Instrument: Sterling Fixed Rate Canadian Legislative Covered Bond, backed by Canadian residential mortgages
Form: Reg S (Category 2), Registered, TEFRA not applicable
Size: £ Benchmark
Maturity Date: 04-Nov-30 (soft bullet)
Settlement: 02-Jul-26
Guidance: SONIA mid-swap (Annual, Act/365) + 60bps area (currently indicatively equiv to UKT 0.375 22-Oct-30 (MID) +42.5bps)
Interest: [ ]% per annum accruing from and including the Issue Date up to, but excluding, the Maturity Date, payable annually in arrears on each Interest Payment Date
Interest Payment Dates: 4 November in each year commencing on the Interest Payment Date falling on 04-Nov-26 (short first coupon) and ending on (and including) the Maturity Date, subject, in each case, to the Business Day Convention specified below
Day Count Convention: Actual/Actual (ICMA) (not adjusted)
Denominations: £100,000 x £1,000
Business Day Convention: Following Business Day Convention
Business Days: Toronto, London, New York City
Governing Law: Province of Ontario and the federal laws of Canada applicable therein
Listing: The Main Market of the London Stock Exchange
Documentation: Issued under the Issuer’s U.S.$50,000,000,000 Global Registered Covered Bond Program dated 10-Sep-25 and supplemented 15-Dec-25, 03-Mar-26 and 27-May-26 (the “Prospectus”).