# EDGAR Filing Document

**Accession Number:** 0001602842
**File Stem:** 0001193125-26-197914
**Filing Date:** 2026-4
**Character Count:** 804606
**Document Hash:** 7d18cc2eaa39a755b94eb9161e74ad69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-197914.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-197914

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 144

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Orion Digital Corp.
- **CENTRAL INDEX KEY:** 0001602842
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38409
- **FILM NUMBER:** 26927453

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 516 - 409 GRANVILLE STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 1T2
- **BUSINESS PHONE:** 604-659-4380

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 516 - 409 GRANVILLE STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 1T2

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mogo Inc.
- **DATE OF NAME CHANGE:** 20190621

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mogo Finance Technology Inc.
- **DATE OF NAME CHANGE:** 20140317

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mogo Finance Technology, Inc.
- **DATE OF NAME CHANGE:** 20140317

?xml version='1.0' encoding='ASCII'? 20-F

[**<u>**Table of Contents**</u>**](#toc_page)

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

**FORM** 20-F

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| | |
|:---|:---|
| ☐ | **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR** |
| ☒ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the fiscal year ended** **December 31,** 2025 |

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**OR**

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| | |
|:---|:---|
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **For the transition period from to** |

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**OR**

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| | |
|:---|:---|
| ☐ | **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
|  | **Date of event requiring this shell company report** |

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Commission file number 001-38409

ORION DIGITAL CORP.

(Exact name of Registrant as specified in its charter)

**N/A**

(Translation of Registrant's name into English)

British Columbia**,** Canada

(Jurisdiction of incorporation or organization)

516 - 409 Granville St**,** Vancouver BC**,** V6C 1T2**,** Canada

(Address of principal executive offices)

Gregory Feller**, President & Chief Financial Officer** 516 - 409 Granville St**,** Vancouver BC**,** V6C 1T2**,** CanadaTel: 604-659-4380Fax: 604-733-4944

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

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Securities registered or to be registered pursuant to Section 12(b) of the Act.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Shares  | &nbsp;&nbsp;ORIO | &nbsp;&nbsp;The Nasdaq Stock Market LLC |

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Securities registered or to be registered pursuant to Section 12(g) of the Act.

**None**

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

**None**

(Title of Class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 23,943,550 common shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☐Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐Yes ☒ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer☐ Non-accelerated filer☒

Emerging growth company ☐

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If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Auditor Firm Id: #1930 Auditor Name: MNP LLP Auditor Location: Vancouver, British Columbia, Canada

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| <u>ITEM 1.</u> | <u>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</u> | 4 |
| <u>ITEM 2.</u> | <u>OFFER STATISTICS AND EXPECTED TIMETABLE</u> | 4 |
| <u>ITEM 3.</u> | <u>KEY INFORMATION</u> | 4 |
| [<u>ITEM 4.</u>](#item4) | [<u>INFORMATION ON THE COMPANY</u>](#item4) | 33 |
| [<u>ITEM 4A.</u>](#item4a) | [<u>UNRESOLVED STAFF COMMENTS</u>](#item4a) | 52 |
| [<u>ITEM 5.</u>](#item5) | [<u>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</u>](#item5) | 53 |
| [<u>ITEM 6.</u>](#item6) | [<u>DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</u>](#item6) | 78 |
| [<u>ITEM 7.</u>](#item7) | [<u>MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</u>](#item7) | 89 |
| [<u>ITEM 8.</u>](#item8) | [<u>FINANCIAL INFORMATION</u>](#item8) | 92 |
| [<u>ITEM 9.</u>](#item9) | [<u>THE OFFER AND LISTING</u>](#item9) | 93 |
| [<u>ITEM 10.</u>](#item10) | [<u>ADDITIONAL INFORMATION</u>](#item10) | 94 |
| [<u>ITEM 11.</u>](#item11) | [<u>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</u>](#item11) | 107 |
| [<u>ITEM 12.</u>](#item12) | [<u>DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</u>](#item12) | 108 |
| [<u>ITEM 13.</u>](#item13) | [<u>DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</u>](#item13) | 109 |
| [<u>ITEM 14.</u>](#item14) | [<u>MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</u>](#item14) | 109 |
| [<u>ITEM 15.</u>](#item15) | [<u>CONTROLS AND PROCEDURES</u>](#item15) | 110 |
| [<u>ITEM 16</u>](#item16). | [<u>\[RESERVED\]</u>](#item16) | 112 |
| [<u>ITEM 17.</u>](#item17) | [<u>FINANCIAL STATEMENTS</u>](#item17) | 118 |
| [<u>ITEM 18.</u>](#item18) | [<u>FINANCIAL STATEMENTS</u>](#item18) | 118 |
| [<u>ITEM 19.</u>](#item19) | [<u>EXHIBITS</u>](#item19) | 119 |

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**INTRODUCTION**

Unless otherwise noted or the context indicates otherwise "we", "us", "our", the "Company" or "Orion Digital" refer to Orion Digital Corp. and its direct and indirect subsidiaries. This annual report on Form 20-F includes our audited consolidated financial statements for the years ended December 31, 2023, 2024 and 2025 and as of December 31, 2024 and 2025, which are presented in Canadian dollars. Amounts in this annual report on Form 20-F are stated in Canadian dollars unless otherwise indicated.

On June 21, 2019, we completed our plan of arrangement (the "**Arrangemen**t") with Mogo Finance Technology Inc ("**Mogo Finance**"). In connection with the Arrangement, the Company was continued into British Columbia and changed its name from Difference Capital Financial Inc. to Mogo Inc. The Arrangement was accounted for as a reverse acquisition of the Company by Mogo Finance under IFRS 3 - Business combinations, and accordingly, beginning with the second quarter of 2019, the Company's financial statements, management's discussion and analysis and all other documents filed with securities commissions or similar authorities in each of the provinces and territories of Canada reflect the continuing operations of Mogo Finance. See "Item 4 –A – History and Development of the Company" for more information regarding the Arrangement.

This annual report on Form 20-F may refer to trademarks, trade names and material which is subject to copyright and which are protected under applicable intellectual property laws and are the property of Orion Digital. Solely for convenience, our trademarks, trade names and copyrighted material referred to in this annual report on Form 20-F may appear without the <sup>®</sup>or© symbol, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, trade names and copyrights. All other trademarks used in this annual report on Form 20-F are the property of their respective owners.

This annual report on Form 20-F is dated April 30, 2026. Except where otherwise indicated, the information contained in this annual report on Form 20-F is stated as of December 31, 2025.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This annual report on Form 20-F contains "forward-looking statements" that relate to the Company's current expectations and views of future events. These forward-looking statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, as amended. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "predict" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The Company has based these forward-looking statements on its current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, among other things, statements relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's expectations regarding its revenue (including loan interest), expenses and operations, key performance indicators, provision for loan losses (net of recoveries) and delinquencies ratios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's anticipated cash needs and its needs for additional financing, funding costs, and ability to extend or refinance any outstanding amounts under the Credit Facility (as defined below) and debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to protect, maintain and enforce its intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•third-party claims of infringement or violation of, or other conflicts with, intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the resolution of any legal matters or disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's plans for and timing of expansion of its products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's future growth plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the acceptance by consumers and the marketplace of new technologies and solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to attract new members and develop and maintain existing members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's ability to attract and retain personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's expectations with respect to advancement of its product offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's competitive position and the regulatory environment in which the Company operates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•anticipated trends and challenges in the Company's business and the markets in which it operates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's historical investment approach, objectives and strategy, including its focus on specific sectors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the structuring of its investments and its plans to manage its investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Company's expectations regarding the performance of certain sectors in which it has invested.

Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and we

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cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, any investors or users of this document should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors that are discussed in greater detail under "Item 3. Key Information—D. Risk Factors" or elsewhere in this annual report on Form 20-F.

Although the forward-looking statements contained in this annual report on Form 20-F are based upon what our management believes are reasonable assumptions, these risks, uncertainties, assumptions and other factors could cause our actual results, performance, achievements and experience to differ materially from our expectations, future results, performances or achievements expressed or implied by the forward-looking statements. The forward-looking statements made in this annual report on Form 20-F relate only to events or information as of the date of this annual report on Form 20-F and are expressly qualified in their entirety by this cautionary statement. Except as required by law, we do not assume any obligation to update or revise any of these forward-looking statements to reflect events or circumstances after the date of this annual report on Form 20-F, including the occurrence of unanticipated events.

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**PART I**

**ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS**

Not applicable.

**ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE**

Not applicable.

**ITEM 3. KEY INFORMATION**

**<u>1.</u>** **<u>[Reserved]</u>**

**<u>2.</u>** **<u>Capitalization and Indebtedness</u>**

Not applicable.

**<u>3.</u>** **<u>Reasons for the Offer and Use of Proceeds</u>**

Not applicable.

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**<u>D.</u>** **<u>Risk Factors</u>**

In addition to any other risks contained in this annual report on Form 20-F, as well as our management's discussion and analysis and consolidated financial statements and accompanying notes, the risks described below are the principal risks that could have a material and adverse effect on our business, financial condition, results of operations, cash flows, future prospects or the trading price of our Common Shares. This annual report on Form 20-F also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described below. See "Cautionary Note Regarding Forward Looking Statements".

***Risk Factors Summary:***

The following is a summary of the principal risks that could adversely affect our business, operations and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Worsening economic conditions may cause our members' loan default rates to increase and harm our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our allowance for loan losses is determined based upon both objective and subjective factors and may not be adequate to absorb loan losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We rely on our proprietary credit scoring model in the forecasting of loss rates. If we are unable to effectively forecast loss rates, it may negatively impact our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our risk management efforts may not be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have a history of losses and may not achieve consistent profitability in the future. In addition, if we continue to grow, we may not be able to manage our growth effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Carta's business is reliant on contracts with key customers operating in the payment industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may require additional capital to pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances. If capital is not available to us, our business, operating results and financial condition may be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If new products and platform enhancements do not achieve sufficient market acceptance, our financial results and competitive position will be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our business is subject to extensive and evolving regulation and oversight in a variety of areas, all of which are subject to change and uncertain interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our use of artificial intelligence and machine learning technologies may subject us to operational, regulatory, and reputational risks that could adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evolving regulations governing cross-border data transfers may impair our ability to operate efficiently across international boundaries, particularly through our Carta subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Maintaining compliance with both Canadian and U.S. securities regulations creates additional costs, complexities, and risks as a dual-listed company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we fail to maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements could be impaired, affecting investor confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our flexible remote working model subjects us to heightened operational risks, including data security vulnerabilities and challenges in maintaining corporate culture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•As registrants and members of, or firms registered with, applicable Canadian securities regulatory authorities, IntelligentInvesting Securities Inc. and IntelligentInvesting Wealth Management Inc. are subject to extensive regulation in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we do not maintain the capital levels required by applicable regulators, our business may be restricted and we may be subject to disciplinary or corrective actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our operation of a platform for independent portfolio managers exposes us to potential liability for advisor misconduct, compliance failures, and evolving regulatory expectations for investment management platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our business may be adversely affected by material changes to the interest rate charged to our members and paid to our lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our debt financing sources are highly concentrated, and we may not be able to access additional sources of funding on reasonable terms or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our agreements with our lenders contain a number of early payment triggers and covenants. A breach of such triggers or covenants or other terms of such agreements could result in an early amortization, default, or acceleration of the maturity date which could materially impact our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our levels of indebtedness can have negative implications for our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We and our partners process sensitive data, and our digital platforms may be targeted by fraud or unauthorized access, which could harm our reputation and materially affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The collection, processing, storage, use, and disclosure of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements or differing views of personal privacy rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cybersecurity incidents and other systems and technology problems may materially and adversely affect our business, operations and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•It may be difficult and costly to protect our intellectual property rights, and we may not be able to ensure their protection. We may face claims by third parties for alleged infringement of their intellectual property rights, which could harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We may face claims by third parties for alleged infringement of their intellectual property rights, which could harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If our software contains serious errors or defects, we may lose revenue and market acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Member complaints or negative publicity could result in a decline in our member growth and our business could suffer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our business depends on our ability to collect payments and service the products we make available to our members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We rely on third parties for key functions, and any service disruption, changes to their policies or technical requirements could impair our ability to deliver products and services to members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We face increasing competition and, if we do not compete effectively, our operating results could be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We rely on our management team and need additional key personnel to grow our business, and the loss of key employees or inability to hire key personnel could harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Litigation may adversely affect our business and financial condition.

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***Worsening economic conditions may cause our members' loan default rates to increase and harm our operating results.*** 

Approximately 35% of our assets as of December 31, 2025 consisted of loans to our members. Uncertainty and negative trends in general economic conditions in Canada and abroad, including significant tightening of credit markets, historically have created a difficult environment for companies operating in our industries. Current global and macroeconomic conditions remain in a state of heightened volatility due to a number of factors, including geopolitical risks and tensions, changes in government administrations, regulations, legislation and policies, and trade relations and ongoing trade tensions, including the threat of tariffs, other governmental actions and retaliatory actions. In particular, tariffs imposed by the United States on Canadian imports, together with retaliatory tariffs imposed by Canada on U.S imports, have created significant economic uncertainty. These tariffs have contributed to inflationary pressures, supply chain disruptions, reduced consumer confidence, and increased volatility in the Canadian dollar and capital markets. There can be no assurance that the current tariff regime will be eased, and any escalation or prolonged continuation of trade tensions between Canada and the United States could further weaken the economic conditions in which we operate. These factors, which are beyond our control, may influence inflation, interest rates, unemployment levels, consumer confidence, economic growth in the geographies in which the Company operates and other general economic conditions. The Company continues to monitor global and macroeconomic developments and may take steps to mitigate potential risks. However, there can be no assurance that such developments will not have a material adverse effect on the Company's business, financial condition or results of operations.

In addition, there can be no assurance that economic conditions will remain favorable for our business or that default rates on our loans by our members will remain at current levels. Increased default rates by our members on our loans may inhibit our access to capital and negatively impact our profitability. If delinquency or uncollectable rates on our consumer loans exceed certain levels defined in the Credit Facility it could constitute a default under the Credit Facility or other credit facilities, reducing or terminating such facilities. Furthermore, we receive a number of applications from potential members who do not satisfy the requirements for our loans. If an insufficient number of qualified individuals apply for our loans, our growth and revenue could decline.

***Our allowance for loan losses is determined based upon both objective and subjective factors and may not be adequate to absorb loan losses.*** 

We face the risk that our members will fail to repay their loans in full. We reserve for such losses by establishing an allowance for loan losses, the increase of which results in a charge to our earnings as a provision for loan losses. We have established an evaluation process designed to determine the adequacy of our allowance for loan losses. While this evaluation process uses historical and other objective information, the classification of loans and the forecasts and establishment of loan losses are also dependent on our subjective assessment based upon our experience and judgment. The accelerating development and adoption of artificial intelligence and automation technologies may disrupt traditional employment patterns and potentially increase unemployment rates in certain sectors where our borrowers are concentrated. These technological disruptions could alter historical default patterns and create new challenges in accurately forecasting loan losses, as these emerging trends may not be fully captured in our historical data or current risk models. Actual losses are difficult to forecast, especially if such losses stem from factors beyond our historical experience, and unlike traditional banks, we are not subject to periodic review by bank regulatory agencies of our allowance for loan losses. A significant increase in our allowance for loan losses could also adversely affect our available capital and our ability to comply with financial covenants under our Credit Facility, which could restrict our access to funding. Any of the foregoing could have a material adverse effect on our business, financial condition and results of operations.

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***We rely on our proprietary credit scoring model in the forecasting of loss rates. If we are unable to effectively forecast loss rates, it may negatively impact our operating results.*** 

In deciding whether to extend credit to prospective members, we rely heavily on our credit score generated by our proprietary credit scoring model and decisioning system, an empirically derived suite of statistical models built using third-party data, data from our members and our credit experience gained through monitoring the performance of our members over time. If our proprietary credit scoring model and decisioning system fails to adequately predict the creditworthiness of our members, or if our proprietary cash flow analytics system fails to assess prospective members' financial ability to repay their loans, or if any portion of the information pertaining to the prospective member is false, inaccurate or incomplete, and our systems did not detect such falsities, inaccuracies or incompleteness, or any or all of the other components of the credit decision process described herein fails, we may experience higher than forecasted losses. Furthermore, if we are unable to access the third-party data used in our credit scores, our access to such data is limited or such information is outdated or incorrect, our ability to accurately evaluate potential members will be compromised, and we may be unable to effectively predict probable credit losses inherent in our loan portfolio, which would negatively impact our results of operations.

***Our risk management efforts may not be effective.*** 

We could incur substantial losses and our business operations could be disrupted if we are unable to effectively identify, manage, monitor and mitigate financial risks, such as credit risk, interest rate risk, liquidity risk, and other market-related risk, as well as operational risks related to our business, assets and liabilities. To the extent our models used to assess the creditworthiness of potential members do not adequately identify potential risks, the credit scores we produce would not adequately represent the risk profile of such members and could result in higher risk than anticipated. Our risk management policies, procedures, and techniques, including our use of our proprietary credit scoring technology, may not be sufficient to identify all of the risks we are exposed to, mitigate the risks that we have identified or identify concentrations of risk or additional risks to which we may become subject in the future.

***We have a history of losses and may not achieve consistent profitability in the future. In addition, if we continue to grow, we may not be able to manage our growth effectively.***

Although we had shareholders equity of approximately $72 million as of December 31, 2025, we also had an accumulated deficit of approximately $354 million. We will need to generate and sustain increased revenue levels in future periods to become profitable, and, even if we do so, we may not be able to maintain or increase our level of profitability. We intend to continue to expend significant funds to expand our marketing and sales operations, continue developing our products including further development of our platforms, increase our service and general product servicing capabilities, compensate our growing employee base, and expand into new markets. In addition, our provision for loan losses, net of recoveries, is based on our expectation of future loan losses related to our loans receivable. As we continue to grow our members and loans receivable, we expect the aggregate amount of this expense will also continue to grow.

Our historical growth has placed, and may continue to place, significant demands on our management and our operational and financial resources. Our organizational structure is becoming more complex as we add additional staff, and we will need to improve our operational, financial, management and compliance controls as well as our reporting systems and procedures. Our efforts to grow our business may be costlier than we expect, and we may not be able to increase our revenue enough to offset our higher operating expenses. We may incur significant losses in the future for a number of reasons, including the other risks described in this 20-F, and unforeseen expenses, difficulties, complications and delays, and other unknown

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events. If we are unable to achieve and sustain profitability, the market price of our publicly listed securities may significantly decrease.

Further, the circumstances that accelerated the growth of our business in prior years, including an extended period of general macroeconomic growth in Canada and the U.S., as well as growth in the financial services and technology industries in which we operate, have slowed in recent years and may not return in the future. Our membership grew from 2.2 million members as at December 31, 2024 to 2.3 million members as at December 31, 2025. We may experience declines in the growth of our business (or negative growth) as a result of a number of factors, including slowing demand for our products, insufficient growth in the number of customers that utilize our products, declines in the level of usage of our products by existing members, macroeconomic factors, increasing competition, a decrease in the growth of our overall market or our failure to continue to capitalize on growth opportunities, including as a result of our inability to scale to meet such growth and economic conditions that could reduce financial activity and the maturation of our business, among others. If our growth rate declines, our business, operating results, financial condition and prospects could be adversely affected.

***Carta's business is reliant on contracts with key customers operating in the payment industry.***

There can be no assurance that we will be able to maintain our relationships with these clients or that these client relationships will result in increasing revenue. Given the B2B nature of Carta's operations, the number of clients that are potential users of the Carta platform is concentrated. Our largest clients may not be easily replaced and the loss of any one or more of such clients may have a material adverse impact on the results of operations and financial condition of the Company. In addition, if we are unable to add new clients, we may not realize anticipated levels of growth in the future. While we expect this concentration of revenue to decrease over time, we may continue to depend upon a relatively small number of clients for a significant portion of our revenue in the foreseeable future. The loss of a significant client or failure to attract new clients could materially adversely affect our business, financial condition and results of operations.

***We may require additional capital to pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances. If capital is not available to us, our business, operating results and financial condition may be harmed.***

Since our founding, we have raised substantial equity and debt financing to support the growth of our business. Because we intend to continue to make investments to support the growth of our business, we may require additional capital to pursue our business objectives and respond to business opportunities, challenges or unforeseen circumstances, including increasing our marketing expenditures to improve our brand awareness, developing new products or services or further improving existing products and services, enhancing our operating infrastructure and acquiring complementary businesses and technologies. Accordingly, we may need to engage in equity or debt financings to secure additional funds. However, additional funds may not be available when we need them, on terms that are acceptable to us, or at all. In addition, our agreements with our lenders contain restrictive covenants relating to our capital raising activities and other financial and operational matters, and any debt financing that we secure in the future could involve further restrictive covenants which may make it more difficult for us to obtain additional capital and to pursue business opportunities. Volatility in the credit markets may also have an adverse effect on our ability to obtain debt financing.

If we raise additional funds through further issuances of equity or convertible debt securities, our existing shareholders could suffer significant dilution, and any new equity securities we issue could have rights, preferences and privileges superior to those of holders of our Common Shares. If we are unable to obtain adequate financing or financing on terms satisfactory to us, when we require it, our ability to continue to pursue our business objectives and to respond to business opportunities, challenges or unforeseen

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circumstances could be significantly limited, and our business, operating results, financial condition and prospects could be adversely affected.

***If new products and platform enhancements do not achieve sufficient market acceptance, our financial results and competitive position will be harmed.***

We incur expenses and expend resources upfront to develop, acquire and market new products and platform enhancements to incorporate additional features, improve functionality or otherwise make our platform more desirable to our members. New product or platform enhancements must achieve high levels of market acceptance in order for us to recoup our investment in developing and bringing them to market.

Our products, and changes to our platforms could fail to attain sufficient market acceptance for many reasons, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our failure to predict market demand accurately and supply products that meet this demand in a timely fashion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•members using our platforms may not like, find useful or agree with any changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•defects, errors or failures in our platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•negative publicity about our products or our platforms' performance or effectiveness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delays in releasing to the market new products or platform enhancements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the introduction or anticipated introduction of competing products by our competitors.

If our new products or platform enhancements do not achieve adequate acceptance in the market or if management decides not to proceed with the launch of new products or platform enhancements if it does not expect to achieve adequate acceptance in the market, our competitive position, revenue and operating results could be harmed. The adverse effect on our financial results may be particularly acute because of the significant development, marketing, sales and other expenses we will have incurred in connection with new products or enhancements.

***We may not realize the expected benefits from acquisitions due to challenges associated with integrating the operations, technologies, and personnel of Orion Digital and the acquired companies.***

Acquisitions, strategic investments, or partnerships could divert the attention of key management personnel, disrupt our business, dilute shareholder value and adversely affect our results of operations and financial condition. The anticipated benefits of any acquisition, strategic investment, or partnership may not be realized or we may be exposed to unknown risks or liabilities.

We may seek to acquire or invest in businesses, products, or technologies that we believe could complement our products and services or otherwise offer growth opportunities. The pursuit of potential investments or acquisitions may divert the attention of management and cause us to incur various expenses in identifying, investigating, and pursuing suitable opportunities, whether or not they are consummated. Any acquisition, investment, or business relationship may result in unforeseen operating difficulties and expenditures.

We may be required to issue equity or increase debt to acquire businesses which could dilute our shareholders or adversely affect our results of operations. In addition, if an acquired business fails to meet our expectations, our business, results of operations, and financial condition may suffer. Further, we may invest in companies that do not succeed, and our investments may lose all or some of their value, which result in us recording impairment charges reflected in of results of operations.

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***Our business is subject to extensive and evolving regulation and oversight in a variety of areas, all of which are subject to change and uncertain interpretation.*** 

Our business is subject to numerous federal, provincial and other local laws, ordinances and regulations in each of the jurisdictions in which we operate, which are subject to change and which may impose significant costs or limitations on the way we conduct or expand our business. As we develop and introduce new products and services, we may become subject to additional laws and regulations.

Future legislation or regulations may restrict our ability to continue our current methods of operation or expand our operations and may have a negative effect on our business, results of operations, financial condition and the price of our Common Shares. In addition, future legislation or regulations, or amendments to the existing regulatory regime, could require us to modify our platforms and processes, which may cause us to incur additional costs and lead to a reduction in revenue.

For example, our lending business activities are subject to section 347 of the Criminal Code, which prohibits the receipt of interest at a "criminal rate" (as defined therein). Following consultations on predatory lending conducted by the Department of Finance in August 2022, in 2023, the Canadian federal government introduced the *Budget Implementation Act, 2023, No 1*, to reduce the criminal rate of interest from 60% to 35%, and to replace an effective annual rate of interest calculation with an annual percentage rate of interest calculation. On January 1, 2025, these amendments came into force. However, the new criminal rate of interest does not apply in respect of any receipt of a payment or partial payment of interest that is interest at a criminal rate, if the payment arises from an agreement or arrangement to receive interest that was entered into before January 1, 2025 and the interest that arises from that agreement or arrangement would not have been at a criminal rate on the date it was entered into. In addition, the federal government has indicated it may further reduce the criminal rate of interest below 35% APR and a consultation on the further lowering of the criminal rate of interest closed on January 7, 2024. The Company continues to monitor developments in this area to ensure compliance with section 347 of the Criminal Code.

In addition to the criminal interest rate restrictions, certain of our MogoMoney products may be subject to new legislation and regulations respecting 'high-cost credit products' which have been implemented in certain provinces in which we operate. Provincial high-cost credit ("**HCC**") legislation has been implemented in the provinces of Alberta and British Columbia. HCC legislation, which is part of the broader provincial consumer protection regime in these provinces, imposes additional requirements, including licensing and disclosures, on lenders making loans above certain interest rate thresholds. We are currently licensed as an HCC lender in both provinces and comply with all regulatory requirements. We also continue to participate in the regulatory process, monitor the HCC landscape that continues to develop in other provinces. The Company will continue to ensure that its business complies with any HCC regulatory changes and is well positioned to respond to any enhanced disclosure requirements.

While we endeavor to operate our business model in compliance with the applicable provincial and federal laws, with respect to certain of our business models, the application of certain law may be subject to evolving interpretation and requirements. As such, there is a risk that regulatory bodies or consumers could assert that certain federal or provincial laws are applicable where we have determined that they are not, or that such laws apply to aspects of our business in a manner that we have not addressed. If it is determined that we have not complied with the requirements of applicable laws, we could be subject to civil actions for nullification of contracts, rebate of some or all payments made by members, and damages, or subject to sanctions, penalties, or other enforcement for violation of the laws, any of which outcomes could have a material adverse effect on the Company.

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***As a registrant and member of the Canadian Investment Regulatory Organization, IntelligentInvesting Securities Inc. is subject to extensive regulation in Canada.***

IntelligentInvesting Securities Inc. ("**IISI**") is registered as an investment dealer in each of the provinces and territories in Canada, and it is also a member of the Canadian Investment Regulatory Organization ("**CIRO**"). Compliance with many of the regulations applicable to IISI involves a number of risks, particularly in areas where applicable regulations may be subject to interpretation. In the event of non-compliance with an applicable regulation, securities regulators or CIRO may institute administrative or judicial proceedings that may result in censure, fine, civil penalties, issuance of cease-and-desist orders, deregistration or suspension of the non-compliant investment dealer or investment adviser, suspension or disqualification of the investment dealer's officers or employees, or other adverse consequences. The imposition of any such penalties or orders on IISI regardless of duration or any subsequent appellate results could have a material adverse effect on the Company.

***If we do not maintain the capital levels required by CIRO, our business may be restricted and we may be subject to disciplinary or corrective actions.***

CIRO has stringent rules regarding the maintenance of specific capital levels by investment dealers. CIRO sets minimum capital requirements that require firms to have enough capital for the type and scope of their business activities. This reduces the possibility of firm failure by preventing excessive leverage and risky business practices. CIRO monitors our financial condition, may conduct surprise on-site audits, and requires comprehensive financial reporting. We must have our financial statements audited annually by independent CIRO-approved accounting firms.

Failure to maintain the required capital levels could result in immediate business restrictions, suspension or expulsion by CIRO, limitations on our ability to expand our existing business or commence new businesses, and could ultimately lead to the termination of our investment dealer registration. If capital requirements are changed or expanded, if there is an unusually large charge against our capital, or if we make changes in our business operations that increase our capital requirements, operations that require intensive use of capital could be limited. A large operating loss or charge against capital could have adverse effects on our ability to maintain or expand our business.

Additionally, if we breach early warning thresholds established by CIRO, we may become subject to the Early Warning System, which imposes various business restrictions including potential requirements to deposit additional capital, restrictions on business expansion, and increased regulatory oversight. These restrictions could significantly impact our operations and profitability.

***As a registered portfolio manager, investment fund manager and exempt market dealer, IntelligentInvesting Wealth Management Inc. is also subject to extensive regulation in Canada.***

Intelligent Investing relies on IntelligentInvesting Wealth Management Inc. ("**IIWMI**") to provide investment management services to its clients. IIWMI is registered as a portfolio manager, investment fund manager, and exempt market dealer. These registrations subject IIWMI to extensive regulatory requirements under applicable securities laws and regulations, as well as oversight by provincial and territorial securities regulators and the federal anti-money laundering regulator. Compliance with these regulatory frameworks presents numerous risks, particularly given the complexity and evolving nature of securities regulations and the interpretive discretion exercised by regulatory authorities.

Failure to maintain full compliance or disagreements regarding regulatory interpretation could result in administrative or judicial proceedings initiated by securities regulators. Such proceedings may lead to sanctions including, but not limited to, censure, monetary fines, civil penalties, suspension or revocation of

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registrations, restrictions or prohibitions on business activities, suspension or disqualification of IIWMI's officers, directors, or employees, or other regulatory actions. The imposition of any such penalties, sanctions, or orders - regardless of their duration or the outcomes of any subsequent appeals - could significantly impair IIWMI's (and therefore Intelligent Investing's) operations, financial performance, and reputation, and consequently, may have a material adverse effect on our overall business and financial condition.

***Failure to comply with anti-money laundering, sanctions, and anti-terrorist financing laws could result in significant penalties and harm our business.***

Our wealth management operations are subject to the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), regulations administered by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). These laws require us to maintain comprehensive compliance programs, including customer identification and verification procedures, transaction monitoring, suspicious transaction reporting, and recordkeeping. The regulatory expectations in this area continue to increase in scope and complexity, and enforcement activity has intensified. If we fail to maintain adequate compliance programs, or if our systems fail to detect or prevent money laundering, terrorist financing, or sanctions violations, we could be subject to significant monetary penalties, criminal liability, regulatory enforcement actions, loss of licenses, or reputational damage. Any such failure could also result in increased regulatory scrutiny of our operations and could have a material adverse effect on our business, financial condition, and results of operations.

***Our operation of a platform for independent portfolio managers exposes us to potential liability for advisor misconduct, compliance failures, and evolving regulatory expectations for investment management platforms*.**

Through Tactex, which is a division of IIWMI, we provide regulatory, technological, and operational infrastructure for independent portfolio managers. While these advisors operate their businesses independently, our role creates significant regulatory obligations and potential liability exposure. Canadian regulators may hold us accountable for inadequate supervision of advisors using our platform, even when those advisors exercise independent judgment. We may be subject to regulatory scrutiny regarding our due diligence processes for onboarding advisors, our ongoing monitoring of advisor activities, and our handling of potential compliance violations.

If portfolio managers using our platform engage in misconduct, provide unsuitable investment advice, misappropriate client funds, or violate securities regulations, we could face regulatory investigations, enforcement actions, financial penalties, and reputational damage, even if we were not directly involved in the misconduct. Additionally, clients who suffer investment losses may pursue claims against both the individual advisor and our company as the platform provider and registrant. The costs of defending such claims could be substantial, regardless of the ultimate outcome.

Maintaining the necessary registrations requires significant compliance resources and continuous adaptation to evolving regulatory expectations. Securities regulators are increasingly focused on digital platforms that facilitate investment management services, with evolving guidance on issues such as fee transparency, conflict-of-interest management, and know-your-client obligations. Any failure to meet these regulatory expectations could result in conditions being placed on our registrations, suspension or revocation of our registrations, or enforcement actions that could materially impact our ability to operate the Tactex business.

Furthermore, changes to capital requirements, insurance obligations, or proficiency standards for registered firms could increase our operational costs or require significant changes to our business model.

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If we are unable to effectively manage these regulatory risks or if the cost of compliance becomes prohibitive, we may need to modify or discontinue certain services offered through our Tactex platform, potentially affecting our growth strategy and financial performance in this business segment.

***The loss of one or more investment advisors managing significant assets on our wealth management platform could materially reduce our assets under management and revenue.***

A portion of the assets under management on our wealth management platform is managed by a limited number of investment advisors. The loss of any advisor managing a significant portfolio, whether due to termination, regulatory action, departure to a competitor, retirement, or dissatisfaction with our platform, could result in a meaningful decline in our assets under management and associated fee revenue. We may not be able to replace a departing advisor or retain the underlying client assets, particularly if clients have a primary relationship with the advisor rather than with our platform. A significant reduction in assets under management could also affect our ability to attract new advisors and clients, and could adversely affect our business, financial condition, and results of operations.

***Our business may be adversely affected by material changes to the interest rate charged to our members and paid to our lenders.***

We earn a substantial portion of our revenues from interest payments on the loans we make to our members. Various financial institutions and other funding sources provide, and may in the future provide, us with the capital to fund these term loans and lines of credit and charge us interest on funds that we draw down. In the event that the spread between the rate at which we lend to our members and the rate at which we borrow from our lenders decreases, our financial results and operating performance will be harmed.

There are a variety of factors that could affect the interest rates we charge to our members and which we pay to our lenders, such as access to capital based on our business performance, the volume of loans we make to our members, competition with other lenders, regulatory requirements. These interest rates may also be affected by variations to the types of products we sell to our members and investors over time and a shift among our channels of member acquisition. Interest rate changes may adversely affect our business forecasts and expectations and are highly sensitive to many macroeconomic factors beyond our control, such as inflation, recession, the state of the credit markets, changes in market interest rates, global economic disruptions, unemployment and the fiscal and monetary policies of the federal government and its agencies. Any material reduction in our interest rate spread could have a material adverse effect on our business, results of operations and financial condition.

***Our debt financing sources are highly concentrated, and we may not be able to access additional sources of funding on reasonable terms or at all.***

We have obtained debt financing from a limited number of lenders. Our reliance on the Credit Facility for a significant amount of our funding exposes us to funding concentration risks. If the lender were to terminate or decline to renew the Credit Facility, we may not have sufficient liquidity to repay the outstanding balance or to fund ongoing lending operations, which could require us to significantly curtail or cease certain business activities or have a material adverse effect on our business. In addition, the Credit Facility must be renewed on a periodic basis. If we were unable to renew the Credit Facility on acceptable terms when it became due or if the lender imposed materially more restrictive terms, higher borrowing costs, or reduced availability as a condition of renewal, there could be a material adverse effect on our financial condition, liquidity and results of operations. There can be no assurance that alternative sources of debt financing would be available to us on commercially reasonable terms, or at all, in the event that the Credit Facility is terminated or not renewed. Our ability to secure alternative financing may be further constrained by

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prevailing credit market conditions, our financial performance, and our credit profile at the time such financing is sought.

***Our agreements with our lenders contain a number of early payment triggers and covenants, including at the portfolio level. A breach of such triggers or covenants or other terms of such agreements could result in an early amortization, default, or acceleration of the maturity date which could materially impact our operations.***

Primary funding sources available to support the maintenance and growth of our business include, among others, the Credit Facility. The Credit Facility contains restrictions on the Company's ability to, among other things, pay dividends, sell or transfer assets, incur additional debt, repay other debt, make certain investments or acquisitions, repurchase or redeem shares, and engage in alternate business activities. The Credit Facility also contains a number of covenants that require the Company to maintain certain specified financial ratios. Description of these covenants, requirements and events are set out in the Credit Facility agreement.

During the occurrence of an event of default under the Credit Facility, for example, principal collections from our consumer loans would be applied to repay principal under the Credit Facility rather than being available on a revolving basis to fund newly originated loans. During the occurrence of an event of default under any of our debt, including debt owing under the Credit Facility, debt owing to the holders of debentures issued by the Company or debt owing to future facilities we may enter into, the applicable lender could accelerate the repayment of our debt and the lender's commitments to extend further credit would terminate. If we were unable to repay the amounts due and payable under our debt when due, the applicable lender could seek remedies, including against the collateral pledged as security for such debt.

An event of default or other event requiring early repayment of the Credit Facility would negatively impact our liquidity, including our ability to originate new loans, and require us to rely on alternative funding sources, which might increase our funding costs or which might not be available when needed. If we were unable to arrange new or alternative methods of financing on favorable terms, we might have to curtail the origination of loans, which could have a material adverse effect on our business, financial condition, operating results and cash flow, which in turn could have a material adverse effect on our ability to meet our obligations under our facility.

***Our levels of indebtedness can have negative implications for our shareholders.*** 

We have, and anticipate having, a significant amount of indebtedness, which totaled approximately $51.7 million on our Credit Facility and $31.9 million in outstanding debentures as of December 31, 2025. Our ability to make payments of principal and interest on our funding debt will depend on our future operating performance and our ability to enter into additional debt and equity financings, which to a certain extent, is subject to economic, financial, competitive and other factors beyond our control. If, in the future, we are unable to generate sufficient cash flow to service our debt, we may be required to refinance all or a portion of our existing debt or obtain additional financing. There can be no assurance that any such refinancing would be possible or that any additional financing could be obtained on terms acceptable to us. The inability to obtain additional financing could have a material adverse effect on our operating performance and any additional equity financing would result in the dilution of shareholders.

Our substantial indebtedness could have significant consequences to shareholders, such as the inability to satisfy our obligations under the Credit Facility and increased vulnerability to adverse general economic and industry conditions. We may find it more difficult to fund future working capital, capital expenditures, general corporate purposes or other purposes and we would have to allocate a substantial portion of our cash resources to the payment on our indebtedness, which would reduce the funds available for operations and for distribution to shareholders.

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***We and our partners obtain, store and process a large amount of sensitive data. Any real or perceived improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material and adverse effect on our business.*** 

We and our third-party partners and service providers, including third-party data centers that we use, obtain and process large amounts of sensitive data, including our members' personal and credit information and other sensitive data relating to our members and their transactions. We face risks, including to our reputation as a trusted brand, in the handling and protection of this data, and these risks will increase as our business continues to expand to include new products and technologies.

We have administrative, technical, and physical security measures in place, and we have policies and procedures in place to contractually require third parties to whom we transfer data to implement and maintain appropriate security measures. However, if our security measures or those of the previously mentioned third parties are inadequate or are breached as a result of third-party action, employee error, malfeasance, malware, phishing, hacking attacks, system error, trickery, or otherwise, and, as a result, someone obtains unauthorized access to funds, or sensitive information, including personally identifiable information, on our systems or our partners' systems, or if we suffer a ransomware or advanced persistent threat attack, or if any of the foregoing is reported or perceived to have occurred, our reputation and business could be damaged. Any perceived or actual breach of security, regardless of how it occurs or the extent of the breach, could have a significant impact on our reputation as a trusted brand, cause us to lose existing members, prevent us from obtaining new members, require us to expend significant funds to remedy problems caused by breaches and to implement measures to prevent further breaches, cease operations, and expose us to legal risk and potential liability including those resulting from governmental or regulatory investigations, class action litigation and costs associated with remediation, such as fraud monitoring. Any actual or perceived security breach at a company providing services to us or our customers could have similar effects.

***The collection, processing, storage, use, and disclosure of personal data could give rise to liabilities as a result of governmental regulation, conflicting legal requirements or differing views of personal privacy rights.*** 

We receive, transmit and store a large volume of personally identifiable information and other sensitive data from members. There are federal, provincial and foreign laws regarding privacy and the storing, sharing, use, disclosure and protection of personally identifiable information and sensitive data. Specifically, personally identifiable information is increasingly subject to legislation and regulations to protect the privacy of personal information that is collected, processed and transmitted. Any violations of these laws and regulations may require us to change our business practices or operational structure, address legal claims and sustain monetary penalties or other harms to our business.

While we have policies and procedures in place to protect personally identifiable information and other sensitive data of our members that comply with applicable laws, the regulatory framework for privacy issues in Canada and Europe is constantly evolving and is likely to remain uncertain for the foreseeable future. The interpretation and application of such laws is often uncertain, and such laws may be interpreted and applied in a manner inconsistent with our current policies and practices or require changes to the features of our platforms. If either we or our third-party service providers are unable to address any privacy concerns, even if unfounded, or to comply with applicable laws and regulations, it could result in additional costs and liability, damage our reputation and harm our business.

***Cybersecurity incidents and other systems and technology problems may materially and adversely affect our business, operations and financial results.***

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Cybersecurity incidents and other issues related to our information systems, technology and data may materially and adversely affect us. Cybersecurity incidents and cyberattacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The digital finance industry is a particular target for cybersecurity incidents, which may occur through intentional or unintentional acts by individuals or groups having authorized or unauthorized access to our systems or our members' or counterparties' information, which may include confidential information. These individuals or groups include employees, vendors and customers, as well as hackers. The information and technology systems used by us and our third-party partners and service providers are vulnerable to damage or interruption from, among other things: hacking, ransomware, malware and other computer viruses; denial of service attacks; network failures; computer and telecommunication failures; phishing attacks; infiltration by unauthorized persons; security breaches; usage errors by their respective professionals; power outages; terrorism; and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes.

We may experience cybersecurity incidents in the future. While we take efforts to protect our systems and data, including establishing internal processes and implementing technological measures designed to provide multiple layers of security, and contract with third-party partners and service providers to take similar steps, there can be no assurance that our safety and security measures (and those of our third-party partners and service providers) will prevent damage to, or interruption or breach of, our information systems, data (including personal data) and operations. We may be required to expend significant resources to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities.

Nevertheless, it is possible we could suffer an impact or disruption that could materially and adversely affect us. Our operational infrastructure may be breached due to the actions of outside parties, error or malfeasance of our employees, or otherwise, and, as a result, an unauthorized party may obtain access to our members' personally identifiable information and other sensitive data. Additionally, outside parties may attempt to fraudulently induce our employees to disclose sensitive information in order to gain access to our infrastructure. As the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently, or may be designed to remain dormant until a predetermined event, and often are not recognized until launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures.

Controls employed by our information technology department and our third-party partners and service providers, including cloud vendors, could prove inadequate. If an actual or perceived breach of any of our information systems occurs, the market perception of our effectiveness could be harmed. Moreover, there could be public announcements regarding any cybersecurity-related incidents and any steps we take to respond to or remediate such incidents, and if securities analysts or investors perceive these announcements to be negative, it could, among other things, have a substantial adverse effect on the price of our Common Shares.

As we rely on our third-party partners and service providers for our operations, the risk of cybersecurity attacks and loss, corruption, or unauthorized access to or publication of our information or the confidential information and personal data of members and employees may be more acute. Third-party risks may include insufficient security measures, data location uncertainty, and the possibility of data storage in inappropriate jurisdictions where laws, security measures or other controls may be inadequate or in which there are uncertainties regarding governmental intervention and use of such data, and our ability to monitor our third-party partners' and service providers' data security practices are limited. Although we generally have agreements relating to cybersecurity and data privacy in place with our third-party service providers, they are limited in nature and we cannot guarantee that such agreements will prevent the accidental or unauthorized access to or disclosure, loss, destruction, disablement or encryption of, use or misuse of or modification of data (including personal data) or enable us to obtain adequate or any reimbursement from

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our third-party partners or service providers in the event we should suffer any such incidents. Due to applicable laws and regulations or contractual obligations, we may be held responsible for any information security failure or cybersecurity attack attributed to our third-party partners and service providers as they relate to the information we share with them. A vulnerability in or related to a third-party partner or service provider's software or systems, a failure of our third-party partners' or service providers' safeguards, policies or procedures, or a breach of a third-party partner or service provider's software or systems could result in the compromise of the confidentiality, integrity or availability of our systems or the data housed in our third-party platforms.

The security of the information and technology systems used by us and our service providers may continue to be subjected to cybersecurity threats that could result in material failures or disruptions in our business. If these systems are compromised, become inoperable for extended periods of time or cease to function properly, we or a service provider may have to make a significant investment to fix or replace them. The failure of these systems or of disaster recovery plans for any reason could cause significant interruptions in operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to shareholders (and the beneficial owners of shareholders). Such a failure could harm our reputation, subject to legal claims and otherwise materially and adversely affect our investment and trading strategies and our value.

***It may be difficult and costly to protect our intellectual property rights, and we may not be able to ensure their protection.*** 

The success of our platforms depend, in part, upon our intellectual property. We primarily rely on copyright, trade secret and trademark laws, trade secret protection and confidentiality or license agreements with our employees, suppliers and other third parties to protect our intellectual property rights. However, the steps we take to protect our intellectual property rights may be inadequate. We currently do not have any issued patents.

In order to protect our intellectual property rights, we may be required to spend significant resources to monitor and protect these rights. Litigation brought to protect and enforce our intellectual property rights could be costly, time-consuming and distracting to management and could result in the impairment or loss of portions of our intellectual property. Furthermore, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights.

Our failure to secure, protect and enforce our intellectual property rights could seriously harm our brand and adversely affect our business.

***We may face claims by third parties for alleged infringement of their intellectual property rights, which could harm our business.*** 

Our competitors, as well as a number of other entities and individuals, may claim that we infringe their intellectual property rights. Claims of infringement are becoming increasingly common as the software industry develops and third parties may assert infringement claims against us in the future. Although we have developed most of our platforms, we do include third-party software in our platforms. In these cases, this software is licensed from the entity holding the intellectual property rights. Although we believe that we have secured proper licenses for all third-party software that is integrated into our platforms, third parties may assert infringement claims against us in the future. Any such assertion may result in litigation or may require us to obtain a license for the intellectual property rights of third parties. Such licenses may not be available, or they may not be available on reasonable terms. In addition, such litigation could be disruptive to our ability to generate revenue or enter into new market opportunities and may result in significantly

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increased costs as a result of our defense against those claims or our attempt to license the intellectual property rights or rework our platforms to ensure they comply with judicial decisions. Even if we were to prevail, any litigation regarding our intellectual property could be costly and time-consuming and divert the attention of our management and key personnel from our business operations. Any of the foregoing could have a significant adverse effect on our business and operating results as well as our ability to generate future revenue.

***Some aspects of our platforms include open-source software, and any failure to comply with the terms of one or more of these open-source licenses could negatively affect our business.*** 

We incorporate open-source software into our proprietary platforms and into other processes supporting our business. Such open-source software may include software covered by licenses like the GNU General Public License and the Apache License. The terms of various open-source licenses have not been interpreted by courts, and there is a risk that such licenses could be construed in a manner that limits our use of the software, inhibits certain aspects of the platforms and negatively affects our business operations. Some open-source licenses contain requirements that we make available source code for modifications or derivative works we create based upon the type of open-source software we use. If portions of our proprietary platforms are determined to be subject to an open-source license, or if the license terms for the open-source software that we incorporate change, we could be required to publicly release the affected portions of our source code, re-engineer all or a portion of our platforms or change our business activities. In addition to risks related to license requirements, the use of open-source software can lead to greater risks than the use of third-party commercial software, as open-source licensors generally do not provide warranties or controls on the origin of the software. Many of the risks associated with the use of open-source software cannot be eliminated, and could adversely affect our business.

***If our software contains serious errors or defects, we may lose revenue and market acceptance.*** 

Software developed for our proprietary platforms often contains errors, defects, security vulnerabilities or software bugs that are difficult to detect and correct, particularly when first introduced. Despite internal testing, our platforms may contain serious errors or defects, security vulnerabilities or software bugs that we may be unable to successfully correct in a timely manner or at all, which could result in lost revenue, significant expenditures of capital and damage to our reputation and brand, any of which could have an adverse effect on our business, financial condition and results of operations. Since the software we use is a critical component to our proprietary platforms, errors, defects, security vulnerabilities, service interruptions or software bugs in our platforms could result in inappropriate loan decisioning and corresponding credit scores or interest rates or outages that could affect our ability to process some customers' transactions on our wealth platform.

***Operating risk and insurance coverage.*** 

The Company has insurance to protect its assets, operations and employees. While the Company believes its insurance coverage addresses all material risks to which it is exposed and is adequate and customary in its current state of operations, such insurance is subject to coverage limits and exclusions and may not be available for the risks and hazards to which the Company is exposed. In addition, no assurance can be given that such insurance will be adequate to cover the Company's liabilities or will be generally available in the future or, if available, that premiums will be commercially justifiable. If the Company were to incur substantial liability and such damages were not covered by insurance or were in excess of policy limits, or if the Company were to incur such liability at a time when it is not able to obtain liability insurance, its business, results of operations and financial condition could be materially adversely affected.

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***Our success and future growth depend in part on our successful marketing efforts and increased brand awareness. Failure to effectively use our brand to convert sales may negatively affect our growth and our financial performance.*** 

We believe that an important component of our growth will be continued market penetration through our digital marketing channel. To achieve this growth, we anticipate relying heavily on marketing and advertising to increase the visibility of our brands with potential members. The goal of this marketing and advertising is to increase the strength, recognition and trust in the Orion Digital and Intelligent Investing brands, and drive more unique visitors to open accounts and access our products. We incurred $4.1 million of marketing expenses in the year ended December 31, 2025.

Our business model relies on our ability to scale rapidly and to decrease incremental member acquisition costs as we grow. If we are unable to recover our marketing costs through increases in website traffic and in our conversion rates, or if we discontinue our broad marketing campaigns, it could have a material adverse effect on our growth, results of operations and financial condition.

***Member complaints or negative publicity could result in a decline in our member growth and our business could suffer.*** 

Our reputation is very important to attracting new members to the lending and wealth platforms as well as securing repeat lending to existing members and retaining wealth management clients. While we believe that we have a good reputation and that we provide our members with a superior experience, there can be no assurance that we will continue to maintain a good relationship with our members or avoid negative publicity. Any damage to our reputation, whether arising from our conduct of business, negative publicity, regulatory, supervisory or enforcement actions, matters affecting our financial reporting or compliance with securities regulatory authorities and TSX and Nasdaq requirements, security breaches or otherwise could have a material adverse effect on our business.

***Any misconduct or errors by our employees and third-party service providers could harm our business and reputation.*** 

We are exposed to many types of operational risk, including the risk of misconduct and errors by our employees and third-party service providers. Our business depends on our employees and third-party service providers to process a large number of increasingly complex transactions, including transactions that involve significant dollar amounts and loan transactions that involve the use and disclosure of personal and business information. We could be materially adversely affected if transactions are redirected, misappropriated or otherwise improperly executed, if personal and business information is disclosed to unintended recipients or if an operational breakdown or failure in the processing of other transactions occurs, whether as a result of human error, a purposeful sabotage or by means of a fraudulent manipulation of our operations or systems. In addition, the manner in which we store and use certain personal information and interact with members is governed by various federal and provincial laws. If any of our employees or third-party service providers take, convert or misuse funds, documents or data or fail to follow our protocol when interacting with members, we could be liable for damages and subject to regulatory actions and penalties. As a result, we could also be perceived to have facilitated or participated in illegal misappropriation of funds, documents or data, or failed to have followed protocol, and therefore be subject to civil or criminal liability. It is not always possible to identify and deter misconduct or errors by employees or third-party service providers, and the precautions we take to detect and prevent such activities may not be effective in controlling unknown or unmanaged risks or losses. Any of these occurrences could result in our diminished ability to operate our business, potential liability to our members, inability to attract future members, reputational damage, regulatory intervention and financial harm, which could negatively impact our business, financial condition and results of operations.

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***Our business depends on our ability to collect payments and service the products we make available to our members.*** 

We rely on banks and services providers to facilitate funds transfers within our customer accounts, including among other things, the disbursement of proceeds of newly originated loans to our members and the collection of payments from members. As we are not a bank, we do not have the ability to directly access the electronic funds transfer payment network, and must therefore rely on a service provider to process our transactions. If we cannot continue to obtain such services from our current institution, service provider or elsewhere, or if we cannot transition to another processor quickly, our ability to process transactions will suffer.

***We rely on third-party partners, service providers and systems to deliver our products and services and perform key functions. Any disruption of service by such third parties could interrupt or delay our ability to deliver our products and service to our members.*** 

We rely on third-party partners, service providers and systems, including internet service providers, payment services providers, market and third-party data providers, regulatory services providers, clearing systems, market makers, exchange systems, banking systems, payment gateways that link us to the payment card and bank clearing networks to process transactions, co-location facilities, communications facilities, cloud-based and traditional data center facilities, and other third-party facilities, to deliver our products and services, run our platform, facilitate trades by our customers, and support or carry out some regulatory obligations, including with respect to the provision of our products and services, account verification, credit decisioning and transaction processing. In addition, external content providers provide us with financial information, market news, charts, option and stock quotes, research reports, and other fundamental data that we provide to our customers.

The continuous availability of our service depends on the continued operations of these third-party partners, service providers and facilities. These providers are susceptible to processing, operational, technological and security vulnerabilities, including security breaches, which might impact our business, and our ability to monitor our third-party service providers' data security is limited. We depend on the ability of our third-party partners and service providers to protect their operations and facilities against damage or interruption from security breaches, natural disasters, power or telecommunications failures, criminal acts and similar events. Any failures by our third-party service providers that result in an interruption in service, unauthorized access, misuse, loss or destruction of data or other similar occurrences could interrupt our business, cause us to incur losses, result in decreased customer satisfaction and increase customer attrition, subject us to customer complaints, significant fines, litigation, disputes, claims, regulatory investigations or other inquiries and harm our reputation. Regulators might also hold us responsible for the failures of our providers.

In addition, these third-party service providers might rely on subcontractors to provide services to us that face similar risks. We face a risk that our third-party service providers might be unable or unwilling to continue to provide these services to meet our current needs in an efficient, cost-effective manner or to expand their services to meet our needs in the future.

We designed our system infrastructure and procure and own or lease the computer hardware used for our services. Design and mechanical errors, failure to follow operations protocols and procedures could cause our systems to fail, resulting in interruptions in our platforms. Any such interruptions or delays, whether as a result of third-party error, our own error, natural disasters or security breaches, whether accidental or willful, could harm our relationships with members and cause our revenue to decrease or our expenses to increase. Also, in the event of damage or interruption, our insurance policies may not adequately

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compensate us for any losses that we may incur. These factors in turn could further reduce our revenue and subject us to liability, which could materially adversely affect our business.

***Our reliance on third-party platforms for distribution of our mobile applications exposes us to policy changes, fee increases, and potential service disruptions beyond our control.***

We rely significantly on third-party platforms, particularly Apple's App Store and Google Play, to distribute our mobile applications to customers. These platform providers have broad discretion to change their terms of service and other policies, including fee structures, payment processing systems, and content or technical requirements. Such changes could increase our operating costs, reduce our profit margins, or affect our ability to deliver services to customers. These platforms may also limit our access to customer data, impose authentication requirements that impair user experience, or restrict our ability to communicate with customers. Additionally, if our applications are found to violate platform policies, they could be removed from these stores, significantly impairing our ability to acquire and service customers. We have limited ability to negotiate terms with these platform providers or to rapidly migrate our customer base to alternative distribution channels if necessary. Any prolonged disruption in the availability of our applications on these platforms could materially harm our business, financial condition, and results of operations.

***We face increasing competition and, if we do not compete effectively, our operating results could be harmed.*** 

We compete with other companies that provide financial services to individuals. These traditional financial institutions include banks, credit unions, credit card issuers and other consumer finance companies. In addition, other technology companies may begin to focus, or may in the future focus, their efforts on targeting millennials.

In some cases, some competitors may offer a broader range of financial products to our members, and some competitors may offer a specialized set of specific products or services. Many of these competitors have significantly more resources and greater brand recognition than we do and may be able to attract customers more effectively than we do.

When new competitors seek to enter one of our markets, or when existing market participants seek to increase their market share, they sometimes undercut the pricing or credit terms prevalent in that market, which could adversely affect our market share or ability to exploit new market opportunities. Our pricing and credit terms could deteriorate if we act to meet these competitive challenges. All of the foregoing could adversely affect our business, results of operations, financial condition and future growth.

***If the information provided by members to us is incorrect or fraudulent, we may misjudge a member's qualification to receive a loan and our operating results may be harmed.*** 

Our lending decisions are based partly on information provided to us by loan applicants. To the extent that these applicants provide information to us in a manner that we are unable to verify, our credit model may not accurately reflect the associated risk. In addition, data provided by third-party sources is a significant component of our credit model, and this data may contain inaccuracies. Inaccurate analysis of credit data that could result from false loan application information could harm our reputation, business and operating results.

We also use identity and fraud check analyzing data provided by external databases to authenticate each member's identity. There is a risk, however, that these checks could fail, and fraud may occur. We may not be able to recoup funds underlying loans made in connection with inaccurate statements, omissions of fact or fraud, in which case our revenue, operating results and profitability will be harmed. Fraudulent activity

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or significant increases in fraudulent activity could also lead to regulatory intervention, negatively impact our operating results, brand and reputation and require us to take steps to reduce fraud risk, which could increase our costs.

***We rely on our management team and need additional key personnel to grow our business, and the loss of key employees or inability to hire key personnel could harm our business.*** 

We believe our success has depended, and continues to depend, on the efforts and talents of our executives and employees, including David Feller, our Chair and Chief Executive Officer ("**CEO**"), and Gregory Feller, our President and Chief Financial Officer ("**CFO**"). Our future success depends on our continuing ability to attract, develop, motivate and retain highly qualified and skilled employees. Qualified individuals are in high demand and we may incur significant costs to attract and retain them. In addition, the loss of any of our senior management or key employees could materially adversely affect our ability to execute our business plan and strategy, and despite maintaining a comprehensive succession plan, we may not be able to find adequate replacements on a timely basis, or at all. We do not maintain key person life insurance policies on any of our employees.

***Competition for our employees is intense, and we may not be able to attract and retain the highly skilled employees whom we need to support our business.*** 

Competition for highly skilled engineering and data analytics personnel is extremely intense, and we continue to face difficulty identifying and hiring qualified personnel in many areas of our business. We may not be able to hire and retain such personnel at compensation levels consistent with our existing compensation and salary structure. Many of the companies with which we compete for experienced employees have greater resources than we have and may be able to offer more attractive terms of employment. In particular, candidates making employment decisions, specifically in high-technology industries, often consider the value of any equity they may receive in connection with their employment. Any significant volatility in the price of our Common Shares may adversely affect our ability to attract or retain highly skilled technical, financial and marketing personnel.

In addition, we invest significant time and expense in training our employees, which increases their value to competitors who may seek to recruit them. If we fail to retain our employees, we could incur significant expenses in hiring and training their replacements and the quality of our services and our ability to serve our members could diminish, resulting in a material adverse effect on our business.

***If we cannot maintain our corporate culture, we could lose valuable qualities from our workforce.***

We believe that our corporate culture is a critical component of our success, which we believe fosters innovation, encourages teamwork and cultivates creativity. As we evolve, we may find it difficult to maintain these valuable aspects of our corporate culture. Failure to preserve our corporate culture could negatively impact our future success, including our ability to attract and retain employees, encourage innovation and teamwork and effectively focus on and pursue our corporate objectives.

***Litigation may adversely affect our business and financial condition.*** 

Our business is subject to the risk of litigation by employees, members, consumers, suppliers, competitors, shareholders, government agencies, or others through private actions, class actions, administrative proceedings, regulatory actions or other litigation. The outcome of litigation, particularly class action lawsuits, regulatory actions and intellectual property claims, is difficult to assess or quantify. Plaintiffs in these types of lawsuits may seek recovery of very large or indeterminate amounts, and the magnitude of the potential loss relating to these lawsuits may remain unknown for substantial periods of time. In addition,

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certain of these lawsuits, if decided adversely to us or settled by us, may result in liability material to our financial statements as a whole or may negatively affect our operating results if changes to our business operations are required. The cost to defend future litigation may be significant. There also may be adverse publicity associated with litigation that could negatively affect consumer perception of our business, regardless of whether the allegations are valid or whether we are ultimately found liable. As a result, litigation may adversely affect our business and financial condition.

***Our business could be negatively affected as a result of actively managing our investment portfolio.*** 

In managing our investment portfolio, we may from time to time take a position as an activist investor and advocate for changes to corporate governance practices, such as management and board composition, executive compensation practices, social issues and other corporate actions. If a proxy contest results from our actions as an activist investor or otherwise, our business could be adversely affected because engaging in proxy contests and other investor activist actions can be costly and time-consuming, disrupting our operations and diverting the attention of management. In addition, perceived uncertainties as to the future of the strategic direction of any of our investments may result in a loss to the value of such investments, which could negatively impact our financial condition.

***United States investors may not be able to obtain enforcement of civil liabilities against the Company.***

The enforcement by investors of civil liabilities under the United States federal or state securities laws may be affected adversely by the fact that the Company is governed by the BCBCA, that the majority of the Company's officers and directors are residents of Canada, and that all, or a substantial portion of their assets and a portion of the Company's assets, are located outside the United States. It may not be possible for investors to effect service of process within the United States on certain of its directors and officers or enforce judgments obtained in the United States courts against the Company or certain of the Company's directors and officers based upon the civil liability provisions of United States federal securities laws or the securities laws of any state of the United States.

***If we become a passive foreign investment company ("PFIC") for United States federal income tax purposes, certain adverse tax rules may apply to U.S. Holders of our Common Shares.***

Based on the market price of our Common Shares and the composition of our income and assets, including goodwill, we do not expect to be treated as a PFIC for U.S. federal income tax purposes for the current taxable year ending December 31, 2025. However, this is a factual determination that must be made annually after the close of each taxable year, and the application of the PFIC rules is subject to uncertainty in several respects. Moreover, the value of our assets for the purposes of the PFIC determination will generally be determined by reference to the market price of our Common Shares, which could fluctuate significantly. Therefore, there can be no assurance that we are not a PFIC for the current taxable year or will not be classified as a PFIC in the future.

We will be classified as a PFIC for any taxable year for United States federal income tax purposes if either (i) 75% or more of our gross income in that taxable year is passive income or (ii) the average percentage of our assets by value in that taxable year which produce or are held for the production of passive income (which includes cash) is at least 50%.

If we are a PFIC for any taxable year during which a beneficial owner of Common Shares that, for U.S. federal income tax purposes, is or is treated as any of the following (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or another entity treated as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any state thereof, or the District of Columbia, (iii) an estate, the income of which is subject to U.S. federal income tax regardless of

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its source, or (iv) a trust that (A) is subject to the supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), or (B) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes (a "**U.S. Holder**") holds Common Shares, such U.S. Holders could be subject to adverse United States federal income tax consequences whether or not we continue to be a PFIC. For example, U.S. Holders may become subject to increased tax liabilities under United States federal income tax laws and regulations and will become subject to burdensome reporting requirements. If we are a PFIC during which a U.S. Holder holds Common Shares, such U.S. Holder may be able to make a "mark-to-market" election or a "qualified electing fund" election that could mitigate the adverse United States federal income tax consequences that would otherwise apply to such U.S. Holder. Although upon request of a U.S. Holder, we will provide the information necessary for a U.S. Holder to make the qualified election, no assurance can be given that such information will be available for any lower-tier PFIC that we do not control.

***International conflicts and other geopolitical tensions may impact the Company's business.***

International conflicts and other geopolitical tensions and events, including war (such as the recent US-Israel-Iran conflict (impacting the wider Middle East) that escalated in late February 2026 and remains ongoing), military action, terrorism, trade disputes, and international responses, including sanctions or other actions, thereto have historically led to, and may in the future lead to, uncertainty or volatility in global financial markets. Continuing or escalating geopolitical tensions may, among other consequences, have a destabilizing effect on global economies and may adversely affect our business, financial condition and results of operations.

***Epidemics, pandemics or other outbreaks of an illness, disease or virus could materially adversely affect our business, financial position and results of operations.***

Epidemics, pandemics or other outbreaks of an illness, disease or virus could have, a broad impact across industries and the economy, including impacts on our operations and our employees, partners and members. At the onset of an epidemic, pandemic or other outbreaks of an illness, disease or virus, governments and regulatory bodies in affected areas may impose a number of measures designed to contain the outbreak, including business closures, social distancing protocols, travel restrictions, quarantines, curfews and restrictions on gatherings and events. Future disruptions arising from a new pandemic could have a material adverse effect on our business, financial condition and results of operations.

