Sustainability Report and Public Accountability Statement

1 Sustainability Report and Public Accountability Statement 2021 OBSESSED WITH YOUR SUCCESS located in the Indigenous Peoples Experience at Fort Edmonton Park in Edmonton, OVERVIEW Our Approach to Sustainability About this Sustainability Report About Us Message from the President and Chief Executive Officer Table of Contents9 ENVIRONMENT Climate Change Cultivating Sustainable Practices 32 GOVERNANCE Governance, Ethics, Integrity Data, Cybersecurity, Privacy13 SOCIAL Client Experience Team Member Experience Inclusion and Diversity Supporting our Communities38 Public Accountability Statement 41 SASB INDEX47 FORWARD-LOOKING STATEMENTS Overview42021 Sustainability Report AND Public Accountability Statement OVERVIEWOur Board of Directors provides oversight of environmental, social, and governance (ESG) factors, including climate change.

2 Our Board receives ongoing education and quarterly reporting to facilitate discussion of current and emerging trends, risks and opportunities related to ESG factors, and monitors progress on the integration of Sustainability into our strategic direction. As part of their oversight of these activities, the Board engages directly with management to ensure our Sustainability journey advances with purpose. On behalf of the CWB Financial Group (CWB) Executive Team, our Executive Vice President and Chief Financial Officer (CFO) is accountable for the continued development and execution of our approach to Sustainability . We made significant progress this year on the implementation of a Sustainability roadmap that identifies key issues for further action, including development of a focused approach to address climate change.

3 We recently appointed a Head of Sustainability Strategy, who has a reporting line to the CFO and will work with key leaders across the organization to further develop and implement our Sustainability approach. Our Sustainability team engages with internal stakeholders to embed sustainable practices into our operations and to increase team member awareness and understanding of Sustainability issues, including climate change. We regularly engage with external stakeholders, including industry groups and associations to deepen our understanding of and advance important ESG issues. Our efforts will continue to focus on embedding sustainable practices within our strategy and operations. We will undertake a thoughtful approach for the ongoing evolution of our: Strategic direction, and how we identify emerging opportunities in alignment with our growth aspirations; Client experience, through exploration of how we may best engage our clients to support achievement of their Sustainability goals to ensure they are positioned for long-term success as Canada transitions to net-zero emissions; Risk management practices, which will evolve over time to incorporate more direct consideration of specific ESG risks, including climate change; Team member experience, through meaningful engagement of our people in our Sustainability journey to advance a collective sense of purpose and amplify our impact.

4 And, Key operational activities such as procurement and facilities management, with coverage across all our business are committed to focus on the ESG factors that we identify as material to our business and of greatest importance to our internal and external stakeholders. Through the last year, we advanced our understanding of ESG factors, and will continue to do so through ongoing engagement with our clients, people and support our aspiration to be the best full-service bank for business owners in Canada, work is underway to develop an approach to Sustainability that supports the ongoing success of our business and the businesses of our clients, and the creation of long-term value for our people, investors and communities. Our Approach to SustainabilityOUR Sustainability FOCUSC limate Change Team Member Experience Governance, Ethics, IntegrityInclusion and DiversityClientExperience Supporting our Communities Data, Cybersecurity, PrivacyMatt Rudd Executive Vice President and Chief Financial OfficerOur approach to Sustainability will support the ongoing success of our business and the businesses of our clients.

5 This focus will ensure that we appropriately balance and deliver sustainable value creation for all of our stakeholders - our clients, people, investors, and Sustainability Report AND Public Accountability Statement 5 OVERVIEWThis inaugural Sustainability Report , which covers our most recent fiscal year from November 1, 2020, to October 31, 2021, replaces our Corporate Social Responsibility (CSR) Report and includes our Public Accountability Statement (PAS). The Report content is reviewed and approved by CWB s Group Disclosure Committee and Executive this Sustainability Report Public Accountability StatementRefer to pages 38-40 for our PAS, which addresses the regulatory requirements outlined in section of the Bank Act. Task Force on Climate-related Financial Disclosures (TCFD)We support the disclosure recommendations provided by the TCFD, which aim to facilitate consistent and comparable reporting of climate risks and opportunities across all industries.

