Bond Canada Export Development 1.25% ( US30216BCJ98 ) in USD

Issuer Canada Export Development
Market price 100 %  ▼ 
Country  Canada
ISIN code  US30216BCJ98 ( in USD )
Interest rate 1.25% per year ( payment 2 times a year)
Maturity 27/10/2015 - Bond has expired



Prospectus brochure of the bond Export Development Canada US30216BCJ98 in USD 1.25%, expired


Minimal amount 5 000 USD
Total amount 1 000 000 000 USD
Cusip 30216BCJ9
Detailed description Export Development Canada (EDC) is a Canadian Crown corporation that helps Canadian businesses of all sizes succeed in global markets by providing financing, insurance, bonding, and advisory services.

The Bond issued by Canada Export Development ( Canada ) , in USD, with the ISIN code US30216BCJ98, pays a coupon of 1.25% per year.
The coupons are paid 2 times per year and the Bond maturity is 27/10/2015







P R O S P E C T U S S U P P L E M E N T
(To prospectus dated December 17, 2009)
Export Development Canada
(An agent of Her Majesty in right of Canada)
Exportation et développement Canada
(Mandataire de Sa Majesté du chef du Canada)
U.S. $1,000,000,000
1.250% United States Dollar Bonds due October 27, 2015
Export Development Canada will pay interest on the bonds semi-annually in arrears on April 27 and October 27 of each
year, commencing April 27, 2011. Interest will accrue from October 27, 2010. EDC cannot redeem the bonds prior to maturity
unless certain events occur involving Canadian taxation as further described in "Description of Bonds -- Maturity, Redemption
and Purchases". The bonds will mature on October 27, 2015.
The bonds will constitute direct unconditional obligations of EDC and as such will carry the full faith and credit of Canada and
will constitute direct unconditional obligations of and by Canada. The payment of the principal of and interest on the bonds will
constitute a charge on and be payable out of the Consolidated Revenue Fund of Canada.
Application has been made for the bonds offered by this prospectus supplement to be admitted to the Official List of the
Luxembourg Stock Exchange and for such bonds to be admitted to trading on the Euro MTF Market of the Luxembourg Stock
Exchange. Unless the context otherwise requires, references in this prospectus supplement to the bonds being "listed" shall
mean that the bonds have been admitted to trading on the Euro MTF Market and have been admitted to the Official List of the
Luxembourg Stock Exchange. The Underwriters will purchase all of the bonds if any are purchased.
Per Bond
Total
Public offering price(1) . . . . . . . . . . . . . . . . . . . . . . . . . .
99.850%
U.S. $998,500,000
Underwriting discount . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.125%
U.S. $
1,250,000
Proceeds, before expenses, to EDC(1) . . . . . . . . . . . . . . . .
99.725%
U.S. $997,250,000
(1) Plus accrued interest from October 27, 2010, if settlement occurs after such date.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of
these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
We expect that the bonds will be ready for delivery in book-entry form only through The Depository Trust Company, CDS
Clearing and Depository Services Inc., Clearstream, Luxembourg or Euroclear, as the case may be, on or about October 27, 2010.
BofA Merrill Lynch
HSBC
RBC Capital Markets
RBS
Barclays Capital
BNP PARIBAS
CIBC
Citi
Credit Suisse
Deutsche Bank Securities
Mizuho International plc
Morgan Stanley
Scotia Capital
TD Securities
The date of this prospectus supplement is October 20, 2010.