***If we fail to maintain effective internal control over financial reporting, as well as required disclosure controls and procedures, our ability to produce timely and accurate consolidated financial statements or comply with applicable regulations could be impaired.***

The Sarbanes-Oxley Act of 2002 and related rules of the SEC require, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and significant management oversight. Our current controls and any new controls that we develop could become inadequate because of changes in conditions in our business. In addition, changes in accounting principles or interpretations could also challenge our internal controls and require that we establish new business processes, systems and controls to accommodate such changes. If these new systems, controls or standards and the associated process changes do not give rise to the benefits that we expect or do not operate as intended, it could adversely affect our financial reporting systems and processes, our ability to produce timely and accurate financial reports or the effectiveness of our internal control over financial reporting. Moreover, our business might be harmed if we experience problems with

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any new systems and controls that result in delays in their implementation or increased costs to correct any postimplementation issues that might arise. Further, weaknesses in our disclosure controls and internal control over financial reporting could be discovered in the future. Any failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement could harm our business or cause us to fail to meet our reporting obligations and could result in a restatement of our consolidated financial statements for prior periods. Any failure to design, develop or maintain effective controls, or difficulties encountered in implementing, improving or remediation lapses in internal controls may affect our ability to prevent fraud, detect material misstatements, and fulfill our reporting obligations. Ineffective disclosure controls and procedures or internal control over financial reporting could harm our business, cause investors to lose confidence in the accuracy and completeness of our reported financial and other information, and result in us becoming subject to investigations by the stock exchanges on which our securities are listed, the SEC or other regulatory authorities, any of which would likely have a negative effect on the trading price of our shares and have a material and adverse effect on our business, results of operations, financial condition and prospects. In addition, if we are unable to continue to meet these requirements, we might not be able to remain listed on the Nasdaq.

***Cost-cutting may adversely affect our business.*** 

In response to challenging macroeconomic conditions, we have taken aggressive cost-cutting steps to accelerate the path to profitability and make us a more efficient company. There can be no guarantee that these cost-cutting measures will be successful. We face a risk that our cost-cutting measures negatively impact our ability to attract and retain talent, maintain product quality, invest in innovation, or respond to competitive pressures. Cost-cutting steps, if managed incorrectly, may have a material and adverse effect on our business, results of operations, financial condition and prospects or our ability to expand our business.

***Our insurance coverage might be inadequate or expensive.*** 

While we may have insurance to protect our assets, operations, and employees, such insurance is subject to coverage limits and exclusions and may not be available for the risks and hazards to which we are exposed. No assurance can be given that such insurance will be adequate to cover our liabilities or that it will be available in the future or at all, and that it will be commercially justifiable. We may be subject to liability for risks against which we cannot insure or against which we may elect not to insure due to the high cost of insurance premiums or other factors. The payment of any such liabilities would reduce the funds available for our normal business activities. Payment of liabilities for which we do not carry insurance may have a material adverse effect on our business, financial condition and operations.

***Our flexible remote working model subjects us to heightened operational risks.*** 

We have a flexible remote work policy, under which a large segment of our employees are not required to come into the office on a daily basis. Allowing our employees to work remotely subjects us to heightened operational risks. There is no guarantee that the data security and privacy safeguards we have put in place will be completely effective or that we will not encounter risks associated with employees accessing company data and systems remotely. We also face challenges due to the need to operate with a dispersed and remote workforce, as well as increased costs related to business continuity initiatives. Our flexible remote working model may make it more difficult for us to preserve our corporate culture of innovation and our employees might have decreased opportunities to collaborate in meaningful ways. Further, we cannot guarantee that having a large portion of our workforce continuing to work remotely will not have a negative impact on employee morale or productivity. Any failure to overcome the challenges presented by our flexible remote work policy could harm our future success, including our ability to retain and recruit

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personnel, innovate and operate effectively, maintain product development velocity, and execute on our business strategy.

***Our use of artificial intelligence and machine learning technologies may subject us to operational, regulatory, and reputational risks that could adversely affect our business.***

We increasingly rely on artificial intelligence ("AI") and machine learning technologies in various aspects of our business, including credit decisioning, fraud detection, customer service, and product recommendations. The use of these technologies presents several risks that could materially impact our operations, financial condition, and reputation. Our AI models may produce erroneous outputs due to faulty data inputs, algorithmic bias, or technical limitations, which could lead to inappropriate credit decisions, discriminatory outcomes, or regulatory violations. Despite our efforts to test and validate these systems, the complex nature of AI technologies makes it difficult to identify and address all potential flaws or biases. If our AI systems make decisions that are perceived as unfair, biased, or discriminatory, we could face regulatory scrutiny, legal claims, reputational damage, and loss of customer trust. The regulatory landscape governing AI is rapidly evolving, with new laws and regulations being proposed or enacted in various jurisdictions. These regulations may impose new requirements related to transparency, explainability, human oversight, data usage, and algorithmic accountability. Compliance with these emerging regulations may require significant resources and technical modifications to our systems. Failure to comply with current or future AI regulations could result in penalties, restrictions on our business activities, or increased regulatory scrutiny. We may face challenges in explaining or justifying AI-driven decisions to customers, regulators, or other stakeholders due to the inherent complexity and opacity of certain AI systems. This "black box" problem could hinder our ability to demonstrate compliance with applicable laws and regulations, particularly in areas such as fair lending and privacy. Our AI systems depend on high-quality data for training and operation. If the data used to train or operate these systems contains errors, biases, or is otherwise compromised, the resulting outputs could be flawed, potentially leading to operational inefficiencies, customer dissatisfaction, or regulatory issues. We may rely on third-party AI technologies or services, which could introduce additional risks related to data security, system reliability, and vendor management. If these third-party providers experience service disruptions, security breaches, or compliance failures, our operations could be adversely affected. As AI technologies continue to advance, we may face intellectual property challenges related to the development, acquisition, or use of AI systems. Additionally, the use of open-source AI components may create licensing compliance risks or unexpected limitations on our proprietary rights. The integration of AI into our cybersecurity infrastructure may create new vulnerabilities or attack vectors that could be exploited by malicious actors. Conversely, sophisticated AI-powered cyber threats may become more difficult to detect and mitigate, potentially increasing our exposure to data breaches or system compromises. If we are unable to effectively manage the risks associated with AI technologies, our business, financial condition, results of operations, and reputation could be materially and adversely affected.

***Widespread adoption of artificial intelligence technologies may lead to labor market displacement that adversely affects our members and our loan portfolio.***

The rapid adoption of artificial intelligence and automation technologies across industries may result in significant changes to the labor market, including job displacement, wage suppression, and structural unemployment in certain sectors. If AI adoption leads to increased unemployment or reduced income levels among our members or prospective members, we could experience higher loan default rates, increased credit losses, reduced demand for our lending products, and lower member engagement across our platforms. These effects may be particularly pronounced among the younger, digitally-oriented demographic that forms a significant portion of our member base, as entry-level and mid-career roles in certain sectors face heightened displacement risk. In addition, AI-driven changes to the labor market could reduce consumer confidence and discretionary savings, which may adversely affect demand for our wealth

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management products. The pace and scope of AI-driven labor market disruption are difficult to predict, and we may not be able to adjust our credit models, product offerings, or risk management strategies quickly enough to account for these shifts. Any material deterioration in the employment or financial condition of our members as a result of AI-related labor market changes could have a material adverse effect on our business, financial condition, and results of operations.

***Evolving regulations governing cross-border data transfers may impair our ability to operate efficiently across international boundaries.***

Our operations, particularly through our Carta subsidiary, involve the transfer of customer and operational data across international borders. Regulatory frameworks governing data transfers are rapidly evolving and increasingly restrictive in many jurisdictions. The European Union's General Data Protection Regulation (GDPR), Canada's proposed Consumer Privacy Protection Act, and similar regulations in other jurisdictions impose strict requirements on cross-border data transfers. Compliance with these requirements often necessitates complex legal mechanisms such as standard contractual clauses, binding corporate rules, or adequacy decisions, which are subject to ongoing legal challenges and regulatory changes. Court decisions invalidating prior transatlantic data transfer frameworks, and the ongoing legal and political uncertainty surrounding the current EU-U.S. Data Privacy Framework, have created significant uncertainty regarding the long-term viability of compliant data transfer mechanisms. If we are unable to transfer data between jurisdictions due to regulatory changes or the invalidation of transfer mechanisms, we may need to implement costly data localization measures, redesign our technical infrastructure, or limit our service offerings in certain regions. Any failure to comply with cross-border data transfer regulations could result in substantial fines, regulatory enforcement actions, litigation, and reputational damage.

***Maintaining compliance with both Canadian and U.S. securities regulations creates additional costs, complexities, and risks.***

As a company dual-listed on the TSX and Nasdaq, we are subject to securities laws and regulations in both Canada and the United States, which imposes additional compliance burdens and costs. These dual regulatory regimes sometimes contain differing or even conflicting requirements regarding corporate governance, disclosure obligations, internal controls, and financial reporting. Compliance with these varying requirements necessitates additional legal, accounting, and administrative resources. The costs associated with dual-listing compliance, including legal fees, accounting costs, listing fees, and additional personnel, are substantial and ongoing. Any failure to comply with the requirements of either regulatory regime could result in delisting, regulatory penalties, shareholder litigation, and reputational damage. Additionally, changes to securities laws or regulations in either jurisdiction may require us to modify our compliance programs, governance practices, or disclosure controls, potentially increasing our compliance costs and diverting management attention from operational activities.

***The implementation of open banking frameworks may alter competitive dynamics, create integration challenges, and impose new security and compliance obligations.***

Various jurisdictions, including Canada, are developing or implementing open banking or consumer-directed finance frameworks that would require financial institutions to securely share customer data with authorized third parties at the customer's direction. The Department of Finance Canada has proposed an open banking framework that, if implemented, could impact our business model and competitive position. These initiatives may create opportunities for us to access customer data from traditional financial institutions, but also pose risks as they may lower barriers to entry for new competitors, potentially commoditizing certain aspects of our services. Implementation of open banking will likely require substantial investments in API development, security enhancements, and compliance systems. We may face

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technical challenges integrating with various financial institutions' systems, each with potentially different standards and specifications. Additionally, open banking frameworks typically impose strict requirements regarding data security, customer consent management, and liability allocation, creating new compliance obligations and potential sources of liability. If we are unable to effectively adapt to open banking environments, we may lose market share to competitors who more successfully leverage these frameworks.

***Our recent corporate name change from Mogo Inc. to Orion Digital Corp. may not achieve its intended benefits and could adversely affect our business.***

On December 29, 2025, we changed our corporate name from Mogo Inc. to Orion Digital Corp. and began trading under the ticker symbol "ORIO" on January 2, 2026. While we believe the rebrand better reflects our evolution toward a multi-platform digital financial infrastructure business, the name change involves significant risks. We have built brand recognition and goodwill under the "Mogo" name over many years, and the transition to "Orion Digital" may result in confusion among existing members, partners, and investors. There can be no assurance that the new brand will achieve the same level of recognition or positive association as the prior brand. The rebrand also involves substantial costs, including updating marketing materials, digital properties, contractual and regulatory documentation, and product-level branding. Delays or inconsistencies in executing the rebrand across our platforms and subsidiaries could create further confusion and reputational risk. If the rebrand fails to resonate with our target markets, or if we experience customer attrition or reduced investor interest during the transition, our business, financial condition, and results of operations could be materially adversely affected.

***Our investment portfolio is subject to significant valuation risk, illiquidity, and concentration, which could result in further write-downs and materially affect our financial condition.***

We hold an investment portfolio consisting of approximately 19 investments in private and public companies and bitcoin ETFs, which was valued at approximately $21 million as of December 31, 2025. Many of these investments are in early-stage or growth-stage companies with limited operating histories, and in the case of private company investments, there is no liquid public market for these securities. The fair value of our portfolio is subject to significant volatility and may decline due to factors beyond our control, including changes in market conditions, the financial performance of portfolio companies, adverse developments in the digital asset markets, and broader macroeconomic trends. We have experienced material declines in the value of our portfolio in prior periods, and there can be no assurance that we will not experience further impairments. In addition, we may be unable to realize the carrying value of our investments upon disposition due to market illiquidity, contractual restrictions on transfer, or a lack of willing buyers. Any material decline in the value of our investment portfolio, or an inability to liquidate investments at acceptable prices, could have a material adverse effect on our business, financial condition, and results of operations.

***The price of the Common Shares in public markets may experience significant fluctuations.***

The market price for the Common Shares may be volatile and subject to wide fluctuations in response to numerous factors, many of which are beyond our control, including but not limited to: actual or anticipated fluctuations in our quarterly results of operations; actual or anticipated fluctuations to the capital requirements of our properties; changes in estimates of our future results of operations by us; release or expiration of lock-up or other transfer restrictions on outstanding common shares; and price and volume fluctuations in the trading of the Common Shares and in the overall stock market, including as a result of trends in the economy as a whole.

Financial markets have recently experienced significant price and volume fluctuations that have particularly affected the market prices of equity securities of public entities and that have, in many cases, been unrelated

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to the performance, underlying asset values or prospects of such entities. Accordingly, the market price of the common shares may decline even if our business, financial condition and results of operations or prospects have not changed. Additionally, these factors, as well as other related factors, may cause decreases in asset values that are deemed to be other than temporary, which may result in impairment losses. As well, certain institutional investors may base their investment decisions on consideration of our environmental, governance and social practices and performance against such institutions' respective investment guidelines and criteria, and failure to satisfy such criteria may result in limited or no investment in the Common Shares by those institutions, which could materially adversely affect the trading price of the Common Shares. There can be no assurance that fluctuations in price and volume will not occur. If such increased levels of volatility and market turmoil continue for a protracted period of time, our business, financial condition and results of operations could be materially adversely impacted and the trading price of the Common Shares could also be materially adversely affected.

***We are subject to risks related to fraudulent activity targeting our digital platforms, which could result in financial losses, regulatory action, and reputational harm.*** 

Our digital lending, payments, and wealth management platforms could be targets for various types of fraud, including application fraud (where individuals use stolen, synthetic, or falsified identities to obtain loans or open accounts), transaction fraud (including unauthorized payments, chargebacks, and merchant fraud within our Carta payments platform), and account takeover (where bad actors gain unauthorized access to member accounts). The volume and sophistication of fraud attempts targeting digital financial services companies have increased in recent years, driven in part by the availability of stolen personal data, advances in social engineering techniques, and the use of artificial intelligence tools to generate convincing fraudulent applications and communications. Our fraud detection and prevention systems, which rely on a combination of automated rules, machine learning models, and manual review, may not identify all fraudulent activity in a timely manner, or at all. When fraud is not detected before a transaction is completed or a loan is funded, we may bear the resulting financial loss and may be unable to recover the funds. In addition, fraud-related losses in our Carta payments business could damage our relationships with payment network partners and clients. If we are unable to maintain effective fraud prevention and detection measures, or if we experience a significant increase in fraud-related losses, our business, financial condition, results of operations, and reputation could be materially adversely affected.

***Our mobile applications depend on third-party app stores and mobile operating systems that we do not control.***

Our wealth management products, including Intelligent Investing, are distributed primarily through mobile applications available on Apple's App Store and Google Play. We are dependent on these third-party platforms to distribute our apps to members, process in-app transactions, and deliver updates. Apple and Google each have broad discretion to change their app store terms, policies, and fee structures, and to delay, restrict, or remove applications for a variety of reasons, including changes to their guidelines regarding financial services apps, privacy requirements, or in-app payment rules. Any material change to app store policies, increase in platform fees, or removal or suspension of our applications could disrupt our ability to acquire and serve members, delay the rollout of product updates, and adversely affect our revenue. We have no control over the operating systems on which our apps run, and changes to iOS or Android could require us to devote significant development resources to maintain compatibility. If we are unable to maintain our

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presence on these platforms on acceptable terms, our business, financial condition, and results of operations could be materially adversely affected.

***If we fail to meet publicly announced financial guidance or expectations, the trading price of our securities could decline.***

From time to time, we may provide public guidance regarding our expected financial performance, including revenue, adjusted EBITDA, or other operating metrics. This guidance is based on management's estimates and assumptions at the time it is provided, which are inherently uncertain and may prove to be inaccurate. Our actual results may differ materially from our guidance due to factors within or outside our control, including changes in macroeconomic conditions, competitive dynamics, regulatory developments, or the timing of product launches. If our actual results fall short of our publicly announced guidance or the expectations of securities analysts, the trading price of the Common Shares could decline significantly, and we could face increased investor scrutiny, securities litigation, or reputational harm. Even if we meet or exceed our guidance, analysts or investors may react negatively if the results do not meet their independent expectations or if we revise our guidance downward for future periods.

***Changes in accounting standards or their interpretation could materially affect our reported financial results.***

Our consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. The IASB periodically issues new or revised accounting standards that may require changes to how we recognize, measure, or disclose certain transactions and balances. Future changes to IFRS, including standards related to financial instruments, revenue recognition, lease accounting, or the classification of digital assets, could materially affect our reported financial position, results of operations, or cash flows, and could require significant changes to our financial reporting systems and processes. In addition, differences in the interpretation or application of accounting standards could result in restatements or revisions to previously reported financial results. Any such changes or restatements could affect investor confidence, the trading price of our securities, and our ability to comply with financial covenants under our credit facilities.

***Negative publicity or damage to our brand and reputation could adversely affect our business.***

Our ability to attract and retain members, partners, and investors depends in part on the strength of our brand and reputation. Negative publicity, whether or not accurate, relating to our products, services, management, corporate governance, regulatory compliance, data security, or the broader financial services industry, could harm our reputation and erode member trust. The speed and reach of social media, online review platforms, and financial commentary forums amplify the potential impact of negative coverage, and reputational harm can occur rapidly and with limited opportunity to respond. In addition, short-seller reports, analyst downgrades, or negative commentary from market participants could adversely affect investor confidence and the trading price of our securities, regardless of the accuracy of such reports. Reputational harm could reduce member acquisition and engagement, increase member attrition, impair our ability to attract or retain employees, damage relationships with business partners, and result in increased regulatory scrutiny. Restoring a damaged reputation can be a lengthy and costly process with no assurance of success. Any material reputational harm could have a material adverse effect on our business, financial condition, and results of operations.

***Our lending operations are concentrated in Canada, which exposes us to regional economic risks.***

Substantially all of our loan portfolio consists of loans to borrowers located in Canada. This geographic concentration means that our lending business is disproportionately exposed to economic conditions,

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regulatory developments, and other factors specific to the Canadian market. A deterioration in Canada's economy, whether caused by trade disruptions, tariffs, rising unemployment, a downturn in the housing market, natural disasters, or other adverse developments, could result in higher loan default rates and increased credit losses across our portfolio in a manner that would not affect a more geographically diversified lender. Our ability to mitigate this concentration risk through geographic expansion is limited by regulatory requirements, the cost of entering new markets, and the need to develop market-specific underwriting capabilities. If Canadian economic conditions deteriorate materially, our business, financial condition, and results of operations could be adversely affected to a greater degree than those of competitors with more geographically diversified lending operations.

***Evolving expectations and political scrutiny related to environmental, social, and governance matters could expose us to reputational and regulatory risk.***

Investors, regulators, employees, and other stakeholders in both Canada and the United States have placed increasing emphasis on corporate environmental, social, and governance ("ESG") practices. At the same time, there has been a growing political backlash against ESG initiatives in certain U.S. jurisdictions, including legislative and regulatory efforts to restrict the consideration of ESG factors in investment and business decisions. As a dual-listed company, we face the challenge of navigating these diverging expectations. Actions we take, or choose not to take, in response to ESG-related matters, including public statements, diversity and inclusion initiatives, climate-related disclosures, or investment practices, could attract criticism from stakeholders on either side of these debates. Failure to meet evolving ESG-related expectations could result in reputational harm, reduced access to capital from ESG-focused investors, or difficulty attracting and retaining employees, while actions perceived as overly focused on ESG could attract scrutiny from investors, political actors, or regulators opposed to such initiatives. Any of these outcomes could adversely affect our reputation, business relationships, and results of operations.

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**ITEM 4: INFORMATION ON THE COMPANY**

**A.** **<u>History and Development of the Company</u>**

Mogo Finance Technology Inc. ("Mogo Finance") was incorporated under the Company Act on August 26, 2003 under the name "675909 B.C. Ltd." and transitioned under the Business Corporations Act (British Columbia) ("**BCBCA**") on May 4, 2005. Mogo Finance's name was changed several times, the last of which occurred on June 1, 2012 when its name was changed from "Hornby Management Inc." to the current name, "Mogo Finance Technology Inc.". Mogo Finance completed an initial public offering of its common shares on the Toronto Stock Exchange ("TSX") under the trading symbol "GO" in June 2015.

The Company was incorporated by letters patent under the laws of Canada on January 14, 1972 under the name "Eskimo International Resources Limited." On August 17, 1972, the Company changed its name to "Natalma Mines Limited" by supplementary letters patent. The Company was continued under the Canada Business Corporations Act ("CBCA") by articles of continuance dated November 19, 1979. On May 4, 1983, the Company's name was changed to "Tonka Resources Inc.". The Company underwent several name changes between 1988 and 2013. On June 13, 2013, the Company changed its name to "Difference Capital Financial Inc" ("Difference").

On June 21, 2019, the Company completed a statutory plan of arrangement (the "Arrangement"), being a business combination with Mogo Finance. In connection with the Arrangement, the Company was continued into British Columbia under the BCBCA and changed its name to "Mogo Inc." (referred to in this section as the "Combined Entity").

Under the Arrangement, Mogo Finance was amalgamated with a wholly owned subsidiary of Difference and each Mogo Finance common share (each a "Mogo Finance Share") outstanding immediately prior to the Arrangement, other than Mogo Finance Shares held by Difference, was exchanged for one common share of the Combined Entity (each, a "Common Share"). On completion of the Arrangement, former Mogo Finance shareholders owned approximately 80% of the Combined Entity, on a fully diluted basis and the former directors of Mogo Finance made up a majority of the directors of the Combined Entity and the former officers of Mogo Finance became officers of the Combined Entity. In connection with the Arrangement, all of Mogo Finance's outstanding convertible securities became exercisable or convertible, as applicable, for Common Shares in accordance with the provisions thereof.

The Common Shares began trading on the TSX under the trading symbol "MOGO" in place of the Difference common shares at the open of trading on June 25, 2019. In addition, the Combined Entity was treated as a successor in interest to Mogo Finance and, as such, the Combined Entity was listed on the Nasdaq Capital Market (the "**Nasdaq**") under the symbol "MOGO". Mogo Finance Shares were delisted from the TSX on the close of trading on June 24, 2019. On August 10, 2023, the issued and outstanding Common Shares of the Combined Entity were consolidated on a three for one basis.

Following the completion of the Arrangement, Mogo Finance became a wholly owned subsidiary of the Company. The Arrangement was accounted for as a reverse acquisition of the Company by Mogo Finance under IFRS 3 - Business Combinations, and accordingly, beginning with the second quarter of 2019, the Company's financial statements, management's discussion and analysis and all other documents filed with securities commissions or similar authorities in each of the provinces and territories of Canada reflect the continuing operations of Mogo Finance.

On December 29, 2025, the Company's name was changed to Orion Digital Corp. and on January 2, 2026 the Company's common shares began trading under the new ticker symbol ORIO on the Nasdaq and TSX.

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See "Item 4 – C. Organizational Structure" and "Item 10 – C. Material Contracts" for additional information on our corporate structure, including a list of our major subsidiaries.

Our principal place of business is located at 516-409 Granville St, Vancouver, BC, V6C 1T2, telephone number (604)-659-4380, and our registered office is located at Suite 2700, 666 Burrard Street, Vancouver, British Columbia V6C 2X8. Our website can be accessed at www.orion-digital.com. The information contained on, or accessible through our website is not incorporated by reference into this annual report. Our agent for service of process in the United States is C T Corporation System, located at 28 Liberty Street, New York, NY 10005. Copies of our electronic filings can be accessed on the SEC website at www.sec.gov.

We made capital expenditures of $0.05 million, $0.08 million, and $0.2 million in 2025, 2024, and 2023, respectively. Our capital expenditures were primarily for the purchase of computer equipment.

**B.** **<u>Business Overview</u>**

Orion Digital Corp. is a financial technology company focused on its digital wealth platform. The Company's Intelligent Investing platform provides structured investment solutions designed to support long-term portfolio construction through automated and technology-enabled processes.

Orion Digital also operates a European payments infrastructure business that provides transaction authorization and processing services, and a Canadian consumer lending portfolio that generates cash flow and is managed with a focus on risk and capital efficiency.

Orion Digital's capital allocation framework prioritizes reinvestment in its wealth platform, followed by investment in payments infrastructure and share repurchases where appropriate, with excess liquidity retained on the balance sheet to support operating stability and capital flexibility.

**Products and Services**

The Company's primary products focus on wealth, payments and lending and include the following:

**Revenue Model and Economics**

The Company generates revenue across three primary business lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Wealth (subscription and services):** Recurring revenue derived from platform membership fees and investment-related services, with revenue scaling alongside assets under management and member growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Payments (transaction and platform fees):** Revenue generated from issuer processing, transaction-based fees, and program management services provided to enterprise and fintech clients. Revenue is correlated with transaction volume and client program activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Lending (interest income):** Revenue generated from consumer lending products, with profitability driven by pricing and credit performance.

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The Company's strategy is to increase the contribution of recurring and scalable revenue streams from wealth and payments over time, while managing lending as a capital-efficient source of cash flow.

**<u>Wealth: Primary growth and strategic focus of the Company</u>**

<u>IntelligentInvesting.ai</u>

Intelligent Investing is a digital wealth platform designed to help Canadians build long-term wealth through disciplined, technology-enabled investing solutions. As of December 31, 2025, Intelligent Investing was delivered through two mobile applications, the Intelligent Investing app (managed investing) and the MogoTrade app (self-directed investing), which together formed an integrated investing ecosystem. Intelligent Investing consists of two core offerings:

<u>Managed Investing</u>

The Company's managed investing solution is delivered through the Intelligent Investing mobile application.

The Intelligent Investing app provides a fully managed digital investing experience designed to simplify long-term wealth building through automation and structured portfolio management. Members make recurring or one-time contributions into professionally managed portfolios constructed with a strategic focus on broad-market ETFs, such as those tracking the S&P 500. Dividends are automatically reinvested.

There are no account minimums, and members may deposit or withdraw funds without transaction fees. Portfolios are constructed and managed based on each member's investment objectives and risk profile.

Investments held through the Intelligent Investing app are managed by IIWMI, a registered portfolio manager, investment fund manager, and exempt market dealer in Canada.

The Intelligent Investing application is available on the Apple App Store and Google Play Store.

<u>Self-Directed Investing</u>

The Company's self-directed investing solution is a commission-free self-directed stock trading platform delivered through a mobile app that allows members to trade equities listed on major exchanges, including the TSX, TSX Venture Exchange, Nasdaq, and NYSE. The platform is designed to support informed investment decision-making through integrated research tools and educational resources.

The Company's self-directed investing platform is offered by IISI, a dealer member regulated by the Canadian Investment Regulatory Organization (CIRO).

The Intelligent Investing self-directed trading application is available on the Apple App Store and Google Play Store.

<u>Platform Integration and Technology</u>

While managed and self-directed investing were offered through separate applications as of December 31, 2025, they operate within a common Intelligent Investing framework and

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subscription model. Together, they provide members with access to both professionally managed portfolios and self-directed trading capabilities within a single investing ecosystem.

The Intelligent Investing platform is built on cloud-based infrastructure leveraging internally developed microservices and standardized APIs. The architecture is designed to support scalability, regulatory compliance, and integration with third-party data providers, custodians, and market infrastructure.

The Company continues to invest in technology enhancements across the Intelligent Investing platform. This includes ongoing development and evaluation of advanced analytics and artificial intelligence–enabled capabilities intended to enhance personalization, portfolio insights, research functionality, and operational efficiency. While such capabilities were at various stages of development as of December 31, 2025, the Company expects data-driven and AI-enabled tools to play an increasing role in supporting member experience and platform differentiation over time.

Wealth revenue is primarily recurring in nature and benefits from operating leverage as assets under management and member engagement increase.

<u>Tactex Asset Management</u>

Tactex, a division of IIWMI, offers an independent platform designed to empower portfolio managers to grow their business on their own terms. Tactex provides the regulatory, technological, and operational infrastructure needed for advisors to thrive - professionally and financially. IIWMI is registered as a portfolio manager in all Canadian provinces and territories, as an Investment fund manager in the provinces of Ontario and Quebec, and as an exempt market dealer in the provinces of Alberta, British Columbia, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Newfoundland and Labrador and Prince Edward Island.

**<u>Payments: Infrastructure layer supporting transaction authorization and client programs</u>**

Carta is a digital payments software company, founded in 2008, which provides technology and services that enable financial technology companies, banks, and corporations to issue payment products to consumers via multiple channels, including physical, virtual and tokenized cards, as well as payment switching and routing services. The Carta platform provides the infrastructure needed to help fintech and payments businesses build and manage their payment systems, and supports prepaid, debit, and credit card issuer processing. Carta is certified as a Visa and MasterCard processor with active card programs in over 11 countries, and annual transaction volume of approximately $12 billion.

Payments revenue is driven by transaction volume and client program activity, with revenue scaling as customer programs grow and expand.

**<u>Lending: Cash-generative business managed for risk and capital efficiency</u>**

The Company's lending business provides unsecured consumer credit and is operated with a focus on disciplined underwriting, portfolio monitoring, and cash flow generation. The business is not a primary growth driver and is managed within defined risk and capital constraints.

Operating under the Mogo brand, the Company primarily offers an unsecured open line of credit product (the "Mogo Line of Credit"), which is designed to provide members with access to short-term liquidity. The Mogo Line of Credit provides approved members with access to credit up to $5,000 at a rate of 34.37%, subject to applicable provincial regulations and individual credit assessment. The Company's loan portfolio

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also includes loans originated prior to 2025 at rates higher than 34.37%, which remain in effect at their original terms for existing borrowers. Members may obtain a no-obligation pre-approval through a fully digital application process and funding is completed electronically.

The lending experience is designed to be digital-first and highly automated, with the objective of reducing paperwork and minimizing manual intervention. The Company utilizes proprietary credit decisioning models that incorporate multiple data sources and analytical methodologies to assess risk and determine eligibility and credit limits.

**Credit Decisioning and Technology**

A core component of the Company's lending platform is its data-driven underwriting and risk management framework. The Company leverages internally developed risk models, behavioral data, third-party bureau data, and other permitted data sources to inform credit decisions and ongoing account management. The Company continues to enhance its credit decisioning and operational capabilities through advanced analytics and artificial intelligence–enabled tools. These technologies are used to support: risk assessment and credit limit determination; fraud detection and identity verification; automated income and account verification processes; portfolio monitoring and collections prioritization.

Automation is embedded throughout the lending lifecycle, from application and underwriting through servicing and collections. While automated systems are central to the workflow, human oversight remains in place where required by policy, regulation, or internal risk controls.

The Company expects continued investment in AI-driven and automation technologies to improve operational efficiency, reduce manual processing requirements, strengthen risk management, and streamline the member experience over time. These initiatives remain subject to regulatory requirements, internal governance standards, and technological development timelines.

**Integrated Financial Ecosystem**

The Company's lending business operates within a broader financial ecosystem that includes Intelligent Investing.

While the lending product is designed to address short-term liquidity needs, the broader platform provides members with access to tools and services intended to support longer-term financial management and wealth-building objectives.

**<u>Investment Portfolio ("Orion Digital Ventures")</u>**

Orion Digital owns a portfolio consisting of approximately 15 investments in private and public companies and bitcoin ETFs. The Company's investment portfolio is managed opportunistically and is not a core component of its operating strategy.

As of December 31, 2025, Orion Digital's investment portfolio was valued at approximately $21 million and included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A stake in TSX-listed WonderFi Technologies Inc. ("**WonderFi**"), a fully regulated crypto exchange in Canada;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investments in leading and emerging Crypto, Web 3.0 platforms and gaming companies, including Gemini, NFT Trader, and Enthusiast Gaming (NASDAQ:EGLX); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Legacy investments including Hootsuite, Blue Ant Media and Alida, with a focus on monetizing these investments.

In the financial year ended December 31, 2025 and subsequently in 2026, Orion Digital monetized approximately $19.5 million and $8.4 million respectively, of its investment portfolio through a sale of its remaining stake in WonderFi.

***General Development of the Business*** 

Orion Digital has continued its evolution with a series of strategic and financial initiatives throughout 2025 and early 2026 as described in more detail below.

In 2026, Orion Digital:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Completed a Corporate Rebrand and Ticker Change.** On December 29, 2025, the Company changed its corporate name from Mogo Inc. to Orion Digital Corp., reflecting its evolution toward a multi-platform digital financial infrastructure business operating across wealth and payments. The Company's common shares began trading under the new ticker symbol "ORIO" on Nasdaq and TSX on January 2, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Exited Remaining WonderFi Position.** In January 2026, the Company exited its remaining equity position in WonderFi. The transaction increased the Company's cash and cash equivalents by more than 50% compared to Q3 2025 to approximately $27 million, further strengthening the Company's balance sheet and liquidity position.

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**Three Year History**

In 2025, Orion Digital:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Completed Phase 1 of the Redesign and Rebuild of Intelligent Investing Platform**. In Q4 2025, the Company completed Phase 1 of the comprehensive redesign and rebuild of the Intelligent Investing platform, including enhancements to performance and reliability, expanded portfolio information and suitability processes, new goal-setting and planning tools, improved transfer management capabilities, and other product and user experience improvements. Assets under management on the Company's wealth platform totaled $498.3 million as at Q4 2025, representing a 17% increase year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Extended Credit Facility with Fortress Investment Group**. In February 2025, the Company amended the Credit Facility, being its senior secured credit facility with funds managed by affiliates of Fortress Investment Group LLC. The amendments extended the maturity date by three years, until January 2, 2029, and reduced the interest rate by 100 basis points from SOFR plus 8%, to SOFR plus 7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Exited Legacy Institutional Brokerage Business**. In Q1 2025, the Company exited its legacy institutional brokerage business, as part of management's strategic focus on eliminating sub-scale revenue streams and prioritizing higher margin offerings. The institutional brokerage business contributed $5.3 million of revenue for the financial year ended December 31, 2024, with a negligible operating margin. These revenues were reported within other subscription and services revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Monetized WonderFi Investment.** In May 2025, WonderFi announced that it had entered into a definitive agreement to be acquired by Robinhood Markets, Inc. In 2025, the Company monetized approximately $19.5 million of its investment in WonderFi.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Refocused Carta on European Payments Operations**. During 2025, the Company ceased payments operations in Canada in order to focus the Carta platform primarily on European payments programs. Excluding the previously exited Canadian operations, European payments volume increased from $2.8 billion in Q4 2024 to $3.1 billion in Q4 2025, representing growth of 14% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Completed Carta Migration to Oracle Cloud Infrastructure**. In Q1 2025, Carta completed its transition to Oracle Cloud Infrastructure ("**OCI**"), supporting the scalability and operational efficiency of the Company's payments platform in Europe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Continued Share Repurchase Program**. In 2025, the Company repurchased 548,091 common shares under its share repurchase program. As of December 31, 2025, Orion Digital had repurchased a total of 1,667,185 common shares since June 2022, representing approximately 7.0% of its outstanding shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Continued Execution on its Bitcoin treasury strategy**. The Company believes its Bitcoin exposure appropriately reflects its long-term capital allocation objectives. Management's near-term capital allocation priorities remain focused on reinvesting in the Company's Wealth and Payments platforms and opportunistically repurchasing common shares where appropriate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Adapted Lending Products to New Interest Rate Legislation**. Effective January 1, 2025, the Company became subject to new legislation in Canada that reduces the maximum allowable interest rate to 35% APR. The Company has implemented changes to its lending products to comply with these requirements. All loans originated in 2025 were issued at rates within the new legislative limit.

In 2024, Orion Digital:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Launched Moka.ai**. In March 2024, the Company announced the launch of Moka.ai, the next generation of its wealth-building app with significant updates and enhancements designed to help the next generation of Canadians get on a real path to becoming millionaires and achieving financial freedom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Added Bitcoin to its Treasury Management Strategy.** In March 2024, the Company announced that its Board of Directors has approved a change to its treasury management strategy to include Bitcoin and Bitcoin ETFs and authorized an initial investment of up to $5.0 million. As of the date hereof, the Company holds less than US$1 million in Bitcoin ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Resumed share repurchases under Nasdaq buyback program.** The Company announced the resumption of repurchases of Common Shares under its Nasdaq buyback program as part of its ongoing efforts to enhance shareholder value. In 2024, the Company repurchased 44,741 Common Shares at an average price of $2.30 per Common Share. This follows the repurchase of 474,353 Common Shares in 2023 at an average price of $2.36 per Common Share. By continuing the buyback program, the Company aims to address the perceived valuation of the Common Shares and support long-term growth to better reflect the Company's financial performance and strategic investments, such as its 13% stake in WonderFi.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Extended Maturity of $60 Million Credit Facility to 2026.** The Company announced an extension of the maturity date for its $60 million senior credit facility with Fortress Investment Group from July 2, 2025, to January 2, 2026. This amendment provided the Company with continued access to the resources and flexibility necessary to support its digital lending product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Launched "Buffett Mode" Self-Directed Investing App.** The Company announced the launch of its "Buffett Mode" self-directed investing app, designed to help Canadians move away from speculative trading and adopt long-term, value-based investing principles inspired by Warren Buffett. The app encourages disciplined, patient investing by adding thoughtful prompts and reducing the temptation for frequent trading, a common issue in many trading platforms. With a flat subscription fee model, the app offers zero commission and FX fees, aligning success with user outcomes. Additionally, the platform promotes positive environmental impact, with users contributing to replanting Canadian forests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Partnered with Postmedia to Launch Educational Wealth Content Channel.** The Company announced a strategic partnership with Postmedia, Canada's largest news media company, to create a new digital wealth content channel aimed at educating Canadians on investing, wealth accumulation, and financial management. As the founding sponsor, The Company will contribute educational resources, including its wealth calculator, to help users improve their financial literacy. Postmedia, with a reach of 17.8 million Canadians monthly, will independently operate the channel on its Financial Post platform. Additionally, the Company issued 500,000 warrants to purchase Common Shares to Postmedia as part of the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Partnered Exclusively with Tom Lee's Fundstrat to Offer Equity Market Research.** The Company announced an exclusive partnership with Thomas Lee's Fundstrat Global Advisors to

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provide users of its digital wealth solutions with premium access to top-tier equity market research. This collaboration offers Canadian retail investors exclusive insights from Fundstrat's FS Insight research, which is typically available to large institutional clients. As a result of the partnership, our users have access to exclusive webinars, interviews, and research from Tom Lee and other experts, aimed at enhancing their investment decision-making and giving them a competitive edge in the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Carta Reported 23% Increase in Transaction Volume.** Carta reported a 23% increase in quarterly transaction volume, reaching a record $3.0 billion in Q3 2024. This growth highlights Carta's expanding reach, particularly with large European customers, bringing its annual run rate to $12 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Appointed a New Auditor.** On October 1, 2024, the Company appointed MNP LLP, Chartered Professional Accountants, as the Company's new auditor, replacing KPMG LLP, Chartered Professional Accountants.

In 2023, Orion Digital:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Announced WonderFi Business Combination**. In July 2023, the Company announced that Coinsquare Ltd. ("**Coinsquare**") completed a business combination with WonderFi and CoinSmart Financial Inc. This transaction positioned the resulting entity, WonderFi (TSX:WNDR), as the only fully regulated crypto exchange in Canada. The Company's shares in Coinsquare were exchanged for ~87.0 million shares of WonderFi in the business combination, making the Company the largest shareholder of WonderFi. Certain of the WonderFi shares were subject to a lock-up period, with gradual release scheduled until January 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Entered Multi-Year Agreements with Oracle**. The Company entered multi-year agreements with OCI in October 2023 to transition to its cloud infrastructure to support the long-term growth of the Company's digital wealth platform. Carta also announced that it selected OCI to accelerate innovation and support future growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Expanded Partnership with Snowflake**. The Company expanded its partnership with Snowflake, the Data Cloud company, to integrate AI applications and scale its digital wealth offerings. By leveraging Snowflake's Data Cloud, The Company aims to enhance processing efficiency and introduce innovative AI solutions, empowering users to invest more effectively and achieve financial freedom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Completed a Share Consolidation**. In August 2023, the Company completed a share consolidation at a ratio of three pre-consolidation Common Shares to one post-consolidation Common Share (the "Share Consolidation"), regaining compliance with the minimum bid price requirement under the Nasdaq Listing Rule 5550(a)(2). The Common Shares commenced trading on the TSX and Nasdaq on a post-consolidation basis at the start of trading on August 14, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Prioritized Profitability.** During the year ended December 31, 2023, the Company continued to focus on accelerating the path to profitability by placing an emphasis on cost efficiency and building financial resiliency in light of challenging financial market conditions. The Company

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narrowed its strategic focus and completed the wind down of its legacy Mogo app including its prepaid card product, MogoCard, and its identity fraud monitoring product, MogoProtect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Amended Postmedia Agreement**. The Company amended its marketing collaboration agreement with Postmedia, and extended it until December 31, 2024, aiming to leverage Postmedia's extensive media network to reach a broader audience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Launched MogoTrade App in Quebec**. In 2023, the Company expanded its market reach by launching the MogoTrade app in Quebec, offering it in both English and French languages. This move increased the company's total addressable market opportunity by approximately 28%. Additionally, on May 15, 2023, MogoTrade removed invitation-only restrictions, making the application available to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Filed New Base Shelf Prospectus.** On November 6, 2023, the Company filed a final short form base shelf prospectus with the securities regulators in each province and territory of Canada, except Quebec. The prospectus replaced the prospectus that was filed in 2021, enabling the Company to make offerings of Common Shares, preferred shares, debt securities, warrants to purchase Common Shares, preferred shares or debt securities, or any combination thereof of up to an aggregate offering price of US$250 million at any time during the 25-month period that the prospectus remains effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Announced Carta's Growth**. The Company's digital payment solutions business, Carta, experienced significant growth, processing over $2.2 billion of payments volume in Q1 2023. This marked a notable increase of over 43% compared to Q1 2022, reflecting the continued expansion and adoption of Carta's services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Launched Normal Course Issuer Bid on TSX**. In August 2023, the Company received approval from the TSX to commence repurchasing its Common Shares on the TSX pursuant to a normal course issuer bid (the "**NCIB**"). The NCIB is in addition to the Company's existing Common Share buyback program launched on the Nasdaq in March 2022 (the "**Nasdaq Bid**" and together with the NCIB, the "**Bids**"). Under the Bids, The Company may purchase up to 2,183,000 Common Shares (on a post-consolidation basis), representing approximately 10% of the public float of The Company's outstanding Common Shares as at March 21, 2023. Purchases under the Bids will be made through the facilities of the TSX, Nasdaq or other designated exchanges or any Canadian or US alternative trading system. In accordance with the policies of the TSX, the period of the NCIB was considered to have commenced on March 22, 2023 and ran until March 21, 2024. Under the NCIB, the Company repurchased 104,800 Common Shares through the facilities of the TSX. The Nasdaq Bid remains on-going and the Company is able to repurchase up to US$7.5 million in Common Shares thereunder.

***Product Development***

Orion Digital is a product-driven company focused on building digital wealth solutions that support disciplined capital allocation in financial systems that are increasingly automated and AI-assisted. Our CEO leads our product team, ensuring that development priorities are aligned with the Company's capital allocation framework, which prioritizes reinvestment in our wealth platform, followed by investment in payments infrastructure. Our product development is informed by member behavior data, platform performance metrics, and market trends, and we continuously refine our platforms to improve usability, reliability, and the overall member experience. Our primary product development focus is the Intelligent Investing platform, a unified wealth platform that integrates managed and self-directed investing capabilities within a single interface. We expect to continue to invest in products and platform

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enhancements that we believe meet our return-on-investment criteria and that advance the Company's position as a digital wealth infrastructure business.

***Our Platforms***

<u>Intelligent Investing Platform</u>

Intelligent Investing is a cloud-based system built on internally developed microservices that communicate through RESTful Application Program Interfaces ("**APIs**"). Application data resides in both Canada as well as the United States. We rely on a vast list of third parties to ensure that customers are making financial decisions based on correct market information and market analysis.

The platform is designed to support a largely self-directed user experience, reducing reliance on operational support. Its core technology foundation was acquired in 2021 and has since been further developed and enhanced by the Company. The platform also leverages shared infrastructure developed across Orion Digital's other business lines, including services related to ledgering, funds transfer, account creation and account management.

<u>Mogo Platform</u>

The Company operates an integrated, cloud-based platform designed to deliver financial products to consumers, with a focus on providing access to credit for individuals with non-prime or evolving credit profiles. The platform is built using a modular architecture of internally developed services, supporting reliability and flexibility.

The platform is designed to provide a largely self-service user experience through digital interfaces. For loan customers, this includes the MogoAccount portal, which enables members to manage their accounts, access product information and receive communications.

Automation and data analytics are embedded within the platform's processes, supporting application processing, transaction execution, credit decisioning and marketing activities. The platform also utilizes standardized interfaces to integrate with third-party service providers, allowing for flexibility and ongoing enhancement of functionality. Data generated through platform operations is used to monitor performance and support continuous improvement in credit and operational processes.

<u>Carta Platform</u>

Carta's business-to-business ("**B2B**") offering is based on a hosted platform with data centers in North America and Europe with direct connectivity to global card payment networks – Visa and MasterCard ("**Payment Networks**"). The platform is designed to comply with applicable data security and privacy standards, including Payment Card Industry Data Security Standards (PCI DSS Level 1), General Data Protection Regulation (GDPR), and regional and bank partner regulatory requirements.

Carta serves customers seeking to issue payment cards by providing connectivity to the Payment Networks and client facing interfaces that enable management of the card programs. Customers access the platform through APIs and administration portals built on these APIs, enabling, real-time creation and modification of user accounts and issuing of 16 Digit Personal Account Numbers ("**PANs**").

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The core component of the platform is the authorization functionality which enables real-time authorizations of transactions based on configurable rules within the Carta system. Customers may also interact with the authorization process through Carta's delegated authorization service,Issuer Link, which allows for the application of additional customer-defined controls beyond standard processing rules. This functionality enables enhanced transaction-level controls and supports the development of differentiated card products and features.

The integrity, security and reliability of the Company's technology and payments infrastructure are critical to its operations. The Company intends to continue investing in its platform to meet client needs and maintain confidence in its services, including through ongoing optimization of its cloud-based infrastructure to support global payment processing with localized performance and connectivity to the Payment Networks. The platform is designed to maintain low authorization latency and high availability, while delivering scalable, consistent performance and resilience as transaction volumes grow.

In 2025, Carta exited its Canadian payments business to focus on its core European market.

<u>Platform Maintenance</u>

We maintain our platforms with 37 full-time technology and credit risk analysis employees (credit risk, product, design, development, business intelligence and information technology) as of December 31, 2025 (excluding Carta). For Carta, we have 52 full-time technology employees (Payment Systems, Information Technology and Compliance, Software Engineering, Site Reliability Engineering).

***Principal Markets***

Orion Digital competes in the financial services industry in Canada and in Europe through its payments subsidiary, Carta Worldwide. In particular, we currently operate in all provinces and territories of Canada with some product-specific limitations in certain provinces.

The following table details the breakdown of revenue by category of activity in geographic markets for the years ended December 31:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;($000s) |  |  |  |
|  | &nbsp;&nbsp;**Years ended December 31,** | &nbsp;&nbsp;**Years ended December 31,** | &nbsp;&nbsp;**Years ended December 31,** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;**Subscription and services revenue:** |  |  |  |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;**32671** | &nbsp;&nbsp;35216 | &nbsp;&nbsp;32668 |
| &nbsp;&nbsp;Europe | &nbsp;&nbsp;**9659** | &nbsp;&nbsp;7892 | &nbsp;&nbsp;6117 |
| &nbsp;&nbsp;**Interest revenue:** |  |  |  |
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;**26287** | &nbsp;&nbsp;28098 | &nbsp;&nbsp;26436 |
| &nbsp;&nbsp;**Total revenue**  | &nbsp;&nbsp;**68617** | &nbsp;&nbsp;71206 | &nbsp;&nbsp;65221 |

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***Seasonality***

The Company's business exhibits certain seasonal patterns, with relatively higher demand for wealth management services typically occurring during the first quarter of the fiscal year. The Company experiences higher loan repayments and insolvencies in the second quarter of the year. These seasonal

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variations primarily reflect consumer financial behaviors associated with tax filing periods and year-end financial planning activities. Historically, these seasonal fluctuations have not resulted in material volatility in the Company's financial results. Management continuously monitors these seasonal trends and implements appropriate operational adjustments and resource allocations to address anticipated demand variations throughout the year.

***Marketing***

<u>Mogo and Intelligent Investing</u>

The Company's marketing strategy is focused on acquiring and retaining long-term investing customers through clear value propositions, transparent pricing, and consistent product experience. Marketing efforts emphasize disciplined investing, simplicity, and alignment with long-term market performance.

We deploy a fully integrated, multi-channel strategy that blends performance marketing with long-term brand building. This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Web & Funnel Optimization -** Our websites - including intelligentinvesting.ai and mogo.ca - serve as core entry points for onboarding new members. Each site is optimized to reflect the sophistication and simplicity of the Intelligent Investing experience, with an emphasis on education, clarity, and frictionless activation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Content-Driven Education & Inspiration** - Intelligent Investing is not built for everyone. It's designed for those who want to break free from the noise, think independently, and build wealth with conviction. Our content - delivered through email series, in-app lessons, social media, and educational articles - reinforces core investing principles and helps members rewire their behavior for long-term success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Performance Marketing -** We run data-driven campaigns across digital platforms to acquire high-intent users efficiently. Messaging focuses on our key differentiators: no-fee self-directed investing, automated S&P 500 portfolios and access to Fiscal.ai research tools, all under a simple, subscription-based membership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Strategic Partnerships -** We've partnered with Fundstrat and Tom Lee, one of Wall Street's most respected strategists, to infuse institutional-grade market insights into our platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Referral & Viral Growth -** Intelligent Investing is designed to be shareable. In-app referrals, social content, and member-driven moments are key levers for low-cost growth and organic momentum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Social Media & PR -** We engage audiences across TikTok, Instagram, LinkedIn, and X with high-integrity insights, anti-noise messaging, and high-impact creative. PR efforts focus on thought leadership, investor trust, and brand storytelling that challenges the status quo in Canadian finance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Email & Lifecycle Marketing -** Our email engine drives onboarding, activation, education, and long-term retention. We tailor campaigns to different stages of the member journey, always reinforcing the behaviors and mindset that lead to better outcomes.

We continue to market our consumer lending products through the Mogo brand, which generates stable demand through established digital channels and customer base. Lending acquisition efforts are managed efficiently alongside our wealth marketing, with a focus on disciplined underwriting and high-quality borrower acquisition.

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<u>Carta</u>

Carta is a B2B platform with sales and marketing activities focused on fintechs, banks, and other corporations seeking to issue payment cards. Carta's primary market is Europe, with business development driven primarily through existing client relationships, channel partnerships and inbound interest, including industry referrals and digital channels.

***Intellectual Property***

In accordance with industry practice, we protect our proprietary rights through a combination of copyright, trademark, design patent, trade secret laws and contractual provisions. The source code for our software is protected under Canadian and applicable international copyright laws. We currently have a pending and registered Canadian industrial design and a pending United States design application for "Display Screen Having Graphical User Interface for Investment Management". We have no issued or pending utility patent applications.

We also seek to avoid disclosure of our intellectual property and proprietary information by requiring employees and consultants to execute non-disclosure and assignment of intellectual property agreements. Such agreements require our employees and consultants to assign to us all intellectual property developed in the course of their employment or engagement. We also utilize non-disclosure agreements to govern interaction with business partners and prospective business partners and other relationships where disclosure of proprietary information may be necessary.

Our software includes software components licensed from third parties, including open source software. We believe that we follow industry best practices for using open source software and that replacements for third-party licensed software are available either as open source software or on commercially reasonable terms.

We are the registered owners of trademarks in Canada, the United Kingdom and the European Union. We are the authorized user of various social media handles, pages and profiles that reflect the Mogo and Intelligent Investing brands and we have registered and maintain the registration of a variety of domain names that include "Mogo" or variations of "Mogo", and "intelligentinvesting" as well as cartaworldwide.com.

The enforcement of our intellectual property rights depends on any legal actions against any infringers being successful, but these actions may not be successful or may be prohibitively expensive, even when our rights have been infringed. See "Item 3. Key Information—D. Risk Factors".

***Specialized Skill and Knowledge***

As of December 31, 2025, Orion Digital had 198 team members including employees and contractors. With over twenty years of operating experience, we have developed strong competencies across multiple disciplines. In addition to 50 software developers, designers, data scientists, product managers, and marketers, we have all of the traditional roles of a financial services provider including credit risk, finance, customer experience, operations, governance, legal and compliance. Our team supports the delivery and development of Orion Digital's wealth, payments infrastructure, and consumer lending operations through a combination of technology, financial services, and operational expertise. Our future success partly

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depends on our continuing ability to attract, develop, motivate, and retain highly qualified and skilled employees who share Orion Digital's passion for innovation through our products, platform and brand.

***Competitive Conditions***

<u>Mogo and Intelligent Investing</u>

The financial services industry continues to undergo rapid transformation, driven by shifting consumer expectations, digital innovation, and growing dissatisfaction with traditional financial institutions. Our competitors include other financial technology companies, other consumer finance companies, brokerages, online lenders, mortgage brokerages, traditional financial institutions such as banks, credit unions, and new market entrants. We compete with various financial services companies in each of our main products including financial technology companies such as Wealthsimple, Koho, Questrade, Qtrade and Webull; large Schedule I banks such as TD Canada Trust, Scotiabank, Royal Bank of Canada, Tangerine, Canadian Imperial Bank of Commerce, EQ Bankand Bank of Montreal; credit unions such as Meridian Credit Union and Coast Capital Savings Federal Credit Union; and consumer credit companies such as Capital One, Fairstone Financial Inc., and goeasy.

What sets Orion Digital apart is our strategic focus on long-term financial outcomes rather than short-term engagement or product volume. Our Intelligent Investing platform is designed to disrupt the traditional wealth industry by offering a simple, powerful solution that helps users actually build wealth over time, where banks and brokers often profit from complexity, fees and frequent trading. The platform is designed to emphasize long-term investing principles, including diversification, cost efficiency, and minimizing behavioral decision errors.

We are also the only non-prime lender in Canada offering an integrated pathway from borrowing to investing -allowing us to serve a broader financial journey than most competitors. We believe our multi-pronged differentiation, including a clear value-driven strategy, 22 years of proprietary data, a strong brand, a talented team, and growing scale, positions us as a category-defining alternative to both legacy institutions and newer fintech entrants. As new players continue to enter the market, few are aligned with long-term outcomes in the way we are. Our focus is not just on acquiring users, but on helping them win financially for life.

<u>Carta</u> 

As an issuer processor, Carta operates in a competitive market landscape that includes established legacy processing platforms as well other modern platforms. Legacy processing platforms, including TSYS, FISERV, FIS, and others historically emerged as an outsourcing of traditional bank credit and debit card processing functions and grew to become incumbent players in the payment card market. Often these platforms are based on legacy technology and were not designed to support the complex and dynamic requirements of modern fintech card issuing ecosystem.

As Carta competes against other modern issuer processors, the business leverages product differentiation, service level, pricing models, and partnership engagement to effectively compete in the market. Modern issuer processing platform competitors include Marqeta and Galileo (a subsidiary of SoFi). In some markets, Carta may also face competition from large fintech platforms such as Stripe, Adyen and Checkout.com, whose core business is not issuer processing but may be expanding to more directly compete with Carta. Competitive dynamics vary across countries and regions where Carta operates as well as within industry verticals, and Carta's B2B sales and marketing approach follows a model that is tailored to optimize growth within target market segmentation.

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***Government Regulations***

Our business is subject to numerous federal, provincial and other local laws, ordinances and regulations in each of the jurisdictions in which we operate, which are subject to change.

The following is an overview of key government regulations applicable to our business:

<u>Privacy & Data Protection</u> 

Similarly to all Canadian businesses we are subject, at the federal level, to the Office of the Privacy Commissioner of Canada. The Privacy Commissioner of Canada is an Agent of Parliament whose mission is to protect and promote privacy rights. The Office of the Privacy Commissioner of Canada (OPC) oversees compliance with the Privacy Act, which covers the personal information-handling practices of federal government departments and agencies, and the Personal Information Protection and Electronic Documents Act (PIPEDA), Canada's federal private-sector privacy law. In addition to the federal regulator, we are also subject to the purview of the equivalent provincial regulator, for provinces that do have such a body.

Carta operates in the European Union and is subject to the General Data Protection Regulation (GDPR).

Following the United Kingdom's withdrawal from the European Union, our UK operations are subject to the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018, which together establish the UK's data protection framework and are enforced by the UK Information Commissioner's Office. The UK GDPR is substantially aligned with the EU GDPR but is subject to independent interpretation and potential divergence over time.

<u>Operational Resilience and Cybersecurity</u>

As a provider of services to financial institutions operating in the European Union, we are subject to, or otherwise required to support our clients' compliance with, the Digital Operational Resilience Act (Regulation (EU) 2022/2554) (DORA), which took effect on January 17, 2025. DORA establishes a harmonized framework for information and communication technology (ICT) risk management, incident reporting, operational resilience testing, and oversight of third-party ICT service providers across the EU financial sector.

We are also subject to, or otherwise required to support our clients' compliance with, Directive (EU) 2022/2555 (NIS2), which strengthens cybersecurity risk management, governance and incident reporting obligations for essential and important entities across the European Union, as implemented by each EU member state in which we or our clients operate.

<u>Artificial Intelligence</u>

Our European operations are subject to Regulation (EU) 2024/1689 (the EU Artificial Intelligence Act), which establishes a risk-based regulatory framework for the development, deployment and use of artificial intelligence systems in the European Union. The EU AI Act is being phased in, with prohibitions on certain AI practices and AI literacy obligations applicable from February 2, 2025, governance and general-purpose AI model obligations applicable from August 2, 2025, and the majority of the remaining obligations, including those applicable to high-risk AI systems, becoming applicable on August 2, 2026. We continue to monitor our use of AI systems and evaluate applicability of, and compliance obligations under, the EU AI Act.

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<u>Consumer Protection</u>

As we operate a business to consumer model, we are subject to the various consumer protection and business practices acts that each of the Canadian provinces legislate and supervise through their respective provincial regulatory bodies for this matter. These regulations impact a variety of matters including marketing, cost of credit disclosure, credit reporting, lending, and collections.

<u>Securities & Investments</u>

Our business is subject to the securities legislations and regulations as developed and enforced by the provincial securities and investment regulators, the Canadian Securities Agency ("CSA") and CIRO. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments and is the primary body overseeing the activities of IISI which is registered as an investment dealer. Furthermore, IIWMI holds registrations as both an exempt market dealer and as a portfolio manager. The primary regulatory framework for these activities is governed by National Instrument 31-103, National Instrument 45-106, and their related regulations and enforced by each of the provinces respective securities regulator, with the primary regulator for IIWMI being Quebec's Autorité des Marchés Financiers where IIWMI is headquartered.

<u>Lending</u>

Our lending business activities are subject to section 347 of the Criminal Code, which prohibits the receipt of interest at a "criminal rate" (as defined therein). Following consultations on predatory lending conducted by the Department of Finance in August 2022, in 2023, the Canadian federal government introduced the *Budget Implementation Act, 2023, No 1*, to reduce the criminal rate of interest from 60% to 35%, and to replace an effective annual rate of interest calculation with an annual percentage rate of interest calculation. On January 1, 2025, these amendments came into force. However, the new criminal rate of interest does not apply in respect of any receipt of a payment or partial payment of interest that is interest at a criminal rate, if the payment arises from an agreement or arrangement to receive interest that was entered into before January 1, 2025 and the interest that arises from that agreement or arrangement would not have been at a criminal rate on the date it was entered into. In addition, the federal government has indicated it may further reduce the criminal rate of interest below 35% APR and a consultation on the further lowering of the criminal rate of interest closed on January 7, 2024. The Company continues to monitor developments in this area to ensure compliance with section 347 of the Criminal Code.

In addition to the criminal interest rate restrictions, certain of our MogoMoney products may be subject to new legislation and regulations respecting 'high-cost credit products' which have been implemented in certain provinces in which we operate. Provincial high-cost credit ("**HCC**") legislation has been implemented in the provinces of Alberta and British Columbia. HCC legislation, which is part of the broader provincial consumer protection regime in these provinces, imposes additional requirements, including licensing and disclosures, on lenders making loans above certain interest rate thresholds. We are currently licensed as an HCC lender in both provinces and comply with all regulatory requirements. We also continue to participate in the regulatory process, monitor the HCC landscape that continues to develop in other provinces. The Company will continue to ensure that its business complies with any HCC regulatory changes and is well positioned to respond to any enhanced disclosure requirements.

<u>Financial Crime</u>

As a provider of various types of financial services, we are subject to Proceeds of Crime (Money Laundering) and Terrorist Financing Act ("**PCMLTFA**") and associated Regulations and must fulfill

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specific obligations as required by the PCMLTFA to help combat money laundering and terrorist activity financing in Canada. The Financial Transactions and Reports Analysis Centre of Canada ("**FINTRAC**") has the mandate to ensure the compliance of businesses subject to the PCMLTFA and to generate actionable financial intelligence for police, law enforcement and national security agencies to assist in the investigation of money laundering and terrorist activity financing offences or threats to the security of Canada.

<u>French Language Laws</u>

Our service offerings and operations within the province of Québec are subject to the language legislation of that province, namely the Charter of the French Language and its related legislation and regulations. These are supervised and enforced by the Office québecois de la langue francaise.

**C.** **<u>Organizational Structure</u>**

Orion Digital has a number of direct and indirect subsidiaries, each of which is wholly-owned by the Company. The following table sets out our significant subsidiaries, including their place of incorporation and our ownership interest, as of December 31, 2025:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Entity**  | &nbsp;&nbsp;**Place of Incorporation**  | &nbsp;&nbsp;**Ownership Interest**  |
| &nbsp;&nbsp;Mogo Finance Technology Inc. | &nbsp;&nbsp;British Columbia  | &nbsp;&nbsp;100%  |
| &nbsp;&nbsp;Mogo Financial Inc | &nbsp;&nbsp;Manitoba  | &nbsp;&nbsp;100%  |
| &nbsp;&nbsp;IntelligentInvesting Securities Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;IntelligentInvesting Wealth Management Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;IntelligentInvesting Financial Technologies Inc. | &nbsp;&nbsp;Canada  | &nbsp;&nbsp;100%  |
| &nbsp;&nbsp;Carta Solutions Holding Corp. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100%  |
| &nbsp;&nbsp;Carta Financial Services Ltd | &nbsp;&nbsp;United Kingdom  | &nbsp;&nbsp;100% |

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***Reorganization***

Our authorized share capital consists of an unlimited number of common shares and an unlimited number of preferred shares of the Company. As at December 31, 2025, there were 23,943,550 common shares and no preferred shares issued and outstanding.

Each Common Share entitles its holder to notice of and to one vote at all meetings of the Company's shareholders. Each Common Share is also entitled to receive dividends if, as and when declared by the Board. Holders of Common Shares are entitled to participate in any distribution of the Company's net assets upon liquidation, dissolution or winding-up of the Company on an equal basis per share.

***Transfer Agent and Registrar***

The transfer agent and registrar for the common shares is Computershare Investor Services Inc. at its principal office in Vancouver, British Columbia.

***Experts***

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The consolidated financial statements of Company which comprise the consolidated statements of financial position as at December 31, 2025 and December 31, 2024, the related consolidated statements of operations and comprehensive income (loss), changes in equity (deficit) and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes, have been included herein in reliance upon the reports of MNP LLP and KPMG LLP, independent registered public accounting firms, appearing elsewhere herein, and upon the authority of said firms as experts in accounting and auditing.

**D.** **<u>Property, Plants and Equipment</u>**

The following table summarizes our principal leased properties as of December 31, 2025 consisting of an office in Vancouver, currently subleased to a third party, and an office in Casablanca that houses the engineering team supporting our Carta business operations. The Company does not own any real property and is remote-first with respect to its North America operations. We also have two short-term leased properties in Vancouver for administrative and IT support purposes and two short-term leased properties in Montreal that support our wealth businesses that may be relocated without significant cost or disruption.

