Canadian Spread History As at June 30, 2006

Spread History of Canadian Corporate, ABS and Government Issuers July 19, 2006 As at June 30, 2006 Global Credit Research, Canada Altaf Nanji, CFA Corporate Debt Research Analyst (416) 842-6462 altaf.nanji@rbccm.comRichard Hildebrand, CFA Corporate Debt Research Analyst (416) 842-6460 richard.hildebrand@rbccm.comBarbara Komjathy, CFA Corporate Debt Research Analyst (416) 842-6466 barbara.komjathy@rbccm.com

Canadian Spread History As at June 30, 2006

Rating Abbreviations Term DBRS Moody’s S&P n Negative Trend Negative Outlook Negative Outlook p Positive Trend Positive Outlook Positive Outlook wn Under Review Negative Under Review for Potential Downgrade CreditWatch Negative wp Under Review Positive Under Review for Potential Upgrade CreditWatch Postiive wd Under Review Developing Under Review Direction Uncertain CreditWatch Developing

CREDIT RATINGS

Issuer Name (DBRS/Moodys/S&P) Coupon Maturity Capital Structure QoQ YoY Jun-30 May-31 Apr-30 Mar-31 Dec-31 Sep-30 Jun-30 Mar-31 Dec-31 Dec-31 Dec-31 Dec-31 O/S BenchmarkAs at June 30, 2006 Change Change 2006 2006 2006 2006 2005 2005 2005 2005 2004 2003 2002 2001 ($MM)

GENERAL & INDUSTRIALSBombardier Inc. BBn / Ba2n / BBn 6.400 Dec-06 Senior Unsecured (25) (185) 100 100 100 125 200 175 285 280 454 207 490 150 150 7.0-Dec-06Bombardier Inc. BBn / Ba2n / BBn 7.350 Dec-26 Senior Unsecured (1) (70) 401 378 358 401 473 481 471 470 434 261 466 225 150 8.0 Jun-27Canadian Pacific Railway BBB(H) / Baa2 / BBB 4.900 Jun-10 Senior Unsecured 0 (6) 40 38 38 40 45 43 46 45 60 60 - - 350 5.5 Jun-10Caterpillar Financial Services Ltd. A(H) / A2 / A 4.500 Aug-08 Senior Unsecured 3 6 33 29 30 30 29 30 27 27 35 47 - - 250 6.0 Jun-08Caterpillar Financial Services Ltd. A(H) / A2 / A 4.600 Jul-09 Senior Unsecured 4 4 40 36 36 36 36 33 36 38 42 - - - 300 5.5 Jun-09Coca-Cola Enterprises (Canada) Bottling Finance A / A2n / A 5.850 Mar-09 Senior Unsecured 4 4 38 34 34 34 34 34 34 34 34 55 75 120 150 5.5 Jun-09Dofasco Inc. A(L)wn / - / BBBwd 7.550 Oct-08 Senior Unsecured (48) 18 70 70 90 118 70 50 52 40 55 110 130 245 125 6.0 Jun-08Finning International Inc. BBB(H) / - / BBB+ 7.400 Jun-08 Senior Unsecured 5 4 45 43 40 40 45 40 41 35 47 85 135 205 200 6.0 Jun-08Finning International Inc. BBB(H) / - / BBB+ 4.640 Dec-11 Senior Unsecured 0 (12) 55 55 55 55 60 63 67 63 63 - - - 150 6.0 Jun-11IPSCO Inc. BBB / Baa3 / BB+ 7.800 Dec-06 Senior Unsecured 0 (105) 30 30 30 30 26 135 135 179 200 300 433 200 100 7.0-Dec-06John Deere Credit Inc. A / A3p / A-p 4.550 Jun-08 Senior Unsecured 0 3 35 35 35 35 32 28 32 28 40 - - - 75 6.0 Jun-08Nova Chemicals Corp. BBB(L)n / Ba2n / BB- 7.850 Aug-10 Senior Unsecured (25) 40 275 275 275 300 250 255 235 135 158 277 475 395 250 5.5 Jun-10SNC-Lavalin Group BBB(H) / - / BBB+ 7.700 Sep-10 Senior Unsecured 0 (15) 50 50 51 50 50 58 65 70 90 130 210 225 105 5.5 Jun-10Textron Financial Canada Funding Ltd. A(L) / A3 / A- 4.000 Apr-08 Senior Unsecured (3) (13) 37 45 40 40 40 41 50 - - - - - 130 4.5 Sep-07Thomson Corporation A(L) / A3 / A- 6.850 Jun-11 Senior Unsecured 1 (1) 44 44 43 43 35 35 45 43 45 56 110 142 400 6.0 Jun-11Thomson Corporation A(L) / A3 / A- 5.200 Dec-14 Senior Unsecured 5 (2) 60 57 55 55 55 60 62 63 61 - - - 600 5.0 Jun-14Transcontinental Inc. BBB(H) / - / BBB 6.050 Jun-09 Senior Unsecured 5 (15) 65 60 60 60 70 80 80 80 85 125 170 200 100 5.5 Jun-09YPG Holdings Inc. BBB(H) / - / BBB- 4.570 Apr-09 Senior Unsecured (2) (17) 53 50 55 55 60 64 70 57 63 - - - 450 5.5 Jun-09YPG Holdings Inc. BBB(H) / - / BBB- 5.710 Apr-14 Senior Unsecured 1 (17) 108 109 107 107 109 113 125 100 96 - - - 300 5.0 Jun-14YPG Holdings Inc. BBB(H) / - / BBB- 6.250 Feb-36 Senior Unsecured 13 - 210 200 193 197 200 - - - - - - - 250 5.75 Jun-29

NATURAL RESOURCES (EXCL. ENERGY)Bowater Canadian Forest Products Inc. BB(L)n / B1 / B+ 10.850 Nov-14 Senior Unsecured 0 55 500 475 475 500 515 440 445 357 372 376 450 364 125 10.25 Mar-14Cameco Corp. A(L) / - / BBB+ 4.700 Sep-15 Senior Unsecured 0 - 87 83 80 87 87 87 - - - - - - 300 4.5 Jun-15Domtar Incorporated BB(L) / B1n / B+n 10.000 Apr-11 Senior Unsecured (200) 200 400 400 400 600 475 325 200 175 160 140 200 331 200 6.0 Jun-11Domtar Incorporated BB(L) / B1n / B+n 10.850 Aug-17 Senior Unsecured (175) 181 475 475 450 650 475 345 294 238 192 - - - 100 4.5 Jun-15Falconbridge Ltd. BBB(H)wn / Baa3wn / BBB-wp 8.500 Dec-08 Senior Unsecured (11) (32) 60 60 61 70 66 65 92 71 91 150 300 340 175 6.0 Jun-08TimberWest Forest Corp. BBB(H) / - / BB+ 7.000 Oct-07 Senior Unsecured 3 57 201 198 200 198 176 132 144 151 173 268 300 - 195 7.25 Jun-07West Fraser Timber Co. BBB / Baa2n / BBBn 6.800 Nov-07 Senior Unsecured 3 (11) 61 58 60 58 51 52 72 65 88 175 250 275 125 7.25 Jun-07

