FP Bonds — Corporate 2018 1 Introduction

FP Bonds – Corporate 2018, the third edition to be published by Grey House Publishing , lists outstanding publicly and privately held debt securities – together with their features and provisions – issued by Canadian incorporated companies, as well as brand new introductory material related to the corporate bond market. Separate tables list convertible, exchangeable, retractable and extendible debt issues. An additional table lists outstanding asset-backed securities.

Corporate debt issues outstanding as at May 8, 2018 have been included. An important part of investing in the debt market is determining the quality of a debt issue. Credit ratings are forward looking measures which assess an entity’s ability to make timely payments of interest and principal. As such, a credit rating combines both quantitative and qualitative analysis. FP Bonds – Corporate 2018 includes ratings supplied by Dominion Bond Rating Service(DBRS). The DBRS ratings, dated May 8, 2018, are presented in two tables, in addition to being shown with each issue. The first table lists issues by rating, from lowest to highest. Generally, a DBRS rating of BBB is considered to be investment grade and anything below that could be considered as non-investment grade or high-yield debt. As well, unrated securities are also considered to be high-yield if its spread to a comparable Government of Canada issue is substantially higher than the spread between investment-grade corporate bonds and Government of Canada issues. A second table lists all rated issues by company.

Abbreviations A...... annually NZ$...... New Zealand dollars A$...... Australian dollars nt...... note B...... bi-monthly o/s...... outstanding bd...... bond P...... private placement CCAA...... Companies' Creditors Q...... quarterly Arrangement Act redeem...... redeemable Ch¥...... Chinese yuan (offshore) reset...... resettable Cn¥...... Chinese yuan (onshore) retract...... retractable cl...... class S...... semi-annually com...... common S$...... Singapore dollar convert...... convertible S.F...... sinking fund deb...... debentures SFr...... Swiss francs divd(s)...... dividend(s) ser...... series exchange...... exchangeable sh(s)...... share(s) F.R...... floating rate T...... HK$...... Hong Kong dollars TL...... Turkish lira ln...... loan TSX...... Toronto Stock Exchange Jp¥...... Japanese yen TSX-VEN...... TSX Venture Exchange M...... monthly US$...... U.S. dollars M.R...... multiple rate V...... TSX Venture Exchange max...... maximum V.R...... variable rate min...... minimum Z.R...... zero coupon rate mtg(e)...... mortgage €...... Euros NKr...... Norwegian krone £...... British pound 4 FP Bonds — Corporate 2018

Coverage of debt issues is presented in the following format: Note: Features and details appear only when applicable.

1. 8% Bonds, due Sept. 30, 2013 2. DBRS Rating: AAA Apr 24, 2012 3. Issued: US$300,000,000 Dec. 31, 2003 Euro 4. O/S: US$300,000,000 Dec 31, 2011 5. Interest: 8.00% (S) Mar 31/Sep 30 6. Interest Details: 7. Private Placement 8. Redemption: Redeem. on and after the following dates on min. 30 days' notice as follows: Oct 1, 2013...... US$101.000 Oct 1, 2014...... US$100.00 9. Retraction: Retract. on the following dates as follows: Sep 30, 2015...... US$100.000 On or before Aug 31, 2015 Sep 30, 2016...... US$100.000 On or before Aug 31, 2016 10. Sinking Fund: Sufficient to retire the following principal amount of debt: Sep 30, 2013...... US$10,000,000 Sep 30, 2014...... US$10,000,000 11. Purchase Fund: 12. Convertible: Convert. (by company) into com sh as follows: Oct 1, 2012 - Sep 30, 2013.....$10.000...... 100.000 From Oct 1, 2014...... $14.000...... 71.428 13. Exchange: (same as conversion) 14. Extendible: Extendible to Sep 30, 2015, exercisable from May 31, 2010 to Aug 31, 2010, at a rate of 10%. 15. Secured: 16. Guarantor: 17. Change of Control: 18. Note: 19. Lead Underwriters: 20. Trustee: 21. Paying Agent: 22. Exchange(s): 23. Symbol: 24. CUSIP:

