VersaBank — Regulatory Filings 2021

Aug 17, 2021

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KPMG LLP 140 Fullarton Street Suite 1400 London ON N6A 5P2 Canada Tel 519 672-4800 Fax 519 672-5684

Alberta Securities Commission British Columbia Securities Commission The Manitoba Securities Commission Financial and Consumer Services Commission, New Brunswick Office of the Superintendent of Securities, Service Newfoundland & Labrador Office of the Superintendent of Securities, Northwest Territories Nova Scotia Securities Commission Office of the Superintendent of Securities, Nunavut Ontario Securities Commission The Office of the Superintendent of Securities, Consumer, Corporate and Insurance Services Division, Prince Edward Island Financial and Consumer Affairs Authority of Saskatchewan Office of the Yukon Superintendent of Securities

To Whom It May Concern:

Re: VersaBank (the “Entity”)

We refer to the short form base shelf prospectus of the above Entity dated August 16, 2021 relating to the sale and issue of Debt Securities (unsubordinated indebtedness), Debt Securities (subordinated indebtedness), Common Shares, Preferred Shares, Subscription Receipts and Warrants of the Entity.

We, KPMG LLP, consent to being named and to the use, through incorporation by reference in the above-mentioned short form prospectus, of our report dated November 24, 2020 to the shareholders of the Entity on the following consolidated financial statements:

• Consolidated balance sheets as of October 31, 2020 and 2019,

• Consolidated statements of comprehensive income, changes in shareholders’ equity and cash flows for the years then ended, and

• Notes to the consolidated financial statements, including a summary of significant accounting policies

We report that we have read the short form base shelf prospectus and all information specifically incorporated by reference therein and have no reason to believe that there are any misrepresentations in the information contained therein that are derived from the consolidated financial statements upon which we have reported or that are within our knowledge as a result of our audit of such consolidated financial statements.

© 2020 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

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We have complied with Canadian generally accepted standards for an auditor’s consent to the use of a report of the auditor included in an offering document, which does not constitute an audit or review of the prospectus as these terms are described in the CPA Canada Handbook – Assurance .

Yours very truly,

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Chartered Professional Accountants, Licensed Public Accountants

August 16, 2021 London, Canada