Note
On October 1, 2024, TC Energy Corporation (TSX, NYSE: TRP) (“TC Energy”) separated its Liquids Pipelines business to form South Bow Corporation (TSX, NYSE: SOBO) (“South Bow”), resulting into two independent publicly traded companies. This extraordinary event triggered an adjustment in accordance with the terms and conditions of the market-linked GICs. To reflect the impact of such transaction, the Calculation Agent made adjustments to the Reference Portfolio by splitting the weight of the common shares of TC Energy. In particular, the weight of TC Energy in the Reference Portfolio was rebalanced and SOBO was added to the Reference Portfolio. As such, the Closing Level on the Issuance Date of the common shares of TC Energy and SOBO was adjusted as of the closing of the markets on October 1, 2024.