AI Terminal
Bank of Montreal
Capital/Financing Update • Dec 15, 2025
10437_rns_2025-12-15_70e7d9dd-28e4-4cdc-867b-63e2b624a0d6.pdf
Capital/Financing Update
Open in ViewerOpens in native device viewer
Calculation Date: 30-Nov-25 Date of Report: 15-Dec-25
This report contains information regarding Bank of Montreal Registered Covered Bond Program's Cover Pool as of the indicated Calculation Date. The composition of the Cover Pool will change as Mortgage Loans are added and removed from the Cover Pool from time to time, and accordingly, the characteristics and performance of the Mortgage Loans in the Cover Pool will vary over time.
This report is for distribution only under such circumstances as may be permitted by applicable law. The information contained in this report does not constitute an invitation or recommendation to invest or otherwise deal in, or an offer to sell or the solicitation of an offer to buy or subscribe for, any security. Reliance should not be placed on the information herein when making any decision to buy, hold or sell any security or for any other purpose.
The information set forth below has been obtained and based upon sources believed by Bank of Montreal to be accurate, however, Bank of Montreal makes no representation or warranty, express or implied, in relation to the accuracy, completeness or reliability of the information contained herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. We assume no liability for any errors or any reliance you place on the information provided herein
THESE COVERED BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY CANADA MORTGAGE HOUSING CORPORATION (CMHC) NOR HAS CMHC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS REPORT. THE COVERED BONDS ARE NOT INSURED OR GUARANTEED BY CMHC OR THE GOVERNMENT OF CANADA OR ANY OTHER AGENCY THEREOF.
| Program Information | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Series | Initial Principal Amount |
Translation Rate |
C\$ Equivalent | Final Maturity Date(1) | Coupon Rate | Rate Type | ISIN | Moody's Rating |
Fitch Rating |
DBRS Rating |
|
| CB Series 6 | € | 135,000,000 | 1.48704 | \$ 200,750,400 |
September 28, 2035 | 1.597% | Fixed | XS1299713047 | Aaa | AAA | AAA |
| CB Series 21 | CHF | 160,000,000 | 1.46500 | \$ 234,400,000 |
April 7, 2026 | 0.035% | Fixed | CH0536893586 | Aaa | AAA | AAA |
| CB Series 24 | € | 1,250,000,000 | 1.47110 | \$ 1,838,875,000 |
June 8, 2029 | 0.050% | Fixed | XS2351089508 | Aaa | AAA | AAA |
| CB Series 25 | £ | 1,500,000,000 | 1.74500 | \$ 2,617,500,000 |
September 15, 2026 | SONIA +1.000% | Floating | XS2386880780 | Aaa | AAA | AAA |
| CB Series 26 | € | 2,750,000,000 | 1.42000 | \$ 3,905,000,000 |
January 26, 2027 | 0.125% | Fixed | XS2430951744 | Aaa | AAA | AAA |
| CB Series 27 | £ | 600,000,000 | 1.69150 | \$ 1,014,900,000 |
March 9, 2027 | SONIA +1.000% | Floating | XS2454288122 | Aaa | AAA | AAA |
| CB Series 28 | € | 1,750,000,000 | 1.39030 | \$ 2,433,025,000 |
April 5, 2026 | 1.000% | Fixed | XS2465609191 | Aaa | AAA | AAA |
| CB Series 30 | € | 1,000,000,000 | 1.35520 | \$ 1,355,200,000 |
October 13, 2026 | 2.750% | Fixed | XS2544624112 | Aaa | AAA | AAA |
| CB Series 32 | £ | 1,000,000,000 | 1.66500 | \$ 1,665,000,000 |
December 14, 2025 | SONIA +0.650% | Floating | XS2566282526 | Aaa | AAA | AAA |
| CB Series 33 | € | 2,000,000,000 | 1.47670 | \$ 2,953,400,000 |
July 4, 2026 | 3.375% | Fixed | XS2607350985 | Aaa | AAA | AAA |
| CB Series 34 | CHF | 325,000,000 | 1.50850 | \$ 490,262,500 |
April 27, 2028 | 2.0375% | Fixed | CH1261608892 | Aaa | AAA | AAA |
| CB Series 35 | £ | 750,000,000 | 1.67970 | \$ 1,259,775,000 |
September 2, 2027 | SONIA +0.650% | Floating | XS2631051682 | Aaa | AAA | AAA |
| CB Series 36 | USD | 250,000,000 | 1.33500 | \$ 333,750,000 |
January 8, 2026 | SOFR +0.680% | Floating | XS2637383147 | Aaa | AAA | AAA |
| CB Series 37 | USD | 1,000,000,000 | 1.32000 | \$ 1,320,000,000 |
June 28, 2028 | 4.689% | Fixed | USC0623PAU24/US06368D8Z01 | Aaa | AAA | AAA |
| Total Outstanding un as of the Calculation |
Registered Covered | Bond Program | \$ 21,621,837,900 |
||||||||
| OSFI Covered Bond F | Ratio (2) | • | 1.57% | OSFI Covere | ed Bond Ratio Limit | 5.50% | |||||
| Weighted average ma | turity of Outsta | nding Covered Bond | ds (months) | 15.03 | |||||||
| Weighted average ren | naining term of | Loans in Cover Poo | l (months) | 20.52 |
13 An Estended Due for Payment Date twelve months after the Metunity Date has been specified in the Final Terms of each series. The Coupon Rates specified in respect of each series applies until the Final Metunity Date following which the floating rate of interest specified in the Final Terms of each series. The Coupon Rates specified in respect of each series applies until the Final Metunity Date following which the floating rate of interest specified in the Final Terms of each series. The Coupon Rates specified in respect of each series applies until the Final Metunity Date following which the floating rate of interest specified in the Final Terms of each series. The Coupon Rates specified in respect of each series applies until the Final Metunity Date following which the floating rate of interest specified in the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the Final Terms of each series is payable monthly in arrears from the Envision Rate of the
Supplementary Information
*The Paying Agent for CB Series 21 and 34 is UBS AG.
Parties to Bank of Montreal Global Registered Covered Bond Program
uer Bank of Mon
Guarantor entity BMO Covered Bond Guarantor Limited Partnership
Servicer & Cash Manager Bank of Montreal
Interest Rate Swap Provider Bank of Montreal
Covered Bond Swap Provider Bank of Montreal
Bond Trustee and Custodian Computershare Trust Company of Canada
Cover Pool Monitor KPMG LLP
Account Bank and GDA Provider Bank of Montreal
Standby Bank Account and Standby GDA Provider Royal Bank of Canada
Paving Agent* The Bank of New York Mellon
Final Maturity Date to but excluding the Extended Due for Payment Date. The capitalized terms used here are defined in the Final Terms of each series.
10 Per OSFI's letter dated May 23, 2019, the OSFI Covered Bond Ratio refers to total assets piedged for covered bonds issued to the market relative to total on-balance sheet assets. Total on-balance sheet assets as at October 31, 2025.
Calculation Date: 30-Nov-2025 Date of Report: 15-Dec-2025
Bank of Montreal Credit Ratings
| Moody's | Fitch | DBRS | |
|---|---|---|---|
| Legacy Senior Debt ⁽¹⁾ | Aa2 | AA | AA |
| Short-Term Debt | P-1 | F1+ | R-1(high) |
| Ratings Outlook | Stable | Stable | Stable |
| Counterparty Risk Assessment | P-1(cr)/Aa2(cr) | N/A | N/A |
⁽¹⁾ Legacy Senior Debt Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the Bank Recapitalization (Bail-in) Regime. Senior debt subject to conversion under the bail-in regime is rated A2 by Moody's, AAby Fitch and AA (low) by DBRS.
Applicable Ratings of Standby Account Bank and Standby GDA Provider
Royal Bank of Canada P-1 F1+ or AA (2) R-1(high) or AA (high) (2)
Description of Ratings Triggers (3)
A. Party Replacement Triggers
If the ratings of the counterparty falls below the level indicated below, such party is required to be replaced, or in the case of the Cash Manager, obtain a guarantee for its obligations.
| Counterparty | Moody's | Fitch | DBRS |
|---|---|---|---|
| Cash Manager (BMO) | P-2 (cr) | F2 | BBB (low) |
| Account Bank/GDA Provider (BMO) | P-1 | F1 and A | R-1 (low) or A |
| Standby Account Bank/GDA Provider (RBC) | P-1 | F1 or A | R-1 (low) or A |
| Servicer (BMO) | Baa3 (cr) | F2 or BBB+ | BBB (low) |
| Interest Rate Swap Provider (BMO) | P-2 (cr) or A3 (cr) | F2 or BBB+ | R-2(middle) or BBB |
| Covered Bond Swap Provider (BMO) | P-2 (cr) or A3 (cr) | F2 or BBB+ | R-2(middle) or BBB |
| Paying Agent (BNY Mellon, UBS AG) | P-1 | F1 and A | N/A |
(3) The discretion of the Guarantor LP to waive a required action upon a Rating Trigger may be limited by the terms of the Transaction Documents.
