to shareholders (“shareholders’ net earnings”) surged to a record of $11,887,000 in 2021 compared with $417,000 in 2020, delivering EPS of $1.39 compared to $0.05 the previous year. Adjusted net earnings reached $13,068,000 in 2021 compared to $2,032,000 in 2020, resulting in Adjusted EPS of $1.53 compared to $0.24 in 2020. EPS and Adjusted EPS beat the Company’s previous full year best of $1.24 and $1.30, respectively, in 2018. Shareholders’ equity reached $100 million at December 31, 2021, compared to $90 million a year earlier.

Funds employed, revenue and earnings all accelerated in the fourth quarter, notching the strongest quarter of the year. Fourth quarter revenue increased 43% to $18,465,000 from $12,903,000 in the same quarter in 2020. This drove fourth quarter shareholders’ net earnings up 158% to $3,573,000 compared to $1,384,000 in 2020. EPS reached 42 cents, up from 16 cents the previous year. This strong finish to the year boosted book value per share to $11.68 at year end.

Commenting further on the Company’s performance, Mr. Hitzig added: “Since emerging from the economic shutdown in the summer of 2020, Accord has reported six straight quarters of strong financial performance. Accord’s record funds employed at year end set us up for a strong start to 2022. And steady improvement of operating efficiency, diversification and credit quality underpin the foundation, adding an element of stability as we look forward to continued success in the coming years.”

The Company also announced the appointment of two new members of the Board of Directors; Burt Feinberg and David Spivak will join the Board effective April 1, 2022. Mr. Feinberg brings more than thirty-five years of experience, with leadership roles in all areas where Accord is active, including corporate finance, middle market direct lending, asset-based lending, and equipment finance. He is currently Managing Director and Head of Asset-Based Lending at Apple Bank in New York, after several years of advisory work with investment banks, financial institutions, and asset managers. Prior to that he served as Managing Director and Group Head of CIT Commercial & Industrial. Mr. Spivak brings thirty years of experience as an investment banker, capital markets advisor and CFO for both public and private companies. He is currently President of Brockstreet Capital, an investment and corporate finance advisory firm. The majority of his career was spent at Citigroup in Toronto and New York, where he held numerous positions, including Managing Director in the Investment Banking and Equity Capital Markets Groups. He is currently a Director of Höegh LNG Partners LP and a past member of the TSX Listings Advisory Committee. The Company’s Chairman David Beutel commented, “Adding veteran talent to our board in key areas will help accelerate our growth plan and galvanize support throughout the investor community.”

About Accord Financial Corp.

Accord Financial is North America’s most dynamic commercial finance company providing fast, versatile financing solutions for companies in transition including asset-based lending, factoring, inventory finance, equipment leasing, trade finance and film/media finance. By leveraging our unique combination of financial strength, deep experience and independent thinking, we craft winning financial solutions for small and medium-sized businesses, simply delivered, so our clients can thrive. For 44 years, Accord has helped businesses manage their cash flows and maximize financial opportunities.

For further information, please visit www.accordfinancial.com or contact:

Stuart Adair

Senior Vice President, Chief Financial Officer

Accord Financial Corp.

602 – 40 Eglinton Avenue East

Toronto, Ontario M4P 3A2

(416) 642-5647

sadair@accordfinancial.com

Note: Non-IFRS measures

The Company’s financial statements have been prepared in accordance with IFRS. The Company uses a number of other financial measures to monitor its performance and believes that these measures may be useful to investors in evaluating the Company’s operating performance and financial position. These measures may not have standardized meanings or computations as prescribed by IFRS that would ensure consistency between companies using these measures and are, therefore, considered to be non-IFRS measures. The non-IFRS measures presented in this press release are as follows:

• Adjusted net earnings and adjusted EPS. The Company derives these measures from amounts presented in its IFRS prepared financial statements. Adjusted net earnings comprise shareholders’ net earnings before stock-based compensation, business acquisition expenses (transaction and integration costs and amortization of intangible assets) and restructuring expenses. Adjusted EPS (basic and diluted) is adjusted net earnings divided by the weighted average number of common shares outstanding (basic and diluted) in the period. Management believes adjusted net earnings is a more appropriate measure of operating performance as it excludes items which do not relate to ongoing operating activities. The following table provides a reconciliation of the Company’s net earnings to adjusted net earnings:

2) Book value per share – book value is shareholders’ equity and is the same as the net asset value (calculated as total assets minus total liabilities) of the Company less non-controlling interests. Book value per share is the book value divided by the number of common shares outstanding as of a particular date.

3)  Funds employed is another name that the Company uses for its finance receivables and loans, an IFRS measure. Average funds employed are the average finance receivables and loans, calculated on a month-by-