**It is important to note that the March 7, 2025, Metro II forecast does not incorporate the impacts of 25 per cent tariffs on Canadian products or Canada’s retaliation toward the United States, a scenario we continue to believe is unlikely. However, we have
assessed the impact of those scenarios on a national basis. This forecast, nevertheless, does include uncertainty around tariff threats, including a weaker outlook for business investment and a lower Canadian dollar, and is in-line with our national forecast completed in December and our provincial forecast completed in February. We are currently assessing impacts of the tariffs by CMA, as well as adapting our base case in our national forecast that will release in March, to reflect tariffs being in place for longer.