Product Description
The Deposit Notes provide a return over the 8.5-year maturity that is linked to the price performance of a Reference Portfolio composed of the common
shares of 20 Canadian companies.
The Deposit Notes are callable for redemption 4.25 years after the Issuance Date at $135.59 per Deposit Note for an annual compounded rate of return
of approximately 7.00%. If the Bank does not exercise its right to call the Deposit Notes, the Variable Return at maturity is unlimited. If the Bank, at its
sole discretion, exercises this option, Holders will not receive any return based on the performance of the Reference Portfolio.
Note
On January 4, 2021, Husky Energy Inc. (TSX: HSE) (‘’Husky’’) closed its transaction pursuant to which it has become a wholly-owned subsidiary of Cenovus Energy Inc. (TSX: CVE) (‘’Cenovus’’), triggering a Substitution Event as per the terms of the Deposit Notes. As such, we hereby advise the Holders of the Deposit Notes that, as of the closing of the markets on January 5, 2021, the common shares of Husky have been replaced by the common shares of Cenovus as a Reference Asset in the Reference Portfolio of the Deposit Notes in accordance with the terms and conditions of the Information Statement. As a result, all calculations in respect of the Reference Portfolio Return that were based on the price of the common shares of Husky are, from January 6, 2021 until the Maturity Date, based on the price of the common shares of Cenovus. On January 24, 2020, Encana Corporation (TSX: ECA) (“Encana”) announced the completion of its reorganization, including the company rebranding under the name Ovintiv Inc. and the establishment of its corporate domicile in the United-States (NYSE : OVV). This event triggered a Substitution Event in connection with the Reference Portfolio of the Deposit Notes as per the terms and conditions of the Information Statement relating to the Deposit Notes. As such, we hereby advise the Holders of the Deposit Notes that, as of the closing of the markets on January 24, 2020, the common shares of Encana have been replaced by the common shares of Canadian Natural Resources Limited (TSX: CNQ) as a Reference Share in the Reference Portfolio of the Deposit Notes, in accordance with the terms and conditions of the Information Statement. As a result, all calculations in respect of the Reference Portfolio Return that were based on the price of the common shares of Encana are, from this date until maturity, based on the price of the common shares of Canadian Natural Resources Limited.