ENERGYCanadian Natural Resources Ltd. BBB(H) / Baa1 / BBB+n 7.400 Mar-07 Senior Unsecured 0 2 27 27 27 27 31 28 25 20 35 65 115 185 125 3.0 Jun-07Canadian Natural Resources Ltd. BBB(H) / Baa1 / BBB+n 4.950 Jun-15 Senior Unsecured 8 8 90 84 85 82 77 73 82 - - - - - 400 4.5 Jun-15Canadian Oil Sands Ltd. BBB / Baa2 / BBB+n 5.750 Apr-08 Senior Unsecured 0 (13) 45 45 45 45 40 45 58 50 62 85 - - 150 6.0 Jun-08Canadian Oil Sands Ltd. BBB / Baa2 / BBB+n 5.550 Jun-09 Senior Unsecured 0 (10) 60 55 55 60 45 58 70 65 75 - - - 200 5.5 Jun-09EnCana Corp. A(L) / Baa2 / A-n 5.300 Dec-07 Senior Unsecured 1 (9) 26 20 23 25 28 28 35 30 37 300 4.5 Sep-07EnCana Corp. A(L) / Baa2 / A-n 3.600 Sep-08 Senior Unsecured 2 - 32 30 30 30 32 29 - - - - - - 500 4.25 Sep-08Husky Energy Inc. BBB(H) / Baa2 / BBBp 6.950 Jul-09 Senior Unsecured 0 (2) 43 43 43 43 45 42 45 45 52 95 165 180 200 5.5 Jun-09Nexen Inc. BBB / Baa2n / BBB- 6.300 Jun-08 Senior Unsecured 0 (10) 38 38 38 38 38 38 48 45 60 75 150 195 125 6.0 Jun-08Suncor Energy Inc. A(L) / A3 / A- 6.800 Mar-07 Senior Unsecured 5 (1) 27 23 20 22 20 21 28 31 36 55 82 104 250 7.0 Dec-06Suncor Energy Inc. A(L) / A3 / A- 6.700 Aug-11 Senior Unsecured 3 (2) 43 40 37 40 40 40 45 46 50 65 95 135 500 6.0 Jun-11Talisman Energy Inc. BBB(H) / Baa2 / BBB+n 8.060 Sep-09 Senior Unsecured 5 4 48 43 43 43 41 42 44 44 55 63 159 200 175 5.5 Jun-09

CREDIT RATINGS

Issuer Name (DBRS/Moodys/S&P) Coupon Maturity Capital Structure QoQ YoY Jun-30 May-31 Apr-30 Mar-31 Dec-31 Sep-30 Jun-30 Mar-31 Dec-31 Dec-31 Dec-31 Dec-31 O/S BenchmarkAs at June 30, 2006 Change Change 2006 2006 2006 2006 2005 2005 2005 2005 2004 2003 2002 2001 ($MM)

PIPELINESAlliance Pipeline Limited Partnership A(L) / A3 / BBB+ 5.546 Dec-23 Senior Secured (3) (21) 69 69 70 73 90 90 90 98 86 95 - - 300 5.25 Jun-13Enbridge Inc. A / A3 / A- 6.800 Mar-10 Senior Unsecured 4 14 44 40 40 40 30 30 30 30 48 49 95 100 200 5.5 Jun-10Enbridge Inc. A / A3 / A- 4.670 Mar-13 Senior Unsecured 3 - 55 51 52 52 - - - - - - - - 200 5.25 Jun-12Enbridge Inc. A / A3 / A- 7.200 Jun-32 Senior Unsecured 13 18 144 132 128 131 124 118 126 125 126 200 8.0 Jun-27Enbridge Inc. A / A3 / A- 5.570 Nov-35 Senior Unsecured 12 - 145 133 130 133 125 - - - - - - - 150 5.75 Jun-29Enbridge Pipelines Inc. A(H) / - / A- 6.850 Oct-09 Senior Unsecured (1) (2) 34 35 35 35 33 34 36 35 36 47 65 80 100 5.5 Jun-09Enbridge Pipelines Inc. A(H) / - / A- 6.050 Feb-29 Senior Unsecured 2 (9) 92 92 91 90 91 87 101 97 100 65 8.0 Jun-27Terasen Inc. BBB(H)wn / Baa2wn/ BBB-wn 6.300 Dec-08 Senior Unsecured 30 43 85 80 50 55 55 34 42 40 54 74 115 108 200 4.25 Sep-08Terasen Inc. BBB(H)wn / Baa2wn/ BBB-wn 5.560 Sep-14 Senior Unsecured 85 95 175 170 85 90 85 73 80 72 76 - - - 125 5.0 Jun-14Terasen Inc. (CaPS) BBBwn / Baa3 / BB+wn 8.000 Apr-40 Senior Unsecured 70 60 200 155 130 130 130 130 140 170 150 175 235 286 125 5.5 Jun-10TransQuebec & Maritime Pipeline Inc. A(L) / - / BBB+ 6.500 Aug-09 Senior Unsecured 3 (6) 36 36 33 33 30 30 42 42 42 65 105 105 100 5.5 Jun-09TransCanada Pipelines A / A2 / A-n 5.840 Jun-08 Senior Unsecured 0 0 30 30 30 30 30 26 30 30 30 47 95 75 256 6.0 Jun-08TransCanada Pipelines A / A2 / A-n 5.650 Jan-14 Senior Unsecured (4) (10) 55 60 59 59 54 56 65 65 63 62 - - 450 5.25 Jun-13TransCanada Pipelines A / A2 / A-n 6.500 Dec-30 Senior Unsecured 2 (3) 119 114 114 117 114 114 122 116 113 350 8.0 Jun-27Westcoast Energy A(L) / - / BBBd 7.200 Jan-10 Senior Unsecured 0 (16) 48 48 48 48 47 48 64 51 65 70 130 88 150 5.5 Jun-09Westcoast Energy A(L) / - / BBBd 8.500 Nov-15 Senior Unsecured 2 (16) 78 78 77 76 74 87 94 85 93 - - - 125 4.5 Jun-15Westcoast Energy A(L) / - / BBBd 7.150 Mar-31 Senior Unsecured 0 (17) 124 121 120 124 125 125 141 126 124 200 8.0 Jun-27

