<SEC-DOCUMENT>0001140361-21-021584.txt : 20210621
<SEC-HEADER>0001140361-21-021584.hdr.sgml : 20210621
<ACCEPTANCE-DATETIME>20210621075454
ACCESSION NUMBER:		0001140361-21-021584
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210621
DATE AS OF CHANGE:		20210621

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALGONQUIN POWER & UTILITIES CORP.
		CENTRAL INDEX KEY:			0001174169
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-236975
		FILM NUMBER:		211027449

	BUSINESS ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1
		BUSINESS PHONE:		0000000000

	MAIL ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALGONQUIN POWER INCOME FUND
		DATE OF NAME CHANGE:	20020523

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALGONQUIN POWER & UTILITIES CORP.
		CENTRAL INDEX KEY:			0001174169
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1
		BUSINESS PHONE:		0000000000

	MAIL ADDRESS:	
		STREET 1:		354 DAVIS ROAD
		CITY:			OAKVILLE
		STATE:			A6
		ZIP:			L6J2X1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALGONQUIN POWER INCOME FUND
		DATE OF NAME CHANGE:	20020523
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>brhc10026035_fwp.htm
<DESCRIPTION>FWP
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.5.0.0
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  <div style="text-align: right; color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold;">
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"><font style="font-family: 'Times New Roman';">Free Writing Prospectus Filed
      Pursuant to Rule 433</font></div>
  <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">To Prospectus dated April 3, 2020</div>
  <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Preliminary Prospectus Supplement dated June 16, 2021</div>
  <div style="text-align: right; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Registration Statement File No. 333-236975</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ALGONQUIN POWER &amp; UTILITIES CORP.</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Offering of</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">20,000,000 Equity Units</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Initially Consisting of 20,000,000 Corporate Units)</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Pricing Term Sheet dated</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">June 17, 2021</div>
  <br>
  <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 35%; color: #000000; text-align: center;">
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">The information in this pricing term sheet relates to an offering (the &#8220;Offering&#8221;) by Algonquin Power &amp;
    Utilities Corp. (the &#8220;Issuer&#8221;) of the Equity Units described herein and should be read together with the preliminary prospectus supplement dated June 16, 2021 relating to the Offering (the &#8220;Preliminary Prospectus Supplement&#8221;), including the documents
    incorporated by reference therein and the related final base prospectus dated April 3, 2020 (the &#8220;Final Base Shelf Prospectus&#8221;), filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) pursuant to the Securities Act of 1933, as amended
    (Registration Statement File No. 333-236975).&#160; Terms used but not defined herein, with respect to the Offering, have the meanings ascribed to them in the Preliminary Prospectus Supplement.</div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> <br>
  </div>
  <div style="text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: justify;">The Final Base Shelf Prospectus and the Preliminary Prospectus Supplement containing important
    information relating to the securities described in this document have been filed with the securities regulatory authorities in each of the provinces of Canada.&#160; A copy of the Final Base Shelf Prospectus, the Preliminary Prospectus Supplement, any
    other applicable shelf prospectus supplement that has been filed and any amendment thereto are required to be delivered with this document.</div>
  <div style="text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">This document does not provide full disclosure of all material facts relating to the securities offered.&#160;
    Investors should read the Final Base Shelf Prospectus, the Preliminary Prospectus Supplement, any other applicable shelf prospectus supplement and any amendment thereto for disclosure of those facts, especially risk factors relating to the securities
    offered, before making an investment decision.</div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> <br>
  </div>
  <div style="text-align: center;">
    <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 35%; color: #000000;"></div>
  <div> <br>
  </div>
  <table cellspacing="0" cellpadding="6" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za3a217e19eab44b4b723c5669861d3ac">

