Covered Bond Program Overview

Covered Bond Structural Summary - Triggers Trigger Cash Management Deposit Ratings Cash Manager Required Ratings Servicer Deposit Threshold Ratings Reserve Fund Required Amount Ratings Pre-Maturity Minimum Ratings Account Bank Threshold Ratings Initial Downgrade Trigger Event Subsequent Downgrade Trigger Event Cash Manager's ratings fall below P-1/F1 or A by Moody's/Fitch Cash Manager's ratings fall below P-2(cr)/F2 by Moody's/Fitch Servicer's ratings fall below P-1/F1 or A by Moody's/Fitch Issuer's ratings fall below P-1/F1 or A by Moody's/Fitch Issuer's ratings fall below P-1/F1+ by Moody's/Fitch, with a Hard Bullet bond maturing within 12 months Account Bank's ratings fall below P-1/F1 and A by Moody's/Fitch Swap provider's ratings fall below P-1 or A2/F1 and A by Moody's/Fitch Swap provider's ratings fall below P-2 or A3/F3 and BBB- by Moody's/Fitch Consequences Cash Manager required to direct the Servicer to deposit all Revenue Receipts and Principal Receipts directly into the GDA Account within two business days Transfer of Cash Management Agreement to Third Party Servicer required to transfer collections within two business days of collection to (i) Cash Manager, prior to Cash Manager's downgrade below Cash Management Deposit Ratings, (ii) GDA Account Guarantor required to establish the reserve fund in the GDA Account up to an amount equal to the Canadian dollar equivalent of scheduled interest due on all outstanding bonds over the next three months plus three-twelfths of expected annual amount payable in respect of certain expenses and, if applicable, swap payments Guarantor required to establish the ledger in the GDA Account up to an amount equal to the Canadian dollar equivalent of scheduled principal due for repayment within 12 months and other specified amounts Guarantor Accounts required be moved to the Standby Account Bank Swap provider required to provide credit support to the Guarantor within 10 business days, or arrange for its obligations to be guaranteed or transferred to a sufficiently highly rated counterparty Swap provider required to provide additional credit support to the Guarantor within 10 business days, and arrange for its obligations to be guaranteed or transferred to a sufficiently highly rated counterparty CIBC◇ 62

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