<SEC-DOCUMENT>0001104659-23-086486.txt : 20230802
<SEC-HEADER>0001104659-23-086486.hdr.sgml : 20230802
<ACCEPTANCE-DATETIME>20230801185435
ACCESSION NUMBER:		0001104659-23-086486
CONFORMED SUBMISSION TYPE:	424B7
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20230802
DATE AS OF CHANGE:		20230801

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CELESTICA INC
		CENTRAL INDEX KEY:			0001030894
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTED CIRCUIT BOARDS [3672]
		IRS NUMBER:				980185558
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B7
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-273467
		FILM NUMBER:		231133194

	BUSINESS ADDRESS:	
		STREET 1:		5140 YONGE STREET, SUITE 1900
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M2N 6L7
		BUSINESS PHONE:		416-448-5800

	MAIL ADDRESS:	
		STREET 1:		5140 YONGE STREET, SUITE 1900
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M2N 6L7
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B7
<SEQUENCE>1
<FILENAME>tm2322468d1_424b7.htm
<DESCRIPTION>424B7
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 409.5pt; text-align: right"><B>Filed Pursuant to Rule&nbsp;424(b)(7)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 409.5pt; text-align: right"><B>Registration
Number 333-273467</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #ff4338"><B>The information in this preliminary
prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not
offers to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is
not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #ff4338"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Subject
to Completion, dated August</B></FONT><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">1, 2023</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PRELIMINARY PROSPECTUS SUPPLEMENT</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(to
Prospectus dated July&nbsp;27</B></FONT><B><FONT STYLE="font-size: 10pt">,</FONT> 2023)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 177.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2322468d1_424b7img01.jpg" ALT="" STYLE="height: 101px; width: 274px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CELESTICA INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6,757,198
</B></FONT><B>Subordinate Voting Shares Offered by the Selling Shareholder</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The selling shareholder identified
in this prospectus supplement (&ldquo;Selling Shareholder&rdquo;) is offering 6,757,198 subordinate voting shares, without par value (&ldquo;Subordinate
Voting Shares&rdquo;), of Celestica Inc. (the &ldquo;Company&rdquo;) by this prospectus supplement and the accompanying prospectus. The
Subordinate Voting Shares to be sold by the Selling Shareholder consist of (a)&nbsp;Subordinate Voting Shares that are issued to the Selling
Shareholder by the Company immediately prior to the closing of the offering upon the conversion by such Selling Shareholder of an equivalent
number of multiple voting shares of the Company (&ldquo;Multiple Voting Shares&rdquo;) (including the conversion of Multiple Voting Shares
that are acquired by the Selling Shareholder from OMI Partnership Holdings Ltd., a wholly-owned subsidiary of the Selling Shareholder
(&ldquo;OMI&rdquo;) immediately prior to closing) and (b)&nbsp;Subordinate Voting Shares that are acquired by the Selling Shareholder
from its affiliates and associates immediately prior to closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is not selling
any Subordinate Voting Shares in this offering and will not receive any proceeds from the sale of Subordinate Voting Shares covered by
this prospectus supplement. The Selling Shareholder will pay underwriting discounts and commission in connection with the offering. The
Company will pay all expenses of the registration of the Subordinate Voting Shares and certain other offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Underwriters (as defined
under the section captioned &ldquo;Underwriting&rdquo;) have agreed to purchase our Subordinate Voting Shares from the Selling Shareholder
at a price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which will result in $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of proceeds to the Selling Shareholder before expenses. The Underwriters propose to
offer the Subordinate Voting Shares from time to time for sale in one or more transactions on the New York Stock Exchange (&ldquo;NYSE&rdquo;)
in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices
related to prevailing market prices or at negotiated prices. See &ldquo;Underwriting&rdquo; for additional information regarding underwriting
compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Subordinate Voting Shares
are listed on the NYSE and the Toronto Stock Exchange (&ldquo;TSX&rdquo;) and trade under the symbol &ldquo;CLS.&rdquo; The last reported
sales price of the Subordinate Voting Shares on July&nbsp;31, 2023 was $21.98 per share on the NYSE and C$28.98 per share on the TSX.
