Credit Ratings and Transfer Agent

Credit Ratings

The credit ratings assigned to our securities by external ratings agencies are important to our ability to raise capital at competitive pricing to support our business operations. Our investment grade credit ratings reflect the current financial strength of our company.

1. Canadian National Scale Rating. The Global Scale Rating is A-2.

  DBRS S&P
Third party rating as of: June 3, 2016 May 20, 2015
Security:    
     Commercial paper R-2 (high) A-1 (low)1
     Senior unsecured debentures BBB (high) BBB+
     Rating trend / rating outlook Stable Stable

DBRS provides guidance for the outlook of the assigned rating using the rating trend. The rating trend represents their assessment of the likelihood and direction that the rating could change in the future, should present tendencies continue, or in some cases, if challenges are not overcome.

S&P uses rating outlooks to assess the potential direction of a long-term credit rating over the intermediate term. Their outlook indicates the likelihood that the rating could change in the future.

The rating agencies may revise or withdraw these ratings if they believe circumstances warrant. A change in our credit ratings could affect our cost of funding and our access to capital through the capital markets.

Transfer Agent

For information on common share holdings, dividend cheques, lost share certificates and address changes, contact:

CST Trust Company
P.O. Box 700, Station B
Montreal, QC
H3B 3K3

North America Phone Toll-Free:
(800) 387-0825 or (416) 682-3860
www.canstockta.com