UTILITYCanadian Utilities Ltd. A / - / A- 6.140 Nov-12 Senior Unsecured 18 10 60 42 42 42 42 40 50 50 58 68 107 - 100 5.25 Jun-12CU Inc. A(H) / - / A 7.050 Jun-11 Senior Unsecured (1) (1) 37 38 38 38 38 35 38 35 42 47 70 90 100 6.0 Jun-11CU Inc. A(H) / - / A 6.800 Aug-19 Senior Unsecured 4 (16) 80 80 77 76 82 86 96 98 102 300 4.5 Jun-15CU Inc. A(H) / - / A 5.896 Nov-34 Senior Unsecured 4 5 92 90 87 88 88 82 87 86 84 - - - 200 5.75 Jun-29Electricity Distributors Finance Corp. (EDFIN) A(L) / - / A- 6.450 Aug-12 Senior Unsecured 5 (3) 55 55 50 50 50 50 58 60 80 100 135 - 175 5.25 Jun12Enbridge Gas Distributions Inc. A / - / A- 4.480 Dec-08 Senior Unsecured (2) (2) 28 28 28 30 27 27 30 31 40 40 - - 150 4.25 Sep-08Enbridge Gas Distributions Inc. A / - / A- 5.160 Sep-14 Senior Unsecured 0 5 53 53 52 53 50 46 48 53 56 - - - 200 5.0 Jun-14Enbridge Gas Distributions Inc. A / - / A- 6.160 Dec-33 Senior Unsecured 2 6 101 99 98 99 95 88 95 97 98 150 5.75 Jun-29Enersource Corp. (Borealis Infrastructure Trust) A / - / A-p 6.270 May-11 Senior Secured 0 0 45 45 45 45 45 45 45 45 65 75 90 70 290 6.0 Jun-11EPCOR Utilities A(L) / - / BBB+ 6.950 Jun-10 Senior Unsecured 0 (3) 42 42 42 42 43 40 45 40 50 70 165 128 200 5.5 Jun-10EPCOR Utilities A(L) / - / BBB+ 6.600 Nov-11 Senior Unsecured 0 (5) 50 48 48 50 50 53 55 50 64 83 170 130 200 6.0 Jun-11EPCOR Utilities A(L) / - / BBB+ 6.800 Jun-29 Senior Unsecured 6 (4) 136 128 128 130 130 133 140 123 128 140 234 191 150 5.75 Jun-29Fortis Inc. BBB(H) / - / BBB 7.400 Oct-10 Senior Unsecured 0 (12) 58 58 59 58 60 60 70 70 70 115 275 235 100 5.5 Jun-10Gaz Metro Inc. A / - / A-n 6.950 Nov-09 Senior Secured 0 0 37 37 37 37 37 37 37 37 43 50 80 90 100 5.5 Jun-09Hydro One Inc. A(H) / Aa3 / A 7.150 Jun-10 Senior Unsecured 2 (1) 27 26 25 25 25 28 28 32 36 40 76 58 400 5.5 Jun-10Hydro One Inc. A(H) / Aa3 / A 6.400 Dec-11 Senior Unsecured 2 (7) 34 35 32 32 35 37 41 39 43 53 80 61 250 6.0 Jun-11Hydro One Inc. A(H) / Aa3 / A 5.770 Nov-12 Senior Unsecured 1 (7) 35 35 34 34 36 40 42 42 45 80 - - 600 5.25 Jun-12Hydro One Inc. A(H) / Aa3 / A 6.350 Jan-34 Senior Unsecured 0 6 86 84 83 86 83 74 80 83 79 385 5.75 Jun-29Newfoundland Power Inc. A / - / A- 10.125 Jun-22 Senior Secured 0 0 100 100 100 100 100 100 100 100 110 130 185 150 40 8.0 Jun-23Nova Scotia Power A(L) / Baa1n / BBB 5.550 Jun-09 Senior Unsecured (5) (10) 35 40 40 40 40 40 45 33 40 72 145 80 125 5.5 Jun-09Nova Scotia Power A(L) / Baa1n / BBB 5.750 Oct-13 Senior Unsecured (3) (13) 62 65 65 65 66 65 75 70 70 85 - - 100 5.25 Jun-13Nova Scotia Power A(L) / Baa1n / BBB 6.950 Aug-33 Senior Unsecured 2 5 140 135 138 138 135 127 135 128 130 200 5.75 Jun-29Terasen Gas Inc. A / A3 / BBBwn 6.200 Jun-08 Senior Unsecured 0 3 35 35 35 35 40 35 32 30 33 50 90 88 188 6.0 Jun-08Terasen Gas Inc. A / A3 / BBBwn 6.950 Sep-29 Senior Unsecured 19 20 144 139 125 125 129 121 124 118 124 129 175 155 150 8.0 Jun-27Terasen Gas Inc. A / A3 / BBBwn 6.500 May-34 Senior Unsecured 15 22 145 140 130 130 130 121 123 118 123 - - - 150 5.75 Jun-29Toronto Hydro A / - / A- 6.110 May-13 Senior Unsecured 0 (4) 48 48 48 48 48 50 52 53 58 75 - - 225 5.25 Jun-13TransAlta Corp. BBB / Baa2n / BBB 6.900 Jun-11 Senior Unsecured 0 (30) 70 65 65 70 70 75 100 100 120 155 210 150 225 6.0 Jun-11TransAlta Corp. BBB / Baa2n / BBB 7.300 Oct-29 Senior Unsecured 3 (24) 167 159 158 164 169 170 191 180 196 110 8.0 Jun-27TransAlta Utilities Corp. A(L) / - / BBB+ 6.750 Oct-06 Senior Secured (10) (13) 30 30 30 40 33 40 43 49 69 76 112 72 50 5.75 Sep-06TransAlta Utilities Corp. A(L) / - / BBB+ 5.750 Jun-08 Senior Secured 0 (40) 30 30 30 30 40 70 70 70 85 95 120 90 60 6.0 Jun-08UE Waterheater Operating Trust AA(L) / - / A 4.145 Jan-09 Senior Secured 2 (2) 37 35 35 35 32 32 39 39 41 - - - 200 4.25 Sep-08UE Waterheater Operating Trust AA(L) / - / A 4.722 Jan-11 Senior Secured 0 (9) 46 46 47 46 46 46 55 49 52 - - - 200 5.5 Jun-10Union Gas Limited A / - / BBBd 6.650 May-11 Senior Unsecured 0 2 45 45 45 45 45 43 43 37 50 60 115 90 250 6.0 Jun-11Union Gas Limited A / - / BBBd 7.900 Feb-14 Senior Unsecured 1 (4) 58 58 59 58 52 56 62 62 71 62 139 - 150 5.25 Jun-13Union Gas Limited A / - / BBBd 8.650 Nov-25 Senior Unsecured (1) 10 109 110 110 110 114 96 99 102 103 95 162 126 125 9.0 Jun-25

CREDIT RATINGS

Issuer Name (DBRS/Moodys/S&P) Coupon Maturity Capital Structure QoQ YoY Jun-30 May-31 Apr-30 Mar-31 Dec-31 Sep-30 Jun-30 Mar-31 Dec-31 Dec-31 Dec-31 Dec-31 O/S BenchmarkAs at June 30, 2006 Change Change 2006 2006 2006 2006 2005 2005 2005 2005 2004 2003 2002 2001 ($MM)

