FINANCIAL INSTITUTIONS

ISSUER PROFILE6 January 2022

TABLE OF CONTENTSCompany overview 1Financial highlights 2Business description 2Distribution channels 3Ownership structure 3Subsidiaries 4Company management 4Company history 5Peer group 5Related websites and informationsources 5Moody’s related publications 5

Contacts

Jason Mercer, CFA +1.416.214.3632VP-Senior Analystjason.mercer@moodys.com

Na Young Park +1.212.553.9481Associate Analystnayoung.park@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

Export Development CanadaKey Facts and Statistics - 9M September 2021

Company overviewExport Development Canada (EDC) is Government of Canada's (Aaa stable) public exportcredit agency. Its mandate is to promote Canadian exports by providing government-backedinvestment and credit insurance, export finance, lease financing, loan and bond guarantees,and equity investments. As of 30 September 2021, it reported total consolidated assets ofabout CAD62.9 billion ($49.5 billion).

At the end of 2020, EDC operated through a network of 21 offices in Canada, aninternational corporate branch in Singapore, and 20 representative offices around the world.

EDC has been an integral part of the Government of Canada's response to the coronaviruseconomic crisis. In March, the crown corporation, in conjunction with other governmentagencies, began administering Canada's business credit availability program. This programprovides expanded insurance coverage and loan guarantees through financial institutions tosupport Canadian small and medium-sized businesses and exporters. EDC's mandate wastemporarily expanded to provide support for all domestic businesses, not just those whichexport, until year-end 2021.

EDC was established as a Crown Corporation by an Act of Parliament on 1 October 1969,reporting to the Minister of Small Business, Export Promotion and International Trade.

Currency converted using an exchange rate of CAD–$0.78641, as of 30 September 2021.Sources: Company reports (quarterly financial report Sep 2021, annual report December 2020), www.oanda.com and Moody’sInvestors Service research

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Financial highlightsThe financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’s generatedratios on Export Development Canada, please see Export Development Canada's page on www.moodys.com.

Exhibit 1

Latest full-year resultsExport Development Canada(in CAD million) 31-Dec-20 31-Dec-19 31-Dec-18 % Change 20/19 % Change 19/18

CAD/$, Period end 0.78228 0.76524 0.73297 - -

Total Assets 67,697 64,572 69,380 4.84 (6.93)

Total Shareholders' Equity 19,290 9,756 10,345 97.72 (5.69)

Net Income (1,352) 462 830 N/M (44.34)

Based on consolidated financial data.Sources: Company reports (annual report December 2020 and December 2019) and www.oanda.com

Exhibit 2

Latest nine-months resultsExport Development Canada(in CAD million) 30-Sep-21 30-Sep-20 % Change 21/20

CAD/$, Period end 0.78641 0.74725 -

Total Assets 62,920 68,243 (7.80)

Total Shareholders' Equity 14,102 9,339 51.00

Net Income 1,823 (1,998) N/M

Based on consolidated financial data.Sources: Company reports (quarterly financial report Sep 2021 and Sep 2020) and www.oanda.com

Business descriptionEDC is Canada's public export credit agency. The corporation's mandate is to promote Canadian exports by providing investment andcredit insurance, export finance, lease financing, loan and bond guarantees, and equity investments. The nature of EDC's businessexposes it to diverse commercial and sovereign risks, all of which are ultimately underwritten by the Canadian government.

The company has two major lines of business:

Export financing: EDC provides loans to buyers of Canadian goods and services to both Canadian and international importers andexporters (for example, a loan to a US airline to purchase Canadian-made regional jets). It also provides guarantees to Canadian banksthat lend to buyers of Canadian goods and services and has a small portfolio of equity investments in Canadian exporters.

Export insurance: EDC provides credit insurance, contract insurance and bonding, and political risk insurance to Canadian exporters.With respect to credit insurance, EDC protects exporters of goods and services trading on credit terms of up to a year againstnonpayment because of commercial and political risks. With respect to contract insurance and bonding, EDC provides cover for saleson exposure terms usually greater than one year and includes export credit insurance and guarantees, performance guarantees andsurety, extending cover for risks inherent in performance related obligations. EDC also provides a fairly limited amount of political riskinsurance for equity and other investments abroad.