TABLE OF CONTENTS
Page
Prospectus Supplement
Summary of the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-4
Description of Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-5
Clearing and Settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-9
Tax Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-11
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-14
Legal Opinions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-16
Authorized Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-16
General Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-16
Basic Prospectus
About this Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Where You Can Find More Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
Jurisdiction and Consent to Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Export Development Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
Use of Proceeds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Description of the Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Tax Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10
Authorized Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
Public Official Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11
This prospectus supplement should be read together with the prospectus dated December 17, 2009 of Export
Development Canada ("EDC") (the "basic prospectus") which contains, or incorporates by reference, information
regarding EDC, Canada and other matters, including a description of certain terms of EDC's securities. EDC has not
authorized anyone to provide any information other than that contained or incorporated by reference in this
prospectus supplement and the basic prospectus. EDC takes no responsibility for, and can provide no assurance as to
the reliability of, any other information that others may give you. Neither EDC nor the Underwriters are making an
offer to sell these bonds in any jurisdiction where the offer or sale is not permitted. You should assume that the
information appearing in this prospectus supplement and the accompanying basic prospectus, as well as the
information previously filed by EDC with the United States Securities and Exchange Commission (the "SEC") and
incorporated by reference in the accompanying basic prospectus, is accurate only as of the date of such documents.
That portion of the bonds being offered by this prospectus supplement and the accompanying basic prospectus to be
sold in the United States or in circumstances where registration of the bonds is required has been registered under
registration statement no. 333-162531 which EDC has filed with the SEC. Further information regarding EDC and
the bonds may be found in registration statement no. 333-162531.
EDC and Canada file reports and other information with the SEC in the United States. You may read and copy
any document EDC or Canada files at the SEC's public reference room at 100 F Street, N.E., in Washington, D.C.
Please call the SEC at 1-800-SEC-0330 for more information on the public reference rooms and their copy charges.
EDC's and Canada's SEC filings are also available to the public from the SEC's website at www.sec.gov and will be
available at the offices of the Luxembourg listing agent.
S-2


EDC expects that delivery of the bonds will be made against payment therefor on or about the date specified on
the cover page of this prospectus supplement, which is five business days following the date of pricing of the bonds
(such settlement cycle being herein referred to as "T+5"). You should note that the trading of the bonds on the date
of pricing or the next succeeding business day may be affected by the T+5 settlement. See "Underwriting".
The distribution of this prospectus supplement and the accompanying basic prospectus and the offering of the
bonds in certain jurisdictions may be restricted by law. In particular, in the case of offers in the European Economic
Area, or EEA, the bonds may not be offered or sold, directly or indirectly, except in circumstances that will result in
compliance with Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003
(the "Prospectus Directive") and any implementing legislation in any Relevant Member State (as defined below)
and any other applicable laws and regulations. Persons in whose possession this prospectus supplement and the
accompanying basic prospectus come should inform themselves about and observe any such restrictions. This
prospectus supplement and the accompanying basic prospectus do not constitute, and may not be used in connection
with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or in
which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to
make such offer or solicitation. See "Underwriting".
This prospectus supplement has been prepared on the basis that all offers of bonds in any member state of the
EEA which has implemented the Prospective Directive (a "Relevant Member State") will be made pursuant to an
exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to
produce and publish a prospectus for offers of the bonds. Accordingly, any person making or intending to make any
offer in that Relevant Member State of the bonds which are the subject of the placement referred to in this
prospectus supplement may only do so in circumstances in which no obligation arises for EDC or the Underwriters
to produce and publish a prospectus pursuant to Article 3 of the Prospectus Directive, or supplement a prospectus
pursuant to Article 16 of the Prospective Directive, in relation to such offer. Neither EDC nor the Underwriters have
authorized, nor do they authorize, the making of any offer of the bonds in circumstances in which an obligation
arises for EDC or the Underwriters to publish a prospectus or supplement a prospectus for such offer. EDC has not
authorized and does not authorize the making of any offer of the bonds through any financial intermediary, other
than offers made by the Underwriters resulting in sales constituting the final placement of the bonds contemplated
in this prospectus supplement.
References in this prospectus supplement to "U.S. $" and "United States dollars" are to the lawful money of the
United States of America and all references to the "European Economic Area" or "EEA" are to the Member States
of the European Union together with Iceland, Norway and Liechtenstein.
In this prospectus supplement, unless otherwise indicated, dollar amounts are expressed in United States
dollars. On October 20, 2010 the noon spot rate of the Bank of Canada for conversion of United States dollars
("U.S. $") to Canadian dollars ("Cdn. $") was U.S. $1.00 = Cdn. $1.02.