Description: 1. Security Name 2. DBRS Rating and date rating was last updated 3. a Amount issued b Date issued c Euro issuer indicator. 4. a Amount outstanding b Date outstanding 5. a Interest rate b Interest payment frequency c Interest payment cycle 6. Notes on non-fixed coupon rates or other interest details 7. Private placement indicator 8. a Redemption date b Redemption price 9. a Retraction date b Retraction price c Retraction exercise period 10. a Sinking Fund date b Sinking fund amount/percentage. 11. Purchase fund details 12. a Conversion period b Conversion price per share c Conversion basis per pref. share 13. a Exchange period b Exchange price per share c Exchange basis per pref. share 14. Extendible details 15. Secured details 16. Guarantor of issue 17. Change of control 18. Additional notes 19. Lead Underwriter(s) 20. Trustee 21. Paying Agent 22. Exchanges on which security is listed 23. Trading Symbol 24. CUSIP Number Convertible Debt

Conversion Price Issuer Description Conversion Basis (per $1,000) Exchanges Symbol (per Share) ABcann Global Corp deb 6% 2021/02/21 250.000 com. sh(s). to Feb 20, 2021 $4.00 Aecon Group Inc deb 5.5% 2018/12/31 50.000 com. sh(s). to Dec 31, 2018 $20.00 T ARE.DB.B Ag Growth Intl Inc deb 5.25% 2019/12/31 15.251 com. sh(s). to Dec 30, 2019 $65.57 T AFN.DB.B Ag Growth Intl Inc deb 5% 2020/12/31 16.667 com. sh(s). to Dec 30, 2020 $60.00 T AFN.DB.C FP Bonds—Corporate2018 Ag Growth Intl Inc deb 4.85% 2022/06/30 11.983 com. sh(s). to Jun 29, 2022 $83.45 T AFN.DB.D Ag Growth Intl Inc deb 4.5% 2022/12/31 11.344 com. sh(s). to Dec 30, 2022 $88.15 T AFN.DB.E Algoma Central Corp deb 5.25% 2024/06/30 47.281 com. sh(s). to Jun 30, 2024 $21.15 T ALC.DB.A Algonquin Power & Utils deb zero 2026/03/31 94.340 com. sh(s). to Mar 30, 2026 $10.60 American Hotel Incm Pptys deb 5% 2022/06/30 108.108 unit to Jun 29, 2022 US$9.25 T HOT.DB.U Atlantic Power Corp deb 6% 2019/12/31 68.966 com. sh(s). to Dec 31, 2019 $14.50 T ATP.DB.D Atlantic Power Corp deb 6% 2025/01/31 238.095 com. sh(s). to Jan 30, 2025 $4.20 T ATP.DB.E Atrium Mortgage Invt Corp deb 6.25% 2019/03/31 75.188 com. sh(s). to Mar 30, 2019 $13.30 T AI.DB.A Atrium Mortgage Invt Corp deb 5.25% 2020/06/30 74.074 com. sh(s). to Jun 29, 2020 $13.50 T AI.DB Atrium Mortgage Invt Corp deb 5.5% 2021/09/30 68.259 com. sh(s). to Sep 29, 2021 $14.65 T AI.DB.B Atrium Mortgage Invt Corp deb 5.3% 2024/06/30 66.934 com. sh(s). to Jun 29, 2024 $14.94 T AI.DB.C Inc deb 5% 2020/03/09 76.628 com. sh(s). to Jan 30, 2020 $13.05 Aurora Cannabis Inc deb 6% 2022/11/28 153.846 com. sh(s). to Nov 27, 2022 $6.50 Automotive Finco Corp deb 6.75% 2022/06/30 285.714 com. sh(s). to Jun 29, 2022 $3.50 V AFCC.DB Axis Auto Finance Inc deb 7.5% 2023/03/31 1052.632 com. sh(s). to Mar 30, 2023 $0.95 BTB REIT deb 6.9% 2020/03/31 162.602 tr. unit to Mar 31, 2020 $6.15 T BTB.DB.E BTB REIT deb 7.15% 2020/12/31 176.991 tr. unit to Dec 31, 2020 $5.65 T BTB.DB.F B2Gold Corp nt 3.25% 2018/10/01 254.291 com. sh(s). to Oct 01, 2018 US$3.93 Bellatrix Exploration Ltd deb 6.75% 2021/09/30 617.284 com. sh(s). to Sep 30, 2021 $1.62 T BXE.DB BlackBerry Ltd deb 3.75% 2020/11/13 100.000 com. sh(s). to Nov 09, 2020 US$10.00 T BB.DB.V Boralex Inc deb 4.5% 2020/06/30 51.020 cl.A sh(s). to Jun 30, 2020 $19.60 T BLX.DB.A Canadian Solar Inc nt 4.25% 2019/02/15 22.222 com. sh(s). to Feb 14, 2019 US$45.00 5 FP Bonds — Corporate 2018 23 DBRS Rating Scale: Corporate Bonds