Source: Moody’s Investors Service research

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

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MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Exhibit 3

EDC's lending portfolio is split between investment and non-investment grade

Exhibit 4

EDC primarily uses capital markets to fund its financing activities

Investment Grade38%

Non-Investment Grade59%

Impaired3%

EDC's portfolio includes gross loans, loan commitments and loan guarantees. Creditquality is determined by EDC's internal credit quality assessment methodology.As of 30 June 2021.Sources: Company Financials and Moody's Investors Service

Long-term instruments62%

Short-term instruments4%

Equity29%

Other5%

As of 31 December 2020.Sources: Company Financials and Moody's Investors Service

Exhibit 5

EDC's risk exposure with the US is consistent with Canada's traderelationshipRisk exposure includes EDC's financing portfolio, insurance portfolio,investments and derivatives

Exhibit 6

Transportation and extraction industries are EDC's largest industrysector exposure which aligns with Canada's export profile

US25.7%

Canada26.3%UK

5.6%

Chile4.0%

Mexico4.1%

Australia3.5%

India2.6%

Others28.2%

As of 31 December 2020.Sources: Company Financials and Moody's Investors Service

Oil & Gas10.7%

Mining9.4%

Infrastructure and Environment14.4%

Financial Institutions14.4%

Transportation11.4%

Information Tech6.9%

Others32.8%

As of 31 December 2020.Sources: Company Financials and Moody's Investors Service

Distribution channelsAs of 31 December 2020, EDC operated through a network of 21 offices (31 December 2019: 21). As of that date, the company served24,305 customers (including 13,904 small business customers).

Internationally, EDC operates through a network of one international corporate branch and 20 representations.

Source: Company reports (annual report December 2020 and December 2019)

Ownership structureAs of 31 December 2020, EDC reported 123 million (31 December 2019: 13.3 million) issued and fully paid shares.

3 6 January 2022 Export Development Canada: Key Facts and Statistics - 9M September 2021

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

EDC is a Crown Corporation, wholly-owned by the Government of Canada, reporting to it through the Minister of Small Business,Export Promotion and International Trade.

Sources: Company report (annual report December 2020) and Moody’s Investors Service research

SubsidiariesAs of 31 December 2020, EDC's subsidiaries were as follows:

Exhibit 7

Export Development Canada

Subsidiary % HeldExinvest Inc. 100Development Finance Institute Canada (DFIC) Inc. 100

Source: Company report (annual report December 2020)

Company management

Exhibit 8

Export Development Canada

Company Management Current TitleMairead Lavery President and Chief Executive OfficerCarl Burlock Executive Vice-President and Chief Business OfficerLorraine Audsley Senior Vice-President, Chief Risk Officer and Global Risk ManagementStephanie Butt Thibodeau Senior Vice-President, People and CultureJacques Chamberland Senior Vice-President and Chief Digital OfficerJustine Hendricks Senior Vice-President, Chief Corporate Sustainability Officer and Sustainable Business and EnablementKen Kember Senior Vice-President, Finance and Chief Financial OfficerSven List Senior Vice-President, Trade ConnectionsDan Mancuso Senior Vice-President, Financing and InvestmentsJulie Pottier Senior Vice-President, Channels and MarketingTodd Winterhalt Senior Vice-President, Communications and Corporate StrategyClive Witter Senior Vice-President, Insurance and Working Capital Solutions

As of 6 December 2021.Source: Company data

Exhibit 9

Export Development Canada

Board of Directors Current TitleMartine Irman ChairmanHeather J. Culbert Vice-ChairmanPierre Boivin MemberLindsay Gordon MemberKarna Gupta MemberKaren MacWilliam MemberPierre Matuszewski MemberRobert S. McLeese MemberRichard Payette MemberManjit Sharma MemberAndrea Stairs Krishnappa MemberKari Yuers Member

As of 6 December 2021.Source: Company data

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Company historyEDC was established in 1944 as Export Credit Insurance Corporation. Through the Export Development Act, Export DevelopmentCorporation was established as a Crown Corporation by the Parliament of Canada in October 1969.

In 1995, the company incorporated Exinvest Inc. as a wholly-owned subsidiary under the Canada Business Corporations Act.

In September 2001, Export Development Corporation was renamed to EDC.

In March 2009, responding to the 2008-09 Global Financial Crisis, the scope of EDC’s activities was expanded to include financing andinsurance support for domestic business opportunities for an initial period of two years. This initial period was later extended to March2014 and was later made permanent in 2014.

In September 2017, EDC established a wholly-owned subsidiary, Development Finance Institute Canada Inc. to carry out developmentfinancing activities that were added to EDC's mandate earlier that year.

Since January 2018, it started operations under the trade name, FinDev Canada.

In November 2021, GE Canada and EDC announced a three-year strategic global partnership to expand Canadian exports and advanceenergy transition.

Sources: Company report (annual report December 2019), company data, www.international.gc.ca and https:lop.parl.ca

Peer group

» Farm Credit Canada

» Business Development Bank of Canada

Related websites and information sourcesFor additional information, please see:

The company’s website

» Export Development Canada

MOODY’S has provided links or references to third party World Wide Websites or URLs (“Links or References”) solely for your convenience in locating related information and services. Thewebsites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly,MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party website accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s related publicationsIssuer page on Moodys.com

» Export Development Canada

Credit Opinion

» Export Development Canada, November 2021 (1307269)

Outlook

» Global Macro Outlook 2022-23, November 2021 (1304403)

Rating Methodology

» Banks Methodology, July 2021 (1269625)

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on theissuer’s page. All research may not be available to all clients.

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CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

7 6 January 2022 Export Development Canada: Key Facts and Statistics - 9M September 2021