S-3


SUMMARY OF THE OFFERING
The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed
information appearing elsewhere in this prospectus supplement and the accompanying basic prospectus.
Issuer
Export Development Canada, an agent of Her Majesty in right of
Canada,
151
O'Connor
Street,
Ottawa,
Ontario,
Canada
K1A 1K3
(Phone: (613) 598-2800).
Securities Offered
U.S. $1,000,000,000 principal amount of 1.250% United States Dollar Bonds due
October 27, 2015.
Interest Payment Dates
April 27 and October 27 of each year, commencing April 27, 2011.
Redemption
We will not redeem the bonds prior to maturity, unless certain events occur
involving Canadian taxation. See "Description of Bonds -- Maturity, Redemption
and Purchases".
Markets
We will offer the bonds for sale in the United States, Canada, Europe and Asia. See
"Underwriting".
Listing
Application has been made to list (as defined on the cover page of this prospectus
supplement) the bonds on the Euro MTF Market of the Luxembourg Stock
Exchange in accordance with the rules of the Luxembourg Stock Exchange. In
certain circumstances, we may cease to maintain such listing and agree to use our
reasonable efforts to obtain an alternative listing. See "General Information -- No
Obligation to Maintain Listing".
Status
The bonds will constitute our direct unconditional obligations and as such will
carry the full faith and credit of Canada and will constitute direct unconditional
obligations of and by Canada.
Form and Settlement
We will issue the bonds in the form of one or more fully registered global bonds
registered in the name of Cede & Co., as nominee of The Depository Trust Com-
pany ("DTC") and will record the global bonds in a register held by Citibank, N.A.,
as Registrar. You may hold a beneficial interest in a global bond through DTC,
CDS Clearing and Depository Services Inc. ("CDS"), Clearstream Banking,
société anonyme ("Clearstream, Luxembourg") or Euroclear Bank S.A./N.V.
("Euroclear") directly as a participant in one of those systems or indirectly
through organizations which are participants in any of those systems.
As an owner of a beneficial interest in a global bond, you will generally not be
entitled to have bonds registered in your name, will not be entitled to receive
certificates in your name evidencing the bonds and will not be considered the
holder of any bonds under the Fiscal Agency Agreement (as defined below).
We will issue the bonds only in denominations of U.S. $5,000 and integral
multiples of U.S. $5,000.
Withholding Tax
We will make payments of principal and interest in respect of the bonds without
withholding or deducting for Canadian withholding tax as set forth in "Tax
Matters -- Canadian Federal Income Tax Consequences" and in "Description
of the Debt Securities -- Payment of Additional Amounts" in the accompanying
basic prospectus.
S-4


DESCRIPTION OF BONDS
General
The 1.250% United States Dollar Bonds due October 27, 2015 in the initial aggregate principal amount of
U.S. $1,000,000,000 will be issued subject to a fiscal and paying agency agreement to be dated as of October 27, 2010
(the "Fiscal Agency Agreement") between EDC and Citibank, N.A., as fiscal agent, transfer agent, registrar and
principal paying agent (the "Registrar").
The terms and conditions of the bonds are summarized below and are subject to the detailed provisions of the
Fiscal Agency Agreement and the exhibits thereto, including the form of the global bonds, a copy of which will be
incorporated by reference as an exhibit to registration statement no. 333-162531 and will be available for inspection
at the offices of The Bank of New York Mellon (Luxembourg) S.A. in Luxembourg. The bonds and the Fiscal
Agency Agreement together constitute a contract, all of the terms and conditions of which the registered holder, by
acceptance of the bonds, assents to and is deemed to have notice of. Additional terms of the bonds are described in
the accompanying basic prospectus under the heading "Description of the Debt Securities".
References to principal and interest in respect of the bonds shall be deemed also to refer to any Additional
Amounts which may be payable. See "Description of the Debt Securities -- Payment of Additional Amounts" in the
accompanying basic prospectus.