The following tables itemize the latest ratings as provided by Dominion Bond Rating Service Limited. The Corporate Bond Rating Scale is as follows: AAA Highest Bonds rated AAAare of the highest credit quality. The degree of protection afforded principal and interest is of the highest order. Earnings are considered stable, the structure of the industry in which the Company operates is very strong, and the outlook for future profitability is extremely favourable. There are few qualifying factors present which would detract from the performance of the Company, and the strength of liquidity ratios is unquestioned. AA Superior Bonds rated AA are of superior credit quality, and protection of interest and principal is considered high. In many cases, they differ from bonds rated AAA only to a small degree. A Satisfactory Bonds rated A are of satisfactory credit quality. Protection of interest and principal is still substantial, but the degree of strength is less than with AA rated companies. Companies in this category may be more susceptible to adverse economic conditions. BBB Adequate Bonds rated BBB are of adequate credit quality. Protection of interest and principal is considered acceptable, but the Company is fairly susceptible to economic cycles, or there may be other adversities present which reduce the strength of these bonds. BB Speculative Bonds rated BB are defined to be speculative. The degree of protection afforded interest and principal is uncertain, particularly during periods of economic recession. Companies typically have limited access to capital markets. B Highly Speculative Bonds rated B are highly speculative. There is a reasonably high level of uncertainty as to the ability of the Company to pay interest and principal on a continuing basis in the future, especially in periods of economic recession. CCC, CC, C Very Highly Speculative Bonds rated in any of these categories are very highly speculative and are in danger of default of interest and principal. The degree of adverse elements present is more severe than with bonds rated B. In practice, there is little difference between these three categories, with, with CC and Cnormally used for lower ranking debt of companies for which the senior debt is rated in the CCC to B range. D Default Bonds rated D are in default of either interest or principal. High or Low In addition to the above, the ratings may be modified by the quotation "high" or "low" to indicate the relative standing within a rating classification. FP Bonds — Corporate 2018 51 Companies Referenced