You are urged to obtain current market quotations for the Subordinate Voting Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>The Offering is being
made concurrently in Canada under the terms of a prospectus supplement to a short form base shelf prospectus for the Province of Qu&eacute;bec
dated May&nbsp;30, 2023, and an amended and restated short form base shelf prospectus dated May&nbsp;30, 2023 amending and restating the
short form base shelf prospectus dated March&nbsp;30, 2023 for all other provinces and territories of Canada. Neither this prospectus
supplement nor the accompanying prospectus constitutes a prospectus under Canadian securities laws and therefore does not qualify the
securities offered hereunder in Canada.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESTING
IN THE SUBORDINATE VOTING SHARES INVOLVES A HIGH DEGREE OF RISK. BEFORE BUYING ANY SUBORDINATE VOTING SHARES, YOU SHOULD CAREFULLY CONSIDER
THE RISKS DESCRIBED IN THE SECTION&nbsp;CAPTIONED &ldquo;RISK FACTORS&rdquo; BEGINNING ON PAGE S-3 OF THIS PROSPECTUS SUPPLEMENT,&nbsp;IN
THE ACCOMPANYING PROSPECTUS AND IN THE DOCUMENTS INCORPORATED OR DEEMED INCORPORATED BY REFERENCE INTO THIS PROSPECTUS SUPPLEMENT AND
ACCOMPANYING PROSPECTUS.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>NONE OF THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION OR CANADIAN SECURITIES REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES
OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Underwriters expect to deliver the Subordinate Voting Shares against payment on or about August</FONT><FONT STYLE="font-size: 10pt; color: #ff4338"><B>&nbsp;</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BofA Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus supplement is August&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Prospectus Supplement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 96%"><A HREF="#a-ps_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B></FONT></A></TD>
    <TD STYLE="width: 4%; text-align: left"><A HREF="#a-ps_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-i</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-ps_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-ii</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-ps_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS SUPPLEMENT SUMMARY</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-1</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-ps_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RISK FACTORS</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-3</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-ps_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAPITALIZATION AND INDEBTEDNESS</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-5</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-ps_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DILUTION</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-7</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-ps_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USE OF PROCEEDS</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-8</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-ps_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPENSES</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-8</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-ps_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRADING PRICE AND VOLUME</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-8</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-ps_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DIVIDEND POLICY</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-9</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-ps_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SELLING SHAREHOLDER</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-9</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-ps_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDERWRITING</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-11</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-ps_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MATERIAL INCOME TAX CONSEQUENCES</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-17</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-ps_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-22</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-ps_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-23</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-ps_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LEGAL MATTERS</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-24</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-ps_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENFORCEABILITY OF CIVIL LIABILITIES</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-24</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-ps_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPERTS</B></FONT></A></TD>
    <TD STYLE="text-align: left"><A HREF="#a-ps_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>S-24</B></FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 96%"><A HREF="#a-p_01"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ABOUT THIS PROSPECTUS</B></FONT></A></TD>
    <TD STYLE="width: 4%; text-align: center"><A HREF="#a-p_01"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-p_02"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS SUMMARY</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_02"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_03"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RISK FACTORS</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_03"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-p_04"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_04"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_05"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRESENTATION OF FINANCIAL INFORMATION</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_05"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-p_06"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OUR COMPANY</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_06"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_07"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION ABOUT THE OFFERING</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_07"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-p_08"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CAPITALIZATION AND INDEBTEDNESS</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_08"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_09"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>USE OF PROCEEDS</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_09"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-p_10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MARKET INFORMATION</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PLAN OF DISTRIBUTION</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-p_12"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION OF CAPITAL STOCK</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_12"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_13"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION OF OTHER SECURITIES</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_13"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-p_14"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECENT DEVELOPMENTS</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_14"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_15"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MATERIAL INCOME TAX CONSEQUENCES</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_15"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-p_16"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_16"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_17"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_17"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-p_18"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LEGAL MATTERS</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_18"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_19"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ENFORCEABILITY OF CIVIL LIABILITIES</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_19"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#a-p_20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPERTS</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_21"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPENSES</B></FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a-p_21"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24</B></FONT></A></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a-ps_001"></A><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All references in this prospectus supplement to
 &ldquo;Celestica,&rdquo; the &ldquo;Company,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo; and &ldquo;we&rdquo; refer to Celestica Inc.,
an Ontario, Canada corporation, and its consolidated subsidiaries, except where the context otherwise requires or as otherwise indicated.