CONSUMER PRODUCTS & RETAILERSCanadian Tire Corp. A(L) / - / BBB+ 5.700 Jun-08 Senior Unsecured 0 (4) 36 36 36 36 36 32 40 35 35 42 85 205 150 6.0 Jun-08Canadian Tire Corp. A(L) / - / BBB+ 4.950 Jun-15 Senior Unsecured (1) (2) 82 82 83 83 90 85 84 - - - - - 300 4.5 Jun-15Canadian Tire Corp. A(L) / - / BBB+ 6.320 Feb-34 Senior Unsecured 5 21 165 160 158 160 157 150 144 138 140 200 5.75 Jun-29George Weston Limited A(L) / - /A-n 6.450 Oct-11 Senior Unsecured 0 0 55 53 53 55 55 45 55 53 60 55 70 94 300 6.0 Jun-11George Weston Limited A(L) / - /A-n 6.690 Mar-33 Senior Unsecured 6 30 172 167 164 166 160 136 142 135 134 100 5.75 Jun-29Loblaw Companies Ltd. A(H)n / - / An 6.500 Jan-11 Senior Unsecured 0 5 48 46 47 48 44 44 43 48 55 55 60 86 125 6.0 Jun-08Loblaw Companies Ltd. A(H)n / - / An 5.400 Nov-13 Senior Unsecured 0 4 60 60 60 60 56 45 56 54 58 56 - - 200 5.25 Jun-13Loblaw Companies Ltd. A(H)n / - / An 6.150 Jan-35 Senior Unsecured 6 26 148 145 141 142 136 118 122 115 104 200 5.75 Jun-29Metro Inc. BBBn / - / BBBn 5.970 Oct-35 Senior Unsecured 6 - 175 163 163 169 170 - - - - - - - 400 5.75 Jun-29Metro Inc. BBBn / - / BBBn 4.980 Oct-15 Senior Unsecured 2 - 100 98 98 98 95 - - - - - - - 200 4.5 Jun-15Molson Coors Capital Finance BBB(H)n / Baa2 / BBB 5.000 Sep-15 Senior Unsecured 10 - 122 110 108 112 107 113 - - - - - - 900 4.5 Jun-15Sears Canada Inc. BBwd / Ba2 / BB+n 6.550 Nov-07 Senior Unsecured (105) (12) 145 138 127 250 218 322 157 58 47 125 7.25 Jun-07Sears Canada Inc. BBwd / Ba2 / BB+n 7.450 May-10 Senior Unsecured (125) (50) 200 200 205 325 335 405 250 145 137 165 235 266 200 5.5 Jun-10Shoppers Drug Mart Corp. A(L) / - / BBBp 4.970 Oct-08 Senior Unsecured (5) (15) 35 35 37 40 40 40 50 45 42 58 - - 300 4.25 Sep-08Sobeys Inc. BBB(H)n / - / BBB- 7.160 Feb-18 Senior Unsecured 5 (10) 130 130 125 125 130 140 140 133 144 - - - 100 4.5 Jun-15

TELECOMMUNICATIONS & CABLEBCE A(L) / Baa2 / BBB+n 6.750 Oct-07 Senior Unsecured 1 (1) 54 48 52 53 51 54 55 63 66 68 125 - 1050 7.25 Jun-07BCE A(L) / Baa2 / BBB+n 7.350 Oct-09 Senior Unsecured (0) (2) 62 64 64 63 56 57 64 64 67 67 140 - 650 5.5 Jun-09Bell Canada A / Baa1 / A-n 6.150 Jun-09 Senior Unsecured 2 9 49 45 45 47 37 34 40 35 40 45 85 75 450 5.5 Jun-09Bell Canada A / Baa1 / A-n 6.900 Dec-11 Senior Unsecured (5) 2 55 55 57 60 53 52 53 50 55 63 100 103 250 6.0 Jun-11Bell Canada A / Baa1 / A-n 6.250 Apr-12 Senior Unsecured (5) 12 60 60 62 65 55 54 48 47 50 60 90 - 500 5.25 Jun-12Bell Canada A / Baa1 / A-n 7.300 Feb-32 Senior Unsecured 1 30 166 166 166 165 154 142 136 130 121 105 154 - 400 8.0 Jun-27Bell Canada A / Baa1 / A-n 6.100 Mar-35 Senior Unsecured 0 32 167 167 168 167 155 142 135 130 119 450 5.75 Jun-29Cogeco Cable BB(H)wn / - / BBB-wn 6.750 Jun-09 Senior Secured 40 45 225 155 170 185 180 180 180 175 210 260 725 275 150 5.5 Jun-09Manitoba Telecom Services Inc. BBB(H)n / - / BBB+n 5.900 Jun-08 Senior Unsecured 0 6 58 58 58 58 48 44 52 52 52 60 85 110 60 6.0 Jun-08Manitoba Telecom Services Inc. BBB(H)n / - / BBB+n 5.200 Sep-11 Senior Unsecured 0 5 75 75 75 75 58 58 70 59 76 - - - 200 6.0 Jun-11Manitoba Telecom Services Inc. BBB(H)n / - / BBB+n 6.150 Jun-14 Senior Unsecured 0 21 108 108 108 108 90 77 87 75 92 - - - 200 5.0 Jun-14Rogers Cable Inc. BBp / Ba2p / BB+p 7.600 Feb-07 Senior Secured (40) (125) 100 140 140 140 165 190 225 194 220 237 475 - 450 7.0 Dec-06Shaw Communications Ltd. BB(H)p / Ba2 / BB+ 7.400 Oct-07 Senior Unsecured (2) (48) 76 78 80 78 131 122 124 107 148 248 550 210 300 7.25 Jun-07Shaw Communications Ltd. BB(H)p / Ba2 / BB+ 7.500 Nov-13 Senior Unsecured 10 (30) 200 195 185 190 235 220 230 210 202 261 - - 350 5.25 Jun-13Telesat Inc. BBB(L)wn / - / BBB-wn 8.200 Nov-08 Senior Unsecured (1) 11 180 180 181 180 111 157 169 175 201 275 375 350 125 6.0 Jun-08TELUS Communications Inc. A(L) / - / BBB+ 7.100 Feb-07 Senior Unsecured (8) (8) 32 32 32 40 40 40 40 41 48 190 425 240 70 7.0 Dec-06TELUS Communications Inc. A(L) / - / BBB+ 9.650 Apr-22 Senior Unsecured 4 11 114 110 110 110 100 95 103 111 120 145 340 300 150 8.0 Jun-23