Companies with one of more security appearing in this publication are listed, alphabetically by current name in this Table of Contents. A supplementary listing of their former name is also found. ABC Schools Partnership...... 58 Automotive Finco Corp...... 104 ABcann Global Corporation...... 58 (formerly Augyva Mining Resources Inc.) (formerly Panda Capital Inc.) Avison Young (Canada) Inc...... 105 AGT Food and Ingredients Inc...... 59 Axima YUL L.P...... 105 (formerly Alliance Grain Traders Inc.) Axis Auto Finance Inc...... 105 AIMCo Realty Investors LP...... 59 (formerly Verdant Financial Partners I Inc.) ALSTEF YUL LP...... 59 BAC Canada Finance Company...... 106 ARC Resources Ltd...... 60 BBIA LP...... 106 ATS Automation Tooling Systems Inc...... 60 BMO Capital Trust II...... 106 Accès Recherche Montréal L.P...... 61 BMW Canada Auto Trust...... 107 Access Justice Durham Ltd...... 61 BMW Canada Inc...... 108 Access Prairies Partnership...... 62 BTB Real Estate Investment Trust...... 109 Aecon Group Inc...... 63 B2Gold Corp...... 110 Aéroports de Montréal...... 64 Baffinland Iron Mines Corporation...... 111 Ag Growth International Inc...... 66 Bank of Montreal...... 111 Agnico Eagle Mines Limited...... 68 The Bank of ...... 126 Agrium Inc...... 70 Bankers Hall LP...... 144 Aimia Inc...... 72 Barrick Gold Corporation...... 144 Air Canada...... 73 Barrick Gold Finance Company...... 146 Ethane Gathering System LP...... 77 Baytex Energy Corp...... 146 Alberta Powerline Limited Partnership...... 77 bcIMC Realty Corporation...... 147 Alectra Inc...... 80 Bell Canada...... 149 Algoma Central Corporation...... 81 Bell MTS Inc...... 157 Algoma Power Inc...... 82 (formerly Telecom Services Inc.) Algonquin Power & Utilities Corp...... 82 Bellatrix Exploration Ltd...... 157 Algonquin Power Co...... 83 Black Diamond Group Limited...... 158 Alimentation Couche-Tard Inc...... 84 BlackBerry Limited...... 158 Alliance Pipeline Limited Partnership...... 87 (formerly Research In Motion Limited) Allied Properties Real Estate Investment Blackbird Infrastructure 407 General Trust...... 89 Partnership...... 159 AltaGas Ltd...... 90 Blue Water Bridge Authority...... 160 AltaLink Investments, L.P...... 93 Bombardier Inc...... 160 AltaLink, L.P...... 93 Bonavista Energy Corporation...... 162 American Hotel Income Properties REIT Boralex Inc...... 163 LP...... 97 Borealis Infrastructure Trust...... 163 Anadarko Finance Company...... 98 Boyuan Construction Group, Inc...... 164 Arctic Infrastructure Limited Partnership.....98 Brighton Beach Power L.P...... 164 Arrow Lakes Power Corporation...... 98 Brilliant Power Corporation...... 165 Artis Real Estate Investment Trust...... 99 Ferry Services Inc...... 166 Athabasca Oil Corporation...... 100 Broadcast Centre Trust...... 167 Atlantic Power Corporation...... 100 Brock University...... 168 Atlantic Power Limited Partnership...... 101 Brookfield Asset Management Inc...... 168 Atrium Mortgage Investment Corporation.101 Brookfield Canada Office Properties...... 170 Aurora Cannabis Inc...... 103 Brookfield Finance Inc...... 171 (formerly Prescient Mining Corp.) Brookfield Infrastructure Finance ULC.....172 AutoCanada Inc...... 104 Brookfield Office Properties Canada LP...173 58 FP Bonds — Corporate 2018

ABC Schools Partnership

4.246% Bonds, Series A, due Dec. 31, 2043 Issued: $87,203,000 Sep 18, 2012 O/S: $81,442,910 Dec 31, 2017 Interest: 4.246 % (S) Jun 30/Dec 31 Private Placement Redemption: Redeem. at any time at the greater of Canada Yield Price (Canada Yield + 0.46%) and par. Sinking Fund: Mandatory principal repayments are as follows: Jun 30, 2018...... $872,640.00 Dec 31, 2018...... $891,170.00 Jun 30, 2019...... $910,090.00 Dec 31, 2019...... $929,410.00 Jun 30, 2020...... $949,140.00 Dec 31, 2020...... $969,290.00 Jun 30, 2021...... $989,870.00 Dec 31, 2021...... $1,010,880.00 Jun 30, 2022...... $1,032,350.00 Dec 31, 2022...... $1,054,260.00 Jun 30, 2023...... $1,076,640.00 Dec 31, 2023...... $1,099,500.00 Jun 30, 2024...... $1,122,840.00 Dec 31, 2024...... $1,146,680.00 Jun 30, 2025...... $1,171,030.00 Dec 31, 2025...... $1,195,890.00 Jun 30, 2026...... $1,221,280.00 Dec 31, 2026...... $1,247,200.00 Jun 30, 2027...... $1,273,680.00 Dec 31, 2027...... $1,300,720.00 Jun 30, 2028...... $1,328,340.00 Dec 31, 2028...... $1,356,530.00 Jun 30, 2029...... $1,385,340.00 Dec 31, 2029...... $1,414,740.00 Jun 30, 2030...... $1,444,780.00 Dec 31, 2030...... $1,475,450.00 Jun 30, 2031...... $1,506,780.00 Dec 31, 2031...... $1,538,770.00 Jun 30, 2032...... $1,571,440.00 Dec 31, 2032...... $1,604,790.00 Jun 30, 2033...... $1,638,870.00 Dec 31, 2033...... $1,673,660.00 Jun 30, 2034...... $1,709,190.00 Dec 31, 2034...... $1,745,470.00 Jun 30, 2035...... $1,782,530.00 Dec 31, 2035...... $1,820,380.00 Jun 30, 2036...... $1,859,030.00 Dec 31, 2036...... $1,898,490.00 Jun 30, 2037...... $1,938,790.00 Dec 31, 2037...... $1,979,960.00 Jun 30, 2038...... $2,021,990.00 Dec 31, 2038...... $2,064,910.00 Jun 30, 2039...... $2,108,760.00 Dec 31, 2039...... $2,153,520.00 Jun 30, 2040...... $2,199,250.00 Dec 31, 2040...... $2,245,930.00 Jun 30, 2041...... $2,293,610.00 Dec 31, 2041...... $2,342,310.00 Jun 30, 2042...... $2,392,040.00 Dec 31, 2042...... $2,442,820.00 Jun 30, 2043...... $2,494,670.00 Dec 31, 2043...... $2,545,210.00 Secured: No details available. Lead Underwriter(s): CIBC World Markets Inc. Trustee: Computershare Trust Company of Canada Inc. CUSIP: 00287XAA9 ABcann Global Corporation (formerly Panda Capital Inc.)