B. Summary of Specific Rating Trigger Actions
I) The following actions are required if the Cash Manager (BMO) undergoes a downgrade below the stipulated rating:
| Moody's | Fitch | DBRS | |
|---|---|---|---|
| a) The Servicer will be required to direct amounts received directly into the GDA Account (or Standby GDA Account if applicable) within 2 Canadian business days and the Cash Manager shall immediately remit any funds held at such time for or on behalf of the Guarantor directly into the GDA Account |
P-1 | F1 or A | R-1(low) or BBB |
| II) The following actions are required if the Servicer (BMO) undergoes a downgrade below the stipulated rating: | |||
| a) The Servicer will be required to direct amounts received to the Cash Manager, or GDA as applicable |
P-1(cr) | F1 or A | BBB(low) |
| III) The Swap Provider is required to transfer credit support or transfer all of its rights and obligations to a replacement third party, or to obtain a guarantee of its rights and obligations from a third party, if the Swap Provider undergoes a downgrade below the stipulated rating: a) Interest Rate Swap Provider |
P-1 (cr) or A2 (cr) (4) | F1 or A | R-1 (low) or A |
| b) Covered Bond Swap Provider | P-1 (cr) or A2 (cr) (4) | F1 or A | R-1 (low) or A |
| IV) The following actions are required if the Issuer (BMO) undergoes a downgrade below the stipulated rating: | |||
| a) Mandatory repayment of the Demand Loan | N/A | F2 or BBB+ | N/A |
| b) Cashflows will be exchanged under the Covered Bond Swap Agreement (to the extent not already taking place) |
Baa1 | BBB+ | BBB (high) |
| c) Transfer of title to Loans to Guarantor (5) | A3 | BBB- | BBB (low) |
| V) Reserve Fund Required Amount Ratings | P-1(cr) | F1 or A | R-1 (low) or A (low) |
Are the ratings of the Issuer below the Reserve Fund Required Amount Ratings? No
If the ratings of the Issuer fall below the Reserve Fund Required Amount Ratings, then the Guarantor shall credit or cause to be credited to the Reserve Fund funds up to an amount equal to the Reserve Fund Required Amount.
Reserve Fund Required Amount: Nil Nil
VI) Pre-Maturity Test (Not Applicable as there are no Hard Bullet Covered Bonds)
Events of Defaults & Test Compliance
Amortization Test N/A Amortization Test Required? No Guarantor LP Event of Default No Issuer Event of Default No
(2) Legacy Senior Debt Includes: (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from Royal Bank of Canada Recapitalization (Bail-in) Regime. Senior debt subject to conversion under the bail-in regime is rated AA- by Fitch and AA by DBRS.
(4) If no short term rating exists, then A1
(5) The transfer of registered title to the Loans to the Guarantor may be deferred if (A) satisfactory assurances are provided to the Guarantor and the Bond Trustee by The Office of the Superintendent of Financial Institutions or such other supervisory authority having jurisdiction over the Seller permitting registered title to the Loans to remain with the Seller until such time as (i) the Loans are to be sold or otherwise disposed of by the Guarantor or the Bond Trustee in the performance of their respective obligations under the Transaction Documents, or (ii) the Guarantor or the Bond Trustee is required to take actions to enforce or otherwise deal with the Loans, and (B) each of the Rating Agencies has confirmed that it will not withdraw or downgrade its then current ratings of the Covered Bonds as a result of such deferral.
Calculation Date: 30-Nov-2025 Date of Report: 15-Dec-2025
Asset Coverage Test
| C\$ Equivalent of Outstanding Covered Bonds | \$ 21,621,837,900 |
||
|---|---|---|---|
| A⁽¹⁾ = Lesser of (i) Sum of LTV adjusted outstanding principal balance and (ii) Sum of Asset percentage adjusted outstanding principal balance |
\$ 37,364,299,886 |
A (i) A (ii) |
39,961,818,060 37,364,299,886 |
| B = Principal receipts not applied | - | Asset Percentage | 93.50% |
| C = Cash capital contributions | - | Maximum Asset Percentage | 95.00% |
| D = Substitute assets | - | Regulatory OC Minimum | 103% |
| E = (i) Reserve fund balance | - | Level of Overcollateralization ⁽²⁾ | 107% |
| (ii) Pre - Maturity liquidity ledger balance | - | ||
| F = Negative carry factor calculation | - | ||
| Total: A + B + C + D + E - F | \$ 37,364,299,886 |
||
| Asset Coverage Test Pass/Fail | Pass |
⁽¹⁾ Market Value as determined by adjusting, not less than quarterly, the Original Market Value utilizing the Indexation Methodology (see Appendix for details) for subsequent price developments.
⁽²⁾ Per Section 4.3.8 of the CMHC Guide, (A) the lesser of (i) the total amount of cover pool collateral and (ii) the amount of cover pool collateral required to collateralize the covered bonds outstanding and ensure the Asset Coverage Test is met, divided by (B) the Canadian dollar equivalent of the principal amount of covered bonds outstanding under the registered covered bond program.
| Valuation Calculation | |||
|---|---|---|---|
| Trading Value of Covered Bonds | \$ 23,911,755,767 |
||
| A = Lesser of i) Present value of outstanding loan balance of Performing Eligible Loans ⁽¹⁾ and ii) 80% of Market Value ⁽²⁾ of properties securing Performing Eligible Loans, net of adjustments |
39,901,102,733 | A (i) A (ii) |
39,901,102,733 80,666,607,978 |
| B = Principal receipts up to calculation date not otherwise applied | - | ||
| C = Cash capital contributions | - | ||
| D = Trading Value of any Substitute Assets | - | ||
| E = (i) Reserve Fund Balance, if applicable | - | ||
| (ii) Pre - Maturity liquidity ledger balance | - | ||
| F = Trading Value of Swap Collateral | - | ||
| Total: A + B + C + D + E + F | \$ 39,901,102,733 |
||
| Weighted average rate used for discounting: | 5.28% |
⁽¹⁾ Present value of expected future cash flows of Loans using current market interest rates offered to BMO clients.
⁽²⁾ Market Value as determined by adjusting, not less than quarterly, the Original Market Value utilizing the Indexation Methodology (see Appendix for details) for subsequent price developments.
| Intercompany Loan Balance | |
|---|---|
| Guarantee Loan | \$ 23,209,992,246 |
| Demand Loan | 16,631,449,684 |
| Total | \$ 39,841,441,930 |
Cover Pool Losses
| Period end | Write-off Amounts | Loss Percentage (Annualized) | |
|---|---|---|---|
| November 30, 2025 | \$61,568 | 0.00% |
Date of Report: 15-Dec-2025
| Cover Pool Flow of Funds | ||
|---|---|---|
| Current Month | Previous Month | |
| Cash Inflows | ||
| Principal Receipts | 715,265,902 | 792,892,195 |
| Proceeds for Sale of Loans | - | - |
| Revenue Receipts | 109,350,781 | 157,983,874 |
| Swap Receipts | - | 1,864,460 |
| Cash Capital Contribution | - | - |
| Advances of Intercompany Loans | - | - |
| Guarantee Fee | - | - |
| Cash Outflows | ||
| Swap Payment | (8,493,314) | - |
| Intercompany Loan Interest | (65,166,358) | (71,102,084) |
| Intercompany Loan Principal | (715,265,902) ⁽¹⁾ |
(792,892,195) |
| Intercompany Loan Repayment | - | - |
| Mortgage Top-up Settlement | - | - |
| Misc Partnership Expenses | (250) | (1,064,798) |
| Profit Distribution to Partners | - | - |
| Net Inflows/(Outflows) | 35,690,859 | 87,681,453 |
⁽¹⁾ Includes cash settlement of \$715,265,902 to occur on December 16, 2025
| Cover Pool Summary Statistics | ||
|---|---|---|
| Asset Type | Mortgages | |
| Previous Month Ending Balance | \$ 40,772,716,683 |
|
| Aggregate Outstanding Balance | \$ 40,108,760,165 |
|
| Number of Loans | 124,468 | |
| Average Loan Size | \$ 322,242 |
|
| Number of Primary Borrowers | 117,877 | |
| Number of Properties | 124,468 | |
| Unindexed ⁽¹⁾ | Indexed ⁽²⁾ | |
| Weighted Average Current Loan to Value (LTV) | 57.98% | 50.22% |
| Weighted Average Authorized LTV | 68.10% | 57.84% |
| Weighted Average Original LTV | 68.10% | |
| Weighted Average Coupon | 4.07% | |
| Weighted Average Seasoning | 30.65 (Months) |
|
| Weighted Average Original Term | 51.17 (Months) |
|
| Weighted Average Remaining Term | 20.52 (Months) |
|
| Substitution Assets | Nil |
⁽¹⁾ Value as most recently determined or assessed in accordance with the underwriting policies (whether upon origination or refinancing of the Eligible Loan or subsequently thereto).