6 In 2021, we began to enhance our climate risk disclosures and we are committed to adopt the TCFD s recommendations through a phased approach. Refer to page 9 for our 2021 TCFD disclosures, which can also be found on page 60 of our Annual Report provides information in alignment with our phased adoption, beginning this year, of the Sustainability Accounting Standards Board (SASB) standards, designed to capture information across five key dimensions of Sustainability : the environment, social capital, human capital, business model and innovation, and leadership and governance. Refer to pages 41-46 for our initial SASB disclosures, which we will continue to enhance in future reports. We welcome your feedback on this Sustainability Report . Please direct your questions and comments to Remo, from our Organizational Change Management team, enjoying the view at Lake Louise, SUITE OF PUBLICATIONSWe publish additional materials with information about our approach to ESG factors.

7 The following publications are referenced throughout this Report and can be found on : Annual Report CSR Report and PAS Archive Code of Conduct Corporate Governance Web Page Employment Equity Narrative Management Proxy Circular Privacy StatementPEOPLE FIRSTTHE HOW MATTERSRELATIONSHIPS GET RESULTSINCLUSION HAS POWEREMBRACE THE NEWC aring people are the key to our success. We work as a team and support one another. We always treat each other with respect and have the courage to be we do things is as important as what we do. We take ownership, and move with urgency and efficiency. We always act with integrity, and balance risk and choose CWB for the best experience. We build relationships proactively, with intention and consistency. Our results depend on teams unleash new ideas and perspectives.

8 We are aware of our own biases. We are proud of who we are, and we are allies for those around us. Change is everywhere. We seek out new ideas and are committed to continuous learning. We know that better is always Financial Group (TSX: CWB) is the only full-service bank in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. We provide nation-wide full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Our teams deliver a uniquely proactive and differentiated level of service to clients in targeted industries where we have deep expertise. Clients choose CWB for our highly personalized service, specialized expertise, customized solutions and faster response times. We are firmly committed to the responsible creation of value for all our stakeholders and our approach to Sustainability will support our continued Us OUR VALUESOUR STRATEGYT ransformation PrioritiesGrowth AcceleratorsBUILD ON OUR STRENGTHSTRANSFORM OUR BUSINESSTO CREATE UNIQUE VALUEWe deliver boutique, full-service client experiences through a range of in-person and digital channelsPersonalized service, specialized industry expertise, customized solutions, faster response timesCreating value for the people who choose CWB every day Targeted digital capabilities Client-focused operating model Fast, smooth, scalable processes Transition to AIRB methodology for capital and risk management Brand: bolder and more visible to cut through the noise Culture.

9 Proactive, client-focused, and change-ready to align with our strategyWe are positioned to be a differentiated force in Canadian financial services, deliver profitable long-term growth and provide attractive, sustainable returns to investors. OUR CLIENTS Unrivaled experiencesOUR PEOPLE Destination for top talentOUR INVESTORS Optimize our business2021 Sustainability Report AND Public Accountability Statement 7 OVERVIEWT hroughout the COVID-19 pandemic, our teams have lived our values and supported our clients to deliver on our brand promise: Obsessed with your success . This has been a powerful guiding principle to enable the strengthening of our business and culture amidst a challenging operating environment, and it will be a key driver as we develop and execute an approach to Sustainability to support the creation of long-term value for our clients, people, investors, and communities.

10 We have progressed the implementation of our digital strategy and are focused to meet the evolving needs of our business owner clients. As consumer preferences shift and the Canadian financial system undergoes digital transformation, we believe our modern technology infrastructure positions us well to capitalize on these opportunities. We are making targeted investments in digital platforms and tools, such as our Virtual Chief Operating Officer (VCOO), to provide small business owners with actionable insights to grow their businesses. With digital transformation comes increased technology risk, and we continue to strengthen our cybersecurity and data privacy practices to manage evolving threats and protect the data entrusted with us by our clients. We aim to deliver an unrivaled experience, regardless of how our clients want to do business with us.