6% Debentures, due Feb. 21, 2021 Issued: $34,500,000 Feb 28, 2018 O/S: $34,500,000 Feb 28, 2018 Interest: 6.00 % (S) Jun 30/Dec 31 Convertible: Convert. until Feb 20, 2021 or 1 business day prior to the date fixed for redemption, whichever is earlier, into 250 com sh per $1,000 face value, being a conversion price per com sh of $4.00. In lieu of fractional shs., cash payment will be made. Change of Control: Within 30 days following the occurrence of a Change of Control involving the acquisition of voting control or direction over 50% or more of the outstanding votes, the company will be required to make an offer in writing to purchase, in whole or in part, the debentures then outstanding at a price equal to 104% of the principal amount of the debentures, plus accrued and unpaid interest. If 90% or more in aggregate principal amount of the debentures outstanding on the date of the giving of notice of the Change of Control have been tendered, the company will have the right to redeem all the remaining debentures at the Debenture Offer Price. Lead Underwriter(s): Canaccord Genuity Corp., Eight Capital Corp. Trustee: TSX Trust Company CUSIP: 00287WAA1 FP Bonds — Corporate 2018 59

AGT Food and Ingredients Inc. (formerly Alliance Grain Traders Inc.)

5.875% Senior Notes, due Dec. 21, 2021 DBRS Rating: BB low Sep 1, 2017 Issued: $200,000,000 Dec 21, 2016 O/S: $200,000,000 Dec 31, 2017 Interest: 5.875 % (S) Jun 21/Dec 21 Private Placement Redemption: Redeem. on and after the following dates on min. 30 and max. 60 days' notice as follows: Dec 21, 2018...... $104.406 Dec 21, 2019...... $102.203 Dec 21, 2020...... $100.00 Redeem. at any time prior to Dec. 21, 2018 on min. 30 and max. 60 days' notice at the greater of Canada Yield Price (Canada Yield + 050%) and par. Redeem. (maximum 35%) to Dec. 21, 2018 at 105.875% with proceeds of an equity offering. Change of Control: In the event of a Change of Control, the company will be required to offer to purchase the notes at 101% of the principal amount of the notes, plus accrued and unpaid interest. Guarantor: Guaranteed by each existing and any future restricted subsidiaries. Lead Underwriter(s): Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc. Trustee: TSX Trust Company CUSIP: 001264AA8 AIMCo Realty Investors LP

2.266% Senior Notes, Series 1, due June 26, 2024 DBRS Rating: AA low Jun 26, 2017 Issued: $400,000,000 Jun 26, 2017 O/S: $400,000,000 Dec 31, 2017 Interest: 2.266 % (S) Jun 26/Dec 26 Private Placement Redemption: Redeem. on and after Apr 26, 2024 at par. Redeem. at any time prior to April 26, 2024, at the greater of Canada Yield Price (Canada Yield + 0.24%) and par. Lead Underwriter(s): TD Securities Inc., RBC Capital Markets Trustee: Computershare Trust Company of Canada Inc. CUSIP: 00889YAA9