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| | | |
|:---|:---|:---|
|  | **Square Footage** | **Lease Expiration Date** |
| Vancouver, BC, Canada | 13,193 sq. ft. | July 2027 |
| Casablanca, Morocco | 3,900 sq. ft | August 2026 |

---

In 2023, we executed an Indenture to Sublease our 13,193 sq ft. Vancouver office to a third-party and entered a lease for a smaller office. During 2025, our Winnipeg lease, no longer necessary given the transition of our Canadian employees to remote work, was allowed to expire. Also during 2025, our leases in Charlottetown, PEI and Nicosia, Cyprus expired. These sites previously housed Carta's data centers and were no longer required following Carta's exit from its Canadian payments business and completion of its migration to cloud-based storage solutions for its European business. We consider our property in Casablanca to be adequate for its purpose. We currently expect to extend the terms of this lease or to find a replacement site on commercially acceptable terms. We do not anticipate any environmental issues that may affect the Company's utilization of the assets. There are no plans to expand or improve the facilities described above.

Our material tangible property and equipment are described in note 8 to the Consolidated Financial Statements in "Item 17. Financial Statements."

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**ITEM 4A: UNRESOLVED STAFF COMMENTS**

None.

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**ITEM 5: OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

**A.** **<u>Operating Results</u>**

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Consolidated Financial Statements and "Item 4. Information on the Company — B. Business Overview". This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Item 3. Key Information—D. Risk Factors" or in other parts of this annual report on Form 20-F.

Please refer to our Annual Report on Form 20-F, filed with the SEC on April 30, 2025, for discussion of financial results for the years ended December 31, 2024 and 2023.

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**Financial Performance Review**

The following provides insight on the Company's financial performance by illustrating and providing commentary on its key performance indicators and operating results.

**Key Performance Indicators**

The key performance indicators that we use to manage our business and evaluate our financial results and operating performance consist of: Mogo members, revenue, subscription and services revenue, net (loss) income, net cash used in operating activities, adjusted EBITDA<sup>(1)</sup>, adjusted net loss<sup>(1)</sup>and cash provided by (used in) operating activities before investment in gross loans receivable<sup>(1)</sup>. We evaluate our performance by comparing our actual results to prior period results.

The tables below provide the summary of key performance indicators for the applicable reported periods:

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| | | | |
|:---|:---|:---|:---|
|  | **As at** | **As at** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| ***Key Business Metrics*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orion members (000s) | 2328 | 2194 | 6% |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |  |  |  |
|  | **Three months ended** | **Three months ended** |  | **Year ended** | **Year ended** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| ***IFRS Measures*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $17391 | $18042 | (4)% | $68617 | $71206 | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription and services revenue | 10874 | 11292 | (4)% | 42330 | 43108 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth revenue | 3843 | 2907 | 32% | 14542 | 10670 | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments revenue | 2373 | 2360 | 1% | 9906 | 8634 | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | (5662) | 10395 | n/a | (8535) | (13680) | (38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used in) operating activities | 585 | 540 | 8% | (964) | (1271) | (24)% |
| ***Other Key Performance Indicators***<sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted revenue | 17391 | 16213 | 7% | 67775 | 65083 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted subscription and services revenue | 10874 | 9463 | 15% | 41488 | 36985 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted payments revenue | 2373 | 2126 | 12% | 9657 | 7822 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | 2177 | 2083 | 5% | 7127 | 6649 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net loss | (130) | (449) | (71)% | (2331) | (4064) | (43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operations before investment in gross loans receivable | 5995 | 4120 | 46% | 19565 | 14539 | 35% |

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1. For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

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***Orion members***<sup>(1)</sup>

Our total member base grew to 2,328,000 members as at December 31, 2025, from 2,194,000 members as at December 31, 2024, representing an increase of approximately 6% or 134,000 net members. From Q3 2025, net members increased by 36,000 in Q4 2025. The growth in our member base reflects the continued adoption of our products by new members.

***Revenue***

*<u>Three months ended Q4 2025 vs Q4 2024</u>*

Total revenue decreased to $17.4 million for the three months ended December 31, 2025 compared to $18.0 million in the same period last year. The decrease primarily reflects the Company's exit from the legacy institutional brokerage business as previously announced, as well as lower interest revenue following the implementation of the 35% rate cap on consumer lending in Canada and the Company's disciplined management of its lending portfolio.

These declines were partially offset by continued growth in the Company's Wealth platform, as well as ongoing expansion in its Payments business.

*<u>Year ended 2025 vs 2024</u>*

Total revenue decreased to $68.6 million for the year ended December 31, 2025 compared to $71.2 million in the same period last year. The decline primarily reflects the Company's exit from the legacy institutional brokerage business and lower interest revenue following the implementation of the consumer lending rate cap in Canada and the Company's disciplined approach to managing its lending portfolio.

These impacts were partially offset by growth in the Company's Wealth platform, which represented the primary driver of platform revenue growth during the year, as well as continued expansion in its Payments business.

***Subscription and services revenue***

Subscription and services revenue represents the Company's platform-based revenue streams, including wealth management services, payments infrastructure revenue, and other subscription-related products.

*<u>Three months ended Q4 2025 vs Q4 2024</u>*

Subscription and services revenue decreased to $10.9 million for the three months ended December 31, 2025 compared to $11.3 million in the same period last year.

Within this category, wealth revenue increased to $3.8 million, representing growth of 32% or $0.9 million compared to $2.9 million in the same period last year, reflecting continued growth in the Intelligent Investing platform.

Payments revenue remained consistent at $2.4 million compared to the same period last year reflecting stable transaction activity within the Carta platform.

These increases were offset by a decrease in other subscription and services revenue primarily due to the Company's exit from the legacy institutional brokerage business in the year.

*<u>Year ended 2025 vs 2024</u>*

Subscription and services revenue decreased to $42.3 million for the year ended December 31, 2025 compared to $43.1 million in the same period last year.

Wealth revenue increased to $14.5 million representing a 36% or $3.8 million compared to $10.7 million in the same period last year. Wealth represented the primary source of platform revenue growth during the year, reflecting the rollout of Phase 1 of the Company's Intelligent Investing platform.

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Payments revenue increased to $9.9 million representing growth of 15% or $1.3 million compared to $8.6 million in the same period last year. This increase reflects growth in European transaction volumes within the Company's Carta payments infrastructure.

These increases were offset by a decline in other subscription related revenue, primarily reflecting the Company's exit from the legacy institutional brokerage business in the year.

***Net loss***

*<u>Three months ended Q4 2025 vs Q4 2024</u>*

Net loss was $5.7 million for three months ended December 31, 2025, compared to net income of $10.4 million in the same period last year. The decrease in net income is primarily due to the $2.6 million revaluation loss on investment portfolio and marketable securities in the current quarter compared to a $13.8 million gain in the same period in the prior year.

*<u>Year ended 2025 vs 2024</u>*

Net loss was $8.5 million for the year ended December 31, 2025, which is a decrease in net loss of $5.1 million compared to net loss of $13.7 million in the same period last year. The decrease in net loss is primarily due to other income related to agreements entered with WonderFi and its related shareholder groups to amend investor rights agreements ("IRAs") as well as increased gross profit in the year.

***Net cash provided by (used in) operating activities*** 

*<u>Three months ended Q4 2025 vs Q4 2024</u>*

Net cash provided by operating activities was $0.6 million for the three months ended December 31, 2025, which is consistent with the same period last year.

*<u>Year ended 2025 vs 2024</u>*

Net cash used in operating activities was ($1.0) million for the year ended December 31, 2025, which is an improvement of $0.3 million compared to net cash used in operating activities of ($1.3) million in the same period last year. The change was primarily due to an increase in the net issuance of loan receivable offset by a cash inflow related to the IRA amendments as previously discussed.

**Other Key Performance Indicators**

These measures are used by management and the Board to understand and evaluate our core operating performance and trends. Management considers cash provided by operating activities before investment in gross loans receivable to be a useful measure in understanding the cash flow trends inherent to our existing scale of operations, by separating out the portion of cash flows related to investment in portfolio growth.

***Adjusted revenue***<sup>(1)</sup>

*<u>Three months ended Q4 2025 vs Q4 2024</u>*

Adjusted revenue was $17.4 million for the three months ended December 31, 2025, an increase of $1.2 million compared to $16.2 million in the same period last year. The increase was primarily driven by growth in the Company's wealth platform, supported by continued activity within the payments infrastructure business.

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1. For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

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*<u>Year ended 2025 vs 2024</u>*

Adjusted revenue was $67.8 million for the year ended December 31, 2025, an increase of $2.7 million compared to $65.1 million in the same period last year. The increase reflects growth in the Company's platform businesses, particularly the wealth platform, supported by continued expansion in the payments business.

***Adjusted subscription and services revenue***<sup>(1)</sup>

*<u>Three months ended Q4 2025 vs Q4 2024</u>*

Adjusted subscription and services revenue was $10.9 million for the three months ended December 31, 2025, an increase of $1.4 million compared to $9.5 million in the same period last year.

Within this category, wealth revenue increased 32% year-over-year, reflecting continued adoption of the Intelligent Investing platform, while adjusted payments revenue increased 12%, driven by growth in European payments programs supported by the Carta platform.

*<u>Year ended 2025 vs 2024</u>*

Adjusted subscription and services revenue was $41.5 million for the year ended December 31, 2025, an increase of $4.5 million compared to $37.0 million in the same period last year. Within this category, wealth revenue increased 36% year-over-year, reflecting the rollout of Phase 1 of the Intelligent Investing platform, while adjusted payments revenue increased 23%, driven by growth in European transaction volumes within the Carta payments infrastructure platform.

***Adjusted payments revenue***<sup>(1)</sup>

*<u>Three months ended Q4 2025 vs Q4 2024</u>*

Adjusted payments revenue was $2.4 million for the three months ended December 31, 2025, an increase of $0.3 million compared to $2.1 million in the same period last year, representing 12% year-over-year growth driven by increased European payments activity.

*<u>Year ended 2025 vs 2024</u>*

Adjusted payments revenue was $9.7 million for the year ended December 31, 2025, an increase of $1.9 million compared to $7.8 million in the same period last year, representing 23% year-over-year growth driven by expansion of European payments programs supported by the Carta platform.

***Adjusted EBITDA***<sup>(1)</sup>

*<u>Three months ended Q4 2025 vs Q4 2024</u>*

Adjusted EBITDA was $2.2 million for the three months ended December 31, 2025, an increase of $0.1 million compared with an adjusted EBITDA of $2.1 million in the same period last year. Adjusted EBITDA has increased in the current period due to an increase in gross profit offset by increased expenses from the continued investments made to the Company's wealth products.

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(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

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*<u>Year ended 2025 vs 2024</u>*

Adjusted EBITDA was $7.1 million for the year ended December 31, 2025, an increase of $0.5 million compared with an adjusted EBITDA of $6.6 million in the same period last year. This is due primarily to the reasons noted above.

***Adjusted net loss***<sup>(1)</sup>

*<u>Three months ended Q4 2025 vs Q4 2024</u>*

Adjusted net loss was $0.1 million for the three months ended December 31, 2025, an improvement of $0.3 million compared with an adjusted net loss of $0.4 million in the same period last year. This change is primarily attributable to an increase in gross profit offset by increased expenses from the continued investments made to the Company's wealth products, as well as lower interest expense during the year.

*<u>Year ended 2025 vs 2024</u>*

Adjusted net loss was $2.3 million for the year ended December 31, 2025, which is an improvement of $1.8 million compared with an adjusted net loss of $4.1 million in the same period last year. This change is due primarily to the reasons noted above.

***Cash provided by operating activities before investment in gross loans receivable***<sup>(1)</sup>

*<u>Three months ended Q4 2025 vs Q4 2024</u>*

Cash provided by operating activities before investment in gross loans receivable was $6.0 million for the three months ended December 31, 2025, an increase of $1.9 million compared to $4.1 million in the same period last year.

The increase was primarily driven by lower interest paid of approximately $0.9 million, reflecting the amended credit facility terms, a $1.0 million payment received in connection with amendments to certain investor rights agreements ("IRA amendments"), and improved working capital management of approximately $0.2 million, partially offset by other operating changes during the period.

*<u>Year ended 2025 vs 2024</u>*

Cash provided by operating activities before investment in gross loans receivable was $19.6 million for the year ended December 31, 2025, representing an increase of $5.0 million compared to $14.5 million in the same period last year.

The increase was primarily driven by lower interest expense of approximately $1.7 million following the amendment of the Company's credit facility and $4.0 million of payments received in connection with IRA amendments.

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(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

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**Non-IFRS Financial Measures**

This MD&A makes reference to certain non-IFRS financial measures. Adjusted revenue, adjusted subscription and services revenue, adjusted payments revenue, adjusted EBITDA, adjusted net income (loss) and cash provided by operating activities before investment in gross loans receivable are non-IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.

We use non-IFRS financial measures to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers.

Our management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. These non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus their nearest IFRS equivalents. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on any non-IFRS financial measure and view it in conjunction with the most comparable IFRS financial measures. In evaluating these non-IFRS financial measures, readers should be aware that in the future we will continue to incur expenses similar to those adjusted in these non-IFRS financial measures.

The following adjusted metrics are intended to provide insight into the performance of the Company's continuing platform businesses following the strategic exits completed in 2025.

***Adjusted revenue***

Adjusted revenue is a non-IFRS financial measure calculated as total revenue excluding revenue from the legacy institutional brokerage business and Carta Canada payments revenue, both of which were exited in Q1 2025.

Adjusted revenue has been updated in the current year to also exclude Carta Canada payments revenue in order to reflect the Company's continuing operations following the strategic decision to focus the payments business on Europe.

Management believes this measure provides a more relevant view of the Company's ongoing operating performance by excluding revenue from businesses that have been exited and by better reflecting trends within the Company's core platform businesses.

Adjusted revenue is used by management and the Board to evaluate operating performance and to assess growth trends within the Company's continuing lines of business.

The following table presents a reconciliation of adjusted revenue to total revenue, the most comparable IFRS financial measure, for each of the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **December 31, <br>2025** | **December 31, <br>2024** |
| Total revenue | $17391 | $18042 | $68617 | $71206 |
| Less: |  |  |  |  |
| Legacy institutional brokerage business revenue |  | (1595) | (593) | (5311) |
| Canadian payments revenue |  | (234) | (249) | (812) |
| Adjusted revenue | 17391 | 16213 | 67775 | 65083 |

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***Adjusted subscription and services revenue***

Adjusted subscription and services revenue is a non-IFRS financial measure calculated as total subscription and services revenue excluding revenue from the legacy institutional brokerage business and Carta Canada payments revenue, both of which were exited in Q1 2025.

Management uses this measure to evaluate performance within the Company's core platform revenue streams, which include the Intelligent Investing wealth platform and the Carta payments infrastructure business.

The following table presents a reconciliation of adjusted subscription and services revenue to total revenue, the most comparable IFRS financial measure, for each of the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **December 31, <br>2025** | **December 31, <br>2024** |
| Subscription and services revenue | $10874 | $11292 | $42330 | $43108 |
| Less: |  |  |  |  |
| Legacy institutional brokerage business revenue |  | (1595) | (593) | (5311) |
| Canadian payments revenue |  | (234) | (249) | (812) |
| Adjusted subscription and services revenue | 10874 | 9463 | 41488 | 36985 |

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***Adjusted payments revenue***

Adjusted payments revenue is a non-IFRS financial measure calculated as total payments revenue excluding Canadian payments revenue, which was exited in Q1 2025 as part of the Company's decision to focus the Carta platform on European payments programs.

Management uses this measure to evaluate the performance and growth of the Company's continuing payments infrastructure operations.

The following table presents a reconciliation of adjusted revenue to total revenue, the most comparable IFRS financial measure, for each of the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **December 31, <br>2025** | **December 31, <br>2024** |
| Payments revenue | $2373 | $2360 | $9906 | $8634 |
| Less: |  |  |  |  |
| Canadian payments revenue |  | (234) | (249) | (812) |
| Adjusted payments revenue | 2373 | 2126 | 9657 | 7822 |

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***Adjusted EBITDA***

Adjusted EBITDA is a non-IFRS financial measure that we calculate as net (loss) income excluding depreciation and amortization, stock-based compensation, credit facility interest expense, debenture and other financing expense, accretion related to debentures, revaluation (gain) loss, other non-operating income (expense) and income tax recovery. Adjusted EBITDA is a measure used by management and the Board to understand and evaluate our core operating performance and trends.

The following table presents a reconciliation of adjusted EBITDA to net income (loss) income before tax, the most comparable IFRS financial measure, for each of the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **December 31, <br>2025** | **December 31, <br>2024** |
| Net (loss) income | $(5662) | $10395 | $(8535) | $(13680) |
| Credit facility interest expense | 1435 | 1588 | 5721 | 6702 |
| Debenture and other financing expense | 740 | 774 | 3184 | 3324 |
| Accretion related to debentures | 132 | 170 | 553 | 687 |
| Stock-based compensation | 219 | 214 | 1778 | 1938 |
| Depreciation and amortization | 2046 | 1993 | 7998 | 8419 |
| Revaluation loss (gain) | 3454 | (13819) | (5) | (1322) |
| Other non-operating (income) expense | (89) | 852 | (3231) | 922 |
| Income tax recovery | (98) | (84) | (336) | (341) |
| Adjusted EBITDA | 2177 | 2083 | 7127 | 6649 |

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***Adjusted net loss***

Adjusted net loss is a non-IFRS financial measure that we calculate as net income (loss) excluding stock-based compensation, depreciation and amortization, revaluation (gain) loss, other non-operating income (expense) and income tax recovery. This measure differs from adjusted EBITDA in that adjusted net income (loss) includes credit facility interest expense, debenture and other financing expense, and thus comprises more elements of the Company's overall net profit or loss. Adjusted net income (loss) is a measure used by management and the Board to evaluate the Company's core financial performance.

Adjusted net loss has been redefined in the current quarter to exclude revaluation gains and losses related to marketable securities and investment portfolio. The Company had revised the definition of adjusted net loss to include these revaluation amounts. Management has determined that reverting to the prior definition enhances comparability with previously reported periods and aligns the presentation of adjusted net loss with the Company's long-standing approach to evaluating operating performance.

Prior period comparatives have been restated to reflect this change in definition.

The following table presents a reconciliation of adjusted net income (loss) to net income (loss), the most comparable IFRS financial measure, for each of the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **December 31, <br>2025** | **December 31, <br>2024** |
| Net (loss) income | $(5662) | $10395 | $(8535) | $(13680) |
| Stock-based compensation | 219 | 214 | 1778 | 1938 |
| Depreciation and amortization | 2046 | 1993 | 7998 | 8419 |
| Revaluation loss (gain) | 3454 | (13819) | (5) | (1322) |
| Other non-operating (income) expense | (89) | 852 | (3231) | 922 |
| Income tax recovery | (98) | (84) | (336) | (341) |
| Adjusted net loss | (130) | (449) | (2331) | (4064) |

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***Cash provided by operating activities before investment in gross loans receivable***

Cash provided by operating activities before investment in gross loans receivable is a non-IFRS financial measure that we calculate as cash used in operating activities, less net issuance of loans receivables. The Company requires net cash outflows in order to grow its gross loans receivable, which in turn generates future growth in interest revenue. These net cash outflows are presented within the operating activities section of the consolidated statement of cash flows, whereas the economic benefits are realized over the longer term. Consequently, we consider cash provided by operating activities before investment in gross loans receivable to be a useful measure in understanding the cash flow trends inherent to our existing scale of operations, by separating out the portion of cash flows related to investment in portfolio growth.

The following table presents a reconciliation of cash provided by operating activities before investment in gross loans receivable, the most comparable IFRS financial measure, for each of the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **December 31, <br>2025** | **December 31, <br>2024** |
| Cash provided by (used in) operating activities | $585 | $540 | $(964) | $(1271) |
| Net issuance of loans receivable | (5410) | (3580) | (20529) | (15810) |
| Cash provided by operations before investment in gross loans receivable | 5995 | 4120 | 19565 | 14539 |

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***Orion members***

Orion members is not a financial measure. Orion members refers to the number of individuals who have signed up for one or more of our products and services including: MogoMoney, Intelligent Investing, our premium account subscription offerings, unique content, or events. People cease to be Orion members if they do not use any of our products or services for 12 months and have a deactivated account. Reported Orion members may overstate the number of unique individuals who actively use our products and services within a 12-month period, as one individual may register for multiple accounts whether inadvertently or in a fraudulent attempt. Customers are Orion members who have accessed one of our revenue generating products.

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**Results of Operations**

The Company's results of operations for the year ended December 31, 2025 reflect the continued evolution of Orion Digital's business model toward platform-based revenue streams. Growth during the period was primarily driven by expansion of the Company's Wealth platform, Intelligent Investing, and continued development of its payments infrastructure through Carta. At the same time, total revenue was affected by the strategic exit of the legacy institutional brokerage business and lower interest revenue following the implementation of the consumer lending rate cap in Canada. The Company's lending portfolio continues to operate as a stable cash-generating component of the business while management prioritizes investment in its Wealth platform and payments infrastructure.

The following table sets forth a summary of our results of operations for the three months and year ended December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s, except per share amounts) |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **December 31, <br>2025** | **December 31, <br>2024** |
| Total revenue | $17391 | $18042 | $68617 | $71206 |
| Cost of revenue | 5229 | 6661 | 20869 | 24526 |
| **Gross profit** | 12162 | 11381 | 47748 | 46680 |
| Technology and development | 2954 | 2698 | 11220 | 10635 |
| Marketing | 874 | 838 | 4110 | 4061 |
| Customer service and operations | 3062 | 2523 | 11164 | 10878 |
| General and administration | 3095 | 3239 | 14127 | 14457 |
| Stock-based compensation | 219 | 214 | 1778 | 1938 |
| Depreciation and amortization | 2046 | 1993 | 7998 | 8419 |
| **Total operating expenses** | 12250 | 11505 | 50397 | 50388 |
| **Loss from operations** | (88) | (124) | (2649) | (3708) |
| Credit facility interest expense | 1435 | 1588 | 5721 | 6702 |
| Debenture and other financing expense | 740 | 774 | 3184 | 3324 |
| Accretion related to debentures | 132 | 170 | 553 | 687 |
| Revaluation loss (gain) | 3454 | (13819) | (5) | (1322) |
| Other non-operating (income) expense | (89) | 852 | (3231) | 922 |
|  | 5672 | (10435) | 6222 | 10313 |
| **Net (loss) income before tax** | (5760) | 10311 | (8871) | (14021) |
| **Income tax recovery** | (98) | (84) | (336) | (341) |
| **Net (loss) income** | (5662) | 10395 | (8535) | (13680) |
| **Other comprehensive loss:** |  |  |  |  |
| Foreign currency translation reserve gain (loss) | 355 | 16 | (1067) | (659) |
| **Other comprehensive income (loss)** | 355 | 16 | (1067) | (659) |
| **Total comprehensive loss** | (5307) | 10411 | (9602) | (14339) |
| Adjusted EBITDA<sup>(1)</sup> | 2177 | 2083 | 7127 | 6649 |
| Adjusted net loss<sup>(1)</sup> | (130) | (449) | (2331) | (4064) |
| Basic income (loss) per share | (0.24) | 0.43 | (0.35) | (0.56) |
| Diluted income (loss) per share | (0.24) | 0.43 | (0.35) | (0.56) |

---

(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

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**Key Income Statement Components**

***Total revenue***

The following table summarizes total revenue for the three months and year ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |  |  |  |
|  | **Three months ended** | **Three months ended** |  | **Year ended** | **Year ended** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| Subscription and services revenue | $10874 | $11292 | (4)% | $42330 | $43108 | (2)% |
| Interest revenue | 6517 | 6750 | (3)% | 26287 | 28098 | (6)% |
| Total revenue | 17391 | 18042 | (4)% | 68617 | 71206 | (4)% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |  |  |  |
|  | **Three months ended** | **Three months ended** |  | **Year ended** | **Year ended** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| Subscription and services revenue |  |  |  |  |  |  |
| &nbsp;&nbsp;Wealth revenue | $3843 | $2907 | 32% | $14542 | $10670 | 36% |
| &nbsp;&nbsp;Payments revenue | 2373 | 2360 | 1% | 9906 | 8634 | 15% |
| &nbsp;&nbsp;Other Subscription and Services revenue | 4658 | 6025 | (23)% | 17882 | 23804 | (25)% |
| Total subscription and services revenue | 10874 | 11292 | (4)% | 42330 | 43108 | (2)% |
| Interest revenue | 6517 | 6750 | (3)% | 26287 | 28098 | (6)% |
| Total revenue | 17391 | 18042 | (4)% | 68617 | 71206 | (4)% |

---

*Subscription and services revenue* – represents the Company's platform-based revenue streams, including wealth management services, payments infrastructure revenue and other subscription-related products. Wealth revenue includes fees related to Orion Digital's Intelligent Investing platform and also includes portfolio management fees from our asset management business. Payments revenue consists of the transaction processing fees and other charges related to Carta. Other subscription and services revenue includes premium account fees, loan insurance revenue, referral fee revenue, partner lending fees, legacy institutional brokerage revenue and other fees and charges.

*Interest revenue* – represents interest earned on the Company's consumer lending products. The lending portfolio continues to be managed primarily as a stable cash-generating component of the business, with origination levels adjusted in response to regulatory changes and macroeconomic conditions.

Wealth revenue was $3.8 million for the three months ended December 31, 2025, representing an increase of $0.9 million compared to $2.9 million in the same period last year. Wealth revenue was $14.5 million for the year ended December 31, 2025 representing an increase of $3.8 million compared to $10.7 million in the same period last year. These increases reflect continued adoption of the Company's Intelligent Investing platform following the rollout of Phase 1 of the platform, which introduced the new managed portfolio offering during the year.

Payments revenue was $2.4 million for the three months ended December 31, 2025, which is consistent with the same period last year. Payments revenue was $9.9 million for the year ended December 31, 2025 representing an increase of $1.3 million compared to $8.6 million in the same period last year. This increase primarily reflects growth in European transaction volume within the Company's Carta payments infrastructure platform, partially offset by the Company's strategic exit from Canadian payments operations.

Other subscription and services revenue was $4.7 million for the three months ended December 31, 2025, which is a $1.3 million decrease compared to $6.0 million in the same period last year. Other subscription and services revenue was $17.9 million for the year ended December 31, 2025 which is a $5.9 million decrease compared to $23.8 million in the same period last year. The decrease is primarily as a result of the Company exiting the low margin legacy institutional brokerage business in the year.

Please refer to the "Key Performance Indicators" section for additional commentary on total revenue and subscription and services revenue.

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***Technology and development expenses***

The following table provides the technology and development expenses for the three months and year ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |  |  |  |
|  | **Three months ended** | **Three months ended** |  | **Year ended** | **Year ended** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| Technology and development | 2954 | 2698 | 9% | 11220 | 10635 | 6% |
| As a percentage of total revenue | 17% | 15% |  | 16% | 15% |  |

---

Technology and development expenses consist primarily of personnel and related costs associated with the Company's product development, business intelligence and information technology infrastructure teams. Associated expenses include hosting costs, software licenses, professional services and costs related to the development and maintenance of technology assets.

Technology and development expenses were $3.0 million for the three months ended December 31, 2025, representing an increase of $0.3 million compared to $2.7 million in the same period last year. Technology and development expenses were $11.2 million for the year ended December 31, 2025, representing an increase of $0.6 million compared to $10.6 million in the same period last year. These increases primarily reflect continued investment in the development and enhancement of the Company's Intelligent Investing platform and supporting infrastructure.

***Marketing expenses***

The following table provides the marketing expenses for the three months and year ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |  |  |  |
|  | **Three months ended** | **Three months ended** |  | **Year ended** | **Year ended** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| Marketing | $874 | $838 | 4% | $4110 | $4061 | 1% |
| As a percentage of total revenue | 5% | 5% |  | 6% | 6% |  |

---

Marketing expenses consist of salaries and personnel-related costs, direct marketing and advertising costs related to online and offline customer acquisition (paid search advertising, search engine optimization costs, and direct mail), public relations, promotional event programs and corporate communications.

Marketing expenses were consistent for the three months and year ended December 31, 2025 compared to the same periods last year.

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***Customer service and operations expenses***

The following table provides the customer service and operations ("**CS&O**") expenses for the three months and year ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |  |  |  |
|  | **Three months ended** | **Three months ended** |  | **Year ended** | **Year ended** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| Customer service and operations | $3062 | $2523 | 21% | $11164 | $10878 | 3% |
| As a percentage of total revenue | 18% | 14% |  | 16% | 15% |  |

---

CS&O expenses consist primarily of salaries and personnel-related costs for customer support, payment processing and collections employees. Associated expenses include third-party expenses related to credit data sources and collections.

CS&O increased for the three months ended December 31, 2025. This increase is primarily due to investment in implementing AI and automation in CS&O.

CS&O expenses remained relatively consistent for the year ended December 31, 2025 compared to the same period last year.

***General and administration expenses***

The following table provides the general and administration **(**"**G&A**"**)** expenses for the three months and year ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |  |  |  |
|  | **Three months ended** | **Three months ended** |  | **Year ended** | **Year ended** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| General and administration | $3095 | $3239 | (4)% | $14127 | $14457 | (2)% |
| As a percentage of total revenue | 18% | 18% |  | 21% | 20% |  |

---

G&A expenses consist primarily of salary and personnel related costs for our corporate, finance and accounting, credit analysis, underwriting, legal and compliance, fraud detection and human resources employees. Additional expenses include consulting and professional fees, insurance, legal fees, occupancy costs, and other corporate expenses.

G&A expenses were $3.1 million for the three months ended December 31, 2025, which is a $0.1 million decrease compared to $3.2 million in the same period last year. G&A expenses were $14.1 million for the year ended December 31, 2025 which is a decrease of $0.4 million compared to $14.5 million in the same period last year. These decreases were due to decreases in operational costs from streamlined vendor management.

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***Stock-based compensation and depreciation and amortization***

The following table summarizes the stock-based compensation and depreciation and amortization. Expenses for the three months and year ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |  |  |  |
|  | **Three months ended** | **Three months ended** |  | **Year ended** | **Year ended** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| Stock-based compensation | $219 | $214 | 2% | $1778 | $1938 | (8)% |
| Depreciation and amortization | 2046 | 1993 | 3% | 7998 | 8419 | (5)% |
|  | 2265 | 2207 | 3% | 9776 | 10357 | (6)% |
| As a percentage of total revenue | 13% | 12% |  | 14% | 15% |  |

---

Stock-based compensation represents the fair value of stock options granted to employees and directors measured using the Black-Scholes valuation model and amortized over the vesting period of the options. Depreciation and amortization is principally related to the amortization of intangible assets relating to internally capitalized development costs related to our technology platform, and technology, licenses and customer relationships acquired in the acquisitions of Carta, Moka and Fortification in 2021. Stock-based compensation and depreciation and amortization are all non-cash expenses.

Stock-based compensation was $0.2 million in the three months ended December 31, 2025 consistent with the same period in the prior year. For the year ended December 31, 2025 stock-based compensation remained relatively stable at $1.8 million compared to $1.9 million in the prior year.

Depreciation and amortization remained consistent at $2.0 million in the three months ended December 31, 2025 compared to the same period last year. Depreciation and amortization decreased to $8.0 million in the year ended December 31, 2025 compared to $8.4 million in the same period last year. There was a decrease in additions to intangibles compared to the same periods in the prior year resulting in a reduction in depreciation and amortization expense.

***Credit facility interest expense***

The following table provides a breakdown of credit facility interest expense for the three months and year ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |  |  |  |
|  | **Three months ended** | **Three months ended** |  | **Year ended** | **Year ended** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| Credit facility interest expense | $1435 | $1588 | (10)% | $5721 | $6702 | (15)% |
| As a percentage of total revenue | 8% | 9% |  | 8% | 9% |  |

---

Credit facility interest expense relates to the costs incurred in connection with our credit facility. It includes interest expense and the amortization of deferred financing costs.

Credit facility interest expense decreased for the three months and year ended December 31, 2025 compared to the same period last year. The decrease is primarily due to a lower interest rate in the current year.

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***Other expenses (income)*** 

The following table provides a breakdown of other expenses (income), excluding credit facility interest expense, by type for the three months and year ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |  |  |  |
|  | **Three months ended** | **Three months ended** |  | **Year ended** | **Year ended** |  |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** | **December 31, <br>2025** | **December 31, <br>2024** | **Change %** |
| Debenture and other financing expense | $740 | $774 | (4)% | $3184 | $3324 | (4)% |
| Accretion related to debentures | 132 | 170 | (22)% | 553 | 687 | (20)% |
| Revaluation loss (gain) | 3454 | (13819) | n/a | (5) | (1322) | (100)% |
| Other non-operating (income) expense | (89) | 852 | n/a | (3231) | 922 | n/a |
| Total other expense (income) | 4237 | (12023) | n/a | 501 | 3611 | (86)% |
| As a percentage of total revenue | 24% | (67)% |  | 1% | 5% |  |

---

Total other (income) expenses was an expense of $4.2 million for the three months ended December 31, 2025, which is a change of $16.3 million compared to income of $12.0 million for the same period last year. The change from other income to other expense was primarily driven by a revaluation gain in the prior period compared to a loss in the current period.

Total other (income) expenses was an expense of $0.5 million for the year ended December 31, 2025, which is a decrease of $3.1 million compared to $3.6 million for the same period last year. The variance is primarily due to other income related to the IRA amendments previously discussed, offset by a decrease in revaluation gain for the year.

Revaluation gains and losses was a $3.5 million loss for the three months ended December 31, 2025 compared to a $13.8 million gain in the same period last year. The variance is primarily attributable to a loss in investment portfolio and marketable securities of $2.4 million in the current period, compared to $13.6 million gain in the same period last year. Revaluation gains and losses was a $0.1 million gain for the year ended December 31, 2025 compared to a $1.3 million gain in the same period last year. The variance is primarily attributable to a revaluation loss in investment portfolio and marketable securities of $1.9 million in the current year offset by revaluation gains on the Company's debentures and foreign exchange, compared revaluation losses in the same period last year.

Other non-operating (income) expense for the three months and year ended December 31, 2025 consists primarily of income related to agreements to the IRA amendments as previously noted.

Debenture and other financing expense primarily consists of interest expense related to our debentures and interest expense related to our lease liabilities. Debenture and other financing expense remained relatively consistent for the three months and year ended December 31, 2025.

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**B.** **<u>Liquidity and Capital Resources</u>**

The Company's objectives when managing capital are to maintain financial flexibility in order to preserve its ability to meet financial obligations and continue as a going concern, and to deploy capital to provide future investment return to its shareholders. A detailed description of the Company's approach to capital management and risk management policy for managing liquidity risk is outlined in Note 24 in the Company's annual consolidated financial statements for the year ended December 31, 2025. The Company has assessed that it has adequate resources to continue as a going concern for the foreseeable future, which management has defined as being at least the next 12 months. The Company monitors its cash position and cash flow on a regular basis, and may monetize certain marketable securities and investments in the next 12 months to reinforce its cash position, should management consider it necessary.

To date the Company has funded its lending and investing activities, expenses and losses primarily through the proceeds of its initial public offering which raised $50 million in 2015, subsequent issuances of common shares of the Company, convertible debentures, warrants, prior private placements of preferred shares, placements of debentures, credit facilities, and cash from operating activities. The business combination between the Company and Mogo Finance Technology Inc. in the second quarter of 2019 also added to the Company's capital resources and strengthened its financial position with an investment portfolio and marketable securities which the Company is actively seeking to monetize.

We manage our liquidity by continuously monitoring revenues, expenses and cash flow compared to budget. Our principal cash requirements are for working capital, loan capital and investing activities. Our future financing requirements will depend on many factors including our growth rate, product development investments, increase in marketing activities, investment levels in our gross loans receivables, the macroeconomic conditions and their impact on loan performance, and potential mergers, strategic investments and acquisitions activity. Management expects that they will be able to refinance any outstanding amounts owing under the credit facility or our long-term debentures and may at times consider the issuance of shares in satisfaction of amounts owing under debentures, in each case as they become due and payable. The debentures are subordinated to the credit facility.

In order to support its growth strategy, the Company gives consideration to additional financing options including accessing the capital markets for additional equity or debt, monetization of our investment portfolio and marketable securities, increasing the amount of long-term debt outstanding or increasing availability under existing or new credit facilities.

Although we are not currently party to any material undisclosed agreement and do not have any understanding with any third parties with respect to potential material investments in, or material acquisitions of, businesses or technologies, we may enter into these types of arrangements in the future, which could also require us to seek additional equity or debt financing. Additional funds may not be available on terms favourable to us or at all.

In February 2025, we amended our credit facility. The amendment changed the effective interest rate from 8% plus SOFR, to 7% plus SOFR, and extends the maturity date from January 2026 to January 2029.

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**Economic Cash Flow Summary (Supplemental)**

In addition to the consolidated statement of cash flows prepared in accordance with IFRS, management reviews cash flow by grouping activities into operating cash generation, discretionary investment, balance sheet deployment and financing activities. The following summary is provided to illustrate the economic drivers of changes in cash during the period and reconciles to the consolidated statement of cash flows.

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **December 31, <br>2025** | **December 31, <br>2024** |
| Core operating cash generation (Before loan deployment and discretionary investments) <sup>(1)</sup> | $6761 | $4875 | $22493 | $17662 |
| Discretionary growth and platform investment <sup>(2)</sup> | (1020) | (798) | (2658) | (3254) |
| Net deployment into loan receivables <sup>(3)</sup> | (5049) | (3853) | (18086) | (16423) |
| Portfolio investments and monetizations <sup>(4)</sup> | 3779 |  | 14374 | 460 |
| Net financing and capital allocation activities <sup>(5)</sup> | (1695) | (1459) | (6986) | (6048) |
| Net change in cash | 2776 | (1235) | 9137 | (7603) |

---

This table presents a management cash flow summary, which is not a standardized financial measure under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers. The net change in cash presented above reconciles to the net increase (decrease) in cash and cash equivalents reported in the consolidated statement of cash flows.

(1)Core operating cash generation represents operating cash flow excluding net issuance of loans receivable and cash interest paid on debentures of $0.8 million for the three months ended December 31, 2025, and 2024, and $2.9 million and $3.1 million for the years ended December 31, 2025, and 2024, respectively. These amounts have been included in net financing and shareholder actions.

(2)Investments in intangible assets and property and equipment.

(3)Net change in loans receivable, net advances and repayments on credit facility, and changes in working capital.

(4)Net cash flows from purchases and sales of marketable securities and investment portfolio monetizations.

(5)Cashflow related to debenture principal and interest payments, share repurchases, lease principal payments and foreign exchange effects.

***Core operating cash generation***

Core operating cash generation was $6.8 million for the three months ended December 31, 2025, a $1.9 million increase. Core operating cash generation was $22.5 million for the year ended December 31, 2025 a $4.8 million increase compared to the same period last year. The change was primarily due to a cash inflow related to the IRA amendments as previously discussed, as well as a decrease in interest paid.

***Discretionary growth and platform investment***

Discretionary growth and platform investment was $1.0 million for the three months ended December 31, 2025, a $0.2 million increase compared to $0.8 million in the same period last year. The increased investment in Q4 reflects the Company's investment in the unified intelligent investing platform to be launched in 2026. Discretionary growth and platform investment was $2.7 million for the year ended December 31, 2025, a $0.6 million decrease compared to $3.3 million in the same period last year. The decrease is primarily due to lower overall investment in intangible assets, with development activity weighted more heavily toward the fourth quarter of the current year.

***Net balance sheet deployment***

Net balance sheet deployment was $5.0 million for the three months ended December 31, 2025, a $1.2 million increase compared to $3.9 million in the same period last year. This is primarily due to $0.4 million of net draws on the Company's credit facility in current period, compared to $0.3 million of net repayments in the same period in prior year. Additionally, there was an increase in the Company's net issuance of loans receivable in the current year.

Net balance sheet deployment was $18.1 million for the year ended December 31, 2025, a $1.7 million increase compared to $16.4 million. This is primarily due to higher net issuance of loans receivable and increased utilization of the credit facility, as well as a higher overall working capital cash outflow for the year.

***Portfolio investments and monetizations***

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Portfolio investments and monetizations was $3.8 million for the three months ended December 31, 2025. Portfolio investments and monetizations was $14.4 million for the year ended December 31, 2025 compared to $0.5 million in the prior year. The increase was primarily attributable to the timing and volume of portfolio transactions completed in the current period.

***Net financing and shareholder actions***

Net financing and shareholder actions increased in the fourth quarter compared with the prior-year quarter and for the full year compared with the prior year, primarily reflecting higher repayments of debt and increased repurchases of common shares during the periods.

**Cash Flow Summary**

The following table provides a summary of cash inflows and outflows by activity for the three months and year ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) |  |  |  |  |
|  | **Three months ended** | **Three months ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | **December 31, <br>2024** | **December 31, <br>2025** | **December 31, <br>2024** |
| Cash provided by operating activities before changes in working capital <sup>(1)</sup> | $6075 | $4415 | $20552 | $15110 |
| Other changes in working capital <sup>(1)</sup> | (80) | (295) | (987) | (571) |
| Cash provided by operating activities before changes in loans receivable | 5995 | 4120 | 19565 | 14539 |
| Cash invested in loans receivable | (5410) | (3580) | (20529) | (15810) |
| Cash provided by (used in) operating activities | 585 | 540 | (964) | (1271) |
| Cash provided by (used in) investing activities | 2759 | (798) | 11716 | (2794) |
| Cash used in financing activities | (534) | (974) | (1566) | (3517) |
| Effect of exchange rate fluctuations | 1 | (3) | (14) | (21) |
| Net increase (decrease) in cash for the period | 2811 | (1235) | 9172 | (7603) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This is a non-IFRS measure. The above table includes a reconciliation to cash (used in) generated from operating activities which is the most comparable IFRS measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Operating cash flow excluding changes in working capital and net issuance of loans receivable.

***Cash provided by (used in) operating activities***

Our operating activities consist of our subscription and services revenue inflows, our cash operating and interest expense outflows, as well as the funding and servicing of our loan products, including the receipt of principal and interest payments from our loan customers, and payment of associated direct costs and receipt of associated fees.

Cash provided by operating activities before investment in gross loans receivables<sup>(1)</sup> was $6.0 million for the three months ended December 31, 2025, which is a $1.9 million increase compared to $4.1 million in the same period last year. Cash provided by operating activities before investment in gross loans receivables<sup>(1)</sup> was $19.6 million for the year ended December 31, 2025, which is a $5.0 million increase compared to $14.5 million in the same period last year. The change was primarily due to a cash inflow related to the IRA amendments as previously discussed, as well as a decrease in interest paid.

Cash invested in loans receivable was a $5.4 million outflow in the three months ended December 31, 2025 compared to a $3.6 million outflow in the same period last year. Management maintains complete discretion over the ability to manage this as either a usage of cash or an inflow of cash from period to period.

Cash provided by operating activities was consistent at $0.6 million for the three months ended December 31, 2025 compared to the same period last year. Cash used in operating activities was ($1.0) million for the year ended

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December 31, 2025, which is a decrease of $0.3 million compared to cash used in operating activities of ($1.3) million in the same period last year. The change was primarily due to an increase in cash invested in loans receivable.

***Cash provided by (used in) investing activities***

Our investing activities consist primarily of capitalization of software development costs, purchases of property, equipment and software, investment and sale of our digital assets, monetization of our investment portfolio and marketable securities. The cash flow may vary from period to period due to the timing of the expansion of our operations, changes in employee headcount and the development cycles of our internal-use technology.

Cash provided by investing activities in the three months ended December 31, 2025 was $2.8 million compared to cash used in investing activities of ($0.8) million in the same period last year. Cash provided by investing activities in the year ended December 31, 2025 was $11.7 million compared to cash used in investing activities ($2.8) million in the same period last year. The increase in cash provided by investing activities is primarily due to inflows from the monetization of marketable securities in the current year.

***Cash provided by (used in) financing activities***

Historically, our financing activities have consisted primarily of the issuance of our common shares, debentures, convertible debentures, and borrowings and repayments on our credit facilities.

Cash used in financing activities in the three months ended December 31, 2025 was ($0.5) million compared to ($1.0) million for the same period last year. The decrease is due to $0.4 million of net draws on the Company's credit facility in current period compared to $0.3 million of net repayments in the prior period as well as a decrease in repayments on debentures and principal repayments of lease liabilities. Cash used in financing activities in the year ended December 31, 2025 was ($1.6) million compared to cash used in financing activities of ($3.5) million for the same period last year. This is primarily due to $2.4 million of net draws on the Company's credit facility in current year offset by the repurchase of common shares, compared to $0.6 million of net repayments in the prior period.

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**Contractual Obligations**

The following table shows contractual obligations as at December 31, 2025. Management will continue to refinance any outstanding amounts owing under the credit facility or our long-term debentures as they become due and payable.

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | **2026** | **2027** | **2028** | **2029** |
| ***Commitments - operational*** |  |  |  |  |
| Lease payments | 1085 | 605 |  |  |
| Accounts payable | 3352 |  |  |  |
| Accruals and other | 12946 |  |  |  |
| Other purchase obligations | 584 | 642 | 221 |  |
| Interest – credit facility | 5757 | 5757 | 5757 | 32 |
| Interest – Debentures<sup>(1)</sup> | 2607 | 2418 | 2212 | 519 |
|  | 26331 | 9422 | 8190 | 551 |
| ***Commitments – principal repayments*** |  |  |  |  |
| Credit facility |  |  |  | 51713 |
| Debentures <sup>(1)</sup> | 2249 | 2434 | 2635 | 25367 |
|  | 2249 | 2434 | 2635 | 77080 |
| **Total contractual obligations** | **28580** | **11856** | **10825** | **77631** |

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(1) The debenture repayments are payable in either cash or common shares of Orion Digital at the Company's option. The number of common shares required to settle the repayments are variable based on the Company's share price at the repayment date. The debentures are subordinated to the credit facility which has the

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**Key Balance Sheet Components**

The following table provides a summary of the key balance sheet components as at December 31, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| ($000s) | **As at** | **As at** |
|  | **December 31, <br>2025** | **December 31, <br>2024** |
| Cash and cash equivalent | $17702 | $8530 |
| Loans receivable, net | 60650 | 58620 |
| Total assets | 173634 | 189648 |
| Total liabilities | 101313 | 108431 |

---

Total assets decreased by $16.0 million during the year ended December 31, 2025. The decrease is primarily attributable to decreases in prepaid expenses, and other receivables and assets as a result of exiting the legacy institutional brokerage business as well as continued amortization of intangible assets. Monetization of marketable securities and investment portfolio resulted in increased cash.

Total liabilities decreased by $7.1 million during the year ended December 31, 2025. The decrease is primarily due to a decrease in accounts payable, accruals and other as a result of exiting the legacy institutional brokerage business as well as a decrease in debentures.

Gross loans receivable were $77.6 million as at December 31, 2025, compared to $72.7 million at December 31, 2024, reflecting loan originations partially offset by repayments and charge-offs. The allowance for loan losses was $17.0 million, representing 21.9% of gross loans receivable, compared to $14.1 million (19.4%) at December 31, 2024. The increase primarily reflects updated macroeconomic assumptions and portfolio performance. The allowance represents management's estimate of expected credit losses under IFRS 9. Further details are provided in Note 4.

***Credit facility***

The credit facility consists of a $60,000 senior secured credit facility. On February 26, 2025, the Company amended its credit facility to extend the maturity date by three years, from January 2, 2026 until January 2, 2029. As part of the amendment, certain financial covenants were modified, and the interest rate was reduced by 100 basis points to 7% plus the greater of i) 2% and ii) the Secured Overnight Financing Rate ("SOFR"). There is a 0.33% fee on the available but undrawn portion of the $60,000 facility. Availability under the facility is determined monthly based on the level of eligible loan receivables. Borrowing capacity fluctuates with the amount of eligible loans, and any borrowings in excess of the eligible loan receivables must be repaid in accordance with the terms of the agreement. The principal and interest balance outstanding for the credit facility as at December 31, 2025 was $51,713 (December 31, 2024 – $48,792).

The credit facility is subject to certain covenants and events of default. As at December 31, 2025 and December 31, 2024, the Company was in compliance with these covenants. Interest expense on the credit facility for the year ended December 31, 2025 of $5,721 (December 31, 2024 – $6,702) is included in credit facility interest expense in the consolidated statements of operations and comprehensive income (loss). Interest payments are due semi-monthly.

The Company has provided its senior lenders with a general security interest in all present and after acquired personal property of the Company, including certain pledged financial instruments, cash and cash equivalents.

The Company has pledged financial instruments as collateral against its credit facilities. Borrowing capacity under the facility is influenced by the composition of these assets. Under the terms of the general security agreement, assets pledged as collateral primarily include loans receivable with a carrying amount equal to $60,650 (December 31, 2024 – $58,620) and cash and cash equivalents with a balance of $586 (December 31, 2024 – $254).

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***Debentures***

The Company's debentures pay interest at a coupon rate between 8 - 10% per annum. Payments of interest and principal are made to debenture holders on a quarterly basis on the first business day following the end of a calendar quarter, at the Company's option either in cash or Common Shares.

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| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Principal balance | **32685** | 35257 |
| Discount | **(1501)** | (701) |
|  | **31184** | 34556 |
| Interest payable | **702** | 731 |
|  | **31886** | 35287 |

---

The debentures are secured by the assets of the Company, governed by the terms of a trust deed and, among other things, are subject to a subordination agreement to the credit facility which effectively extends the individual maturity dates of the debentures to January 2, 2029 which is the maturity date of the credit facility.

As at March 1, 2025, the Company adjusted the amortised cost of the debentures to give effect to the amended maturity date of the Company's senior secured credit facility from January 2, 2026 to January 2, 2029. The Company determined this constituted a non-substantial modification of the existing debentures and the amortised cost of the debentures was recalculated by discounting the revised estimated future cash flows at the existing effective interest rate. The impact of the modification was recorded in revaluation gain (loss) in the consolidated statements of operations and comprehensive income (loss).

The debenture principal repayment dates, after giving effect to the subordination agreement referenced above, are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Principal component of quarterly payment** | **Principal due on maturity** | **Total** |
| 2026 | 2249 |  | **2249** |
| 2027 | 2434 |  | **2434** |
| 2028 | 2635 |  | **2635** |
| 2029 | 662 | 24705 | **25367** |
|  | **7980** | **24705** | **32685** |

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The debenture repayments are payable in either cash or Common Shares at Orion Digital's option. The number of Common Shares required to settle the repayments is variable based on the Company's share price at the repayment date.

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**C.** **<u>Research and Development, Patents and Licenses, etc.</u>**

The following table should be read in conjunction with "Item 4. Information on the Company – B. Business Overview". The Company continues to invest in the development of its software platform which is captured as an addition to intangible assets in the Consolidated Financial Statements.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;($000s) | &nbsp;&nbsp;<u>December 31, 2025</u> | &nbsp;&nbsp;<u>December 31, 2024</u> | &nbsp;&nbsp;<u>December 31, 2023</u> |
| &nbsp;&nbsp;Investment in intangible assets | &nbsp;&nbsp;2609 | &nbsp;&nbsp;3175 | &nbsp;&nbsp;3206 |

---

**D.** **<u>Trend Information</u>**

The information required by this item is set forth above in "Item 5. Operating and Financial Review and Prospects — A. Operating Results," and "Item 5. Operating and Financial Review and Prospects — B. Liquidity and Capital Resources". Other than as disclosed elsewhere in this annual report on Form 20-F, we are not aware of any trends, uncertainties, demands, commitments or events since December 31, 2025 that are reasonably likely to have a material adverse effect on our revenues, income, profitability, liquidity or capital resources, or that would cause the reported financial information in this annual report on Form 20-F to be not necessarily indicative of future operating results or financial conditions.

**E.** **<u>Critical Accounting Estimates</u>**

These estimates and assumptions are based on management's historical experience, best knowledge of current events, conditions and actions that the Company may undertake in the future and other factors that management believes are reasonable under the circumstances.

These estimates and assumptions are reviewed periodically, and the effect of a change in accounting estimate or assumption is recognized prospectively by including it in the consolidated statements of operations and comprehensive income (loss) in the period of the change and in any future periods affected.

The areas where estimates and assumptions have the most significant effect on the amounts recognized in the consolidated financial statements include the following:

***(i) Provision for loan losses, net of recoveries***

The provision for loan losses consists of amounts charged to the consolidated statements of operations and comprehensive income (loss) during the period to maintain an adequate allowance for loan losses. The Company's allowance for loan losses represents its estimate of the expected credit losses expected from its existing loan portfolio and is based on a variety of factors, including the composition and quality of the portfolio, loan-specific information gathered through collection efforts, delinquency levels, estimate of impaired loans recoveries, historical charge-off and loss experience, the Company's expectations of future loan performance, and general forward-looking macroeconomic conditions. The methodology and assumptions used in setting the loan loss allowance are reviewed regularly to reduce any difference between loss estimates and actual loss experience.

The determination of the recoverable amount on charged-off loans represents a component of the allowance for expected credit losses and involves a significant accounting estimate. Impaired loans are loans for which the Company has determined there is no reasonable expectation of full recovery. The Company recognizes the portion of the receivable expected to be collected based on estimated future cashflows and may continue collection activities to recover a portion of the contractual cashflows. The estimation of recoverable amounts is subject to inherent uncertainty because it requires management to assess the timing and amount of future cash flows that may be collected after charge-off, which are not directly observable and may vary from actual outcomes.

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In determining the recoverable amount on charged-off loans, management applies judgement and uses historical recovery experience, delinquency status, and origination period, adjusted as appropriate to reflect current conditions and forward-looking information. The estimate reflects management's expectations regarding future recoveries, including the probability of collection, expected cash recovery rates, and the estimated timing of recoveries. These assumptions are reviewed regularly and updated based on recent collection performance and other relevant information.

***(ii) Fair value of privately held investments***

Estimating fair value requires that significant judgment be applied to each individual investment. For privately held investments, the fair value of each investment is measured using the most appropriate valuation methodology or combination of methodologies in the judgment of management in light of the specific nature, facts and circumstances surrounding that investment. This may take into consideration, but not be limited to, one or more of the following: valuations of recent or in-progress funding rounds, forward revenue and earnings projections, comparable peer valuation multiples, and the initial cost base of the investment. Actual results could differ significantly from these estimates.

***(iii) Impairment testing of intangible assets and goodwill***

Management is required to use judgement in determining the CGUs and reviewing impairment indicators. Management reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Management must apply a range of assumptions and considers estimated cashflows based on actual operating results as well as industry and market trends. These projections are inherently uncertain due to market and economic factors.

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**ITEM 6: DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**A.** **<u>Directors and Senior Management</u>**

The following table sets forth information regarding our directors and executive officers as of the date of this annual report on Form 20-F.

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| | | | |
|:---|:---|:---|:---|
| **Name and Province or State and Country of Residence** | **Age** | **Position/Title** | **Director Since** |
| **David Feller**<sup>1,5</sup><br>British Columbia, Canada | 58 | Chairman of the Board, CEO | August 26, 2003 |
| **Gregory Feller**<sup>1,5</sup><br>New York, United States | 58 | President, CFO and Director | April 10, 2015 |
| **Alex Shan**<br>Ontario, Canada  | 49 | Director | June 27, 2024 |
| **Kristin McAlister**<sup>3</sup><br>California, United States  | 55 | Director  | June 27, 2023 |
| **Christopher Payne**<sup>2</sup> <br>Ontario, Canada  | 63 | Director  | January 25, 2021  |
| **Joanna Floyd**<sup>4</sup> <br>London, United Kingdom | 50 | Director  | September 14, 2025 |
| **Justin Carter**<br>British Columbia, Canada | 45 | COO | March 31, 2023 |
| **Christy Cameron**<br>Nova Scotia, Canada | 47 | CCO | August 22, 2025 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)David Feller and Gregory Feller are brothers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Chair of the Audit Committee; Member of the Corporate Governance, Compensation and Nominating Committee ("CGCNC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Chair of the CGCNC; Member of the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Member of the Audit Committee and CGCNC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Member of the Investment Committee

*David Feller* founded Orion Digital in 2003 and serves as Chief Executive Officer and Chair of the Board. He has led the Company's evolution from a consumer lending business into a diversified digital financial platform spanning wealth, payments infrastructure, and capital allocation. Under his leadership, the Company has raised over $500 million in equity and debt capital, completed its public listings on the TSX and Nasdaq, and established long-term institutional financing relationships. Mr. Feller's current focus is on scaling Orion Digital's wealth platform and payments infrastructure while maintaining disciplined capital allocation across the business. He is a graduate of the University of Western Ontario.

*Gregory Feller* is a co-founder of Orion Digital and serves as President, Chief Financial Officer, and a member of the Board. He is responsible for the Company's capital allocation strategy, financing activities, and investor relations. Prior to Orion Digital, Mr. Feller held senior investment banking roles including Managing Director and Co-Head of Technology Investment Banking at Citadel Securities, and Managing Director positions at UBS and Lehman Brothers. Prior to that, he was a Vice President within Goldman Sachs' Silicon Valley technology group. His experience spans capital markets, M&A, and financing transactions across the technology and financial services sectors, supporting Orion Digital's focus on disciplined capital allocation and long-term value creation. Mr. Feller holds a Bachelor of Administrative and Commercial Studies from the University of Western Ontario and a Master of Management from Northwestern University's Kellogg School of Management.

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*Alex Shan* is a serial entrepreneur and technology visionary with a distinguished track record of identifying and executing on unique market opportunities. With his innate bias for action, Alex's ventures have become incubators for top performers of numerous disciplines who share a collective hunger to work in organizations synonymous with rapid growth, accretive shareholder value and immense community impact. Alex currently serves as the Chief Executive Officer of Jolera Inc. (Jolera), a leading Global Systems Integrator. Under Alex's guidance Jolera has emerged as a disruptive force in the technology service delivery landscape. With a global footprint, Jolera is widely renowned as one of the world's most innovative and fastest growing information technology solution providers. Alex has also served on several Technology Advisory Boards for Fortune 500 companies inclusive of McAfee, Barracuda Networks and Cisco Meraki.

*Christopher Payne* has deep experience in M&A and private equity with a strong focus on the technology sector. He is the Managing Partner and Founder of Hawthorn Equity Partners, a leading middle market private equity firm launched in 2005. Previously, Mr. Payne was a Managing Director within the Merchant Banking Group of CIBC. Prior to CIBC, he was an entrepreneur and investor in Silicon Valley. Mr. Payne co-founded X.com with Elon Musk and other partners in 1999. X.com ultimately merged with another entity to became PayPal. Mr. Payne also worked at BMO Nesbitt Burns in M&A and later helped start BMO Nesbitt Burns Equity Partners, a North American mid-market focused merchant bank. He holds an Honour's Bachelor's Degree in Commerce from Queen's University and an MBA from The Wharton School.

*Kristin McAlister* is a successful entrepreneur and operator with a background in finance, human behavior and human development. In 2006, Ms. McAlister founded Centennial Montessori School in San Mateo, California, which is one of the top pre-K through elementary schools in the San Francisco Bay area. Ms. McAlister was formerly a financial analyst at Lehman Brothers as well as a researcher at the National Institute of Child Health and Human Development. Her philanthropic efforts focus on opening educational opportunities and financial services to populations without equitable access. Ms. McAlister received a dual honors undergraduate degree from Brown University in Biomedical Ethics and Psychology (Developmental Behavioral Neuroscience), and a master's with distinction in Urban Education from Kings College, University of London.

*Joanna Floyd* brings a strong background in global financial services and organizational leadership to Orion Digital. She previously held senior talent management roles at Bain Capital and Lehman Brothers after beginning her career in mergers and acquisitions at Deutsche Bank. She is currently Partner and COO of The Work Psychologists, a London-based high-performance leadership consultancy that works with organizations on leadership strategy and organizational effectiveness. Joanna also served on the Board of the Association for Business Psychology and holds an MSc (Distinction) in Business & Occupational Psychology.

*Justin Carter* has been with Orion Digital since its founding in 2003 and serves as Chief Operating Officer ("COO"). He has been responsible for the development and scaling of the Company's core operating platforms across wealth, lending, and customer operations. He has led the implementation of digital-first processes, automation systems, and operational infrastructure that support the Company's product delivery and scalability. Mr. Carter brings deep institutional knowledge of the Company's systems and operations.

*Christy Cameron* serves as Chief Corporate Officer ("CCO") and has been with Orion Digital since 2007. She is responsible for corporate strategy execution, governance, and coordination across legal, regulatory, and compliance functions. She has played a key role in the Company's financings, acquisitions, and public market transactions, including its TSX and Nasdaq listings. Ms. Cameron holds an MSc in Mathematics from the University of British Columbia and a BSc in Mathematics and Psychology from Dalhousie University.

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As at December 31, 2025, the directors and executive officers of the Company directly or beneficially owned or controlled an aggregate of 1,952,352 Common Shares, representing approximately 8% of the Company's issued and outstanding Common Shares as of December 31, 2025.

***Corporate Cease Trade Orders***

None of our directors or executive officers has, within the 10 years prior to the date of this this Form 20-F, been a director, chief executive officer or chief financial officer of any company (including us) that, while such person was acting in that capacity (or after such person ceased to act in that capacity but resulting from an event that occurred while that person was acting in such capacity) was the subject of a cease trade order, an order similar to a cease trade order, or an order that denied the company access to any exemption under securities legislation, in each case for a period of more than 30 consecutive days.

***Corporate Bankruptcies***

None of our directors or executive officers has, within the 10 years prior to the date of this this Form 20-F, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets, been a director or executive officer of any company, that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

***Penalties or Sanctions***

No director or executive officer of the Company or shareholder holding sufficient securities of the Company to affect materially the control of the Company has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor making an investment decision

***Conflicts of Interest***

To the best of our knowledge, there are no known existing or potential conflicts of interest among us and our directors, officers or other members of management as a result of their outside business interests except that certain of our directors and officers serve as directors and officers of other companies, and therefore it is possible that a conflict may arise between their duties to us and their duties as a director or officer of such other companies.

***Interests of Management and Others in Material Transactions***

To the best of our knowledge, there are no material interests, direct or indirect, of any of our directors or senior management, any shareholder that beneficially owns, or controls or directs (directly or indirectly), more than 10% of any class or series of our outstanding voting securities, or any associate or affiliate of

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any of the foregoing persons, in any transaction within the three years before the date hereof that has materially affected or is reasonably expected to materially affect us or any of our subsidiaries.

**B.** **<u>Compensation</u>**

The following discussion describes the significant elements of our executive compensation program, with particular emphasis on the process for determining compensation payable to our executive officers.

Our executive compensation practices are designed to attract and retain the skillsets and experience needed to lead the development and execution of the Company's strategy and to reward our executives for high performance and their contribution to our long-term success. The Board seeks to compensate executives by combining short-term and long-term cash and equity incentives. It also seeks to reward the achievement of corporate and individual performance objectives, and to align executive officers' incentives with the Company's performance.

In order to achieve our aggressive growth objectives, attracting and retaining the right team members is critical. A key part of this is a well-thought out compensation plan that attracts high performers with specific skillsets and compensates them for continued achievements.

Setting executive compensation in a growth-oriented fintech organization can be challenging as we seek to balance the creation of shareholder value with long-term growth objectives. As a result, elements of our compensation plan evolve from year to year as the Company matures.

Our Board, on recommendations from the CGCNC, makes decisions regarding all forms of compensation, including salaries, bonuses and equity incentive compensation for our executives, as well as approves corporate goals and objectives relevant to our executives' compensation. Finally, the CGCNC in conjunction with senior management also administers employee incentive compensation, including the Company's Stock Option Plan (the "**Stock Option Plan**") and Restricted Share Unit Plan (the "**RSU Plan**").

<u>Compensation Discussion and Analysis</u>

***Context of our Executive Compensation Practices***

Orion Digital operates as a publicly listed fintech company in a competitive market for executive and senior leadership talent. Our compensation program is designed to retain leaders who can execute the Company's strategy, support disciplined operating performance, and align management outcomes with long-term shareholder value.

Several market and business factors inform the CGCNC's approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We compete for talent with both technology companies, where equity compensation is a core component of pay, and established financial services companies, which often have more developed cash compensation, incentive, benefit, and retirement programs. As a result, the CGCNC considers both equity ownership and competitive cash compensation in designing programs intended to retain key executives and align them with long-term shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our compensation decisions are made in the context of continued cash discipline, operating efficiency, and the Company's focus on revenue growth, Adjusted EBITDA performance, balance sheet strength, and long-term value creation.