Status of the Bonds
The bonds will constitute direct unconditional obligations of EDC and as such will carry the full faith and
credit of Canada and will constitute direct unconditional obligations of and by Canada. Payments of the principal of
and interest on the bonds will constitute a charge on and be payable out of the Consolidated Revenue Fund of
Canada. The obligations of EDC under the bonds rank equally with all of EDC's other unsecured and
unsubordinated indebtedness and obligations from time to time outstanding.
Form, Denomination and Registration
The bonds will be issued in the form of one or more fully registered global bonds registered in the name of
Cede & Co., as nominee of DTC. Beneficial interests in the global bonds will be represented through book-entry
accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in DTC.
Investors may elect to hold interests in the global bonds directly through any of DTC (in the United States), CDS (in
Canada) or Clearstream, Luxembourg or Euroclear (in Europe) if they are participants in such systems, or indirectly
through organizations which are participants in such systems. CDS will hold interests on behalf of its participants
directly through its account at DTC, and Clearstream, Luxembourg and Euroclear will hold interests on behalf of
their participants through customers' securities accounts in their respective names on the books of their respective
depositaries (the "U.S. Depositaries"), which in turn will hold such interests in customers' securities accounts in the
names of the U.S. Depositaries on the books of DTC. Except in the limited circumstances described herein, owners
of beneficial interests in the global bonds will not be entitled to have bonds registered in their names, will not receive
or be entitled to receive physical delivery of bonds in definitive form and will not be considered owners or holders
thereof under the Fiscal Agency Agreement. See "Title" and "Definitive Certificates".
Bonds will only be sold in minimum denominations of U.S. $5,000 and integral multiples of U.S. $5,000.
All bonds will be recorded in a register maintained by the Registrar, and will be registered in the name of
Cede & Co., for the benefit of owners of beneficial interests in the global bonds, including participants in DTC,
CDS, Clearstream, Luxembourg and Euroclear.
The Registrar will be responsible for (i) maintaining a record of the aggregate holdings of the global bonds of
Cede & Co.; (ii) ensuring that payments of principal and interest in respect of the global bonds received by the
Registrar from EDC are duly credited to Cede & Co.; and (iii) transmitting to EDC any notices from the registered
holders of bonds.
S-5


The Registrar will not impose any fees in respect of the bonds, other than reasonable fees for the replacement
of lost, stolen, mutilated or destroyed bonds. However, owners of beneficial interests in the global bonds may incur
fees payable in respect of the maintenance and operation of the book-entry accounts in which such interests are held
with the clearing systems.
Title
Subject to applicable law and the terms of the Fiscal Agency Agreement, EDC and the Registrar will treat the
persons in whose name a global bond is registered, initially Cede & Co., as nominee for DTC, as the owner of such
global bond for the purpose of receiving payments of principal and interest on the bonds and for all other purposes
whatsoever, except in respect of the payment of Additional Amounts. Therefore, neither EDC nor the Registrar has
any direct responsibility or liability for the payment of principal or interest on the bonds to owners of beneficial
interests in a global bond.
Interest
The bonds will bear interest from October 27, 2010 at a rate of 1.250% per annum. Interest on the bonds will be
payable in two equal semi-annual installments in arrears on April 27 and October 27 of each year, commencing
April 27, 2011. Interest will be payable to the persons in whose names the bonds are registered at the close of
business on April 12 or October 12 (the regular record dates), as the case may be, preceding the applicable interest
payment date. Interest on the bonds will cease to accrue on the date fixed for redemption or repayment unless
payment of principal is improperly withheld or refused. Any overdue principal or interest on the bonds shall bear
interest at the rate of 1.250% per annum (before as well as after judgment) until paid, or if earlier, when the full
amount of the moneys payable has been received by the Registrar and notice to that effect has been given in
accordance with "Notices" below.
Whenever it is necessary to compute any amount of accrued interest in respect of the bonds for a period of less
than one full year, other than with respect to regular semi-annual interest payments, such interest shall be calculated
on the basis of a 360-day year consisting of 12 thirty-day months.