      <tr>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Issuer:</div>
        </td>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">Algonquin Power &amp; Utilities Corp., a corporation duly incorporated, organized and existing under the laws of Canada</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Stock Ticker:</div>
        </td>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">New York Stock Exchange / Toronto Stock Exchange &#8220;AQN&#8221;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Pricing Date:</div>
        </td>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">June 17, 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Trade Date:</div>
        </td>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">June 18, 2021</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">NYSE Closing Price of the Common Shares on June 17, 2021:</div>
        </td>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">$15.00 per share</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Settlement Date:</div>
        </td>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">June 23, 2021 (T+3)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Registration/Prospectus Format:</div>
        </td>
        <td style="width: 50%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">SEC Registered on Form F-10 and qualified for distribution in each of the provinces of Canada pursuant to the United States/Canada Multi-Jurisdictional Disclosure System (MJDS).</div>
        </td>
      </tr>

  </table>
  <div style="font-size: 10pt; font-family: 'Times New Roman';"><br>
  </div>
  <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Offering</u></div>
  <table cellspacing="0" cellpadding="6" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7755dbd0c47f414aa760486ef318066e">

      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Title of Securities:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">Equity Units that will each have a stated amount of $50.00 and will initially be in the form of a Corporate Unit consisting of (i) a Purchase Contract issued by the Issuer and (ii) initially,
            a 1/20, or 5%, undivided beneficial ownership interest in $1,000 principal amount of 1.18% remarketable senior notes due 2026 to be issued by the Issuer (each being referred to as a &#8220;Note&#8221;).</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Number of Equity Units Offered:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">20,000,000 (or 23,000,000 if the Underwriters exercise their option to purchase up to 3,000,000 additional Corporate Units in full, solely to cover over-allotments) (upsized from 18,000,000
            (or 20,700,000 if the Underwriters exercise their option to purchase up to 2,700,000 additional Corporate Units in full, solely to cover over-allotments).</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Aggregate Offering Amount:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">$1,000,000,000 (or $1,150,000,000 if the Underwriters exercise their over-allotment option in full) (upsized from $900,000,000 (or $1,035,000,000 if the Underwriters exercise their
            over-allotment option in full).</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Stated Amount per Equity Unit:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">$50.00</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Corporate Unit Public Offering Price:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">$50.00 per Corporate Unit</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Underwriting Commissions:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top;">
          <div style="margin: 0px 0px 6pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">$1.20 per Corporate Unit</div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">$24 million in aggregate (or approximately $27.6 million if the Underwriters exercise their over-allotment option in full).</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Estimated Net Proceeds to the Issuer from the Offering:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">The Issuer estimates that it will receive net proceeds of $976 million from the sale of Corporate Units in the Offering after deducting the underwriting commissions but before deducting the
            estimated Offering expenses. The Issuer estimates that it will receive net proceeds of approximately $1,122.4 million if the Underwriters exercise their over-allotment option in full after deducting the underwriting commissions but before
            deducting the estimated Offering expenses.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Interest Rate on the Notes:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">1.18% per year subject to reset in connection with a successful remarketing.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Interest Payment Dates:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">Prior to a successful remarketing, March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2021.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Contract Adjustment Payment Rate:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">6.57% per year on the stated amount per Equity Unit, or $3.285 per year, subject to the Issuer&#8217;s right to defer contract adjustment payments, as described in the Preliminary Prospectus
