On February 23, 2022, Roger Dunbar, Chair of the Board of Directors of SVB Financial Group (the “Company”), notified the Company that he will retire as a director of the Company and its wholly owned subsidiary, Silicon Valley Bank (the “Bank”), at the end of the current director term on April 21, 2022. Mr. Dunbar has served as a director since 2004 and as Board Chair since 2012. The Board has appointed Kay Matthews, who has served as a director since 2019, to succeed Mr. Dunbar as Chair upon his retirement, effective immediately following the 2022 Annual Meeting.

John Clendening, who has served as a director since 2017, will also be stepping off the Board of the Company and the Bank at the end of the current director term on April 21, 2022.