3.043% Senior Notes, Series 2, due June 1, 2028 DBRS Rating: AA low Jun 26, 2017 Issued: $400,000,000 Nov 23, 2017 O/S: $400,000,000 Dec 31, 2017 Interest: 3.043 % (S) Jun 1/Dec 1 Private Placement Redemption: Redeem. on and after Mar 1, 2028 at par. Redeem. at any time prior to March 1, 2028 at the greater of Canada Yield Price (Canada Yield + 0.27%) and par. Lead Underwriter(s): TD Securities Inc., RBC Capital Markets Trustee: Computershare Trust Company of Canada Inc. CUSIP: 00889YAB7 ALSTEF YUL LP

6.65% Amortizing Bonds, Series A, due Sept. 15, 2029 Issued: $46,000,000 Sep 15, 2009 O/S: $33,329,000 Mar 15, 2018 Interest: 6.65 % (S) Mar 15/Sep 15 Private Placement Redemption: Redeem. at any time at the greater of Canada Yield Price (Canada Yield + 0.5%) and par. 60 FP Bonds — Corporate 2018

Sinking Fund: Mandatory principal repayments are as follows: Sep 15, 2018...... $988,000.00 Mar 15, 2019...... $1,021,000.00 Sep 15, 2019...... $1,055,000.00 Mar 15, 2020...... $1,090,000.00 Sep 15, 2020...... $1,126,000.00 Mar 15, 2021...... $1,163,000.00 Sep 15, 2021...... $1,202,000.00 Mar 15, 2022...... $1,242,000.00 Sep 15, 2022...... $1,283,000.00 Mar 15, 2023...... $1,326,000.00 Sep 15, 2023...... $1,370,000.00 Mar 15, 2024...... $1,416,000.00 Sep 15, 2024...... $1,463,000.00 Mar 15, 2025...... $1,511,000.00 Sep 15, 2025...... $1,561,000.00 Mar 15, 2026...... $1,613,000.00 Sep 15, 2026...... $1,667,000.00 Mar 15, 2027...... $1,722,000.00 Sep 15, 2027...... $1,780,000.00 Mar 15, 2028...... $1,839,000.00 Sep 15, 2028...... $1,900,000.00 Mar 15, 2029...... $1,963,000.00 Sep 15, 2029...... $2,028,000.00 Lead Underwriter(s): RBC Capital Markets CUSIP: 021237AA0 ARC Resources Ltd.

4.98% Senior Notes, due Mar. 5, 2019 Issued: US$50,000,000 Mar 5, 2010 O/S: US$10,000,000 Mar 5, 2018 Interest: 4.98 % (S) Mar 5/Sep 5 Private Placement Sinking Fund: Mandatory principal repayments are as follows: Mar 5, 2019...... US$10,000,000.00 8.21% Senior Notes, due Apr. 14, 2021 Issued: US$35,000,000 Apr 14, 2009 O/S: US$21,000,000 Apr 14, 2018 Interest: 8.21 % (S) Apr 14/Oct 14 Private Placement Sinking Fund: Mandatory principal repayments are as follows: Apr 14, 2019...... US$7,000,000.00 Apr 14, 2020...... US$7,000,000.00 Apr 14, 2021...... US$7,000,000.00 Secured: Secured by a floating charges on all lands and assignments. 5.36% Senior Notes, due May 27, 2022 Issued: US$150,000,000 May 27, 2010 O/S: US$150,000,000 Dec 31, 2017 Interest: 5.36 % (S) May 27/Nov 27 Private Placement Sinking Fund: Mandatory principal repayments are as follows: May 27, 2018...... US$30,000,000.00 May 27, 2019...... US$30,000,000.00 May 27, 2020...... US$30,000,000.00 May 27, 2021...... US$30,000,000.00 May 27, 2022...... US$30,000,000.00 ATS Automation Tooling Systems Inc.

6.5% Senior Notes, due June 15, 2023 Issued: US$250,000,000 Jun 17, 2015 O/S: US$250,000,000 Dec 31, 2017 Interest: 6.50 % (S) Jun 15/Dec 15 Private Placement Redemption: Redeem. on and after the following dates on min. 30 and max. 60 days' notice as follows: Jun 15, 2018...... US$104.875 Jun 15, 2019...... US$103.25 Jun 15, 2020...... US$101.625 Jun 15, 2021...... US$100.00 Redeem. at any time prior to June 15, 2018 at the greater of U.S. Treasury Yield + 0.50% and par. Redeem. (maximum 40%) to June 15, 2018 at 106.50% with proceeds of an equity offering. Change of Control: In the event of a Change of Control, the company will be required to offer to purchase the notes at 101% of the principal amount of the notes, plus accrued and unpaid interest. Note: Issued via 144A. FP Bonds — Corporate 2018 61

Lead Underwriter(s): Goldman, Sachs & Co., J.P.Morgan Securities LLC Trustee: Computershare Trust Company, N.A. CUSIP: 001940AA3 Accès Recherche Montréal L.P.