            Supplement.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Contract Adjustment Payment Dates:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2021.</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
    <div id="DSPFPageBreak" style="page-break-after: always;">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <table cellspacing="0" cellpadding="6" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Deferred Contract Adjustment Payments:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">Deferred contract adjustment payments will accrue additional contract adjustment payments at the rate equal to 7.75% per annum, compounded on each contract adjustment payment date to, but
            excluding, the contract adjustment payment date on which such deferred contract adjustment payments are paid.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Total Distribution Rate on the Corporate Units:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">7.75% per annum.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Reference Price:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">$15.00 (subject to adjustment, as described in the Preliminary Prospectus Supplement).</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Threshold Appreciation Price:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">$18.00 (subject to adjustment, as described in the Preliminary Prospectus Supplement), which represents appreciation of 20% over the reference price.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Minimum Settlement Rate:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">2.7778 Common Shares (subject to adjustment, as described in the Preliminary Prospectus Supplement), which is approximately equal to the $50.00 stated amount per Equity Unit, <font style="font-style: italic;">divided by</font> the threshold appreciation price.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Maximum Settlement Rate:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">3.3333 Common Shares (subject to adjustment, as described in the Preliminary Prospectus Supplement), which is approximately equal to the $50.00 stated amount per Equity Unit, <font style="font-style: italic;">divided by</font> the reference price.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Purchase Contract Settlement Date:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">June 15, 2024 (or if such day is not a business day, the following business day).</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Notes Maturity Date:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">June 15, 2026.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Joint Bookrunning Managers:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top;">
          <div style="margin: 0px 0px 6pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">J.P. Morgan Securities LLC</div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Wells Fargo Securities, LLC</div>
          <div style="margin: 6pt 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">BMO Capital Markets Corp.</div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Morgan Stanley &amp; Co. LLC</div>
          <div style="margin: 6pt 0px 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">BofA Securities, Inc.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Co-Managers:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">CIBC World Markets Corp.</div>
          <div style="margin: 6pt 0px 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">National Bank of Canada Financial Inc.</div>
          <div style="margin: 6pt 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">RBC Capital Markets, LLC</div>
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">Scotia Capital (USA) Inc.</div>
          <div style="margin: 6pt 0px 0px; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">TD Securities (USA) LLC</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Listing:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">The Issuer intends to apply to list the Corporate Units on the New York Stock Exchange and expects trading to commence within 30 days of the date of initial issuance of the Corporate Units.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">CUSIP for the Corporate Units:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">015857 873</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">ISIN for the Corporate Units:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">US0158578734</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">CUSIP for the Treasury Units:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">015857 865</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">ISIN for the Treasury Units:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">US0158578650</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">CUSIP for the Notes:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">015857 AF2</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">ISIN for the Notes:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">US015857AF21</div>
        </td>
      </tr>