REAL ESTATEBCIMC Realty Corp. AA / - / - 3.940 Dec-09 Senior Unsecured (1) (3) 33 33 32 34 33 32 36 35 38 - - - 200 4.25 Sep-09BCIMC Realty Corp. AA / - / - 4.100 Feb-11 Senior Unsecured 1 (4) 38 36 36 37 39 40 42 39 - - - - 150 4.0 Sep-10BCIMC Realty Corp. AA / - / - 4.650 Feb-15 Senior Unsecured 3 (2) 55 55 52 52 50 55 57 52 - - - - 150 5.0 Jun-14Boardwalk REIT BBB / - / - 5.310 Jan-12 Senior Unsecured 0 (8) 110 110 110 110 110 118 118 123 - - - - 120 6.0 Jun-11Calloway REIT BBB / - / - 4.510 Sep-10 Senior Unsecured (6) - 92 91 95 98 110 94 - - - - - - 200 4.0 Sep-10First Capital Realty Inc. BBB(L) / - / - 5.080 Jun-12 Senior Unsecured 0 (26) 134 136 136 134 141 155 160 - - - - - 100 5.25 Jun-12MI Developments BBB(H) / Baa3 wn/ - 6.050 Dec-16 Senior Unsecured 2 (1) 197 197 196 195 200 200 198 183 183 - - - 265 5.0 Jun14Morguard REIT - / - / BBB 6.700 Oct-07 Senior Unsecured 3 1 106 105 104 103 106 105 105 105 117 - - - 112 7.25 Jun-07Morguard REIT - / - / BBB 6.625 Apr-08 Senior Unsecured 3 (58) 87 84 81 84 81 79 145 145 145 250 250 249 53 6.0 Jun-08RioCan REIT BBB / - / BBB- 4.910 Mar-11 Senior Unsecured (2) (10) 100 97 99 102 105 105 110 110 - - - - 200 5.5 Jun-10RioCan REIT BBB / - / BBB- 5.230 Mar-13 Senior Unsecured 4 (4) 114 108 108 110 110 115 118 112 - - - - 150 5.25 Jun-13Summit REIT BBB(L) / - / - 5.700 Nov-11 Senior Unsecured (5) (10) 125 125 130 130 135 128 135 145 160 - - - 115 6.0 Jun-11

CREDIT RATINGS

Issuer Name (DBRS/Moodys/S&P) Coupon Maturity Capital Structure QoQ YoY Jun-30 May-31 Apr-30 Mar-31 Dec-31 Sep-30 Jun-30 Mar-31 Dec-31 Dec-31 Dec-31 Dec-31 O/S BenchmarkAs at June 30, 2006 Change Change 2006 2006 2006 2006 2005 2005 2005 2005 2004 2003 2002 2001 ($MM)

INFRASTRUCTURE & PUBLIC FINANCE407 International Inc. A / - / A 6.900 Dec-07 Senior Secured (2) (8) 22 19 23 25 29 25 30 37 44 56 55 65 430 7.25 Jun-07407 International Inc. A / - / A 6.050 Jul-09 Senior Secured 0 (5) 30 30 30 30 28 28 35 30 39 46 57 80 400 5.5 Jun-09407 International Inc. A / - / A 5.960 Dec-35 Senior Secured 3 1 98 95 96 95 95 92 97 95 93 - - - 340 5.75 Jun-29Aeroports de Montreal A(H) / A1 / Ap 6.350 Apr-12 Senior Unsecured 7 (2) 48 41 41 41 43 35 50 50 57 80 - - 150 5.25 Jun-12Aeroports de Montreal A(H) / A1 / Ap 6.950 Apr-32 Senior Unsecured 2 (11) 100 95 95 98 120 116 111 119 120 127 - - 300 5.75 Jun-29Aeroports de Montreal A(H) / A1 / Ap 6.550 Oct-33 Senior Unsecured 3 (1) 99 96 96 96 97 95 100 108 105 150 5.75 Jun-29British Columbia Ferry Services Inc. A(L) / - / A- 5.740 May-14 Senior Secured 1 (2) 56 55 55 55 52 52 58 60 68 - - - 250 5.0 Jun-14British Columbia Ferry Services Inc. A(L) / - / A- 6.250 Oct-34 Senior Unsecured 7 0 105 100 98 98 95 90 105 98 100 - - - 250 5.75 Jun-29CDP Financial Inc. AAA / Aaa / AAA 4.200 Oct-08 Senior Unsecured 1 3 20 20 20 19 20 15 17 19 21 21 - - 750 4.25 Sep-08CDP Financial Inc. AAA / Aaa / AAA 4.550 Oct-09 Senior Unsecured 1 1 25 25 24 24 24 19 24 23 25 - - - 275 4.25 Sep-09Greater Toronto Airport Authority A / A2 / A- 5.950 Dec-07 Senior Unsecured 0 1 28 28 28 28 30 31 27 42 48 80 80 70 375 2.75 Dec-07Greater Toronto Airport Authority A / A2 / A- 6.700 Jul-10 Senior Unsecured (2) (1) 43 43 43 45 44 38 44 41 58 83 79 88 600 5.5 Jun-10Greater Toronto Airport Authority A / A2 / A- 6.250 Dec-12 Senior Unsecured 1 (4) 60 56 59 59 59 54 64 68 74 100 100 - 475 5.25 Jun-12Greater Toronto Airport Authority A / A2 / A- 6.450 Dec-27 Senior Unsecured (5) 3 122 124 123 127 124 115 119 128 126 129 132 136 375 8.0 Jun-27Greater Toronto Airport Authority A / A2 / A- 6.470 Feb-34 Senior Unsecured 2 11 130 125 123 128 124 118 119 128 125 600 5.75 Jun-29Halifax Dartmouth Bridge Comm. AA(L) / - / A+ 5.950 Dec-07 Senior Unsecured 3 9 34 32 28 32 25 25 25 25 25 65 55 80 100 7.25 Jun-07McGill University - / Aa1 / AA- 6.150 Sep-42 Senior Unsecured (5) (1) 69 70 72 74 78 72 70 67 64 55 76 - 150 5.75 Jun-29NAV Canada AA / Aa2 / AA 6.500 Jun-09 Senior Unsecured 5 3 30 25 25 25 22 22 27 27 35 48 45 63 250 5.5 Jun-09NAV Canada AA / Aa2 / AA 7.400 Jun-27 Senior Unsecured 0 (4) 70 70 70 70 68 68 74 74 74 80 70 85 250 8.0 Jun-27OMERS Realty Corp. AAA / - / AAA 5.480 Dec-12 Senior Unsecured 4 (5) 31 29 27 27 30 25 35 38 38 41 36 - 500 5.25 Jun-12Ontrea Inc. AAA / - / AAA 5.700 Oct-11 Senior Secured 5 1 26 23 21 21 23 20 25 30 30 33 29 40 600 6.0 Jun-11Ontrea Inc. AAA / - / AAA 5.570 Apr-13 Senior Secured 3 2 27 26 24 24 24 18 25 31 29 33 - - 600 5.25 Jun-13University of British Columbia - / Aa1 / AA 6.650 Dec-31 Senior Unsecured 5 1 50 46 43 45 47 45 49 57 57 47 57 74 125 8.0 Jun-27University of Toronto AA / Aa1 / AA 6.780 Jul-31 Senior Unsecured 0 (1) 57 55 55 57 57 55 58 61 56 50 54 66 160 8.0 Jun-27Vancouver Int'l Airport Authority AA(L) / - / AA 6.550 Dec-06 Senior Unsecured 6 (13) 17 16 11 11 17 25 30 30 30 70 35 68 150 7.0 Dec-06Vancouver Int'l Airport Authority AA(L) / - / AA 7.375 Dec-26 Senior Unsecured (8) (15) 87 88 95 95 96 97 102 101 108 110 107 131 150 9.0 Jun-25