Except as indicated otherwise: (i)&nbsp;all dollar amounts are expressed in United States (&ldquo;U.S.&rdquo;) dollars; and (ii)&nbsp;all
references to &quot;U.S.$&quot; or &quot;$&quot; are to U.S. dollars and all references to &quot;C$&quot; are to Canadian dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This document is in two parts. The first part
is the prospectus supplement, which describes the specific terms of this offering and also adds, updates, and changes information contained
in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying prospectus.
The second part is the accompanying prospectus, which gives more general information, some of which may not apply to this offering. This
prospectus supplement and the accompanying prospectus are part of a registration statement on Form&nbsp;F-3 that we filed with the Securities
and Exchange Commission (&ldquo;SEC&rdquo;) as a &ldquo;well-known seasoned issuer&rdquo; as defined in Rule&nbsp;405 of the U.S. Securities
Act of 1933, as amended (&ldquo;Securities Act&rdquo;), using the &ldquo;shelf&rdquo; registration process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement and the accompanying
prospectus include important information about us and other information you should know before investing in our Subordinate Voting Shares.
This prospectus supplement also adds, updates and changes information contained in the accompanying prospectus and in any documents incorporated
by reference herein and therein. To the extent the information contained in this prospectus supplement differs or varies from the information
contained in the accompanying prospectus or any document filed prior to the date of this prospectus supplement and incorporated by reference,
the information in this prospectus supplement will control. However, if any statement in one of these documents is inconsistent with a
statement in another document having a later date&mdash;for example, a document incorporated by reference in this prospectus supplement
or the accompanying prospectus&mdash;the statement in the document having the later date modifies or supersedes the earlier statement
as our business, financial condition, results of operations and prospects may have changed since the earlier date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We urge you to read carefully this entire prospectus
supplement and the accompanying prospectus, together with the information described under the headings &ldquo;<B>Incorporation of Certain
Documents by Reference</B>&rdquo; and &ldquo;<B>Where You Can Find More Information</B>&rdquo; in this prospectus supplement and accompanying
prospectus, and any free writing prospectus that we may file with the SEC in connection with this offering before making an investment
decision. Further, this prospectus supplement and the accompanying prospectus do not contain all of the information included in the registration
statement. The registration statement filed with the SEC includes or incorporates by reference exhibits that provide more details about
the matters discussed in this prospectus supplement and the accompanying prospectus. You may obtain the information incorporated by reference
into this prospectus supplement without charge by following the instructions under &ldquo;<B>Where You Can Find More Information</B>&rdquo;
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The distribution of this prospectus supplement
and the accompanying prospectus may be restricted by law in certain jurisdictions. You should inform yourself about and observe any of
these restrictions. Persons outside the U.S. who come into possession of this prospectus supplement or the accompanying prospectus must
inform themselves about and observe any restrictions relating to this offering and the distribution of this prospectus supplement and
the accompanying prospectus outside the U.S. We are not, and the Underwriters and the Selling Shareholder are not, making an offer to
sell or soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted, or where the person
making the offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make the offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this prospectus supplement, the term
 &ldquo;<B>Underwriters</B>&rdquo; refers to the underwriters identified on the cover page&nbsp;hereof. To the extent there is only a single
underwriter so identified, the term &ldquo;Underwriters&rdquo; refers to such single underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement and the accompanying
prospectus are based on information provided by us and by other sources that we believe are reliable. This prospectus supplement and the
accompanying prospectus summarize certain documents and other information, and we refer you to them for a more complete understanding
of what we discuss in this prospectus supplement and the accompanying prospectus. All of the summaries are qualified in their entirety
by the actual documents. We urge you to read the registration statement of which this prospectus supplement and the accompanying prospectus
are a part in its entirety, including all amendments, exhibits, schedules and supplements to that registration statement. In making an
investment decision, you must rely on your own examination of the Company and the terms of the offering and the securities, including
