Mr. Andrew Moor reports

EQB ANNOUNCES APPOINTMENT OF CHIEF RISK OFFICER

Marlene Lenarduzzi will be joining EQB Inc. and its wholly owned subsidiary Equitable Bank as its chief risk officer on Oct. 10, 2023. She comes to the bank following more than 25 years of experience in risk management and banking with depth in strategy development, regulatory relationships, risk quantification, operations and execution.

Prior to joining EQB, Ms. Lenarduzzi was Head, Counterparty Credit Risk Management and Market Risk Strategic Initiatives at BMO Financial Group.

Ms. Lenarduzzi will lead the Bank's risk department and will be the head of its Enterprise Risk Management function with responsibility for credit, operational and enterprise risk.

"Marlene has deep Canadian banking risk expertise with a global mindset," said Andrew Moor, CEO of the Bank. "She will add significant perspective, energy and sophistication to the growth ahead for Canada's Challenger BankTM as part of our senior management team."

Ms. Lenarduzzi has a Bachelor of Chemical Engineering from McMaster University, a Master of Applied Science from the University of Ottawa, and an MBA from the Schulich School of Business. She is passionate about giving back to communities and currently serves on several Boards. She is President of the Toronto Chapter of the Risk Management Association, serves on the Board of Young Peoples Theatre, and is a member of the Dean's Advisory Board for the faculty of Engineering at McMaster University.

About EQB Inc.

Equitable Bank-Canada's Challenger Bank(TM)-is a wholly owned subsidiary of EQB Inc., which trades on the Toronto Stock Exchange (TSX: EQB) (TSX: EQB.PR.C) and serves more than 543,000 customers. Equitable Bank's wholly owned subsidiary Concentra Bank supports Canadian credit unions and their more than 6 million members. With over $108 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(TM) provides diversified personal and commercial banking, and through its digital EQ Bank platform (eqbank.ca) has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2021, 2022 and 2023 lists. Please visit eqbank.investorroom.com for more details.