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The CGCNC aims to balance these factors with the expectations of our shareholders and their responsibilities around oversight. As the business matures through the execution of our corporate strategy, the CGCNC will continue to evolve our compensation strategies to support performance, retention and shareholder alignment.

***How Executive Compensation is determined***

The CGCNC annually assesses and makes a recommendation to the Board with regard to the competitiveness and appropriateness of the compensation package, including regular, incentive and equity-based compensation of the executive officers. As required, the CGCNC retains independent advice in respect of compensation matters and, if deemed appropriate by the Committee, meets separately with such advisors. Orion Digital specifically uses salary survey information to benchmark its compensation against the market. Orion Digital uses a variety of specialized survey data and relies heavily on data from The Mercer HR Tech Group Salary Survey. This survey is based in British Columbia, but the data is relevant for all Canadian high-tech markets. The most recent survey included data provided by over 95 leading technology organizations in the British Columbia market. The survey includes cash, short and long-term incentive information and has executive benchmarks for over 30 functions. Compensation analysis is available by size and type of organization. Additionally, third party consultants have also provided input on our senior leadership and executive compensation.

***Summary of Elements of Compensation Program***

Our executive compensation consists primarily of three elements: base salary, annual bonus and long-term equity incentives.

<u>Annual Base Salary</u> 

Annual base salary reflects the scope and responsibilities of the role, each executive's personal experience and performance, and market competitiveness. Base salaries are reviewed annually based on individual performance and/or for market competitiveness. Additionally, base salaries can be adjusted as warranted throughout the year to reflect promotions or other changes in the scope or breadth of an executive's role or responsibilities, as well as for market competitiveness or in response to economic conditions.

<u>Annual Performance Bonus</u> 

Annual performance bonus is expressed as a percentage of annual base salary and is calculated based on achievement levels against a mix of corporate performance goals and individual performance goals and is payable at the discretion of the Board. Annual performance bonuses may be paid in cash, equity awards, or a combination of both, and remain subject to Board discretion. Any annual performance bonuses in respect of the 2025 performance year have not yet been determined or awarded and, if approved, are expected to be evaluated in 2026 based on the applicable performance targets.

<u>One-Time Operational Transformation Bonus</u>

In 2025, the Board approved a one-time discretionary Operational Transformation Bonus for certain executives and senior leaders in recognition of their contributions to the Company's multi-year operational transformation during 2022-2024. Since the 2021 performance year, no operational bonuses had been paid to executives or senior leaders despite contractual eligibility, while the leadership team delivered significant operational improvements, strengthened its financial position, and continued to execute during a period of macroeconomic uncertainty, rising interest rates and fintech sector volatility.

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The Board considered several operational achievements in approving the Operational Transformation Bonus, including the Company's EBITDA, cash flow performance, and improved financial strength.

The Board also considered the executives' sustained alignment with shareholders. The CEO and President & CFO have maintained meaningful personal ownership of Orion Digital shares and, from 2022 through the date the operational bonus was determined in mid 2025, collectively purchased more than 570,000 Orion Digital shares in the open market at an average purchase price of approximately $2 per share. Based on Company records, neither executive has sold Orion Digital shares during his tenure with the Company. The Compensation Committee believes this ownership profile reinforces alignment with long-term shareholder value creation.

The award was non-recurring, does not create a precedent for ongoing discretionary awards, and was approved separately from the Company's annual bonus plan.

<u>Long-Term Incentives</u>

*Stock Options* - Stock options are awarded annually at the Board's discretion and typically vest over four years with an eight-year term. Stock options align executive compensation with shareholder interests as the value is dependent on post-vesting share price.

Our Stock Option Plan is in place for the benefit directors, officers, employees and consultants of the Company, including the executive officers. The executive officers and directors have been issued options under such plan.

Our Stock Option Plan was adopted effective November 15, 2013, as amended. Subject to the requirements of the Stock Option Plan, the Board, with the assistance of the CGCNC, has the authority to determine when options will be granted, which eligible persons will be granted options, the number of common shares subject to each option granted and the vesting for each option.

*RSUs* – We established a RSU Plan to form part of our incentive compensation arrangements which is available for eligible directors, officers and employees of the Company as of April 18, 2018, the closing date of our IPO. Restricted stock units (**"RSUs**") are issued in limited amounts and only awarded to senior management, and typically vest over three years. RSUs are aligned with shareholder interests as their value depends on post-vesting share price.

In setting the annual performance objectives and evaluating executive compensation, the Company considers each element carefully against relevant internal and market factors and the Board provides appropriate oversight with regard to the payment of short and long-term incentives to ensure alignment with our shareholders' long-term interests.

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## <u>Compensation of Executive Officers</u> 
The following table sets out information concerning the compensation earned by the executive officers during the year ended December 31, 2025. All figures are in Canadian dollars.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Salary**<sup>(2)</sup> | **Share-<br>based<br>Awards** | **Option-<br>based<br>Awards**<sup>(3)</sup> | **Non-Equity Incentive Plan Compensation** | **All Other<br>Compensation**<sup>(4)</sup> | **Total<br>Compensation** |
| **David Feller**<br>CEO | $432233 |  | $264300<br>|  | $613569 | $1310101 |
| **Gregory Feller**<sup>(1)</sup><br>President & CFO | $535000 |  | $264300<br>|  | $707016 | $1506317 |
| **Justin Carter**<br>Chief Operating Officer | $244084 |  | $52860<br>|  | $59726 | $356670 |
| **Christy Cameron**<br>Chief Corporate Officer | $172893 |  | $46252<br>|  | $106461 | $325607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Gregory Feller, a US resident, is paid a base salary of $375,000 in US dollars. The Canadian dollar equivalent expressed in the table above is based on the average US dollar to Canadian dollar exchange rate posted by the Bank of Canada which was CAD$1.3978 = US$1.00 for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Includes amounts paid in 2025 to restore base salary amounts temporarily reduced in 2024.The temporary 15% salary reduction was implemented November 11, 2024 and the affected amount was paid in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Options to purchase common shares, see "Item 6. Directors and Senior Management – E. Share Ownership" for number of options, exercise price and expiry date. The fair value of these stock options has been calculated at the time of grant using the Black Scholes option pricing model, based on the following assumptions for 2025: risk free interest rate of 2.85%; expected life of 5 years; expected stock price volatility of 91% and expected dividend yield of Nil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Amounts noted include employer paid health benefits and one-time discretionary Operational Transformation Bonus approved by the Compensation Committee in 2025 of $600,000 to the CEO, $600,000 to the President/CFO, $50,000 to the COO and $100,000 to the CCO. The bonus recognizes the executive's role in the Company's multi-year operational transformation over the 2022-2024 period during which no operational bonuses were paid. The Compensation Committee determined the award is non-recurring and does not establish a precedent for future discretionary awards. The award is separate from and not in lieu of, amounts payable under the Company's 2025 annual bonus plan. See "Compensation Discussion and Analysis" for further information.

<u>Compensation of Directors</u>

The directors' compensation program is designed to attract and retain qualified individuals to serve on the Board. As non-executive directors, Mses. McAlister and Floyd, Messrs. Payne and Shan are paid an annual retainer fee of $35,000. A non-executive director receives an additional $30,000 annual fee for serving as chair on each of the Audit Committee, CGCNC and Investment Committee. All directors are entitled to reimbursement for expenses incurred by them in their capacity as directors and are eligible to receive stock options and RSUs under the Stock Option Plan and RSU Plan, respectively.

The following table provides information regarding compensation paid to the Company's non-executive directors during the financial year ended December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees Earned** | **Option-Based Awards**<sup>(1)</sup>  | **Total Compensation** |
| Christopher Payne | $65000 | $26430<br> Nil | $91430 |
| Kristin McAlister | $65000 | $26430<br> Nil | $91430 |
| Alex Shan  | $35000 | $26430<br> Nil | $61430 |
| Joanna Floyd | $10403 | $55199<br> Nil | $65602 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Options to purchase common shares, see "Item 6. Directors and Senior Management – E. Share Ownership" for number of options, exercise price and expiry date. The fair value of these stock options has been calculated at the time of grant using the Black Scholes option pricing model, based on the following assumptions for 2025 for Mr. Payne, Ms. McAlister and Mr. Shan: risk free interest rate of 2.85%; expected life of 5 years; expected stock price volatility of 91% and expected dividend yield of Nil. Ms. Floyd's fair value was based on the following assumptions: risk free interest rate of 2.73%; expected life of 5 years; expected stock price volatility of 92% and expected dividend yield of Nil.

<u>Benefits upon Termination of Employment</u> 

Each of the executive officers has entered into an employment agreement with the Company. Those employment agreements include provisions regarding base salary, annual bonuses, eligibility for benefits, confidentiality and ownership of intellectual property, among other things. Upon termination of employment without cause or by the executive for good reason, Mr. David Feller and Mr. Gregory Feller are entitled to twenty-four months' notice or pay in lieu of notice calculated on base salary. Messrs. Feller employment agreements also provide for continued benefit coverage and option vesting for the duration of the notice period and payment in respect of eligible bonuses. Mr. Carter is entitled to one month of notice or base salary and continued benefits coverage plus an additional month per completed year of service up to a maximum of 18 months.

In addition, Messrs. Feller employment agreements contains a provision entitling them to full acceleration of vesting of any stock options previously granted to them upon a 'Change in Control', as defined in the Stock Option Plan. Mr. Carter's employment agreement contains a change of control provision entitling him to an additional six months of severance, should a good reason arise within the first twelve months of the change of control and twelve months of severance should good reason arise after that, for the duration of his employment with Orion Digital.

None of the directors have service contracts with the company or any of its subsidiaries providing for benefits upon termination of employment.

<u>Pension Plan Benefits</u>

The Company does not provide a defined benefit pension plan or a defined contribution pension plan for any of its employees, nor does it have a deferred compensation pension plan for any of its employees. There are no amounts set aside or accrued by the Company or its subsidiaries to provide pension, retirement or similar benefits.

**C.** **<u>Board Practices</u>**

Directors are elected each year at the annual meeting of shareholders of the Company to serve until the next annual meeting or until a successor is elected or appointed. The Company has not adopted term limits for

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directors of the Company. See "Item 6. Directors, Senior Management and Employees – A. Directors and Senior Management" for details for the period during which each director has served in his office.

***Board Committees***

<u>Audit Committee</u>

Orion Digital's Audit Committee consists of three directors, all of whom are independent under applicable Canadian and U.S. standards. They are also all financially literate in accordance with National Instrument 52-110 – *Audit Committees*("**NI 52-110**") and with Nasdaq Stock Market Rules. The members of the Audit Committee are Christopher Payne (Chair), Kristin McAlister and Joanna Floyd.

Our Board has adopted a written charter for the Audit Committee. The mandate of the Audit Committee is to assist our Board in fulfilling its financial oversight obligations, including the responsibility: (1) to identify and monitor the management of the principal risks that could impact the financial reporting of the Company, (2) to monitor the integrity of our financial reporting process and our internal accounting controls regarding financial reporting and accounting compliance; (3) to oversee the work, independence, objectivity, and performance of our external auditor; (4) to review with financial management and the external auditors the quarterly unaudited financial statements and management discussion and analysis before release to the public; and (5) to provide an open avenue of communication between the external auditors, our Board and our management.

A copy of the charter of the Audit Committee can be accessed electronically at <u>https://orion-digital.com/corporate-governance</u>.

<u>Corporate Governance, Compensation and Nominating Committee</u>

The Board has appointed the CGCNC comprising of three independent directors under applicable Canadian and U.S. standards. The members of the CGCNC are Kristin McAlister (Chair), Christopher Payne and Joanna Floyd.

Our Board has determined that the composition of the CGCNC is appropriate, given that all of the members are independent. Pursuant to the charter of the CGCNC, its mandate is to assist our directors in carrying out the Board's oversight responsibility for (i) overseeing our human resources and compensation policies and processes, (ii) demonstrating to our shareholders that the compensation of the directors who are also our employees is recommended by directors who have no personal interest in the outcome of decisions of the CGCNC and who will have due regard to the interests of all of our shareholders, (iii) ensuring that our strategic direction is reviewed annually, and (iv) ensuring that the Board and each of its committees carry out their respective functions in accordance with an appropriate process.

In addition, the CGCNC is responsible for overseeing and assessing the functioning of the Board, its committees and individual directors, and for the development, recommendation to the Board, implementation and assessment of effective corporate governance principles.

A copy of the charter of the CGCNC can be accessed electronically at <u>https://investors.orion-digital/corporate-governance</u>.

<u>Investment Committee</u>

The Board has appointed the Investment Committee comprising of directors David Feller and Gregory Feller.

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The Board has adopted a written charter for the Investment Committee. The mandate of the Investment Committee is to assist the Board by reviewing and evaluating potential strategic investments, and divestitures by Orion Digital and making recommendations to the Board with respect to such potential transactions. Primary responsibilities of the Investment Committee are to (i) review proposed investment or divestiture opportunities identified by or submitted to the Committee for consideration, (ii) ensure the proposed opportunities meet the Company's investment objectives and strategy, (iii) ensure that environmental, social, and governance factors are considered, (iv) assist and advise on the terms of the transaction, (v) oversee due diligence, (vi) identify and manage potential conflicts of interest; and (vii) review the performance and outlook of the Orion Digital Ventures portfolio.

**D.** **<u>Employees</u>**

As of December 31, 2023, 2024 and 2025, we had 204, 174, and 182 full-time employees and 6 part-time employees, respectively. The following table sets forth the number of our employees categorized by area of operations:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>As of Dec 31, 2023</u>** | &nbsp;&nbsp;**<u>As of Dec 31, 2024</u>** | &nbsp;&nbsp;**<u>As of Dec 31, 2025</u>** |
| &nbsp;&nbsp;General & Administrative | &nbsp;&nbsp;44 | &nbsp;&nbsp;42 | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;Customer Service & Operations | &nbsp;&nbsp;105 | &nbsp;&nbsp;85 | &nbsp;&nbsp;97 |
| &nbsp;&nbsp;Technology | &nbsp;&nbsp;55 | &nbsp;&nbsp;47 | &nbsp;&nbsp;56 |
| &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**204** | &nbsp;&nbsp;**174** | &nbsp;&nbsp;**182** |

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**E.** **<u>Share Ownership</u>**

The following table summarizes, as of April 29, 2026, share ownership including options and RSUs granted under the Stock Option Plan and RSU Plan to our executive officers and directors.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;**Option-Based Awards** | &nbsp;&nbsp;**Option-Based Awards** | &nbsp;&nbsp;**Option-Based Awards** | &nbsp;&nbsp;**Option-Based Awards** | &nbsp;&nbsp;**Share-Based Awards** | &nbsp;&nbsp;**Share-Based Awards** |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Common Shares** | &nbsp;&nbsp;**% Common Shares**  | &nbsp;&nbsp;**Common Shares Underlying Options Outstanding** | &nbsp;&nbsp;**Option Exercise Price** | &nbsp;&nbsp;**Grant Date** | &nbsp;&nbsp;**Expiration Date** | &nbsp;&nbsp;**Common Shares Underlying RSUs that have not vested** | &nbsp;&nbsp;**Grant Date** |
| &nbsp;&nbsp;**David Feller**<br>| &nbsp;&nbsp;1122048 | &nbsp;&nbsp;4.7% |  |  |  |  |  |  |
|  |  |  | &nbsp;&nbsp;91667 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;2020/06/09 | &nbsp;&nbsp;2028/06/09 |  |  |
|  |  |  | &nbsp;&nbsp;33333 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;2022/06/18 | &nbsp;&nbsp;2030/06/18 |  |  |
|  |  |  | &nbsp;&nbsp;22222 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;2022/06/18 | &nbsp;&nbsp;2030/06/18 |  |  |
|  |  |  | &nbsp;&nbsp;166667 | &nbsp;&nbsp;$2.49 | &nbsp;&nbsp;2022/11/21 | &nbsp;&nbsp;2030/11/21 |  |  |
|  |  |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$2.76 | &nbsp;&nbsp;2023/06/30 | &nbsp;&nbsp;2031/06/30 |  |  |
|  |  |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$2.12 | &nbsp;&nbsp;2023/09/30 | &nbsp;&nbsp;2031/09/30 |  |  |
|  |  |  | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$2.43 | &nbsp;&nbsp;2023/12/31 | &nbsp;&nbsp;2031/12/31 |  |  |
|  |  |  | &nbsp;&nbsp;25000  | &nbsp;&nbsp;$2.04  | &nbsp;&nbsp;2024/06/30 | &nbsp;&nbsp;2032/06/30 |  |  |
|  |  |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2025/05/22 | &nbsp;&nbsp;2033/05/22 |  |  |
| &nbsp;&nbsp;**Gregory Feller** | &nbsp;&nbsp;699767 | &nbsp;&nbsp;2.9% |  |  |  |  |  |  |
|  |  |  | &nbsp;&nbsp;91667 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;2020/06/09 | &nbsp;&nbsp;2028/06/09 |  |  |
|  |  |  | &nbsp;&nbsp;33333 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;2022/06/18 | &nbsp;&nbsp;2030/06/18 |  |  |
|  |  |  | &nbsp;&nbsp;22222 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;2022/06/18 | &nbsp;&nbsp;2030/06/18 |  |  |
|  |  |  | &nbsp;&nbsp;166667 | &nbsp;&nbsp;$2.49 | &nbsp;&nbsp;2022/11/21 | &nbsp;&nbsp;2030/11/21 |  |  |
|  |  |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$2.76 | &nbsp;&nbsp;2023/06/30 | &nbsp;&nbsp;2031/06/30 |  |  |
|  |  |  | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$2.12 | &nbsp;&nbsp;2023/09/30 | &nbsp;&nbsp;2031/09/30 |  |  |
|  |  |  | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$2.43 | &nbsp;&nbsp;2023/12/31 | &nbsp;&nbsp;2031/12/31 |  |  |
|  |  |  | &nbsp;&nbsp;25000  | &nbsp;&nbsp;$2.04  | &nbsp;&nbsp;2024/06/30 | &nbsp;&nbsp;2032/06/30 |  |  |
|  |  |  | &nbsp;&nbsp;200000 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2025/05/22 | &nbsp;&nbsp;2033/05/22 |  |  |
| &nbsp;&nbsp;**Christopher Payne**  | &nbsp;&nbsp;128982 | &nbsp;&nbsp;0.5% |  |  |  |  |  |  |
|  |  |  | &nbsp;&nbsp;8333 | &nbsp;&nbsp;$3.33 | &nbsp;&nbsp;2022/06/18 | &nbsp;&nbsp;2030/06/18 |  |  |
|  |  |  | &nbsp;&nbsp;12500 | &nbsp;&nbsp;$2.49 | &nbsp;&nbsp;2022/11/21 | &nbsp;&nbsp;2030/11/21 |  |  |
|  |  |  | &nbsp;&nbsp;33333 | &nbsp;&nbsp;$2.76 | &nbsp;&nbsp;2023/06/30 | &nbsp;&nbsp;2031/06/30 |  |  |
|  |  |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;$2.12 | &nbsp;&nbsp;2023/09/30 | &nbsp;&nbsp;2031/09/30 |  |  |
|  |  |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;$2.43 | &nbsp;&nbsp;2023/12/31 | &nbsp;&nbsp;2031/12/31 |  |  |
|  |  |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;$2.04  | &nbsp;&nbsp;2024/06/30 | &nbsp;&nbsp;2032/06/30 |  |  |
|  |  |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2025/05/22 | &nbsp;&nbsp;2033/05/22 |  |  |
| &nbsp;&nbsp;**Kristin McAlister** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% |  |  |  |  |  |  |
|  |  |  | &nbsp;&nbsp;33333 | &nbsp;&nbsp;$2.76 | &nbsp;&nbsp;2023/06/30 | &nbsp;&nbsp;2031/06/30 |  |  |
|  |  |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;$2.12 | &nbsp;&nbsp;2023/09/30 | &nbsp;&nbsp;2031/09/30 |  |  |
|  |  |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;$2.43 | &nbsp;&nbsp;2023/12/31 | &nbsp;&nbsp;2031/12/31 |  |  |
|  |  |  | &nbsp;&nbsp;5000 | &nbsp;&nbsp;$2.04 | &nbsp;&nbsp;2024/06/30 | &nbsp;&nbsp;2032/06/30  |  |  |
|  |  |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2025/05/22 | &nbsp;&nbsp;2033/05/22 |  |  |
| &nbsp;&nbsp; **Alex Shan** | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% |  |  |  |  |  |  |
|  |  |  | &nbsp;&nbsp;45000 | &nbsp;&nbsp;$2.04 | &nbsp;&nbsp;2024/06/30 | &nbsp;&nbsp;2032/06/30 |  |  |
|  |  |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2025/05/22 | &nbsp;&nbsp;2033/05/22 |  |  |
| &nbsp;&nbsp;**Joanna Floyd** | &nbsp;&nbsp;0<br>| &nbsp;&nbsp;0%<br>|  |  |  |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;30000 | &nbsp;&nbsp;$2.57 | &nbsp;&nbsp;2025/09/30 | &nbsp;&nbsp;2033/09/30 |
| &nbsp;&nbsp;**Justin Carter**<br>| &nbsp;&nbsp;11906 | &nbsp;&nbsp;0.0% |  |  |  |  |
|  |  |  | &nbsp;&nbsp;5675 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;2018/05/10 | &nbsp;&nbsp;2026/05/10 |
|  |  |  | &nbsp;&nbsp;5281 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;2018/05/10 | &nbsp;&nbsp;2026/05/10 |
|  |  |  | &nbsp;&nbsp;3114 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;2019/06/17 | &nbsp;&nbsp;2027/06/17 |
|  |  |  | &nbsp;&nbsp;6667 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;2019/12/26 | &nbsp;&nbsp;2029/12/26 |
|  |  |  | &nbsp;&nbsp;15000 | &nbsp;&nbsp;$4.68 | &nbsp;&nbsp;2020/06/09 | &nbsp;&nbsp;2028/06/09 |
|  |  |  | &nbsp;&nbsp;33333 | &nbsp;&nbsp;$2.70 | &nbsp;&nbsp;2023/03/31 | &nbsp;&nbsp;2031/03/31 |
|  |  |  | &nbsp;&nbsp;8000 | &nbsp;&nbsp;$2.76 | &nbsp;&nbsp;2023/06/30 | &nbsp;&nbsp;2031/06/30 |
|  |  |  | &nbsp;&nbsp;16667 | &nbsp;&nbsp;$2.76 | &nbsp;&nbsp;2023/06/30 | &nbsp;&nbsp;2031/06/30 |
|  |  |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;$2.43 | &nbsp;&nbsp;2023/12/31 | &nbsp;&nbsp;2031/12/31 |
|  |  |  | &nbsp;&nbsp;40000 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2025/05/22 | &nbsp;&nbsp;2033/05/22 |
| &nbsp;&nbsp;**Christy Cameron** | &nbsp;&nbsp;8664 | &nbsp;&nbsp;0.0% |  |  |  |  |
|  |  |  | &nbsp;&nbsp;1667 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2018/05/10 | &nbsp;&nbsp;2026/05/10 |
|  |  |  | &nbsp;&nbsp;1667 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2018/05/10 | &nbsp;&nbsp;2026/05/10 |
|  |  |  | &nbsp;&nbsp;3893 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2019/06/17 | &nbsp;&nbsp;2027/06/17 |
|  |  |  | &nbsp;&nbsp;6667 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2019/12/26 | &nbsp;&nbsp;2029/12/26 |
|  |  |  | &nbsp;&nbsp;11667 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2020/06/09 | &nbsp;&nbsp;2028/06/09 |
|  |  |  | &nbsp;&nbsp;6667 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2021/03/31 | &nbsp;&nbsp;2029/03/31 |
|  |  |  | &nbsp;&nbsp;3333 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2021/12/31 | &nbsp;&nbsp;2029/12/31 |
|  |  |  | &nbsp;&nbsp;1723 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2022/03/30 | &nbsp;&nbsp;2030/03/30 |
|  |  |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2023/06/30 | &nbsp;&nbsp;2031/06/30 |
|  |  |  | &nbsp;&nbsp;5667 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2023/06/30 | &nbsp;&nbsp;2031/06/30 |
|  |  |  | &nbsp;&nbsp;10000 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2023/12/31 | &nbsp;&nbsp;2031/12/31 |
|  |  |  | &nbsp;&nbsp;35000 | &nbsp;&nbsp;$1.86 | &nbsp;&nbsp;2025/05/22 | &nbsp;&nbsp;2033/05/22 |

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**F.** **<u>Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation</u>**

Not applicable.

**ITEM 7: MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**A.** **<u>Major Shareholders</u>**

Based on a review of the information provided to us by our transfer agent, as of April 10, 2025, there were 447 record holders, of which 347 record holders holding approximately 76% of our Common Shares had registered addresses in Canada. These numbers are not representative of the number of beneficial holders of our Common Shares nor are they representative of where such beneficial holders reside, since many of these Common Shares are held of record by brokers or other nominees (including one Canadian. nominee company, CDS & Co., which held approximately 75% of our outstanding common shares as of such date).

The following table sets forth information with respect to the beneficial ownership of our common shares as of April 25, 2026, the latest practicable date, by each person known to us to own beneficially more than 5% of our common shares. The calculations in the table below are based on the 23,897,826 Common Shares outstanding as of April 29, 2026.

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Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days from April 29, 2026, including through the exercise of any option, warrant or other right or the conversion of any other security. These shares, however, are not included in the computation of the percentage ownership of any other person.

No holder of common shares has different voting rights from any other holders of Common Shares..

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| | | |
|:---|:---|:---|
|  | **<u>Shares Beneficially Owned</u>** | **<u>Shares Beneficially Owned</u>** |
| **<u>Principal Shareholder</u>** | **<u>Number</u>** | **<u>%</u>** |
| Michael Wekerle | 2283049 | 9.6 |

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**B.** **<u>Related Party Transactions</u>**

Related party transactions during the three months and year ended December 31, 2025 include transactions with debenture holders that incur interest. The related party debentures balance as at December 31, 2025 totaled $0.1 million (December 31, 2024 – $0.1 million). The debentures bear annual coupon interest of 8.0% (December 31, 2024 – 8.0%) with interest expense for the three months and year ended December 31, 2025 totaling $3,000 and $10,000 respectively (December 31, 2024 – $3,000 and $14,000 respectively). The related parties involved in such transactions include shareholders, officers, directors, and management, close members of their families, or entities which are directly or indirectly controlled by close members of their families. The debentures are ongoing contractual obligations that are used to fund our corporate and operational activities.

**C.** **<u>Interests of Experts and Counsel</u>**

Not applicable.

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**ITEM 8: FINANCIAL INFORMATION**

**A.** **<u>Consolidated Statements and Other Financial Information.</u>**

See "Item 17 Financial Statements" for the Consolidated Financial Statements included in this annual report on Form 20-F.

***Legal Proceedings***

We are from time to time involved in legal proceedings of a nature considered normal to our business. We believe that none of the litigation in which we are currently involved, or have been involved since the beginning of the most recently completed financial year, individually or in the aggregate, is material to our consolidated financial condition or results of operations.

***Regulatory Actions*** 

Neither the Company nor its subsidiaries are involved in any regulatory action which would have a material adverse effect on the Company.

***Dividend Policy***

The holders of common shares are entitled to receive distributions as and when declared from time to time on the common shares by the Board, acting in its sole discretion, out of the Company's assets properly available for the payment of dividends.

The Company intends to reinvest all future earnings in order to finance the development and growth of its business. As a result, the Company does not intend to pay dividends on the common shares in the foreseeable future. The declaration of any future dividends by the Board will be dependent on the Company's earnings, liquidity position, financial condition and capital requirements, as well as any other factors deemed relevant by the Board.

***Significant Changes***

There have been no significant changes to our business that we believe could reasonably be expected to have a material adverse effect on our business, results of operations and financial condition.

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**ITEM 9: THE OFFER AND LISTING**

Not applicable, except for Item 9A(4) and Item 9C.

**1.** **<u>Offering and Listing Details</u>**

Our common shares have been listed on the TSX and NASDAQ since June 25, 2015 and April 18, 2018, respectively, trading under the ticker symbol "MOGO". Effective January 2, 2026, the Company's common shares began trading under the new ticker symbol "ORIO".

**2.** **<u>Markets</u>**

Our common shares have been listed on the TSX and NASDAQ since June 25, 2015 and April 18, 2018, respectively, trading under the ticker symbol "MOGO". Effective January 2, 2026, the Company's common shares began trading under the new ticker symbol "ORIO".

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**ITEM 10: ADDITIONAL INFORMATION**

**A.** **<u>Share Capital</u>**

Not applicable.

**B.** **<u>Memorandum and Articles of Association</u>**

***Incorporation***

The Company was originally incorporated by letters patent under the laws of Canada on January 14, 1972 and ultimately continued into British Columbia on June 21, 2019. The Company's incorporation number is C1213467. On December 29, 2025, the Company changed its name from Mogo Inc. to Orion Digital Corp.

***Objects and Purposes*** 

The Articles of the Company do not contain limitations or restrictions on the business of the Company.

***Directors*** 

Under the Articles of the Company, a director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the BCA. A director with a disclosable interest in a contract or transaction is not entitled to vote on any directors' resolution approving the contract or transaction, unless all directors have an interest in the contract or transaction. A director with a disclosable interest in a contract or transaction is entitled to be counted as part of the quorum for the directors' meeting to consider the contract or transaction. Such director or senior officer who holds a disclosable interest in a contract or transaction is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the BCA.

Under the Articles, the Company, if authorized by the directors, may: (a) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that the directors consider appropriate; (b) issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as the directors consider appropriate; (c) guarantee the repayment of money by any other person or the performance of any obligation of any other person; and (d) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

Directors are not required to hold a share of the Company as qualification for his or her office but must be qualified as required by the BCA to become, act or continue to act as a director.

The Articles do not specify a retirement age for directors.

Subject to the BCA, the Company must indemnify a director, former director of the Company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding.

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***Rights, Preferences and Restrictions*** 

The Company's Notice of Articles provides that the authorized capital of the Company consists of an unlimited number of common shares without par value and an unlimited number of preferred shares of the Company.

Subject to the BCA, the directors may from time to time declare and authorize payment of such dividends as they may consider appropriate. The dividend provisions are subject to the rights, if any, of shareholders holding shares with special rights as to dividends. All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders: (a) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and (b) on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

At every annual general meeting: (a) the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under the Articles; and (b) all the directors cease to hold office immediately before the election or appointment of directors under paragraph (a), but are eligible for re-election or re-appointment.

***Action Needed to Change Shareholder Rights***

The Company must not make a payment or provide any other consideration to purchase, redeem or otherwise acquire any of its shares if there are reasonable grounds for believing that: (a) the Company is insolvent; or (b) making the payment or providing the consideration would render the Company insolvent.

Subject to the BCA, the Company may by special resolution make alterations to the authorized share structure and special rights or restrictions to change the rights of the shareholders. The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.

***Shareholder Meeting***

The Company's Articles provide that (a) the Company must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors; (b) the directors may, at any time, call a meeting of shareholders to be held at such time and place as may be determined by the directors; (c) the quorum for the transaction of business at a meeting of shareholders is two persons who are, or who represent by proxy, shareholders who, in the aggregate, hold at least 25% of the issued shares entitled to be voted at the meeting; and (d) in addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any other persons invited to be present at the meeting by the directors or by the chair of the meeting and any persons entitled or required under the BCA or the Company's Articles to be present at the meeting.

***Limitations on Ownership of Securities*** 

Except as provided in the Investment Canada Act, there are no limitations specific to the rights of non-Canadians to hold or vote the common shares under the laws of Canada or British Columbia or in the Company's charter documents.

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***Change in Control*** 

There are no provisions in the Articles or charter documents that would have the effect of delaying, deferring or preventing a change in the control of the Company, or that would operate with respect to any proposed merger, acquisition or corporate restructuring involving its company or any of its subsidiaries.

***Ownership Threshold*** 

There are no provisions in the Articles governing the ownership threshold above which shareholder ownership must be disclosed. Securities legislation in Canada, however, requires that shareholder ownership (as well as ownership of an interest in, or right or obligation associated with, a related financial instrument of a security of the Company) must be disclosed once a person beneficially owns or has control or direction over, directly or indirectly, securities of a reporting issuer carrying more than 10% of the voting rights attached to all the reporting issuer's outstanding voting securities and United States federal securities laws require us to disclose in this our annual report on Form 20-F, holders who own 5% or more of our issued and outstanding shares.

***Changes to Capital*** 

There are no conditions imposed by the Articles governing changes in the rights of holders of common shares where such conditions are more significant than is required by the laws of British Columbia.

***Description of Capital Structure*** 

There are no conditions imposed by the Articles governing changes in the capital that are more stringent than is required by the laws of British Columbia.

**C.** **<u>Material Contracts</u>**

The following are the only material contracts, other than those contracts entered into in the ordinary course of business, to which the Company or any other member of the group is a party, for the two years immediately preceding the date of this annual report on Form 20-F:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Second Amended and Restated Revolving Credit and Guarantee Agreement dated as of February 26, 2025, between Orion Digital, Mogo Financial Inc., Mogo Financial (B.C.) Inc., Mogo Financial (Alberta) Inc., Mogo Financial (Ontario) Inc., Carta Solutions Holding Corporation, the Company, and DB FSLF 50 LLC, as amended. See "*Business Description – Credit Facility*" for more details

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amended and Restated Subordination Agreement (Thurlow Guarantee) dated September 30, 2020 among DB FSLF 50 LLC, Dale Matheson Carr-Hilton LaBonte LLP and Mogo Finance Technology Inc., pursuant to which the security granted to Dale Matheson Carr-Hilton LaBonte LLP on behalf of the holders of certain secured debentures, securing debt owing under the secured debentures, is subordinated and postponed to the security granted to DB FSLF 50 LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amended and Restated Subordination Agreement dated September 30, 2020 among DB FSLF 50 LLC, Dale Matheson Carr-Hilton LaBonte LLP, Mogo Finance, Mogo Mortgage Technology Inc., Mogo Financial Inc., Mogo Financial (B.C.) Inc., Mogo Financial (Alberta) Inc., Mogo Financial (Ontario) Inc., Hornby Loan Brokers (Ottawa) Inc., Hornby Leasing Inc., Thurlow Management Inc., Thurlow Capital (BC) Inc., Thurlow Capital (Alberta) Inc., Thurlow Capital (Ontario) Inc., Thurlow Capital (Manitoba) Inc., Thurlow Capital (Ottawa) Inc. and Mogo Technology Inc., pursuant to which the security granted to Dale Matheson Carr-Hilton LaBonte LLP on behalf of the holders of certain secured debentures, securing debt owing under the secured debentures, is subordinated and postponed to the security granted to DB FSLF 50 LLC.

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**D.** **<u>Exchange Controls</u>** 

Canada has no system of exchange controls. There are no Canadian restrictions on the repatriation of capital or earnings of a Canadian public company to non-resident investors. There are no laws of Canada or exchange restrictions affecting the remittance of dividends, interest, royalties or similar payments to non-resident holders of Orion Digital's securities, although there may be Canadian and other foreign tax considerations. See "Item 10 - Additional Information — E. Taxation".

**E.** **<u>Taxation</u>**

***Certain Canadian Federal Income Tax Information for Non-Canadian Holders***

The following summarizes the principal Canadian federal income tax considerations generally applicable to the holding and disposition of our common shares by a beneficial owner of common shares who, for the purposes of the Income Tax Act (Canada) and the regulations thereto (the "**Tax Act**"), and at all relevant times, (1) is not, or is deemed not to be, resident in Canada, (2) deals at arm's length with and is not affiliated with us, (3) holds such shares as capital property and does not use or hold, and is not deemed to use or hold, such shares in the course of carrying on, or otherwise in connection with, a business in Canada and (4) has not entered into and will not enter into, with respect to the common shares a "derivative forward agreement" as that term is defined in the Tax Act (hereinafter, a "**Non-Canadian Holder**"). Special rules, which are not discussed in this summary, apply to a Non-Canadian Holder that is an insurer carrying on an insurance business in Canada and elsewhere.

This summary is based on the current provisions of the Tax Act, the Canada-United States Tax Convention (1980), as amended (the "**Treaty**"), all proposed amendments to the Tax Act and the Treaty publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof, and our understanding of the current published administrative policies and assessing practices of the Canada Revenue Agency ("**CRA**"). It has been assumed that all such proposed amendments will be enacted as proposed and that there will be no other relevant change in any governing law or administrative policy or assessing practice, whether by legislative, administrative or judicial action, although no assurances can be given in this respect. This summary does not take into account Canadian provincial, U.S. federal, state or other foreign income tax law or practice.

Subject to certain exceptions that are not discussed in this summary, for the purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of common shares must be determined in Canadian dollars based on the rate of exchange quoted by the Bank of Canada on the date such amount first arose or such other rate of exchange as may be acceptable to CRA.

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**This summary is of a general nature only and is not, and is not intended to be, legal or tax advice to any particular holder. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, holders of common shares are urged to consult their own tax advisors having regard to their own particular circumstances.**

<u>Dividends</u>

Dividends paid or credited or deemed to be paid or credited to a Non-Canadian Holder by us will be subject to Canadian withholding tax. The Tax Act imposes withholding tax at a rate of 25%, although such rate may be reduced by virtue of an applicable tax treaty. For example, under the Treaty, where dividends on the common shares are considered to be paid to a Non-Canadian Holder that is the beneficial owner of the dividends and is a U.S. resident for the purposes of, and is entitled to all of the benefits of, the Treaty, or a qualifying person, the applicable rate of Canadian withholding tax is generally reduced to 15% (or to 5% if such Non-Canadian Holder is a qualifying person that is a company that for purposes of Article X(2)(a) of the Treaty owns at least 10% of our voting shares). We will be required to withhold the applicable withholding tax from any dividend and remit it to the Canadian government for the Non-Canadian Holder's account. A disposition of common shares to us may in certain circumstances result in a deemed dividend.

<u>Disposition</u>

A Non-Canadian Holder will not be subject to Canadian tax under the Tax Act on a capital gain realized on a disposition or deemed disposition of our common shares unless, at the time of disposition, such common shares constitute "taxable Canadian property" to the Non-Canadian Holder for the purposes of the Tax Act and the Non-Canadian Holder is not entitled to relief under an applicable income tax convention between Canada and the country in which the Non-Canadian Holder is resident.

If a common share is listed on a designated stock exchange (which includes the TSX and NASDAQ) at the time it is disposed of, such common share will generally not constitute "taxable Canadian property" to a Non-Canadian Holder unless, at that time or at any particular time within the preceding 60 months,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•25% or more of the issued shares of any class or series of our capital stock was owned by one or any combination of (1) the Non-Canadian Holder, (2) persons with whom the Non-Canadian Holder did not deal with at "arm's length" (within the meaning of the Tax Act), and (3) partnerships in which the Non-Canadian Holder or a person described in (2) holds a membership directly or indirectly through one or more partnerships, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•more than 50% of the fair market value of the common share was derived directly or indirectly from one or any combination of real or immovable property situated in Canada, "Canadian resource properties" (as defined in the Tax Act), "timber resource properties" (as defined in the Tax Act), and options in respect of, or interests in, or for civil law rights in, any such foregoing properties, whether or not such properties exist.

If a common share is taxable Canadian property to a Non-Canadian Holder that is a qualifying person, any capital gain realized on a disposition or deemed disposition of such share will nevertheless generally not be subject to Canadian federal income tax by virtue of the Treaty if the value of the common share at the time of the disposition or deemed disposition is not derived principally from "real property situated in Canada" for purposes of the Treaty.

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A Non-Canadian Holder whose shares may constitute taxable Canadian property is urged to consult with the Non- Canadian Holder's own tax advisors.

***United States Federal Income Tax Consequences***

The following is a general summary of certain material U.S. federal income tax considerations relevant to a U.S. Holder (as defined below) arising from and relating to the acquisition, ownership, and disposition of common shares.

This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax consequences that may apply to a U.S. Holder arising from and relating to the acquisition, ownership, and disposition of common shares. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences to such U.S. Holder. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any U.S. Holder. Except as discussed below, this summary does not discuss applicable income tax reporting requirements. This summary does not address the U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non U.S. tax consequences to U.S. Holders of the acquisition, ownership, and disposition of common shares. Each prospective U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership, and disposition of common shares.

No legal opinion from U.S. legal counsel or ruling from the Internal Revenue Service (the "**IRS**") has been requested, or will be obtained, regarding the U.S. federal income tax consequences of the acquisition, ownership, and disposition of common shares. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary. In addition, because the authorities upon which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the positions taken in this summary.

<u>Scope of this Summary</u> 

*Authorities* 

This summary is based on the Internal Revenue Code of 1986, as amended (the "**Code**"), Treasury Regulations (whether final, temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, the Convention Between Canada and the United States of America with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended (the "**Canada-U.S. Tax Convention**"), and U.S. court decisions that are applicable and, in each case, as in effect and available, as of the date of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive or prospective basis. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.

*U.S. Holders* 

For purposes of this summary, the term "**U.S. Holder**" means a beneficial owner of common shares acquired pursuant to this Form 20-F that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an individual who is a citizen or resident of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the U.S., any state thereof or the District of Columbia;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an estate whose income is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a trust that (a) is subject to the primary supervision of a court within the U.S. and one or more U.S. persons has the authority to make all substantial decisions of the trust or (b) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

*Non-U.S. Holders* 

For purposes of this summary, a "**non-U.S. Holder**" is a beneficial owner of common shares that is not a U.S. Holder and is not a partnership for U.S. federal income tax purposes. This summary does not address the U.S. federal income tax consequences to non-U.S. Holders arising from and relating to the acquisition, ownership, and disposition of common shares. Accordingly, a non-U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and foreign tax consequences (including the potential application of and operation of any income tax treaties) relating to the acquisition, ownership, and disposition of common shares.

*U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed* 

This summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including, but not limited to, the following: (a) U.S. Holders that are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) U.S. Holders that are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) U.S. Holders that are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting method; (d) U.S. Holders that have a "functional currency" other than the U.S. dollar; (e) U.S. Holders that own common shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement involving more than one position; (f) U.S. Holders that acquired common shares in connection with the exercise of employee stock options or otherwise as compensation for services; (g) U.S. Holders that hold common shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); or (h) U.S. Holders that own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power or value of the outstanding shares of the Company. This summary also does not address the U.S. federal income tax considerations applicable to U.S. Holders who are: (a) U.S. expatriates or former long-term residents of the U.S.; (b) persons that have been, are, or will be a resident or deemed to be a resident in Canada for purposes of the Tax Act; (c) persons that use or hold, will use or hold, or that are or will be deemed to use or hold common shares in connection with carrying on a business in Canada; (d) persons whose common shares constitute "taxable Canadian property" under the Tax Act; or (e) persons that have a permanent establishment in Canada for the purposes of the Canada-U.S. Tax Convention. U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders described immediately above, should consult their own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of common shares.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds common shares, the U.S. federal income tax consequences to such entity and the partners (or other owners) of such partnership generally will depend on the activities of the partnership and the status of such partners. This summary does not address the tax consequences to any such owner. Partners of entities or arrangements that are classified as partnerships for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences arising from and relating to the acquisition, ownership, and disposition of common shares.

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<u>Ownership and Disposition of Common Shares</u> 

The following discussion is subject in its entirety to the rules described below under the heading "Passive Foreign Investment Company Rules."

*Taxation of Distributions* 

A U.S. Holder that receives a distribution, including a constructive distribution, with respect to a common share will be required to include the amount of such distribution in gross income as a dividend (without reduction for any Canadian or foreign income tax withheld from such distribution) to the extent of the current or accumulated "earnings and profits" of the Company, as computed for U.S. federal income tax purposes. To the extent that a distribution exceeds the current and accumulated "earnings and profits" of the Company, such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in the common shares and thereafter as gain from the sale or exchange of such common shares (see "Sale or Other Taxable Disposition of Common Shares" below). However, the Company may not maintain the calculations of earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder should therefore assume that any distribution by the Company with respect to the common shares will constitute ordinary dividend income. Dividends received on common shares generally will not be eligible for the "dividends received deduction" available to U.S. corporate shareholders receiving dividends from U.S. corporations.

Subject to applicable limitations and provided the Company is eligible for the benefits of the Canada - U.S. Tax Convention or the common shares are readily tradable on a United States securities market, dividends paid by the Company to non-corporate U.S. Holders, including individuals, generally will be eligible for the preferential tax rates applicable to long-term capital gains for dividends provided certain holding period and other conditions are satisfied, including that the Company not be classified as a PFIC in the tax year of distribution or in the preceding tax year. The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.

*Sale or Other Taxable Disposition of Common Shares* 

A U.S. Holder will recognize gain or loss on the sale or other taxable disposition of common shares in an amount equal to the difference, if any, between (a) the amount of cash plus the fair market value of any property received and (b) such U.S. Holder's tax basis in such common shares sold or otherwise disposed of. Any such gain or loss generally will be capital gain or loss, which will be long-term capital gain or loss if, at the time of the sale or other disposition, such common shares are held for more than one year.

Preferential tax rates apply to long-term capital gains of non-corporate U.S. Holders. There are currently no preferential tax rates for long-term capital gains of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code. A U.S. Holder's tax basis in common shares generally will be such U.S. Holder's U.S. dollar cost for such common shares, which if the consideration is paid in Canadian dollars, is determined under the principles described in "Receipt of Foreign Currency" below.

<u>Passive Foreign Investment Company Rules</u>

Based on the market price of our Common Shares and the composition of our income and assets, including goodwill, we do not expect to be treated as a PFIC for U.S. federal income tax purposes for the current taxable year ending December 31, 2025. However, this is a factual determination that must be made annually after the close of each taxable year, and the application of the PFIC rules is subject to uncertainty in several respects. Moreover, the value of our assets for the purposes of the PFIC determination will

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generally be determined by reference to the market price of our Common Shares, which could fluctuate significantly. Therefore, there can be no assurance that we are not a PFIC for the current taxable year or will not be classified as a PFIC in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In general, we will be a PFIC for any taxable year in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•at least 75% of our gross income is passive income, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•at least 50% of the value (determined based on a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive income.

For purposes of the PFIC provisions, "gross income" is determined using U.S. federal income tax principles and generally includes sales revenues less cost of goods sold, plus income from investments and from incidental or outside operations or sources and "passive income" generally includes dividends, interest, royalties and rents (other than royalties and rents derived in the active conduct of a trade or business and not derived from a related person). The "value of our assets" generally is determined based on fair value at each quarter. If we own at least 25% (by value) of the stock of another corporation, we will be treated, for purposes of the PFIC tests, as owning our proportionate share of the other corporation's assets and receiving our proportionate share of the other corporation's income.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Common Shares, the U.S. Holder will be subject to special tax rules with respect to any "excess distribution" received and any gain realized from a sale or other disposition, including a pledge, of our common shares. Distributions received in a taxable year that are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable years or a U.S. Holder's holding period for the common shares will be treated as excess distributions. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the excess distribution or gain will be allocated ratably over a U.S. Holder's holding period for our Common Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will be treated as ordinary income, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year.

U.S. Holders will be required to file IRS Form 8621 if they hold our Common Shares in any year in which we are classified as a PFIC.

If we are a PFIC for any year during which a U.S. Holder holds Common Shares, we will generally continue to be treated as a PFIC with respect to such holder for all subsequent years during which such common shares continue to be held, even if we cease to meet the threshold requirements for PFIC status. U.S. Holders should consult with their own tax advisors regarding the availability of a "deemed sale" election that in certain circumstances would allow such holder to terminate PFIC status with respect to such common shares.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Common Shares and any of our non-U.S. subsidiaries is also a PFIC, or a lower-tier PFIC, a U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules on (i) excess distributions by the lower-tier PFIC, and (ii) a disposition of shares of a lower-tier PFIC, in each case as if the U.S. Holder held such shares directly, even though the holders have not received the proceeds of those distributions or dispositions directly. U.S. Holders are urged to consult their tax advisors about the application of the PFIC rules to any of our subsidiaries.

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In lieu of being subject to the excess distribution rules discussed above with respect to our Common Shares (but not with respect to any lower-tier PFIC), a U.S. Holder may make an election to include gain on the stock of a PFIC as ordinary income under a mark-to-market method, provided that such stock is regularly traded on a qualified exchange. Our common shares will be treated as "regularly traded" in any calendar year in which more than a de minimis quantity of such shares are traded on a qualified exchange on at least 15 days during each calendar quarter of such year. Nasdaq, on which the common shares are traded, is a qualified exchange for this purpose.

If a U.S. Holder makes an effective mark-to-market election, it will include in each year we are a PFIC as ordinary income the excess of the fair market value of such U.S. Holder's common shares at the end of the year over the U.S. Holder's adjusted tax basis in the common shares. A U.S. Holder will be entitled to deduct as an ordinary loss in each such year the excess of the U.S. Holder's adjusted tax basis in the Common Shares over their fair market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, any gain the U.S. Holder recognizes upon the sale or other disposition of its common shares of in a year that we are a PFIC we will be treated as ordinary income and any loss will be treated as ordinary loss, but only to the extent of the net amount of previously included income as a result of the mark-to-market election.

A U.S. Holder's adjusted tax basis in its common shares will be increased by the amount of any income inclusion and decreased by the amount of any deductions under the mark-to-market rules. If a U.S. Holder makes a mark-to-market election, it will be effective for the taxable year for which the election is made and all subsequent taxable years that we are a PFIC unless the common shares are no longer regularly traded on a qualified exchange or the IRS consents to the revocation of the election. U.S. Holders are urged to consult their tax advisors about the availability of the mark-to-market election, and whether making the election would be advisable in their particular circumstances.

Alternatively, a U.S. Holder may avoid the rules described above by electing to treat us (and any lower-tier PFIC) as a "qualified electing fund," or QEF, under Section 1295 of the Code. A QEF election requires a U.S. Holder to include currently in income each year its pro rata share of a PFIC's ordinary earnings and net capital gains, regardless of whether or not such ordinary earnings and gains are actually distributed. Thus, a U.S. Holder could have a tax liability with respect to such ordinary earnings or gains without a corresponding receipt of cash. A U.S. Holder's basis in the shares of a QEF will be increased to reflect the amount of the taxed but undistributed income. Distributions of income that had previously been taxed will result in a corresponding reduction of basis in the shares and will not be taxed again as a distribution to the U.S. Holder. In addition, a U.S. Holder will recognize capital gain or loss on the disposition of common shares in an amount equal to the difference between the amount realized and the holder's adjusted tax basis in the Common Shares. To make a QEF election, a U.S. Holder will need to have an annual information statement from the PFIC setting forth the earnings and capital gains for the year. U.S. Holders should consult their own tax advisors as to the consequences of making a protective QEF election or other consequences of the QEF election. Upon request of a U.S. Holder, we will provide the information necessary for a U.S. Holder to make the QEF election. However, no assurance can be given that such QEF information will be available for any lower-tier PFIC that we do not control. U.S. Holders are urged to consult their tax advisors concerning the United States federal income tax consequences of holding our common shares if we are considered a PFIC in any taxable year.

<u>Additional Considerations</u> 

*Additional Tax on Passive Income* 

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Individuals, estates and certain trusts whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surtax on "net investment income" including, among other things, dividends and net gain from disposition of property (other than property held in certain trades or businesses). Special rules apply to PFICs. U.S. Holders should consult with their own tax advisors regarding the effect, if any, of this tax on their ownership and disposition of Common Shares.

*Receipt of Foreign Currency* 

The amount of any distribution paid in Canadian dollars to a U.S. Holder in connection with the ownership of the Common Shares, or on the sale, exchange or other taxable disposition of Common Shares, will be included in the gross income of a U.S. Holder as translated into U.S. dollars calculated by reference to the exchange rate prevailing on the date of actual or constructive receipt of the payment, regardless of whether the Canadian dollars are converted into U.S. dollars at that time. If the Canadian dollars received are not converted into U.S. dollars on the date of receipt, a U.S. Holder will have a basis in the Canadian dollars equal to their U.S. dollar value on the date of receipt. Any U.S. Holder who receives payment in Canadian dollars and engages in a subsequent conversion or other disposition of the Canadian dollars may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method with respect to foreign currency. Each U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of Canadian dollars, including the possibility for an accrual taxpayer to make an election to recognize foreign currency gain or loss on the purchase or sale of common shares on the settlement date of such purchase or sale.

*Foreign Tax Credit* 

Subject to the PFIC rules discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the Common Shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax paid. Generally, a credit will reduce a U.S. Holder's U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder's income subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder during a year.

Complex limitations apply to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Holder's U.S. federal income tax liability that such U.S. Holder's "foreign source" taxable income bears to such U.S. Holder's worldwide taxable income. In applying this limitation, a U.S. Holder's various items of income and deduction must be classified, under complex rules, as either "foreign source" or "U.S. source." Generally, dividends paid by a foreign corporation should be treated as foreign source for this purpose, and gains recognized on the sale of stock of a foreign corporation by a U.S. Holder should be treated as U.S. source for this purpose, except as otherwise provided in an applicable income tax treaty, and if an election is properly made under the Code. However, the amount of a distribution with respect to the common shares that is treated as a "dividend" may be lower for U.S. federal income tax purposes than it is for Canadian federal income tax purposes, resulting in a reduced foreign tax credit allowance to a U.S. Holder. In addition, this limitation is calculated separately with respect to specific categories of income. Certain Treasury Regulations further restrict the ability of any such credit based on the nature of the tax imposed by the non-U.S. jurisdiction, although the IRS has provided temporary relief from the application of certain aspects of these regulations until new guidance or regulations are issued. The foreign tax credit rules are complex, and each U.S. Holder should consult its own U.S. tax advisor regarding the foreign tax credit rules.

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Special rules apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special rules, non-U.S. taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are complex, and a U.S. Holder should consult its own tax advisor regarding their application to the U.S. Holder.

*Backup Withholding and Information Reporting* 

Under U.S. federal income tax law and Treasury Regulations, certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a non-U.S. corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of "specified foreign financial assets" includes not only financial accounts maintained in foreign financial institutions, but also, if held for investment and not in an account maintained by certain financial institutions, any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person and any interest in a foreign entity. U.S. Holders may be subject to these reporting requirements unless their common shares are held in an account at certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should consult with their own tax advisors regarding the requirements of filing information returns on IRS Form 8938, and, if applicable, filing obligations relating to the PFIC rules, including possible reporting on IRS Form 8621.

Payments made within the U.S. or by a U.S. payor or U.S. middleman of (a) distributions on the common shares, and (b) proceeds arising from the sale or other taxable disposition of common shares generally will be subject to information reporting. In addition, backup withholding, currently at a rate of 24% for the 2018 to 2025 tax years (increasing to 28% for tax years after 2025), may apply to such payments if a U.S. Holder (a) fails to furnish such U.S. Holder's correct U.S. taxpayer identification number (generally on IRS Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding, or (d) fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding. Certain exempt persons generally are excluded from these information reporting and backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner. The information reporting and backup withholding rules may apply even if, under the Canada-U.S. Tax Convention, payments are exempt from the dividend withholding tax or otherwise eligible for a reduced withholding rate.

This discussion of reporting requirements set forth above is not intended to constitute an exhaustive description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess a tax, and under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirements. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup withholding rules.

**THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL U.S. TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE OWNERSHIP AND DISPOSITION OF COMMON SHARES. U.S. HOLDERS SHOULD**

**F.** **<u>Dividends and Paying Agents</u>**

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Not applicable.

**G.** **<u>Statements by Experts</u>**

Not applicable.

**H.** **<u>Documents on Display</u>**

Any statement in this annual report on Form 20-F about any of our contracts or other documents is not exhaustive. If the contract or document is filed as an exhibit to this annual report on Form 20-F or is incorporated herein by reference thereto, the contract or document is deemed to modify our description. You must review the exhibits themselves for a complete description of the contract or document. This means that we can disclose important information to you by referring you to a document included as an exhibit or another document filed separately with the SEC. The information incorporated by reference is considered to be part of this annual report on Form 20-F.

You may access this annual report on Form 20-F, including exhibits and schedules, on our website at www.mogo.ca or request a copy by email to legal@oriondigitalcorp.com. You may also read and copy reports, statements or other information that we file with or furnish to the SEC, including exhibits and schedules filed with this annual report on Form 20-F at the SEC's public reference facilities in Room 1580, 100 F Street, N.E., Washington, D.C. 20549. You may call the SEC at 1-800-SEC-0330 for further information on the public reference room. The SEC also maintains a website at www.sec.gov that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. You may access the documents we file with or furnish to the SEC at that website. These SEC filings are also available to the public from commercial document retrieval services.

We also file reports, statements and other information with the CSA through SEDAR, and these can be accessed electronically at www.sedar.com.

You may access other information about Orion Digital on our website at www.orion-digital.com.

Information provided on our website is not part of this report, and is not incorporated herein by reference unless otherwise specifically referenced as such in this report.

**I.** **<u>Subsidiary Information</u>**

Not applicable.

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**ITEM 11: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

***Market risk***

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments that could be affected by market risk include cash, investment portfolio, credit facilities, debentures, derivative financial assets and derivative financial liabilities.

***Interest rate risk***

Changes in market interest rates may have an effect on the cash flows associated with some financial assets and liabilities, known as cash flow risk, and on the fair value of other financial assets or liabilities, known as price risk. The Company is exposed to interest rate risk primarily relating to its credit facility that bears interest fluctuating with the Secured Overnight Financing Rate ("SOFR"). The credit facility does not have a SOFR floor. As at December 31, 2025, SOFR is 3.87% (December 31, 2024 – 4.49%). For the year ended December 31, 2025, a 100-basis point change in SOFR would increase or decrease credit facility interest expense by $455 (December 31, 2024 – $315). The debentures have fixed rates of interest and are not subject to variability in cash flows due to interest rate risk.

***Currency risk*** 

Currency risk is the risk that changes in foreign exchange rates may have an effect on future cash flows associated with financial instruments. The Company is primarily exposed to foreign currency risk on the following financial instruments denominated in U.S. dollars. As at December 31, 2025, a 5% increase or decrease in the U.S. dollar exchange rate would increase or decrease the unrealized exchange gain (loss) by $244 (December 31, 2024 – $166).

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| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| <u>($000 USD)</u> | **December 31, <br>2025** | December 31, <br>2024 |
| Cash | **180** | 39 |
| Marketable securities | **2124** | 83 |
| Investment portfolio | **4554** | 5755 |
| Debentures | **(3298)** | (3574) |

---

***Other price risk***

Other market price risk is the risk that the fair value of the financial instrument will fluctuate as a result of changes in market prices (other than those arising from interest rate risks or currency risk), whether caused by factors specific to an individual investment or its issuers or factors affecting all instruments traded in the market. The investment portfolio comprises of non-listed closely held equity instruments which have minimal exposure to market prices. The valuation of the investment portfolio is conducted on a quarterly basis.

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**ITEM 12: DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

**A.** **<u>Debt Securities</u>**

Not applicable.

**B.** **<u>Warrants and Rights</u>**

Not applicable.

**C.** **<u>Other Securities</u>**

Not applicable.

**D.** **<u>American Depositary Shares</u>**

None.

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**PART II**

**ITEM 13: DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

None.

**ITEM 14: MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**

**A.-E.** 

Not applicable

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**ITEM 15: CONTROLS AND PROCEDURES**

**A.** **<u>Disclosure Controls and Procedures</u>**

Our management, with the participation of our CEO and CFO, has performed an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report, as required by Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our management has concluded that, as of the end of the period covered by this annual report, our disclosure controls and procedures were effective in ensuring that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act was recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and that the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, to allow timely decisions regarding required disclosures.

**B.** **<u>Management's Annual Report on Internal Control over Financial Reporting</u>**

The Company's management is responsible for establishing and maintain adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Our internal control over financial reporting includes those policies and procedures that:

● pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

● provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with IFRS, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors;

● provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our consolidated financial statements.

All internal controls over financial reporting, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may not prevent or detect misstatements and can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2025 using the framework set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management concluded that the Company's internal control over financial reporting was effective as of December 31, 2025.

This annual report does not include an attestation report of the company's registered public accounting firm as the Company is not an accelerated or large accelerated filer.

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**C.** **<u>Attestation Report of the Registered Public Accounting Firm</u>**

Not applicable.

**D.** **<u>Changes in Internal Controls</u>**

Management has evaluated, with the participation of our CEO and CFO, whether any changes in our internal control over financial reporting that occurred during our last fiscal year have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. There have been no material changes to the internal controls over financial reporting during the period covered by the annual report.

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**ITEM 16: [RESERVED]**

**A.** **<u>Audit Committee Financial Expert</u>**

The Board has considered the extensive financial experience of Ms. McAlister, Mr. Payne and Ms. Floyd and has determined that each is (i) financially literate in accordance with NI 52-110 and Rule 10A-3 under the Exchange Act, and (ii) an independent director as that term is defined by the applicable Canadian and SEC rules and in the Nasdaq Stock Market Rules.

Specifically, for the purposes of NI 52-110, an individual is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the issuer's financial statements. Additionally, Mr. Payne qualifies as an "audit committee financial expert" as defined by the SEC. All members of the Audit Committee have experience reviewing financial statements and dealing with related accounting and auditing issues. See "Item 6. Directors, Senior Management and Employees – A. Directors and Senior Management" for the education and experience of each member of the Audit Committee relevant to the performance of his duties as a member of the Audit Committee.

**B.** **<u>Code of Ethics</u>**

The Company has adopted a Code of Business Conduct and Ethics that applies to all officers, employees, contractors, and members of the Board (the "**Code of Conduct**") that complies with Nasdaq Stock Market Rules. The Code of Conduct includes, among other things, written standards for the Company's principal executive officer, principal financial officer and principal accounting officer or controller, or persons performing similar functions, which are required by the SEC for a code of ethics applicable to such officers. A copy of the Code of Conduct can be accessed electronically at https://orion-digital.com/corporate-governance.

**C.** **<u>Principal Accountant Fees and Services</u>**

The following table sets forth the aggregate fees by categories specified below in connection with certain

professional services rendered by KPMG LLP in 2024 and MNP LLP in 2024 and 2025. We did not pay any other fees to our auditors during the periods indicated below.

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| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| Audit Fees<sup>1</sup>  | $1053990 | $1171629 |
| Audit Related Fees<sup>2</sup>  | $217073 | $247170 |
| Tax Fees<sup>3</sup>  | - | $108305 |
| All Other Fees<sup>4</sup>  | - | $13433 |
| **Total Fees Paid**<sup>5</sup>  | $1271063 | $1540537 |

---

(1) "Audit fees" means the aggregate fees billed for professional services rendered by our principal auditors for the annual audit of our consolidated financial statements.

(2) "Audit related fees" represents the aggregate fees billed for assurance and related services by our principal auditors that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported as audit fees.

(3) "Tax fees" of 2025 and 2024 were for services rendered by our principal accountants for tax compliance, tax advice and tax planning.

(4) "All other fees" refers to the routine consulting services.

(5) "Total fees paid" are inclusive of GST

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Under its charter, the Audit Committee is required to pre-approve all audit and non-audit services to be performed by the external auditors in relation to the Company, including audit services, audit-related services, tax services and other services as described above, other than those for de minimis services or routine advisory work as required by management during the year. The Audit Committee is also required to approve the engagement letter for all non-audit services and estimated fees thereof, other than those for de minimis services or routine advisory work as required by management during the year. The pre-approval process for non-audit services will also involve a consideration of the potential impact of such services on the independence of the external auditors. The Audit Committee has also established an External Auditor Hiring Policy.

**D.** **<u>Exemptions from the Listing Standards for Audit Committees.</u>**

Not applicable.

**E.** **<u>Purchases of Equity Securities by the Issuer and Affiliated Purchasers.</u>**

Orion Digital's Board of Directors approved a share repurchase program in March 2022 with authorization to purchase up to US$10 million of common shares. Orion Digital may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The actual timing and amount of future repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. The share repurchase program does not obligate Orion Digital to acquire any particular amount of common stock, and the program may be suspended or terminated at any time by Orion Digital at any time at its discretion without prior notice.

