Note
On July 21, 2025, La Caisse, formerly known as Caisse de dépôt et placement du Québec, completed its acquisition of Innergex Renewable Energy Inc. (TSX: INE) (“Innergex”). Accordingly, Innergex common shares were delisted from the Toronto Stock Exchange. This event triggered an Extraordinary Non Replacement Event in connection with the Reference Portfolio of the Note Securities, as per the terms and conditions of the Prospectus. As such, we hereby inform the Holders of the Note Securities that the common shares of Innergex have been deleted from the Reference Portfolio of the Note Securities such that the Reference Portfolio Return will be calculated on the basis of the remaining Reference Assets, where the weighting of Innergex common shares will be reallocated proportionally to the remaining Reference Assets. As such, the Closing Level on the Issuance date of the remaining Reference Assets comprising the Reference Portfolio was adjusted as of the closing of the markets on July 21, 2025.
On October 10, 2023, TransAlta Corporation (TSX: TA) (“TransAlta”) completed its acquisition of all the outstanding common shares of TransAlta Renewables Inc. (TSX: RNW) (“RNW”) not already owned, directly or indirectly, by TransAlta and certain of its affiliates. Accordingly, RNW’s shares were delisted from the Toronto Stock Exchange. This event triggered an Extraordinary Non Replacement Event in connection with the Reference Portfolio of the Note Securities, as per the terms and conditions of the Prospectus. As such, we hereby advise the Holders of the Note Securities that the common shares of RNW have been deleted from the Reference Portfolio such that the Reference Portfolio Return will be calculated on the basis of the remaining Reference Assets, where the weighting of RNW’s common shares will be reallocated proportionally to the remaining Reference Assets comprising the Reference Portfolio, the whole in accordance with the terms and conditions of the Prospectus. As such, the Initial Value of the remaining Reference Assets comprising the Reference Portfolio was adjusted as of the closing of the markets on October 10, 2023.