⁽²⁾ Value as determined by adjusting, not less than quarterly, the Original Market Value utilizing the Indexation Methodology (see Appendix for details) for subsequent price developments.
Cover Pool - Delinquency Distribution
| Aging Summary | Number of Loans | Percentage | Principal Balance | Percentage |
|---|---|---|---|---|
| Current and less than 30 days past due | 124,046 | 99.66 | \$ 39,955,283,037 |
99.62 |
| 30 to 59 days past due | 45 | 0.04 | \$ 13,755,211 |
0.03 |
| 60 to 89 days past due | 104 | 0.08 | \$ 39,287,688 |
0.10 |
| 90 or more days past due | 273 | 0.22 | \$ 100,434,228 |
0.25 |
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
Cover Pool - Provincial Distribution
| Province | Number of Loans | Percentage | Principal Balance | Percentage |
|---|---|---|---|---|
| Alberta | 13,102 | 10.53 | \$ 3,303,062,888 |
8.24 |
| British Columbia | 20,664 | 16.60 | \$ 8,509,370,632 |
21.22 |
| Manitoba | 1,598 | 1.28 | \$ 297,016,018 |
0.74 |
| New Brunswick | 2,199 | 1.77 | \$ 333,673,646 |
0.83 |
| Newfoundland | 3,140 | 2.52 | \$ 459,283,165 |
1.15 |
| Northwest Territories & Nunavut | 76 | 0.06 | \$ 14,771,836 |
0.04 |
| Nova Scotia | 3,746 | 3.01 | \$ 746,563,828 |
1.86 |
| Ontario | 59,791 | 48.04 | \$ 22,034,906,940 |
54.94 |
| Prince Edward Island | 614 | 0.49 | \$ 113,716,622 |
0.28 |
| Quebec | 17,537 | 14.09 | \$ 3,938,364,859 |
9.82 |
| Saskatchewan | 1,886 | 1.52 | \$ 327,180,248 |
0.82 |
| Yukon Territories | 115 | 0.09 | \$ 30,849,483 |
0.08 |
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
Cover Pool - Credit Score Distribution
| Credit Bureau Score | Number of Loans | Percentage | Principal Balance | Percentage |
|---|---|---|---|---|
| Score Unavailable | 1,197 | 0.96 | \$ 466,712,723 |
1.16 |
| Less than 600 | 1,612 | 1.30 | \$ 557,665,539 |
1.39 |
| 600 - 650 | 2,798 | 2.25 | \$ 1,004,382,853 |
2.50 |
| 651 - 700 | 6,760 | 5.43 | \$ 2,367,465,423 |
5.90 |
| 701 - 750 | 12,435 | 9.99 | \$ 4,158,216,310 |
10.37 |
| 751 - 800 | 17,330 | 13.92 | \$ 5,819,846,154 |
14.51 |
| 801 and Above | 82,336 | 66.15 | \$ 25,734,471,163 |
64.16 |
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
Cover Pool - Rate Type Distribution
| Rate Type | Number of Loans | Percentage | Principal Balance | Percentage |
|---|---|---|---|---|
| Fixed | 88,931 | 71.45 | \$ 26,062,641,084 |
64.98 |
| Variable | 35,537 | 28.55 | \$ 14,046,119,081 |
35.02 |
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
Cover Pool - Mortgage Asset Type Distribution
| Asset Type | Number of Loans | Percentage | Principal Balance | Percentage |
|---|---|---|---|---|
| Conventional Amortizing Mortgages | 124,441 | 99.98 | \$ 40,094,334,873 |
99.96 |
| Conventional Non-Amortizing Mortgages⁽¹⁾ | 27 | 0.02 | \$ 14,425,292 |
0.04 |
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
⁽¹⁾ Non-amortizing refers to an Eligible Loan whose payments have stopped amortizing principal (including negative or stagnant amortizing mortgages) after transfer to the Guarantor.
Cover Pool - Occupancy Type Distribution
| Occupancy Type | Number of Loans | Percentage | Principal Balance | Percentage |
|---|---|---|---|---|
| Owner Occupied | 94,183 | 75.67 | \$ 30,612,037,719 |
76.32 |
| Non-Owner Occupied | 30,285 | 24.33 | \$ 9,496,722,446 |
23.68 |
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
Cover Pool - Mortgage Rate Distribution
| Mortgage Rate (%) | Number of Loans | Percentage | Principal Balance | Percentage |
|---|---|---|---|---|
| Less than 1.00 | 1 | 0.00 | \$ 283,957 |
0.00 |
| 1.00 - 3.99 | 63,356 | 50.90 | \$ 21,076,224,016 |
52.55 |
| 4.00 - 4.49 | 14,294 | 11.48 | \$ 3,998,681,299 |
9.97 |
| 4.50 - 4.99 | 12,167 | 9.78 | \$ 3,690,495,256 |
9.20 |
| 5.00 - 5.49 | 19,867 | 15.96 | \$ 6,724,860,820 |
16.77 |
| 5.50 - 5.99 | 7,647 | 6.14 | \$ 2,564,812,161 |
6.39 |
| 6.00 - 6.49 | 4,419 | 3.55 | \$ 1,258,463,508 |
3.14 |
| 6.50 - 6.99 | 1,461 | 1.17 | \$ 498,857,743 |
1.24 |
| 7.00 - 7.49 | 188 | 0.15 | \$ 54,902,462 |
0.14 |
| 7.50 - 7.99 | 483 | 0.39 | \$ 119,748,780 |
0.30 |
| 8.00 and Above | 585 | 0.47 | \$ 121,430,163 |
0.30 |
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
Cover Pool - Indexed LTV Distribution⁽¹⁾
| Indexed LTV (%) | Number of Loans | Percentage | Principal Balance | Percentage | |
|---|---|---|---|---|---|
| 20.00 and below | 19,789 | 15.90 | \$ 2,216,521,153 |
5.53 | |
| 20.01 - 25.00 | 9,602 | 7.71 | \$ 1,970,510,836 |
4.91 | |
| 25.01 - 30.00 | 10,263 | 8.25 | \$ 2,384,347,764 |
5.94 | |
| 30.01 - 35.00 | 10,059 | 8.08 | \$ 2,655,446,993 |
6.62 | |
| 35.01 - 40.00 | 9,849 | 7.91 | \$ 2,839,615,098 |
7.08 | |
| 40.01 - 45.00 | 10,683 | 8.58 | \$ 3,471,546,147 |
8.66 | |
| 45.01 - 50.00 | 10,891 | 8.75 | \$ 3,791,662,167 |
9.45 | |
| 50.01 - 55.00 | 10,127 | 8.14 | \$ 3,942,959,958 |
9.83 | |
| 55.01 - 60.00 | 8,334 | 6.70 | \$ 3,587,670,091 |
8.94 | |
| 60.01 - 65.00 | 7,336 | 5.89 | \$ 3,326,980,703 |
8.29 | |
| 65.01 - 70.00 | 6,193 | 4.98 | \$ 3,109,402,078 |
7.75 | |
| 70.01 - 75.00 | 5,264 | 4.23 | \$ 2,886,239,759 |
7.20 | |
| 75.01 - 80.00 | 4,228 | 3.40 | \$ 2,635,232,709 |
6.57 | |
| 80.01 and Above | 1,850 | 1.49 | \$ 1,290,624,709 |
3.22 | |
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
⁽¹⁾ Value as determined by adjusting, not less than quarterly, the Original Market Value utilizing the Indexation Methodology (see Appendix for details) for subsequent price developments.