the merits and risks involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>None of us, the Selling Shareholder, or the
Underwriters have authorized any dealer, salesperson or other person to give any information or to make any representation other than
those contained in or incorporated by reference into this prospectus supplement, the accompanying prospectus or any applicable free writing
prospectus. You must not rely upon any information or representation not contained in or incorporated by reference into this prospectus
supplement, the accompanying prospectus or any applicable free writing prospectus as if we had authorized it. This prospectus supplement,
the accompanying prospectus and any applicable free writing prospectus do not constitute an offer to sell or the solicitation of an offer
to buy any securities other than the registered securities to which they relate, nor does this prospectus supplement, the accompanying
prospectus or any applicable free writing prospectus constitute an offer to sell or the solicitation of an offer to buy securities in
any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. You should not assume that
the information contained in this prospectus supplement, the accompanying prospectus, the documents incorporated herein and therein by
reference and any applicable free writing prospectus is correct on any date after their respective dates, even though this prospectus
supplement, the accompanying prospectus or an applicable free writing prospectus is delivered or securities are sold on a later date.
Our business, financial condition, results of operations and cash flows may have changed since those dates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not making any representation to any purchaser
of the Subordinate Voting Shares registered hereby regarding the legality of an investment in the Subordinate Voting Shares by such purchaser.
You should not consider any information in this prospectus supplement and the accompanying prospectus to be legal, business or tax advice,
and you should consult your own legal, business and tax advisors for advice regarding an investment in the Subordinate Voting Shares offered
hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement assumes that the
Selling Shareholder is selling (a)&nbsp;Subordinate Voting Shares that are issued to the Selling Shareholder by the Company
immediately prior to the closing of the offering upon the conversion by the Selling Shareholder of an equivalent number of Multiple
Voting Shares (including the conversion of Multiple Voting Shares that are acquired by the Selling Shareholder from OMI immediately
prior to closing) and (b)&nbsp;Subordinate Voting Shares that are acquired by the Selling Shareholder from its affiliates and
associates immediately prior to closing, which Subordinate Voting Shares are already currently deemed to be beneficially owned by
the Selling Shareholder or Mr.&nbsp;Gerald W. Schwartz. This Prospectus Supplement further assumes that, following the closing of
the offering, all of the outstanding Multiple Voting Shares will have been converted into Subordinate Voting Shares on a one-for-one
basis and that, immediately following closing of the offering, there will not be any Multiple Voting Shares outstanding. See &ldquo;Selling
Shareholder.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a-ps_002"></A><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We caution you that
certain statements contained in this prospectus supplement and the accompanying prospectus (including in our documents incorporated
herein and therein by reference) are forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act and
Section&nbsp;21E of the U.S. Securities Exchange Act of 1934, as amended (&ldquo;Exchange Act&rdquo;), and contain forward- looking
information within the meaning of Canadian securities laws. These forward-looking statements include statements that are predictive
in nature and depend upon or refer to future events or conditions, and include, but are not limited to, statements related to: the
completion of this offering and the execution of ancillary agreements made in connection with this offering; the intentions of Onex
Corporation (&ldquo;Onex&rdquo;) with respect to Celestica&rsquo;s securities; the conversion of Multiple Voting Shares held by the
Selling Shareholder into Subordinate Voting Shares immediately prior to the closing of the offering; there not being any Multiple
Voting Shares issued and outstanding immediately following completion of the offering; the Company's intentions in respect of future annual general meetings of shareholders; the acquisition by the Selling Shareholder of Subordinate Voting Shares and Multiple
Voting Shares from OMI, its affiliates and associates prior the closing of the offering; as well as statements related to: our
priorities, intended areas of focus, targets, objectives and goals; trends in the electronics manufacturing services
(&ldquo;EMS&rdquo;) industry and our segments (and/or their constituent businesses), and their anticipated impact; the anticipated
impact of current market conditions on each of our segments (and/or their constituent businesses) and near-term expectations;
anticipated and potential restructuring and potential divestiture actions; our anticipated financial and/or operating results and
