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 event triggered a Potential Adjustment Event in connection with the Reference Portfolio of the Note Securities, as per the terms and conditions of the Prospectus. 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.
On October 28, 2021, Brookfield Infrastructure Partners L.P. announced the completion of its acquisition of Inter Pipeline Ltd. (TSX: IPL) (Inter Pipeline). It is anticipated that the Inter Pipeline shares will be delisted from the Toronto Stock Exchange. This event triggered a Substitution 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 As such, we hereby advise the Holders of the Note Securities that the common shares of Inter Pipeline have been replaced by the common shares of Keyera Inc. (TSX: KEY) as a Reference Asset in the Reference Portfolio of the Note Securities, in accordance with the terms and conditions of the Prospectus. As a result, all calculations in respect of the Reference Portfolio Return that were based on the price of the common shares of Inter Pipeline are, from the closing of the markets on October 28, 2021, based on the price of the common shares of Keyera Inc.