  </table>
  <div style="font-size: 10pt; font-family: 'Times New Roman';"><br>
  </div>
  <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <table cellspacing="0" cellpadding="6" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z158055a327c34c2aaf3678298416689c">

      <tr>
        <td style="width: 49.99%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Allocation of the Purchase Price for U.S. Federal Income Tax Purposes:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The Issuer will report the initial fair market value of each of the Notes as $50.00 (or 100% of the issue price of a Corporate Unit)
            and the fair market value of each Purchase Contract as $0 (or 0% of the issue price of a Corporate Unit).</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Allocation of the Purchase Price for Canadian Federal Income Tax Purposes:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top;">
          <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The Issuer will report the initial fair market value of each of the Notes as $50.00 (or 100% of the issue price of a Corporate Unit)
            and the fair market value of each Purchase Contract as $0 (or 0% of the issue price of a Corporate Unit).</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Early Settlement:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">Subject to certain conditions described under &#8220;Description of the Purchase Contracts-Early Settlement&#8221; in the Preliminary Prospectus Supplement, a holder of Corporate Units or Treasury Units
            may settle the related Purchase Contracts at any time prior to 4:00 p.m., New York City time, on the second business day immediately preceding the Purchase Contract Settlement Date, other than during a blackout period (as described in the
            Preliminary Prospectus Supplement) in the case of Corporate Units. An early settlement may be made only in integral multiples of 20 Corporate Units or 20 Treasury Units; however, if the Treasury portfolio has replaced the Notes as a component
            of the Corporate Units following a successful optional remarketing, holders of Corporate Units may settle early only in integral multiples of 400,000 Corporate Units. If a Purchase Contract is settled early, the number of Common Shares to be
            issued per Purchase Contract will be equal to the Minimum Settlement Rate (subject to adjustment, as described in the Preliminary Prospectus Supplement).</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">Early Settlement Upon a Fundamental Change:</div>
        </td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">Subject to certain conditions described under &#8220;Description of the Purchase Contracts-Early Settlement Upon a Fundamental Change&#8221; in the Preliminary Prospectus Supplement, following a
            &#8220;fundamental change&#8221; (as defined in the Preliminary Prospectus Supplement) that occurs prior to the 20th business day preceding the Purchase Contract Settlement Date, each holder of a Purchase Contract will have the right to accelerate and
            settle the Purchase Contract early on the fundamental change early settlement date (as defined in the Preliminary Prospectus Supplement) at the settlement rate determined as if the applicable market value equaled the share price (as defined in
            the Preliminary Prospectus Supplement), plus an additional make-whole amount of Common Shares (such additional make-whole amount of Common Shares being hereafter referred to as the &#8220;make-whole shares&#8221;). This right is referred to as the
            &#8220;fundamental change early settlement right&#8221; in the Preliminary Prospectus Supplement.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">&#160;</td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">The number of make-whole shares per Purchase Contract applicable to a fundamental change early settlement will be determined by reference to the table below, based on the date on which the
            fundamental change occurs or becomes effective (the &#8220;effective date&#8221;) and the &#8220;share price&#8221; (as defined in the Preliminary Prospectus Supplement) for the fundamental change:</div>
        </td>
      </tr>