Payments
Principal of and interest on the bonds (including bonds in definitive form issued in exchange for the global
bond as described under "Definitive Certificates") are payable by EDC in United States dollars to the persons in
whose names the bonds are registered on the record date preceding any interest payment date or at maturity, as the
case may be. The Registrar will act as EDC's principal paying agent for the bonds pursuant to the Fiscal Agency
Agreement. In the event definitive bonds are issued, EDC will appoint and maintain a transfer and paying agent in
Luxembourg as further described under "Definitive Certificates" and will maintain a paying agent in a member state
("Member State") of the European Union (if any) that will not be obligated to withhold or deduct tax pursuant to the
European Council Directive 2003/48/EC or any law implementing or complying with, or introduced in order to
conform to, such directive (the "Savings Directive"). Ownership positions within each clearing system will be
determined in accordance with the normal conventions observed by such system. Neither EDC nor the Registrar
will have any responsibility or liability for any aspect of the records of DTC, CDS, Clearstream, Luxembourg or
Euroclear relating to or payments made by such clearing systems on account of beneficial interests in a global bond
or for maintaining, supervising or reviewing any records of such clearing systems relating to such beneficial
interests.
If any date for payment in respect of any bond is not a business day, the holder thereof shall not be entitled to
payment until the next following business day, and no further interest shall be paid in respect of the delay in such
payment. In this paragraph "business day" means a day on which banking institutions in the City of New York, the
City of London, England, the City of Toronto or in the applicable place of payment are not authorized or obligated
by law or executive order to be closed.
All funds held by the Registrar or any paying agent for payment of principal or interest and any Additional
Amounts shall be held in trust for the registered holders of bonds. Any such moneys remaining unclaimed at the end
S-6


of two years after the date on which such principal, interest or Additional Amounts shall have become due and
payable shall be repaid to EDC, as provided and in the manner set forth in the bonds.
Further Issues
EDC may from time to time, without notice to or the consent of the registered holders of the bonds, create and
issue further bonds ranking equally with the bonds being issued pursuant to this prospectus supplement in all
respects (or in all respects except for the payment of interest accruing prior to the issue date of such further bonds or
except for the first payment of interest following the issue date of such further bonds) and so that such further bonds
shall be consolidated and form a single series with the bonds and shall have the same terms as to status, redemption
or otherwise as the bonds. Any further bonds shall be issued subject to an agreement supplemental to the Fiscal
Agency Agreement.
Maturity, Redemption and Purchases
The principal amount of the bonds shall be due and payable on October 27, 2015. The bonds are not subject to
any sinking fund, are not redeemable at the option of EDC prior to maturity unless certain events occur involving
Canadian taxation as provided below and are not repayable at the option of the holder prior to maturity.
The bonds may be redeemed at the option of EDC in whole, but not in part, at any time, on giving not less than
10 days' and not more than 60 days' notice to registered holders of bonds in accordance with "Notices" below (which
notice shall be irrevocable), at 100% of the principal amount thereof, together with interest accrued thereon to the date
fixed for redemption, if (a) EDC has or will become obliged to pay Additional Amounts as provided in the
accompanying basic prospectus under the caption "Description of the Debt Securities -- Payment of Additional
Amounts" as a result of any change in, or amendment to, the laws or regulations of Canada, or any province or political
subdivision thereof, or any authority thereof or agency therein having power to tax, or any change in the application or
official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date
of this prospectus supplement, and (b) such obligation cannot be avoided by EDC taking reasonable measures
available to it, provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date
on which EDC would be obliged to pay such Additional Amounts were a payment in respect of the bonds then due.
Prior to the publication of any notice of redemption pursuant to this paragraph, EDC shall deliver to the Registrar a
certificate signed by an officer of EDC stating that EDC is entitled to effect such redemption and setting forth a
statement of facts showing that the conditions precedent to the right of EDC so to redeem have occurred.
EDC may, if not in default under the bonds, at any time purchase bonds in the open market, or by tender or by
private contract at any price and may cause the Registrar to cancel any bonds so purchased.
Definitive Certificates
No beneficial owner of bonds will be entitled to receive physical delivery of bonds in definitive form except in
the limited circumstances described below.
