Investment Solutions for Municipalities

. CIBC Appendix 2: The Municipal Act Deposit receipts, deposit notes, certificates of deposit, if issued, guaranteed or endorsed by a bank or loan or trust corporation with terms > 2 years Bonds, debentures, promissory notes or other evidence of indebtedness if issued or guaranteed by a bank or loan or trust corporation with terms > 2 years Canadian corporate bonds with terms > 1 year • "A (low)" or higher by DBRS Bonds, debentures, promissory notes or other evidence of indebtedness if issued or guaranteed by a bank or loan or trust corporation with terms < 2 years • • "AA (low)" or higher by DBRS "AA-" or higher by Fitch • "Aa3" or higher by Moody's • "AA-" or higher by S&P • • . "A-" or higher by Fitch "A3" or higher by Moody's "A-" or higher by S&P CONFIDENTIAL Note - no change, but no rating requirement for deposit receipts, deposit notes, certificates of deposit, principal and interest fully repaid < 2 years after investment made, if receipt, note, certificate or instrument was issued, guaranteed or endorsed by a bank or loan or trust corporation 33 33

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