DBRS Rates CRISP Trust at R-1 (high)

Dominion Bond Rating Service (“DBRS”) has today assigned ratings to CRISP Trust (the “Trust”) as indicated above. The Trust is a bankruptcy-remote, special-purpose vehicle and will acquire all the assets from CLEAR Trust at closing.

The ratings are based on the following considerations:

(1) Credit enhancement levels are consistent with similarly-rated programs in Canada;

(2) The availability of liquidity lines for the Notes to cover market disruptions;

(3) A required minimum credit rating of R-1 (middle)/AA (low) for Credit Enhancers, Liquidity Lenders, and Hedge Counterparties, unless otherwise approved by DBRS; and

(4) The significant experience of CIBC World Markets in the management and structuring of securitization vehicles.