  </table>
  <div style="font-size: 10pt; font-family: 'Times New Roman';"><br>
  </div>
  <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Share Price on Effective Date</div>
  <table cellspacing="0" cellpadding="4" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za0f54562897d4d6aa515e80f0e523cab">

      <tr>
        <td style="width: 7.85%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div style="color: rgb(0, 0, 0); font-weight: bold;">Effective Date</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$5.00</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$7.50</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$10.00</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$12.50</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$15.00</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$16.00</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$18.00</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$25.00</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$30.00</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$40.00</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$55.00</div>
          </div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$75.00</div>
          </div>
        </td>
        <td style="width: 7.85%; vertical-align: top; border-width: 2px 2px 1px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>
            <div>$100.00</div>
          </div>
        </td>
      </tr>
      <tr>
        <td style="width: 7.85%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">June 23, 2021</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div style="text-align: justify;">0.8785</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.5654</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.3778</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.2044</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.1852</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.4273</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.2182</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.1576</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.1026</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0635</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0356</div>
        </td>
        <td style="width: 7.85%; vertical-align: top; border-width: 2px 2px 1px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0165</div>
        </td>
      </tr>
      <tr>
        <td style="width: 7.85%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div style="color: rgb(0, 0, 0);">June 15, 2022</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div style="text-align: justify;">0.7915</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.5147</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.3523</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.1906</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.1608</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.3950</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.1886</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.1385</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0941</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0609</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0373</div>
        </td>
        <td style="width: 7.85%; vertical-align: top; border-width: 2px 2px 1px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0210</div>
        </td>
      </tr>
      <tr>
        <td style="width: 7.85%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0);">June 15, 2023</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div style="text-align: justify;">0.4935</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.3233</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.2297</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.1178</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0801</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.2971</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.1111</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0842</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0593</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0393</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 1px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0251</div>
        </td>
        <td style="width: 7.85%; vertical-align: top; border-width: 2px 2px 1px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman';">
          <div>0.0154</div>
        </td>
      </tr>
      <tr>
        <td style="width: 7.85%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div style="color: rgb(0, 0, 0);">June 15, 2024</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7%; vertical-align: top; border-width: 2px 1px 2px 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
        <td style="width: 7.85%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); font-size: 10pt; font-family: 'Times New Roman'; background-color: rgb(204, 238, 255);">
          <div>0.0000</div>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="6" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">&#160;</td>
        <td style="width: 50.01%; vertical-align: top;">
          <div style="margin: 0px 0px 6pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The share prices set forth in the first row of the table above (i.e., the column headers) will be adjusted upon
            the occurrence of certain events requiring anti-dilution adjustments to the fixed settlement rates in a manner inversely proportional to the adjustments to the fixed settlement rates, as described in the Preliminary Prospectus Supplement.</div>
          <div style="margin: 0px 0px 6pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The exact share price and effective date applicable to a fundamental change may not be set forth on the table,
            in which case:</div>
          <div style="margin: 0px 0px 6pt 18pt; text-indent: -18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</font><font style="font-size: 10pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab">&#160; &#160; &#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">if the share price is between two share prices on the table or the effective date is between two effective dates on the table, the
              number of make-whole shares will be determined by straight line interpolation between the make-whole share amounts set forth for the higher and lower share prices and the two effective dates based on a 365-day year, as applicable;</font></div>
          <div style="margin: 0px 0px 6pt 18pt; text-indent: -18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8226;</font><font style="font-size: 10pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab"> &#160;&#160; &#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">if the share price is in excess of $100.00 (subject to adjustment in the same manner as the share prices set forth in the first row
              of the table, as described above), then the make-whole share amount will be zero; and</font></div>
          <div style="text-indent: -18pt; margin-left: 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0);">&#8226;</font><font style="font-size: 10pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab"> &#160;&#160; &#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">if the share price is less than $5.00 (subject to adjustment in the same manner as the share prices set forth in the first row of the
              table, as described above) (the &#8220;minimum share price&#8221;), then the make-whole share amount will be determined as if the share price equaled the minimum share price, using straight line interpolation, as described above in the first bullet, if
              the effective date is between two effective dates on the table.</font></div>
        </td>
      </tr>
      <tr>
        <td style="width: 49.99%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">&#160;</td>
        <td style="width: 50.01%; vertical-align: top; font-size: 10pt; font-family: 'Times New Roman';">
          <div style="color: rgb(0, 0, 0); text-align: justify;">Unless the Treasury portfolio has replaced the Notes as a component of the Corporate Units as a result of a successful optional remarketing, holders of Corporate Units may exercise the
            fundamental change early settlement right only in integral multiples of 20 Corporate Units. If the Treasury portfolio has replaced the Notes as a component of Corporate Units, holders of the Corporate Units may exercise the fundamental change
            early settlement right only in integral multiples of 400,000 Corporate Units. A holder of Treasury Units may exercise the fundamental change early settlement right only in integral multiples of 20 Treasury Units.</div>
        </td>
      </tr>

