Mr. Stephane Arsenault reports

HEROUX-DEVTEK ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has approved Heroux-Devtek Inc.'s normal course issuer bid (NCIB). Under the NCIB, Heroux-Devtek has the right to purchase for cancellation, from Aug. 10, 2023, to Aug. 9, 2024, a maximum of 1,791,984 common shares, representing, as of Aug. 2, 2023, 10 per cent of the public float of 17,919,842 common shares. The corporation had 34,005,873 common shares issued and outstanding as of Aug. 2, 2023.

Under its prior bid, the corporation received the approval of the TSX to repurchase for cancellation up to 1,896,079 common shares. Under the 2022 NCIB, the corporation repurchased a total of 583,903 common shares, by means of open-market transactions through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems, at a volume-weighted average price of $13.44 per common share.

Any purchases of shares by Heroux-Devtek under the NCIB will be effected through the facilities of TSX, as well as on other designated exchanges and/or alternative Canadian trading systems, at prevailing market prices, and any common shares so purchased by the corporation will be cancelled. The actual number of shares that may be purchased and the timing of any such purchases will be determined by Heroux-Devtek. Any purchases made by Heroux-Devtek pursuant to the NCIB will be made in accordance with the rules and policies of the TSX.

Heroux-Devtek believes that the NCIB is a flexible means to optimize the capital allocation of the corporation and provide immediate value for shareholders while not compromising the corporation's position for future growth initiatives.

During the most recently completed six months, the average daily trading volume for the common shares of Heroux-Devtek on the TSX was 24,639 common shares. Consequently, under the policies of the TSX, Heroux-Devtek will have the right to repurchase under its NCIB, during any trading day, a maximum of 6,159 common shares, representing 25 per cent of the average daily trading volume. In addition, the corporation will be allowed to make, once per calendar week, a block purchase (as such term is defined in the TSX company manual) of shares not directly or indirectly owned by insiders of Heroux-Devtek, in accordance with TSX policies. Heroux-Devtek will finance the purchases through available cash.

In connection with the NCIB, Heroux-Devtek has entered into an automatic share purchase plan (ASPP) to facilitate purchases at times when the corporation would not normally be active in the market due to regulatory restrictions or self-imposed trading blackouts.

About Heroux-Devtek Inc.

Heroux-Devtek is an international company specializing in the design, development, manufacture, repair and overhaul of aircraft landing gear, hydraulic and electromechanical actuators, custom ball screws, and fracture-critical components for the aerospace market. The corporation is the third-largest landing-gear company worldwide, supplying both the defence and commercial sectors. Approximately 94 per cent of the corporation's sales are outside of Canada, including about 61 per cent in the United States. The corporation's head office is located in Longueuil, Que., with facilities in Canada, the United States, the United Kingdom and Spain.

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