Enertopia — Capital/Financing Update 2021

Jan 21, 2021

==> picture [144 x 23] intentionally omitted <==

==> picture [144 x 79] intentionally omitted <==

January 21, 2021

By SEDAR

British Columbia Securities Commission Alberta Securities Commission Financial and Consumer Affairs Authority of Saskatchewan The Manitoba Securities Commission Autorité des marchés financiers Ontario Securities Commission Nova Scotia Securities Commission Financial and Consumer Services Commission (New Brunswick) Office of the Superintendent of Securities (Prince Edward Island) Office of the Superintendent of Securities Service Newfoundland and Labrador Office of the Superintendent of Securities (Yukon Territory) Northwest Territories Securities Office Nunavut Securities Office

Dear Sirs/Mesdames:

Re: Pricing Supplement No. 1755 dated January 21, 2021 (the “Supplement”) to the Short Form Base Shelf Prospectus dated March 11, 2020 and the Prospectus Supplement thereto dated March 11, 2020 of the Bank of Nova Scotia (the “Bank”)

We refer you to the Supplement relating to the offering of up to $30,000,000 (300,000 Notes) BNS iShares® Core S&P 500 Index ETF (CAD-Hedged) Callable Contingent $4.71 Coupon Notes, Series 21F (CAD), due February 10, 2025 Principal at Risk Notes.

We consent to the use of our firm name and the reference to our legal opinion in Appendix B “ Certain Canadian Federal Income Tax Considerations ” of the Supplement, which opinion is provided as of the date of the Supplement.

We have read the Supplement and have no reason to believe that there are any misrepresentations in the information contained in the Supplement that are (i) derived from our legal opinion provided in the Supplement, or (ii) within our knowledge as a result of the services performed by us in connection with such opinion.

Yours truly,

“ Stikeman Elliott LLP ”