Canadian Bail-in Regime Update

Covered Bond Structural Summary - Triggers Servicer Termination Event¹ Trigger • Servicer downgraded below Baa2/F2 by Moody's/Fitch Servicer defaults on amounts due to Guarantor not remedied in 3 business days • Servicer failure to comply with any of its obligations under Servicing Agreement not remedied within 20 business days Prior to downgrade below Servicer Deposit Threshold Ratings, Servicer failure to transfer collections before the next Guarantor Payment Date to Cash Manager, not remedied within 1 business day • Following downgrade below Servicer Deposit Threshold Ratings, Servicer failure to transfer within 2 business days to Cash Manager, not remedied within 1 business day • Servicer insolvency Servicer terminated by the Guarantor Servicer's failure to satisfy representation and warranties made in the Servicing Agreement • Issuer Event of Default occurs and is continuing at any time that the Guarantor is Independently Controlled and Governed • • Consequences Servicer, Guarantor and Bond Trustee agree to use commercially reasonable efforts to arrange for the appointment of a successor Servicer After Servicer Event of Default, all remaining Available Revenue Receipts (after making all relevant payments in the Pre-Acceleration Revenue Priority of Payments) will be deposited into the GDA Account CIBC 1. Each of first three triggers - Servicer Event of Default 60 60

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