EQB Inc. — Capital/Financing Update 2026

Apr 21, 2026

McCarthy Tétrault LLP Box 48, Suite 5300 Toronto Dominion Bank Tower Toronto ON M5K 1E6 Canada Tel: 416-362-1812 Fax: 416-868-0673

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April 20, 2026

VIA SEDAR+

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

Dear Sirs/Mesdames:

Re: EQB Inc. (the “Issuer”)

We refer you to the prospectus supplement of the Issuer dated April 20, 2026 (the “ Prospectus Supplement ”), to the short form base shelf prospectus dated August 26, 2024, relating to an offering of $200,000,000 aggregate principal amount of 6.760% Limited Recourse Capital Notes, Series 2 (Subordinated Indebtedness) and which also qualifies the distribution of $200,000,000 200,000 Non-Cumulative 5-Year Fixed Rate Reset Preferred Shares, Series 6 of the Issuer. In the Prospectus Supplement, reference is made to the name of this firm on the cover page and under the heading “Legal Matters” and to the name and opinions of this firm under the headings “Eligibility for Investment” and “Canadian Federal Income Tax Considerations”. We hereby consent to being named in the Prospectus Supplement and to the use of our opinions therein.

We also confirm that we have read the Prospectus Supplement and that we have no reason to believe that there are any misrepresentations in the information contained in the Prospectus Supplement that are derived from our opinions referred to above or that are within our knowledge as a result of the services we have performed to render these opinions.

Yours truly,

“McCarthy Tétrault LLP”

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