<u>Issuer purchase of equity securities</u> 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Period | &nbsp;&nbsp;(a) Total Number of Common Shares purchased | &nbsp;&nbsp;(b) Average Price Paid per Common Share  | &nbsp;&nbsp;(c) Total Number of Common Shares Purchased as Part of Publicly Announced Plans or Programs | &nbsp;&nbsp;(d) Maximum Number (or Approximate Dollar Value) of Common Shares that May Yet Be Purchased Under the Plans or Programs |
| &nbsp;&nbsp;January 1 – 31, 2025 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;February 1 – 28, 2025 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;March 1 – 31, 2025 |  |  |  |  |
| &nbsp;&nbsp;April 1 – 30, 2025 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;May 1 – 31, 2025 | &nbsp;&nbsp;467512 | &nbsp;&nbsp;$1.44 | &nbsp;&nbsp;467512 | &nbsp;&nbsp;$7232054 |
| &nbsp;&nbsp;June 1– 30, 2025 | &nbsp;&nbsp;55579 | &nbsp;&nbsp;$1.43 | &nbsp;&nbsp;55579 | &nbsp;&nbsp;$7152822 |
| &nbsp;&nbsp;July 1 – 31, 2025 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;August 1 – 31, 2025 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;September 1 – 30, 2025 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;October 1 – 31, 2025 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;November 1 – 30, 2025 | &nbsp;&nbsp;25000 | &nbsp;&nbsp;$1.37 | &nbsp;&nbsp;25000 | &nbsp;&nbsp;$7118505 |
| &nbsp;&nbsp;December 1 – 31, 2025 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

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**F.** **<u>Change in Registrant's Certifying Accountant.</u>**

Effective October 1, 2024, at the request of the Company, KPMG LLP ("KPMG") resigned as our independent registered public accounting firm and the Company appointed MNP LLP to fill the vacancy, and to hold such position until the close of the next annual meeting of shareholders of the Company. The resignation of KPMG as auditor of the Company and the appointment of MNP as auditor of the Company were considered and approved by the Board of Directors of the Company. The reports of KPMG on the Company's consolidated financial statements for either of the past two fiscal years did not contain any adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended December 31, 2023 and 2022, and through the date of KPMG's dismissal, there were (i) no "disagreements" between the Company and KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of KPMG would have caused KPMG to make reference to the subject matter of the disagreement in connection with its reports on the Company's consolidated financial statements for such years and (ii) there was no reportable event requiring disclosure pursuant to Item 16F(a)(1)(v) of the instructions to Form 20-F.

During the two most recent fiscal years and any subsequent interim periods prior to the engagement of MNP, neither we nor anyone on behalf of us has consulted with MNP regarding (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on our consolidated financial statements, and neither a written report nor oral advice was provided to us that MNP concluded was an important factor considered by us in reaching a decision as to any accounting, auditing, or financial reporting issue, (ii) any matter that was the subject of a disagreement pursuant to Item 16F(a)(1)(iv) of the instructions to Form 20-F, or (iii) any reportable event pursuant to Item 16F(a)(1)(v) of the instructions to Form 20-F.

We furnished a copy of the disclosures in this Annual Report to KPMG, requesting that KPMG furnish us with a letter addressed to the SEC stating whether it agrees with the above statements or, if not, stating the respects in which it does not agree. A copy of the letter has been filed as Exhibit 16.1 hereof.

**G.** **<u>Corporate Governance.</u>**

As a British Columbia corporation listed on Nasdaq, we are not required to comply with certain Nasdaq corporate governance standards. Section 5615(a)(3) of the Nasdaq Stock Market Rules permits Nasdaq to grant exemptions to a foreign private issuer for certain provisions of the Rule 5600 series, Rule 5250(b)(3) and Rule 5250(d). We are organized under the laws of British Columbia, Canada and our Common Shares are listed for trading on the TSX. We comply with the applicable laws of Canada and rules and regulations of the TSX, including rules related to corporate governance practices. A description of the significant ways in which our corporate governance practices differ from those followed by U.S. domestic companies pursuant to the Nasdaq Stock Market Rules is as follows:

***Shareholder Meeting Quorum Requirement***

The Nasdaq minimum quorum requirement for a shareholder meeting under Section 5620(c) of the Nasdaq Stock Market Rules is one-third of the outstanding shares of common voting stock. In addition, a company listed on Nasdaq is required to state a quorum requirement in its by-laws. Our quorum requirement is set forth in our articles. A quorum for our shareholder meeting is two persons, who are, or who represent by proxy, shareholders who, in the aggregate hold at least 25% of the issued shares of the Company entitled

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to be voted at the meeting (subject to the special rights or restrictions attached to the shares of any class or series of our shares).

***Shareholder Approval Exemption***

Section 5635 of the Nasdaq Stock Market Rules sets forth circumstances under which shareholder approval is required prior to certain types of security issuances. Pursuant to the Nasdaq Stock Market Rules, a company must receive prior shareholder approval for transactions involving: (1) the sale, issuance or potential issuance by a listed company of its common stock (or securities convertible into or exercisable for its common stock) (i) at a price less than the greater of book value or market value, and (ii) which together with sales by officers, directors, or substantial stockholders, is equal to 20% or more of the company's shares of common stock or 20% or more of the voting power outstanding before the issuance; or (2) the sale, issuance or potential issuance by a listed company of common stock (or securities convertible into or exercisable common stock) (i) at a price less than the greater of book value or market value, and (ii) is equal to 20% or more of the company's shares of common stock or 20% or more of the voting power outstanding before the issuance. In the event of an issuance meeting the criteria set forth above, we may not be required to seek prior shareholder approval under applicable Canadian law and the rules of the TSX, and, if that is the case, we will submit a certification to Nasdaq from independent Canadian counsel to such effect.

The foregoing is consistent with the applicable laws in Canada and the rules of the TSX.

**H.** **<u>Mine Safety Disclosure</u>**

Not applicable.

**I.** **<u>Foreign Jurisdictions that Prevent Inspections</u>**

Not applicable.

**J.** **<u>Insider trading policies</u>**

We have adopted a comprehensive Insider Trading Policy that applies to all our employees, contractors, consultants, and members of our Board of Directors. The policy also applies to persons or companies who acquire information from a source known by them to be in a special relationship with Orion Digital.

Our Insider Trading Policy prohibits trading in Orion Digital securities by any person who possesses material, non-public information relating to Orion Digital. Under the policy, material information is defined as any information relating to our business and affairs that results in or would reasonably be expected to result in a significant change in the market price or value of any of our securities.

Key provisions of our Insider Trading Policy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Trading Restrictions: Persons in possession of material non-public information are prohibited from trading in our securities until the information has been fully disclosed to the public and a reasonable period of time has passed for the information to be disseminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Blackout Periods: We maintain regular blackout periods during which trading in Orion Digital securities is prohibited. These periods commence at the close of trading on the last business day of each fiscal quarter or year-end and end at the close of business on the first trading day following our public release of quarterly or annual results.

------

[**<u>**Table of Contents**</u>**](#toc_page)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Pre-clearance Requirements: All insiders must provide prior notification to our Chief Financial Officer before trading in any securities of Orion Digital and receive confirmation to proceed with their trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Long-term Investment Perspective: Our policy prohibits insiders from engaging in short selling or trading in call or put options on Orion Digital securities. We encourage acquiring our securities only as a long-term investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Confidentiality: The policy requires maintaining undisclosed material information in strict confidence and prohibits "tipping" or passing such information to others except in the necessary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Reporting Requirements: Reporting Insiders, as defined under Canadian securities laws, must file insider reports through the System for Electronic Disclosure by Insiders (SEDI) within 10 days of becoming a Reporting Insider and within five days of any subsequent trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Sanctions: Non-compliance with the policy may result in disciplinary action up to and including termination of employment, in addition to potential civil and criminal penalties under applicable securities laws.

Our Insider Trading Policy is reviewed at least annually by Management and approved by the Board of Directors when material amendments are made. A copy of the Insider Trading Policy has been filed herewith as Exhibit 11.1.

**K.** **<u>Cybersecurity</u>**

**Risk Management and Strategy**

Orion Digital has established an information security framework that includes policies, procedures and mechanisms to protect against and minimize the impact of a cyberattack. Our strategy includes, but is not limited to, cyber security risk assessment and information security governance programs, information technology safeguards and controls, use of encryption, managing risks related to third-party service providers, vulnerability tests and compliance monitoring, employee training and awareness, and incident response plans.

The Company's IT & Compliance departments manage the security monitoring and incident program, coordinating with Company engineers, compliance team members and senior management, along with third parties as needed, across our operating companies. All company employees undergo mandatory annual cybersecurity awareness training, which includes topics on the Company's policies and procedures for reporting potential incidents. The Company evaluates emerging risks, regulations, and compliance matters and updates the policies and procedures accordingly on an ongoing basis.

The Company has a vendor management program that evaluates and oversees cybersecurity risks related to third party vendors providing services to the Company. Security reviews are conducted on third-party service providers with access to personal, confidential, or proprietary information to ensure they meet our security standards.

Third-party consultants and service providers are engaged, where appropriate, to test or otherwise assist with the protection of our information and IT systems and network. The Company is also subject to examinations by applicable regulators.

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[**<u>**Table of Contents**</u>**](#toc_page)

There can be no assurance that our cyber security risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information.

Although Orion Digital has implemented the cybersecurity processes described above and we have not identified any cybersecurity incidents or threats that have materially affected us or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, we remain exposed to cybersecurity incidents which could have a material adverse affect on our business, operations and financial results (see "Item 3. Key Information — D. Risk Factors").

**Cybersecurity Governance**

Our board of directors has overall oversight responsibility for our cyber risk management. Orion Digital's Chief Operating Officer in charge of operations, oversees the Company's cybersecurity program and personnel and Orion Digital's senior management team is engaged as appropriate in assessing Orion Digital's cyber risk tolerance and are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity incidents.

Orion Digital's Audit Committee and Board of Directors are informed of cybersecurity matters through quarterly reports from the senior management team.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**PART III**

**ITEM 17: FINANCIAL STATEMENTS** 

Please refer to Exhibit 20.1 for Consolidated Financial Statements for the years ended December 31, 2025, 2024 and 2023 included as part of this Annual Report.

**ITEM 18: FINANCIAL STATEMENTS**

See "Item 17. Financial Statements."

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[**<u>**Table of Contents**</u>**](#toc_page)

**ITEM 19: EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit Number** | **Document Description** |
| 1.1 | [<u>Notice of Articles of the Registrant</u>](mogo-ex96_1.pdf) |
| 1.2 | [<u>Articles of the Registrant (incorporated by reference to Exhibit 99.2 of the Registrant's report on Form 6-K filed with the SEC on July 2, 2019)</u>](https://www.sec.gov/Archives/edgar/data/1602842/000147793219003870/mogo_ex992.htm) |
| 1.3 | [<u>Certificate of Change of Name of the Registrant (incorporated by reference to Exhibit 99.2 of the Registrant's report on Form 6-K filed with the SEC on December 30, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1602842/000147793226000172/mogo_ex992.htm) |
| 1.4 | [<u>Certificate of Continuation of the Registrant</u>](mogo-ex96_4.pdf) |
| 2.1 | [<u>Description of Registered Securities</u>](mogo-ex2_1.htm) |
| 2.2 | [<u>Securities Purchase Agreement dated February 21, 2021 and associated form of common share purchase warrant (incorporated by reference to Exhibit 99.2 of the Registrant's report on Form 6-K filed with the SEC on March 1, 2021)</u>](https://www.sec.gov/Archives/edgar/data/1602842/000147793221001130/mogo_ex992.htm) |
| 2.3 | [<u>Securities Purchase Agreement dated December 13, 2021 and associated form of common share purchase warrant (incorporated by reference to Exhibit 99.2 of the Registrant's report on Form 6-K filed with the SEC on December 31, 2021)</u>](https://www.sec.gov/Archives/edgar/data/1602842/000147793221009474/mogo_ex992.htm) |
| 4.1 | [<u>Amended and Restated Subordination Agreement (Thurlow Guarantee) dated September 30, 2020 among DB FSLF 50 LLC, Dale Matheson Carr-Hilton LaBonte LLP and Mogo Finance Technology Inc.</u>](mogo-ex4_1.htm) |
| 4.2 | [<u>Amended and Restated Subordination Agreement dated September 30, 2020 among DB FSLF 50 LLC, Dale Matheson Carr-Hilton LaBonte LLP, Mogo Finance, Mogo Mortgage Technology Inc., Mogo Financial Inc., Mogo Financial (B.C.) Inc., Mogo Financial (Alberta) Inc., Mogo Financial (Ontario) Inc., Hornby Loan Brokers (Ottawa) Inc., Hornby Leasing Inc., Thurlow Management Inc., Thurlow Capital (BC) Inc., Thurlow Capital (Alberta) Inc., Thurlow Capital (Ontario) Inc., Thurlow Capital (Manitoba) Inc., Thurlow Capital (Ottawa) Inc. and Mogo Technology Inc.</u>](mogo-ex4_2.htm) |
| 4.3 | [<u>Amended and Restated Revolving Credit and Guarantee Agreement dated between Mogo, Mogo Finance, Mogo Financial Inc., Mogo Financial (B.C.) Inc., Mogo Financial (Alberta) Inc., Mogo Financial (Ontario) Inc. and DB FSLF 50 LLC as of July 16, 2019, and as further amended by that First Amendment Agreement dated as of December 31, 2019, the Second Amendment Agreement dated March 30, 2020 and the Third Amendment Agreement dated April 15, 2020, the Fourth Amendment Agreement dated June 29, 2020, the Fifth Amendment Agreement dated January 25, 2021, the Sixth Amendment Agreement dated December 16, 2021 and the Seventh Amendment Agreement dated January 10, 2022</u>](mogo-ex4_3.htm) |
| 4.4 | [<u>Second Amended and Restated Revolving Credit and Guarantee Agreement among Mogo Finance Technology Inc., Mogo Financial Inc., Mogo Financial (B.C.) Inc., Mogo Financial (Alberta) Inc., Mogo Financial (Ontario) Inc., Carta Solutions Holding Corporation, Mogo Inc and DB FSLF 50 LLC as of February 26, 2025</u>](https://www.sec.gov/Archives/edgar/data/1602842/000147793225001566/mogo_ex991.htm) |
| 4.5 | [<u>Stock Option Plan of the Registrant</u>](mogo-ex4_5.htm) |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

---

| | |
|:---|:---|
| 4.6 | [<u>Restricted Share Unit Plan of the Registrant (incorporated by reference to Exhibit 4.1 of the Registrant's registration statement on Form S-8, filed with the SEC on June 19, 2018)</u>](https://www.sec.gov/Archives/edgar/data/1602842/000114420418034889/tv496752_ex4-1.htm) |
| 8.1 | [<u>List of Subsidiaries of the Registrant</u>](mogo-ex8_1.htm) |
| 11.1 | [<u>Insider Trading Policy</u>](mogo-ex11_1.htm) |
| 12.1 | [<u>Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](mogo-ex12_1.htm) |
| 12.2 | [<u>Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</u>](mogo-ex12_2.htm) |
| 13.1 | [<u>Certification of the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](mogo-ex13_1.htm) |
| 13.2 | [<u>Certification of the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](mogo-ex13_2.htm) |
| 15.1 | [<u>Consent of Independent Auditor (former) – KPMG LLP</u>](mogo-ex15_1.htm) |
| 15.2 | [<u>Consent of Independent Auditor (current) – MNP LLP</u>](mogo-ex15_2.htm) |
| 16.1 | [<u>Letter of KPMG</u>](mogo-ex16_1.htm) |
| 20.1 | [<u>Annual consolidated financial statements for the years ended December 31, 2025, 2024 and 2023</u>](mogo-ex20_1.htm) |
| 97 | [<u>Policy for Recovery of Erroneously Awarded Compensation</u>](mogo-ex97.htm) |

---

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**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
|  | **Orion Digital Corp.** | **Orion Digital Corp.** |
| Date: April 30, 2026 | By: | /s/ Gregory Feller |
|  |  | Name: Gregory Feller |
|  |  | Title: President and Chief Financial Officer  |

---

------

## Exhibit 2.1

**Exhibit 2.1**

**DESCRIPTION OF REGISTRANT'S SECURITIES**

**REGISTERED PURSUANT TO SECTION 12(b) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

As of December 31, 2025, Orion Digital Corp. ("Orion," the "Company," "we," "us" and "our") had the following series of securities registered pursuant to Section 12(b) of the Securtities and Exchange Act of 1934.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title of each class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORIO  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The NASDAQ Stock Market LLC** |

---

**Description of Common Shares**

The following description may not be complete and is subject to, and qualified in its entirety by reference to, the terms and provisions of our articles ("Articles").

Our authorized share capital consists of an unlimited number of Common Shares.

*Dividend Policy*

The holders of Common Shares are entitled to receive distributions as and when declared from time to time on the Common Shares by Orion's board of directors (the "Board"), acting in its sole discretion, out of the Company's assets properly available for the payment of dividends.

The Company intends to reinvest all future earnings in order to finance the development and growth of its business. As a result, the Company does not intend to pay dividends on the Common Shares in the foreseeable future. The declaration of any future dividends by the Board will be dependent on the Company's earnings, liquidity position, financial condition and capital requirements, as well as any other factors deemed relevant by the Board.

*Voting*

Each Common Share entitles its holder to notice of and to one vote at all meetings of the Company's shareholders. Each Common Share is also entitled to receive dividends if, as and when declared by the Board. Holders of Common Shares are, subject to the rights and priorities of holders of Preferred Shares, entitled to participate in any distribution of the Company's net assets upon liquidation, dissolution or winding-up of the Company on an equal basis per Common Share.

*Advance Notice Provisions*

We have included certain advance notice provisions with respect to the election of our directors in our Articles (the "Advance Notice Provisions"). The Advance Notice Provisions are

------

intended to: (i) facilitate orderly and efficient annual general meetings or, where the need arises, special meetings; (ii) ensure that all shareholders receive adequate notice of Board nominations and sufficient information with respect to all nominees; and (iii) allow shareholders to register an informed vote. Only persons who are nominated by shareholders in accordance with the Advance Notice Provisions will be eligible for election as directors at any annual meeting of shareholders, or at any special meeting of shareholders if one of the purposes for which the special meeting was called was the election of directors.

Under the Advance Notice Provisions, a shareholder wishing to nominate a director would be required to provide us notice, in the prescribed form, within the prescribed time periods. These time periods include, (i) in the case of an annual meeting of shareholders (including annual and special meetings), not less than 30 days and not more than 65 days prior to the date of the annual meeting of shareholders; provided, that if the first public announcement of the date of the annual meeting of shareholders (the "Notice Date") is less than 50 days before the meeting date, not later than the close of business on the 10th day following the Notice Date; and (ii) in the case of a special meeting (which is not also an annual meeting) of shareholders called for any purpose which includes electing directors, not later than the close of business on the 15th day following the Notice Date.

*Right to Receive Liquidation Distributions.*

In the event of the liquidation or dissolution of the Company, holders of Common Shares are entitled to receive pro rata all of the assets of the Company remaining for distribution after the distribution to the holders of the Preference shares, in accordance with the preference on liquidation, dissolution or winding-up accorded to the holders of the Preference shares.

*No Preemptive or Similar Rights.* 

Holders of Common Shares have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Common Shares.

------

## Exhibit 4.1

**Exhibit 4.1**

**AMENDED AND RESTATED SUBORDINATION AGREEMENT** 

**(Thurlow Guarantee)**

THIS AMENDED AND RESTATED SUBORDINATION AGREEMENT is made as of the 30<sup>th</sup> day of September, 2020 between DB FSLF 50 LLC, as agent for and on behalf of itself and each of the other Lenders (as defined below) (the "**Agent**"), DALE MATHESON CARR-HILTON LABONTE LLP, as trustee for and on behalf of the Holders (as hereafter defined) (the "**Trustee**"), and MOGO FINANCE TECHNOLOGY INC. (the "**Borrower**");

WHEREAS the Agent, the Trustee and the Borrower and entered into a subordination agreement dated as of September 25, 2017 (the "**Original Subordination Agreement**");

AND WHEREAS the parties desire to amend and restate the Original Subordination Agreement with effect from the date hereof;

**NOW THEREFORE** for good and valuable consideration, the receipt and sufficiency of which is hereby irrevocably acknowledged, the parties hereto make the following covenants, acknowledgments and agreements.

**1.** **Defined Terms**

Terms used but not defined elsewhere in this Agreement (including the recitals hereto) shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"**Agent**" has the meaning ascribed thereto in the recitals to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"**Agreement**" means this amended and restated subordination agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"**Amendment Date**" means the date of the First Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"**Borrower**" has the meaning ascribed thereto in the recitals to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"**Business Day**" means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York, the Province of Ontario or the Province of British Columbia on which banking institutions located in any such jurisdiction are authorized or required by law or other governmental action to close;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"**Credit Agreement**" means the Amended and Restated Revolving Credit and Guarantee Agreement dated as of July 16, 2019 among the Borrower, Mogo Inc., Mogo Financial (Ontario) Inc., Mogo Financial Inc., Mogo Financial (B.C.) Inc., Mogo Financial (Alberta) Inc., the Agent and the Lenders, as amended by that First Amendment Agreement dated as of December 31, 2019, as further amended by that Second Amendment Agreement dated as of March 30, 2020, as further amended by the Third Amendment Agreement dated as of April 15, 2020, as further amended by the Fourth Amendment Agreement dated as of June 29, 2020, as may be further amended, modified or restated from time to time;

30479426.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Credit Documents**" means the Credit Agreement, the Senior Security and all other agreements, instruments, guarantees or documents executed and delivered to any Senior Party in connection therewith or otherwise in connection with the Senior Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"**Debentures**" means any debentures or other instruments evidencing indebtedness of Thurlow issued by Thurlow pursuant to the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"**First Amendment**" means the first amendment to the Original Indenture dated as of the date hereof between the Trustee and Thurlow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"**Guarantee**" means a guarantee dated as of the 25<sup>th</sup> day of February, 2014 granted by the Borrower to the Trustee and the Holders pursuant to which the Borrower, *inter alia*, agreed to guarantee the obligations of Thurlow arising under the Debentures and the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"**Holders**" means all Persons who from time to time are the holders of or have an interest in the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"**Indenture**" means the Original Indenture, as amended by the First Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)"**Lenders**" means the lenders from time to time party to the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)"**Original Indenture**" means the deed of trust dated as of the 30<sup>th</sup> day of November, 2009 KNV Chartered Accountants LLP, as trustee for and on behalf of the Holders (predecessor trustee to the Trustee) and Thurlow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)"**Permitted Payments**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) until and including September 30, 2020, the regularly scheduled payments of interest, and (ii) on and after October 1, 2020, the fixed quarterly payments of, at each Holder's option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)12% per annum of the principal amount of the Debentures outstanding as of the Amendment Date, paid in quarterly installments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)12% per annum of the principal amount of the Debentures outstanding as of the Amendment Date, paid in quarterly installments and each such quarterly installment shall be comprised of (i) an interest payment equal to 2% of the principal amount of the Debentures outstanding on the scheduled quarterly payment date, and (ii) the balance as payment of the principal amount of the outstanding Debentures;

30479426.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a one-time payment of interest that accrued on the Debentures prior to October 1, 2020 that was capitalized in arrears and added to the principal of the Debentures pursuant to the terms of the Original Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)for any Debentures issued after the Amendment Date that refinance Debentures existing as of the Amendment Date, the regularly scheduled payments of principal and interest, provided such payments do not exceed 12% per annum of the principal amount of such Debentures as of the payment date;

in each case, on account of the Debentures paid to the Subordinate Parties in accordance with the terms and conditions provided in Section 10 and the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)"**Person**" means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, unlimited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)"**Senior Debt**" means all indebtedness, liabilities and obligations of any nature or kind, present or future, direct or indirect, absolute or contingent, whether as primary debtor, surety or guarantor, matured or not and at any time owing by the Borrower to any Senior Party including, without limitation, pursuant to the Credit Agreement or any of the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)"**Senior Parties**" means the Agent and the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)"**Senior Security**" means all liens, charges, pledges, security interests, hypothecs and other security agreements of any nature or kind, now or hereafter granted by the Borrower to any Senior Party which secures payment and/or performance of the Senior Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)"**Subordinate Debt**" means all indebtedness, liabilities and obligations of any nature or kind, present or future, direct or indirect, absolute or contingent, whether as primary debtor or surety, matured or not and at any time owing by the Borrower or any of its Subsidiaries to any Subordinate Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)"**Subordinate Parties**" means the Trustee and the Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)"**Subordinate Security**" means all liens, charges, pledges, security interests and other security agreements of any nature or kind, now or hereafter granted by the Borrower or any of its Subsidiaries to any Subordinate Party which secures payment and/or performance of the Subordinate Debt;

30479426.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)"**Subsidiaries**" means any corporation or other entity controlled directly or indirectly by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)"**Thurlow**" means Thurlow Management Inc.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)"**Trustee**" has the meaning ascribed thereto in the recitals to this Agreement.

**2.** **Interpretation**

Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. References herein to any Section or Annex shall be to a Section or Annex hereof unless otherwise specifically provided. The use herein of the word "include" or "including," when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not no limiting language (such as "without limitation" or "but not limited to" or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The words "hereof', "herein", "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless the context requires otherwise (a) reference to any Person include that Person's successors and assignees, (b) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements, or modifications set forth herein or therein), and (c) any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time.

**3.** **Subordination and Postponement**

The Borrower and the Trustee, for itself and on behalf of each other Subordinate Party, hereby covenant and agree that all Subordinate Debt is hereby unconditionally and irrevocably deferred, postponed and subordinated in all respects to the prior indefeasible repayment in full by the Borrower of all the Senior Debt. The Borrower and the Trustee, for itself and on behalf of each other Subordinate Party, hereby covenant and agree that all Subordinate Security is hereby unconditionally and irrevocably deferred, postponed and subordinated in all respect to the Senior Security. Without limiting the generality of the foregoing, the deferment, postponement and subordination of the Subordinate Debt and the Subordinate Security contained herein shall be effective notwithstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the date of any advances secured by the Senior Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the dates of default or the date or dates of crystallization of any floating charge under the Senior Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the perfection or lack of perfection of any of the Senior Security;

30479426.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the enforceability of the Credit Agreement or any other Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the order of registration of any liens or security interests with respect to the Senior Security and the Subordinate Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the rules of priority established under applicable law.

**4.** **Repayment of Subordinate Debt**

Until the Senior Debt has been indefeasibly paid in full and the Credit Agreement has been terminated, other than Permitted Payments, no direct or indirect distribution, payment (including, but not limited to, principal, interest, premiums and fees), prepayment or repayment on account of, or other distribution in respect of, the Subordinate Debt shall be made by, or on behalf of, the Borrower or received by, or on behalf of, any Subordinate Party. Any such payment made shall constitute an immediate "Event of Default" (as defined in the Credit Agreement) and shall be subject to the trust provisions of Section 11 hereof.

**5.** **Restriction on Enforcement**

No Subordinate Party shall take any steps whatsoever to enforce the Subordinate Security or to enforce payment of the Subordinate Debt (including, without limitation, notice of default, demand for payment, rights of set-off, commencement of bankruptcy proceedings, foreclosure, sale, power of sale, taking of possession, giving in payment, appointing or making application to a court for an order appointing an agent or a receiver or receiver-manager by any other means of enforcement thereof) unless, prior to the taking of any such steps, the Senior Debt has been indefeasibly paid in full and the Credit Agreement has been terminated.

**6.** **Subordinate Security**

The Trustee, for itself and on behalf of each other Subordinate Party, covenants in favour of the Senior Parties that during the term of this Agreement it will not take or accept from the Borrower or rely upon any security for the payment of or performance of the Subordinate Debt other than the Subordinate Security delivered to the Trustee prior to the date hereof. The Borrower covenants in favour of the Senior Parties that during the term of this Agreement it will not provide to any Subordinate Party any security for the payment of or performance of the Subordinate Debt other than the Subordinate Security provided to the Trustee prior to the date hereof. The Trustee, for itself and on behalf of each other Subordinate Party, represents and warrants that as of the date hereof the only security that the Subordinate Parties have received from the Borrower is attached at Annex A.

**7.** **No Objection**

No Subordinate Party shall take, or cause or permit any other Person to take on its behalf, any steps whatsoever whereby the priority, perfection or validity of any of the Senior Security or the rights of the Senior Parties hereunder, under the Credit Agreement or under any other Credit Document shall be delayed, defeated, impaired or diminished, and without limiting

30479426.3 ------

the generality of the foregoing, no Subordinate Party shall challenge, object to, compete with or impede in any manner any act taken or proceeding commenced by any of the Senior Parties in connection with the enforcement by the Agent or the Lenders of the Senior Security.

**8.** **Application of Proceeds**

The Trustee, for itself and on behalf of each other Subordinate Party, and the Borrower acknowledge that all and every part of the Senior Security is held by the Agent or the Lenders as security for all and every part of the Senior Debt and the Senior Parties may apply as a permanent reduction any monies received, whether from the enforcement of and realization upon any or all of the Senior Security or otherwise, to any part of the Senior Debt as the Senior Parties, in their sole discretion, may determine appropriate in accordance with the provisions of the Credit Agreement.

**9.** **Liquidation, Dissolution, Bankruptcy, etc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event of distribution, division or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the assets of the Borrower, or the proceeds thereof, to creditors in connection with the bankruptcy, reorganization, liquidation or winding-up of the Borrower or in connection with any composition with creditors or scheme of arrangement to which the Borrower is a party (each an "**Insolvency Proceeding**"), the Senior Parties shall be entitled to receive payment in full (including interest accruing to the date of receipt of such payment at the applicable rate provided for in the Credit Agreement whether or not allowed as a claim in any such proceeding) of the Senior Debt before any Subordinate Party is entitled to receive any direct or indirect payment or distribution of any cash or other assets of the Borrower on account of the Subordinate Debt, and the Senior Parties shall be entitled to receive directly, for application in payment of such Senior Debt (to the extent necessary to pay all Senior Debt in full after giving effect to any substantially concurrent payment or distribution to the Senior Parties in respect of the Senior Debt), any payment or distribution of any kind or character, whether in cash or other assets, which shall be payable or deliverable upon or with respect to the Subordinate Debt. To the extent any payment of Senior Debt (whether by or on behalf of the Borrower, as proceeds of security or enforcement of any right of set-off or otherwise) is declared to be a fraudulent preference or otherwise preferential, set aside or required to be paid to a trustee, receiver or other similar person under any bankruptcy, insolvency, receivership or similar law, then if such payment is recoverable by, or paid over to, such trustee, receiver or other person, the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In order to enable the Senior Parties to enforce their rights hereunder in any of the actions or proceedings described in this Section 9, upon the failure of any Subordinate Party to make and present on a timely basis a proof of claim against the Borrower on account of the Subordinate Debt or other motion or pleading as

30479426.3 ------

may be expedient or proper to establish such Subordinate Party' s entitlement to payment of any Subordinate Debt, the Senior Parties are hereby irrevocably authorized and empowered, in their discretion and at the Subordinate Parties' expense, to make and present for and on behalf of such Subordinate Party such proofs of claims or other motions or pleadings and, to the extent that any amount remains outstanding under the Senior Debt, to demand, receive and collect any and all dividends or other payments or disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of the Senior Debt. The Subordinate Parties shall not exercise any voting right or other privilege that it may have from time to time in any of the actions or proceedings described in this Section 9 in favour of any plan, proposal, compromise, arrangement or similar transaction that would defeat: (i) the right of the Senior Parties to receive payments and distributions otherwise payable or deliverable upon or with respect to the Subordinate Debt so long as any Senior Debt remains outstanding; or (ii) the obligation of any Subordinate Party to receive, hold in trust, and pay over to the Senior Parties certain payments and distributions as contemplated by Section 11. Additionally, each Subordinate Party shall, upon receipt of written notice from the Agent, thereafter vote any claim that it may have in an Insolvency Proceeding in the manner so instructed by the Agent on behalf of the Senior Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The parties agree that (i) the Senior Security and the Subordinate Security constitute two separate and distinct grants of security; and (ii) because of, among other things, their differing rights in the property of the Borrower, the Senior Debt is fundamentally different from the Subordinate Debt and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding.

**10.** **Permitted Payments to Subordinate Parties**

Notwithstanding any other provisions of this Agreement, the parties agree that the Borrower may make and the Subordinate Parties may receive Permitted Payments on account of the Debentures in accordance with the terms thereof, provided that if the Agent has <u>provided</u> notice to each of the Trustee and the Borrower confirming that the Borrower has defaulted in respect of or breached any of its obligations under Section 6.13, 7.1(a), 7.1(o) or 7.1(p) of the Credit Agreement or that such a default or breach would result from the payment of any Permitted Payment (regardless of whether a cure period exists in respect of such default or breach), then the Borrower will not make, and the Subordinate Parties will not accept, any payment to the Subordinate Parties as contemplated in this Section 10 unless and until the Agent, in its absolute discretion, notifies the Trustee and the Borrower that the Borrower may resume such interest payments, or the applicable default of breach has been cured to the satisfaction of the Agent acting in good faith. Any payment received by the Subordinate Parties in contravention of this Section 10 shall be received in trust for the Agent and shall be paid over to the Agent forthwith upon receipt.

30479426.3 ------

**11.** **Payments Received by the Subordinate Parties**

If, prior to the indefeasible payment in full of the Senior Debt, any Subordinate Party or any Person on its behalf shall receive any payment from or distribution of assets of the Borrower or on account of the Subordinate Debt, other than Permitted Payments, then such Subordinate Party shall, and shall cause such other Person to, receive and hold such payment or distribution in trust for the benefit of the Senior Parties and promptly pay the same over or deliver to the Agent in precisely the form received by such Subordinate Party or such other Person on its behalf (except for any necessary endorsement or assignment) and such payment or distribution shall be applied by the Agent to the repayment of the Senior Debt.

**12.** **Lenders' Rights**

The Senior Parties shall be entitled to deal with the Senior Security as they see fit and nothing herein shall prevent, restrict or limit the Agent or the Lenders in any manner from exercising all or any part of their rights and remedies otherwise permitted by applicable law upon any default under the Senior Security. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Senior Parties, in their absolute discretion or in the absolute discretion of any authorized officer or agent, and without diminishing the obligations of the Subordinate Parties hereunder, may grant time or other indulgences to the Borrower and any other Person or Persons now or hereafter liable to the Senior Parties in respect of the payment of the Senior Debt, and may give up, modify, vary, exchange, renew or abstain from taking advantage of the Senior Security in whole or in part and may discharge any part or parts of or accept any composition or arrangements or realize upon the Senior Security when and in such manner as the Senior Parties or any authorized officer or agent thereof may think expedient, and in no such case shall the Senior Parties be responsible for any neglect or omission with respect to the Senior Security or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)no Subordinate Party shall be released or exonerated from its obligations hereunder by extension of time periods or any other forbearance whatsoever, whether as to time, performance or otherwise or by any release, discharge, loss or alteration in or dealing with all or any part of the Senior Debt and the Senior Security or by any failure or delay in giving any notice required under this Agreement, the Credit Agreement or any other Credit Document or any part thereof, the waiver by the Senior Parties of compliance with any conditions precedent to any advance of funds, or by any modification or alteration of the Credit Agreement or any other Credit Document or any part thereof, or by anything done, suffered or permitted by the Senior Parties, or as a result of the method or terms of payment under the Senior Debt or Senior Security or any part thereof or any assignment or other transfer of all or any part of the Credit Agreement or any other Credit Document of the Senior Debt or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Senior Parties shall not be bound to seek or exhaust any recourse against the Borrower or any other Person or against the property or assets of the Borrower or

30479426.3 ------

any other Person or against any security, guarantee or indemnity before being entitled to the benefit of the Subordinate Parties' obligations hereunder and the Senior Parties may enforce the various remedies available to them and may realize upon the various security documents, guarantees and indemnities or any part thereof, held by them in such order as the Senior Parties may determine appropriate in their sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Subordinate Parties are fully responsible for acquiring and updating information relating to the financial condition of the Borrower and all circumstances relating to the payment or non-payment of the Subordinate Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the Senior Parties shall not be required to marshall in favour of the Subordinate Parties or any other Person the Senior Security or any other securities or any moneys or other assets which the Senior Parties may be entitled to receive or upon which the Senior Parties may have a claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Senior Parties shall be entitled to advance their own money in their sole discretion in order to preserve or protect the assets of the Borrower or any part thereof, and all such sums advanced shall constitute part of the Senior Debt and shall be secured by the Senior Security.

**13.** **No Waiver of Subordination Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1No right of the Senior Parties to enforce the subordination as provided in this Agreement shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Borrower or by any act or failure to act by the Senior Parties or any agent of or trustee for the Senior Parties, or by any non-compliance by the Borrower with any of the agreements or instruments relating to the Subordinate Debt or the Senior Debt, regardless of any knowledge thereof which the Senior Parties may have or be otherwise charged with. Without limitation of the foregoing, but in no way relieving the Borrower of its obligations under this Agreement, the Senior Parties may, at any time and from time to time, without the consent of the Subordinate Parties and without impairing or releasing the subordination and other benefits provided in this Agreement or the obligations hereunder of the Subordinate Parties to the Senior Parties, do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)amend, supplement, modify, restate or replace the Credit Agreement, or any of the Senior Security or any of the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner any assets pledged or mortgaged for or otherwise securing the Senior Debt or any liability of the Borrower or any liability incurred directly or indirectly in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)settle or compromise any Senior Debt or any other liability of the Borrower (other than the Subordinate Debt) or any security thereof or any liability incurred directly

30479426.3 ------

or indirectly in respect thereof, and apply any sums by whomsoever paid and however realized to the Senior Debt in any manner or order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)fail to take or to record or otherwise perfect or to preserve the perfection of any liens or security interest securing the Senior Debt, register or file specific postponements or subordinations, exercise or delay in or refrain from exercising any right or remedy against the Borrower and elect any remedy and otherwise deal freely with the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2No loss of or in respect of any of the Senior Security or otherwise or any carelessness or neglect by the Senior Parties in asserting their rights or any other thing whatsoever, including without limitation the loss by operation of law of any right of the Senior Parties against the Borrower or the loss or destruction of any security, shall in any way impair or release the subordination and other benefits provided by this Agreement.

**14.** **Waivers of the Subordinate Parties**

Each Subordinate Party agrees that the Senior Parties have made no representations or warranties with respect to the due execution, legality, validity, completeness or enforceability of any agreement or instrument relating to the Credit Agreement or the Senior Debt or the collectability of the Senior Debt, that the Senior Parties shall be entitled to manage and supervise their loans and other financial accommodation to the Borrower in accordance with applicable law and their usual practices, modified from time to time as they deem appropriate in their sole discretion, or otherwise, without regard to the existence of any rights that any Subordinate Party may now or hereafter have in or to any of the assets of the Borrower, and that the Senior Parties shall have no liability to the Subordinate Parties for, and the Trustee, for itself and on behalf of each other Subordinate Party, hereby waives any claims which any Subordinate Party may now or hereafter have against the Senior Parties out of, any and all actions which the Agent or the Lenders take or omit to take (including, without limitation, actions with respect to the creation, perfection or continuation of liens or security interest in any assets at any time securing payment of the Senior Debt, actions with respect to the occurrence of any default under any agreement or instrument relating to the Senior Debt, action with respect to the release or depreciation of, or failure to realize upon, any assets securing payment of the Senior Debt and actions with respect to the collection of any claims or all or any part of the Senior Debt from any account debtor, guarantor or any other Person) with respect to the Senior Debt and any agreement or instrument related thereto or with respect to the collection of the Senior Debt or the valuation, use, protection or release of any assets securing payment of the Senior Debt.

**15.** **No Release**

This Agreement shall remain in full force and effect without regard to, and the obligations of the Subordinate Parties hereunder shall not be released or otherwise affected or impaired by:

30479426.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any exercise or non-exercise by any Senior Party of any right, remedy, power or privilege in the Credit Agreement, the Senior Security or any other Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any waiver, consent, extension, indulgence or other action, inaction or omission by any Senior Party under or in respect of this Agreement, the Credit Agreement, the Senior Security or any other Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any default by the Borrower under, any limitation on the liability of the Borrower on the method or terms of payment under, or any irregularity or other defect in, the Credit Agreement, the Senior Security or any other Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the lack of authority or revocation hereof by any other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the failure of any Senior Party to file or enforce a claim of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any defence based upon an election of remedies by the Senior Parties which destroys or otherwise impairs the subrogation rights of any Subordinate Party or the right of any Subordinate Party to proceed against the Borrower for reimbursement, or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any merger, consolidation or amalgamation of any Subordinate Party or the Borrower into or with any other Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)any insolvency, bankruptcy, liquidation, reorganization, arrangement, composition, winding-up, dissolution or similar proceeding involving or affecting any Subordinate Party, the Borrower or any other Person.

**16.** **Subordinate Debt; No Amendment**

Each of the Trustee and the Borrower represents and warrants that attached hereto as Annex A are true and complete copies of the Indenture, Debentures, the Guarantee and Subordinate Debt Security. Without the prior written consent of the Agent, neither the Indenture nor any Debentures or Subordinate Security shall be amended, supplemented or otherwise modified. Each of the Trustee and the Borrower represents and warrants that as of the date hereof, the aggregate principal amount, with accrued interest, of the Subordinated Debt is CDN $18,175,174.00 and that no default exists in respect of the Subordinated Debt.

**17.** **Authorization**

The Trustee hereby represents and warrants to the Senior Parties that it has been authorized and directed by extraordinary resolution of the Holders and has the power and capacity under the terms of the Indenture to execute and deliver this Agreement for and on behalf of the Holders.

30479426.3 ------

**18.** **Payment of Senior Debt**

For purposes of this Agreement, the Senior Debt shall be considered to be paid in full when no further amounts are owing to the Senior Parties and all obligations of the parties under the Credit Agreement and each other Credit Document have been terminated.

**19.** **Subordinate Debt Instruments**

The Borrower covenants in favour of the Senior Parties that it will promptly deliver to the Agent a certified copy of any instrument evidencing the Subordinate Debt to which it becomes a party.

**20.** **No Rights to Borrower**

Nothing in this Agreement shall create any rights in favour of the Borrower and the covenants and agreements of the Senior Parties and the Subordinate Parties shall not be enforceable by the Borrower. No consent of the Borrower shall be necessary for any amendment to this Agreement by the Senior Parties and the Subordinate Parties in order to have effect as between the Senior Parties and the Subordinate Parties.

**21.** **Subrogation**

Until payment in full to the Senior Parties of the Senior Debt and the Credit Agreement has been terminated, the Trustee, for itself and on behalf of each other Subordinate Party, hereby irrevocably waives any claim or other rights which the Subordinate Parties may now have or may hereafter acquire against the Borrower that arise from the existence, payment, performance or enforcement of the Borrower's obligations under the Subordinate Debt, including any right of subrogation, reimbursement, exoneration or indemnification, any right to participate in any claim or remedy of the Senior Parties against the Borrower which any Senior Party now has or hereafter acquires, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including the right to take or receive from the Borrower, directly or indirectly, in cash or other property or by set-off or in any manner, payment of security on account of such claim or other rights. If any amount shall be paid to any Subordinate Party in violation of the preceding sentence and the Senior Debt shall not have been paid in cash in full, such amount shall be deemed to have been paid to such Subordinate Party for the benefit of, and held in trust for the Senior Parties, and shall forthwith be paid to the Agent to be credited and applied against the Senior Debt, whether matured or unmatured. The Borrower and each of the Subordinate Parties acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that the waiver set forth in this paragraph is knowingly made in contemplation of such benefits.

**22.** **No Marshalling**

The Subordinate Parties hereby waive any right that they may have to require the Senior Parties to marshal in its favour.

30479426.3 ------

**23.** **Further Assurances and Paramountcy**

The parties hereto shall forthwith, and from time to time, execute and do all deeds, documents and things which may be necessary or advisable, in the opinion of the Senior Parties and their counsel, to give full effect to the postponement and subordination of the rights and remedies of the Subordinate Parties in respect to the Subordinate Debt and the Subordinate Security to the rights and remedies of the Senior Parties in respect to the Senior Debt and the Senior Security, all in accordance with the intent of this Agreement. Notwithstanding the delivery for registration or filing of specific postponements or subordinations, this Agreement shall govern the priority between the Senior Security and the Subordinate Security and shall be paramount in that regard.

**24.** **Successors and Assigns**

This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of the Senior Parties. None of the rights or obligations of any Subordinate Party or of the Borrower hereunder nor any interest thereof herein may be assigned or delegated without:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)first obtaining from the proposed transferee, assignee or chargee an agreement whereby the proposed transferee, assignee or chargee agrees to be bound by the provisions hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the prior written consent of the Agent, not to be unreasonably withheld, where the Debentures are assigned to Persons who are not existing Holders as of the date of this Agreement.

**25.** **Entire Agreement; Severability**

This Agreement contains the entire agreement among the parties hereto with respect to the obligations, liabilities and assets of the Borrower. If any of the provisions of this Agreement shall be held invalid or unenforceable by any court having jurisdiction, this Agreement shall be construed as if not containing those provisions, and the rights and obligations of the parties hereto should be construed and enforced accordingly.

**26.** **Governing Law**

This Agreement shall be governed and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

**27.** **Termination**

This Agreement shall terminate upon the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the indefeasible repayment in full of the Senior Debt and the termination of the Credit Agreement; and

30479426.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the written agreement of the Agent and the Trustee.

**28.** **Counterparts**

This Agreement may be executed in any number of counterparts, which when taken together shall constitute one and the same agreement.

**29.** **Notices**

Any notice to be given under this Agreement may be effectively given by delivering (whether by courier or personal delivery) such notice at the address set forth in the signature pages of this Agreement, by sending such notice by prepaid registered mail to such address set out on the signature pages of this Agreement or by electronic mail to the email address set forth in the signature pages of this Agreement. Any notice delivered shall be deemed to have been received upon delivery. Any notice mailed shall be deemed to have been received on the 5th day next following the registered mailing of such notice. Any email notice shall be deemed to have been received on transmission if sent before 4:00 p.m. Toronto time on a Business Day, and, if not, on the next Business Day following transmission.

**30.** **Amendment and Restatement**

This Agreement amends and restates in full the Original Subordination Agreement, with effect as of the date hereof. The parties hereto intend the amendments contained herein to be amendments to the Original Subordination Agreement and not to give rise to any novation or rescission of the Original Subordination Agreement, and the parties hereto intend to be governed by the Original Subordination Agreement as amended and not by a new agreement.

[Remainder of Page Intentionally Left Blank]

30479426.3 ------

IN WITNESS WHEREOF the parties hereto have executed this agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DB FSLF 50 LLC**, as Agent | &nbsp;&nbsp;**DB FSLF 50 LLC**, as Agent | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/Scott Silvers | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

*Signature Page to Subordinated Lender Intercreditor Agreement (Thurlow)*

30479426.3 ------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DALE MATHESON CARR-HILTON LABONTE LLP**, as Agent for itself and the Holders | &nbsp;&nbsp;**DALE MATHESON CARR-HILTON LABONTE LLP**, as Agent for itself and the Holders | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/a/Rakesh Patel | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

*Signature Page to Subordinated Lender Intercreditor Agreement (Thurlow)*

30479426.3 ------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**MOGO FINANCE TECHNOLOGY INC.**, as Borrower | &nbsp;&nbsp;**MOGO FINANCE TECHNOLOGY INC.**, as Borrower | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/Gregory Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

*Signature Page to Subordinated Lender Intercreditor Agreement (Thurlow)*

30479426.3 ------

**Annex A** 

[Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;DOCPROPERTY "CUS_DocIDString" 41685914.1

30479426.3 ------

## Exhibit 4.2

**Exhibit 4.2**

**amended and restaTed SUBORDINATION AGREEMENT**

THIS AMENDED AND RESTATED SUBORDINATION AGREEMENT is made as of the 30<sup>th</sup> day of September, 2020 between DB FSLF 50 LLC, as agent for and on behalf of itself and each of the other Lenders (as hereafter defined) (the "**Agent**"), DALE MATHESON CARR-HILTON LABONTE LLP, as trustee for and on behalf of the Holders (as hereafter defined) (the "**Trustee**"), and MOGO FINANCE TECHNOLOGY INC. (the "**Borrower**"), and MOGO MORTGAGE TECHNOLOGY INC., MOGO FINANCIAL INC., MOGO FINANCIAL (B.C.) INC., MOGO FINANCIAL (ALBERTA) INC., MOGO FINANCIAL (ONTARIO) INC., HORNBY LOAN BROKERS (OTTAWA) INC., HORNBY LEASING INC., THURLOW MANAGEMENT INC., THURLOW CAPITAL (BC) INC., THURLOW CAPITAL (ALBERTA) INC., THURLOW CAPITAL (ONTARIO) INC., THURLOW CAPITAL (MANITOBA) INC., THURLOW CAPITAL (OTTAWA) INC. AND MOGO TECHNOLOGY INC.

**WHEREAS** the Agent, the Trustee, the Borrower and Subsidiaries of the Borrower entered into a subordination agreement dated as of September 25, 2017 (the "**Original Subordination Agreement**");

**AND WHEREAS** the parties desire to amend and restate the Original Subordination Agreement with effect from the date hereof;

**NOW THEREFORE** for good and valuable consideration, the receipt and sufficiency of which is hereby irrevocably acknowledged, the parties hereto make the following covenants, acknowledgments and agreements.

**1.** **Defined Terms**

Terms used but not defined elsewhere in this Agreement (including the recitals hereto) shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"**Agent**" has the meaning ascribed thereto in the recitals to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"**Amendment Date**" means the date of the First Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"**Agreement**" means this amended and restated subordination agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"**Borrower**" has the meaning ascribed thereto in the recitals to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"**Business Day**" means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York, the Province of Ontario or the Province of British Columbia on which banking institutions located in any such jurisdiction are authorized or required by law or other governmental action to close;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"**Credit Agreement**" means the Amended and Restated Revolving Credit and Guarantee Agreement dated as of July 16, 2019 among the Borrower, Mogo Inc., Mogo Financial (Ontario) Inc., Mogo Financial Inc., Mogo Financial (B.C.) Inc., Mogo Financial (Alberta) Inc., the Agent and the Lenders, as amended by that First Amendment Agreement dated as of December 31, 2019, as further amended by that

30543752.4 ------

Second Amendment Agreement dated as of March 30, 2020, as further amended by the Third Amendment Agreement dated as of April 15, 2020, as further amended by the Fourth Amendment Agreement dated as of June 29, 2020, as may be further amended, modified or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"**Credit Documents**" means the Credit Agreement, the Senior Security and all other agreements, instruments, guarantees or documents executed and delivered to any Senior Party in connection therewith or otherwise in connection with the Senior Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)"**Debentures**" means any debentures or other instruments evidencing indebtedness of the Borrower issued by the Borrower pursuant to the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"**First Amendment**" means the first amendment to the Original Indenture dated as of the date hereof between the Trustee and the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)"**Holders**" means all Persons who from time to time are the holders of or have an interest in the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)"**Indenture**" means the Original Indenture, as amended by the First Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)"**Lenders**" means the lenders from time to time party to the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)"**Original Indenture**" means an amended and restated deed of trust dated as of October 19, 2012 between the Borrower, KNV Chartered Accountants LLP, as trustee for and on behalf of the Holders (predecessor trustee to the Trustee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)"**Permitted Payments**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) until and including September 30, 2020, the regularly scheduled payments of interest, and (ii) on and after October 1, 2020, the fixed quarterly payments of, at each Holder's option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)12% per annum of the principal amount of the Debentures outstanding as of the Amendment Date, paid in quarterly installments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)12% per annum of the principal amount of the Debentures outstanding as of the Amendment Date, paid in quarterly installments and each such quarterly installment shall be comprised of (i) an interest payment equal to 2% of the principal amount of the Debentures outstanding on the scheduled quarterly payment date, and (ii) the balance as payment of the principal amount of the outstanding Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a one-time payment of interest that accrued on the Debentures prior to October 1, 2020 that was capitalized in arrears and added to the principal of the Debentures pursuant to the terms of the Original Indenture; and

30543752.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)for any Debentures issued after the Amendment Date that refinance Debentures existing as of the Amendment Date, the regularly scheduled payments of principal and interest, provided such payments do not exceed 12% per annum of the principal amount of such Debentures as of the payment date;

in each case, on account of the Debentures paid to the Subordinate Parties in accordance with the terms and conditions provided in Section 10 and the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)"**Person**" means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, unlimited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)"**Senior Debt**" means all indebtedness, liabilities and obligations of any nature or kind, present or future, direct or indirect, absolute or contingent, whether as primary debtor, surety or guarantor, matured or not and at any time owing by the Borrower or any of its Subsidiaries to any Senior Party including, without limitation, pursuant to the Credit Agreement or any of the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)"**Senior Parties**" means the Agent and the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)"**Senior Security**" means all liens, charges, pledges, security interests, hypothecs and other security agreements of any nature or kind, now or hereafter granted by the Borrower or any of its Subsidiaries to any Senior Party which secures payment and/or performance of the Senior Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)"**Subordinate Debt**" means all indebtedness, liabilities and obligations of any nature or kind, present or future, direct or indirect, absolute or contingent, whether as primary debtor or surety, matured or not and at any time owing by the Borrower or any of its Subsidiaries to any Subordinate Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)"**Subordinate Parties**" means the Trustee and the Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)"**Subordinate Security**" means all liens, charges, pledges, security interests and other security agreements of any nature or kind, now or hereafter granted by the Borrower or any of its Subsidiaries to any Subordinate Party which secures payment and/or performance of the Subordinate Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)"**Subsidiaries**" means any corporation or other entity controlled directly or indirectly by the Borrower, and includes for greater certainty, Mogo Technology Inc., Mogo Financial Inc., Mogo Financial (B.C.) Inc., Mogo Financial (Alberta) Inc., Mogo Financial (Ontario) Inc., Hornby Loan Brokers (Ottawa) Inc., BCHornby Leasing Inc., Thurlow Management Inc., Thurlow Capital (BC) Inc., Thurlow Capital (Alberta) Inc., Thurlow Capital (Ontario) Inc, Thurlow Capital (Manitoba) Inc., Thurlow Capital (Ottawa) Inc. and Mogo Technology Inc. (Delaware) Inc.; and

30543752.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)"**Trustee**" has the meaning ascribed thereto in the recitals to this Agreement.

**2.** **Interpretation**

Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference. References herein to any Section or Annex shall be to a Section or Annex hereof unless otherwise specifically provided. The use herein of the word "**include**" or "**including**," when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not no limiting language (such as "**without limitation**" or "**but not limited to**" or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The words "**hereof'**, "**herein**", "**hereunder**" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless the context requires otherwise (a) reference to any Person include that Person's successors and assignees, (b) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements, or modifications set forth herein or therein), and (c) any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time.

**3.** **Subordination and Postponement**

The Borrower and each of its Subsidiaries and the Trustee, for itself and on behalf of each other Subordinate Party, hereby covenant and agree that all Subordinate Debt is hereby unconditionally and irrevocably deferred, postponed and subordinated in all respects to the prior indefeasible repayment in full by the Borrower and each of its Subsidiaries of all the Senior Debt. The Borrower and each of its Subsidiaries and the Trustee, for itself and on behalf of each other Subordinate Party, hereby covenant and agree that all Subordinate Security is hereby unconditionally and irrevocably deferred, postponed and subordinated in all respect to the Senior Security. Without limiting the generality of the foregoing, the deferment, postponement and subordination of the Subordinate Debt and the Subordinate Security contained herein shall be effective notwithstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the date of any advances secured by the Senior Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the dates of default or the date or dates of crystallization of any floating charge under the Senior Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the perfection or lack of perfection of any of the Senior Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the enforceability of the Credit Agreement or any other Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the order of registration of any liens or security interests with respect to the Senior Security and the Subordinate Security; and

30543752.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the rules of priority established under applicable law.

**4.** **Repayment of Subordinate Debt**

Until the Senior Debt has been indefeasibly paid in full and the Credit Agreement has been terminated, other than Permitted Payments, no direct or indirect distribution, payment (including, but not limited to, principal, interest, premiums and fees), prepayment or repayment on account of, or other distribution in respect of, the Subordinate Debt shall be made by, or on behalf of, the Borrower or any of its Subsidiaries or received by, or on behalf of, any Subordinate Party. Any such payment made shall constitute an immediate "**Event of Default**" (as defined in the Credit Agreement) and shall be subject to the trust provisions of Section 11 hereof.

**5.** **Restriction on Enforcement**

No Subordinate Party shall take any steps whatsoever to enforce the Subordinate Security or to enforce payment of the Subordinate Debt (including, without limitation, notice of default, demand for payment, rights of set-off, commencement of bankruptcy proceedings, foreclosure, sale, power of sale, taking of possession, giving in payment, appointing or making application to a court for an order appointing an agent or a receiver or receiver-manager by any other means of enforcement thereof) unless, prior to the taking of any such steps, the Senior Debt has been indefeasibly paid in full and the Credit Agreement has been terminated.

**6.** **Subordinate Security**

The Trustee, for itself and on behalf of each other Subordinate Party, covenants in favour of the Senior Parties that during the term of this Agreement it will not take or accept from the Borrower or any of its Subsidiaries or rely upon any security for the payment of or performance of the Subordinate Debt other than the Subordinate Security delivered to the Trustee prior to the date hereof. The Borrower and each of its Subsidiaries covenants in favour of the Senior Parties that during the term of this Agreement it will not provide to any Subordinate Party any security for the payment of or performance of the Subordinate Debt other than the Subordinate Security provided to the Trustee prior to the date hereof. The Trustee, for itself and on behalf of each other Subordinate Party, represents and warrants that as of the date hereof the only security that the Subordinate Parties have received from the Borrower or any of its Subsidiaries is attached at Annex A.

**7.** **No Objection**

No Subordinate Party shall take, or cause or permit any other Person to take on its behalf, any steps whatsoever whereby the priority, perfection or validity of any of the Senior Security or the rights of the Senior Parties hereunder, under the Credit Agreement or under any other Credit Document shall be delayed, defeated, impaired or diminished, and without limiting the generality of the foregoing, no Subordinate Party shall challenge, object to, compete with or impede in any manner any act taken or proceeding commenced by any of the Senior Parties in connection with the enforcement by the Agent or the Lenders of the Senior Security.

30543752.4 ------

**8.** **Application of Proceeds**

The Trustee, for itself and on behalf of each other Subordinate Party, and the Borrower and each of its Subsidiaries acknowledge that all and every part of the Senior Security is held by the Agent or the Lenders as security for all and every part of the Senior Debt and the Senior Parties may apply as a permanent reduction any monies received, whether from the enforcement of and realization upon any or all of the Senior Security or otherwise, to any part of the Senior Debt as the Senior Parties, in their sole discretion, may determine appropriate in accordance with the provisions of the Credit Agreement.

**9.** **Liquidation, Dissolution, Bankruptcy, etc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event of distribution, division or application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part of the assets of the Borrower, or the proceeds thereof, to creditors in connection with the bankruptcy, reorganization, liquidation or winding-up of the Borrower or any of its Subsidiaries or in connection with any composition with creditors or scheme of arrangement to which the Borrower or any of its Subsidiaries is a party (each an "**Insolvency Proceeding**"), the Senior Parties shall be entitled to receive payment in full (including interest accruing to the date of receipt of such payment at the applicable rate provided for in the Credit Agreement whether or not allowed as a claim in any such proceeding) of the Senior Debt before any Subordinate Party is entitled to receive any direct or indirect payment or distribution of any cash or other assets of the Borrower or any of its Subsidiaries on account of the Subordinate Debt, and the Senior Parties shall be entitled to receive directly, for application in payment of such Senior Debt (to the extent necessary to pay all Senior Debt in full after giving effect to any substantially concurrent payment or distribution to the Senior Parties in respect of the Senior Debt), any payment or distribution of any kind or character, whether in cash or other assets, which shall be payable or deliverable upon or with respect to the Subordinate Debt. To the extent any payment of Senior Debt (whether by or on behalf of the Borrower or any of its Subsidiaries, as proceeds of security or enforcement of any right of set-off or otherwise) is declared to be a fraudulent preference or otherwise preferential, set aside or required to be paid to a trustee, receiver or other similar person under any bankruptcy, insolvency, receivership or similar law, then if such payment is recoverable by, or paid over to, such trustee, receiver or other person, the Senior Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In order to enable the Senior Parties to enforce their rights hereunder in any of the actions or proceedings described in this Section 9, upon the failure of any Subordinate Party to make and present on a timely basis a proof of claim against the Borrower or any of its Subsidiaries on account of the Subordinate Debt or other motion or pleading as may be expedient or proper to establish such Subordinate Party' s entitlement to payment of any Subordinate Debt, the Senior Parties are hereby irrevocably authorized and empowered, in their discretion and at the Subordinate Parties' expense, to make and present for and on behalf of such

30543752.4 ------

Subordinate Party such proofs of claims or other motions or pleadings and, to the extent that any amount remains outstanding under the Senior Debt, to demand, receive and collect any and all dividends or other payments or disbursements made thereon in whatever form the same may be paid or issued and to apply the same on account of the Senior Debt. The Subordinate Parties shall not exercise any voting right or other privilege that it may have from time to time in any of the actions or proceedings described in this Section 9 in favour of any plan, proposal, compromise, arrangement or similar transaction that would defeat: (i) the right of the Senior Parties to receive payments and distributions otherwise payable or deliverable upon or with respect to the Subordinate Debt so long as any Senior Debt remains outstanding; or (ii) the obligation of any Subordinate Party to receive, hold in trust, and pay over to the Senior Parties certain payments and distributions as contemplated by Section 11. Additionally, each Subordinate Party shall, upon receipt of written notice from the Agent, thereafter vote any claim that it may have in an Insolvency Proceeding in the manner so instructed by the Agent on behalf of the Senior Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The parties agree that (i) the Senior Security and the Subordinate Security constitute two separate and distinct grants of security; and (ii) because of, among other things, their differing rights in the property of the Borrower and each of its Subsidiaries, the Senior Debt is fundamentally different from the Subordinate Debt and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding.

**10.** **Permitted Payments to Subordinate Parties**

Notwithstanding any other provisions of this Agreement, the parties agree that the Borrower and each of its Subsidiaries may make and the Subordinate Parties may receive Permitted Payments on account of the Debentures in accordance with the terms thereof, provided that if the Agent has provided notice to each of the Trustee and the Borrower confirming that the Borrower or any of its Subsidiaries has defaulted in respect of or breached any of its obligations under Section 6.13, 7.1(a), 7.1(o) or 7.1(p) of the Credit Agreement or that such a default or breach would result from the payment of any Permitted Payment (regardless of whether a cure period exists in respect of such default or breach), then the Borrower will not make, and the Subordinate Parties will not accept, any payment to the Subordinate Parties as contemplated in this Section 10 unless and until the Agent, in its absolute discretion, notifies the Trustee and the Borrower that the Borrower or any of its Subsidiaries may resume such interest payments, or the applicable default of breach has been cured to the satisfaction of the Agent acting in good faith. Any payment received by the Subordinate Parties in contravention of this Section 10 shall be received in trust for the Agent and shall be paid over to the Agent forthwith upon receipt.

**11.** **Payments Received by the Subordinate Parties**

If, prior to the indefeasible payment in full of the Senior Debt, any Subordinate Party or any Person on its behalf shall receive any payment from or distribution of assets of the Borrower or any of its Subsidiaries or on account of the Subordinate Debt, other than Permitted Payments, then such Subordinate Party shall, and shall cause such other Person to, receive and

30543752.4 ------

hold such payment or distribution in trust for the benefit of the Senior Parties and promptly pay the same over or deliver to the Agent in precisely the form received by such Subordinate Party or such other Person on its behalf (except for any necessary endorsement or assignment) and such payment or distribution shall be applied by the Agent to the repayment of the Senior Debt.

