Mr. Louis Marcotte reports

CDPQ TO SELL 2,312,000 COMMON SHARES OF INTACT FINANCIAL CORPORATION

CDPQ will sell 2,312,000 common shares of Intact Financial Corp., representing approximately 1.3 per cent of the issued and outstanding common shares of Intact Financial as of Feb. 26, 2024.

The common shares are being sold on an underwritten block trade basis at a gross price of $227.10 per share, which has been underwritten by CIBC Capital Markets and BMO Capital Markets.

CDPQ has also granted the underwriters an option, exercisable at any time, in whole or in part, at the offering price until Feb. 28, 2024, to purchase up to an additional 15 per cent of the number of common shares purchased in connection with the offering.

CDPQ expects to receive gross cash proceeds of approximately $525,055,200 from the offering ($603,813,480 if the option is exercised in full).

The transaction is a result of CDPQ's periodic portfolio rebalancing. After giving effect to the trade, CDPQ will continue to hold approximately 8.9 per cent of the issued and outstanding common shares of Intact Financial.

Following this transaction, CDPQ remains a key shareholder of Intact. "CDPQ has been there as partner supporting major acquisitions for Intact over the past several years, and we continue to have confidence in its growth prospects," said Vincent Delisle, executive vice-president and head of liquid markets at CDPQ. "Intact produces excellent results for its shareholders and this transaction is an opportunity to monetize a portion of our investment to the benefit of our depositors."

"CDPQ continues to be a valued partner in Intact's evolution as a leading international P&C insurer, and will remain our largest shareholder following this transaction," said Louis Marcotte, executive vice-president and chief financial officer, Intact Financial. "We have delivered an annualized total shareholder return of 14 per cent over the last 10 years, and we remain well positioned to sustain our track record of outperformance, given the strength of our platforms, the talent at our disposal and a clear strategic road map."

About CDPQ

CDPQ invests constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. CDPQ is active in the major financial markets, private equity, infrastructure, real estate and private debt. As at Dec. 31, 2023, CDPQ's net assets totalled $434-billion.

CDPQ is a registered trademark owned by Caisse de depot et placement du Quebec and licensed for use by its subsidiaries.