SIVB SVB Financial Group

On March 17, 2023, SVB Financial Group (the “Company”) announced that it had filed a voluntary petition in the United States Bankruptcy Court for the Southern District of New York for relief under the provisions of Chapter 11 of Title 11 of the United States Code on March 17, 2023 (the “Chapter 11 Case”). The filing of the Chapter 11 Case, as previously disclosed in the Form 8-K filed by the Company on March 17, 2023, which is incorporated herein by reference, constituted an event of default under, or otherwise triggered repayment obligations with respect to, various debt instruments and documents described below (the “Debt Documents”). Actions to enforce the payment obligations under the Debt Documents are stayed as a result of the filing of the Chapter 11 Case.

Senior Notes

The filing of the Chapter 11 Case constituted an “event of default” under the indenture, dated as of September 20, 2010, between the Company and U.S. Bank National Association, as trustee (the “Indenture Trustee”), as amended by that certain First Supplemental Indenture, dated as of April 28, 2022, between the Company and the Indenture Trustee (together, the “Debt Securities Indenture”). Specifically, the filing of the Chapter 11 Case constituted an event of default under the following senior unsecured notes of the Company issued pursuant to the Debt Securities Indenture:

All obligations under the Debt Securities Indenture have become automatically due and payable without further action on the part of the Indenture Trustee or any other person.

Boston Private Trusts

In 2021, the Company assumed two statutory trusts during its merger with Boston Private Financial Holdings, Inc. (“Boston Private”). These trusts were formed for the purpose of issuing trust preferred securities and investing the proceeds in junior subordinated debentures. The preferred securities represent an undivided beneficial interest in the assets of the trusts. The Company owns all of the trusts’ common securities and the junior subordinated debentures are payable to the preferred stockholders of the trusts.

Boston Private Capital Trust II Junior Subordinated Debentures (“Trust II”)

The appointment of the Federal Deposit Insurance Corporation as receiver for Silicon Valley Bank, as previously disclosed in the Form 8-K filed by the Company on March 10, 2023, which is incorporated herein by reference, and the Chapter 11 Case filing constituted “events of default” under the indenture, dated as of September 27, 2005, between Boston Private and Wilmington Trust Company, as trustee (the “BP II Indenture Trustee”), as amended by that certain First Supplemental Indenture, dated as of July 1, 2021, by and among the BP II Indenture Trustee, the Company and Boston Private (together, the “BP II Indenture”), pursuant to which the Company assumed the obligations of the junior subordinated debentures issued by Boston Private, of which approximately $100,000,000 remain outstanding. All obligations under the BP II Indenture have become automatically due and payable without further action on the part of the BP II Indenture Trustee or any other person.

The Chapter 11 Case filing also triggers a termination of Trust II, pursuant to which the holders of the trust preferred securities are entitled to receive the junior subordinated debentures or an aggregate liquidation amount of equal value thereto. The Company is obligated to pay amounts owed to the holders of trust preferred securities as guarantor of Trust II. As of December 31, 2022, there were $100 million of trust preferred securities outstanding.

Boston Private Capital Trust I Junior Subordinated Debentures (“Trust I”)

The Chapter 11 Case filing constituted an “event of default” under the indenture, dated as of October 12, 2004, between Boston Private and SunTrust Bank, as trustee, as amended by that certain First Supplemental Indenture, dated as of July 1, 2021, by and among U.S. Bank National Association, as successor trustee (the “BP I Indenture Trustee”), the Company and Boston Private (together, the “BP I Indenture”), pursuant to which the Company assumed the obligations of the junior subordinated debentures issued by Boston Private, of which less than $1,000,000 remain outstanding. All obligations under the BP I Indenture have become due and payable upon notice from the BP I Indenture Trustee or at least 25% of the holders of the junior subordinated debentures or Trust I preferred securities.

The Chapter 11 Case filing also triggers a termination of Trust I, pursuant to which the holders of the trust preferred securities are entitled to receive the junior subordinated debentures or an aggregate liquidation amount of equal value thereto. The Company is obligated to pay amounts owed to the holders of trust preferred securities as guarantor of Trust I. As of December 31, 2022, there were less than $1 million of trust preferred securities outstanding.

from those expressed in or implied by the Company’s forward-looking statements. The forward-looking statements included in this disclosure are made only as of the date of this disclosure. The Company does not intend, and undertakes no obligation, to update these forward-looking statements.