7.067% Senior Bonds, due Dec. 31, 2042 DBRS Rating: A low Nov 14, 2017 Issued: $334,114,000 May 26, 2010 O/S: $316,622,000 Dec 31, 2017 Interest: 7.067 % (S) Jun 30/Dec 31 Private Placement Redemption: Redeem. at any time at the greater of Canada Yield Price (Canada Yield + 0.5%) and par. Sinking Fund: Mandatory principal repayments are as follows: Jun 30, 2018...... $2,285,000.00 Dec 31, 2018...... $2,592,000.00 Jun 30, 2019...... $2,447,000.00 Dec 31, 2019...... $2,732,000.00 Jun 30, 2020...... $2,693,000.00 Dec 31, 2020...... $2,962,000.00 Jun 30, 2021...... $2,796,000.00 Dec 31, 2021...... $3,164,000.00 Jun 30, 2022...... $3,041,000.00 Dec 31, 2022...... $3,384,000.00 Jun 30, 2023...... $3,306,000.00 Dec 31, 2023...... $3,583,000.00 Jun 30, 2024...... $3,515,000.00 Dec 31, 2024...... $3,871,000.00 Jun 30, 2025...... $3,836,000.00 Dec 31, 2025...... $4,143,000.00 Jun 30, 2026...... $4,054,000.00 Dec 31, 2026...... $4,432,000.00 Jun 30, 2027...... $4,323,000.00 Dec 31, 2027...... $4,705,000.00 Jun 30, 2028...... $4,758,000.00 Dec 31, 2028...... $5,076,000.00 Jun 30, 2029...... $5,029,000.00 Dec 31, 2029...... $5,434,000.00 Jun 30, 2030...... $5,260,000.00 Dec 31, 2030...... $5,811,000.00 Jun 30, 2031...... $5,837,000.00 Dec 31, 2031...... $6,186,000.00 Jun 30, 2032...... $6,226,000.00 Dec 31, 2032...... $6,662,000.00 Jun 30, 2033...... $6,699,000.00 Dec 31, 2033...... $7,134,000.00 Jun 30, 2034...... $7,093,000.00 Dec 31, 2034...... $7,637,000.00 Jun 30, 2035...... $7,720,000.00 Dec 31, 2035...... $8,142,000.00 Jun 30, 2036...... $8,306,000.00 Dec 31, 2036...... $8,761,000.00 Jun 30, 2037...... $8,820,000.00 Dec 31, 2037...... $9,382,000.00 Jun 30, 2038...... $9,527,000.00 Dec 31, 2038...... $10,050,000.00 Jun 30, 2039...... $10,116,000.00 Dec 31, 2039...... $10,725,000.00 Jun 30, 2040...... $11,006,000.00 Dec 31, 2040...... $11,530,000.00 Jun 30, 2041...... $11,714,000.00 Dec 31, 2041...... $12,351,000.00 Jun 30, 2042...... $12,535,000.00 Dec 31, 2042...... $13,231,000.00 Secured: Secured by a first-ranking security interest in all property of the company and project accounts, including the Mezzanine Loan Account prior to substantial completion, but excluding the Distribution Account the Mezzanine Equity Lock-Up Account, and the Mezzanine DSRA; the security also includes a first-ranking security interest in all of the company's rights under all major project agreements and related performance security, licences and bank accounts, and in all property of the General Partner and in the shares of the company and its General Partner. Lead Underwriter(s): RBC Capital Markets CUSIP: 00434CAC3 Access Justice Durham Ltd.

5.015% Senior Secured Project Bonds, Series A, due Aug. 31, 2039 Issued: $214,062,000 Mar 7, 2007 O/S: $184,862,000 Feb 28, 2018 Interest: 5.015 % (Q) Feb 28/May 31/Aug 31/Nov 30 Private Placement Redemption: Redeem. at any time at the greater of Canada Yield Price (Canada Yield + 0.18%) and par.