Note
On May 6, 2016, Canadian Natural Resources Limited (“CNQ”) announced the details of a plan of arrangement (the “Arrangement”) in respect of a return of capital to shareholders of CNQ. Under the arrangement, shareholders of CNQ will receive 0.02 of a common share of Prairiesky Royalty Ltd. for each CNQ common share, or cash equivalent, depending on the number of shares owned. Once the arrangement becomes effective, it triggers a Potential Adjustment Event as per the terms of the Prospectus of the Note Securities. As a result thereof, the Calculation Agent made adjustments to the Initial Value of the common shares of CNQ in the Reference Portfolio, effective June 1, 2016.