If DTC notifies EDC that it is unwilling or unable to continue as depositary in connection with the global bonds
or ceases to be a recognized clearing agency registered under the U.S. Securities Exchange Act of 1934, as
amended, and a successor depositary is not appointed by EDC within 90 days after receiving such notice or
becoming aware that DTC is no longer so registered, EDC will issue or cause to be issued fully registered bonds in
definitive form upon registration of, transfer of, or in exchange for, the global bonds. EDC may also at any time and
in its sole discretion determine not to have any of the bonds held in the form of a global bond and, in such event, will
issue or cause to be issued fully registered bonds in definitive form upon registration of, transfer of, or in exchange
for, such global bond. In the event definitive bonds are issued and for so long as the bonds are listed on the
Luxembourg Stock Exchange, and the rules of the Luxembourg Stock Exchange so require, EDC will appoint and
maintain a transfer and paying agent in Luxembourg and notice of such appointment will be published in a leading
newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or on the
Luxembourg Stock Exchange website at www.bourse.lu. In such circumstances, EDC will also maintain a paying
agent in a Member State (if any) that will not be obligated to withhold or deduct tax pursuant to the Savings
Directive.
S-7


Fully registered bonds in definitive form may be presented at the office of the Luxembourg transfer agent, for
registration of transfer or exchange by the Registrar in accordance with the Fiscal Agency Agreement. Payments of
interest on fully registered bonds in definitive form will be made by the Registrar by cheque or wire transfer in
accordance with the Fiscal Agency Agreement. Fully registered bonds in definitive form may be surrendered at the
office of the Luxembourg paying agent or such other paying agent appointed by EDC for payment of principal at
maturity or on the date fixed for redemption.
Modification
The Fiscal Agency Agreement and the bonds may be amended or supplemented by EDC on the one hand, and
the Registrar, on the other hand, without notice to or the consent of the registered holder of any bond, for the purpose
of curing any ambiguity, or curing, correcting or supplementing any defective provisions contained therein, or
effecting the issue of further bonds as described under "Further Issues" above, or in any other manner which EDC
may deem necessary or desirable and which, in the reasonable opinion of EDC, on the one hand, and the Registrar,
on the other hand, will not adversely affect the interests of the holders of bonds.
The Fiscal Agency Agreement will contain provisions for convening meetings of registered holders of bonds to
modify or amend by Extraordinary Resolution (as defined below) the Fiscal Agency Agreement (except as provided
in the immediately preceding paragraph) and the bonds (including the terms and conditions thereof). An
Extraordinary Resolution in the form of a resolution duly passed at any such meeting shall be binding on all
holders of bonds, whether present or not, and an Extraordinary Resolution in the form of an instrument signed by the
holders of the bonds in accordance with the definition below shall be binding on all holders of the bonds; provided,
however, that no such modification or amendment to the Fiscal Agency Agreement or to the terms and conditions of
the bonds may, without the consent of the registered holder of each such bond affected thereby: (a) change the stated
maturity of any such bond or change any interest payment date; (b) reduce the principal amount of any such bond or
the rate of interest payable thereon; (c) change the currency of payment of any such bond; (d) impair the right to
institute suit for the enforcement of any payment on or with respect to any such bond; or (e) reduce the percentage of
the principal amount of bonds necessary for the taking of any action, including modification or amendment of the
Fiscal Agency Agreement or the terms and conditions of the bonds, or reduce the quorum required at any meeting of
registered holders of bonds.
The term "Extraordinary Resolution" will be defined in the Fiscal Agency Agreement as a resolution passed at
a meeting of registered holders of bonds by the affirmative vote of the registered holders of not less than 662/3% of
the principal amount of the bonds represented at the meeting in person or by proxy and voted on the resolution or as
an instrument in writing signed by the registered holders of not less than 662/3% in principal amount of the
outstanding bonds. The quorum at any such meeting for passing an Extraordinary Resolution will be one or more
registered holders of bonds present in person or by proxy who represent at least a majority in principal amount of the
bonds at the time outstanding, or at any adjourned meeting called by EDC or the Registrar, one or more persons
being or representing registered holders of bonds whatever the principal amount of the bonds so held or represented.
