Mr. Chadwick Westlake reports

EQB BUILDS LEADERSHIP TEAM FOR ITS NEXT CHAPTER WELCOMING SENIOR PC FINANCIAL EXECUTIVES AND EXPANDING KEY MANDATES

EQB Inc. today discussed a comprehensive set of executive appointments and elevations as the company prepares to close its acquisition of PC Financial1 from Loblaw Companies Ltd. on July 1, 2026. This strengthened leadership team brings multiple senior PC Financial leaders onto the EQB Executive Leadership Team (ELT), alongside a series of expanded mandates for existing leaders, building the organizational capabilities required to serve millions of Canadians across a broader and more complex set of financial products and services.

As EQB prepares to close its acquisition of PC Financial on July 1, 2026, the company announces a strengthened leadership team drawing on talent from both organizations, positioning EQB for a differentiated phase of growth.

Key appointments include:

• Ian Hanning from PC Financial to SVP (senior vice-president), credit cards and loyalty;
• Mark Snyder from PC Financial to SVP, credit risk and data analytics;
• Michaela Garfield from PC Financial to SVP, customer growth, experience and strategy, personal banking;
• Puneesh Arora from PC Financial to EVP (executive vice-president) and chief risk officer, with current EVP and chief risk officer Marlene Lenarduzzi to act as special adviser until Jan. 1, 2027;
• Daniel Rethazy's mandate expanding as EVP, personal banking, to include PC Financial businesses;
• Anilisa Sainani's mandate as CFO expanding to include strategy and corporate development;
• Gavin Stanley's mandate as CHRO expanding to include brand and marketing;
• Caleb Rubin appointed as chief brand officer;
• Dan Broten appointed chief digital officer;
• David Wilkes appointed SVP, deposits, payments and small business banking;
• Dipti Patel elevated to chief credit officer and deputy CRO;
• Julia Davidson appointed chief operating officer, commercial banking;
• Lemar Persaud appointed SVP, investor relations and enterprise performance management.

"We are ready to significantly evolve as Canada's Challenger Bank," said Chadwick Westlake, president and chief executive officer. "The bank we are building is a meaningfully different institution. As of July 1, we will add millions more customers, broader product lines, new sophistication in credit cards, insurance and deposits, and a new accountability to the Canadians who will be counting on us to deliver. Our leadership team has to match that ambition -- and I'm confident that this strengthened team does, as we're bringing together exceptional capabilities from both organizations. I'm proud of the talented group of leaders we've assembled and looking forward to what we'll build together."

PC Financial leader appointments to ELT effective July 1, 2026

Mr. Hanning joins as SVP, credit cards and loyalty, reporting to Mr. Rethazy. Mr. Hanning serves as chief financial officer of PC Financial, bringing over 25 years of leadership experience across the United Kingdom and Canada. His expertise spans financial planning and analysis, treasury, capital markets, and accounting within the financial services sector. A CPA and fellow of the Chartered Institute of Management Accountants (FCMA, CGMA), he combines deep financial discipline with operational knowledge of the cards that is now central to EQB's growth strategy. Mr. Hanning also serves on the board of directors of Enactus Canada.

Mr. Snyder joins as SVP, credit risk and data analytics, reporting to Mr. Rethazy. Mr. Snyder brings more than two decades of senior leadership experience in financial services. At PC Financial he currently serves as SVP, credit risk and data analytics, leading teams responsible for credit strategy, fraud management, modelling and data strategy. Mr. Snyder was central to PCF's ability to grow a large consumer credit portfolio responsibly. His ability to connect growth ambition with credit discipline will be central to EQB's expanded consumer lending and cross-sell strategy.

Ms. Garfield joins as SVP, customer growth, experience and strategy, personal banking, reporting to Mr. Rethazy. Ms. Garfield serves as vice-president, digital products, platforms and growth, at PC Financial, where she is focused on brand development, digital platform strategy and growth initiatives over six years. She plays a leading role in how customers discover, join and interact with financial products, building more connected and personalized experiences at scale. In this new mandate Ms. Garfield will also report to the CEO on enterprise transformation priorities and the integration of experience across the combined platform.