Cover Pool - Remaining Term Distribution
| Months to Maturity | Number of Loans | Percentage | Principal Balance | Percentage | ||
|---|---|---|---|---|---|---|
| Less than 12.00 | 47,598 | 38.24 | \$ 15,896,711,866 |
39.63 | ||
| 12.00 - 23.99 | 33,997 | 27.31 | \$ 11,304,191,919 |
28.18 | ||
| 24.00 - 35.99 | 20,335 | 16.34 | \$ 5,828,565,842 |
14.53 | ||
| 36.00 - 47.99 | 8,659 | 6.96 | \$ 2,695,320,789 |
6.72 | ||
| 48.00 - 59.99 | 11,783 | 9.47 | \$ 3,684,981,039 |
9.19 | ||
| 60.00 - 71.99 | 2,022 | 1.62 | \$ 684,361,153 |
1.71 | ||
| 72.00 - 83.99 | 49 | 0.04 | \$ 10,720,132 |
0.03 | ||
| 84.00 - 119.99 | 23 | 0.02 | \$ 3,431,321 |
0.01 | ||
| 120.00 and above | 2 | 0.00 | \$ 476,103 |
0.00 | ||
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
Cover Pool - Remaining Principal Balance Distribution
| Range of Remaining Principal Balance | Number of Loans | Percentage | Principal Balance | Percentage |
|---|---|---|---|---|
| 99,999 and below | 18,196 | 14.62 | \$ 1,084,927,038 |
2.71 |
| 100,000 - 199,999 | 29,975 | 24.08 | \$ 4,515,215,385 |
11.26 |
| 200,000 - 299,999 | 24,976 | 20.07 | \$ 6,189,152,162 |
15.43 |
| 300,000 - 399,999 | 17,185 | 13.81 | \$ 5,969,824,457 |
14.88 |
| 400,000 - 499,999 | 11,737 | 9.43 | \$ 5,255,028,310 |
13.10 |
| 500,000 - 599,999 | 7,537 | 6.06 | \$ 4,122,604,908 |
10.28 |
| 600,000 - 699,999 | 4,821 | 3.87 | \$ 3,120,831,119 |
7.78 |
| 700,000 - 799,999 | 3,305 | 2.66 | \$ 2,470,166,612 |
6.16 |
| 800,000 - 899,999 | 2,087 | 1.68 | \$ 1,768,412,818 |
4.41 |
| 900,000 - 999,999 | 1,407 | 1.13 | \$ 1,335,084,264 |
3.33 |
| 1,000,000 - 1,499,999 | 2,572 | 2.07 | \$ 3,021,527,783 |
7.53 |
| 1,500,000 - 1,999,999 | 478 | 0.38 | \$ 814,463,135 |
2.03 |
| 2,000,000 - 2,999,999 | 190 | 0.15 | \$ 435,469,968 |
1.09 |
| 3,000,000 and Above | 2 | 0.00 | \$ 6,052,207 |
0.02 |
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
Cover Pool - Property Type Distribution
| Property Type | Number of Loans | Percentage | Principal Balance | Percentage | ||
|---|---|---|---|---|---|---|
| Condominium | 27,021 | 21.71 | \$ 6,999,967,831 |
17.45 | ||
| Multi-Residential | 5,715 | 4.59 | \$ 1,822,308,585 |
4.54 | ||
| Single Family | 80,807 | 64.92 | \$ 27,508,540,177 |
68.58 | ||
| Townhouse | 10,925 | 8.78 | \$ 3,777,943,572 |
9.42 | ||
| Grand Total | 124,468 | 100.00 | \$ 40,108,760,165 |
100.00 |
Note: Percentages and totals in the above tables may not add exactly due to rounding.
| Aging Summary | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current and | |||||||||||||
| Province | Indexed LTV (%) |
ess than 30 ays past due |
30 to 59 days past due |
, | 60 to 89 lays past due |
90 or more days past due | Total | ||||||
| lberta | ., 0 puot uu0 | - | ayo puot uuo | auyo paot auo | |||||||||
| abortu | |||||||||||||
| 20.00 and Below | \$ | 147,869,773 | \$ | - | \$ | 114,122 | \$ | 223,098 | \$ | 148,206, | |||
| 20.01 - 25.00 | \$ | 114,807,643 | \$ | - | \$ | 671,768 | \$ | 62,676 | \$ | 115,542 | |||
| 25.01 - 30.00 | \$ | 184,282,858 | \$ | - | \$ | - | \$ | 914,512 | \$ | 185,197 | |||
| 30.01 - 35.00 | \$ | 238,827,871 | \$ | 207,188 | \$ | - | \$ | 525,943 | \$ | 239,561 | |||
| 35.01 - 40.00 | \$ | 278,325,852 | \$ | - | \$ | - | \$ | - | \$ | 278,325 | |||
| 40.01 - 45.00 | \$ | 402,348,362 | \$ | 554,067 | \$ | 240,836 | \$ | 1,347,782 | \$ | 404,491 | |||
| 45.01 - 50.00 | \$ | 466,642,998 | \$ | - | \$ | 218,875 | \$ | 836,525 | \$ | 467,698 | |||
| 50.01 - 55.00 | \$ | 395,304,692 | \$ | - | \$ | 847,622 | \$ | 629,386 | \$ | 396,78 | |||
| 55.01 - 60.00 | \$ | 339,174,944 | \$ | - | \$ | 464,651 | \$ | - | \$ | 339,639 | |||
| 60.01 - 65.00 | \$ | 368,115,274 | \$ | - | \$ | 529,268 | \$ | 558,390 | \$ | 369,202 | |||
| 65.01 - 70.00 | \$ | 259,680,150 | \$ | - | \$ | - | \$ | 178,932 | \$ | 259,859 | |||
| 70.01 - 75.00 | \$ | 80,793,918 | \$ | - | \$ | - | \$ | 357,265 | \$ | 81,15° | |||
| 75.01 - 80.00 | \$ | 16,039,051 | \$ | 260,270 | \$ | - | \$ | - | \$ | 16,299 | |||
| 80.01 and Above | \$ | 804,468 | \$ | - | \$ | - | \$ | 301,856 | \$ | 1,106 | |||
| \$ | 3,293,017,853 | \$ | 1,021,526 | \$ | 3,087,143 | \$ | 5,936,367 | \$ | 3,303,062 | ||||
| Current and | |||||||||||||
| rovince | Indexed LTV (%) |
ess than 30 ays past due |
30 to 59 days past due |
60 to 89 lays past due |
90 or more days past due | Total | |||||||
| ritish Columbia | , - p | , | |||||||||||
| ilion columbia | |||||||||||||
| 20.00 and Below | \$ | 590,742,004 | \$ | 79,826 | \$ | 171,619 | \$ | 1,654,625 | \$ | 592,648 | |||
| 20.01 - 25.00 | \$ | 525,075,296 | \$ | - | \$ | - | \$ | 4,227,510 | \$ | 529,30 | |||
| 25.01 - 30.00 | \$ | 492,611,218 | \$ | 344,136 | \$ | - | \$ | 1,314,782 | \$ | 494,27 | |||
| 30.01 - 35.00 | \$ | 504,320,560 | \$ | - | \$ | - | \$ | 1,079,830 | \$ | 505,40 | |||
| 35.01 - 40.00 | \$ | 553,919,403 | \$ | - | \$ | - | \$ | 4,856,523 | \$ | 558,775 | |||
| 40.01 - 45.00 | \$ | 694,911,379 | \$ | - | \$ | 876,329 | \$ | - | \$ | 695,787 | |||
| 45.01 - 50.00 | \$ | 784,188,660 | \$ | 291,206 | \$ | - | \$ | 351,788 | \$ | 784,831 | |||
| 50.01 - 55.00 | \$ | 877,707,786 | \$ | 291,612 | \$ | - | \$ | 1,791,964 | \$ | 879,79 | |||
| 55.01 - 60.00 | \$ | 786,442,901 | \$ | - | \$ | - | \$ | 1,562,079 | \$ | 788,004 | |||
| 60.01 - 65.00 | \$ | 665,508,856 | \$ | - | \$ | 434,013 | \$ | 1,394,258 | \$ | 667,33 | |||
| 65.01 - 70.00 | \$ | 629,161,874 | \$ | - | \$ | 308,754 | \$ | 1,508,129 | \$ | 630,978 | |||
| 70.01 - 75.00 | \$ | 764,691,310 | \$ | - | \$ | - | \$ | 2,617,356 | \$ | 767,308 | |||
| 75.01 - 80.00 | \$ | 505,216,841 | \$ | - | \$ | _ | \$ | 2,340,704 | \$ | 507,557 | |||
| 80.01 and Above | \$ | 106,357,535 | \$ | - | \$ | - | \$ | 1,017,968 | \$ | 107,375 | |||
| \$ | 8,480,855,621 | \$ | 1,006,780 | \$ | 1,790,715 | \$ | 25,717,515 | \$ | 8,509,370 | ||||
| current and | |||||||||||||
| rovince | Indexed LTV (%) |
ess than 30 ays past due |
30 to 59 days past due |
c | 60 to 89 lays past due |
90 or more days past due | Total | ||||||
| anitoba | |||||||||||||
| 20.00 and Below | \$ | 11,444,632 | \$ | \$ | \$ | _ | \$ | 11,444 | |||||
| 20.00 and Below 20.01 - 25.00 |
\$ \$ |
8,283,032 | \$ \$ |
- | \$ \$ |
- | \$ \$ |
66,953 | \$ \$ |
8,349 | |||
| - | - | 14,05 | |||||||||||