So long as the bonds are listed on the Luxembourg Stock Exchange, notice of any amendment will be
published in a leading newspaper having general circulation in Luxembourg (which is expected to be the
Luxemburger Wort) or on the Luxembourg Stock Exchange website at www.bourse.lu.
Governing Law
The bonds and the Fiscal Agency Agreement will be governed by, and interpreted in accordance with, the laws
of the Province of Ontario, Canada and the laws of Canada applicable therein.
Notices
All notices to the registered holders of bonds will be mailed or delivered to such holders at their addresses
indicated in records maintained by the Registrar and, as long as the bonds are listed on the Luxembourg Stock
Exchange, and the rules of the Luxembourg Stock Exchange so require, notices will be published in a leading
newspaper having general circulation in Luxembourg (which is expected to be the Luxemburger Wort) or on the
Luxembourg Stock Exchange website at www.bourse.lu. Any such notice shall be deemed to have been given on the
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date of such delivery or publication, as the case may be, or in the case of mailing, on the second business day after
such mailing.
Prescription
EDC's obligation to pay the principal and interest on the bonds will cease if the bonds are not presented for
payment within a period of two years, and a claim for interest is not made within two years, from the date on which
such principal or interest, as the case may be, becomes due and payable.
CLEARING AND SETTLEMENT
Links have been established among DTC, CDS, Clearstream, Luxembourg and Euroclear to facilitate the
initial issuance of the bonds and cross-market transfers of the bonds associated with secondary market trading. DTC
will be directly linked to CDS, and indirectly linked to Clearstream, Luxembourg and Euroclear through the DTC
accounts of their respective U.S. Depositaries.
The Clearing Systems
The clearing systems have advised EDC as follows:
DTC.
DTC is a limited-purpose trust company organized under the laws of the State of New York, a member
of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial
Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the U.S. Securities Exchange
Act of 1934, as amended. DTC was created to hold securities for DTC participants ("DTC Participants") and to
facilitate the clearance and settlement of transactions between DTC Participants through electronic book-entry
changes in accounts of DTC Participants, thereby eliminating the need for physical movement of certificates. DTC
Participants include certain of the Underwriters, securities brokers and dealers, banks, trust companies, clearing
corporations and certain other organizations. Indirect access to the DTC system is also available to others such as
banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC
Participant, either directly or indirectly ("Indirect DTC Participants").
Transfers of ownership or other interests in bonds in DTC may be made only through DTC Participants.
Indirect DTC Participants are required to effect transfers through a DTC Participant. In addition, beneficial owners
of bonds in DTC will receive all distributions of principal of and interest on the bonds through such DTC
Participants to the extent received by DTC. Distributions in the United States will be subject to tax reporting in
accordance with relevant United States tax laws and regulations. See "Tax Matters -- Certain U.S. Federal Tax
Considerations".
Because DTC can only act on behalf of DTC Participants, who in turn act on behalf of Indirect DTC
Participants, and because beneficial owners holding through DTC will hold interests in the bonds through DTC
Participants or Indirect DTC Participants, the ability of such beneficial owners to pledge bonds to persons or entities
that do not participate in DTC, or otherwise take actions with respect to such bonds, may be limited.
CDS.
CDS was formed in November 2006 pursuant to the restructuring of The Canadian Depository for
Securities Limited ("CDS Ltd."). After the restructuring, CDS Ltd., founded in 1970, remains the holding company
for CDS and two other operating subsidiaries and is Canada's national securities clearing and depositary services
organization. Functioning as a service utility for the Canadian financial community, CDS provides a variety of
computer-automated services for financial institutions and investment dealers active in domestic and international
capital markets. CDS participants ("CDS Participants") include banks (including their Canadian subcustodians),
investment dealers and trust companies and may include certain of the Underwriters. Indirect access to CDS is
available to other organizations that clear through or maintain a custodial relationship with a CDS Participant.