outlook; our expectations with respect to insurance recoveries for tangible losses in connection with the June&nbsp;2022 fire at our
Batam facility in Indonesia; our strategies; our credit risk; the potential impact of acquisitions, or program wins, transfers,
losses or disengagements; materials, component and supply chain constraints; coronavirus disease 2019 (&ldquo;COVID-19&rdquo;)
resurgences or mutations; shipping delays; anticipated expenses, capital expenditures, other working capital requirements and
contractual obligations (and intended methods of funding our cash requirements); our intended repatriation of certain undistributed
earnings from foreign subsidiaries (and amounts we do not intend to repatriate in the foreseeable future); diversity and inclusion,
employee engagement, and other environmental, social and governance matters; the potential impact of international tax reform; the
potential impact of tax and litigation outcomes; our ability to use certain tax losses; intended investments in our business; the
potential impact of the pace of technological changes, customer outsourcing, program transfers, and the global economic environment;
the intended method of funding Subordinate Voting Share repurchases and our restructuring provision; the impact of our outstanding
indebtedness; liquidity and the sufficiency of our capital resources; our intention (when in our discretion) to settle outstanding
equity awards with Subordinate Voting Shares; our financial statement estimates and assumptions; recently-adopted accounting
pronouncements and amendments; the potential impact of price reductions and longer payment terms; our compliance with covenants
under our credit facility; refinancing debt at maturity; interest rates and expense; the potential adverse impacts of events outside
of our control; mandatory prepayments under our credit facility; pension plan funding requirements and obligations, and the impact
of annuity purchases; income tax incentives; accounts payable cash flow levels; accounts receivable sales; our cash generating units
with goodwill; our future warranty obligations; cybersecurity threats and incidents; our intentions with respect to environmental
assessments for newly-leased or acquired properties; our expectations with respect to expiring leases; the pay-for-performance
alignment of our executive compensation program; our intention to retain earnings for general corporate purposes; and costs in
connection with our pursuit of acquisitions and strategic transactions. Also, documents which we subsequently file with (or furnish
to) the SEC and are incorporated herein by reference will contain such forward-looking statements. Forward-looking statements may,
without limitation, be preceded by, followed by, or include words such as &quot;believes,&quot; &quot;expects,&quot;
 &quot;anticipates,&quot; &quot;estimates,&quot; &quot;intends,&quot; &quot;plans,&quot; &quot;continues,&quot; &quot;target,&quot;
 &quot;goal,&quot; &quot;project,&quot; &quot;potential,&quot; &quot;possible,&quot; &quot;contemplate,&quot; &quot;seek,&quot; or
similar expressions, or may employ such future or conditional verbs as &quot;may,&quot; &quot;might,&quot; &quot;will,&quot;
 &quot;could,&quot; &quot;should&quot; or &quot;would,&quot; or may otherwise be indicated as forward- looking statements by
grammatical construction, phrasing or context. For forward-looking statements, we claim the protection of the safe harbor for
forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities
laws. In addition, any statements concerning future financial performance, ongoing business strategies or prospects, and possible
future actions, which may be provided, are also forward-looking statements. Forward-looking statements are based on our current
expectations and projections about future events and involve risks and uncertainties that could cause our actual results to differ
materially from those expressed or implied by our forward-looking statements. These risks and uncertainties include, without
limitation, those described under &ldquo;<B>Risk Factors</B>&rdquo; in this prospectus supplement, and those detailed from time to
time in those reports filed or furnished with the SEC which are incorporated by reference herein, including, but not limited to,
those set forth in the section entitled &ldquo;Risk Factors&rdquo; in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual
Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022</A>, and in those portions of any subsequent Reports on
Form&nbsp;6-K furnished to the SEC that indicate such portions are to be deemed incorporated by reference into our registration
statements (and prospectuses that form a part thereof). In addition, other risks and uncertainties not presently known to us or that
we currently consider less significant could affect the accuracy of our forward-looking statements. Although we believe our
estimates and assumptions to be reasonable, such estimates and assumptions may prove to be inaccurate. Forward-looking statements
are also based on economic and market factors and the industry in which we do business, among other things. Forward-looking
statements are provided to assist readers in understanding management's current expectations and plans relating to the future.
