Mr. Michael Emory reports

EQB ANNOUNCES ELECTION OF DIRECTORS AND APPOINTS NEW BOARD CHAIR

EQB Inc. shareholders have elected the 11 nominees listed in the management information circular dated April 11, 2023, as directors of EQB at the annual meeting of shareholders held earlier today. The results of the proxy vote are set out in the attached table.

Following the meeting, the board appointed Michael Hanley as chair. He succeeds David LeGresley, who retired after reaching his 12-year term limit.

Mr. Hanley has extensive leadership and governance experience and with his stewardship, the board is confident that EQB will continue to advance its best practice environmental, social and governance approach.

The detailed results on all matters voted on at the annual meeting of shareholders will be available on the Equitable Bank website and through Canadian securities regulators on SEDAR.

About EQB Inc.

Equitable Bank-Canada's Challenger Bank is a wholly owned subsidiary of EQB, which trades on the Toronto Stock Exchange (TSX: EQB) (TSX: EQB.PR.C) and serves more than 515,000 customers. Equitable Bank's wholly owned subsidiary Concentra Bank supports Canadian credit unions and their more than six million members. With nearly $105-billion in combined assets under management and administration, Equitable Bank has a clear mandate to drive change in Canadian banking to enrich people's lives. Founded more than 50 years ago, Canada's Challenger Bank provides diversified personal and commercial banking, and through its digital EQ Bank platform has been named the best bank in Canada on the Forbes World's best banks 2021, 2022 and 2023 lists.

SOURCE EQB Inc.