| 25.01 - 30.00 | \$ | 13,966,449 | \$ | 40.000 | \$ | - | \$ | 84,422 | \$ | ||||
| 30.01 - 35.00 | \$ | 19,162,937 | \$ | 46,008 | \$ | - | \$ | - | \$ | 19,20 | |||
| 35.01 - 40.00 | \$ | 21,466,158 | \$ | - | \$ | - | \$ | - | \$ | 21,46 | |||
| 40.01 - 45.00 | \$ | 30,608,111 | \$ | - | \$ | 130,848 | \$ | 412,658 | \$ | 31,15 | |||
| 45.01 - 50.00 | \$ | 35,845,595 | \$ | - | \$ | - | \$ | - | \$ | 35,84 | |||
| 50.01 - 55.00 | \$ | 39,566,755 | \$ | - | \$ | - | \$ | 769,520 | \$ | 40,33 | |||
| 55.01 - 60.00 | \$ | 29,264,571 | \$ | - | \$ | - | \$ | - | \$ | 29,26 | |||
| 60.01 - 65.00 | \$ | 35,471,408 | \$ | - | \$ | - | \$ | - | \$ | 35,47 | |||
| 65.01 - 70.00 | \$ | 29,508,666 | \$ | - | \$ | - | \$ | 187,299 | \$ | 29,69 | |||
| 70.01 - 75.00 | \$ | 16,453,933 | \$ | - | \$ | - | \$ | 103,571 | \$ | 16,55 | |||
| 75.01 - 80.00 | \$ | 3,821,215 | \$ | - | \$ | - | \$ | 198,752 | \$ | 4,01 | |||
| 80.01 and Above | \$ | 152,525 | \$ | - | \$ | - | \$ | - | \$ | 15 | |||
| \$ | 1,823,175 | _ | 297,01 |
| Province | Indexed LTV (%) |
les | urrent and ss than 30 /s past due |
30 to 59 ys past due |
60 to 89 s past due |
90 or more ays past due |
· | Total | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| New Brunswick | |||||||||||
| 20.00 and Below | \$ | 15,287,081 | \$ | - | \$ | - | \$ | · · · · · · · · | \$ | 15,287,081 | |
| 20.01 - 25.00 | \$ | 15,843,183 | \$ | - | \$ | - | \$ | 458,218 | \$ | 16,301,400 | |
| 25.01 - 30.00 | \$ | 21,300,274 | \$ | - | \$ | - | \$ | - | \$ | 21,300,274 | |
| 30.01 - 35.00 | \$ | 26,352,953 | \$ | - | \$ | - | \$ | 27,618 | \$ | 26,380,571 | |
| 35.01 - 40.00 | \$ | 29,069,984 | \$ | - | \$ | - | \$ | - | \$ | 29,069,984 | |
| 40.01 - 45.00 | \$ | 30,141,010 | \$ | - | \$ | - | \$ | - | \$ | 30,141,010 | |
| 45.01 - 50.00 | \$ | 32,862,197 | \$ | - | \$ | - | \$ | - | \$ | 32,862,197 | |
| 50.01 - 55.00 | \$ | 37,705,400 | \$ | - | \$ | 121,376 | \$ | - | \$ | 37,826,776 | |
| 55.01 - 60.00 | \$ | 37,285,455 | \$ | - | \$ | - | \$ | - | \$ | 37,285,45 | |
| 60.01 - 65.00 | \$ | 38,094,017 | \$ | - | \$ | - | \$ | - | \$ | 38,094,01 | |
| 65.01 - 70.00 | \$ | 23,944,148 | \$ | - | \$ | - | \$ | - | \$ | 23,944,14 | |
| 70.01 - 75.00 | \$ | 19,515,751 | \$ | - | \$ | - | \$ | 231,949 | \$ | 19,747,70 | |
| 75.01 - 80.00 | \$ | 4,832,999 | \$ | - | \$ | - | \$ | - | \$ | 4,832,999 | |
| 80.01 and Above | \$ | 600,033 | \$ | \$ | - | \$ | \$ | 600,03 | |||
| \$ | 332,834,486 | \$ | - | \$ | 121,376 | \$ | 717,784 | \$ | 333,673,64 | ||
| Province | Indexed LTV (%) |
les | urrent and ss than 30 vs past due |
30 to 59 ys past due |
60 to 89 s past due |
90 or more ays past due |
Total | ||||
| Newfoundland | |||||||||||
| 20.00 and Below | \$ | 18,832,453 | \$ | - | \$ | - | \$ | 112,784 | \$ | 18,945,237 | |
| 20.01 - 25.00 | \$ | 20,978,494 | \$ | 84,455 | \$ | - | \$ | 89,030 | \$ | 21,151,98 | |
| 25.01 - 30.00 | \$ | 28,415,443 | \$ | - | \$ | - | \$ | 152,657 | \$ | 28,568,10 | |
| 30.01 - 35.00 | \$ | 33,637,605 | \$ | 145,242 | \$ | 150,329 | \$ | 162,990 | \$ | 34,096,16 | |
| 35.01 - 40.00 | \$ | 41,186,145 | \$ | 147,688 | \$ | - | \$ | 39,052 | \$ | 41,372,88 | |
| 40.01 - 45.00 | \$ | 51,780,643 | \$ | 181,891 | \$ | 269,068 | \$ | 52,139 | \$ | 52,283,74 | |
| 45.01 - 50.00 | \$ | 65,881,130 | \$ | 493,963 | \$ | 271,854 | \$ | 172,683 | \$ | 66,819,63 | |
| 50.01 - 55.00 | \$ | 46,584,590 | \$ | - | \$ | \$ | 276,708 | \$ | 46,861,29 | ||
| 55.01 - 60.00 | \$ | 35,901,343 | \$ | _ | \$ | _ | \$ | _ | \$ | 35,901,34 | |
| 60.01 - 65.00 | \$ | 39,559,234 | \$ | _ | \$ | _ | \$ | _ | \$ | 39,559,23 | |
| 65.01 - 70.00 | \$ | 31,352,051 | \$ | _ | \$ | _ | \$ | _ | \$ | 31,352,05 | |
| 70.01 - 75.00 | \$ | 28,518,248 | \$ | _ | \$ | _ | \$ | _ | \$ | 28,518,24 | |
| 75.01 - 80.00 | \$ | 12,268,447 | \$ | \$ | 217,586 | \$ | _ | \$ | 12,486,03 | ||
| 80.01 and Above | \$ | 1,367,220 | \$ | \$ | 217,000 | \$ | \$ | 1,367,22 | |||
| 50.01 and Above | 456,263,047 | 1,053,240 | _ | 459,283,16 | |||||||
| \$ | ,, | \$ | 1,000,240 | \$ | 908,836 | \$ | 1,058,043 | \$ | |||
| Indexed | Cu les |
urrent and ss than 30 |
30 to 59 | 908,836 60 to 89 |
1,058,043 90 or more |
* | |||||
| Indexed LTV (%) |
Cu les |
urrent and | * | Total | |||||||
| Northwest Territories & | Cu les |
urrent and ss than 30 |
30 to 59 | 60 to 89 | 90 or more | * | Total | ||||
| Northwest Territories & | Cu les |
urrent and ss than 30 |
30 to 59 | 60 to 89 | 90 or more | \$ | |||||
| Northwest Territories & | LTV (%) | Cu les day |
urrent and ss than 30 /s past due |
day \$ |
30 to 59 | day | 60 to 89 | d | 90 or more | 1,398,48 | |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 |
Cu les day |
urrent and ss than 30 /s past due 1,398,481 1,198,548 |
day \$ \$ |
30 to 59 | day \$ |
60 to 89 | d | 90 or more | \$ | 1,398,48 1,198,54 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 |
Ct les day \$ \$ \$ |
urrent and ss than 30 /s past due 1,398,481 1,198,548 1,008,277 |
\$ \$ \$ \$ \$ | 30 to 59 | day \$ \$ |
60 to 89 | \$ \$ |
90 or more | \$ \$ \$ |
1,398,48 1,198,54 1,008,27 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 |
Cu let day \$ \$ \$ \$ |
1,398,481 1,198,548 1,008,277 255,523 |
\$ \$ \$ \$ |
30 to 59 | day \$ \$ \$ |
60 to 89 | \$ \$ \$ \$ |
90 or more | \$ \$ \$ \$ \$ | 1,398,48 1,198,54 1,008,27 255,52 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 35.01 - 40.00 |
Cu let day \$ \$ \$ \$ |
1,398,481 1,198,548 1,008,277 255,523 558,498 |
\$ \$ \$ \$ \$ \$ \$ \$ | 30 to 59 | \$ \$ \$ \$ \$ |
60 to 89 | \$ \$ \$ \$ \$ |
90 or more | \$ \$ \$ \$ \$ \$ \$ \$ | 1,398,48 1,198,54 1,008,27 255,52 558,49 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 35.01 - 40.00 40.01 - 45.00 |
Cu let day |
1,398,481 1,198,548 1,008,277 255,523 558,498 1,432,576 |
\$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 30 to 59 | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 60 to 89 | \$ \$ \$ \$ \$ |
90 or more | \$ \$ \$ \$ \$ \$ \$ \$ | 1,398,48 1,198,54 1,008,27 255,52 558,49 1,432,57 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 35.01 - 40.00 40.01 - 45.00 45.01 - 50.00 |
Ct. les day | 1,398,481 1,198,548 1,008,277 255,523 558,498 1,432,576 1,934,097 |
