Mr. Andrew Moor reports

EQB COMPLETES ACQUISITION OF MAJORITY INTEREST IN ACM ADVISORS

EQB Inc. has successfully completed its previously announced acquisition of a 75-per-cent interest in ACM Advisors Ltd., one of Canada's largest and most well-respected alternative asset managers with nearly $5-billion in assets under management.

"By closing this transaction, ACM and EQB begin a new chapter of value creation for our investors that will see our two organizations collaborate with a view to long-term growth and competitive advantage," said Andrew Moor, president and chief executive officer, EQB. "In ACM, we gain a trusted name that pioneered a specialized area of wealth and asset management for institutional and accredited retail investors. We couldn't be more excited about this partnership thanks to the ACM team's superior talent, proven track record and promising scale."

ACM specializes in the creation, structuring and management of pooled Canadian commercial mortgage funds. As of today, ACM will operate as an independent majority-owned subsidiary under EQB with a mandate to sustain strong returns for clients while also exploring opportunities for new investment fund portfolio offerings. As previously announced, ACM's existing management team has retained a 25-per-cent ownership position and will remain with the organization.

"Joining EQB is a strategic decision that allows the ACM team to maintain our focus on risk-managed value creation while exploring new possibilities in asset management on behalf of our valued clients," said Chad Mallow, president and chief executive officer, ACM. "Our two organizations share many qualities, including industry-leading expertise, a relentless pursuit of best-in-class client service, and committed and long-term leadership with decades of experience in commercial real estate mortgages. From this common ground, I look forward to working to achieve our joint growth and performance ambitions."

Compelling financial attributes, well-established platform to deliver immediate accretion

ACM will contribute to a meaningful increase in EQB fee-based revenue and is expected to contribute to EQB's long-term 15-per-cent-to-17-per-cent return on equity (ROE) north star, with year 1 accretion. Accretion does not depend on cost or revenue synergies and no operational integration is planned. There is also no direct credit or balance sheet exposure for EQB from the addition of ACM's assets under management.

"ACM's rigorous approach to delivering upscale returns to investors for over 30 years makes it a natural addition to EQB Inc., the best TSR performer of any Canadian Schedule I bank over the past decade," said Chadwick Westlake, chief financial officer, EQB. "As we join forces, we are particularly pleased to see ACM's recent momentum continue as the level of investors and AUM continues to achieve new record highs -- milestones that we believe reflects investor confidence and trust. We are thrilled to welcome Chad Mallow, Chad Mercer and the entire ACM team to EQB as we begin the exciting work of expanding our wealth management business opportunities together."

About EQB Inc.

EQB trades on the Toronto Stock Exchange and has over $111-billion in combined assets under management and administration. A wholly owned subsidiary of EQB, Equitable Bank, Canada's Challenger Bank, is the seventh-largest bank in Canada by assets and serves more than 578,000 customers. Equitable Bank's subsidiaries, Concentra Bank and Concentra Trust, support Canadian credit unions and their more than six million members. Equitable Bank has a clear mandate to drive change in Canadian banking to enrich people's lives. Founded more than 50 years ago, it provides diversified personal and commercial banking, and through its digital EQ Bank platform has been named the top Schedule I bank in Canada on the Forbes World's Best Banks 2021, 2022 and 2023 lists.

About ACM Advisors Ltd.

ACM Advisors is a leading Canadian institutional alternative asset manager with nearly $5-billion in assets under management across four funds. Founded in 1993, ACM has grown to be one of the largest private investment fund managers in Canada, specializing in the creation, structuring and management of pooled Canadian commercial mortgage funds on behalf of over 2,000 clients, including its investors -- pension plans, investment funds, charitable foundations, corporations and accredited retail investors -- and its commercial borrowers. Based in Vancouver, B.C., ACM has an over-30-year record of successful performance.

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