Mr. Andrew Moor reports

EQUITABLE ANNOUNCES DEPARTURE OF CHIEF RISK OFFICER

EQB Inc. chief risk officer Ron Tratch will be leaving Equitable as of Aug. 31, 2023.

"Ron has been a valued member of Equitable's senior management team since he joined as vice-president, commercial credit, in 2011. He became chief risk officer in January of 2015 and since that time has led the risk function on many successful initiatives that have contributed to our growth and success, including the ongoing advancement of the Bank's AIRB project for capital and risk management. We are grateful for his guidance and leadership and wish him well in the next chapter of his professional career," said Andrew Moor, president and chief executive officer.

Mr. Moor continued, "We're fortunate to have a strong risk team at Equitable which will oversee all of our risks as we always have -- prudently and effectively."

Equitable will be announcing the appointment of a new chief risk officer in due course.

About EQB Inc.

Equitable Bank -- Canada's Challenger Bank -- is a wholly owned subsidiary of EQB, which trades on the Toronto Stock Exchange 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 solutions, and through its digital EQ Bank platform, it was named the best bank in Canada on Forbes's World's Best Banks list in 2021, 2022 and 2023.