Readers are cautioned that such information may not be appropriate for other purposes, and are not guarantees of future performance.
Forward- looking statements speak only as of the date the statements are made. Except as required by applicable law, we undertake no
obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. We
caution you not to unduly rely on the forward-looking statements when evaluating the information presented herein. All forward-
looking statements attributable to us are expressly qualified by these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a-ps_003"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS SUPPLEMENT SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This summary highlights information contained elsewhere in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein. This summary does not contain all of the information you should consider before making a decision to invest in our Subordinate Voting Shares. You should read this entire prospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, carefully before making an investment decision, especially the sections entitled &ldquo;Risk Factors&rdquo; herein and therein and our consolidated financial statements and notes to those consolidated financial statements incorporated by reference herein and therein.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Our Business</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Celestica delivers innovative supply chain solutions globally to customers in two operating and reporting segments: Advanced Technology Solutions (&ldquo;ATS&rdquo;) and Connectivity&nbsp;&amp; Cloud Solutions (&ldquo;CCS&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Celestica&rsquo;s ATS segment consists of its ATS end market, and is comprised of its Aerospace&nbsp;&amp; Defense (&ldquo;A&amp;D&rdquo;),&nbsp;Industrial, HealthTech, and Capital Equipment businesses. Celestica&rsquo;s Capital Equipment business is comprised of its semiconductor, display, and robotics equipment businesses. The CCS segment consists of Celestica&rsquo;s Communications and Enterprise end markets. The Enterprise end market is comprised of Celestica&rsquo;s servers and storage businesses. Celestica&rsquo;s customers include original equipment manufacturers, cloud-based and other service providers, including hyperscalers, and other companies in a wide range of industries. The Company&rsquo;s global headquarters is located in Toronto, Ontario, Canada. Celestica operates a network of sites and centers of excellence strategically located in North America, Europe and Asia, with specialized end-to-end supply chain capabilities tailored to meet specific market and customer product lifecycle requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Celestica offers a comprehensive range of product manufacturing and related supply chain services to customers in both of its segments, including design and development, new product introduction, engineering services, component sourcing, electronics manufacturing and assembly, testing, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services. The Company&rsquo;s Hardware Platform Solutions offering, within the CCS segment, includes the development of infrastructure platforms, hardware and software design solutions and services that can be used as-is, or customized for specific applications in collaboration with Celestica&rsquo;s customers, and management of program design and aspects of the supply chain, manufacturing, and after-market support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Products and services in the ATS segment can include the following: government-certified and highly-specialized manufacturing, electronic and enclosure-related services for A&amp;D customers; high-precision semiconductor and display equipment and integrated subsystems; a wide range of industrial automation, controls, test and measurement devices; engineering-focused engagements, including full product development in the areas of telematics, human machine interface,&nbsp;Internet-of-Things and embedded systems; advanced solutions for surgical instruments, diagnostic imaging and patient monitoring; and efficiency products to help manage and monitor the energy and power industries. Products and services in the CCS segment consist predominantly of enterprise-level data communications and information processing infrastructure products and systems, and can include routers, switches, data center interconnects, edge solutions, servers and storage-related products used by a wide range of businesses and cloud-based and other service providers to manage digital connectivity, commerce and social media applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Celestica was incorporated in Ontario, Canada on September&nbsp;27, 1996 and it operates under the Business Corporations Act (Ontario). Celestica&rsquo;s principal executive offices are located at 5140 Yonge Street, Suite&nbsp;1900, Toronto, Ontario, Canada M2N 6L7, telephone number is (416) 448-5800.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Prior to its incorporation, Celestica was an IBM manufacturing unit that provided manufacturing services to IBM for more than 75 years. In 1993, Celestica began providing electronics manufacturing services to non-IBM customers. In October&nbsp;1996, Celestica was purchased from IBM by an investor group led by Onex Corporation (&ldquo;Onex&rdquo;), and in 1998, Celestica completed its initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; border-top: Black 1pt solid; border-left: black 1pt solid; width: 49%; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Offering</B></FONT></TD>