NON-BANK FINANCIALSAmerican Express Canada Credit Corp. A(H) / Aa3 / A+n 4.300 Nov-10 Senior Unsecured 4 - 45 42 41 41 42 - - - - - - - 500 5.5 Jun-10Bank of America Corp. AA(L)p/ Aa2 / AA- 3.740 Sep-10 Senior Unsecured 2 - 40 38 38 38 34 46 - - - - - - 250 4.0 Sep-10Bank of America Corp. AA(L)p/ Aa2 / AA- 4.360 Sep-15 Senior Unsecured 7 - 68 62 62 61 57 55 - - - - - - 400 4.5 Jun-15Brookfield Asset Management Inc. A(L) / Baa3 / A- 7.250 Jun-07 Senior Unsecured (2) (25) 35 35 37 37 38 35 60 59 75 175 270 205 125 7.25 Jun-07Brookfield Asset Management Inc. A(L) / Baa3 / A- 5.950 Jun-35 Senior Unsecured 1 (4) 156 150 152 155 152 155 160 - - - - - 300 5.75 Jun29Caisse centrales Desjardins AA(L) / Aa3 / AA- 4.470 Nov-08 Senior Unsecured 0 (2) 30 30 30 30 30 30 32 32 39 300 4.25 Sep-08CIT Group Inc. Ap/ A2 / A 7.050 Jun-07 Senior Unsecured (1) (19) 31 31 32 32 35 45 50 50 70 125 200 151 135 7.25 Jun-07Citigroup Finance Canada, Inc. AA(H) / Aa1 / AA-p 4.300 Aug-08 Senior Unsecured 4 10 38 32 34 34 27 27 28 31 30 33 - - 300 6.0 Jun-08Citigroup Finance Canada, Inc. AA(H) / Aa1 / AA-p 4.290 Nov-09 Senior Unsecured 3 (9) 35 34 35 32 32 41 44 52 55 - - - 200 4.25 Sep-09Citigroup Finance Canada, Inc. AA(H) / Aa1 / AA-p 5.100 Jul-11 Senior Unsecured 4 9 42 38 38 38 36 36 33 43 46 - - - 200 6.0 Jun-11Citigroup Finance Canada, Inc. AA(H) / Aa1 / AA-p 4.750 Mar-14 Senior Unsecured (2) 3 51 49 52 53 44 45 48 45 48 200 5.0 Jun-14GE Capital Canada Funding Co. AAA / Aaa / AAA 6.250 Jul-12 Senior Unsecured 0 3 42 42 42 42 35 33 39 36 40 42 75 - 300 5.25 Jun12GE Capital Canada Funding Co. AAA / Aaa / AAA 5.150 Jun-13 Senior Unsecured 0 5 46 43 45 46 39 38 41 40 45 41 - - 600 5.25 Jun-13GE Capital Canada Funding Co. AAA / Aaa / AAA 4.650 Feb-15 Senior Unsecured 3 6 56 52 49 53 47 48 50 48 - - - - 600 5.0 Jun-14HSBC Financial Corp. Ltd. AA(L) / Aa3p / AA- 6.440 Jun-07 Senior Unsecured (4) 4 27 25 32 32 31 27 23 29 27 39 135 - 400 7.25 Jun-07HSBC Financial Corp. Ltd. AA(L) / Aa3p / AA- 3.500 Dec-08 Senior Unsecured (2) - 38 36 39 40 38 36 - - - - - - 400 4.25 Sep-08HSBC Financial Corp. Ltd. AA(L) / Aa3p / AA- 4.200 Apr-09 Senior Unsecured (1) 9 39 38 38 40 37 34 30 30 31 - - - 650 5.5 Jun09IGM Financial Inc. A(H) / - / A 6.750 May-11 Senior Unsecured 2 (3) 47 46 45 45 42 40 50 50 60 70 85 103 450 6.0 Jun-11IGM Financial Inc. A(H) / - / A 6.650 Dec-27 Senior Unsecured (2) (6) 116 116 118 118 119 112 122 125 123 118 145 152 125 8.0 Jun-27J.P. Morgan Chase & Co. A(H) / Aa3 / A+p 3.877 Sep-15 Senior Unsecured 4 - 50 47 45 46 45 - - - - - - - 850 4.0 Sep-10MBNA Canada Bank AAp/ Aa1 / AA 6.625 Nov-07 Senior Unsecured 0 (7) 23 23 23 23 23 23 30 42 52 75 190 - 100 4.5 Sep-07MBNA Canada Bank AAp/ Aa1 / AA 5.000 Aug-08 Senior Unsecured 7 (2) 33 26 26 26 26 25 35 40 55 80 - - 150 6.00 Jun-08MBNA Canada Bank AAp/ Aa1 / AA 4.000 Jun-10 Senior Unsecured 1 (4) 38 37 37 37 37 37 42 - - - - - 300 5.5 Jun-10Merrill Lynch Canada Finance Co. AA(L) / Aa3 / A+ 5.350 Nov-07 Senior Unsecured (0) (3) 27 21 28 28 31 27 30 38 40 48 85 - 400 7.25 Jun-07Merrill Lynch Canada Finance Co. AA(L) / Aa3 / A+ 4.200 Dec-09 Senior Unsecured 0 (1) 37 37 37 37 33 33 38 40 42 - - - 200 4.25 Sep-09Merrill Lynch Canada Finance Co. AA(L) / Aa3 / A+ 5.000 Feb-14 Senior Unsecured 10 10 70 60 60 60 60 55 60 68 62 - - - 200 5.25 Jun-13SLM Corporation - / A2 / A 4.300 Dec-09 Senior Unsecured (3) 0 50 48 48 53 47 44 50 50 54 - - - 400 4.25 Sep-09SLM Corporation - / A2 / A 3.930 Aug-10 Senior Unsecured 8 - 56 51 53 48 47 47 - - - - - - 250 5.5 Jun-10Wells Fargo Financial Canada Corp. AA / Aa1 / AA-p 4.750 Jun-09 Senior Unsecured 1 9 34 31 29 33 30 28 25 30 29 - - - 400 5.5 Jun09Wells Fargo Financial Canada Corp. AA / Aa1 / AA-p 3.600 Jun-10 Senior Unsecured 1 9 37 35 34 36 32 32 28 - - - - - 400 5.5 Jun-10Wells Fargo Financial Canada Corp. AA / Aa1 / AA-p 4.380 Jun-15 Senior Unsecured 3 8 60 57 57 57 49 48 52 - - - - - 1000 4.5 Jun-15