Mr. Arora joins as EVP and chief risk officer, reporting directly to the CEO. Mr. Arora serves as CRO at PC Financial, where he has built deep expertise in credit cards, consumer lending and payments risk management. He brings strong capability in treasury and capital management, deep regulatory experience having worked in a supervisory capacity at OSFI, and a background in treasury, mortgages and commercial lending at ICICI Bank Canada. With over 15 years in senior financial services roles, he is well regarded across the Canadian financial industry. His appointment reflects EQB's approach to integration: one bank, one leadership team, built with the right combination of expertise.

Chief risk officer transition

With the PC Financial transaction ready to close, Marlene Lenarduzzi has decided it is the right time to step away from EQB. Ms. Lenarduzzi has served as chief risk officer since joining EQB nearly three years ago. She joined the organization at a formative stage and played a central role in strengthening and professionalizing the risk function. Under her leadership, EQB's risk management framework matured significantly, with enhanced capabilities across credit risk, enterprise risk, regulatory compliance and AML. She helped position the bank to meet the higher standards of complexity and scrutiny that come with operating at greater size, and the foundation she built is evident in how well-prepared EQB is for this next chapter. Ms. Lenarduzzi will remain engaged as a special adviser through to the beginning of 2027.

"Marlene joined us at the right time and brought exactly the right expertise," added Mr. Westlake. "She elevated our risk function in ways that will outlast her tenure, and she did it with commitment and professionalism. On behalf of the board and the entire leadership team, I want to express our deep appreciation for what she helped us build here. We wish her every success in what comes next."

EQB expands mandates for existing leaders

Daniel Rethazy, EVP personal banking, officially takes on credit cards, insurance and distribution capabilities from PC Financial, plus additional refined organizational structure with deposits and digital.

Anilisa Sainani, EVP and chief financial officer, will take on expanded responsibility for strategy and corporate development. At EQB's new scale, the financial and strategic planning functions will operate as a unified capability under her leadership.

Gavin Stanley, EVP and chief human resource officer, will take on expanded responsibility for brand and marketing, ensuring seamless alignment between EQB's mission, brand, culture and communications.

Caleb Rubin is appointed chief brand officer, reporting to Mr. Stanley. Mr. Rubin has dynamic experience across leading consumer brands and financial institutions and previously served as head of marketing for EQ Bank. He rejoined recently to support the PC Financial integration. Making this role permanent reflects EQB's view that brand is a driver of growth, not a support function.

Mr. Broten takes on a new mandate as chief digital officer, reporting to Mr. Rethazy. In this role, Mr. Broten will be responsible for building and driving integrated digital capabilities across personal banking.

Mr. Wilkes, currently SVP and chief strategy and growth officer, moves to a newly created role of SVP, deposits, payments and small business banking, effective Aug. 1, reporting to Mr. Rethazy.

Mr. Patel, currently SVP and chief credit officer, is elevated to chief credit officer and deputy CRO. Ms. Patel's leadership in credit risk and broader enterprise risk capabilities gives the risk function strong institutional continuity alongside its new leadership, and she will begin reporting to Puneesh Arora effective July 1.

Ms. Davidson will assume the new role of chief operating officer, commercial banking, effective immediately, continuing to report to Darren Lorimer. This appointment reflects the continued growth of the business and an increased focus on operational excellence.

Mr. Persaud is elevated to SVP, investor relations and enterprise performance management. Mr. Persaud will continue to lead investor relations plus financial planning and analysis functions of EQB.

In addition, EQB adds a series of other leadership appointments, including John Simoes as SVP and chief accountant, and Prakash Bector as VP and head of sales for single family and reverse mortgages. EQB has also established a new office of the CEO, led by Kristen Murray, who is promoted to vice-president. Together, these changes reflect a broader transformation of the organization's leadership structure, underscoring a renewed focus on strategic growth, operational alignment and enhanced customer experience.

About EQB Inc.

EQB is a leading digital financial services company with $144-billion in combined assets under management and administration (as at April 30, 2026). It offers personal and commercial banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh-largest bank by assets, and wealth management through ACM advisers, 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 827,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform its customers have named it one of Canada's top banks on the Forbes World's Best Banks list (2021 to 2025).