\$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 30 to 59 | s s s s s s s s s s s s s s s s s s s | 60 to 89 | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 90 or more | \$ \$ \$ \$ \$ \$ \$ | 1,398,48 1,198,54 1,008,27 255,52 558,49 1,432,57 1,934,09 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 35.01 - 40.00 40.01 - 45.00 45.01 - 50.00 50.01 - 55.00 |
Ct. les day | 1,398,481 1,198,548 1,008,277 255,523 558,498 1,432,576 1,934,097 2,278,659 |
day \$ \$ \$ \$ \$ \$ \$ |
30 to 59 | s s s s s s s s s s s s s s s s s s s | 60 to 89 | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 90 or more | \$ \$ \$ \$ \$ \$ \$ \$ | 1,398,48 1,198,54 1,008,27 255,52 558,49 1,432,57 1,934,09 2,278,65 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 35.01 - 40.00 40.01 - 45.00 45.01 - 50.00 50.01 - 55.00 55.01 - 60.00 |
S S S S S S S S S S S S S S S S S S S | 1,398,481 1,198,548 1,008,277 255,523 558,498 1,432,576 1,934,097 2,278,659 884,755 |
\$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 30 to 59 | day | 60 to 89 | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 90 or more | \$ \$ \$ \$ \$ \$ \$ \$ \$ | 1,398,48 1,198,54 1,008,27 255,52 558,49 1,432,57 1,934,09 2,278,65 884,75 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 35.01 - 40.00 40.01 - 45.00 45.01 - 50.00 50.01 - 55.00 55.01 - 60.00 60.01 - 65.00 |
S S S S S S S S S S S S S S S S S S S | 1,398,481 1,198,548 1,008,277 255,523 558,498 1,432,576 1,934,097 2,278,659 884,755 974,403 |
\$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 30 to 59 | s | 60 to 89 | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 90 or more | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 1,398,48 1,198,54 1,008,27 255,52 558,49 1,432,57 1,934,09 2,278,65 884,75 974,40 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 35.01 - 40.00 40.01 - 45.00 45.01 - 50.00 50.01 - 55.00 55.01 - 60.00 60.01 - 65.00 65.01 - 70.00 |
S S S S S S S S S S S S S S S S S S S | 1,398,481 1,198,548 1,008,277 255,523 558,498 1,432,576 1,934,097 2,278,659 884,755 974,403 959,803 |
s s s s s s s s s s s s s | 30 to 59 | s s s s s s s s s s s s s s s s s s s | 60 to 89 | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 90 or more | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 1,398,48 1,198,54 1,008,27 255,52 558,49 1,432,57 1,934,09 2,278,65 884,75 974,40 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 35.01 - 40.00 40.01 - 45.00 45.01 - 50.00 50.01 - 55.00 55.01 - 60.00 60.01 - 65.00 70.01 - 75.00 | S S S S S S S S S S S S S S S S S S S | 1,398,481 1,198,548 1,008,277 255,523 558,498 1,432,576 1,934,097 2,278,659 884,755 974,403 959,803 1,046,195 |
s s s s s s s s s s s s s s s s s s s | 30 to 59 | s s s s s s s s s s s s s s s s s s s | 60 to 89 | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 90 or more | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 1,398,48 1,198,54 1,008,27 255,52 558,49 1,432,57 1,934,09 2,278,65 884,75 974,40 959,80 1,046,19 |
| Province Northwest Territories & Nunavut |
20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 35.01 - 40.00 40.01 - 45.00 45.01 - 50.00 50.01 - 55.00 55.01 - 60.00 60.01 - 65.00 65.01 - 70.00 70.01 - 75.00 75.01 - 80.00 | S S S S S S S S S S S S S S S S S S S | 1,398,481 1,198,548 1,008,277 255,523 558,498 1,432,576 1,934,097 2,276,659 884,755 974,403 959,803 1,046,195 583,492 |
s s s s s s s s s s s s s s s s s s s | 30 to 59 | day \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 60 to 89 | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 90 or more | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 1,398,48 1,198,54 1,008,27 255,52 558,49 1,432,57 1,934,09 2,278,65 884,75 974,40 959,80 1,046,19 583,49 |
| Northwest Territories & | 20.00 and Below 20.01 - 25.00 25.01 - 30.00 30.01 - 35.00 35.01 - 40.00 40.01 - 45.00 45.01 - 50.00 50.01 - 55.00 55.01 - 60.00 60.01 - 65.00 70.01 - 75.00 | S S S S S S S S S S S S S S S S S S S | 1,398,481 1,198,548 1,008,277 255,523 558,498 1,432,576 1,934,097 2,278,659 884,755 974,403 959,803 1,046,195 |
s s s s s s s s s s s s s s s s s s s | 30 to 59 | s s s s s s s s s s s s s s s s s s s | 60 to 89 | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | 90 or more | \$ \$ \$ \$ \$ \$ \$ \$ \$ \$ | Total 1,398,48 1,198,544 1,008,27; 255,52; 558,496 1,432,576 1,934,09; 2,278,656 884,756 974,400; 959,800; 1,046,196; 583,496; 258,525* |
| Province | Indexed LTV (%) |
- 1 | Current and less than 30 ays past due |
d | 30 to 59 lays past due |
da | 60 to 89 ays past due |
90 or more days past due |
Total | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nova Scotia | |||||||||||
| 20.00 and Below | \$ | 47,368,849 | \$ | 56,640 | \$ | - | \$ | - | \$ | 47,425,489 | |
| 20.01 - 25.00 | \$ | 48,563,904 | \$ | - | \$ | 38,924 | \$ | - | \$ | 48,602,827 | |
| 25.01 - 30.00 | \$ | 47,091,033 | \$ | - | \$ | - | \$ | - 224 244 | \$ | 47,091,033 | |
| 30.01 - 35.00 | \$ | 71,556,057 | \$ | - | \$ | - | \$ | 231,344 | \$ | 71,787,401 | |
| 35.01 - 40.00 | \$ | 63,570,898 | \$ | - | \$ | - | \$ | 75,193 | \$ | 63,646,091 | |
| 40.01 - 45.00 | \$ \$ |
78,628,162 | \$ \$ |
- | \$ \$ |
- | \$ | - | \$ | 78,628,162 | |
| 45.01 - 50.00 50.01 - 55.00 |
\$ | 69,302,750 77,453,136 |
\$ | - | \$ \$ |
216,312 | \$ \$ |
- | \$ \$ |
69,302,750 77,669,447 |
|
| 55.01 - 60.00 | \$ | 83,433,780 | \$ | - | \$ | 227,025 | \$ | - | \$ | 83,660,805 | |
| 60.01 - 65.00 | \$ | 65,876,296 | \$ | - | \$ | 167,587 | \$ | 304,188 | \$ | 66,348,071 | |
| 65.01 - 70.00 | \$ | 62,185,710 | \$ | \$ | 107,307 | \$ | 304,100 | \$ | 62,185,710 | ||
| 70.01 - 75.00 | \$ | 24,664,533 | \$ | - | \$ | - | \$ | - | \$ | 24,664,533 | |
| 75.01 - 80.00 | \$ | 5,242,043 | \$ | _ | \$ | _ | \$ | _ | \$ | 5,242,043 | |
| 80.01 and Above | \$ | 309,463 | \$ | - | \$ | - | \$ | - | \$ | 309,463 | |
| 60.01 and Above | \$ | 745,246,615 | \$ | 56,640 | \$ | 649,848 | \$ | 610,725 | \$ | 746,563,828 | |
| - | |||||||||||
| Province | Indexed LTV (%) |
I | Current and less than 30 ays past due |
d | 30 to 59 lays past due |
da | 60 to 89 ays past due |
90 or more days past due |
Total | ||
| Ontario | |||||||||||
| 20.00 and Below | \$ | 1,114,406,438 | \$ | 70,524 | \$ | 733,916 | \$ | 892,225 | \$ | 1,116,103,104 | |
| 20.01 - 25.00 | \$ | 959,125,707 | \$ | 127,133 | \$ | 264,069 | \$ | 1,478,552 | \$ | 960,995,462 | |
