Mr. Chadwick Westlake of EQB reports

EQB RECEIVES COMPETITION BUREAU CLEARANCE FOR ACQUISITION OF PC FINANCIAL

EQB Inc. has received the Competition Bureau's clearance for EQB's previously announced proposed acquisition of Loblaw Companies Ltd.'s President's Choice Bank (PC Bank), PC Financial Insurance Agency Inc., PC Financial Insurance Brokers Inc. and certain other affiliated entities of PC Bank. The proposed acquisition also requires approval by the Office of the Superintendent of Financial Institutions and the Minister of Finance.

The Competition Bureau's approval represents an important regulatory milestone that will bring two of Canada's most innovative banking platforms together to redefine the sector by delivering extraordinary value, products and services at scale to Canadians from coast-to-coast.

"The Competition Bureau's approval moves us closer to bringing together two banks built on a shared belief: Canadians deserve better," said Chadwick Westlake, president and chief executive officer, EQB. "Being a regulated Schedule I bank matters and gives us the strength and credibility to drive real, lasting change in Canadian banking. We'll pair innovative products and everyday spending solutions at scale to build one of Canada's most relevant loyalty-linked banking ecosystems. With greater reach, new capabilities and a presence where customers already are, we'll deliver better value and experiences for hardworking Canadians while raising the bar for the industry."

"This approval is an important step forward in our long-term relationship with EQB that will materially improve how Canadians across the country experience banking," said Richard Dufresne, chief financial officer, Loblaw Companies. "With EQ Bank's digital platform and full-service banking capabilities working alongside PC Financial's spending solutions and PC Optimum's data-driven personalization and reach, we're well positioned to deliver exceptional value for Canadians and enhance the rewards they earn."

EQB announced in December, 2025, that it had entered into an agreement to acquire PC Financial from Loblaw Companies. Once completed, this will expand access to better banking options for millions of Canadians.

About EQB Inc.

EQB is a leading digital financial services company with $142-billion in combined assets under management and administration (as at Jan. 31, 2026). 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 800,000 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 since 2021.

About President's Choice Financial

PC Financial, a trusted Canadian banking brand, provides unprecedented value to customers, simplifying financial products to help Canadians Live Life Well. Through the PC Mastercard and the PC Money Account, its dedicated base of more than 2.5 million customers saves on banking fees and has earned more than $1-billion worth of PC Optimum points to redeem for beauty, groceries, gas, apparel and other products at participating stores. The company is committed to being one of Canada's most diverse and inclusive employers, and makes it a priority to reflect this in its people and culture.

Established in 1998, PC Financial is a part of Loblaw Companies.

About Loblaw Companies Ltd.

Loblaw Companies is Canada's food and pharmacy leader, as well as its largest retailer and private sector employer with more than 220,000 colleagues across the country. And as a source of the food and wellness essentials Canadians count on every day, Loblaw believes that the better Canada does, the better the company does. This mentality comes through in the company's purpose -- helping canadians live life well -- and guides so much of its decision-making as an organization.

With an unmatched network of 2,500 stores and national e-commerce options, Loblaw brings food, pharmacy, beauty, apparel and financial services to customers through many of Canada's favourite and most trusted brands: President's Choice, No Name, Loblaws, Shoppers Drug Mart, No Frills, Real Canadian Superstore, T&T, Joe Fresh, PC Express and PC Financial. The company's loyalty program, PC Optimum, has more than 16 million active members, and is one of Canada's largest and best-loved reward programs.

We seek Safe Harbor.