Enterprise Bancorp : Q3 2023 Quarterly Shareholder Statement

Dear Shareholder,

The calendar shows that fall has arrived and we hope that you and your family are doing well and are able to enjoy the latest change of season. We are pleased to share our unaudited financial statements for the three months ending September 30, 2023, as well as important updates and recent developments.

Dividend Reinvestment & Direct Stock Purchase Plan

On August 9, we renewed our Dividend Reinvestment and Direct Stock Purchase Plan (the "Plan"). The Plan provides you with the opportunity to reinvest the cash dividends you receive in additional company stock and/or the ability to purchase new shares directly from us on a one-time or recurring basis. If you are not currently enrolled in the Plan and are interested in one or both of these investment options, please contact Lauren Adie, Senior Shareholder and Investor Relations Specialist, at 978-656-5584 for assistance.

Mortgage Product Promotions

Mortgage products have been featured in two promotions. A first-time home buyers (FTHB) promotion that began in June and runs until December 29 features $500 off closing costs for first-time home buyers. As of September 30, there were 22 first-time home buyers closed under the campaign for a total of over $9 million. There are still 23 FTHB pre-approval loans in process.

In September, a Home Equity Line of Credit (HELOC) promotion launched to promote HELOCs as a financing option for homeowners with an equity position in their home. The HELOC promotion includes an internal referral program, print-on-demand sales sheets available at the branches, website content, and social media. There were 10 HELOC referrals in process within the first four weeks of the promotion.

222 Merrimack Street | Lowell, MA 01852 | 877-671-2265 | EnterpriseBanking.com

ZRent & Debit Rewards Programs Launched

ZRent is a digital platform that offers true convenience for landlords and property managers, as well as their occupants/ tenants. By automating and digitizing the collection of rent and

condo dues, this innovative tool streamlines and simplifies the entire process.

The enhanced My Enterprise Rewards program launched for all personal accounts with debit cards. Points earned under the previous checking account debit rewards program were seamlessly transferred to the new program. Account holders can register their debit cards and earn points on eligible purchases which can be redeemed for a variety of rewards. The program encourages point-of-sale transactions and offers special bonus points for merchant-funded rewards promotions. Marketing elements include program messaging on branch signs, account statements, receipts, and email.

Enterprise Bank Recognized by Boston Business Journal

Enterprise Bank was recognized once again at the Boston Business Journal's "Corporate Citizenship Summit" held on September 7. Enterprise Bank

was again ranked #2 for the highest average hours (36.24 per employee) in community service and ranked #52 in the state for corporate philanthropy. The "Corporate Citizenship Summit" event is held annually to recognize Massachusetts' most philanthropic companies.

Open Invitation to all Shareholders

Since opening more than 34 years ago, Enterprise Bank has welcomed Enterprise Bank shareholders as new customers, and customers as new shareholders. If you are not yet a customer of the Bank, it would be our privilege to speak with you personally about how Enterprise Bank, including Enterprise Wealth Management, can help you reach your financial goals. We invite you to contact any one of us directly at George.Duncan@ebtc.com, Jack.Clancy@ebtc.com, or Richard.Main@ebtc.com.

We thank you for your continued support of Enterprise Bank.

As always, if we can be of assistance to you, please do not hesitate to contact us.

We thank you for your continued support of Enterprise Bank.

222 Merrimack Street | Lowell, MA 01852 | 877-671-2265 | EnterpriseBanking.com