Mr. Andrew Moor reports

EQB OUTLINES PROGRESS TOWARD A MORE SUSTAINABLE FUTURE IN 2023 RESPONSIBILITY REPORT

EQB Inc. has issued its annual EQB responsibility report, which examines, outlines progress and reinforces commitments to investing to improve Canadian society, reduce its environmental impact, support employees' evolving and diverse needs, and provide Canadians with better, more accessible and enriching financial futures.

"Our purpose at EQB is to drive change in Canadian banking to enrich people's lives, and I am proud of the progress we achieved against this purpose as we continually strive be a capable contributor to society at large as befits our status as owner of Canada's seventh-largest bank," said Andrew Moor, president and chief executive officer. "We welcome all stakeholders to review and celebrate this disclosure alongside us as we seek to improve, add value to and act responsibly in our communities for a better future."

The EQB responsibility report marks meaningful progress and milestones within existing programs, and outlines new strategies to support a more sustainable future. This year's report refreshes EQB's environmental, social and governance strategy, transitioning instead to a broader approach under the umbrella of responsibility that better reflects EQB's culture and attitude toward ESG matters. Moving forward, EQB will report through the lenses of contributing to communities (social), rules of engagement (governance) and helping the environment (environmental).

Key highlights from this year's report include the following.

Contributing to its communities:

• Prioritized and nurtured diversity through talent acquisition and people strategies, resulting in a proudly diverse work force (52 per cent of EQB's work force self-identifies as women, and 42 per cent self-identify as visible minorities/racialized peoples);
• Celebrated human differences and advanced inclusion, diversity, equity, accessibility and anti-racism -- coined as IDEA -- initiatives across the organization, including through Equitable Bank's six employee resource groups;
• Played a leading role in addressing the current housing shortage by financing 185 multiunit residential properties across Canada with total loans of $3.4-billion through various Canada Mortgage and Housing Corp. affordable housing programs;
• Assisted Canada's growing senior and near-retiree population through the transition to new chapters of life through a decumulation business, including reverse mortgages and insurance lending, that grew to nearly $1.5-billion in 2023;
• Served over 400,000 Canadians in 2023 through the award-winning EQ Bank digital platform;
• Provided customers with easy and seamless ways to support their financial futures nationally through the launch of Banque EQ and Carte Banque EQ in Quebec, alongside Canada's first fully digital first home savings account.

Rules of engagement:

• Delivered a refreshed responsibility strategy to the governance and nominating committee;
• Welcomed Michael Hanley as chair of the board of directors and Marlene Lenarduzzi as chief risk officer;
• Maintained strong board diversity (40 per cent of the independent directors self-identify as women, and 20 per cent self-identify as visible minorities/racialized peoples).

Helping the environment:

• Disclosed Scope 1, 2 and 3 greenhouse gas emissions across all applicable categories, including financed emissions, for the third consecutive year;
• Disclosed a representative emissions profile for EQB and established a base year on GHG emissions with the aim of providing consistent and comparable data over time;
• Reported absolute Scope 1 and 2 GHG emissions (and intensity) and maintained carbon neutrality;
• Broadened carbon offset portfolio to include three new Canadian projects that align with its areas of focus and the communities in which it operates, namely the Great Bear Forest carbon project, Quinte Conservation Forest project and CarbonCure technologies.

To learn more about EQB's commitment to a more sustainable and enriching future, including the EQB responsibility report and Equitable Bank's public accountability statement and recently announced sustainable bond framework, please visit the EQB website.

About EQB Inc.

EQB (Toronto Stock Exchange: EQB and EQB.PR.C) is a leading digital financial service company with $119-billion in combined assets under management and administration (as at Jan. 31, 2024). It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh-largest bank by assets, and wealth management through ACM Advisors, a majority-owned subsidiary specializing in alternative assets. As Canada's challenger bank, Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. It leverages technology to deliver exceptional personal and commercial banking experiences and services to over 607,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform, its customers have named it the best bank in Canada on the Forbes World's best banks list since 2021.

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