CREDIT RATINGS

Issuer Name (DBRS/Moodys/S&P) Coupon Maturity Capital Structure QoQ YoY Jun-30 May-31 Apr-30 Mar-31 Dec-31 Sep-30 Jun-30 Mar-31 Dec-31 Dec-31 Dec-31 Dec-31 O/S BenchmarkAs at June 30, 2006 Change Change 2006 2006 2006 2006 2005 2005 2005 2005 2004 2003 2002 2001 ($MM)

CANADIAN BANKSBank of Montreal AA(L) / Aa3 / AA- 4.780 Apr-14 Deposit Notes 1 2 50 48 48 49 44 42 48 45 43 - - - 525 5.0 Jun-14Bank of Montreal A(H) / A1 / A+ 4.000 Jan-10 Subordinated 0 0 38 38 42 38 38 39 38 42 - - - - 500 4.25 Sep-09BMO Capital Trust (BOaTS) A / - / A 5.474 Dec-14 Hybrids 10 12 85 79 74 75 73 72 73 76 76 - - - 600 5.0 Jun-14Bank of Nova Scotia AA(L) / Aa3 / AA- 4.290 Sep-09 Deposit Notes 3 7 33 29 30 30 30 27 26 29 25 - - - 200 4.25 Sep-09Bank of Nova Scotia A(H) / A1 / A+ 8.300 Sep-13 Subordinated 7 2 55 48 48 48 48 45 53 56 56 50 75 - 250 5.25 Jun-13Scotia Capital Trust (BaTS) A / - / A 6.282 Jun-13 Hybrids 9 9 75 68 65 66 60 62 66 69 74 75 - - 750 5.25 Jun-13Canadian Imperial Bank of Commerce A / A1 / An 4.500 Oct-09 Subordinated 2 10 40 36 36 38 36 37 30 35 32 - - 500 4.25 Sep-09Canadian Imperial Bank of Commerce A(H) / Aa3 / A+n 4.750 Dec-14 Deposit Notes 0 5 53 51 52 53 47 45 48 53 49 - - - 700 5.0 Jun-14National Bank of Canada A / A2 / A- 4.926 Dec-14 Subordinated 0 15 83 86 85 83 72 61 68 66 68 - - - 350 5.0 Jun-14National Bank of Canada A(H) / A1 / A 4.660 Sep-09 Deposit Notes 0 5 35 35 35 35 29 30 30 33 33 37 - - 300 4.25 Sep-09Royal Bank of Canada A(H) / Aa3 / A+ 3.700 Jun-10 Subordinated 1 6 39 37 37 38 37 38 33 - - - - - 800 5.5 Jun-10Royal Bank of Canada AA(L) / Aa2 / AA- 4.710 Dec-14 Deposit Notes 2 5 52 51 50 50 46 45 47 51 50 - - - 500 5.0 Jun-14Royal Bank of Canada (Tier 2A) A(H) / Aa3 / A 5.950 Jun-14 Resets 6 6 79 71 69 73 66 71 73 75 75 - - - 600 5.0 Jun-14RBC Capital Trust (TruCS) A / A1 / A 4.870 Dec-15 Hybrids 15 - 99 89 84 84 76 - - - - - - - 1200 4.5 Jun-15Toronto Dominion Bank A(H) / A1 / Ap 5.690 Jun-13 Subordinated 2 5 57 54 54 55 48 48 52 56 55 50 - - 900 5.25 Jun-13Toronto Dominion Bank (Tier 2A) A(H) / A1 / A-p 4.970 Oct-15 Resets 14 - 92 83 78 78 78 - - - - - - - 800 5.0 Jun-14TD CaTS A / - / A-p 6.792 Dec-12 Hybrids 3 (1) 67 64 62 64 60 60 68 71 74 75 110 - 350 5.25 Jun-12

CANADIAN INSURANCEGreat West Lifeco AA(L) / - / A+ 6.750 Aug-10 Senior Unsecured (2) 2 36 36 36 38 38 32 34 34 46 45 65 74 200 5.5 Jun-10Great-West Life Capital Trust A(H) / - / A 5.995 Dec-12 Hybrid 4 (5) 62 59 58 58 55 55 67 70 75 - - - 350 5.25 Jun-12Great West Lifeco AA(L) / - / A+ 6.670 Mar-33 Senior Unsecured 3 (3) 100 97 97 97 95 94 103 102 106 - - - 400 5.75 Jun-29John Hancock Canadian Corp. AA / A2 / AA-p 6.672 May-11 Senior Unsecured 7 0 40 35 35 33 38 34 40 41 50 60 122 100 220 6.0 Jun-11Manulife Bank of Canada AA(L) / - / - 4.440 Sep-08 Senior Unsecured 0 (4) 23 23 23 23 23 21 27 22 34 30 - - 100 4.25 Sep-08Manufacturers Life Insurance Co. AA(L) / - / AA-p 6.240 Feb-16 Subordinated (1) 4 39 39 40 40 37 32 35 35 38 41 72 76 550 6.0 Jun-11Manulife Financial Capital Trust A(H) / - / A+p 6.700 Jun-12 Hybrid 8 4 62 57 55 54 52 48 58 63 68 - - - 940 5.25 Jun-12Sun Life Financial Inc. AA(L) / - / AA- 4.800 Nov-15 Senior Unsecured 3 - 72 68 67 69 65 - - - - - - - 600 4.5 Jun-15Sun Life Assurance Co. of Canada AA(L) / A1 / A+ 6.150 Jun-12 Subordinated 7 3 58 53 52 51 50 48 55 59 63 64 90 - 800 5.25 Jun-12Sun Life Capital Trust - SLEECS A(H) / A2 / A+ 6.865 Dec-11 Hybrid 10 6 63 60 55 53 50 50 57 68 73 75 107 125 950 6.0 Jun-11

AUTO FINANCEFord Credit Canada Ltd. BBn / Ba2n / B+ N/A 3-year Senior Unsecured 25 195 525 500 475 500 600 400 330 240 130 160 350 190 N/A N/AFord Credit Canada Ltd. BBn / Ba2n / B+ N/A 5-year Senior Unsecured 50 150 550 525 500 500 600 500 400 290 180 185 375 220 N/A N/AFord Credit Canada Ltd. BBn / Ba2n / B+ 5.800 Sep-06 Senior Unsecured (50) (30) 200 200 250 250 525 225 230 175 98 180 - - 500 5.75 Sep-06GMAC Canada Ltd. BBB(L)wd / Ba1wn / BBwd N/A 5-year Senior Unsecured (50) (265) 350 375 400 400 475 500 615 450 220 160 280 190 N/A N/ADaimlerChrysler Canada Finance Inc. A(L)n / A3n / BBB N/A 3-year Senior Unsecured 0 (25) 85 85 79 85 85 92 110 75 75 105 160 165 N/A N/ADaimlerChrysler Canada Finance Inc. A(L)n / A3n / BBB N/A 5-year Senior Unsecured 0 (30) 120 121 115 120 120 127 150 90 90 120 175 195 N/A N/ADaimlerChrysler Canada Finance Inc. A(L)n / A3n / BBB 5.200 Nov-06 Senior Unsecured (6) (33) 42 48 48 48 50 53 75 68 57 122 - - 400 7.0 Dec-06