**12.** **Lenders' Rights**

The Senior Parties shall be entitled to deal with the Senior Security as they see fit and nothing herein shall prevent, restrict or limit the Agent or the Lenders in any manner from exercising all or any part of their rights and remedies otherwise permitted by applicable law upon any default under the Senior Security. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Senior Parties, in their absolute discretion or in the absolute discretion of any authorized officer or agent, and without diminishing the obligations of the Subordinate Parties hereunder, may grant time or other indulgences to the Borrower or any of its Subsidiaries and any other Person or Persons now or hereafter liable to the Senior Parties in respect of the payment of the Senior Debt, and may give up, modify, vary, exchange, renew or abstain from taking advantage of the Senior Security in whole or in part and may discharge any part or parts of or accept any composition or arrangements or realize upon the Senior Security when and in such manner as the Senior Parties or any authorized officer or agent thereof may think expedient, and in no such case shall the Senior Parties be responsible for any neglect or omission with respect to the Senior Security or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)no Subordinate Party shall be released or exonerated from its obligations hereunder by extension of time periods or any other forbearance whatsoever, whether as to time, performance or otherwise or by any release, discharge, loss or alteration in or dealing with all or any part of the Senior Debt and the Senior Security or by any failure or delay in giving any notice required under this Agreement, the Credit Agreement or any other Credit Document or any part thereof, the waiver by the Senior Parties of compliance with any conditions precedent to any advance of funds, or by any modification or alteration of the Credit Agreement or any other Credit Document or any part thereof, or by anything done, suffered or permitted by the Senior Parties, or as a result of the method or terms of payment under the Senior Debt or Senior Security or any part thereof or any assignment or other transfer of all or any part of the Credit Agreement or any other Credit Document of the Senior Debt or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Senior Parties shall not be bound to seek or exhaust any recourse against the Borrower or any of its Subsidiaries or any other Person or against the property or assets of the Borrower or any of its Subsidiaries or any other Person or against any security, guarantee or indemnity before being entitled to the benefit of the Subordinate Parties' obligations hereunder and the Senior Parties may enforce the various remedies available to them and may realize upon the various security documents, guarantees and indemnities or any part thereof, held by them in such order as the Senior Parties may determine appropriate in their sole discretion;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Subordinate Parties are fully responsible for acquiring and updating information relating to the financial condition of the Borrower and each of its Subsidiaries and all circumstances relating to the payment or non-payment of the Subordinate Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the Senior Parties shall not be required to marshall in favour of the Subordinate Parties or any other Person the Senior Security or any other securities or any moneys or other assets which the Senior Parties may be entitled to receive or upon which the Senior Parties may have a claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Senior Parties shall be entitled to advance their own money in their sole discretion in order to preserve or protect the assets of the Borrower and each of its Subsidiaries or any part thereof, and all such sums advanced shall constitute part of the Senior Debt and shall be secured by the Senior Security.

**13.** **No Waiver of Subordination Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1No right of the Senior Parties to enforce the subordination as provided in this Agreement shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Borrower or any of its Subsidiaries or by any act or failure to act by the Senior Parties or any agent of or trustee for the Senior Parties, or by any non-compliance by the Borrower or any of its Subsidiaries with any of the agreements or instruments relating to the Subordinate Debt or the Senior Debt, regardless of any knowledge thereof which the Senior Parties may have or be otherwise charged with. Without limitation of the foregoing, but in no way relieving the Borrower or any of its Subsidiaries of its obligations under this Agreement, the Senior Parties may, at any time and from time to time, without the consent of the Subordinate Parties and without impairing or releasing the subordination and other benefits provided in this Agreement or the obligations hereunder of the Subordinate Parties to the Senior Parties, do any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)amend, supplement, modify, restate or replace the Credit Agreement, or any of the Senior Security or any of the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner any assets pledged or mortgaged for or otherwise securing the Senior Debt or any liability of the Borrower or any liability incurred directly or indirectly in respect thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)settle or compromise any Senior Debt or any other liability of the Borrower (other than the Subordinate Debt) or any security thereof or any liability incurred directly or indirectly in respect thereof, and apply any sums by whomsoever paid and however realized to the Senior Debt in any manner or order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)fail to take or to record or otherwise perfect or to preserve the perfection of any liens or security interest securing the Senior Debt, register or file specific postponements or subordinations, exercise or delay in or refrain from exercising any right or remedy against the Borrower and elect any remedy and otherwise deal freely with the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2No loss of or in respect of any of the Senior Security or otherwise or any carelessness or neglect by the Senior Parties in asserting their rights or any other thing whatsoever, including without limitation the loss by operation of law of any right of the Senior Parties against the Borrower or any of its Subsidiaries or the loss or destruction of any security, shall in any way impair or release the subordination and other benefits provided by this Agreement.

**14.** **Waivers of the Subordinate Parties**

Each Subordinate Party agrees that the Senior Parties have made no representations or warranties with respect to the due execution, legality, validity, completeness or enforceability of any agreement or instrument relating to the Credit Agreement or the Senior Debt or the collectability of the Senior Debt, that the Senior Parties shall be entitled to manage and supervise their loans and other financial accommodation to the Borrower and each of its Subsidiaries in accordance with applicable law and their usual practices, modified from time to time as they deem appropriate in their sole discretion, or otherwise, without regard to the existence of any rights that any Subordinate Party may now or hereafter have in or to any of the assets of the Borrower and each of its Subsidiaries, and that the Senior Parties shall have no liability to the Subordinate Parties for, and the Trustee, for itself and on behalf of each other Subordinate Party, hereby waives any claims which any Subordinate Party may now or hereafter have against the Senior Parties out of, any and all actions which the Agent or the Lenders take or omit to take (including, without limitation, actions with respect to the creation, perfection or continuation of liens or security interest in any assets at any time securing payment of the Senior Debt, actions with respect to the occurrence of any default under any agreement or instrument relating to the Senior Debt, action with respect to the release or depreciation of, or failure to realize upon, any assets securing payment of the Senior Debt and actions with respect to the collection of any claims or all or any part of the Senior Debt from any account debtor, guarantor or any other Person) with respect to the Senior Debt and any agreement or instrument related thereto or with respect to the collection of the Senior Debt or the valuation, use, protection or release of any assets securing payment of the Senior Debt.

**15.** **No Release**

This Agreement shall remain in full force and effect without regard to, and the obligations of the Subordinate Parties hereunder shall not be released or otherwise affected or impaired by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any exercise or non-exercise by any Senior Party of any right, remedy, power or privilege in the Credit Agreement, the Senior Security or any other Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any waiver, consent, extension, indulgence or other action, inaction or omission by any Senior Party under or in respect of this Agreement, the Credit Agreement, the Senior Security or any other Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any default by the Borrower or any of its Subsidiaries under, any limitation on the liability of the Borrower or any of its Subsidiaries on the method or terms of

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payment under, or any irregularity or other defect in, the Credit Agreement, the Senior Security or any other Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the lack of authority or revocation hereof by any other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the failure of any Senior Party to file or enforce a claim of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)any defence based upon an election of remedies by the Senior Parties which destroys or otherwise impairs the subrogation rights of any Subordinate Party or the right of any Subordinate Party to proceed against the Borrower or any of its Subsidiaries for reimbursement, or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any merger, consolidation or amalgamation of any Subordinate Party or the Borrower or any of its Subsidiaries into or with any other Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)any insolvency, bankruptcy, liquidation, reorganization, arrangement, composition, winding-up, dissolution or similar proceeding involving or affecting any Subordinate Party, the Borrower or any of its Subsidiaries or any other Person.

**16.** **Subordinate Debt; No Amendment**

Each of the Trustee and the Borrower and each of its Subsidiaries represents and warrants that attached hereto as Annex A are true and complete copies of the Indenture, Debentures and Subordinate Debt Security. Without the prior written consent of the Agent, neither the Indenture nor any Debentures or Subordinate Security shall be amended, supplemented or otherwise modified. Each of the Trustee and the Borrower represents and warrants that as of the date hereof, the aggregate principal amount of the Subordinated Debt is CDN $26,060,659.00 and that no default exists in respect of the Subordinated Debt.

**17.** **Authorization**

The Trustee hereby represents and warrants to the Senior Parties that it has been authorized and directed by extraordinary resolution of the Holders and has the power and capacity under the terms of the Indenture to execute and deliver this Agreement for and on behalf of the Holders.

**18.** **Payment of Senior Debt**

For purposes of this Agreement, the Senior Debt shall be considered to be paid in full when no further amounts are owing to the Senior Parties and all obligations of the parties under the Credit Agreement and each other Credit Document have been terminated.

**19.** **Subordinate Debt Instruments**

The Borrower and each of its Subsidiaries covenants in favour of the Senior Parties that it will promptly deliver to the Agent a certified copy of any instrument evidencing the Subordinate Debt to which it becomes a party.

30543752.4 ------

**20.** **Senior Indebtedness**

Without limiting any rights or benefits provided to the Senior Parties under this Agreement, each of the Subordinate Parties acknowledges and confirms that the Senior Debt is "Senior Indebtedness" as contemplated in the Indenture and that the Senior Parties have all the rights and benefits as holders of "Senior Indebtedness" as contemplated in the Indenture. The Subordinate Parties confirm that there is no limitation on the amount of Senior Debt that may outstanding from time to time.

**21.** **No Rights to Borrower**

Nothing in this Agreement shall create any rights in favour of the Borrower and the covenants and agreements of the Senior Parties and the Subordinate Parties shall not be enforceable by the Borrower or any of its Subsidiaries. No consent of the Borrower or any of its Subsidiaries shall be necessary for any amendment to this Agreement by the Senior Parties and the Subordinate Parties in order to have effect as between the Senior Parties and the Subordinate Parties.

**22.** **Subrogation**

Until payment in full to the Senior Parties of the Senior Debt and the Credit Agreement has been terminated, the Trustee, for itself and on behalf of each other Subordinate Party, hereby irrevocably waives any claim or other rights which the Subordinate Parties may now have or may hereafter acquire against the Borrower or any of its Subsidiaries that arise from the existence, payment, performance or enforcement of the Borrower's or any of its Subsidiaries' obligations under the Subordinate Debt, including any right of subrogation, reimbursement, exoneration or indemnification, any right to participate in any claim or remedy of the Senior Parties against the Borrower or any of its Subsidiaries which any Senior Party now has or hereafter acquires, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including the right to take or receive from the Borrower or any of its Subsidiaries, directly or indirectly, in cash or other property or by set-off or in any manner, payment of security on account of such claim or other rights. If any amount shall be paid to any Subordinate Party in violation of the preceding sentence and the Senior Debt shall not have been paid in cash in full, such amount shall be deemed to have been paid to such Subordinate Party for the benefit of, and held in trust for the Senior Parties, and shall forthwith be paid to the Agent to be credited and applied against the Senior Debt, whether matured or unmatured. The Borrower and each of its Subsidiaries and each of the Subordinate Parties acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that the waiver set forth in this paragraph is knowingly made in contemplation of such benefits.

**23.** **No Marshalling**

The Subordinate Parties hereby waive any right that they may have to require the Senior Parties to marshal in its favour.

30543752.4 ------

**24.** **Further Assurances and Paramountcy**

The parties hereto shall forthwith, and from time to time, execute and do all deeds, documents and things which may be necessary or advisable, in the opinion of the Senior Parties and their counsel, to give full effect to the postponement and subordination of the rights and remedies of the Subordinate Parties in respect to the Subordinate Debt and the Subordinate Security to the rights and remedies of the Senior Parties in respect to the Senior Debt and the Senior Security, all in accordance with the intent of this Agreement. Without limiting the generality of the foregoing, if following the date hereof the Borrower shall acquire an interest in a Subsidiary that is not party to this Agreement, it shall cause such Subsidiary to execute a joinder to this Agreement in form and substance satisfactory to the Agent Notwithstanding the delivery for registration or filing of specific postponements or subordinations, this Agreement shall govern the priority between the Senior Security and the Subordinate Security and shall be paramount in that regard.

**25.** **Successors and Assigns**

This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of the Senior Parties. None of the rights or obligations of any Subordinate Party or of the Borrower or any of its Subsidiaries hereunder nor any interest thereof herein may be assigned or delegated without:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)first obtaining from the proposed transferee, assignee or chargee an agreement whereby the proposed transferee, assignee or chargee agrees to be bound by the provisions hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the prior written consent of the Agent, not to be unreasonably withheld, where the Debentures are assigned to Persons who are not existing Holders as of the date of this Agreement.

**26.** **Entire Agreement; Severability**

This Agreement contains the entire agreement among the parties hereto with respect to the obligations, liabilities and assets of the Borrower and each of its Subsidiaries. If any of the provisions of this Agreement shall be held invalid or unenforceable by any court having jurisdiction, this Agreement shall be construed as if not containing those provisions, and the rights and obligations of the parties hereto should be construed and enforced accordingly.

**27.** **Governing Law**

This Agreement shall be governed and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

**28.** **Termination**

This Agreement shall terminate upon the earlier of:

30543752.4 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the indefeasible repayment in full of the Senior Debt and the termination of the Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the written agreement of the Agent and the Trustee.

**29.** **Counterparts**

This Agreement may be executed in any number of counterparts, which when taken together shall constitute one and the same agreement.

**30.** **Notices**

Any notice to be given under this Agreement may be effectively given by delivering (whether by courier or personal delivery) such notice at the address set forth in the signature pages of this Agreement, by sending such notice by prepaid registered mail to such address set out on the signature pages of this Agreement or by electronic mail to the email address set forth in the signature pages of this Agreement. Any notice delivered shall be deemed to have been received upon delivery. Any notice mailed shall be deemed to have been received on the 5th day next following the registered mailing of such notice. Any email notice shall be deemed to have been received on transmission if sent before 4:00 p.m. Toronto time on a Business Day, and, if not, on the next Business Day following transmission.

**31.** **Amendment and Restatement**

This Agreement amends and restates in full the Original Subordination Agreement, with effect as of the date hereof. The parties hereto intend the amendments contained herein to be amendments to the Original Subordination Agreement and not to give rise to any novation or rescission of the Original Subordination Agreement, and the parties hereto intend to be governed by the Original Subordination Agreement as amended and not by a new agreement.

[Remainder of Page Intentionally Left Blank]

30543752.4 ------

IN WITNESS WHEREOF the parties hereto have executed this agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DB FSLF 50 LLC**, as Agent | &nbsp;&nbsp;**DB FSLF 50 LLC**, as Agent | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>Email: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Scott Silvers | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>Email: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>Email: [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DALE MATHESON CARR-HILTON LABONTE LLP**, as Agent for itself and the Holders | &nbsp;&nbsp;**DALE MATHESON CARR-HILTON LABONTE LLP**, as Agent for itself and the Holders | &nbsp;&nbsp;Address: <br>[Redacted – Personal Information]<br>Attention: [Redacted – Personal Information]<br>Email: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Rakesh Patel | &nbsp;&nbsp;Address: <br>[Redacted – Personal Information]<br>Attention: [Redacted – Personal Information]<br>Email: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address: <br>[Redacted – Personal Information]<br>Attention: [Redacted – Personal Information]<br>Email: [Redacted – Personal Information] |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**MOGO FINANCE TECHNOLOGY INC.**, as Borrower | &nbsp;&nbsp;**MOGO FINANCE TECHNOLOGY INC.**, as Borrower | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information]<br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Gregory Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information]<br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information]<br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**MOGO TECHNOLOGY INC.** | &nbsp;&nbsp;**MOGO TECHNOLOGY INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ David Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

*Signature Page to Subordinated Lender Intercreditor Agreement (Mogo)*

30543752.4 ------

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**MOGO FINANCIAL INC.** | &nbsp;&nbsp;**MOGO FINANCIAL INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**MOGO FINANCIAL (B.C.) INC.** | &nbsp;&nbsp;**MOGO FINANCIAL (B.C.) INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**MOGO FINANCIAL (ALBERTA) INC.** | &nbsp;&nbsp;**MOGO FINANCIAL (ALBERTA) INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**MOGO FINANCIAL (ONTARIO) INC.** | &nbsp;&nbsp;**MOGO FINANCIAL (ONTARIO) INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

*Signature Page to Subordinated Lender Intercreditor Agreement (Mogo)*

30543752.4 ------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**HORNBY LOAN BROKERS (OTTAWA) INC.** | &nbsp;&nbsp;**HORNBY LOAN BROKERS (OTTAWA) INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**HORNBY LEASING INC.** | &nbsp;&nbsp;**HORNBY LEASING INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**THURLOW MANAGEMENT INC.** | &nbsp;&nbsp;**THURLOW MANAGEMENT INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**THURLOW CAPITAL (BC) INC.** | &nbsp;&nbsp;**THURLOW CAPITAL (BC) INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller  | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

*Signature Page to Subordinated Lender Intercreditor Agreement (Mogo)*

30543752.4 ------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**THURLOW CAPITAL (ALBERTA) INC.** | &nbsp;&nbsp;**THURLOW CAPITAL (ALBERTA) INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**THURLOW CAPITAL (ONTARIO) INC.** | &nbsp;&nbsp;**THURLOW CAPITAL (ONTARIO) INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**THURLOW CAPITAL (MANITOBA) INC.** | &nbsp;&nbsp;**THURLOW CAPITAL (MANITOBA) INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**THURLOW CAPITAL (OTTAWA) INC.** | &nbsp;&nbsp;**THURLOW CAPITAL (OTTAWA) INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

*Signature Page to Subordinated Lender Intercreditor Agreement (Mogo)*

30543752.4 ------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**MOGO MORTGAGE TECHNOLOGY INC.** | &nbsp;&nbsp;**MOGO MORTGAGE TECHNOLOGY INC.** | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<br>Title: | &nbsp;&nbsp;Address:<br>[Redacted – Personal Information] <br>Attention: [Redacted – Personal Information]<br>E-mail: [Redacted – Personal Information] |

---

*Signature Page to Subordinated Lender Intercreditor Agreement (Mogo)*

30543752.4 ------

**Annex A** 

*[Redacted]*

&nbsp;&nbsp;&nbsp;&nbsp;DOCPROPERTY "CUS_DocIDString" 41666902.3

30543752.4 ------

## Exhibit 4.3

**Exhibit 4.3**

**SEVENTH AMENDMENT AGREEMENT AND WAIVER**

**dated as of January 10, 2022**

**among**

**MOGO FINANCE TECHNOLOGY INC.<br>as Borrower**

**Mogo Financial Inc., Mogo Financial (B.C.) Inc., Mogo Financial (Alberta) Inc. and Mogo Financial (Ontario) Inc.**

**as Originating Subsidiaries**

**Carta Solutions Holdings Corporation, as a Guarantor**

**Mogo Inc.**

**as Parent**

**DB FSLF 50 LLC<br>as Administrative Agent, Collateral Agent and Sole Lead Arranger** 

**ADDITIONAL INDEMNITORS**

34277673.5 ------

**SEVENTH AMENDMENT AGREEMENT AND WAIVER**

This **SEVENTH AMENDMENT AGREEMENT** (this "**Amendment and Waiver**"), dated as of January 10, 2022, is entered into by and among MOGO FINANCE TECHNOLOGY INC. (the "**Borrower**"), MOGO FINANCIAL INC. ("**MOGO Financial**"), MOGO FINANCIAL (B.C.) INC. ("**MOGO B.C.**"), MOGO FINANCIAL (ALBERTA) INC. ("**MOGO Alberta**") and MOGO FINANCIAL (ONTARIO) INC. ("**MOGO Ontario**", and collectively with MOGO Financial, MOGO B.C. and MOGO Alberta, the "**Originating Subsidiaries**"), CARTA SOLUTIONS HOLDINGS CORPORATION ("**Carta**"), MOGO INC. ("**Parent**") and DB FSLF 50 LLC ("**DB FSLF**"), as Administrative Agent (in such capacity, the "**Administrative Agent**"), Collateral Agent (in such capacity, the "**Collateral Agent**"), and as sole Lead Arranger (in such capacity, the "**Arranger**") and the Additional Indemnitors.

**RECITALS:**

**WHEREAS**, pursuant to that certain Amended and Restated Revolving Credit and Guarantee Agreement dated as of July 16, 2019 among the Borrower, the Parent, the Originating Subsidiaries, the Administrative Agent, the Collateral Agent, the Arranger, the Additional Indemnitors and the lenders party thereto from time to time (the "**Lenders**"), as amended by that First Amendment Agreement dated as of December 31, 2019, as further amended by that Second Amendment Agreement dated as of March 30, 2020, as further amended by that Third Amendment Agreement dated as of April 15, 2020, as further amended by that Fourth Amendment Agreement dated as of June 29, 2020, as further amended by that Fifth Amendment Agreement dated as of January 25, 2021, as further amended by that Sixth Amendment Agreement dated as of December 16, 2021, as may be further amended, modified or restated from time to time (the "**Credit Agreement**") the Lenders agreed to make certain financial accommodations available to the Borrower;

**WHEREAS** the Borrower has advised the Lenders of an Event of Default pursuant to (i) Section 7.1(k) of the Credit Agreement as a result of David Feller and Greg Feller ceasing to collectively beneficially own and control greater than 7% on a fully diluted basis of the economic and voting interest in the Capital Stock of the Parent (the "**Change of Control Default**") and (ii) Section 7.1(d) of the Credit Agreement as a result of Parent's completion of a USD$500,000 investment in LB-Alpha LLC on or about December 21, 2021, which is prohibited pursuant to Section 6.3(c) and 6.4(iii) of the Credit Agreement (collectively with the Change of Control Default, the "**Existing Defaults**");

**WHEREAS** the Lenders have agreed to waive the Existing Defaults;

**WHEREAS** the parties hereto desire to enter into this Amendment and Waiver to modify certain of the terms and provisions of the Credit Agreement;

**NOW, THEREFORE,** in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

34277673.5 ------

**ARTICLE 1** 

**WAIVER**

1.1The Lenders hereby waives the Existing Defaults.

1.2The foregoing waiver shall not constitute (a) a modification or alteration of the terms, conditions or covenants of the Credit Agreement, any other Credit Document or the Related Agreements, (b) a waiver of or consent to any breach or any Event of Default (other than the Existing Defaults) under the Credit Agreement, any other Credit Document or the Related Agreements, or (c) a waiver, release, or limitation upon the exercise by Administrative Agent or any Lender of any of its rights, legal or equitable, under the Credit Agreement, the other Credit Documents, the Related Agreements or applicable law (other than in respect of the Existing Defaults), all of which are hereby reserved.

**ARTICLE 2** **<br>AMENDMENT**

2.1Section 1.1 of the Credit Agreement is amended by deleting the definition of "Change of Control" in its entirety and replacing it with the following:

""**Change of Control**" means, (a) in respect of any Originating Subsidiary, the Borrower shall cease to directly beneficially own and control 100% on a fully diluted basis of the economic and voting interest in the Capital Stock of such Originating Subsidiary, (b) in respect of the Borrower, any event, transaction or occurrence as a result of which (i) a Person who on the date hereof is a Control Person of the Borrower ceases to be a Control Person of the Borrower, (ii) a Person who on the date hereof is not a Control Person of the Borrower becomes a Control Person of the Borrower, or (iii) [Redacted – Personal Information] and [Redacted – Personal Information] shall cease to collectively beneficially own and control greater than 6% on a fully diluted basis of the economic and voting interest in the Capital Stock of the Parent, or (c) in respect of the Borrower or any Originating Subsidiary, the Key Employees shall cease to collectively have primary responsibility for the operations of the Borrower or such Originating Subsidiary, provided, however, that if any Key Employee ceases to have primary responsibility for the operations of the Borrower or such Originating Subsidiary due to his termination, resignation, incapacity or death, the Borrower shall be afforded a period of sixty (60) days to procure a satisfactory replacement as determined by the Administrative Agent, provided, however, that if the Borrower is diligently engaged in the process of procuring a replacement Key Employee and requires an additional period to effect same, such sixty (60) day period shall be further extended by an additional sixty (60) days if consented to by the Administrative Agent."

34277673.5 ------

**ARTICLE 3** 

**affirmation/REPRESENTATION**

3.1**Affirmation of Credit Agreement.**

Each of the Borrower, the Parent, Carta, each Originating Subsidiary and each Additional Indemnitor hereby expressly affirms all of its obligations and liabilities as set forth in the Credit Agreement and the other Credit Documents and agrees to be bound by and abide by and operate and perform under and pursuant to and comply fully with all of the terms, conditions, provisions, agreements, guarantees, representations, undertakings, warranties, indemnities, grants of security interests and covenants contained in the Credit Agreement and the other Credit Documents, as such obligations and liabilities may be modified by this Amendment and Waiver, as though the Credit Agreement and the other Credit Documents were being re-executed on the date hereof by each of the Borrower, the Parent, Carta, each Originating Subsidiary and each Additional Indemnitor, except to the extent that such terms expressly relate to an earlier date. Each of the Borrower, the Parent, Carta, each Originating Subsidiary and each Additional Indemnitor hereby represents and warrants that, upon effecting the amendments contemplated by this Amendment and Waiver, each of the representations and warranties set forth in Section 4 of the Credit Agreement are true and correct as if made on the date hereof and that neither the Borrower, the Parent, Carta, nor any Originating Subsidiary or Additional Indemnitor is in breach or default of any of its covenants, undertakings or other obligations under the Credit Agreement (as amended hereby).

**ARTICLE 4** **<br>conditions precedent**

4.1**Conditions Precedent to Effectiveness of this Amendment and Waiver:**

This Amendment and Waiver shall become effective as of the first date on which each of the following conditions precedent shall have been satisfied or duly waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Administrative Agent shall have received a duly executed copy of this Amendment and Waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Administrative Agent shall have received an officer's certificate of the Borrower certifying that attached thereto are true and correct copies of the following documents, and that such documents are in full force and effect, unamended: (A) its constating documents, (B) a certificate of incumbency, and (C) the resolutions evidencing that all necessary action, corporate or otherwise, has been taken by it to authorize the execution, delivery and performance of this Amendment and Waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Administrative Agent shall have received certificates of status, good standing, or the equivalent for the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)no Default or Event of Default has occurred and is continuing (other than the Existing Defaults) and no Default or Event of Default will exist after giving effect to the amendment and waiver contemplated hereto;

34277673.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)all representations and warranties set out in the Credit Documents and this Amendment and Waiver shall be true and correct as if made on and as of the date hereof except for those changes to the representations and warranties which is stated to be made only as of a certain date (and then as of such date).

**ARTICLE 5** **<br>GENERAL PROVISIONS**

5.1Capitalized words not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement.

5.2Except as expressly provided in this Amendment and Waiver, the terms and provisions of the Credit Agreement shall remain in full force and effect and are hereby affirmed, confirmed and ratified in all respects.

5.3This Amendment and Waiver may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

5.4Section headings in this Amendment and Waiver are included for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.

5.5This Amendment and Waiver shall be construed in accordance with and governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein.

5.6The amendments to the Credit Agreement contemplated in this Amendment and Waiver shall be deemed to have effect as of the date first above written notwithstanding the date of execution and delivery of this Amendment and Waiver.

5.7This Amendment and Waiver shall be a Credit Document.

5.8On or after the date first above written, each reference in the Credit Agreement to "this Agreement" words of like import or in any of the other Credit Documents to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended hereby.

***- remainder of page intentionally left blank -***

34277673.5 ------

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment and Waiver to be duly executed and delivered as of the date first written above.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**MOGO FINANCE TECHNOLOGY INC.**, as Borrower  | &nbsp;&nbsp;**MOGO FINANCE TECHNOLOGY INC.**, as Borrower  | &nbsp;&nbsp;**MOGO FINANCIAL INC.**, as an Originating Subsidiary | &nbsp;&nbsp;**MOGO FINANCIAL INC.**, as an Originating Subsidiary |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Gregory Feller | &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller |
|  | &nbsp;&nbsp;Name:  |  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |  | &nbsp;&nbsp;Title:  |
| &nbsp;&nbsp;By: |  | &nbsp;&nbsp;By: |  |
|  | &nbsp;&nbsp;Name:  |  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |  | &nbsp;&nbsp;Title:  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**MOGO FINANCIAL (B.C.) INC.**, as an Originating Subsidiary | &nbsp;&nbsp;**MOGO FINANCIAL (B.C.) INC.**, as an Originating Subsidiary | &nbsp;&nbsp;**MOGO FINANCIAL (ALBERTA) INC.**, as an Originating Subsidiary  | &nbsp;&nbsp;**MOGO FINANCIAL (ALBERTA) INC.**, as an Originating Subsidiary  |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller |
|  | &nbsp;&nbsp;Name:  |  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |  | &nbsp;&nbsp;Title:  |
| &nbsp;&nbsp;By: |  | &nbsp;&nbsp;By: |  |
|  | &nbsp;&nbsp;Name:  |  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |  | &nbsp;&nbsp;Title:  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**MOGO FINANCIAL (ONTARIO) INC.**, as an Originating Subsidiary  | &nbsp;&nbsp;**MOGO FINANCIAL (ONTARIO) INC.**, as an Originating Subsidiary  | &nbsp;&nbsp;**MOGO INC.**, as Parent | &nbsp;&nbsp;**MOGO INC.**, as Parent |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Erin Feller | &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Gregory Feller |
|  | &nbsp;&nbsp;Name:  |  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |  | &nbsp;&nbsp;Title:  |
| &nbsp;&nbsp;By: |  | &nbsp;&nbsp;By: |  |
|  | &nbsp;&nbsp;Name:  |  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |  | &nbsp;&nbsp;Title:  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**CARTA SOLUTIONS HOLDINGS CORPORATION**, as a Guarantor | &nbsp;&nbsp;**CARTA SOLUTIONS HOLDINGS CORPORATION**, as a Guarantor |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Gregory Feller |
|  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |
| &nbsp;&nbsp;By: |  |
|  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |

---

*Signature Page to Amending Agreement* 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**DB FSLF 50 LLC**, as Collateral Agent and Administrative Agent on behalf of itself and the Lenders | &nbsp;&nbsp;**DB FSLF 50 LLC**, as Collateral Agent and Administrative Agent on behalf of itself and the Lenders | &nbsp;&nbsp;**FORTRESS LENDING I HOLDINGS L.P.**, as a Lender<br>By: Fortress Lending Advisors LLC, its investment manager  | &nbsp;&nbsp;**FORTRESS LENDING I HOLDINGS L.P.**, as a Lender<br>By: Fortress Lending Advisors LLC, its investment manager  |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Constantine M. Dakolias | &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Constantine M. Dakolias |
|  | &nbsp;&nbsp;Name:  |  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |  | &nbsp;&nbsp;Title:  |
| &nbsp;&nbsp;By: |  | &nbsp;&nbsp;By: |  |
|  | &nbsp;&nbsp;Name:  |  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |  | &nbsp;&nbsp;Title:  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**DB FSLF 50 LLC**, as a Lender | &nbsp;&nbsp;**DB FSLF 50 LLC**, as a Lender |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ Constantine M. Dakolias |
|  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |
| &nbsp;&nbsp;By: |  |
|  | &nbsp;&nbsp;Name:  |
|  | &nbsp;&nbsp;Title:  |

---

*Signature Page to Amending Agreement* 

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;SIGNED, SEALED & DELIVERED<br>In the presence of:<br>/s/ Alice Davidson | &nbsp;&nbsp; <br>/s/ David Feller |
| &nbsp;&nbsp;Witness | &nbsp;&nbsp;**David Feller** |
| &nbsp;&nbsp; <br>SIGNED, SEALED & DELIVERED<br>In the presence of:<br>/s/ Alice Davidson | &nbsp;&nbsp; <br>/s/ Gregory Feller |
| &nbsp;&nbsp;Witness | &nbsp;&nbsp;**Gregory Feller** |

---

*Signature Page to Amending Agreement* 

34277673.5 ------

## Exhibit 4.5

**STOCK OPTION PLAN**

**ORION DIGITAL CORP.**

**1. Purpose**

The purpose of the stock option plan (the "**Plan**") is to advance the interests of Orion Digital Corp. (the "**Corporation**") and its shareholders by providing to the directors, officers, employees and consultants of the Corporation and its affiliates a performance incentive for continued and improved services with the Corporation and its affiliates. The terms of the Plan shall govern each option issued hereunder.

**2. Term of Plan**

The Plan is effective on June 21, 2019. Options may be granted under the Plan until the earlier of (i) the 10<sup>th</sup> anniversary of the effective date of the Plan, or (ii) the date on which the Board terminates the Plan.

**3. Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The shares ("**Shares**") that may be issued pursuant to the exercise of options ("**Options**") granted under the Plan are common shares (the "**Common Shares**") of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate number of Shares reserved for issuance under the Plan shall not exceed the greater of (i) 15% of the issued and outstanding Common Shares of the Corporation as at the date of grant (on a non-diluted basis), and (ii) 1,266,667. Any issuance of Shares from treasury pursuant to the exercise of Options shall automatically replenish the number of Shares available for Option grants under the Plan. No Option may be granted if such grant would have the effect of causing the total number of Shares subject to Options to exceed the above-noted total percentage of Shares reserved for issuance pursuant to the exercise of Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the rules of the Toronto Stock Exchange (the "**TSX**"), if Options granted under this Plan expire, terminate or cease to be exercisable without having been exercised in full, the Shares which were reserved for issue pursuant to such Options but which were not issued become available for issue pursuant to the exercise of other Options under the Plan.

**4. Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan shall be administered by the board of directors of the Corporation (the "**Board**") or any committee of directors of the Corporation designated by the Board (such designated directors being the "**Administrators**"). The Board or the Administrators, as the case may be, shall have full and complete authority to interpret the Plan and to prescribe such rules and regulations and make such other determinations as it or they deem necessary or desirable for the administration of the Plan, including without limitation the full power and authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adopt rules and regulations for implementing the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determine the eligibility of persons to participate in the Plan, the number of Shares subject to Options, the fair market value of such Shares, and the vesting period of the Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) determine when Options shall be granted, which eligible persons will be granted Options, the number of Shares subject to each Option granted to a Participant and the vesting for each Option;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) interpret and construe the provisions of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) restrict or limit the Shares and the nature of such restrictions and limitations, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) accelerate the exercisability or waive the termination of any Options, based on such factors as the Board or the Administrators may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) make exceptions to the Plan in circumstances which it or they determine to be exceptional; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) take such other steps as it or they determine to be necessary or desirable to give effect to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Decisions of the Board or the Administrators shall be recorded in writing and shall be binding on the Corporation and on all persons eligible to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board or the Administrators may make changes to the terms of any granted Options or the Plan to the extent necessary or desirable to comply with any rules, regulations or policies of the TSX, provided that the value of previously granted Options and the rights of Participants are not materially adversely affected by any such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board or the Administrators may also require that any participant in the Plan provide certain representations, warranties and certifications to the Corporation to satisfy the requirements of applicable securities laws, including without limitation exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and applicable state securities laws.

**5. Granting of Options to Participants**

The only persons to whom Options may be granted ("**Participants**") shall be directors, officers, employees and consultants (as that term is defined in National Instrument 45-106) of the Corporation or its subsidiaries designated from time to time by the Board or the Administrators.

The Board or the Administrators may, from time to time, subject to the provisions of this Plan and such other terms and conditions as the Board or the Administrators may prescribe, grant Options to any Participant.

Notwithstanding the foregoing, the number of Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)issued to Insiders of the Corporation within any one year period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)issuable to Insiders of the Corporation, at any time,

under the Plan, when combined with all of the Corporation's other security-based compensation arrangements, must not exceed 10% of the Corporation's total issued and outstanding Common Shares as at the applicable date of grant. For the purposes of this Plan the term "**Insider**" shall have the meaning given to such term in the TSX Company Manual.

**6. Exercise Price**

Subject to the rules of the TSX, the Board or the Administrators shall determine the exercise price (the "**Exercise Price**") for an Option but in any event the Exercise Price will be no less than the last closing price of the Shares on the TSX prior to the date of grant of such Option.

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**7. Term and Vesting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to any accelerated termination under this Plan, unless otherwise determined by the Board or Administrators at the time of grant, each Option shall be exercisable until the eighth anniversary of the date on which it is granted. Each Option that has not been exercised pursuant thereto on or before the close of business on its date of expiry shall forthwith expire and terminate and be of no further force or effect whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise specified by the Board at the time of granting Options or subsequent to such grant, and except as otherwise provided in this Plan, each Option will vest and be exercisable as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fraction of Total Number of <u>Shares that may be Purchased</u>** | &nbsp;&nbsp;**<br><u>Exercise Period</u>** |
| &nbsp;&nbsp;1/4<br>| &nbsp;&nbsp;Shall vest on the first anniversary of the date of grant; and |
| &nbsp;&nbsp;1/48 | &nbsp;&nbsp;Shall vest at the end of each month following the first anniversary of the date of grant up to and including the fourth anniversary of the date of grant;  |
| &nbsp;&nbsp;with the result that the entire Option subject to the grant shall be vested and exercisable as of the fourth anniversary of the date of grant. Notwithstanding the foregoing, the Board may at the time of granting Options or subsequent to such grant specify a different time-based vesting schedule and/or performance-based vesting. | &nbsp;&nbsp;with the result that the entire Option subject to the grant shall be vested and exercisable as of the fourth anniversary of the date of grant. Notwithstanding the foregoing, the Board may at the time of granting Options or subsequent to such grant specify a different time-based vesting schedule and/or performance-based vesting. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Once a portion of an Option that has vested becomes exercisable, it remains exercisable until expiration or termination of the Option, unless otherwise specified by the Board in connection with the grant of such Option or pursuant to Section 16. Each Option or portion of an Option that has vested may be exercised at any time or from time to time, in whole or in part, for up to the total number of Shares with respect to which it is then exercisable. The Board or the Administrators has/have the right to accelerate the date upon which any portion of an Option that has vested becomes exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the expiry date of any Option occurs during, or within ten (10) business days following, a period when the Participant is prohibited by the blackout policies of the Corporation from trading in Common Shares (a "**Blackout Period**"), the expiry date of the Option shall be automatically extended to the date which is ten (10) business days immediately following the end of the Blackout Period.

**8. Termination of Employment**

Unless otherwise specified by the Board at the time of granting Options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, at any time, a Participant ceases to be a full-time employee of the Corporation or a subsidiary as a result of the Participant's retirement, either with the concurrence of the Board or the Administrators at any time or after the person reaches the age of 65 years, any Options granted to such Participant and vested as of the Termination Date (as defined below) shall remain exercisable by such Participant until the earlier of: (i) 90 days following the Termination Date, and (ii) the expiration of such vested Options in accordance with their terms. As of the Termination Date, all unvested Options of such Participant shall expire and such Participant shall no longer be eligible for a grant of Options.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, at any time, a Participant ceases to be a full-time employee of the Corporation or a subsidiary as a result of the Participant's death or physical or psychological Incapacity (as defined directly below), any Options granted to such Participant and vested as of the Termination Date shall remain exercisable by such Participant (or, in accordance with clause 14(b)(ii), the Participant's legal representative) until the earlier of: (i) 120 days following the date of death or the date on which the Board or the Administrators determine(s) that the Incapacity will prevent the employee from fulfilling his or her full-time duties with the Corporation, and (ii) the expiration of such vested Options in accordance with their terms. As of the Termination Date, all unvested Options of such Participant shall expire. **"Incapacity"** means the permanent and total incapacity of a Participant as determined in accordance with procedures established by the Board or the Administrators for purposes of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, at any time, a Participant ceases to be a full-time employee of the Corporation or a subsidiary as a result of the Participant's termination for cause, then, as of the Termination Date, the vested and unvested Options granted to such Participant shall expire and be of no further force or effect whatsoever and such Participant shall no longer be eligible for a grant of Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, at any time, a Participant ceases to be a full-time employee of the Corporation or a subsidiary as a result of the Participant's resignation, then any Options granted to such Participant and vested as of the Termination Date shall remain exercisable by such Participant until the earlier of: (i) 30 days following the Termination Date, and (ii) the expiration of such vested Options in accordance with their terms. As of the Termination Date, all unvested Options granted to such Participant shall expire and be of no further force or effect whatsoever and such Participant shall no longer be eligible for a grant of Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, at any time, a Participant ceases to be a full-time employee of the Corporation or a subsidiary as a result of the Participant's dismissal without cause, any Options granted to such Participant and vested as of the Termination Date shall remain exercisable by such Participant until the earlier of: (i) 90 days following the Termination Date, and (ii) the expiration of such vested Options in accordance with their terms. As of the Termination Date, all unvested Options of such Participant shall expire and such Participant shall no longer be eligible for a grant of Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where, in the case of a consultant, the Participant's consulting agreement or arrangement terminates by reason of: (i) termination by the Corporation or an affiliated corporation for any reason whatsoever other than for material breach of the consulting agreement or arrangement (whether or not such termination is effected in compliance with any termination provisions contained in the Participant's consulting agreement or arrangement); or (ii) voluntary termination by the Participant; or (iii) the death or incapacity of the Participant, then any Options held by the Participant that are exercisable at the Termination Date, or at the date of the death or incapacity of the Participant, as the case may be, continue to be exercisable by the Participant until the earlier of: (A) the date that is 90 days from the Termination Date, or from the date of the death or incapacity of the Participant, as the case may be; and (B) the date on which the particular Options expire in accordance with their terms. Any Options held by the Participant that are not exercisable at the Termination Date, or at the date of the death or incapacity of the Participant, as the case may be, immediately expire and are cancelled on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Where, in the case of a consultant, the Participant's consulting agreement or arrangement is terminated by the Corporation or an affiliated corporation for material breach of the consulting agreement or arrangement (whether or not such termination is effected in compliance with any termination provisions contained in the Participant's consulting

------

agreement or arrangement), then any Options held by the Participant, whether or not such Options are exercisable at the Termination Date, immediately expire and are cancelled on the Termination Date at a time determined by the Board, in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If, at any time, a Participant ceases to be a director or officer of the Corporation or a subsidiary (and is not or does not continue as a full-time employee of the Corporation or a subsidiary), the Options granted to such Participant and vested as of the Termination Date may be exercised by such Participant until the earlier of: (i) 90 days following the Termination Date, and (ii) the expiration of such vested Options in accordance with their terms. As of the Termination Date, all unvested Options granted to such Participant shall cease and terminate and be of no further force or effect whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other provisions of this Section 8 but subject to the rules of the TSX, the Board or the Administrators may extend the expiration date of vested and unvested Options of a Participant who ceases to be a full-time employee, consultant, officer or director of the Corporation or a subsidiary beyond the expiry dates set out above, provided that such extended dates are not later than the assigned expiry date of any such Option.

"**Termination Date**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of a Participant whose employment or term of office with the Corporation or a subsidiary terminates in the circumstances set out in Section 8, the date that is designated by the Corporation or a subsidiary, as the case may be, as the last day of the Participant's active employment or term of office with the Corporation or a subsidiary, as the case may be, provided that in the case of termination of employment by voluntary resignation by the Participant, such date shall not be earlier than the date notice of resignation was given, and "Termination Date" specifically does not mean the date on which any period of non-working reasonable notice that the Corporation or a subsidiary, as the case may be, may be required at law to provide to the Participant, would expire; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a Participant who is a consultant and whose consulting agreement or arrangement with the Corporation or a subsidiary, as the case may be, terminates in the circumstances set out in Section 8, the date that is designated by the Corporation or a subsidiary, as the case may be, as the date on which the Participant's consulting agreement or arrangement is terminated, provided that in the case of voluntary termination by the Participant, such date shall not be earlier than the date notice of voluntary termination was received by the Corporation, and "Termination Date" specifically does not mean the date on which any non-working period of notice of termination that the Corporation or a subsidiary, as the case may be, may be required to provide to the Participant under the terms of the consulting agreement or arrangement, would expire.

**9. Stock Option Plan Agreement**

The Corporation shall enter into an agreement with each Participant on the date of grant of Options substantially in the form of <u>Schedule 1</u> (or such other form as may be acceptable to the Board or the Administrators) evidencing the Participant's right to acquire Shares in accordance with the Plan. Each agreement will specify the number of Shares that are subject to the Options and will provide for the adjustment of that number in accordance with Section 15. The Participant acknowledges that such agreement will include a provision that, in certain circumstances as set out in the agreement, will require the Participant to sell its Shares to a party making an offer to purchase all of the Shares of the Corporation.

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**10. Right to Employment**

Nothing contained in this Plan or in any Option granted under this Plan shall confer upon any person any right to continued employment with the Corporation or a subsidiary or interfere in any way with the rights of the Corporation or a subsidiary in connection with the employment or termination of any such person.

**11. Status as Shareholder**

The Participant or the Participant's legal representative shall not, by reason of the grant of any Option, be considered to be a stockholder of the Corporation until an Option has been duly exercised. No person shall enjoy any of the rights or privileges of a holder of Shares subject to Options until that person becomes the holder of record of those Shares.

**12. Exercise of Option**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Subsection 12(b), the vested portion of an Option may be exercised at any time, or from time to time, during its term. A person electing to exercise an Option shall give written notice of the election to the Secretary of the Corporation substantially in the form of <u>Exhibit A to Schedule 1</u>, or such other form acceptable to the Board or the Administrators. A cash payment equal to the Exercise Price for each Share to be acquired pursuant to the exercise of Options shall accompany the written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The exercise of any Option shall be subject to the condition that if at any time the Corporation shall determine in its sole discretion that it is necessary or desirable to comply with any legal requirement or the requirements of the TSX or other regulatory authority as a condition of, or in connection with, such exercise or the issue of Shares as a result thereof, then in any such event such exercise shall not be effective unless such compliance shall have been effected on conditions satisfactory to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon actual receipt by the Corporation of written notice addressed to the Secretary of the Corporation and payment for the Shares to be purchased, the person exercising the Option shall be registered in the books of the Corporation as the holder of the appropriate number of Shares and a share certificate shall be issued to such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The exercise of any Option may be made conditional on the Participant becoming a party to an escrow agreement as required by the rules of the TSX and will otherwise be subject to the rules of the TSX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any exercise of an Option issued pursuant to the Plan must be exempt or not subject to registration under applicable United States federal and state securities laws. Any Options exercised by or on behalf of a person in the United States (as such term is defined in Regulation S promulgated under the U.S. Securities Act) will result in the certificate representing the Common Shares bearing a United States restrictive legend restricting transfer of the Common Shares under United States federal and state securities laws, in substantially the following form:

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"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION PROVIDED BY (1) RULE 144 OF THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144a THEREUNDER, IF AVAILABLE, AND IN EACH CASE IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF PARAGRAPH (C)(1) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE OR OTHER EVIDENCE SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

**13. Intentionally Left Blank**

**14. Transferability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in Subsection 14(b), Options are not transferable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Options may be exercised only by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Participant to whom the Options were granted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) upon the Participant's death, by the legal representative of the Participant's estate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) upon the Participant becoming mentally incapable, the legal representative having authority to deal with the property of the Participant;

provided that any such legal representative shall first deliver evidence satisfactory to the Corporation of entitlement to exercise any Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A person exercising an Option may subscribe for Shares only in the person's own name or in the person's capacity as a legal representative.

**15. Adjustment of Options**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The existence of any Options does not affect in any way the right or power of the Corporation or its shareholders to make, authorize or determine any adjustment, recapitalization, reorganization or any other change in the Corporation's capital structure or its business, or any amalgamation, combination, merger or consolidation involving the Corporation, to create or issue any bonds, debentures, shares or other securities of the Corporation or to determine the rights and conditions attaching thereto, to effect the dissolution or liquidation of the Corporation or any sale or transfer of all or any part of its assets or business, or to effect any other corporate act or proceeding, whether of a similar character or otherwise, whether or not any such action referred to in this section would have an adverse effect on this Plan or any Option granted hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) In the event of any subdivision, redivision or other similar change in the Shares at any time prior to the termination of an Option into a greater number of Shares, the Corporation shall deliver at the time of any exercise thereafter of an Option such additional number of Shares as would have resulted from such subdivision, redivision or change if such exercise of an Option had taken place prior to the date of such subdivision, redivision or change and the Exercise Price for such Shares shall be adjusted accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any merger, consolidation, recapitalization or other similar corporate change affecting the Shares at any time prior to the termination of an Option, the Board shall make such adjustments as each deems equitable to the number and kind of shares or other property to be delivered by the Corporation on any exercise thereafter of an Option, the Exercise Price of an Option and any other term of the Option as it deems necessary to prevent the dilution or enlargement of the rights of Participants thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No fractional Shares shall be issued upon the exercise of an Option. If, as a result of any adjustment under this Section 15 a Participant would be entitled to a fractional Share, the Participant shall have the right to acquire only the adjusted number of full Shares and no payment or other adjustment shall be made with respect to the fractional Shares so disregarded.

**16. Change in Control**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything else in this Plan or any Stock Option Plan Agreement, the Board has the right to provide for the conversion or exchange of any outstanding Options into or for options, rights or other securities in any entity participating in or resulting from a Change in Control (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the Corporation entering into a binding agreement relating to a transaction which, if completed, would result in a Change in Control, the Corporation shall give written notice of the proposed Change in Control to the Participants, together with a description of the effect of such Change in Control on outstanding Options, not less than 10 days prior to the closing of the transaction resulting in the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of and in connection with a transaction that would constitute a Change in Control, notwithstanding anything else in this Plan but subject to the specific terms of any Stock Option Plan Agreement to the contrary, the Board shall have the right, in its discretion, to deal with any or all Options (or any portion thereof) issued under this Plan in the manner it deems fair and reasonable in the circumstances of the Change in Control. Without limiting the generality of the foregoing, in connection with a Change in Control, the Board, without any action or consent required on the part of any Participant, shall have the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine that the Options, in whole or in part and whether vested or unvested, shall remain in full force and effect in accordance with their terms after the Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide for the conversion or exchange of any or all Options (or any portion thereof, whether vested or unvested) into or for options, rights or other securities in any entity participating in or resulting from a Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cancel any unvested Options (or any portions thereof) without payment of any kind to any Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) accelerate the vesting of outstanding Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) provide for outstanding Options to be purchased;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) accelerate the date by which any or all Options or any portion thereof, whether vested or unvested, must be exercised either in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) deem any or all Options or any portion thereof, whether vested or unvested (including those accelerated pursuant to this Plan) to have been exercised in whole or in part, tender, on behalf of the Participant, the underlying Shares that would have been issued pursuant to the exercise of such Options to any third party purchaser in connection with the Change in Control, and pay to the Participant on behalf of such third party purchaser an amount per underlying Share equal to the positive difference between the Change in Control price of the Shares and the applicable Exercise Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) cancel any or all outstanding Options (including those accelerated under pursuant to this Plan) either in whole or in part and pay to the Participant an amount per underlying Share equal to the positive difference between the Change in Control price of the Shares and the applicable Exercise Price; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) take such other actions, and combinations of the foregoing actions or any other actions permitted under this Section 16(c), as it deems fair and reasonable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of this Agreement, a **"Change in Control"** means the happening of any of the following events: (i) any transaction pursuant to which (A) the Corporation goes out of existence, or (B) any person, or any associate or affiliated corporation of such person (as those terms are defined in the *Business Corporations Act* (British Columbia) (the "BCBCA")), (other than the Corporation, a subsidiary of the Corporation or an employee benefit plan of the Corporation (including any trustee of such plan acting as trustee)) hereafter acquires the direct or indirect "beneficial ownership" (as defined in the BCBCA) of securities of the Corporation representing 50% or more of the aggregate voting power of all of the Corporation's then issued and outstanding securities; (ii) the sale of all or substantially all of the Corporation's assets to a person other than a person that was an affiliated corporation of the Corporation; (iii) the dissolution or liquidation of the Corporation except in connection with the distribution of assets of the Corporation to one or more persons which were affiliated corporations prior to such event; or (iv) the occurrence of a transaction requiring approval of the Corporation's shareholders involving the acquisition of the Corporation by an entity through purchase of assets, by amalgamation or otherwise.

**17. Alterations in Plan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 17(b), the Board or the Administrators may at any time or from time to time without shareholder approval alter, amend, vary, suspend, terminate or cancel the Plan or amend any Options issued pursuant to the Plan. The foregoing ability to alter, amend, vary, suspend, terminate or cancel the Plan or amend ay Options issued pursuant to the Plan shall be subject to the rules of the TSX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any additional requirements of the rules of the TSX, the following amendments to the Plan or to Options issued pursuant to the Plan shall not be made without prior approval of the TSX and approval of the shareholders of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)a reduction in the Exercise Price of an Option held by an Insider of the Corporation;

ii)an extension of the term of an Option held by an Insider of the Corporation;

iii)any amendment to remove the Insider participation limits set out in Section 5;

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iv)an increase in the maximum number of Common Shares issuable pursuant to Options granted under this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v)amendments to this Section 17.

**18. Termination of Plan**

The Board may terminate the Plan at any time in its discretion. If the Plan is so terminated, no further Options shall be granted but the Options then outstanding shall continue in full force and effect in accordance with the provisions set out above.

**19. Compliance with Statutes and Regulations**

The granting of Options and the sale of Shares under the Plan shall be carried out in compliance with applicable statutes and with the regulations of governmental authorities.

**20. Participant's Entitlement**

Except as otherwise provided in this Plan, Options previously granted under this Plan, whether or not then exercisable, are not affected by any change in the relationship between, or ownership of, the Corporation and an affiliated corporation. For greater certainty, all Options remain valid and exercisable in accordance with the terms and conditions of this Plan and are not affected by reason only that, at any time, an affiliated corporation ceases to be an affiliated corporation.

**<br>21. Withholding Taxes**

The exercise of each Option granted under this Plan is subject to the condition that if at any time the Corporation determines, in its discretion, that the satisfaction of withholding tax or other withholding liabilities is necessary or desirable in respect of such exercise, such exercise is not effective unless such withholding has been effected to the satisfaction of the Corporation. In such circumstances, the Corporation may require that a Participant pay to the Corporation, in addition to and in the same manner as the Exercise Price for the Shares, such amount as the Corporation is obliged to remit to the relevant taxing authority in respect of the exercise of the Option. Any such additional payment is due no later than the date as of which any amount with respect to the Option exercised first becomes includable in the gross income of the Participant for tax purposes.

**22. Rights of Participant**

No Participant has any claim or right to be granted an Option (including, without limitation, an Option granted in substitution for any Option that has expired pursuant to the terms of this Plan), and the granting of any Option is not to be construed as giving a Participant a right to remain in the employ of the Corporation or an affiliated corporation. No Participant has any rights as a shareholder of the Corporation in respect of Shares issuable on the exercise of rights to acquire Shares under any Option until the allotment and issuance to the Participant of certificates representing such Shares.

**23. Indemnification**

Every Director will at all times be indemnified and saved harmless by the Corporation from and against all costs, charges and expenses whatsoever including any income tax liability arising from any such indemnification, that such Director may sustain or incur by reason of any action, suit or proceeding, taken or threatened against the Director, otherwise than by the Corporation, for or in respect of any act done or omitted by the Director in respect of this Plan, such costs, charges and expenses to include any amount paid to settle such action, suit or proceeding or in satisfaction of any judgement rendered therein. This indemnification is in addition to any rights of indemnification a Director may have under the Articles of the Corporation, any agreement, any vote of shareholders or disinterested directors or otherwise.

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**24. Participation in the Plan**

The participation of any Participant in the Plan is entirely voluntary and not obligatory and shall not be interpreted as conferring upon such Participant any rights or privileges other than those rights and privileges expressly provided in the Plan. In particular, participation in the Plan does not constitute a condition of employment nor a commitment on the part of the Corporation to ensure the continued employment of such Participant. The Plan does not provide any guarantee against any loss which may result from fluctuations in the market value of the Shares. The Corporation does not assume responsibility for the income or other tax consequences for the Participants and they are advised to consult with their own tax advisors.

**25. Governing Law**

The Plan, and determinations made and actions taken in connection with the Plan, shall be governed by the laws of the Province of British Columbia and the federal laws of Canada and construed in accordance therewith.

**26. U.S. Participants** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This section shall only apply to a Participant who is a U.S. citizen, U.S. permanent resident or U.S. tax resident or a Participant for whom a benefit under this Plan would otherwise be subject to U.S. taxation under the U.S. Internal Revenue Code of 1986, as amended (the "**U.S. Code**"), and the rulings and regulations in effect thereunder (a "**U.S. Participant**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Option awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Section 409A of the U.S. Internal Revenue Code and the U.S. Treasury Regulations and other U.S. Internal Revenue Service guidance promulgated thereunder as in effect from time to time ("**Section 409A**") and will be construed and interpreted in accordance with such intent. To the extent that an Option award, or the settlement or deferral thereof, is subject to Section 409A, the Option will be granted, paid, settled or deferred in a manner that will meet the requirements of Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Options granted hereunder are intended to be treated as nonqualified stock options under the U.S. Code. Notwithstanding Section 3(b), the aggregate number of Shares reserved for issuance under the Plan shall not exceed the greater of (i) 15% of the issued and outstanding Common Shares of the Corporation as at the date of grant (on a non-diluted basis), and (ii) 3,800,000.

**27. United States Securities Laws Matters**

No Options shall be granted in the United States of America, its territories and possessions, any state of the United States and the District of Columbia (the "**United States**") and no Common Shares shall be issued in the United States upon exercise of any such Options unless such securities are registered under the U.S. Securities Act and any applicable state securities laws or an exemption from such registration is available. Any Options issued in the United States, and any Common Shares issued upon exercise thereof, will be "restricted securities" (as such term is defined in Rule 144(a)(3) under the U.S. Securities Act). Any certificate or instrument representing Options granted in the United States or Common Shares issued in the United States upon exercise of any such Options pursuant to an exemption from registration under the U.S. Securities Act and applicable state securities laws shall bear the following legend restricting transfer under applicable United States federal and state securities laws:

"THE SECURITIES REPRESENTED HEREBY [*and for Options, the following will be added:* AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF] HAVE NOT BEEN AND WILL NOT

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BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (1) RULE 144 THEREUNDER, IF AVAILABLE, OR (2) RULE 144A THEREUNDER, IF AVAILABLE, AND IN EACH CASE IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN CONNECTION WITH ANY TRANSFERS PURSUANT TO (C)(1) OR (D) ABOVE, THE SELLER HAS FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION, TO THAT EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

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**<u>Schedule 1</u>**

**ORION DIGITAL CORP.**

**STOCK OPTION PLAN AGREEMENT**

NOW THEREFORE this agreement is entered into this [ ] day of [ ], [ ] (the "**Date of Grant**") between Orion Digital Corp. (the "**Corporation**") and _____________________(the "**Participant**") pursuant to the Stock Option Plan (the "**Plan**") implemented by the Corporation effective June 21, 2019 as amended to date, a copy of which is annexed hereto.

1. Pursuant to the Plan, the Corporation hereby grants non-assignable, non-transferable options (collectively, the "**Options**") to acquire _______________ Shares (as defined in the Plan) at an exercise price of $[•] per Share (the "**Exercise Price**") and agrees to issue Shares to the Participant in accordance with the terms of the Plan upon the due exercise of the Options.

2. The Options will vest and be exercisable as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fraction of Total Number of <u>Shares that may be Purchased</u>** | &nbsp;&nbsp;**<br><u>Exercise Period</u>** |
| &nbsp;&nbsp;1/4<br>| &nbsp;&nbsp;Shall vest on the first anniversary of the date of grant; and |
| &nbsp;&nbsp;1/48 | &nbsp;&nbsp;Shall vest at the end of each month following the first anniversary of the date of grant up to and including the fourth anniversary of the date of grant;  |

---

with the result that the entire Option subject to the grant shall be vested and exercisable as of the fourth anniversary of the date of grant. Once a portion of an Option that has vested becomes exercisable, it remains exercisable until expiration or termination of the Option, unless otherwise specified by the Board in connection with the grant of such Option or pursuant to the Plan.

3. The exercise of the Options granted hereby, issuance of Shares and ownership of the Shares are subject to the terms and conditions of the Plan (all of which are incorporated into and form part of this Stock Option Plan Agreement) and this Stock Option Plan Agreement.

4. Nothing in the Plan or in this Stock Option Plan Agreement will affect the Corporation's right, or that of an affiliated corporation, to terminate the employment of, term of office of, or consulting agreement or arrangement with a Participant at any time for any reason whatsoever. Upon such termination, a Participant's rights to exercise Options will be subject to restrictions and time limits for the exercise of Options. Complete details of such restrictions are set out in the Plan, and in particular in Section 8 thereof.

5. Each notice relating to the Option, including the exercise thereof, must be in writing. All notices to the Corporation must be delivered personally or by prepaid registered mail and must be addressed to the secretary of the Corporation. All notices to the Participant will be addressed to the principal address of the Participant on file with the Corporation. Either the Corporation or the Participant may designate a different address by written notice to the other. Such notices are deemed to be received, if delivered personally, on the date of delivery, and if sent by prepaid, registered mail, on the fifth business day following the date of mailing. Any notice given by either the Participant or the Corporation is not binding on the recipient thereof until received.

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6. The Participant hereby agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any rule, regulation or determination, including the interpretation by the Board or the Administrators of the Plan, the Option granted hereunder and the exercise thereof, is final and conclusive for all purposes and binding on all persons including the Corporation and the Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the grant of the Option does not affect in any way the right of the Corporation or any affiliated corporation to terminate the employment of the Participant.

7. The exercise of the Options must be exempt or not subject to the registration under the applicable United States federal and state securities laws. Furthermore, by its acceptance of this Option, the Participant acknowledges and agrees that any Common Shares issued in the United States of America, its territories and possessions, any state of the United States and the District of Columbia (the "**United States**") upon the exercise of any Options pursuant to an exemption from registration under the United States Securities Act of 1933, as amended, and applicable state securities laws shall bear the following legend restricting transfer under applicable United States federal and state securities laws:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION PROVIDED BY (1) RULE 144 OF THE U.S. SECURITIES ACT, IF AVAILABLE, OR (2) RULE 144a THEREUNDER, IF AVAILABLE, AND IN EACH CASE IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF PARAGRAPH (C)(1) OR (D), THE SELLER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE OR OTHER EVIDENCE SATISFACTORY TO THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

8. This Stock Option Plan Agreement shall be binding upon and enure to the benefit of the Corporation, its successors and assigns and the Participant and the legal representative of the Participant's estate and any other person who acquires Shares by bequest or inheritance.

9. By executing this Stock Option Plan Agreement, the Participant confirms and acknowledges that the Participant has not been induced to enter into this agreement or acquire any Options by expectation of employment or continued employment with the Corporation or its subsidiaries.

10. This Stock Option Plan Agreement has been made in and is to be construed under and in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein.

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---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;**ORION DIGITAL CORP.**<br>Per:  |
|  |  | &nbsp;&nbsp; Authorized Signatory<br>|
| &nbsp;&nbsp;SIGNED, SEALED AND DELIVERED<br> in the presence of<br>(Witness) | &nbsp;&nbsp;)))))) | &nbsp;&nbsp; <br>(Signature of Participant) |

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**** 

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**<u>Exhibit A to Schedule 1</u>**

**NOTICE TO EXERCISE**

**TO:** The Secretary of Orion Digital Corp. (the "**Corporation**")

(a) The undersigned hereby elects to purchase ________________ Shares (as defined in the Stock Option Plan of the Corporation dated June 21, 2019 as amended to date (the **"Plan"**)) pursuant to the terms of the stock option plan agreement dated [ ] [ ], [ ] (the "**Option Agreement**") between the undersigned and the Corporation, and tenders herewith payment in full of the purchase price thereof.

(b) Please issue a certificate or certificates representing the Shares in the name of the undersigned, whose address is as follows:

___________________________________

___________________________________

___________________________________

___________________________________

(c) The undersigned hereby represents, warrants and certifies as follows (only one of the following must be checked):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.  The undersigned (i) at the time of exercise of the Options is not in the United States of America, its territories or possessions, any state of the United States or the District of Columbia (the "**United States**") and is not exercising this Option on behalf of a person in the United States and (ii) did not execute or deliver this Notice of Exercise form in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.  The undersigned has delivered an opinion of counsel of recognized standing or other evidence in form and substance reasonably satisfactory to the Corporation to the effect that an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and applicable state securities laws is available for the issuance of the Shares.

**Note**: The undersigned understands that unless Box A is checked, the certificates representing the Shares will bear a legend restricting transfer without registration under the U.S. Securities Act and applicable state securities laws unless an exemption from registration is available.

**Note**: Certificates representing Shares will not be registered or delivered to an address in the United States unless Box B above is checked.

**Note**: If Box B is checked, any opinion or other evidence tendered must be in form and substance reasonably satisfactory to the Corporation. Participants planning to deliver an opinion of counsel or other evidence in connection with the exercise of Options should contact the Corporation in advance to determine whether any opinions or other evidence to be tendered will be acceptable to the Corporation.

------

Dated this __________ day of _____________________________,

(Signature of Participant)

(Name of Participant – Please Print)

------

## Exhibit 8.1

**Exhibit 8.1**

**LIST OF SUBSIDIARIES OF MOGO INC.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Entity** | &nbsp;&nbsp;**Jurisdiction of Incorporation** |
| &nbsp;&nbsp;Mogo Finance Technology Inc. | &nbsp;&nbsp;British Columbia |
| &nbsp;&nbsp;Mogo Financial Inc. | &nbsp;&nbsp;Manitoba |
| &nbsp;&nbsp;IntelligentInvesting Securities Inc. | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;IntelligentInvesting Financial Technologies Inc. | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;IntelligentInvesting Wealth Management Inc. | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;Carta Solutions Holding Corp. | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;Carta Financial Services Ltd. | &nbsp;&nbsp;United Kingdom |

---

------

## Exhibit 11.1

![img44458011_0.gif](img44458011_0.gif)

**Insider Trading Policy**

&nbsp;&nbsp; ![img44458011_1.jpg](img44458011_1.jpg)![img44458011_2.jpg](img44458011_2.jpg)![img44458011_3.jpg](img44458011_3.jpg)TSX: **ORIO** NASDAQ: **ORIO**<br>

**Who is this for?** 

This Policy applies to all employees, contractors, and consultants, herein referred to as employees as well as members of the Board of Directors ("directors"). The Policy also applies to persons or companies who acquire information from a source known by them to be in a *special relationship* (as defined within this Policy) with Orion Digital (including spouses and close friends).