  </table>
  <div style="font-size: 10pt; font-family: 'Times New Roman';"><br>
  </div>
  <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">CHANGES TO THE PRELIMINARY PROSPECTUS SUPPLEMENT</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u>Increase in number of Equity Units offered</u></div>
  <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><u> <br>
    </u></div>
  <div style="text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The issuer has increased the size of the offering such that the number of Equity Units offered has increased by 2,000,000
    Corporate Units (or by 2,300,000 Corporate Units, if the Underwriters exercise their option to purchase up to 3,000,000 additional Corporate Units in full, solely to cover over-allotments), from 18,000,000 (or 20,700,000 if the Underwriters exercise
    their option to purchase up to 2,700,000 additional Corporate Units in full, solely to cover over-allotments) to 20,000,000 (or 23,000,000 if the Underwriters exercise their option to purchase up to 3,000,000 additional Corporate Units in full, solely
    to cover over-allotments) (the &#8220;Offering Upsize&#8221;).</div>
  <div style="text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br>
  </div>
  <div style="text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The issuer estimates that the net proceeds from this offering, after deducting the underwriting commissions but before
    deducting the estimated Offering expenses, will be $976 million.&#160; The uses of proceeds and other information in the Preliminary Prospectus Supplement will be deemed to have changed to reflect the amount of the Offering Upsize and the use of proceeds
    therefrom.</div>
  <div style="text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br>
  </div>
  <div style="text-align: center;">
    <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 35%; color: #000000;"><font style="text-indent: 0px; font-size: 10pt; font-family: 'Times New Roman';" id="TRGRRTFtoHTMLTab"><br>
    </font></div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Under Rule 15c6-1 of the U.S. Exchange Act, trades in the secondary market generally are required to settle in two business days,
    unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade Corporate Units on any date prior to two business days before delivery will be required, by virtue of the fact that the Corporate Units initially
    will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Corporate Units who wish to make such trades should consult their own advisor.</div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">The Issuer has filed a registration statement (including a prospectus), as amended, in the United States and the
    Final Base Shelf Prospectus in each of the provinces of Canada pursuant to the Multijurisdictional Disclosure System established between Canada and the United States (File No. 333-236975).&#160; Before you invest, you should read the prospectus in that
    registration statement, the Final Base Shelf Prospectus and other documents the Issuer has filed with the Canadian Securities Administrators (&#8220;CSA&#8221;) and the SEC for more complete information about the Issuer and the Offering.&#160; You may get these
    documents for free by visiting SEDAR at www.sedar.com and EDGAR on the SEC Website at www.sec.gov.&#160; Alternatively, the Issuer, any underwriter or any dealer participating in the Offering will arrange to send you the Final Base Shelf Prospectus and the
    Preliminary Prospectus Supplement if you request them by calling J.P. Morgan Securities LLC at 1-866-803-9204; Wells Fargo Securities, LLC at 1-800-326-5897; BMO Capital Markets Corp. at 1-800-414-3627; or Morgan Stanley &amp; Co. LLC at
    1-866-718-1649.</div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">This communication should be read in conjunction with the Preliminary Prospectus Supplement and the accompanying
    Final Base Shelf Prospectus.&#160; The information in this communication supersedes the information in the Preliminary Prospectus Supplement and the accompanying Final Base Shelf Prospectus to the extent inconsistent with the information in the Preliminary
    Prospectus Supplement and the accompanying Final Base Shelf Prospectus.&#160; In all other respects, this communication is qualified in its entirety by reference to the Preliminary Prospectus Supplement and the accompanying Final Base Shelf Prospectus.</div>
  <div style="font-size: 10pt; font-family: 'Times New Roman';"><br>
  </div>
  <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
    <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">An investment in the securities described in this document is subject to certain risks.&#160; Prospective purchasers
    should therefore carefully consider the disclosure with respect to the Issuer included and incorporated by reference in the Final Base Shelf Prospectus, the Preliminary Prospectus Supplement, any other applicable shelf prospectus supplement and any
    amendment.</div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Owning the securities described in this document may subject you to tax consequences both in the United States
    and in Canada.&#160; Such consequences for purchasers who are resident in, or citizens of, the United States or who are residents in Canada may not be described fully in the Final Base Shelf Prospectus, the Preliminary Prospectus Supplement, any other
    applicable shelf prospectus supplement and any amendment.&#160; Purchasers of the securities should read the tax discussion contained in the Final Base Shelf Prospectus, the Preliminary Prospectus Supplement, any other applicable shelf prospectus supplement
    and any amendment.</div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">The enforcement by investors of civil liabilities under U.S. federal securities laws may be affected adversely
    by the fact that the Issuer is incorporated under the laws of Canada, that most of its officers and directors are residents of Canada and that a substantial portion of the assets of the Issuer and said persons are located outside the United States.</div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">This offering of securities described in this document is being made by a Canadian Issuer that is permitted,
    under the multijurisdictional disclosure system adopted by the United States and Canada, to prepare the prospectus supplement in connection with the offering in accordance with Canadian disclosure requirements. Purchasers of the securities described
    herein should be aware that such requirements are different from those of the United States.</div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Neither the SEC nor any state or Canadian securities regulator has approved or disapproved the securities
    described in this document or determined if the Preliminary Prospectus Supplement or any other applicable shelf prospectus supplement to be filed in connection with the offering of such securities is truthful or complete. Any representation to the
    contrary is a criminal offence.</div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br>
  </div>
  <div style="text-align: justify; text-indent: 18pt; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE
    DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</div>
  <div style="font-size: 10pt; font-family: 'Times New Roman';"><br>
  </div>
  <div style="font-size: 10pt; font-family: 'Times New Roman';"><br>
  </div>
  <div style="font-size: 10pt; font-family: 'Times New Roman';">
    <div style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