ASSET BACKED SECURITIESAlgonquin Credit Card Trust AAA / Aaa / AAA 3.989 Oct-10 Senior Secured 0 - 36 36 36 36 31 - - - - - - - 398 4.0 Sep-10Broadway Credit Card Trust AAA / Aaa / - 4.804 Mar-14 Senior Secured 3 4 44 44 44 41 40 36 40 39 44 - - - 350 5.0 Jun-14Canadian Capital Auto Receivables Asset Trust AAA / Aaa / - 3.383 Jun-08 Senior Secured 4 4 38 34 34 34 33 32 34 - - - - - 180 6.0 Jun-08Cards II Trust AAA / Aaa / - 4.379 Oct-09 Senior Secured 4 8 32 32 28 28 28 24 24 26 29 - - - 600 4.25 Sep-09Genesis Trust AAA / Aaa / - 4.002 Mar-10 Senior Secured 6 4 35 36 33 29 29 30 31 35 - - - - 961 4.25 Sep-09Glacier Credit Card Trust AAA / - / AAA 4.820 Dec-07 Senior Secured (1) (2) 24 23 23 25 23 23 26 30 33 38 42 - 450 4.5 Sep-07Gloucester Credit Card Trust AAA / Aaa / AAA 5.376 May-14 Senior Secured 4 6 46 46 44 42 41 38 40 40 50 - - - 254 5.0 Jun-14Golden Credit Card Trust AAA / - / AAA 4.047 Jun-10 Senior Secured 6 12 34 34 30 28 29 23 22 - - - - - 1146 5.5 Jun-10NIF-T AAA / - / AAA 3.542 Mar-08 Senior Secured 3 (2) 35 27 30 32 37 37 37 37 - - - - 185 2.75 Dec-07

CREDIT RATINGS

Issuer Name (DBRS/Moodys/S&P) Coupon Maturity Capital Structure QoQ YoY Jun-30 May-31 Apr-30 Mar-31 Dec-31 Sep-30 Jun-30 Mar-31 Dec-31 Dec-31 Dec-31 Dec-31 O/S BenchmarkAs at June 30, 2006 Change Change 2006 2006 2006 2006 2005 2005 2005 2005 2004 2003 2002 2001 ($MM)

PROVINCIALSBritish Columbia AA / Aa1 / AA+ 5.300 Jun-14 General Obligations 6 5 20 18 14 14 18 13 15 22 23 - - - 500 5.0 Jun-14Manitoba A(H) / Aa2 / AA- 5.200 Dec-15 General Obligations 2 4 28 29 25 27 26 22 24 30 28 - - - 450 4.5 Jun-15New Brunswick A(H) / Aa3 / AA- 4.300 Dec-15 General Obligations 1 7 32 33 28 31 28 24 25 - - - - - 200 4.5 Jun-15Newfoundland and Labrador A(L) / A2 / A- 5.250 Jun-14 General Obligations 0 (7) 28 29 26 28 34 24 35 43 42 - - - 300 5.0 Jun-14Nova Scotia A(L)p / A2 / Ap 4.700 Jan-15 General Obligations 2 0 29 29 25 27 29 24 29 37 - - - - 200 5.0 Jun-14Ontario AA / Aa2 / AA 4.000 May-10 General Obligations 6 9 17 12 11 11 13 9 8 14 - - - - 500 5.5 Jun-10Ontario AA / Aa2 / AA 4.500 Mar-15 General Obligations 2 0 30 30 26 28 30 26 30 37 - - - - 3000 5.0 Jun-14Ontario AA / Aa2 / AA 6.500 Mar-29 General Obligations (2) 4 47 45 46 49 48 44 43 46 43 39 38 51 4555 5.75 Jun-29Ontario AA / Aa2 / AA 5.600 Jun-35 General Obligations (3) 5 51 49 50 54 53 48 46 51 45 - - - 6000 5.75 Jun-33Quebec A(H) / Aa3 / A+ 6.250 Dec-10 General Obligations 1 (2) 24 23 22 23 26 23 26 29 30 32 38 53 2631 5.5 Jun-10Quebec A(H) / Aa3 / A+ 5.000 Dec-15 General Obligations (1) 0 42 43 40 43 44 39 42 - - - - - 2500 4.5 Jun-15Quebec A(H) / Aa3 / A+ 6.000 Oct-29 General Obligations (4) 0 57 58 59 62 64 60 57 53 51 44 54 74 2737 5.75 Jun-29Quebec A(H) / Aa3 / A+ 5.750 Dec-36 General Obligations (6) 0 61 62 64 67 70 64 61 60 54 44 - - 3083 5.75 Jun-33Saskatchewan A(H) / Aa2 / AA- p 4.250 Dec-15 General Obligations 2 4 27 28 23 25 23 19 23 - - - - - 200 4.5 Jun-15

CROWN CORPORATIONSCanada Housing Trust No. 1 (CMB) AAA / Aaa / AAA 4.050 Mar-11 Senior Secured 5 - 15 14 13 10 13 - - - - - - - 4950 4.0 Sep-10Canada Housing Trust No. 1 (CMB) AAA / Aaa / AAA 3.750 Mar-10 Senior Secured 1 (4) 14 13 13 13 14 14 18 20 23 - - - 8080 4.25 Sep-09Canada Housing Trust No. 1 (CMB) AAA / Aaa / AAA 3.550 Sep-10 Senior Secured 1 4 13 11 10 12 12 8 9 - - - - - 4450 4.0 Sep-10Canada Mortgage and Housing Corp. (CMHC) AAA / Aaa / AAA 5.500 Jun-12 General Obligations (2) 1 12 12 12 14 14 11 11 11 15 14 15 - 300 5.25 Jun-12Canada Mortgage and Housing Corp. (CMHC) AAA / Aaa / AAA 4.300 Apr-15 General Obligations 0 (1) 14 13 13 14 11 8 15 - - - - - 500 4.5 Jun-15Export Development Canada (EDC) AAA / Aaa / AAA 5.100 Jun-14 General Obligations 3 2 15 15 13 12 14 8 13 15 18 - - - 500 5.0 Jun-14Export Development Canada (EDC) AAA / Aaa / AAA 5.800 Dec-12 General Obligations 1 (1) 13 13 13 12 12 12 14 17 20 22 19 - 500 5.25 Jun-12

Canadian Spread History As at June 30, 2006

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