| 25.01 - 30.00 | \$ | 1,207,342,744 | \$ | 158,261 | \$ | 270,747 | \$ | 2,749,761 | \$ | 1,210,521,513 | |
| 30.01 - 35.00 | \$ | 1,365,450,032 | \$ | 230,002 | \$ | 729,450 | \$ | 1,671,603 | \$ | 1,368,081,087 | |
| 35.01 - 40.00 | \$ | 1,425,987,316 | \$ | 423,921 | \$ | 398,338 | \$ | 1,206,703 | \$ | 1,428,016,279 | |
| 40.01 - 45.00 | \$ | 1,740,451,161 | \$ | 124,500 | \$ | 1,586,075 | \$ | 3,167,169 | \$ | 1,745,328,905 | |
| 45.01 - 50.00 | \$ | 1,835,509,445 | \$ | 296,367 | \$ | 3,563,920 | \$ | 2,560,274 | \$ | 1,841,930,006 | |
| 50.01 - 55.00 | \$ | 2,015,171,053 | \$ | 1,161,668 | \$ | 2,401,442 | \$ | 6,429,883 | \$ | 2,025,164,046 | |
| 55.01 - 60.00 | \$ | 1,865,297,404 | \$ | 291,560 | \$ | 1,220,173 | \$ | 4,558,459 | \$ | 1,871,367,596 | |
| 60.01 - 65.00 | \$ | 1,694,150,203 | \$ | 1,641,725 | \$ | 1,788,009 | \$ | 7,099,267 | \$ | 1,704,679,205 | |
| 65.01 - 70.00 | \$ | 1,722,630,444 | \$ | 632,169 | \$ | 3,676,917 | \$ | 3,318,657 | \$ | 1,730,258,187 | |
| 70.01 - 75.00 | \$ | 1,793,746,640 | \$ | 1,500,107 | \$ | 2,086,509 | \$ | 4,577,129 | \$ | 1,801,910,385 | |
| 75.01 - 80.00 | \$ | 2,049,047,487 | \$ | - | \$ | 473,660 | \$ | 4,232,209 | \$ | 2,053,753,356 | |
| 80.01 and Above | \$ | 1,154,259,093 | \$ | 2,259,654 | \$ | 8,887,307 | \$ | 11,391,754 | \$ | 1,176,797,809 | |
| \$ | 21,942,575,170 | \$ | 8,917,592 | \$ | 28,080,532 | \$ | 55,333,646 | \$ | 22,034,906,940 | ||
| Province | Indexed | I | Current and less than 30 ays past due |
30 to 59 lays past due |
ai. | 60 to 89 | 90 or more days past due |
Total | |||
| Prince Edward Island | LTV (%) | ays past due | lays past due | ays past due | uays past tue | Total | |||||
| Timo Zanara Iolana | |||||||||||
| 20.00 and Below | \$ | 4,382,616 | \$ | - | \$ | - | \$ | - | \$ | 4,382,616 | |
| 20.01 - 25.00 | \$ | 3,925,665 | \$ | - | \$ | - | \$ | - | \$ | 3,925,665 | |
| 25.01 - 30.00 | \$ | 5,530,741 | \$ | - | \$ | - | \$ | - | \$ | 5,530,741 | |
| 30.01 - 35.00 | \$ | 5,130,693 | \$ | - | \$ | - | \$ | - | \$ | 5,130,693 | |
| 35.01 - 40.00 | \$ | 10,895,745 | \$ | - | \$ | - | \$ | - | \$ | 10,895,745 | |
| 40.01 - 45.00 | \$ | 8,690,130 | \$ | - | \$ | - | \$ | - | \$ | 8,690,130 | |
| 45.01 - 50.00 | \$ | 14,759,751 | \$ | - | \$ | - | \$ | - | \$ | 14,759,751 | |
| 50.01 - 55.00 | \$ | 19,488,981 | \$ | - | \$ | - | \$ | 153,880 | \$ | 19,642,861 | |
| 55.01 - 60.00 | \$ | 9,938,745 | \$ | - | \$ | - | \$ | - | \$ | 9,938,745 | |
| 60.01 - 65.00 | \$ | 9,103,147 | \$ | - | \$ | - | \$ | - | \$ | 9,103,147 | |
| 65.01 - 70.00 | \$ | 9,820,720 | \$ | 216,929 | \$ | - | \$ | - | \$ | 10,037,649 | |
| 70.01 - 75.00 | \$ | 9,257,162 | \$ | - | \$ | - | \$ | - | \$ | 9,257,162 | |
| 75.01 - 80.00 | \$ | 2,058,518 | \$ | - | \$ | - | \$ | - | \$ | 2,058,518 | |
| 80.01 and Above | \$ | 363,198 | \$ | - | \$ | - | \$ | - | \$ | 363,198 | |
| 00.01 4.147 15010 | \$ | 113,345,813 | \$ | 216,929 | \$ | \$ | 153,880 | \$ | 113,716,622 |
| Province | Indexed LTV (%) |
le | urrent and ess than 30 ys past due |
30 to 59 ys past due |
60 to 89 /s past due |
) or more /s past due |
Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Quebec | |||||||||||
| 20.00 and Below | \$ | 238,386,278 | \$ | - | \$ | 344,839 | \$ | 217,617 | \$ | 238,948,734 | |
| 20.01 - 25.00 | \$ | 240,522,632 | \$ | - | \$ | 104,781 | \$ | 448,658 | \$ | 241,076,071 | |
| 25.01 - 30.00 | \$ | 347,813,053 | \$ | 355,976 | \$ | 917,481 | \$ | 508,237 | \$ | 349,594,746 | |
| 30.01 - 35.00 | \$ | 358,392,666 | \$ | - | \$ | 516,318 | \$ | 541,411 | \$ | 359,450,395 | |
| 35.01 - 40.00 | \$ | 377,785,114 | \$ | 360,513 | \$ | 150,271 | \$ | 1,247,024 | \$ | 379,542,921 | |
| 40.01 - 45.00 | \$ | 389,304,118 | \$ | - | \$ | 780,331 | \$ | 2,803,834 | \$ | 392,888,283 | |
| 45.01 - 50.00 | \$ | 434,128,819 | \$ | - | \$ | 461,974 | \$ | 382,987 | \$ | 434,973,779 | |
| 50.01 - 55.00 | \$ | 379,735,742 | \$ | - | \$ | 212,833 | \$ | 672,747 | \$ | 380,621,322 | |
| 55.01 - 60.00 | \$ | 363,087,404 | \$ | 77,618 | \$ | 432,075 | \$ | 639,952 | \$ | 364,237,049 | |
| 60.01 - 65.00 | \$ | 369,312,343 | \$ | - | \$ | - | \$ | - | \$ | 369,312,343 | |
| 65.01 - 70.00 | \$ | 308,974,418 | \$ | - | \$ | 378,013 | \$ | 862,040 | \$ | 310,214,471 | |
| 70.01 - 75.00 | \$ | 99,588,621 | \$ | - | \$ | - | \$ | - | \$ | 99,588,621 | |
| 75.01 - 80.00 | \$ | 17,385,108 | \$ | - | \$ | - | \$ | - | \$ | 17,385,108 | |
| 80.01 and Above | \$ | 531,016 | \$ | - | \$ | - | \$ | - | \$ | 531,016 | |
| \$ | 3,924,947,330 | \$ | 794,106 | \$ | 4,298,917 | \$ | 8,324,506 | \$ | 3,938,364,859 | ||
| Province | Indexed LTV (%) |
le | surrent and ess than 30 ys past due |
30 to 59 ys past due |
60 to 89 /s past due |
O or more ys past due |
Total | ||||
| Saskatchewan | |||||||||||
| 20.00 and Below | \$ | 19,792,074 | \$ | _ | \$ | 60,797 | \$ | - | \$ | 19,852,871 | |
| 20.01 - 25.00 | \$ | 23,315,966 | \$ | _ | \$ | \$ | - | \$ | 23,315,966 | ||
| 25.01 - 30.00 | \$ | 25,553,719 | \$ | _ | \$ | - | \$ | 69,257 | \$ | 25,622,976 | |
| 30.01 - 35.00 | \$ | 24,329,807 | \$ | _ | \$ | _ | \$ | 100,834 | \$ | 24,430,641 | |
| 35.01 - 40.00 | \$ | 26,370,428 | \$ | _ | \$ | _ | \$ | 135,885 | \$ | 26,506,313 | |
| 40.01 - 45.00 | \$ | 28,231,555 | \$ | _ | \$ | 158,677 | \$ | 66,914 | \$ | 28,457,146 | |
| 45.01 - 50.00 | \$ | 37,248,222 | \$ | _ | \$ | 100,017 | \$ | 64,259 | \$ | 37,312,481 | |
| 50.01 - 55.00 | \$ | 32,184,303 | \$ | \$ | \$ | 30,923 | \$ | 32,215,226 | |||
| 55.01 - 60.00 | \$ | 25,639,569 | \$ | 257,294 | \$ | \$ | 250,787 | \$ | 26,147,650 | ||
| \$ | 22,849,795 | \$ | 257,294 | \$ | - | \$ | 250,767 | \$ | 22,849,795 | ||
| 60.01 - 65.00 | - | \$ | - | \$ | - | \$ | |||||
| 65.01 - 70.00 | \$ | 18,192,980 | \$ | - | - | - | 18,192,980 | ||||
| 70.01 - 75.00 | \$ | 32,414,030 | \$ | - | \$ | - | \$ | - | \$ | 32,414,030 | |
| 75.01 - 80.00 | \$ | 8,911,976 | \$ | - | \$ | - | \$ | - | \$ | 8,911,976 | |
| 80.01 and Above | \$ | 525,373 325,559,796 |
\$ \$ |
385,095 642,389 |
\$ \$ |
219,474 | \$ \$ |
39,729 758,588 |
\$ \$ |
950,197 327,180,248 |
|
| Province | Indexed LTV (%) |
le | current and ess than 30 ys past due |
30 to 59 ys past due |
60 to 89 /s past due |
O or more ys past due |
Total | ||||