**Key Messages**<br>

 This Policy outlines what is expected of all employees and directors in relation to trading Orion Digital securities.

 You may not trade in Orion Digital's securities without providing prior notification to Orion Digital's Chief Financial Officer ("CFO") and Investor Relations via trading@oriondigitalcorp.com and receiving confirmation to proceed with your trade.

 This Policy should be viewed as the <u>minimum</u> criteria for compliance with insider trading laws. Additional guidance should be sought when uncertainty exists regarding a contemplated transaction.

 Employees and directors are notified of blackout periods and must not trade Orion Digital securities during these periods.

 Any inquiry as to the application of this Policy and related procedures should be directed to Investor Relations or you may email trading@oriondigitalcorp.com

**Private & Confidential – Property of Orion Digital Corp.**

**Last updated: April 2026**

**Owner: Legal and Compliance**

**Approver: Board of Directors** 

**Prepared by: Legal and Compliance** 

------

**Table of Contents**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** | **Policy Overview** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** | **Key Principles** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Responsibility to Abide by Policies and Procedures | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | Persons in a "Special Relationship" with Orion Digital | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) | Confidentiality | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) | General Restrictions on Trading by Persons in a Special Relationship with Orion Digital | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) | "Blackout" Procedures | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) | Insiders | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) | Material Information – Definitions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) | Examples of Material Changes Requiring Disclosure | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) | Sanctions | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** | **Policy Governance** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** | **Policy Update** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Appendix A - SEDI Filing by Insiders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Appendix A - SEDI Filing by Insiders** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Appendix B - Acknowledgement** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Appendix B - Acknowledgement** | 16 |

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**1. Policy Overview** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Introduction**  | &nbsp;&nbsp; <br>It is a cornerstone of the capital markets in Canada and the United States that all persons investing in securities listed on a public stock exchange have equal access to information that may affect their investment decisions. Public confidence in the integrity of the capital markets requires timely disclosure of material information concerning the business and affairs of companies, like Orion Digital Corp., including its subsidiaries and affiliates (collectively, "Orion Digital"), whose shares are listed on the Toronto Stock Exchange and the NASDAQ Stock Market LLC (each an "Exchange"), thereby placing all market participants on an equal footing. <br>The Insider Trading Policy (this "Policy") outlines what is expected of all employees in relation to trading Orion Digital securities.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Statement of policy** | &nbsp;&nbsp; <br>You're responsible to read and understand this Policy and to follow all procedures and processes related to trading Orion Digital securities, including but not limited to the following:<br> If you possess material, non-public information relating to Orion Digital you may not pass any such information on to others.<br> You may <u>not</u> trade your Orion Digital securities during the period commencing as of the close of trading on the Toronto Stock Exchange and/or the NASDAQ Stock Market LLC on the last business day each fiscal quarter or year-end and ending at the close of business on the first trading day following the date on which Orion Digital publicly releases such quarterly or annual results.<br> You may not trade in Orion Digital's securities without providing prior notification to Orion Digital's Chief Financial Officer ("CFO") and Investor Relations via trading@oriondigitalcorp.com and receiving confirmation to proceed with your trade. <br> You should not trade in call or put options or short-sell the securities of Orion Digital and should acquire these securities only as a long-term investment.<br> This Policy should be viewed as the <u>minimum</u> criteria for compliance with insider trading laws. Additional guidance should be sought when uncertainty exists regarding a contemplated transaction.<br> Reporting Insiders are required to file reports with the British Columbia Securities Commission.<br> Any inquiry as to the application of this Policy and related procedures should be directed to Investor Relations or you may email trading@oriondigitalcorp.com<br>|

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**2. Key Principles** 

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The following general principles are part of a disciplined framework that is intended to guide consistent application of procedures and minimize errors and omissions in acting on the Policy.

**(a) Responsibility to Abide by Policies and Procedures** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Your responsibilities** <br>| &nbsp;&nbsp; <br>The policies and procedures set forth herein present only a general framework within which a person or company in a special relationship with Orion Digital may purchase and sell securities of Orion Digital without violating securities laws.<br>**You bear the ultimate responsibility for complying with securities laws.**<br>You should therefore view this Policy and the attendant procedures as the minimum criteria for compliance with insider trading laws and should obtain additional guidance when uncertainty exists regarding a contemplated transaction. |

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**(b) Persons in a "Special Relationship" with Orion Digital** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Who is included in "special relationships"?**  | &nbsp;&nbsp; <br>The restrictions on insider trading set out in section 57.2 of the Securities Act (British Columbia) apply to any person or company in a "special relationship" with an issuer. For the purposes of this Policy, persons in such a relationship with Orion Digital include:<sup>1</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. directors, officers and employees of Orion Digital<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. insiders of Orion Digital<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a person or company that either: (a) is or proposes to engage in, or (b) is considering or evaluating whether to engage in, any business or professional activity with or on behalf of Orion Digital, as well as, and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. a person or company that learns of a material fact or material change from another person or company and knows or ought reasonably to have known that the other person or company is in a special relationship with Orion Digital. <br>Thus, each of the employees and the insiders of Orion Digital are in a special relationship with Orion Digital. As such, the provisions of this Policy apply to each of them and they are all restricted from trading on the basis of material information regarding the business and affairs of Orion Digital that is not generally disclosed. The policies set out herein are designed to assist the  |

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<sup>1</sup> Additional persons considered to be in a *special relationship* with Orion Digital will include those who are insiders, affiliates or associates of Orion Digital, a person or company proposing to make a take-over bid of Orion Digital, and a person or company proposing to become a party to a reorganization, amalgamation, merger, arrangement or similar business combination with Orion Digital.

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employees and insiders of Orion Digital in complying with applicable securities laws.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Continuing obligation**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>Persons who learned of a *material fact* or *material change* while in a *special relationship* with Orion Digital, but who are no longer in such a *special relationship*, are similarly prohibited from purchasing or selling Orion Digital securities, unless the material fact or material change has been generally disclosed.<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;**Scope of tippees** | &nbsp;&nbsp; <br>The potential scope of a chain of tippees<sup>2</sup> is significantly expanded by the inclusion in the definition of *special relationship*, persons or companies who acquire information from a source known to them to have a *special relationship* with Orion Digital. It would, for example, also capture spouses and close friends.<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;**Restrictions on confidential information**  | &nbsp;&nbsp; <br>Orion Digital has established a firm rule prohibiting all persons who have access to confidential information from making use of such information in trading in Orion Digital's securities before such information has been fully disclosed to the public and a reasonable period of time for dissemination of the information has passed. (See "General Restrictions on Trading by Persons in a *Special Relationship* with Orion Digital"). |

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**(c) Confidentiality** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**No tipping / maintain confidentiality**  | &nbsp;&nbsp;No one in a *special relationship* with Orion Digital may inform or 'tip' another person or company of a previously undisclosed *material fact* or *material change* with respect to the business and affairs of Orion Digital, other than in the necessary course of business. Such tipping is in direct contravention of securities laws and exposes the disclosing party to potential sanctions. <br>Unless specifically authorized by senior management, you must maintain undisclosed material information regarding the business and affairs of Orion Digital in strict confidence. The following questions should be considered prior to any disclosure being made:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the information a *material fact* or a *material change?*<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Has the information in question been generally disclosed?<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Is the disclosure in the necessary course of business? |

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<sup>2</sup> Tipping is discussed under the heading "Confidentiality."

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Where you are uncertain about any of the above questions, a member of Senior Management should be contacted prior to the disclosure of any information.

**(d) General Restrictions on Trading by Persons in a Special Relationship with Orion Digital**

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| | |
|:---|:---|
| &nbsp;&nbsp;**General trading restrictions**  | &nbsp;&nbsp;Persons or companies in a *special relationship* with Orion Digital and who either possess or have access to *material information* regarding the business and affairs of Orion Digital are prohibited from trading until the *material information* has been fully disclosed to the public and a reasonable period of time has passed for the information to be disseminated. <br>This prohibition applies not only to trading in the securities of Orion Digital but also to trading in other securities whose value might be affected by changes in the price of Orion Digital's securities. Furthermore, persons or companies in a *special relationship* with Orion Digital who possess material non-public information relating to Orion Digital may not pass any such information onto others (*tippees*).<br>Persons or companies in a *special relationship* with Orion Digital who, while acting for Orion Digital, obtain material non-public information which relates to any other company, including customers or suppliers of Orion Digital, may not buy or sell securities of that company or otherwise misuse such information. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Long-term investment**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Digital prohibits insiders from engaging in the following transactions with respect to the securities of Orion Digital:<br> selling short, or<br> trading in call or put options.<br>You should also refrain from frequent buying and selling of Orion Digital securities for the purpose of realizing the short-term profits and should acquire securities only as a long-term investment. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Additional trading restrictions**  | &nbsp;&nbsp;As noted above under the heading "Confidentiality", persons or companies in a *special relationship* with Orion Digital must not discuss or disclose any non-public information about Orion Digital or its activities that may have an impact on the value of Orion Digital's shares.<br>The restrictions on trading based on *material information* apply not only when such information is non-public, but also for a limited time after such information has been made public. Orion Digital's shareholders and the investing public must be afforded time to receive and digest *material information*.<br>As a general rule, you should consider material information to be non-public from the time that you become aware of it until at least one business day after it has been released by Orion Digital to the public and, accordingly, you should  |

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&nbsp;&nbsp;not engage in any share transactions until the second business day after *material information* has been released to the public. If the information is complex or is not widely disseminated, you should consider waiting for an even longer period of time.<br>The restrictions on trading set forth above apply not only to a person with material information but also to members of that person's household. They are responsible for the compliance by such persons of these restrictions and should, if necessary, review this Policy with them and the general prohibitions on insider trading.<br>The foregoing prohibition also prohibits the exercise of stock options granted under the Orion Digital's stock option plan.<br>

**(e) "Blackout" Procedures** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Release of financial statements**  | &nbsp;&nbsp;In general, persons or companies in a special relationship with Orion Digital may not trade their securities in Orion Digital during the period commencing as of the close of trading on an Exchange on the last business day of each fiscal quarter or year-end and ending at the close of business on the first trading day following the date on which Orion Digital publicly releases such quarterly or annual results (the "Regular Blackout Period"). For the purposes hereof, the open or close of business shall be defined as the open or close of trading on the applicable Exchange. <br>Note that Orion Digital must release its interim financial statements no later than 45 days following the end of each three-month period and must release its audited annual financial statements no later than 90 days following the end of its financial year end.<br>Except in limited circumstances, Orion Digital's board of directors will not grant options with an effective date during a Regular Blackout Period and will not allow the exercise of stock options granted under Orion Digital's stock option plan during a Regular Blackout Period. Orion Digital's stock option plan provides for an automatic extension of the expiry date of options that would otherwise be scheduled to expire during a blackout period. In the event that the expiry date of any option occurs during, or within ten (10) business days following, a blackout period the expiry date of the option shall be automatically extended to the date which is ten (10) business days immediately following the end of the blackout period.<br>Senior Management of Orion Digital shall take reasonable precautions to ensure that access to undisclosed *material information* is restricted to those employees, officers, directors and others who must have access to such information for the purpose of performing the duties expected of them by Orion Digital. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Notification requirement before trading securities**  | &nbsp;&nbsp;Employees are notified of blackout periods and must not trade Orion Digital securities during these periods.  |

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Notwithstanding the above, all insiders of Orion Digital must provide <u>prior</u> notification to the CFO by email at trading@oriondigitalcorp.com before trading in any securities of Orion Digital.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Additional blackout periods**  | &nbsp;&nbsp;All persons or companies subject to this Blackout Policy shall also observe additional "blackout periods" due to material developments which may arise, as specified from time to time by the Chief Executive Officer ("CEO") or CFO, during which times trading shall be prohibited (the "Special Blackout Period").<br>Orion Digital's board of directors will not grant options with an effective date during a Special Blackout Period and will not allow the exercise of stock options granted under Orion Digital's stock option plan during a Special Blackout Period to those under the Special Blackout period. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Waiver of blackout policy**  | &nbsp;&nbsp;The board of directors may waive in whole or in part the Regular Blackout Period in its discretion, provided that no Special Blackout Period is then in effect. |

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**(f) Insiders**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Background and definition of Insider**  | &nbsp;&nbsp;Certain persons and companies who are in a *special relationship* with Orion Digital are also considered *Insiders* of Orion Digital and, as such, have certain reporting obligations. <br>Insider trading is strictly regulated by Sections 57.2 and 136 of the *Securities Act* (British Columbia) and the regulations made thereunder. The securities laws of other provinces and the United States also regulate insider trading in their respective jurisdictions.<br>The definition of the term *insider* will vary from statute to statute, but in any case will include directors and senior officers of Orion Digital and large shareholders. In British Columbia, where a company is an insider of a reporting issuer, directors and officers of that company are also considered insiders of the reporting issuer. |

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| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Who is considered an Insider?**  | &nbsp;&nbsp;In addition to complying with the restrictions imposed on persons and companies in a special relationship with Orion Digital, Reporting Insiders of Orion Digital will be required to electronically file insider reports through the System for Electronic Disclosure by Insiders ("SEDI"). A Reporting Insider means an insider of Orion Digital if the insider is:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the CEO, CFO, Chief Operating Officer ("COO"), Chief Corporate Officer ("CCorpO") (at Orion Digital this also refers to all current officers) of Orion Digital, of a significant shareholder of the reporting issuer (i.e. 10% or more) or of a major subsidiary of Orion Digital;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a director of Orion Digital, of a significant shareholder of Orion Digital or of a major subsidiary of Orion Digital; |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a person or company responsible for a principal business unit, division or function of Orion Digital;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a significant shareholder of Orion Digital;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a significant shareholder based on post-conversion beneficial ownership of Orion Digital's securities and the CEO, CFO, COO, CCorpO (at Orion Digital this also refers to all current officers) and every director of the significant shareholder based on post-conversion beneficial ownership;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a management company that provides significant management or administrative services to Orion Digital or a major subsidiary of Orion Digital, every director of the management company, every CEO, CFO, COO, CCorpO (at Orion Digital this also refers to all current officers) of the management company, and every significant shareholder of the management company;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an individual performing functions similar to the functions performed by any of the insiders described in paragraphs (a) to (f);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Orion Digital itself, if it has purchased, redeemed or otherwise acquired a security of its own issue, for so long as it continues to hold that security;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other insider that<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in the ordinary course receives or has access to information as to material facts or material changes concerning Orion Digital before the material facts or material changes are generally disclosed; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. directly or indirectly exercises, or has the ability to exercise, significant power or influence over the business, operations, capital or development of Orion Digital.<br>If you have questions about whether you fall within the Reporting Insider category please contact the CFO.<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Insider report filing requirements**  | &nbsp;&nbsp;Insider reports are due within 10 days of becoming a Reporting Insider and thereafter within five days of the date of a trade. <br>Before a Reporting Insider can file their insider reports on SEDI, they must register with www.SEDI.ca and file an insider profile. Reporting Insiders can take these steps themselves or use an agent to register and file their insider profiles and insider reports for them. For more detailed information on how to register and file insider reports on SEDI, please see **Appendix A – SEDI Filing by Insiders**. Orion Digital personnel can assist in this registration and reporting process.<br>Failure to file a report on time will result in late fees being levied on the insider and may cause future regulatory filings by Orion Digital to be reviewed or cleared on an untimely basis by securities regulators, thereby impairing Orion Digital's access to capital markets. |

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| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Acknowledgement** <br>| &nbsp;&nbsp; <br>Each Insider must complete the form of acknowledgement attached hereto as Appendix B and return same to the CFO as soon as possible. <br>|

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**(g) Material Information – Definitions** 

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| | |
|:---|:---|
| &nbsp;&nbsp;**Material information** | &nbsp;&nbsp;*Material information* is any information relating to the business and affairs of Orion Digital that results in or would reasonably be expected to result in a significant change in the market price or value of any of Orion Digital's securities.<br>*Material information* consists of both *material facts* and *material changes* relating to the business and affairs of Orion Digital. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Material fact**  | &nbsp;&nbsp;*Material fact* means a fact that significantly affects or would reasonably be expected to have a significant effect on the market price or value of Orion Digital's securities.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Material change**  | &nbsp;&nbsp;*Material change* means a change in the business, operations or capital of Orion Digital that would reasonably be expected to have a significant effect on the market price or value of any of the securities of Orion Digital and includes a decision to implement the change by the board of directors of Orion Digital or by its senior management who believe that confirmation of the decision by the board of directors is probable. |

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**(h) Examples of Material Changes Requiring Disclosure** 

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| | |
|:---|:---|
| &nbsp;&nbsp;***Securities Act***  | &nbsp;&nbsp;The *Securities Act* (British Columbia) requires the disclosure of any *material change* by filing a report with the British Columbia Securities Commission as soon as reasonably practicable and, in any event, within 10 days of the date on which such change occurs. <br>The following are examples of the types of events or information that may be material. Most of these examples are taken from National Policy 51-201 - *Disclosure Standards*, which is a policy of each of the securities regulators in Canada. This list is not exhaustive and is not a substitute for parties exercising their own judgement in making materiality determinations. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Corporate Structure**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in corporate structure include: <br> changes in share ownership that may affect control of the company<br> major reorganizations, amalgamations, or mergers<br> take-over bids, issuer bids, or insider bids |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Capital Structure**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in capital structure include:<br> the public or private sale of additional securities<br> planned repurchases or redemptions of securities<br> planned splits of common shares or offerings of warrants or rights to buy shares<br> any share consolidation, share exchange, or stock dividend<br> changes in a company's dividend payments or policies<br> the possible initiation of a proxy fight<br> material modifications to rights of security holders |

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| | |
|:---|:---|
| &nbsp;&nbsp; <br>**Financial Results**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in financial results include: <br> a significant increase or decrease in near-term earnings prospects<br> unexpected changes in the financial results for any periods<br> shifts in financial circumstances, such as cash flow reductions, major asset write-offs or writedowns<br> changes in the value or composition of the company's assets<br> any material change in Orion Digital's accounting policy<br> changes in any financial metric that would indicate a significant change in Orion Digital's future prospects |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Business and Operations**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in business and operations include:<br> any development that affects the Orion Digital's resources, technology, products or markets<br> a significant change in capital investment plans or corporate objectives<br> major labour disputes or disputes with major contractors or suppliers<br> significant new contracts, products, patents, or services or significant losses of contracts or business<br> significant discoveries by resource companies<br> changes to the board of directors or executive management, including the departure of the company's CEO, CFO, COO, CCorpO (at Orion Digital this also refers to all current officers) or president [or persons in equivalent positions]<br> the commencement of, or developments in, material legal proceedings or regulatory matters<br> waivers of Orion Digital's ethics and conduct rules for officers, directors, and other key employees |

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 any notice that reliance on a prior audit is no longer permissible de-listing of Orion Digital's securities or their movement from one quotation system or exchange to another

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| | |
|:---|:---|
| &nbsp;&nbsp;**Credit Arrangements**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in credit arrangements include: <br> the borrowing or lending of a significant amount of money<br> any mortgaging or encumbering of Orion Digital's assets<br> defaults under debt obligations, agreements to restructure debt, or planned enforcement procedures by a bank or any other creditors<br> changes in rating agency decisions<br> significant new credit arrangements |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Acquisitions and Dispositions**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material changes related to acquisitions and dispositions include: <br> significant acquisitions or dispositions of assets, property or joint venture interests<br> acquisitions of other companies, including a take-over bid for, or merger with, another company  |

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**(i) Sanctions** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Penalties**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to disciplinary action, Canadian securities laws provide that breach of the prohibition against trading in securities with knowledge of undisclosed material information or providing undisclosed material information to others, in addition to civil liability for damages, may result in imprisonment for up to five years and/or a fine of up to the greater of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) $5 million, and<br>ii) an amount equal to three times the profit obtained or loss avoided by reason of the contravention. <br>Penalties may also be levied by Canadian securities regulatory authorities for not complying with the requirements to file insider reports.<br>The securities commissions in the relevant jurisdictions also have broad powers to, among other things, obtain a court order that a person comply with or cease contravening the applicable provisions of securities legislation, deny the availability of certain exemptions for trades in securities or order that trading in a reporting issuer's securities cease. |

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&nbsp;&nbsp;Pursuant to U.S. federal and state securities laws, insiders may be subject to criminal and civil fines and penalties as well as imprisonment for engaging in transactions in Orion Digital's securities at a time when they have knowledge of material nonpublic information regarding Orion Digital. In addition, insiders may be liable for improper transactions by any person (i.e., a "tippee") to whom they have disclosed material nonpublic information regarding Orion Digital or to whom they have made recommendations or expressed opinions on the basis of such information as to trading in Orion Digital's securities.<br>

**3. Policy Governance** 

Good governance means that we are:

 Transparent about our practices and policies, and

 Accountable for ensuring compliance to this Policy and related policies.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Monitoring and reporting** | &nbsp;&nbsp;This Policy is reviewed periodically by Management and approved by the Board of Directors when material amendments are made.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Compliance** | &nbsp;&nbsp;All employees and directors must abide by the letter and spirit of this Policy.<br>From time to time exceptions to the policy and procedures may be required. These exceptions must be brought to the attention of the CFO, and approval must be received before taking action.  |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Consequences of violations** | &nbsp;&nbsp;Non-compliance with this Policy and related policies, procedures and guidelines may without limitation to any legal action, result in disciplinary action, up to and including termination of employment. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Related documentation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code of Business Conduct and Ethics  |

---

**4. Policy Update**

Orion Digital in its sole discretion may amend this Policy from time to time. Such amendments may be made without giving prior notice. All persons to whom this Policy applies are expected to continue to abide by the Policy as amended, and will be responsible for understanding or seeking clarification of any content outlined in this Policy and for familiarizing themselves with the most current version of this Policy, which will be posted to SharePoint.

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**Appendix A - SEDI Filing by Insiders** 

All Reporting Insiders of reporting issuers (other than mutual funds) ("SEDI Issuers") are required to file their insider reports through the System for Electronic Disclosure by Insiders ("SEDI"). SEDI is the insider trade reporting system available over the Internet at www.sedi.ca.

***As a Reporting Insider of a SEDI issuer, you need to***:

 register on SEDI

 file an insider profile

And then on a continuous basis:

 file insider reports within five days of any change in your ownership

 amend your profile if there is a change in the information disclosed

**SEDI Registration**

Before you can file your insider reports on SEDI, you must register with www.SEDI.ca. You can take these steps yourself or use an agent to register and file your insider profile and insider reports for you. Insiders who are not likely to need to file insider trade reports in the immediate future are encouraged to register only a few days in advance of their first anticipated insider report filing.

In order to register, you (or your agent) need to:

 go to the SEDI web site (www.sedi.ca) and click on 'Register as a SEDI User'

 follow the screen instructions and complete Form 55-102F5 - Register as a SEDI user

 print the completed form that is dated and time stamped, and sign it in the space provided

 fax or send it to the SEDI operator, CDS, at the address provided on Form 55-102F5

(fax: 1-866-729-8011)

CDS will then process your registration and activate your SEDI user account.

In order for any of your filings to be valid, you must complete this registration process and have your account activated by CDS as a SEDI user.

**Password and User ID**

You will be issued a password and a SEDI user ID after you complete, certify and submit your SEDI user registration on the system. The password is tied to the SEDI user ID and allows you, as that user, to log on to SEDI.

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**Insider Profiles** 

Before filing any insider reports you (or your agent) must complete and file an insider profile identifying yourself as an insider and your relationship to one or more SEDI Issuers. The insider profile will consist principally of the same information that is currently required on the paper insider report. If: (i) there is a change to your name; (ii) there is a change in your relationship to a SEDI Issuer; or (iii) you cease to be an insider of any SEDI Issuers, amendments to such profile must be filed within five days. Any other change will not be required to be filed until your next SEDI filing. Once the profile is created the insider reports must be filed through SEDI.

**Access Code**

In order to provide insiders with the ability to control the information filed by others on their behalf, SEDI will issue each insider an access code upon the filing of the insider profile. Any filing of information through SEDI on behalf of any insider or issuer will require the use of the access code in order to complete a valid filing. Insiders will have the ability to obtain a new access code at any time in order to retain ultimate control over filings made on their behalf.

**Public Access** 

Except for certain confidential personal and other information, the public will be able to access: (i) insider profiles; (ii) summary reports of insider information consisting of insider profiles and insider reports; and (iii) information relating to SEDI issuers consisting of issuer profiles and supplements and issuer event reports through the SEDI website.

**Additional Information**

The Canadian Securities Administrators Staff Notice 55-310 - Questions and Answers on the System for Electronic Disclosure by Insiders (SEDI) can be reviewed at: http://www.osc.gov.on.ca/Regulation/Rulemaking/Current/Part5/csa_20050819_55-310_not-sedi-qa.jsp

For a complete listing of requirements, please consult National Instrument 55-102 System for Electronic Disclosure by Insiders. Additional information is posted on the SEDI website at www.sedi.ca.

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**Appendix B - Acknowledgement** 

**TO: ORION DIGITAL CORP.**

**RE: INSIDER TRADING ("BLACKOUT") POLICY** 

The undersigned hereby acknowledges receipt from you of a copy of the above-referenced policy and confirms that the undersigned has read and is familiar with and agrees to be bound thereby.

**DATED** this day of , 20 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:

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## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION**

I, David Feller, Chief Executive Officer of Orion Digital Corp., certify that:

1. I have reviewed this annual report on Form 20-F of Orion Digital Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

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(d) Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

Date: April 30, 2026

<u>/s/ David Feller</u> 

David Feller<br>Chief Executive Officer

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## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION**

I, Gregory Feller, Chief Financial Officer of Orion Digital Corp., certify that:

1. I have reviewed this annual report on Form 20-F of Orion Digital Corp.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has

------

materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

5. The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

Date: April 30, 2026

<u>/s/ Gregory Feller</u> 

Gregory Feller<br>Chief Financial Officer

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## Exhibit 13.1

**Exhibit 13.1**

**CERTIFICATION**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The undersigned, as the Chief Executive Officer of Orion Digital Corp. certifies that, to the best of his knowledge and belief, the annual report on Form 20-F for the fiscal year ended December 31, 2025, which accompanies this certification:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the information contained in the annual report on Form 20-F for the fiscal year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of Orion Digital Corp. at the dates and for the periods indicated.

The foregoing certification is made pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350) and shall not be relied upon for any other purpose. The undersigned expressly disclaims any obligation to update the foregoing certification except as required by law.

Date: April 30, 2026

By: <u>_/s/ David Feller_____________________</u>

David Feller

Chief Executive Officer

(principal executive officer)

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## Exhibit 13.2

**Exhibit 13.2**

**CERTIFICATION**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The undersigned, as the Chief Financial Officer of Orion Digital Corp. certifies that, to the best of his knowledge and belief, the annual report on Form 20-F for the fiscal year ended December 31, 2025, which accompanies this certification,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the information contained in the annual report on Form 20-F for the fiscal year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of Orion Digital Corp. at the dates and for the periods indicated.

The foregoing certification is made pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350) and shall not be relied upon for any other purpose. The undersigned expressly disclaims any obligation to update the foregoing certification except as required by law.

Date: April 30, 2026

By: <u>/s/ Gregory Feller_____________________</u>

Gregory Feller

Chief Financial Officer

(principal financial officer)

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## Exhibit 15.1

Exhibit 15.1

**Consent of Independent Registered Public Accounting Firm**

The Board of Directors

Orion Digital Corp. (previously Mogo Inc.)

We consent to the use of our report dated March 20, 2024, with respect to the consolidated financial statements of Orion Digital Corp. (previously Mogo Inc.) (the "Entity"), which comprise, before the effects of the adjustments to retrospectively change the disaggregation of revenue described in note 12, the consolidated statements of operations and comprehensive income (loss), changes in equity (deficit), and cash flows for the year then ended, and the related notes (collectively, the consolidated financial statements), which report is included in the Annual Report on Form 20-F of Orion Digital Corp. (previously Mogo Inc.) for the fiscal year ended December 31, 2025.

We also consent to the incorporation by reference in the registration statement (No. 333-225733) on Form S-8 of the Entity.

/s/ KPMG LLP

Chartered Professional Accountants

Vancouver, Canada

April 30, 2026

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## Exhibit 15.2

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use of our auditor's report dated March 12, 2026, with respect to the consolidated financial statements of Orion Digital Corp. (formerly, Mogo Inc.) (the "Company") as at December 31, 2025 and for each of the years in the two year period ended December 31, 2025, in the Annual Report on Form 20-F of the Company for the year ended December 31, 2025 as filed with the United States Securities and Exchange Commission ("SEC").

We also consent to the incorporation by reference, in the Registration Statement No. 333-225733 on Form S-8, of our auditor's report dated March 12, 2026 with respect to the consolidated financial statements of Orion Digital Corp. as at December 31, 2025 and for each of the years in the two year period ended December 31, 2025, as included in the Annual Report on Form 20-F of Orion Digital Corp. for the year ended December 31, 2025, as filed with the SEC.

/s/ MNP LLP

Chartered Professional Accountants

April 30, 2026

Vancouver, Canada

------

## Exhibit 16.1

April 30, 2026

Securities and Exchange Commission<br>Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for Orion Digital Corp. (previously Mogo Inc.) ("the Company") and, under the date of March 20, 2024, we reported on the consolidated financial statements of the Company as of December 31, 2023 and 2022 and for each of the years in the three-year period ended December 31, 2023. On October 1, 2024, we resigned.

We have read the Company's statements included under Item 16F of its Annual Report on Form 20-F dated April 30, 2026, and we agree with such statements, except that we are not in a position to agree or disagree with the Company's statement in the first paragraph that the change of appointed accountants was approved by the Board of Directors, or any of the Company's statements in the third paragraph that relate to matters associated with the appointed accountants.

Very truly yours,

/s/ KPMG LLP

Chartered Professional Accountants

------

## Exhibit 20.1

?xml version='1.0' encoding='ASCII'? EX-20.1

Exhibit 20.1

---

| | |
|:---|:---|
|  | Page |
| <u>Report of Independent Registered Public Accounting Firm</u> | F-2 |
| [<u>Consolidated Statements of Financial Position as at December 31, 2025 and December 31, 2024</u>](#consolidated_statement_financial_positio) | F-7 |
| [<u>Consolidated Statements of Operations and Comprehensive Income (Loss) for the years ended December 31, 2025, December 31, 2024 and December 31, 2023</u>](#consolidated_statement_operations_compre) | F-8 |
| [<u>Consolidated Statements of Changes in Equity (Deficit) for the years ended December 31, 2025, December 31, 2024 and December 31, 2023</u>](#consolidated_statement_changes_in_equity) | F-9 |
| [<u>Consolidated Statements of Cash Flows for the years ended December 31, 2025, December 31, 2024 and December 31, 2023</u>](#consolidated_statement_cash_flows) | F-10 |
| [<u>Notes to the Consolidated Financial Statements</u>](#fsn_notes) | F-11 |

---

------

![img94458297_0.jpg](img94458297_0.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of Orion Digital Corp.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial position of Orion Digital Corp. (formerly, Mogo Inc.) (the "Company") as of December 31, 2025 and 2024 and the related consolidated statements of operations and comprehensive income (loss), changes in equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the "consolidated financial statements").

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2025 and 2024 and the results of its consolidated operations and its consolidated cash flows for the years then ended, in conformity with IFRS<sup>®</sup>Accounting Standards as issued by the International Accounting Standards Board.

We have also audited the reclassification of prior year presentation change in the disaggregation of revenue described in Note 12 to the consolidated financial statements as of December 31, 2023. In our opinion, such reclassification have been properly applied. We were not engaged to audit, review or apply any procedures to the 2023 consolidated financial statements of the Company other than with respect to the reclassification, and accordingly, we do not express an opinion or any other form of assurance on the 2023 consolidated financial statements taken as a whole.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

---

| | |
|:---|:---|
| **MNP LLP**<br>Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre | <br>1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca  |

---

------

**Assessment of Allowances for Loan Losses**

Loans receivable, net represent lines of credit advanced to customers in the normal course of business. The Company applies a three-stage approach to measure the allowances for loan losses, using an expected credit loss approach pursuant to the provisions of IFRS 9 *Financial Instruments* expected credit losses ("ECL") framework. The Company's ECL approach involves the application of a probability-weighted estimate of future credit losses, post-charge off recoveries and trends in forward-looking macroeconomic factors. The Company's allowance for loan losses as of December 31, 2025 was $16,982 thousand. Refer to Notes 3c and 3(o)(i) and 4 of the consolidated financial statements for further details.

We considered this a critical audit matter, as auditing the allowances for loan losses represented an area of significant risk of material misstatement given the magnitude of the effect of the provision on net earnings and the high degree of estimation uncertainty in determining the allowance recorded. Assessing the allowance for loan losses required significant auditor judgment to assess the measurement uncertainty and evaluate the sufficiency of audit evidence obtained. The procedures associated with the ECL estimate required significant audit effort, including the involvement of internal specialists.

We responded to this critical audit matter by performing procedures in relation to the allowances for loan losses. Our audit work in relation to this included, but was not restricted to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evaluated the design and implementation of certain internal controls over management's review of the ECL model, which includes their review of forward-looking information and the time periods used to determine the expected probability of a default event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assessed whether the methodology and assumptions used in the ECL model are consistent with IFRS 9 *Financial Instruments* and obtained audit evidence supporting assumptions where relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evaluated the reasonableness of the segregation and application of the current and historical loan data used by the Company in developing the ECL estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Engaged internal specialists to develop an independent macroeconomic model, using independent sources, to assess the reasonability of management's model and the macroeconomic factors and assessment of trends (scenarios) applied by management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assessed the reasonableness of key inputs and significant judgements qualitative adjustments considered based on the loan portfolio and significant assumptions in the context of the IFRS 9 *Financial Instruments* ECL framework.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assessed the appropriateness of the disclosures relating to the allowance for loan losses in the notes to the consolidated financial statements.

**Assessment of Fair Value of Private Company Investments**

The Company has investments in private companies where fair value is based on unobservable inputs and are classified as Level 3 financial instruments. The valuation of these investments is inherently subjective due to the absence of quoted market values. Management uses valuation techniques that require significant unobservable inputs, requiring management's estimation and judgement. Significant unobservable inputs used in the valuation of such investments but not restricted to, third-party transactions, revenues of investee company, revenue multiples, equity volatility, time to exit events and discount for lack of marketability. Refer to Notes 3c, 3(o)(ii) and 21 of the consolidated financial statements for further details.

We considered this a critical audit matter, as auditing the fair value of private company investments based on valuation techniques that require significant unobservable inputs requires a high degree of auditor judgment and increased audit effort, where the use of different valuation techniques and assumptions could produce significantly different estimates of fair value.

We responded to this critical audit matter by performing procedures in relation to the fair value of private company investments held at year end. Our audit work in relation to this included, but was not restricted to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evaluated the design and implementation of certain internal controls over the Company's process for determining the fair value of private company investments, including controls related to the determination of the valuation techniques and significant unobservable inputs.

---

| | |
|:---|:---|
| *Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre* | ![img94458297_1.jpg](img94458297_1.jpg) |
| *1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca* | ![img94458297_1.jpg](img94458297_1.jpg) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On a sample basis, we independently obtained financial information of investee companies, and/or other publicly available financial information to corroborate fair value determined by management and potential bias in the accounting estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Involved internal specialists in evaluating the reasonableness of the valuation methodologies, inputs and assumptions in the valuation of private company investments based on industry data and other benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assessed the appropriateness of the disclosures relating to the significant unobservable inputs used in the valuation of private company investments in the notes to the consolidated financial statements.

**Assessment of Impairment of Goodwill and Indefinite Life Intangible Assets**

The Company performs impairment testing related to non-financial assets with indefinite life whenever events or changes in circumstances indicate that the carrying value of a cash generating unit ("CGU") might exceed its recoverable amount. In addition, the Company performs impairment testing on an annual basis. The Company performed impairment tests that was allocated to its CGUs at December 31, 2025 and the recoverable amount was determined using a value in use method. Refer to Notes 3(f), 3(o)(iii) and 20 of the consolidated financial statements for further details.

We considered this a critical audit matter, as there was a high degree of auditor judgment required to evaluate the significant assumptions used in determining the recoverable amount including, but not restricted to, forecasted revenue, earnings before interest, taxes, depreciation and amortization, long term growth rates, and discount rates. The sensitivity of reasonable changes to the significant assumptions could have a significant impact on the determination of the recoverable amount of the CGUs and the Company's determination of impairment. This resulted in an increased extent of audit effort, including the involvement of internal specialists.

We responded to this critical audit matter by performing procedures over the impairment of goodwill and indefinite life intangible assets. Our audit work in relation to this included, but was not restricted to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evaluated the design and implementation of certain internal controls over the impairment process, including the controls related to the significant assumptions used in determining the recoverable amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assessed management's determination of CGUs, the allocation of goodwill to the identified CGUs and the application of an appropriate valuation methodology to test for impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Performed 'retrospective review' to compare management's assumptions in prior year expected future cash flows to the actual results to assess the Company's budgeting process and ability to accurately forecast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evaluated the reasonableness of significant assumptions, such as forecasted revenue, earnings before interest, taxes, depreciation and amortization and long-term growth rates, used in the cash flow model by comparing these assumptions to historical and actual performance, approved budgets, and consistency with industry data. We also considered whether the assumptions were consistent with evidence obtained in other areas of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Involved internal specialists in evaluating the appropriateness of management's valuation methodology and assessing the reasonability of the discount rate and other inputs used in the impairment analysis based on industry data and other benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Assessed the appropriateness of the disclosures relating to the assumptions used in the impairment assessment in the notes to the consolidated financial statements.

![img94458297_2.jpg](img94458297_2.jpg)

---

| |
|:---|
| Chartered Professional Accountants<br>|
| We have served as the Company's auditor since 2024 |
| Vancouver, Canada |
| March 12, 2026 |

---

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| | |
|:---|:---|
| *Suite 2400 - 609 Granville Street, PO Box 10203 LCD Pacific Centre* | ![img94458297_1.jpg](img94458297_1.jpg) |
| *1.877.688.8408 T: 604.685.8408 F: 604.685.8594 MNP.ca* | ![img94458297_1.jpg](img94458297_1.jpg) |

---

------

**KPMG LLP**

PO Box 10426 777 Dunsmuir Street

Vancouver BC V7Y 1K3

Canada

Telephone (604) 691-3000

Fax (604) 691-3031

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors

Orion Digital Corp. (formerly Mogo Inc.):

***Opinion on the Consolidated Financial Statements***

We have audited, before the effects of the adjustments to retrospectively change the disaggregation of revenue described in note 12, the consolidated statements of operations and comprehensive income (loss), changes in equity (deficit), and cash flows of Orion Digital Corp. (formerly Mogo Inc.) and subsidiaries (the Company) for the year ended December 31, 2023, and the related notes (collectively, the consolidated financial statements). The 2023 consolidated financial statements before the effects of the adjustments described in note 12 are not presented herein. In our opinion, before the effects of the adjustments to retrospectively change the disaggregation of revenue described in note 12, the consolidated financial statements present fairly, in all material respects, the financial performance of the Company and its cash flows for the year ended December 31, 2023, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively change the disaggregation of revenue described in Note 12 and, accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by other auditors.

***Basis for Opinion***

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

------

*Orion Digital Corp. (formerly Mogo Inc.)*

*Page 2*

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

Chartered Professional Accountants

We served as the Company's auditor from 2019 to 2024.

Vancouver, Canada

March 20, 2024

------

**Orion Digital Corp.**

**Consolidated Statements of Financial Position**

(Expressed in thousands of Canadian Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **December 31, <br>2025** | December 31, <br>2024 |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalent |  | **17702** | 8530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  | **2462** | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 6 | **14591** | 26085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | 4 | **60650** | 58620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other receivables | 5 | **6495** | 11042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment portfolio | 21 | **6484** | 11991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment |  | **175** | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in sublease, net and right-of-use assets | 8 | **724** | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 7 | **25996** | 31080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 20 | **38355** | 38355 |
| **Total assets** |  | **173634** | 189648 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accruals and other | 9 | **16461** | 22181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 8 | **1020** | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit facility | 10 | **51713** | 48792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures | 11 | **31886** | 35287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 17 | **233** | 630 |
| **Total liabilities** |  | **101313** | 108431 |
| **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | 23a | **388730** | 389717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus |  | **39117** | 37424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation reserve |  | **(1483)** | (416) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deficit |  | **(354043)** | (345508) |
| **Total equity** |  | **72321** | 81217 |
| **Total equity and liabilities** |  | **173634** | 189648 |

---

**Approved on Behalf of the Board**

*<u>Signed by "Greg Feller"</u> , Director*

*<u>Signed by "Christopher Payne"</u> , Director*

The accompanying notes are an integral part of these consolidated financial statements.

------

**Orion Digital Corp.**

**Consolidated Statements of Operations and Comprehensive Income (Loss)**

(Expressed in thousands of Canadian Dollars, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Year ended** | **Year ended** | **Year ended** |
|  | **Note** | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| **Revenue** |  |  |  |  |
| Subscription and services |  | **42330** | 43108 | 38785 |
| Interest revenue |  | **26287** | 28098 | 26436 |
|  | 12,13a | **68617** | 71206 | 65221 |
| **Cost of revenue** |  |  |  |  |
| Provision for loan losses, net of recoveries | 4 | **18499** | 18415 | 13208 |
| Transaction costs |  | **2370** | 6111 | 5354 |
|  |  | **20869** | 24526 | 18562 |
| **Gross profit** |  | **47748** | 46680 | 46659 |
| **Operating expenses** |  |  |  |  |
| Technology and development |  | **11220** | 10635 | 10591 |
| Marketing |  | **4110** | 4061 | 3340 |
| Customer service and operations |  | **11164** | 10878 | 10602 |
| General and administration |  | **14127** | 14457 | 14457 |
| Stock-based compensation | 23c | **1778** | 1938 | 2478 |
| Depreciation and amortization | 78 | **7998** | 8419 | 9067 |
| **Total operating expenses** | 14 | **50397** | 50388 | 50535 |
| **Loss from operations** |  | **(2649)** | (3708) | (3876) |
| **Other expenses (income)** |  |  |  |  |
| Credit facility interest expense | 10 | **5721** | 6702 | 6064 |
| Debenture and other financing expense | 1124 | **3184** | 3324 | 3519 |
| Accretion related to debentures | 11 | **553** | 687 | 958 |
| Revaluation gain | 15 | **(5)** | (1322) | (9628) |
| Share of loss in investment accounted for using the equity method |  |  |  | 8267 |
| Other non-operating (income) expense | 16 | **(3231)** | 922 | 5231 |
|  |  | **6222** | 10313 | 14411 |
| **Net loss before tax** |  | **(8871)** | (14021) | (18287) |
| Income tax recovery | 17 | **(336)** | (341) | (400) |
| **Net loss** |  | **(8535)** | (13680) | (17887) |
| **Other comprehensive loss:** |  |  |  |  |
| *Items that are or may be reclassified subsequently to profit or loss:* |  |  |  |  |
| Foreign currency translation reserve loss |  | **(1067)** | (659) | (316) |
| **Other comprehensive loss** |  | **(1067)** | (659) | (316) |
| **Total comprehensive loss** |  | **(9602)** | (14339) | (18203) |
| **Net loss per share** | 18 |  |  |  |
| Basic loss per share |  | **(0.35)** | (0.56) | (0.72) |
| Weighted average number of basic and fully diluted common shares (in 000s) |  | **24094** | 24400 | 24853 |
| Weighted average number of fully diluted common shares (in 000s) |  | **24094** | 24400 | 24853 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Orion Digital Corp.**

**Consolidated Statements of Changes in Equity (Deficit)**

(Expressed in thousands of Canadian Dollars, except share amounts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>shares, net of treasury shares (000s)** | **Share<br>capital** | **Contributed<br>surplus** | **Foreign currency translation reserve** | **Deficit** | **Total** |
| **Balance, December 31, 2024** | **24281** | **389717** | **37424** | **(416)** | **(345508)** | **81217** |
| Net loss |  |  |  |  | (8535) | (8535) |
| Purchase of common shares for cancellation (Note 23a) | (548) | (1107) |  |  |  | (1107) |
| Foreign currency translation reserve |  |  |  | (1067) |  | (1067) |
| Stock-based compensation (Note 23c) |  |  | 1778 |  |  | 1778 |
| Options exercised or converted | 19 | 120 | (85) |  |  | 35 |
| **Balance, December 31, 2025** | **23752** | **388730** | **39117** | **(1483)** | **(354043)** | **72321** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>shares, net of treasury shares (000s)** | **Share<br>capital** | **Contributed<br>surplus** | **Foreign currency translation reserve** | **Deficit** | **Total** |
| **Balance, December 31, 2023** | **24325** | **389806** | **35503** | **243** | **(331828)** | **93724** |
| Net loss |  |  |  |  | (13680) | (13680) |
| Purchase of common shares for cancellation | (45) | (104) |  |  |  | (104) |
| Cancellation of replacement awards | (1) |  |  |  |  |  |
| Foreign currency translation reserve |  |  |  | (659) |  | (659) |
| Stock-based compensation (Note 23c) |  |  | 1938 |  |  | 1938 |
| Options exercised or converted | 2 | 15 | (17) |  |  | (2) |
| **Balance, December, 2024** | **24281** | **389717** | **37424** | **(416)** | **(345508)** | **81217** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>shares, net of treasury shares (000s)** | **Share<br>capital** | **Contributed<br>surplus** | **Foreign currency translation reserve** | **Deficit** | **Total** |
| **Balance, December 31, 2022** | **24892** | **391243** | **33025** | **559** | **(313941)** | **110886** |
| Net loss |  |  |  |  | (17887) | (17887) |
| Purchase of common shares for cancellation | (474) | (1193) |  |  |  | (1193) |
| Cancellation of replacement awards | (3) |  |  |  |  |  |
| Foreign currency translation reserve |  |  |  | (316) |  | (316) |
| Warrants issued |  |  | 21 |  |  | 21 |
| Stock-based compensation |  |  | 2457 |  |  | 2457 |
| Options and RSUs exercised or converted | (90) | (244) |  |  |  | (244) |
| **Balance, December 31, 2023** | **24325** | **389806** | **35503** | **243** | **(331828)** | **93724** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Orion Digital Corp.**

**Consolidated Statements of Cash Flows**

(Expressed in thousands of Canadian Dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Year ended** | **Year ended** | **Year ended** |
| **Cash provided by (used in) the following activities:** | **Note** | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| **Operating activities** |  |  |  |  |
| Net loss |  | **(8535)** | (13680) | (17887) |
| **Items not affecting cash and other items:** |  |  |  |  |
| Depreciation and amortization | 78 | **7998** | 8419 | 9067 |
| Provision for loan losses | 4 | **18499** | 18414 | 13778 |
| Credit facility interest expense | 10 | **5721** | 6702 | 6064 |
| Debenture and other financing expense | 1124 | **3212** | 3324 | 3518 |
| Accretion related to debentures | 11 | **553** | 687 | 958 |
| Share of loss in investment accounted for using the equity method |  | **—** |  | 8267 |
| Stock-based compensation expense | 23c | **1778** | 1938 | 2478 |
| Revaluation gain | 15 | **(5)** | (1322) | (9628) |
| Other non-operating (income) expense | 16 | **34** | 1007 | 3408 |
| Income tax recovery | 17 | **(397)** | (341) | (400) |
|  |  | **28858** | 25148 | 19623 |
| Changes in: |  |  |  |  |
| Net issuance of loans receivable |  | **(20529)** | (15810) | (18655) |
| Prepaid expenses, and other receivables and assets | 5 | **4547** | 2022 | (2167) |
| Accounts payable, accruals and other | 9 | **(6026)** | (2203) | 1901 |
| Restricted cash |  | **46** | (771) | (159) |
| Net investment in sub-lease | 8 | **446** | 381 | 13 |
|  |  | **7342** | 8767 | 556 |
| Interest paid |  | **(8247)** | (9982) | (9668) |
| Income taxes paid |  | **(59)** | (56) | (55) |
| **Net cash used in operating activities** |  | **(964)** | **(1271)** | **(9167)** |
| **Investing activities** |  |  |  |  |
| Investment in intangible assets | 7 | **(2609)** | (3175) | (3206) |
| Purchase of marketable securities |  | **(5824)** | (816) |  |
| Proceeds from sale of investment portfolio |  | **715** | 200 | 334 |
| Proceeds from sale of marketable securities |  | **19483** | 1076 |  |
| Purchases of property and equipment |  | **(49)** | (79) | (214) |
| **Net cash provided by (used in) investing activities** |  | **11716** | (2794) | (3086) |
| **Financing activities** |  |  |  |  |
| Lease liabilities – principal payments |  | **(604)** | (608) | (571) |
| Repayments on debentures | 11 | **(2333)** | (2192) | (2393) |
| Advances on credit facility | 10 | **4942** | 1904 | 5344 |
| Repayments on credit facility | 10 | **(2499)** | (2517) | (2119) |
| Repurchase of common shares | 23a | **(1107)** | (104) | (1122) |
| Proceeds from exercise of options |  | **35** |  |  |
| **Net cash used in financing activities** |  | **(1566)** | (3517) | (861) |
| Effect of exchange rate fluctuations on cash and cash equivalents |  | **(14)** | (21) | (21) |
| **Net increase (decrease) in cash and cash equivalent** |  | **9172** | (7603) | (13135) |
| Cash and cash equivalent, beginning of period |  | **8530** | 16133 | 29268 |
| **Cash and cash equivalent, end of period** |  | **17702** | 8530 | 16133 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**1.**Nature of operations

On December 29, 2025 Mogo Inc. changed its name to Orion Digital Corp ("Orion Digital," "Orion" or the "Company").

Mogo Inc. was incorporated under the Business Corporations Act (British Columbia) on June 21, 2019 following the combination with Mogo Finance Technology Inc. The address of the Company's registered office is Suite 1700, Park Place, 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8. The Company's common shares (the "Common Shares") are listed on the Toronto Stock Exchange ("TSX") and the Nasdaq Capital Market under the symbol " ORIO".

Orion Digital Corp. is a financial technology company operating digital platforms across wealth and payments, supported by a consumer lending business in Canada. The Company's Wealth platform, Intelligent Investing, provides long-term investing solutions to the Canadian market. Orion also operates a consumer lending business in Canada. The Company's Payments business is operated through Carta Worldwide ("Carta"), a wholly owned subsidiary that provides issuer processing, program management, and regulated payment orchestration services across Europe. The Company allocates capital to support growth in its Wealth and Payments platforms and to maintain balance sheet flexibility.

On August 14, 2023, the Company completed a share consolidation of its share capital on the basis of one post-consolidation common share of Orion Digital for each three pre-consolidation common shares of Orion Digital (the "Share Consolidation"). Outstanding stock options and outstanding warrants were similarly adjusted by the Share Consolidation ratio. The Share Consolidation resulted in 74,610,924 pre-consolidation common shares issued and outstanding on August 11, 2023, being consolidated into 24,870,308 post-consolidation common shares on August 14, 2023. In accordance with the Share Consolidation, all common shares and per-share amounts for the prior periods disclosed herein reflect the post-Share Consolidation shares unless otherwise specified.

**2.** **Basis of presentation**

**Statement of compliance**

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board<sup>®</sup>. The policies applied in these consolidated financial statements were based on International Financial Reporting Standards as issued by the International Accounting Standards Board issued and applicable at December 31, 2025.

The Company presents its consolidated statements of financial position on a non-classified basis in order of liquidity.

These consolidated financial statements were authorized by the Board of Directors (the "Board") to be issued on March 12, 2026.

The Company continues to adopt a going concern basis in preparing the consolidated financial statements.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**Basis of consolidation**

The Company has consolidated the assets, liabilities, revenues and expenses of all its subsidiaries and its parent entity. The consolidated financial statements include the accounts of the Company, and its direct and indirect wholly-owned subsidiaries, Mogo Finance Technology Inc., Mogo Financial (Alberta) Inc., Mogo Financial (B.C.) Inc., Mogo Financial Inc., Mogo Financial (Ontario) Inc., Mogo Mortgage Technology Inc., Mogo Technology Inc. (a US subsidiary), Mogo Blockchain Technology Inc., Mogo Wallet Inc. (formerly Mogo Wealth Technology Inc.), Thurlow Management Inc., Carta Solutions Holding Corp., Carta Solutions Processing Services (Cyprus) Ltd., Carta Financial Services Ltd. (a UK subsidiary), Carta Solutions Processing Services Corp., Carta Solutions Processing Services Corp. (a Morocco subsidiary), Carta Solutions Singapore PTE. Ltd. (a Singapore subsidiary), Carta Worldwide Inc., Carta Americas Inc. (a US subsidiary), Moka Financial Technologies Inc., Moka Financial Technologies Europe (a France subsidiary), Mogo Asset Management Inc. (formerly Tactex Asset Management Inc.), Tactex Advisors Inc. (a US subsidiary), NumberJacks Services Inc., and MogoTrade Inc. (formerly known as Fortification). The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies.

Subsequent to year end Mogo Asset Management Inc., MogoTrade Inc. and Moka Financial Technologies Inc. changed their names to IntelligentInvesting Wealth Management Inc., IntelligentInvesting Securities Inc., and IntelligentInvesting Financial Technologies Inc. respectively.

Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

An entity is consolidated if the Company concludes that it controls the entity. The following circumstances may indicate a relationship in which, in substance, Orion Digital controls and therefore consolidates the entity:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company has power over the entity whereby the Company has the ability to direct the relevant activities (i.e., the activities that affect the entity's returns);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company is exposed, or has rights, to variable returns from its involvement with the entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company has the ability to use its power over the entity to affect the amount of the entity's returns.

All inter-company balances, income and expenses and unrealized gains and losses resulting from inter-company transactions are eliminated in full.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3.** **Material accounting policies**

The Company has consistently applied the following accounting policies to all periods presented in these consolidated financial statements, unless mentioned otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Revenue recognition**

Revenue consists of subscription and services revenue and interest revenue. Subscription and services revenue includes revenue generated from the Company's wealth and payments businesses, and other subscription and services revenue. Interest revenue is comprised of revenue generated from the Company's consumer lending portfolio.

<u>Subscription and services revenue</u>

Subscription and services revenue is comprised primarily of revenue generated from the Company's wealth and payments businesses and includes subscription revenue, payments revenue, management fee revenue and brokerage revenue. Subscription and services revenue is measured based on the consideration specified in a contract with customers. The Company recognizes revenue over time as the customer simultaneously receives and consumes the benefits of the services provided.

*Subscription revenue*

The Company earns subscription revenue through its subscription-based offerings including its digital wealth and investing products, loan protection services, and premium account services which include access to the Company's investing products. Loan protection services consist of commissions earned on loan insurance offered by a third party in which Orion Digital acts as the agent to customers who enroll in these services.

The Company's subscription revenues are derived from contracts with individual users. Loan protection services and premium account services are billed in advance of the start of their monthly subscription and revenues are recognized ratably over each monthly subscription period.

Investing products are billed at the end of each period and revenues are recognized over time as the service is provided, these revenues are included in the wealth category in Note 12.

*Payments revenue*

The Company's payments revenue is derived from long-term processing contracts with financial and non-financial institutions. Payments revenue is generated primarily from processing fees charged for transaction authorization and processing service, including maintenance fees, provided through the Company's payments infrastructure platform with fees typically based on the number of transactions processed and/or cards boarded by the Company's customers. Customer payment terms range from 30 to 60 days from the invoice date.

Payments revenue typically includes a performance obligation to provide processing services to its customers. The Company has determined that payments services represent a stand-ready series of distinct daily services that are substantially the same, with the same pattern of service performed for the customer. As a result, the Company has determined that payments revenue arrangements represent an individual performance obligation. The Company recognizes revenue in the amount to which it has the right to invoice to customers, as this amount corresponds directly with the value of the services provided.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3.** **Material accounting policies** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Revenue recognition** *(Continued from previous page)*

In addition, the Company may charge certain one-time setup fees related to onboarding customers to the processing platform. These fees are recognized partly upon customer acceptance and partly over the contract period on a straight-line basis, commencing when services to set up the customer have been completed.

*Management fee revenue*

Revenue from management services consists of management fees earned through investment advisory services and from investment fund management. The Company recognizes management fee revenue over time as the funds are managed for customers. Payment is due at the time of assessment. These revenues are included in the wealth category in Note 12.

*Brokerage revenue*

Brokerage revenue relates to the Company's legacy institutional brokerage activities. Brokerage revenue arising from negotiating or participating in the negotiation of a transaction acting as the principal on behalf of a third party, such as an agreement to acquire shares or other securities or to buy or sell businesses, is recognized at the closing of the underlying transaction. Fee revenue or components thereof are recognized at the point in time when the related transaction is executed.

<u>Interest revenue</u>

Interest revenue represents interest on the Company's consumer lending portfolio. Interest is recognized on an effective interest basis during the period, and fees are recognized when assessed to the customer either bi-weekly or monthly. The Company calculates the effective interest rate on credit impaired loans net of the expected credit losses. Payment is due at the time of assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Cost of revenue**

Cost of revenue consists of provision for loan losses and transaction costs. Transaction costs are costs which are directly attributable and scale proportionally to revenue. Costs which do not meet these criteria are considered operating expenses. Transactions costs include commissions and fees paid to third parties, and expenses that relate directly to the acquisition and processing of new customers (excluding marketing) and include expenses such as data aggregation costs, payment facilitation costs, credit scoring fees, and loan system transaction fees.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3. Material accounting policies** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Financial instruments**

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred, and the Company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognized when the obligation specified in the contract is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statements of operations and comprehensive income (loss).

**Classification and measurement of financial assets and financial liabilities**

At initial recognition, the Company measures a financial asset at its fair value. For financial assets not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset, are added to its initial carrying value. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Financial liabilities are recognized initially at fair value and are classified as amortized cost or as fair value through profit or loss ("FVTPL"). A financial liability is classified as at FVTPL if it is classified as held-for trading, it is a derivative or it is designated as such on initial recognition.

The Company classifies its financial assets between those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and those to be measured at amortized cost. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as FVTPL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt investment is measured at fair value through other comprehensive income ("FVOCI") if it meets both of the following conditions and is not designated as at FVTPL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL.

Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3.** **Material accounting policies** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Financial instruments** *(Continued from previous page)*

The Company's financial instruments measured at amortized cost include cash and cash equivalent, restricted cash, loans receivable, brokerage firm receivables, accounts and other receivables, accounts payable and accruals, client liabilities, lease liabilities, credit facility, and debentures.

Brokerage firm receivables are client funds held at brokerages. Client liabilities are client funds held by the Company in trust or at brokerages. These funds are held to be utilized for client investments.

Accounts receivable is recorded net of a provision for doubtful accounts. To determine the provision management applies a simplified approach and measures the loss allowance at an amount equal to the lifetime expected credit losses.

The Company's financial instruments measured at FVTPL include marketable securities and investment portfolio.

Realized gains or losses on the disposal of investments are determined based on the cost. Unrealized gains or losses on investments and derivative instruments are determined based on the change in fair value at each reporting period.

**Impairment of financial assets**

<u>Expected credit loss model</u>

The expected credit loss ("ECL") model is a three-stage impairment approach used to measure the allowance for loan losses on loans receivable at each reporting period date. Loans are classified under one of three stages based on changes in credit quality since initial recognition. Stage 1 loans consist of performing loans that have not had a significant increase in credit risk since initial recognition. Loans that have experienced a significant increase in credit risk since initial recognition are classified as Stage 2, and loans considered to be credit-impaired are classified as Stage 3. The Company routinely refinances its existing customers (through an extension of further credit or funding under an existing line), and accordingly, does not consider a refinancing to be an indicator of increased credit risk. The allowance for loan losses on both Stage 2 and Stage 3 loans is measured at lifetime ECLs. The allowance for loan losses on Stage 1 loans is measured at an amount equal to 12-month ECLs, representing the portion of lifetime ECLs expected to result from default events possible within 12 months of the reporting date. The Company's measurement of ECLs is impacted by forward looking indicators ("FLIs") including the consideration of forward macroeconomic conditions. Management has applied a probability weighted approach to the measurement of ECL as at December 31, 2025, involving multiple scenarios and FLIs. Refer to Note 4 for more details.

<u>Assessment of significant increase in credit risk</u>

Significant increases in credit risk are assessed based on changes in probability of default of loans receivable subsequent to initial recognition. The Company uses past due information to determine whether credit risk has increased significantly since initial recognition. Loans receivable are considered to have experienced a significant increase in credit risk and are reclassified to Stage 2 if a contractual payment is more than 30 days past due as at the reporting date.

The Company defines default as the earlier of when a contractual loan payment is more than 90 days past due or when a loan becomes insolvent as a result of customer bankruptcy. Loans that have experienced a default event are considered to be credit-impaired and are reclassified as Stage 3 loans.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3.** **Material accounting policies** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Financial instruments** *(Continued from previous page)*

<u>Measurement of expected credit losses</u>

ECLs are measured as the calculated expected value of cash shortfalls over the remaining life of a loan receivable, using a probability-weighted approach that reflects reasonable and supportable information about historical loss rates, post-charge off recoveries, current conditions and forward-looking indicators such as unemployment rates, inflation rates, bank prime rates and GDP growth rates. The measurement of ECLs primarily involves using this information to determine both the expected probability of a default event occurring and expected losses resulting from such default events. Loans are grouped according to product type, customer tenure and aging for the purpose of assessing ECLs. Historical loss rates and probability weights are re-assessed quarterly and subject to management review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Intangible assets**

Intangible assets are measured at cost less accumulated amortization and impairment losses. Intangible assets include internally generated and acquired software, acquired technology assets, regulatory licenses, and customer relationships with finite useful lives. Acquired brand and trade names are considered to have indefinite useful lives. Internally generated software costs primarily consist of salaries and payroll-related costs for employees directly involved in the development efforts and fees paid to outside consultants.

Amortization is recorded at rates intended to amortize the cost of the intangible assets over their estimated useful lives as follows:

---

| | |
|:---|:---|
|  | **Rate** |
| Software - Internally generated | 5 years straight line |
| Software licenses | 5 years straight line |
| Technology assets - Acquired | 10 years straight line |
| Customer relationships | 7 to 10 years straight line |
| Regulatory licenses | 5 years straight line |
| Brand and trade name | Indefinite |

---

Development costs, including those related to the development of software, are recognized as an intangible asset when the Company can demonstrate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the technical feasibility of completing the intangible asset so that it will be available for use or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•its intention to complete and its ability to use or sell the asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•how the asset will generate future economic benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability of resources to complete the asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to measure reliably the expenditure during development.

Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete, and the asset is available for use. During the period of development, the asset is tested for impairment annually.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3.** **Material accounting policies** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e) Goodwill**

Goodwill represents the future economic benefits arising from a business combination that are not individually identified and separately recognized. Goodwill is measured at cost less accumulated impairment losses. Goodwill is tested for impairment annually or when indicators of impairment exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f) Impairment of non-financial assets**

At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating units ("CGUs") to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified.

For impairment testing purposes, the Company evaluates the following CGU or Groups of CGUs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Carta; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Orion Digital related entities.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount. An impairment loss is recognized immediately in the consolidated statements of operations and comprehensive income (loss).

Other than for goodwill, where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized in the consolidated statements of operations and comprehensive income (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g) Foreign currency translation**

The consolidated financial statements are presented in Canadian dollars. The functional currency of each subsidiary is determined based on the currency of the primary economic environment in which that subsidiary operates. Transactions in foreign currencies are initially recorded in the respective functional currencies at the rate prevailing at the date of the transaction. Monetary items are translated into the functional currency at the exchange rate in effect as at the date of the statement financial position and non-monetary items are translated as at the rate of exchange in effect when the assets were acquired or the obligation was incurred. Revenue and expenses are translated into Canadian dollars using average monthly exchange rates.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3.** **Material accounting policies** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g) Foreign currency translation** *(Continued from previous page)*

Foreign exchange gains or losses are recorded to revaluation loss (gain) in the consolidated statements of operations and comprehensive income (loss). The functional currency of each subsidiary that is not in Canadian dollars is as follows: Carta Financial Services Ltd. (British pound sterling (GBP)), Carta Solutions Processing Services Cyprus Ltd. (Euro (EUR)), Carta Solutions Processing Services Corp. (Moroccan Dirham (MAD)), Carta Solutions Singapore PTE. Ltd. (Singapore Dollar (SGD)), Carta Americas Inc. (United States dollar (USD)), Moka Financial Technologies Europe (EUR), and Tactex Advisors Inc. (USD).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h) Foreign operations**

The assets and liabilities of foreign operations are translated to the presentation currency using exchange rates at the reporting date. The revenue and expenses of foreign operations are translated to the presentation currency using exchange rates at the dates of the transactions. Foreign currency differences are recognized in foreign current translation reserve within other comprehensive income.

Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income in the translation reserve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i) Income taxes**

Income tax expense is comprised of current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j) Share-based payments**

The Company measures equity settled stock options granted to directors, officers, employees and consultants based on their fair value at the grant date and recognizes compensation expense over the vesting period. Measurement inputs include the Company's share price on the measurement date, the exercise price of the option or warrant, the expected volatility of the Company's shares, the expected life of the options or warrants, and the risk-free rate of return. Dividends are not factored in as the Company does not expect to pay dividends in the foreseeable future. Expected forfeitures are estimated at the date of grant and subsequently adjusted if further information indicates actual forfeitures may vary from the original estimate.

Share-based payment arrangements with non-employees in which the Company receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payments transactions. The share-based payments are measured based on the fair value of the goods or services received if the fair value can be reliably measured. Otherwise, the share-based payments are measured based on the fair value of the share-based awards using the black scholes model which incorporates expected life, risk free interest rate, volatility, exercise price, and fair value of the underlying equity instrument at the time the goods or services are received

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3.** **Material accounting policies** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k) Earnings per share**

The computation of earnings per share is based on the weighted average number of shares outstanding during the period and profit attributable to the common shareholders. Diluted earnings per share are computed in a similar way to basic earnings per share except that the weighted average shares outstanding are increased to include the additional effects of all dilutive potential common shares assuming the exercise of share options or warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l) Investment in associate**

An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

Any investments in associates are accounted for using the equity method. Under the equity method, the investment in an associate is initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Company's share of the profit or loss and other comprehensive income of the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separately.

The consolidated statements of operations and comprehensive income (loss) reflects the Company's share of the results of operations of the associate. Unrealized gains and losses resulting from transactions between the Company and the associate are eliminated to the extent of the interest in the associate.

The aggregate of the Company's share of an associate's profit or loss after tax is shown on the face of the consolidated statements of operations and comprehensive income (loss) as a separate line item. The financial statements of the associate are prepared for the same reporting period as the Company. When necessary, adjustments are made to bring the accounting policies in line with those of the Company. After application of the equity method, the Company determines whether it is necessary to recognize an impairment loss on its investment in its associate. At each reporting date, the Company determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value, and then recognizes the loss within its share of profit or loss of an associate in the consolidated statements of operations and comprehensive income (loss).

If significant influence over an entity is lost, the Company recognizes a gain or loss in profit or loss and will then account for the investment as a financial instrument, as outlined in Note 3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**m) Cash and cash equivalents and restricted cash**

Cash and cash equivalent in the consolidated statements of financial position and cash flows is comprised of cash held at financial institutions, cash held on hand and short-term highly liquid deposits with an original maturity of three months or less that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. Restricted cash is cash subject to restrictions that prevents its use for current purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**n) Cash Flow Classification**

The Company classifies cash flows from investments, such as dividends, interest, and other investment-related income not related to the disposition of an investment, as operating cash flows because such amounts enter into the determination of profit or loss.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3. Material accounting policies** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**o) Leases**

The Company has lease agreements for its office spaces. The Company assesses at the lease commencement date whether it is reasonably certain to exercise the extension option. The Company re-assesses whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control.

*Right-of-use assets*

Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct cost incurred, and lease payments made at or before the commencement date less any lease incentives received. The right-of-use assets are depreciated on a straight-line basis over the lease term. Right-of-use assets are subject to an evaluation of impairment if any indicators of impairment are noted.

*Lease liabilities*

The Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payment includes fixed payments (including in-substance fixed payments). Variable payments other than those that depend on an index or a rate are recorded in general and administration expenses as incurred.

In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term or a change in the in-substance fixed lease payments.

*Subleases*

For subleases classified as a finance lease, the Company de-recognizes the right-of-use asset relating to the head lease and recognizes a net investment in the sublease. Any difference between the right-of-use asset and the net investment in the finance sublease is recognized in profit or loss. The Company measures the net investment in the sublease at an amount equal to the present value of the lease payments of the underlying right-of-use asset. The net investment in the sublease lease is depreciated on a straight-line basis over the lease term.

*Short-term leases and leases of low-value assets*

The Company applies the short-term lease recognition exemption to its short-term leases of properties (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognized as expenses in the period incurred.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3.** **Material accounting policies** *(Continued from previous page)*

**p**) Significant accounting judgements, estimates and assumptions

The preparation of the consolidated financial statements requires management to make estimates, assumptions and judgments that affect the reported amount of assets and liabilities, and the reported amount of revenues and expenses during the year. Actual results may differ from these estimates. Estimates, assumptions, and judgments are reviewed on an ongoing basis. Revisions to accounting estimates are recognized on a prospective basis beginning from the period in which they are revised.

On May 31, 2024, the Government of Canada amended section 347 of the Criminal Code effective January 1, 2025. Under the amended section 347 certain revolving line of credit agreements executed prior to January 1, 2025 bearing an APR of approximately 47% qualify under the transitional provisions and continue to accrue interest at the contractual rate.

During 2025, the United States government announced tariffs on imported goods, increasing uncertainty regarding their potential impact on the economies in which the Company operates. This uncertainty has been considered in the evaluation of expected credit losses as at December 31, 2025. The scenarios used reflect the uncertainty inherent in the potential imposition of tariffs and other macroeconomic variables. The Company considers a range of macroeconomic scenarios, including the possibility of a more severe recession resulting from the imposition of tariffs, and the weighting of these scenarios reflects the downside risks and uncertainty known as at December 31, 2025. Changes to these forecasts and related estimates will be reflected in future periods as new information becomes available.

**Significant accounting judgements**

The following are the critical judgements, apart from those involving estimations that have been made in the process of applying the Company's accounting policies, which have the most significant effect on the amounts recognized in the consolidated financial statements.

*Expected credit losses*

In applying its accounting policy for the expected credit loss model, the Company applies judgment in defining significant increase in defaults, and its write-offs policy. Refer to Note 4 for further details.

*Operating segments*

The Company does not present segmented information as it has determined that its operations fall under one segment. The chief operating decision maker assesses performance and determines resource allocation on a consolidated level.

*Assessment of the going concern*

Based on cash flow forecasts, the Company believes that it will have sufficient liquidity to operate and discharge its liabilities as they become due. Development of these forecasts required management to make subjective estimates and assumptions related to forecasted revenue and loan growth rates, and access to undrawn funds under existing credit facilities for financing new loans.

**Significant accounting estimates and assumptions**

These estimates and assumptions are based on management's historical experience, best knowledge of current events, conditions and actions that the Company may undertake in the future and other factors that management believes are reasonable under the circumstances.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3.** **Material accounting policies** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**p) Significant accounting judgements, estimates and assumptions** *(Continued from previous page)*

These estimates and assumptions are reviewed periodically, and the effect of a change in accounting estimate or assumption is recognized prospectively by including it in the consolidated statements of operations and comprehensive income (loss) in the period of the change and in any future periods affected.

The areas where estimates and assumptions have the most significant effect on the amounts recognized in the consolidated financial statements include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i) Provision for loan losses, net of recoveries***

The provision for loan losses consists of amounts charged to the consolidated statements of operations and comprehensive income (loss) during the period to maintain an adequate allowance for loan losses. The Company's allowance for loan losses represents its estimate of the expected credit losses expected from its existing loan portfolio and is based on a variety of factors, including the composition and quality of the portfolio, loan-specific information gathered through collection efforts, delinquency levels, estimate of impaired loans recoveries, historical charge-off and loss experience, the Company's expectations of future loan performance, and general forward-looking macroeconomic conditions. The methodology and assumptions used in setting the loan loss allowance are reviewed regularly to reduce any difference between loss estimates and actual loss experience.

The determination of the recoverable amount on charged-off loans represents a component of the allowance for expected credit losses and involves a significant accounting estimate. Impaired loans are loans for which the Company has determined there is no reasonable expectation of full recovery. The Company recognizes the portion of the receivable expected to be collected based on estimated future cashflows and may continue collection activities to recover a portion of the contractual cashflows. The estimation of recoverable amounts is subject to inherent uncertainty because it requires management to assess the timing and amount of future cash flows that may be collected after charge-off, which are not directly observable and may vary from actual outcomes.

In determining the recoverable amount on charged-off loans, management applies judgement and uses historical recovery experience, delinquency status, and origination period, adjusted as appropriate to reflect current conditions and forward-looking information. The estimate reflects management's expectations regarding future recoveries, including the probability of collection, expected cash recovery rates, and the estimated timing of recoveries. These assumptions are reviewed regularly and updated based on recent collection performance and other relevant information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(ii) Fair value of privately held investments***

Estimating fair value requires that significant judgment be applied to each individual investment. For privately held investments, the fair value of each investment is measured using the most appropriate valuation methodology or combination of methodologies in the judgment of management in light of the specific nature, facts and circumstances surrounding that investment. This may take into consideration, but not be limited to, one or more of the following: valuations of recent or in-progress funding rounds, forward revenue and earnings projections, comparable peer valuation multiples, and the initial cost base of the investment. Actual results could differ significantly from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(iii) Impairment testing of intangible assets and goodwill***

Management is required to use judgement in determining the CGUs and reviewing impairment indicators. Management reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Management must apply a range of assumptions and considers estimated cashflows based on actual operating results as well as industry and market trends. These projections are inherently uncertain due to market and economic factors.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**3. Material accounting policies** *(Continued from previous page)*

**q** **) New and amended standards and interpretations**

Certain new or amended standards and interpretations became effective on January 1, 2025, but do not have an impact on the consolidated financial statements of the Company.

**Standards issued but not yet effective**

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements and sets out requirements for the presentation and disclosure of information in general purpose financial statements. The standard applies to annual reporting periods beginning on or after January 1, 2027 and is to be applied retrospectively, with early adoption permitted. The Company expects the adoption of IFRS 18 to primarily affect the presentation and disclosure of information in the consolidated financial statements. The Company does not expect the standard to significantly affect the recognition or measurement of amounts recognized in the consolidated financial statements. The Company continues to assess the detailed impact of IFRS 18 ahead of its adoption.

In May 2024, the International Accounting Standards Board issued narrow-scope amendments to IFRS 9 *Financial Instruments* and related disclosure requirements in IFRS 7, effective for annual periods beginning on or after January 1, 2026. The amendments clarify the recognition and derecognition criteria for financial assets and liabilities and introduce an optional accounting policy choice to derecognise financial liabilities settled through electronic payment systems before the settlement date, provided specific criteria are met. Financial assets continue to be derecognised when contractual rights to the cash flows expire or the asset is transferred. The Company is currently assessing the impact of these amendments on its consolidated financial statements and does not expect their adoption to have a material effect.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**4.** **Loans receivable**

Loans receivable represent lines of credit advanced to customers in the normal course of business. The following table provides a breakdown of gross loans receivable and allowance for loan losses by aging bucket, which represents the Company's assessment of credit risk exposure and by their IFRS 9 – *Financial Instruments* expected credit loss measurement stage. Stage 3 gross loans receivable include net balances outstanding and still anticipated to be collected for loans previously charged off (December 31, 2025 - $3,517, December 31, 2024 - $3,472). These are carried in gross receivables at the net expected collectable amount with no associated allowance.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2025** |
| **Risk Category** | **Days past due** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| Strong | Not past due | 61350 |  |  | 61350 |
| Lower risk | 1-30 days past due | 4173 |  |  | 4173 |
| Medium risk | 31-60 days past due |  | 1147 |  | 1147 |
| Higher risk | 61-90 days past due |  | 898 |  | 898 |
| Non-performing | 91+ days past due or bankrupt |  |  | 10064 | 10064 |
|  | Gross loans receivable | 65523 | 2045 | 10064 | 77632 |
|  | Allowance for loan losses | (9481) | (1634) | (5867) | (16982) |
|  | **Loans receivable, net** | **56042** | **411** | **4197** | **60650** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** |
| **Risk Category** | **Days past due** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| Strong | Not past due | 58171 |  |  | 58171 |
| Lower risk | 1-30 days past due | 2924 |  |  | 2924 |
| Medium risk | 31-60 days past due |  | 1024 |  | 1024 |
| Higher risk | 61-90 days past due |  | 863 |  | 863 |
| Non-performing | 91+ days past due or bankrupt |  |  | 9714 | 9714 |
|  | Gross loans receivable | 61095 | 1887 | 9714 | 72696 |
|  | Allowance for loan losses | (7088) | (1336) | (5652) | (14076) |
|  | **Loans receivable, net** | **54007** | **551** | **4062** | **58620** |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**4. Loans receivable** *(Continued from previous page)*

In determination of the Company's allowance for loan losses, internally developed models are used to factor in credit risk related metrics, including the probability of defaults, the loss given default and other relevant risk factors. Management also considered the impact of key macroeconomic factors and determined that historic loan losses are mostly correlated with unemployment rate, inflation rate, bank prime rate and GDP growth rate. These macroeconomic factors were used to generate various forward-looking scenarios used in the calculation of allowance for loan losses. If management were to assign 100% probability to a pessimistic scenario forecast, the allowance for credit losses would have been $1,002 higher than the reported allowance for credit losses as at December 31, 2025 (December 31, 2024 – $1,404 higher). The following table provides a reconciliation of the allowance for loan losses:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2025** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| Balance as at January 1, 2025 | 7088 | 1336 | 5652 | 14076 |
| Increase in allowance from new originations | 3699 |  |  | 3699 |
| Decrease in allowance from principal payments | (1248) | 13 | (31) | (1266) |
| Change in measurement of allowance | 2382 | 172 | (56) | 2498 |
| Re-measurement of transfers | (117) | 1409 | 14065 | 15357 |
| Transfer to (from) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stage 1 – 12-month ECLs | 127 | (118) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stage 2 – Lifetime ECLs | (310) | 311 | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stage 3 – Lifetime ECLs | (2140) | (1489) | 3640 | 11 |
| Gross charge-offs (excluding recoveries) |  |  | (17393) | (17393) |
| Balance as at December 31, 2025 | **9481** | **1634** | **5867** | **16982** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** | **As at December 31, 2024** |
|  | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| Balance as at January 1, 2024 | 6445 | 1266 | 4844 | 12555 |
| Increase in allowance from new originations | 2676 |  |  | 2676 |
| Decrease in allowance from principal payments | (1004) | 9 | (103) | (1098) |
| Change in measurement of allowance | 1025 | 83 | 100 | 1208 |
| Re-measurement of transfers | (80) | 1188 | 14518 | 15626 |
| Transfer to (from) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stage 1 – 12-month ECLs | 96 | (96) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stage 2 – Lifetime ECLs | (231) | 232 | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stage 3 – Lifetime ECLs | (1839) | (1346) | 3187 | 2 |
| Gross charge-offs (excluding recoveries) |  |  | (16893) | (16893) |
| Balance as at December 31, 2024 | **7088** | **1336** | **5652** | **14076** |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**5. Prepaid expenses and other receivables**

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Prepaid expenses | **1649** | 1551 |
| Accounts receivable | **3461** | 2498 |
| Brokerage firm receivables | **584** | 5287 |
| Deposits and other receivables | **801** | 1706 |
| Total | **6495** | 11042 |

---

Accounts receivable of $3,461 as at year ended December 31, 2025 of which $2,879 is current and $582 is greater than 30 days.

**6.** **Marketable securities**

Set out below are the carrying amounts of the Company's marketable securities recognized and the movements during the year ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| WonderFi Technologies Inc. | **8698** | 25654 |
| Bitcoin ETFs | **3563** | 119 |
| Others | **2330** | 312 |
| Total | **14591** | 26085 |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**7. Intangible assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Internally<br>generated technology– <br>completed** | **Internally<br>generated technology–<br>in progress** | **Software<br>licenses** | **Acquired technology assets** | **Customer relationships** | **Brand** | **Regulatory licenses** | **Total** |
| **Cost** |  |  |  |  |  |  |  |  |
| Balance, December 31, 2023 | 24746 | 1543 | 487 | 21000 | 8900 | 1000 | 6800 | 64476 |
| Additions |  | 3175 |  |  |  |  |  | 3175 |
| Impairment |  | (597) |  |  |  |  |  | (597) |
| Disposals |  |  |  |  |  |  |  |  |
| Transfers | 2034 | (2034) |  |  |  |  |  |  |
| Foreign exchange translation |  |  | 11 |  |  |  |  | 11 |
| Balance, December 31, 2024 | 26780 | 2087 | 498 | 21000 | 8900 | 1000 | 6800 | 67065 |
| Additions |  | 2609 |  |  |  |  |  | 2609 |
| Impairment |  | (34) |  |  |  |  |  | (34) |
| Derecognition – fully amortized assets |  |  | (535) |  |  |  |  | (535) |
| Transfers | 2295 | (2295) |  |  |  |  |  |  |
| Foreign exchange translation |  | 5 | 37 |  |  |  |  | 42 |
| **Balance, December 31, 2025** | **29075** | **2372** | **—** | **21000** | **8900** | **1000** | **6800** | **69147** |
| **Accumulated amortization** |  |  |  |  |  |  |  |  |
| Balance, December 31, 2023 | 14526 |  | 301 | 5922 | 3558 |  | 3607 | 27914 |
| Amortization | 3440 |  | 100 | 2100 | 1064 |  | 1360 | 8064 |
| Disposals |  |  |  |  |  |  |  |  |
| Foreign exchange translation |  |  | 7 |  |  |  |  | 7 |
| Balance, December 31, 2024 | 17966 |  | 408 | 8022 | 4622 |  | 4967 | 35985 |
| Amortization | 3047 |  | 96 | 2101 | 1065 |  | 1361 | 7670 |
| Derecognition – fully amortized assets |  |  | (535) |  |  |  |  | (535) |
| Foreign exchange translation |  |  | 31 |  |  |  |  | 31 |
| **Balance, December 31, 2025** | **21013** | **—** | **—** | **10123** | **5687** | **—** | **6328** | **43151** |
| **Net book value** |  |  |  |  |  |  |  |  |
| Balance, December 31, 2024 | 8814 | 2087 | 90 | 12978 | 4278 | 1000 | 1833 | 31080 |
| **Balance, December 31, 2025** | **8062** | **2372** | **—** | **10877** | **3213** | **1000** | **472** | **25996** |

---

Amortization of intangible assets of $7,670 for the year ended December 31, 2025 (December 31, 2024 – $8,064) is included in depreciation and amortization in the consolidated statements of operations and comprehensive income (loss).

Impairment charges of $34 were recognized in other non-operating expense for the year ended December 31, 2025 (December 31, 2024 – $597).

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**8.** Leases

During the year, the Company has not made any re-assessments related to extension options. Information about leases for which the Company is a lessee is presented below:

<u>Amount recognized in the consolidated statements of financial position:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Right-of-use assets and lease liabilities

The right-of-use assets are included in the investment in sublease on the statement of financial position. Set out below are the carrying amounts of the Company's right-of-use assets and lease liabilities recognized and the movements during the year ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Right-of-use assets** | **Lease liabilities** |
| Balance, as at December 31, 2023 | **670** | **2709** |
| Modification of lease | (477) | (560) |
| Depreciation | (109) |  |
| Interest expense |  | 140 |
| Payments |  | (748) |
| Balance, as at December 31, 2024 | **84** | **1541** |
| Additions | 83 | 83 |
| Depreciation | (88) |  |
| Interest expense |  | 77 |
| Payments |  | (681) |
| Balance, as at December 31, 2025 | **79** | **1020** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* Investment in Sublease, net

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Balance, beginning of the period | **989** | 1228 |
| Interest accretion | **105** | 142 |
| Payments from sublessor | **(449)** | (381) |
| Balance, end of the period | **645** | 989 |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

8. **Leases** *(Continued from previous page)*

<u>Amount recognized in the consolidated statements of operations and comprehensive income (loss):</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| Depreciation of right-of-use assets | **89** | 107 | 304 |
| Interest expense on lease liabilities | **77** | 140 | 178 |
| Expenses relating to short term leases | **412** | 508 | 449 |
| Impairment | **—** |  | 669 |
| Variable lease payments | **82** | 123 | 429 |
| Total | **660** | 878 | 2029 |

---

Depreciation of right-of-use assets is included in depreciation and amortization expense. Interest expense related to lease liabilities is included in debenture and other financing expense.

The Company in its cash flow has classified cash payment related to principal portion of $604 (December 31, 2024 – $608) of lease payments as financing activities and cash payments related to interest portion of $77 (December 31, 2024 – $140) as operating activities.

**9. Accounts payable and accruals**

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Accounts payables | **3352** | 4515 |
| Accrued expenses | **6432** | 7458 |
| Accrued wages and other benefits | **2607** | 1262 |
| Client liabilities | **3046** | 7795 |
| Other | **1024** | 1151 |
| Total | **16461** | 22181 |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**10. Credit facility**

The credit facility consists of a $60,000 senior secured credit facility. On February 26, 2025, the Company amended its credit facility to extend the maturity date by three years, from January 2, 2026 until January 2, 2029. As part of the amendment, certain financial covenants were modified, and the interest rate was reduced by 100 basis points to 7% plus the greater of i) 2% and ii) the Secured Overnight Financing Rate ("SOFR"). There is a 0.33% fee on the available but undrawn portion of the $60,000 facility. Availability under the facility is determined monthly based on the level of eligible loan receivables. Borrowing capacity fluctuates with the amount of eligible loans, and any borrowings in excess of the eligible loan receivables must be repaid in accordance with the terms of the agreement. The principal and interest balance outstanding for the credit facility as at December 31, 2025 was $51,713 (December 31, 2024 – $48,792).

The credit facility is subject to certain covenants and events of default. As at December 31, 2025 and December 31, 2024, the Company was in compliance with these covenants. Interest expense on the credit facility for the year ended December 31, 2025 of $5,721 (December 31, 2024 – $6,702) is included in credit facility interest expense in the consolidated statements of operations and comprehensive income (loss). Interest payments are due semi-monthly.

The Company has provided its senior lenders with a general security interest in all present and after acquired personal property of the Company, including certain pledged financial instruments, cash and cash equivalents.

The Company has pledged financial instruments as collateral against its credit facilities. Borrowing capacity under the facility is influenced by the composition of these assets. Under the terms of the general security agreement, assets pledged as collateral primarily include loans receivable with a carrying amount equal to $60,650 (December 31, 2024 – $58,620) and cash and cash equivalents with a balance of $586 (December 31, 2024 – $254).

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, 2024 |
| Balance, beginning of the period | **48792** | 49405 |
| Advances from credit facility | **4942** | 1904 |
| Payments on credit facility | **(2499)** | (2517) |
| Interest payable | **478** |  |
| Balance, end of the period | **51713** | 48792 |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**11. Debentures** 

The Company's debentures pay interest at a coupon rate between 8 - 10% per annum. Payments of interest and principal are made to debenture holders on a quarterly basis on the first business day following the end of a calendar quarter, at the Company's option either in cash or Common Shares.

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Principal balance | **32685** | 35257 |
| Discount | **(1501)** | (701) |
|  | **31184** | 34556 |
| Interest payable | **702** | 731 |
|  | **31886** | 35287 |

---

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Balance, beginning of the period | **35287** | 36783 |
| Principal repayments | **(2333)** | (2192) |
| Discount accretion | **553** | 687 |
| Modification | **(1345)** | (364) |
| Other | **(276)** | 373 |
| Balance, end of the period | **31886** | 35287 |

---

The debentures are secured by the assets of the Company, governed by the terms of a trust deed and, among other things, are subject to a subordination agreement to the credit facility which effectively extends the individual maturity dates of the debentures to January 2, 2029 which is the maturity date of the credit facility.

As at March 1, 2025, the Company adjusted the amortised cost of the debentures to give effect to the amended maturity date of the Company's senior secured credit facility from January 2, 2026 to January 2, 2029. The Company determined this constituted a non-substantial modification of the existing debentures and the amortised cost of the debentures was recalculated by discounting the revised estimated future cash flows at the existing effective interest rate. The impact of the modification was recorded in revaluation gain (loss) in the consolidated statements of operations and comprehensive income (loss).

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**11. Debentures** *(Continued from previous page)*

The debenture principal repayment dates, after giving effect to the subordination agreement referenced above, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal component of quarterly payment** | **Principal due on maturity** | **Total** |
| 2026 | 2249 |  | **2249** |
| 2027 | 2434 |  | **2434** |
| 2028 | 2635 |  | **2635** |
| 2029 | 662 | 24705 | **25367** |
|  | **7980** | **24705** | **32685** |

---

The debenture repayments are payable in either cash or Common Shares at Orion Digital's option. The number of Common Shares required to settle the repayments is variable based on the Company's share price at the repayment date.

**12. Revenue**

The following table is a provides a breakdown of the Company's total revenues:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| Interest revenue | **26287** | 28098 | 26436 |
| Wealth revenue | **14542** | 10670 | 9203 |
| Payments revenue | **9906** | 8634 | 7166 |
| Other Subscription and Services revenue | **17882** | 23804 | 22416 |
| Total revenue | **68617** | 71206 | 65221 |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**13. Geographic information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Revenue presented below has been based on the geographic location of customers.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| Canada | **58958** | 63314 | 59104 |
| Europe | **9659** | 7892 | 6117 |
| Total | **68617** | 71206 | 65221 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Non-current assets presented below has been based on geographic location of the assets. Intangible assets are allocated based on the location of their legal registration.

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Canada | **65134** | 70623 |
| Europe | **100** | 233 |
| Other | **16** | 16 |
| Total | **65250** | 70872 |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**14. Expense by nature and function**

The following table summarizes the Company's operating expenses by nature:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| Personnel expense | **22697** | 20349 | 20226 |
| Depreciation and amortization | **7998** | 8419 | 9067 |
| Hosting and software licenses | **5765** | 5530 | 5355 |
| Marketing | **3937** | 3915 | 3120 |
| Professional services | **2755** | 2757 | 2414 |
| Stock-based compensation | **1778** | 1938 | 2479 |
| Insurance and licenses | **1511** | 1595 | 2000 |
| Credit verification costs | **980** | 1092 | 1256 |
| Premises | **702** | 752 | 1029 |
| Others | **2274** | 4041 | 3589 |
| Total | **50397** | 50388 | 50535 |

---

The following table summarizes the Company's operating expenses by function including stock-based compensation and depreciation and amortization from the consolidated statements of operations and comprehensive income (loss):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| Technology and development | **16623** | 15902 | 15906 |
| Marketing | **4158** | 4105 | 3379 |
| Customer service and operations | **11524** | 11359 | 11351 |
| General and administration | **18092** | 19022 | 19899 |
| Total | **50397** | 50388 | 50535 |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**15. Revaluation loss (gain)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| Revaluation gain on derivative financial liabilities | **—** | (35) | (379) |
| Realized loss on investment portfolio and marketable securities | **508** | 20 | 340 |
| Unrealized loss (gain) on investment portfolio and marketable securities | **1903** | (209) | (9659) |
| Unrealized (gain) loss on debentures | **(1345)** | (364) | 32 |
| Realized foreign exchange (gain) loss | **(4)** | 34 | 46 |
| Unrealized foreign exchange gain | **(1067)** | (768) | (8) |
| Total | **(5)** | (1322) | (9628) |

---

**16.** Other non-operating expense (income)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| Restructuring charges | **122** | 128 | 4519 |
| Impairment of intangible assets | **—** | 597 |  |
| Income from investor arrangements | **(4000)** |  |  |
| Other | **647** | 197 | 712 |
| Total | **(3231)** | 922 | 5231 |

---

During the year ended December 31, 2025, the Company entered into agreements with WonderFi Technologies Inc. ("WonderFi"), and its related shareholder groups, in exchange for required consents and waivers to amendments to legacy investor rights agreements. During year ended December 31, 2025 the Company recognized $4,000 as Other Income upon satisfaction of these obligations, as the transaction is non-recurring and outside the ordinary course of operations. The related cash inflows are included in operating cash flows for the year.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**17. Income taxes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Provision for income taxes

The major components of provision for income taxes are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| Current tax expense | **60** | 52 | 19 |
| Deferred tax recovery | **(396)** | (393) | (419) |
| Income tax recovery | **(336)** | (341) | (400) |

---

The reconciliation of the provision for income taxes to the amount of income taxes calculated using statutory income tax rates applicable to the Company in Canada is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| Canadian federal and provincial recovery of income taxes using statutory rate of 27% (2024 – 27%, 2023 – 27%) | **(2395)** | (2486) | (4938) |
| Change in recognized taxable temporary differences | **(512)** | (1052) | (1297) |
| Change in unrecognized deductible temporary differences and unused tax losses | **2237** | 2280 | 4680 |
| Impact of rate differences between jurisdictions | **(284)** | 258 | 293 |
| Permanent differences and other | **618** | 659 | 862 |
| Income tax recovery | **(336)** | (341) | (400) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Deferred tax assets

The Company's deferred tax assets are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Non-capital losses | **4084** | 5765 |
| Total | **4084** | 5765 |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**17. Income taxes (Continued from previous page)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Deferred tax liabilities

The Company's deferred tax liabilities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As at** | **As at** | **As at** | **As at** |
|  | **December 31, <br>2025** | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2024 |
| Intangible assets |  | **4,120** |  | 6,096 |
| Right-of-use assets |  | **197** |  | 290 |
|  |  | **4,317** |  | 6,386 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Deductible temporary differences and unused tax losses

Deferred tax assets have not been recognized because it is not probable that future taxable profit will be available against which the Company can use the benefits therefrom.

The Company has deductible temporary differences for which no deferred tax assets are recognized as follows:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Unused tax losses | **220815** | 234902 |
| Property and equipment | **5778** | 5715 |
| Lease liability | **1020** | 1541 |
| Equity investments | **4236** | 4236 |
| Intangible assets | **40263** | 30768 |
| Investment accounted for using the equity method | **78463** | 78463 |
| Debentures | **117** | 1782 |
| Financing costs | **330** | 885 |
| Research and development expenditures | **3006** | 3006 |
| Investment in subsidiaries | **3742** | 3752 |
| Capital losses | **6984** | 5886 |
| EIFEL Carryforward Pool | **8402** |  |
|  | **373156** | 370936 |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**17. Income taxes (Continued from previous page***)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Deductible temporary differences and unused tax losses *(Continued from previous page)*

The Company's non-capital losses expire as follows:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Expires 2026 | **70** | 804 |
| Expires 2027 | **717** | 717 |
| Expires 2028 | **480** | 480 |
| Expires 2029 | **2731** | 2731 |
| Expires 2030 | **2102** | 2102 |
| Expires 2031 | **1391** | 1391 |
| Expires 2032 | **3763** | 4755 |
| Expires 2033 | **6057** | 9292 |
| Expires 2034 | **7412** | 10359 |
| Expires 2035 | **14382** | 14208 |
| Expires 2036 | **21683** | 25575 |
| Expires 2037 | **24370** | 27374 |
| Expires 2038 | **25611** | 27650 |
| Expires 2039 | **7115** | 20109 |
| Expires 2040 | **12035** | 16371 |
| Expires 2041 | **24069** | 24493 |
| Expires 2042 | **31686** | 32595 |
| Expires 2043 | **16841** | 17659 |
| Expires 2044 | **12073** | 17561 |
| Expires 2045 | **6228** |  |
|  | **220816** | 256226 |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**18. Loss per share**

The following reflects consolidated comprehensive loss and weighted average number of shares used in the basic and diluted loss per share computations:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2023 |
| Net loss attributed to shareholders | **(8535)** | (13680) | (17887) |
| Basic weighted average number of shares (in 000s) | **24094** | 24400 | 24853 |
| Basic and diluted loss per share | **(0.35)** | (0.56) | (0.72) |

---

The outstanding stock options and warrants were excluded from the calculation of diluted loss per share because their effect is anti-dilutive.

**19. Capital management**

The Company's objectives when managing capital are to maintain financial flexibility in order to preserve its ability to meet financial obligations and continue as a going concern, and to deploy capital to provide future investment return to its shareholders.

The Company sets the amount and type of capital required relative to its assessment of risk and makes adjustments when necessary to respond to changes to economic conditions, the risk characteristics of the underlying assets, and externally imposed capital requirements. In order to maintain or modify its capital structure, the Company may issue new shares, seek other forms of financing, or sell assets to reduce debt.

The Company manages the following as capital:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Share capital | **388730** | 389717 |
| Contributed surplus | **39117** | 37424 |
| Deficit | **(354043)** | (345508) |
| Credit facility | **51713** | 48792 |
| Debentures | **31886** | 35287 |

---

There have been no changes in the Company's definition of capital, capital management objectives, policies and processes during the year. There are certain capital requirements of the Company resulting from the Company's credit facility that include financial covenants and ratios. Management uses these capital requirements in the decisions made in managing the level and make-up of the Company's capital structure. The Company was in compliance with all of the financial covenants as at December 31, 2025 and December 31, 2024.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**20. Goodwill and indefinite-life intangible assets**

Goodwill and indefinite-life intangible assets are attributed to CGUs or groups of CGUs to which they relate. Annual impairment testing was performed as at December 31, 2025 for goodwill and indefinite-life intangible assets by comparing the carrying value of net assets within the CGU to the recoverable amount of that CGU. Management tested the individual CGUs, being the Carta and the remaining Orion Digital related entities CGU.

The recoverable amount of the CGUs to which goodwill and indefinite life intangibles are allocated were determined based on a value in use assessment using Level 3 inputs in a discounted cash flow analysis

Management applied a range of assumptions in assessing the value in use of the Carta and Orion Digital CGUs. The significant assumptions applied in the determination of the recoverable amount are described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash flows: Cash flows: Estimated cash flows were projected based on actual operating results from internal sources, estimated loan origination and volume growth, as well as industry and market trends. Estimated cash flows are primarily driven by forecasted revenues and operating costs. The forecast period was for 5 years with a terminal value calculation thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Terminal value growth rate: The terminal growth rate is based on historical and projected economic indicators, including the gross domestic product growth rate and takes into consideration factors including the nature of industry and level of market maturity. A rate of 7% was applied in the assumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Pre-tax discount rate: The pre-tax discount rate is reflective of the CGUs Weighted Average Cost of Capital ("WACC"). The WACC was estimated based on the risk-free rate, equity risk premium, beta adjustment to the equity risk premium based on a direct comparison approach, an unsystematic risk premium, and an after-tax cost of debt based on the interest rate of the Company's debts. The range of pre-tax discount rates applied were 10-14% for the Orion Digital CGU and Carta CGU respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Tax rate: The tax rates used in determining the future cash flows were those substantively enacted at the respective valuation date.

As a result of the impairment test as at December 31, 2025, management concluded that the recoverable amount of each respective CGU was higher than the carrying value of its net assets in each of the range of assumptions noted above. Therefore, no impairment was recognized on goodwill and indefinite life intangible assets for the year ended December 31, 2025.

As at December 31, 2025, the carrying value of goodwill and indefinite life intangible assets attributable to the Carta CGU is $24,315 and $1,000, respectively (December 31, 2024 – $24,315 and $1,000, respectively). The carrying value of goodwill attributable to the remaining Orion Digital related entities CGU is $14,040 (December 31, 2024 – $14,040). The amounts by which the value in use of the CGUs exceeded their carrying value were $27,916 and $240,908 for the Carta and Orion Digital CGUs, respectively. A 4.6% increase in the pretax discount rates would be required in order for the CGUs' recoverable amount to be equal to their carrying value.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**21.** Fair value of financial instruments

The fair value of a financial instrument is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants which takes place in the principal (or most advantageous) market at the measurement date. The fair value of a liability reflects its non-performing risk. Assets and liabilities recorded at fair value in the consolidated statements of financial position are measured and classified in a hierarchy consisting of three levels for disclosure purposes. The three levels are based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An asset or liability's classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1: Unadjusted quoted prices in an active market for identical assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2: Quoted prices in markets that are not active or inputs that are derived from quoted prices of similar (but not identical) assets or liabilities in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3: Unobservable inputs that are supported by little or no market activity and are significant to the estimated fair value of the assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Valuation process

The Company maximizes the use of quoted prices from active markets, when available. A market is regarded as active if transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Where independent quoted market prices are not available, the Company uses quoted market prices for similar instruments, other third-party evidence or valuation techniques.

The fair value of financial instruments determined using valuation techniques include the use of recent arm's length transactions and discounted cash flow analysis for investments in unquoted securities, discounted cash flow analysis for derivatives, third-party pricing models or other valuation techniques commonly used by market participants and utilize independent observable market inputs to the maximum extent possible.

The use of valuation techniques to determine the fair value of a financial instrument requires management to make assumptions such as the amount and timing of future cash flows and discount rates and incorporate the Company's estimate of assumptions that a market participant would make when valuing the instruments.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**21. Fair value of financial instruments** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Accounting classifications and fair values

The following table shows the carrying amount and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. During the year ended December 31, 2025 and 2024, there have not been any transfers between fair value hierarchy levels except for the transfers indicated in Note 21(c)(i) related to the investment portfolio.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
| **December 31, 2025** | **Note** | **FVTPL** | **Financial asset at<br>amortized cost** | **Other financial<br>liabilities** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Financial assets measured at fair value** |  |  |  |  |  |  |  |  |  |
| Marketable securities | 6 | 14591 |  |  | **14591** | 14591 |  |  | **14591** |
| Investment portfolio |  | 6484 |  |  | **6484** |  |  | 6484 | **6484** |
|  |  | **21075** | **—** | **—** | **21075** |  |  |  |  |
| **Financial assets not measured at fair value** |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalent |  |  | 17702 |  | **17702** | 17702 |  |  | **17702** |
| Restricted cash |  |  | 2462 |  | **2462** | 2462 |  |  | **2462** |
| Loans receivable | 4 |  | 60650 |  | **60650** |  |  | 60650 | **60650** |
| Other receivables |  |  | 4846 |  | **4846** |  |  | 4846 | **4846** |
|  |  |  | **85660** |  | **85660** |  |  |  |  |
| **Financial liabilities not measured at fair value** |  |  |  |  |  |  |  |  |  |
| Accounts payable, accruals and other |  |  |  | 16298 | **16298** |  |  | 16298 | **16298** |
| Credit facility | 10 |  |  | 51713 | **51713** |  | 51713 |  | **51713** |
| Debentures | 11 |  |  | 31886 | **31886** |  |  | 29735 | **29735** |
|  |  | **—** | **—** | **99897** | **99897** |  |  |  |  |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**21. Fair value of financial instruments** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Accounting classifications and fair values *(Continued from previous page)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
| **As at December 31, 2024** | **Note** | **FVTPL** | **Financial asset at amortized cost** | **Other financial liabilities** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Financial assets measured at fair value** |  |  |  |  |  |  |  |  |  |
| Marketable securities | 6 | 26085 |  |  | **26085** | 26085 |  |  | **26085** |
| Investment portfolio |  | 11991 |  |  | **11991** |  |  | 11991 | **11991** |
|  |  | **38076** |  |  | **38076** |  |  |  |  |
| **Financial assets not measured at fair value** |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalent |  |  | 8530 |  | **8530** | 8530 |  |  | **8530** |
| Restricted cash |  |  | 2508 |  | **2508** | 2508 |  |  | **2508** |
| Loans receivable | 4 |  | 58620 |  | **58620** |  |  | 58620 | **58620** |
| Other receivables |  |  | 9491 |  | **9491** |  |  | 9491 | **9491** |
|  |  | **—** | **79149** | **—** | **79149** |  |  |  |  |
| **Financial liabilities not measured at fair value** |  |  |  |  |  |  |  |  |  |
| Accounts payable, accruals and other |  |  |  | 22096 | **22096** |  |  | 22096 | **22096** |
| Credit facility | 10 |  |  | 48792 | **48792** |  | 48792 |  | **48792** |
| Debentures | 11 |  |  | 35287 | **35287** |  |  | 33911 | **33911** |
|  |  | **—** | **—** | **106175** | **106175** |  |  |  |  |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**21. Fair value of financial instruments** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Measurement of fair values:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Valuation techniques and significant unobservable inputs*

The following tables show the valuation techniques used in measuring Level 3 fair values for financial instruments in the consolidated statements of financial position, as well as the significant unobservable inputs used.

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Valuation technique** | **Significant unobservable inputs** | **Inter-relationship between significant unobservable inputs and fair value** |
| **Investment portfolio: Equities Unlisted** | &nbsp;&nbsp;&nbsp;• Price of recent investments in the investee company<br>• Implied multiples from recent transactions of the underlying investee companies<br>• Offers received by investee companies<br>• Revenue multiples derived from comparable public companies and transactions<br>• Option pricing model | &nbsp;&nbsp;• Third-party transactions<br>• Revenue multiples (2.3-2.7, 2024: 1.9-3.0)<br>• Balance sheets and last twelve-month revenues for certain of the investee companies<br>• Equity volatility (50-110%, 2024: 50-130%)<br>• Time to exit events<br>• Discount for lack of marketability (5-10%, 2024: 0-20%) | &nbsp;&nbsp;• Increases in revenue multiples increases fair value<br>• Increases in equity volatility can increase or decrease fair value depending on class of shares held in the investee company<br>• Increases in estimated time to exit event can increase or decrease fair value depending on class of shares held in the investee company<br>|
| **Partnership interest and others** | &nbsp;&nbsp;• Adjusted net book value<br>| &nbsp;&nbsp;• Net asset value per unit<br>• Change in market pricing of comparable companies of the underlying investments made by the partnership | &nbsp;&nbsp;&nbsp;• Increases in net asset value per unit or change in market pricing of comparable companies of the underlying investment made by the partnership can increase fair value |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**21. Fair value of financial instruments** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Valuation techniques and significant unobservable inputs (Continued from previous page)*

The following table presents the changes in fair value measurements of the Company's investment portfolio recognized at fair value at December 31, 2025 and December 31, 2024 and classified as Level 3:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Balance, beginning of the period | **11991** | 11436 |
| Disposal | **(715)** | (200) |
| Transfer to Level 1 marketable securities | **(2600)** |  |
| Unrealized exchange (loss) gain | **(353)** | 662 |
| Realized loss on investment portfolio | **—** | (120) |
| Unrealized (loss) gain on investment portfolio | **(1839)** | 213 |
| Balance, end of the period | **6484** | 11991 |

---

In 2025, one of the Company's investments was reclassified from Level 3 to Level 1 following their public listing through a reverse takeover. The investment is now measured using quoted market prices and presented as a marketable security.

The fair value of the Company's current loans receivable, other receivables, and accounts payable, accruals and other approximates its carrying values due to the short-term nature of these instruments. The fair value of the Company's credit facility approximates its carrying amount due to its variable interest rate, which approximates a market interest rate. The fair value of the Company's debentures was determined based on a discounted cash flow analysis using observable market interest rates for instruments with similar terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) Sensitivity analysis*

For the fair value of equity securities, reasonably possible changes at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have the following effects.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Profit or loss** | **Profit or loss** |
|  |  | **Increase** | **Decrease** |
| **Investment portfolio:** | **Investment portfolio:** |  |  |
| December 31, 2025 | Adjusted market multiple (5% movement) | 324 | (324) |
| December 31, 2024 | Adjusted market multiple (5% movement) | 600 | (600) |

---

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**22. Nature and extent of risk arising from financial instruments**

***Risk management policy***

In the normal course of business, the Company is exposed to financial risk that arises from a number of sources. Management's involvement in operations helps identify risks and variations from expectations. As a part of the overall operation of the Company, Management takes steps to avoid undue concentrations of risk. The Company manages these risks as follows:

***Credit risk***

Credit risk is the risk of financial loss to the Company if a customer or counter-party to a financial instrument fails to meet its contractual obligations and arises primarily from the Company's loans receivable. The maximum amount of credit risk exposure is limited to accounts receivable, brokerage firm receivables and the gross carrying amount of the loans receivable disclosed in these consolidated financial statements.

The Company acts as a lender of unsecured consumer loans and lines of credit and has little concentration of credit risk with any particular individual, company or other entity, relating to these services. However, the credit risk relates to the possibility of default of payment on the Company's loans receivable. The Company performs on-going credit evaluations, monitors aging of the loan portfolio, monitors payment history of individual loans, and maintains an allowance for loan loss to mitigate this risk.

The credit risk decisions on the Company's loans receivable are made in accordance with the Company's credit policies and lending practices, which are overseen by the Company's senior management. Credit quality of the customer is assessed based on a credit rating scorecard and individual credit limits are defined in accordance with this assessment. The consumer loans receivable is unsecured. The Company develops underwriting models based on the historical performance of groups of customer loans which guide its lending decisions. To the extent that such historical data used to develop its underwriting models is not representative or predictive of current loan book performance, the Company could suffer increased loan losses.

The Company cannot guarantee that delinquency and loss levels will correspond with the historical levels experienced and there is a risk that delinquency and loss rates could increase significantly.

***Liquidity risk***

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due or will not receive sufficient funds from its third-party lenders to advance to the Company's customers. The Company manages all liquidity risk through maintaining a sufficient working capital amount through daily monitoring of controls, cash balances and operating results. The Company's principal sources of cash are funds from operations, which the Company believes will be sufficient to cover its normal operating and capital expenditures.

The Company's accounts payable and accruals are substantially due within 12 months. The maturity schedule of the Company's credit facility and debentures are described below. Management's intention is to continue to refinance any outstanding amounts owing under the credit facility and debentures, in each case as they become due and payable. The debentures are subordinated to the credit facility which has the effect of extending the maturity date of the debentures to the later of contractual maturity or the maturity date of credit facility. See Note 10 and 11 for further details.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**22. Nature and extent of risk arising from financial instruments** *(Continued from previous page)*

The following table summarizes our commitments as at December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2026** | **2027** | **2028** | **2029** |
| ***Commitments - operational*** |  |  |  |  |
| Lease payments | 1085 | 605 |  |  |
| Accounts payable | 3352 |  |  |  |
| Accruals and other | 12946 |  |  |  |
| Other purchase obligations | 584 | 642 | 221 |  |
| Interest – Credit facility (Note 10) | 5757 | 5757 | 5757 | 32 |
| Interest – Debentures (Note 11)<sup>(1)</sup> | 2607 | 2418 | 2212 | 519 |
|  | 26331 | 9422 | 8190 | 551 |
| ***Commitments – principal repayments*** |  |  |  |  |
| Credit facility (Note 10) |  |  |  | 51713 |
| Debentures (Note 11) <sup>(1)</sup> | 2249 | 2434 | 2635 | 25367 |
|  | 2249 | 2434 | 2635 | 77080 |
| **Total contractual obligations** | **28580** | **11856** | **10825** | **77631** |

---

<sup>(1)</sup> The debenture repayments are payable in either cash or Common Shares at Orion Digital's option. The number of Common Shares required to settle the principal repayments is variable based on the Company's share price at the repayment date.

***Market risk***

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments that could be affected by market risk include cash, investment portfolio, credit facilities, debentures, derivative financial assets and derivative financial liabilities.

***Interest rate risk***

Changes in market interest rates may have an effect on the cash flows associated with some financial assets and liabilities, known as cash flow risk, and on the fair value of other financial assets or liabilities, known as price risk. The Company is exposed to interest rate risk primarily relating to its credit facility that bears interest fluctuating with the Secured Overnight Financing Rate ("SOFR"). The credit facility does not have a SOFR floor. As at December 31, 2025, SOFR is 3.87% (December 31, 2024 – 4.49%). For the year ended December 31, 2025, a 100-basis point change in SOFR would increase or decrease credit facility interest expense by $455 (December 31, 2024 – $315). The debentures have fixed rates of interest and are not subject to variability in cash flows due to interest rate risk.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**22. Nature and extent of risk arising from financial instruments** *(Continued from previous page)*

***Currency risk*** 

Currency risk is the risk that changes in foreign exchange rates may have an effect on future cash flows associated with financial instruments. The Company is primarily exposed to foreign currency risk on the following financial instruments denominated in U.S. dollars. As at December 31, 2025, a 5% increase or decrease in the U.S. dollar exchange rate would increase or decrease the unrealized exchange gain (loss) by $244 (December 31, 2024 – $166).

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| <u>($000 USD)</u> | **December 31, <br>2025** | December 31, <br>2024 |
| Cash | **180** | 39 |
| Marketable securities | **2124** | 83 |
| Investment portfolio | **4554** | 5755 |
| Debentures | **(3298)** | (3574) |

---

***Other price risk***

Other market price risk is the risk that the fair value of the financial instrument will fluctuate as a result of changes in market prices (other than those arising from interest rate risks or currency risk), whether caused by factors specific to an individual investment or its issuers or factors affecting all instruments traded in the market. The investment portfolio comprises of non-listed closely held equity instruments which have minimal exposure to market prices. The valuation of the investment portfolio is conducted on a quarterly basis.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**23. Equity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Share capital

The Company's authorized share capital is comprised of an unlimited number of Common Shares with no par value and an unlimited number of preferred shares issuable in one or more series. The Board is authorized to determine the rights and privileges and number of shares of each series of preferred shares.

As at December 31, 2025 there were 23,943,550 (December 31, 2024 – 24,472,377) Common Shares and no preferred shares issued and outstanding.

For the year ended December 31, 2025, the Company repurchased 548,091 Common Shares for cancellation under the share repurchase program at an average price of CAD $2.05 per share, for a total repurchase cost of $1,107.

For the year ended December 31, 2024, the Company repurchased 44,741 Common Shares for cancellation under the share repurchase program at an average price of CAD $2.67 per share, for a total repurchase cost of $104.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Treasury share reserve

The treasury share reserve comprises the cost of the shares held by the Company. As at December 31, 2025, the Company held 190,706 Common Shares in reserve (December 31, 2024 – 190,706).

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. Equity** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Options

The Company has a stock option plan (the "Plan") that provides for the granting of options to directors, officers, employees and consultants. The exercise price of an option is set at the time that such option is granted under the Plan. The maximum number of Common Shares reserved for issuance under the Plan is the greater of i) 15% of the number of Common Shares issued and outstanding, and ii) 1,266,667.

Each option entitles the holder to receive one Common Share upon exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither right to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of expiry. Options issued under the Plan have a maximum contractual term of eight years and options issued under the Prior Plan have a maximum contractual term of ten years.

A summary of the status of the stock options and changes in the period is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Options outstanding (000s)** | **Weighted average grant date fair value $** | **Weighted average exercise price $** | **Options exercisable (000s)** | **Weighted average exercise price $** |
| **Balance, December 31, 2023** | **3498** | **—** | **5.56** | **1499** | **8.18** |
| Options issued | 270 | 1.67 | 2.15 |  |  |
| Exercised | (2) | 8.83 | 2.12 |  |  |
| Forfeited | (1006) | 8.26 | 7.05 |  |  |
| **Balance, December 31, 2024** | **2760** |  | **2.69** | **1543** | **3.06** |
| Options issued | 890 | 1.32 | 1.86 |  |  |
| Exercised | (19) | 4.51 | 1.86 |  |  |
| Forfeited | (239) | 5.20 | 1.87 |  |  |
| **Balance, December 31, 2025** | **3392** |  | **2.55** | **1951** | **2.93** |

---

The above noted options have expiry dates ranging from March 2026 to December 2033.

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**23. Equity** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Options *(Continued from previous page)*

With the exception of performance-based stock options, the fair value of each option granted was estimated using the Black-Scholes option pricing model with the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | December 31, <br>2024 |
| Risk-free interest rate | **2.73-2.96%** | 2.73-3.51% |
| Expected life | 5 **years** | 5 years |
| Expected volatility in market price of shares | **89-92%** | 91-92% |
| Expected dividend yield | **0-%** | 0% |
| Expected forfeiture rate | **0% - 15%** | 0% - 15% |
| Weighted average share price | **1.86** | 2.15 |

---

These options generally vest monthly over a four-year period after an initial one-year cliff.

Volatility of the above options if based on the Company's market share price over the last 5 years.

Total stock-based compensation costs related to options for the year ended December 31, 2025 was $1,778 (December 31, 2024 – $1,938).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Warrants

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Warrants outstanding (000s)** | **Weighted average exercise price $** | **Warrants exercisable (000s)** | **Weighted average exercise price $** |
| Balance, December 31, 2023 | 358 | 20.53 | 280 | 25.46 |
| Warrants issued | 500 | 2.15 |  |  |
| Warrants expired | (89) | 51.15 | (89) | 51.15 |
| **Balance, December 31, 2024** | **769** | **5.02** | **402** | **7.59** |
| **Balance, December 31, 2025** | **769** | **5.02** | **769** | **5.02** |

---

The 768,630 warrants outstanding noted above have expiry dates ranging from September 2026 to August 2027 and do not include the stock warrants accounted for as a derivative financial liability.

The derivative financial liabilities are comprised of 1,018,519 USD stock warrants with an expiry date of June 2026 and a weighted average exercise price of $17.88. The stock warrants are classified as a liability under IFRS by the sole virtue of their exercise price being denominated in USD. As such, the warrants are subject to revaluation under the Black Scholes model at each reporting date, with gains and losses recognized to the consolidated statements of operations and comprehensive income (loss). The balance for the current period is $nil (December 2024 - $nil).

------

**Orion Digital Corp.**

**Notes to the Consolidated Financial Statements**

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the years ended December 31, 2025 and 2024*

**24. Related party transactions**

Related party transactions during the year ended December 31, 2025, include transactions with debenture holders that incur interest. The related party debentures balance as at December 31, 2025, totaled $126 (December 31, 2024 – $136). The debentures bear annual coupon interest of 8.0% (December 31, 2024 – 8.0%) with interest expense for the year ended December 31, 2025, totaling $10 (December 31, 2024 – $14). The related parties involved in such transactions include Company shareholders, officers, directors, and management, close members of their families, or entities which are directly or indirectly controlled by close members of their families. The debentures are ongoing contractual obligations that are used to fund the Company's corporate and operational activities.

***Key management personnel***

Key management personnel ("KMP") are those persons having authority and responsibility for planning, directing, and controlling the activities of the entity, directly or indirectly. KMP consist of directors and executive officers of the Company.

During the year ended December 31, 2025, KMP were granted 550,000 stock options with a fair value of $742 at the grant date (December 31, 2024 – 110,000 stock options with a fair value of $179 at the grant date).

Aggregate compensation of KMP recorded as expenses in the consolidated statement of operations and comprehensive income (loss) during the year consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **December 31, <br>2025** | **December 31, <br>2025** | December 31, <br>2024 | December 31, <br>2024 |
| Salary and short – term benefits |  | **2,720** |  | 1,387 |
| Stock-based compensation |  | **759** |  | 874 |
|  |  | **3,479** |  | 2,261 |

---

**25. Subsequent events**

In January 2026 the Company sold approximately 29 million shares of WonderFi shares for total proceed of $8,388.

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## Ex-97

**Exhibit 97**

**MOGO INC.**

**POLICY FOR RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

Mogo Inc. (the "***Company***") has adopted this Policy for Recovery of Erroneously Awarded Compensation (the "***Policy***"), effective as of October 2, 2023 (the "***Effective Date***"). Capitalized terms used in this Policy but not otherwise defined in the text of this policy are defined in Section 11.

**<u>1.</u>** **<u>Persons Subject to Policy</u>**

This Policy shall apply to current and former Officers of the Company.

**2. <u>Compensation Subject to Policy</u>**

This Policy shall apply to Incentive-Based Compensation received on or after the Effective Date. For purposes of this Policy, the date on which Incentive-Based Compensation is "received" shall be determined under the Applicable Rules, which generally provide that Incentive-Based Compensation is "received" in the Company's fiscal period during which the relevant Financial Reporting Measure is attained or satisfied, without regard to whether the grant, vesting or payment of the Incentive-Based Compensation occurs after the end of that period.

**3. <u>Recovery of Compensation</u>**

In the event that the Company is required to prepare a Restatement, the Company shall recover, reasonably promptly, the portion of any Incentive-Based Compensation that is Erroneously Awarded Compensation, unless the Committee has determined that recovery would be Impracticable. Recovery shall be required in accordance with the preceding sentence regardless of whether the applicable Officer engaged in misconduct or otherwise caused or contributed to the requirement for the Restatement and regardless of whether or when restated financial statements are filed by the Company. For clarity, the recovery of Erroneously Awarded Compensation under this Policy will not give rise to any person's right to voluntarily terminate employment for "good reason," or due to a "constructive termination" (or any similar term of like effect) under any plan, program or policy of or agreement with the Company or any of its affiliates.

**4. <u>Manner of Recovery; Limitation on Duplicative Recovery</u>**

The Committee shall, in its sole discretion, determine the manner of recovery of any Erroneously Awarded Compensation, which may include, without limitation, reduction or cancellation by the Company or an affiliate of the Company of Incentive-Based Compensation or Erroneously Awarded Compensation, reimbursement or repayment by any person subject to this Policy of the Erroneously Awarded Compensation, and, to the extent permitted by law, an offset of the Erroneously Awarded Compensation against other compensation payable by the Company or an affiliate of the Company to such person. Notwithstanding the foregoing, unless otherwise prohibited by the Applicable Rules, to the extent this Policy provides for recovery of Erroneously Awarded Compensation already recovered by the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 or Other Recovery Arrangements, the amount of Erroneously

------

Awarded Compensation already recovered by the Company from the recipient of such Erroneously Awarded Compensation will be credited to the amount of Erroneously Awarded Compensation required to be recovered pursuant to this Policy from such person.

**5. <u>Administration</u>** 

This Policy shall be administered, interpreted and construed by the Committee, which is authorized to make all determinations necessary, appropriate or advisable for such purpose. The Board of Directors of the Company (the "***Board***") may re-vest in itself the authority to administer, interpret and construe this Policy in accordance with applicable law, and in such event references herein to the "Committee" shall be deemed to be references to the Board. Subject to any permitted review by the applicable national securities exchange or association pursuant to the Applicable Rules, all determinations and decisions made by the Committee pursuant to the provisions of this Policy shall be final, conclusive and binding on all persons, including the Company and its affiliates, equityholders and employees. The Committee may delegate administrative duties with respect to this Policy to one or more directors or employees of the Company, as permitted under applicable law, including any Applicable Rules.

**6. <u>Interpretation</u>**

This Policy will be interpreted and applied in a manner that is consistent with the requirements of the Applicable Rules, and to the extent this Policy is inconsistent with such Applicable Rules, it shall be deemed amended to the extent necessary to ensure it is consistent therewith.

**7. <u>No Indemnification; No Personal Liability</u>**

The Company shall not indemnify or insure any person against the loss of any Erroneously Awarded Compensation pursuant to this Policy, nor shall the Company directly or indirectly pay or reimburse any person for any premiums for third-party insurance policies that such person may elect to purchase to fund such person's potential obligations under this Policy. No member of the Committee or the Board shall have any personal liability to any person as a result of actions taken under this Policy and each member of the Committee and the Board will be fully indemnified by the Company to the fullest extent available under applicable law and the Company's governing documents with respect to any actions taken under this Policy. The foregoing sentence will not limit any other rights to indemnification of the members of the Board under applicable law and the Company's governing documents.

**8. <u>Application; Enforceability</u>**

Except as otherwise determined by the Committee or the Board, the adoption of this Policy does not limit, and is intended to apply in addition to, any other clawback, recoupment, forfeiture or similar policies or provisions of the Company or its affiliates, including any such policies or provisions of such effect contained in any employment agreement, bonus plan, incentive plan, equity-based plan or award agreement thereunder or similar plan, program or agreement of the Company or an affiliate or required under applicable law (the "***Other Recovery Arrangements***"). The remedy specified in this Policy shall not be exclusive and shall be in addition to every other

------

right or remedy at law or in equity that may be available to the Company or an affiliate of the Company.

**9. <u>Severability</u>**

The provisions in this Policy are intended to be applied to the fullest extent of the law; provided, however, to the extent that any provision of this Policy is found to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.

**10. <u>Amendment and Termination</u>**

The Board or the Committee may amend, modify or terminate this Policy in whole or in part at any time and from time to time in its sole discretion. This Policy will terminate automatically when the Company does not have a class of securities listed on a national securities exchange or association and will be limited the extent that any provision of the Applicable Rules is no longer in effect or applicable to the Company.

**11. <u>Definitions</u>**

"***Applicable Rules***" means Section 10D of the Exchange Act, Rule 10D-1 promulgated thereunder, the listing rules of the national securities exchange or association on which the Company's securities are listed, and any applicable rules, standards or other guidance adopted by the Securities and Exchange Commission or any national securities exchange or association on which the Company's securities are listed, in each case, as amended from time to time.

"***Committee***" means the committee of the Board responsible for executive compensation decisions comprised solely of independent directors (as determined under the Applicable Rules), or in the absence of such a committee, a majority of the independent directors serving on the Board.

"***Erroneously Awarded Compensation***" means the amount of Incentive-Based Compensation received by a current or former Officer that exceeds the amount of Incentive-Based Compensation that would have been received by such current or former Officer based on a restated Financial Reporting Measure, as determined on a pre-tax basis in accordance with the Applicable Rules.

"***Exchange Act***" means the Securities Exchange Act of 1934, as amended.

"***Financial Reporting Measure***" means any measure determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures derived wholly or in part from such measures, including GAAP, IFRS and non-GAAP/IFRS financial measures, as well as stock or share price and total equityholder return.

"***GAAP***" means United States generally accepted accounting principles.

"***IFRS***" means international financial reporting standards as adopted by the International Accounting Standards Board.

------

"***Impracticable***" means (a) the direct costs paid to third parties to assist in enforcing recovery would exceed the Erroneously Awarded Compensation; provided that the Company (i) has made reasonable attempts to recover the Erroneously Awarded Compensation, (ii) documented such attempt(s), and (iii) provided such documentation to the relevant listing exchange or association, (b) to the extent permitted by the Applicable Rules, the recovery would violate the Company's home country laws pursuant to an opinion of home country counsel; provided that the Company has (i) obtained an opinion of home country counsel, acceptable to the relevant listing exchange or association, that recovery would result in such violation, and (ii) provided such opinion to the relevant listing exchange or association, or (c) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and the regulations thereunder.

"***Incentive-Based Compensation***" means, with respect to a Restatement, any compensation that is granted, earned, or vested based wholly or in part upon the attainment of one or more Financial Reporting Measures and received by a person: (a) after beginning service as an Officer; (b) who served as an Officer at any time during the performance period for that compensation; (c) while the issuer has a class of its securities listed on a national securities exchange or association; and (d) during the applicable Three-Year Period.

"***Officer***" means each person who serves as an executive officer of the Company, as defined in Rule 10D-1(d) under the Exchange Act.

"***Restatement***" means an accounting restatement to correct the Company's material noncompliance with any financial reporting requirement under securities laws, including restatements that correct an error in previously issued financial statements (a) that is material to the previously issued financial statements or (b) that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

"***Three-Year Period***" means, with respect to a Restatement, the three completed fiscal years immediately preceding the date that the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare such Restatement, or, if earlier, the date on which a court, regulator or other legally authorized body directs the Company to prepare such Restatement. The "Three-Year Period" also includes any transition period (that results from a change in the Company's fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence. However, a transition period between the last day of the Company's previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months shall be deemed a completed fiscal year.

------

**Exhibit 97**

**ACKNOWLEDGMENT AND CONSENT TO <br>POLICY FOR RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

****<br> The undersigned has received a copy of the Policy for Recovery of Erroneously Awarded Compensation (the "***Policy***") adopted by Mogo Inc. (the "***Company***").

For good and valuable consideration, the receipt of which is acknowledged, the undersigned hereby agrees, to the extent that the Policy is authorized and required by Applicable Rules (as defined in the Policy), that: (i) the undersigned is and shall be bound by and subject to the terms of the Policy; (ii) compensation received by the undersigned may be subject to reduction, cancellation, forfeiture and/or recoupment to the extent necessary to comply with the Policy, notwithstanding any other agreement to the contrary; (iii) the undersigned is not entitled to indemnification in connection with any enforcement of the Policy to the extent required by the Applicable Rules; and (iv) the undersigned expressly waives any rights to such indemnification under the Company's organizational documents or otherwise.

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| | |
|:---|:---|
| &nbsp;&nbsp;___________________<br>Date | &nbsp;&nbsp;________________________________________<br>Signature<br>|
|  | &nbsp;&nbsp;________________________________________<br>Name<br>|
|  | &nbsp;&nbsp;________________________________________<br>Title |

---

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### Attached PDF Documents

**Attachment 1:** `mogo-ex96_1.pdf`

_No text found in this document._

**Attachment 2:** `mogo-ex96_4.pdf`

_No text found in this document._