Note
On February 13, 2020, Power Corporation of Canada (TSX: POW) (“Power Corporation”) and Power Financial Corporation (TSX: PWF) (“Power Financial”) announced the completion of a reorganization transaction pursuant to which Power Corporation acquired all the common shares of Power Financial held by holders other than Power Corporation and its wholly owned subsidiaries. This event triggered a Substitution Event in connection with the Note Securities as per the terms of the Prospectus. As such, we hereby advise the Holders of the Note Securities that, as of the closing of the markets on February 18, 2020, the common shares of Power Financial have been replaced by the common shares of Power Corporation as a Reference Asset in the Reference Portfolio of the Note Securities in accordance with the terms and conditions of the Prospectus. As a result, all calculations in respect of the Reference Portfolio Return that were based on the price of the common shares of Power Financial are, from February 18, 2020 until the Maturity Date, based on the price of the common shares of Power Corporation.