| Yukon Territories | , | ||||||||||
| 20.00 and Below | \$ | 1,877,841 | \$ | _ | \$ | _ | \$ | - | \$ | 1,877,841 | |
| \$ | - | \$ | _ | \$ | - | \$ | |||||
| 20.01 - 25.00 25.01 - 30.00 |
\$ | 748,038 1,591,728 |
\$ \$ |
- | \$ | - | \$ | - | \$ | 748,038 1,591,728 |
|
| 30.01 - 35.00 | \$ | \$ | - | \$ | - | \$ | - | \$ | 1,664,178 | ||
| 1,664,178 | - | - | - | ||||||||
| 35.01 - 40.00 | \$ | 1,438,445 | \$ | - | \$ | - | \$ | - | \$ | 1,438,445 | |
| 40.01 - 45.00 | \$ | 2,265,823 | \$ | - | \$ | - | \$ | - | \$ | 2,265,823 | |
| 45.01 - 50.00 | \$ | 3,391,828 | \$ | - | \$ | - | \$ | - | \$ | 3,391,828 | |
| 50.01 - 55.00 | \$ | 3,770,985 | \$ | - | \$ | - | \$ | - | \$ | 3,770,985 | |
| 55.01 - 60.00 | \$ | 1,337,547 | \$ | - | \$ | - | \$ | - | \$ | 1,337,547 | |
| 60.01 - 65.00 | \$ | 4,049,021 | \$ | - | \$ | - | \$ | - | \$ | 4,049,021 | |
| 65.01 - 70.00 | \$ | 1,723,275 | \$ | - | \$ | - | \$ | - | \$ | 1,723,275 | |
| 70.01 - 75.00 | \$ | 4,075,532 | \$ | - | \$ | - | \$ | - | \$ | 4,075,532 | |
| 75.01 - 80.00 | \$ | 2,102,352 | \$ | - | \$ | - | \$ | - | \$ | 2,102,352 | |
| 80.01 and Above | \$ | 812,891 | \$ | \$ | - | \$ | - | \$ | 812,891 | ||
| \$ | 30,849,483 | \$ | - | \$ | \$ | \$ | 30,849,483 | ||||
(11) Value as determined by adjusting, not less than quarterly, the Original Market Value utilizing the Indexation Methodology (see Appendix for details) for subsequent price developments.
70.01 - 75.00 \$54,495,010 \$84,365,631 \$198,164,666 \$361,870,857 \$455,123,308 \$1,689,824,329 \$2,886,239,759
80.01 and Above \$35,971,402 \$67,667,078 \$101,515,185 \$136,716,291 \$179,570,984 \$730,358,262 \$1,290,624,709
Total \$557,665,539 \$1,004,382,853 \$2,367,465,423 \$4,158,216,310 \$5,819,846,154 \$25,734,471,163 \$40,108,760,165
Score Unavailable \$14,386,572 \$9,101,371 \$9,419,401 \$13,983,425 \$23,071,733 \$30,297,417 \$39,803,339 \$47,576,524 \$61,646,213 \$53,635,081 \$48,247,236 Cover Pool - Current LTV Distribution by Credit Score ⁽¹⁾ Indexed LTV (%) <600 600 - 650 651 - 700 701 - 750 751 - 800 >800 Total \$248,700,714 \$1,637,735,547 \$2,216,521,153 20.01 - 25.00 \$20,082,149 \$40,849,867 \$97,168,100 \$185,783,852 \$241,513,674 \$1,376,011,822 \$1,970,510,836 20.00 and below \$17,499,135 \$26,459,690 \$81,558,592 \$190,180,903 \$308,657,635 \$1,652,555,969 \$2,384,347,764 30.01 - 35.00 \$24,551,600 \$45,068,443 \$116,078,941 \$248,900,340 \$359,660,305 \$1,847,203,938 \$2,655,446,993 25.01 - 30.00 \$26,899,878 \$44,542,637 \$116,754,121 \$225,518,123 \$411,032,531 \$1,877,739,442 \$2,839,615,098 40.01 - 45.00 \$40,409,588 \$70,928,027 \$189,314,555 \$377,851,558 \$498,103,235 \$2,264,641,768 \$3,471,546,147 35.01 - 40.00 \$33,803,363 \$64,847,735 \$149,973,895 \$279,146,399 \$568,206,559 \$2,446,592,427 \$3,791,662,167 50.01 - 55.00 \$54,359,652 \$99,271,660 \$240,955,130 \$401,007,476 \$642,144,149 \$2,457,645,366 \$3,942,959,958 45.01 - 50.00 \$43,240,920 \$86,990,959 \$225,660,795 \$381,167,167 \$510,912,993 \$2,251,736,686 \$3,587,670,091 60.01 - 65.00 \$48,343,297 \$89,972,311 \$207,332,004 \$363,411,156 \$503,280,565 \$2,061,006,288 \$3,326,980,703 55.01 - 60.00 \$57,437,644 \$103,252,277 \$220,519,972 \$382,164,306 \$509,384,584 \$1,881,781,591 \$3,109,402,078 65.01 - 70.00 \$46,535,154 \$85,491,152 \$206,153,458 \$331,808,903
\$383,554,919 \$1,559,637,729 \$2,635,232,709
75.01 - 80.00 \$54,036,746 \$94,675,385 \$216,316,008 \$292,688,978
\$42,395,958 \$34,322,944 \$38,825,508 \$466,712,723
⁽¹⁾ Value as determined by adjusting, not less than quarterly, the Original Market Value utilizing the Indexation Methodology (see Appendix for details) for subsequent price developments
Calculation Date: 30-Nov-2025 Date of Report: 15-Dec-2025
Appendix Indexation Methodology
The Guarantor employs an indexation methodology as set out below to determine the Market Value (as defined in the CMHC Guide) of a residential property securing an Eligible for Loan in the Portfolio (the "Indexation Methodology") for purposes of the Asset Coverage Test, the Amortization Test and the Valuation Calculation as set forth in the Guarantor Agreement, and for all other purposes as required by the CMHC Guide. Any update or other change to the Indexation Methodology must comply with the requirements of the CMHC Guide and will (i) require notice to CMHC and satisfaction of any other conditions specified by CMHC in relation thereto, (ii) if such update or other change constitutes a material amendment thereto, require satisfaction of the Rating Agency Condition, and (iii) if such update or other change is materially prejudicial to the Covered Bondholders, require the consent of the Bond Trustee.
The Indexation Methodology is based on Teranet - National Bank HPI Monthly Metropolitan Indices covering 32 Canadian Census Metropolitan Areas ("CMAs") with respect to Properties located within those CMAs and Teranet - National Bank Composite 11 House Price IndexTM (the "Composite 11 House Price Index"), which is calculated as a weighted average of price data for eleven major cities in Canada, for Properties located in all other areas of Canada. Details of the Composite 11 House Price Index may be found at www.housepriceindex.ca.
For each Property in the Portfolio, the indexed valuation will be determined at least quarterly by multiplying the Original Market Value (as defined in the CMHC Guide) for such Property by the percentage change since the valuation date in the price level for the index in which such Property is located.
Certain risks are associated with the use of the Indexation Methodology, such as (i) the data provided with respect to larger geographical areas could mask localized price fluctuations, and (ii) data on the growth rate for each type of dwelling is not available because the data provided combines all dwelling types and, therefore, the data provided may not reflect price fluctuations for the different types of dwellings. Accordingly, no assurance can be given that the valuation of the Properties in the Portfolio using the Indexation Methodology will result in an accurate determination of the actual realizable value of a particular Property or of the Portfolio as a whole. The Bank can give no assurance as to the accuracy of the information provided by the Indexation Methodology.