Mr. Serge Vallieres reports

BOTH LEADING INDEPENDENT PROXY ADVISORS RECOMMEND BORALEX SHAREHOLDERS VOTE FOR ARRANGEMENT

Both leading independent proxy advisory firms, Institutional shareholder Services Inc. and Glass, Lewis & Co. have issued reports recommending shareholders of Boralex Inc. vote for the previously announced plan of arrangement involving the corporation and BIF Thunder Holdings Inc., a newly formed entity to be jointly owned by Brookfield Infrastructure Fund V and/or its affiliates and Caisse de depot et placement du Quebec, as more particularly described in the management information circular recently mailed to shareholders and available on Boralex's SEDAR+ profile.

In issuing its endorsement of the arrangement, Glass Lewis found the $37.25 in cash per Boralex share price to be received by Boralex shareholders to be appealing as the valuation represents a multiyear high for Boralex shares, while also noting that it fell at the upper end of the formal valuation provided by Desjardins to the special committee and board.

Glass Lewis is an independent proxy adviser to institutional investors, covering 30,000 shareholder meetings each year, across approximately 100 global markets. Its customers include the majority of the world's largest pension plans, mutual funds and asset managers who collectively manage over $40-trillion in assets.

Similarly, ISS recommended its subscribers vote in favour of the arrangement, summarizing the rationale for their positive recommendation as below.

The transaction makes sense due to the certain liquidity provided by the premium cash consideration. The board conducted a robust strategic review process and received multiple fairness opinions, and the consideration is within the upper quartile of the independent formal valuation range for Boralex shares. In addition, the positive market reaction, the presence of elevated non-approval risk and the fact that the consideration represents levels Boralex shareholders have not seen since June of 2023 are viewed as addition supporting factors.

As an independent proxy advisory firm, ISS has approximately 3,400 clients including many of the world's leading institutional investors who rely on ISS's objective and impartial analysis to make important voting decisions.

Board recommends shareholders vote for the arrangement

After careful consideration and after consulting with outside legal and financial advisers and having taken into account such factors and matters as it considered relevant, including, among other things, the unanimous recommendation of the special committee, the board has unanimously determined that the arrangement is in the best interests of the corporation and is fair to the shareholders of Boralex (other than the Caisse). Accordingly, the board has unanimously approved the arrangement and recommends that shareholders vote for the arrangement resolution. A full description of the information and factors considered by the board and the special committee is set forth under the heading "The Arrangement -- Reasons for the Arrangement" in the circular.

Meeting and voting information

The meeting is scheduled to be held on June 4, 2026, at 10 a.m. Eastern Time, in a hybrid format to allow shareholders the opportunity to attend the meeting regardless of geographic location, either in person at 1250 Rene-Levesque Blvd. West, Suite 3610, Montreal, Que., Canada, or virtually by accessing the live audio webcast.

Shareholders are urged to vote well in advance of the meeting electronically, by telephone or e-mail, or in writing, by following the instructions set out on the form of proxy or voting instruction form, as applicable. The deadline for proxies is 10 a.m. Eastern Time on June 2, 2026, or, if the meeting is adjourned or postponed, no later than 48 hours, excluding Saturdays, Sundays and statutory holidays, before any reconvened meeting. Shareholders can find more information in the meeting materials recently mailed to shareholders, filed under the corporation's profile on SEDAR+ and posted on the Boralex's website.

Questions and voting assistance

If you have any questions about the meeting or require assistance voting, please contact Laurel Hill Advisory Group, Boralex's shareholder communications adviser and proxy solicitation agent, by calling 1-877-452-7184 (toll-free in North America) or 1-416-304-0211 (outside of North America), by texting INFO to either number, or by e-mailing assistance@laurelhill.com.

Update on key regulatory approvals

Boralex is also pleased to announce that it has obtained two of the key regulatory approvals outlined in the circular, namely the Competition Act approval and the HSR clearance, with the other key regulatory approvals remaining outstanding.

We seek Safe Harbor.