Transfers of ownership and other interests, including cash distributions, in the bonds in CDS may only be processed
through CDS Participants and will be completed in accordance with existing CDS rules and procedures. CDS
operates in Montreal, Toronto, Calgary and Vancouver to centralize securities clearing functions through a central
securities depositary.
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CDS is wholly-owned by CDS Ltd., a private corporation, owned one-third by investment dealers, one-third by
banks and one-third by trust companies through their respective industry associations. CDS is the exclusive clearing
house for equity trading on the Toronto Stock Exchange and also clears a substantial volume of "over the counter"
trading in equities and bonds.
Clearstream, Luxembourg.
Clearstream, Luxembourg is incorporated under the laws of Luxembourg as a
registered bank. Clearstream, Luxembourg holds securities for its participating organizations ("Clearstream,
Luxembourg Participants") and facilitates the clearance and settlement of securities transactions between
Clearstream, Luxembourg Participants through electronic book-entry changes in accounts of Clearstream,
Luxembourg Participants, thereby eliminating the need for physical movement of certificates. Clearstream,
Luxembourg provides to Clearstream, Luxembourg Participants, among other things, services for safekeeping,
administration, clearance and settlement of internationally traded securities and securities lending and borrowing.
Clearstream, Luxembourg interfaces with domestic markets in several countries. As a registered bank in
Luxembourg, Clearstream, Luxembourg is subject to regulation by the Luxembourg Commission for the
Supervision of the Financial Sector (Commission de Surveillance du Secteur Financier). Clearstream,
Luxembourg Participants are recognized financial institutions around the world, including underwriters,
securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations
and may include the Underwriters. Indirect access to Clearstream, Luxembourg is also available to others, such as
banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a
Clearstream, Luxembourg Participant either directly or indirectly.
Distributions with respect to interests in the bonds held beneficially through Clearstream, Luxembourg will be
credited to cash accounts of Clearstream, Luxembourg Participants in accordance with its rules and procedures, to
the extent received by the U.S. Depositaries for Clearstream, Luxembourg. Clearstream, Luxembourg has
established an electronic bridge with Euroclear in Brussels to facilitate settlement of trades between Clearstream,
Luxembourg and Euroclear.
Euroclear.
Euroclear was created in 1968 to hold securities for participants of Euroclear ("Euroclear
Participants") and to clear and settle transactions between Euroclear Participants through simultaneous electronic
book-entry delivery against payment, thereby eliminating the need for physical movement of certificates and any
risk from lack of simultaneous transfers of securities and cash. Euroclear includes various other services, including
securities lending and borrowing and interfaces with domestic markets in several countries. Euroclear is operated by
Euroclear Bank S.A./N.V. (the "Euroclear Operator"), under contract with Euroclear Clearance Systems S.C., a
Belgian cooperative corporation (the "Cooperative"). All operations are conducted by the Euroclear Operator, and
all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear Operator,
not the Cooperative. The Cooperative establishes policy for Euroclear on behalf of Euroclear Participants.
Euroclear Participants include banks (including central banks), securities brokers and dealers and other professional
financial intermediaries and may include the Underwriters. Indirect access to Euroclear is also available to other
firms that clear through or maintain a custodial relationship with a Euroclear Participant, either directly or
indirectly.
The Euroclear Operator is regulated and examined by the Belgian Banking and Finance Commission.
Securities clearance accounts and cash accounts with the Euroclear Operator are governed by the Terms and
Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System, and
applicable Belgian law (collectively, the "Terms and Conditions"). The Terms and Conditions govern transfers of
securities and cash within Euroclear, withdrawals of securities and cash from Euroclear, and receipts of payments
with respect to securities in Euroclear. All securities in Euroclear are held on a fungible basis without attribution of
specific certificates to specific securities clearance accounts. The Euroclear Operator acts under the Terms and
Conditions only on behalf of Euroclear Participants, and has no record of or relationship with persons holding
through Euroclear Participants.
Distributions with respect to bonds held beneficially through Euroclear will be credited to the cash accounts of
Euroclear Participants in accordance with the Terms and Conditions, to the extent received by the U.S. Depositary
for Euroclear.
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Document Outline