EQB Inc. — Capital/Financing Update 2026

Apr 21, 2026

TORYS LLP

79 Wellington St. W., 30th Floor
Box 270, TD South Tower
Toronto, Ontario M5K 1N2 Canada
P. 416.865.0040 | F. 416.865.7380
www.torys.com

April 20, 2026

To: British Columbia Securities Commission
Alberta Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
The 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 and Labrador
Office of the Yukon Superintendent of Securities
Office of the Superintendent of Securities, Northwest Territories
Office of the Superintendent of Securities, Nunavut

Dear Sirs/Mesdames:

Re: EQB Inc. (the "Company")
Prospectus Supplement dated April 20, 2026 to the Short Form Base Shelf
Prospectus dated August 26, 2024 (the "Prospectus Supplement")

We hereby consent to the reference to our name on the inside cover page and under the heading "Legal Matters" and to the reference to our name and to the use of our opinions under the headings "Eligibility for Investment" and "Canadian Federal Income Tax Considerations" in the Prospectus Supplement relating to the offering of $200,000,000 aggregate principal amount of 6.760% Limited Recourse Capital Notes, Series 2 (Subordinated Indebtedness) of the Company and the issuance of 200,000 Non-Cumulative 5-Year Fixed Rate Reset Preferred Shares, Series 6 of the Company.

We have read the Prospectus Supplement and have no reason to believe that there are any misrepresentations in the information contained in the Prospectus Supplement that are derived from our opinions or that are within our knowledge as a result of services we performed in connection with such opinions.

Yours truly,

"Torys LLP"