    <TD STYLE="padding-top: 5pt; padding-right: 5.4pt; border-top: Black 1pt solid; border-right: black 1pt solid; width: 51%; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Selling Shareholder</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.35pt">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subordinate Voting Shares offered by the Selling Shareholder</P></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Onex Corporation</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6,757,198</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordinate Voting Shares outstanding prior to this offering</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112,520,339 as of July&nbsp;28, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordinate Voting Shares outstanding after this offering</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">119,328,962. The number of Subordinate Voting Shares to be outstanding immediately after the completion of the offering is based on 112,520,339 Subordinate Voting Shares outstanding on July&nbsp;28, 2023, assumes conversion of 6,808,623 of our outstanding Multiple Voting Shares into an equivalent number of Subordinate Voting Shares, and excludes the following potentially dilutive equity grants as of July&nbsp;28, 2023: 393,472 Subordinate Voting Shares issuable upon the exercise of outstanding stock options, and 63,877 Subordinate Voting Shares issuable upon the vesting of outstanding restricted share units.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multiple Voting Shares outstanding after this offering</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will not receive any of the proceeds from the sale of Subordinate Voting Shares by the Selling Shareholder in this offering. See the section captioned &ldquo;Use of Proceeds&rdquo; on page&nbsp;S-8.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Policy</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not currently intend to pay cash dividends on our
Subordinate Voting Shares.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE and TSX trading symbol</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; border-left: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: black 1pt solid; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt; padding-right: 5.4pt; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; padding-right: 5.4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing in our Subordinate Voting Shares involves a high degree of risk. See the section captioned &ldquo;<B>Risk Factors</B>&rdquo; on page&nbsp;S-3 for a discussion of certain risks you should consider before investing in our Subordinate Voting Shares</FONT>.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center"><A NAME="a-ps_004"></A><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Investing in our
Subordinate Voting Shares involves a high degree of risk. Before deciding whether to invest in our securities, you should carefully consider
the risks and uncertainties described below and in Item 3.D. &#8210; <I>Risk Factors </I>of our most recent Annual Report on Form&nbsp;20-F,
which risk factors are specifically incorporated by reference herein, and any updates to those Risk Factors in those portions of any of
our subsequent Reports on Form&nbsp;6-K furnished to the SEC that indicate such portions are to be deemed incorporated by reference into
our registration statements (and prospectuses that form a part thereof), as well as all other information in this prospectus supplement
and the accompanying prospectus, including the financial statements and other documents summarized in or incorporated by reference into
this prospectus supplement and the accompanying prospectus and any free writing prospectus that we may authorize for use in connection
with this offering. There may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that could
have material adverse effects on our future results. Past financial performance may not be a reliable indicator of future performance,
and historical trends should not be used to anticipate results or trends in future periods. Each of the risks described in these sections
and documents could materially and adversely affect our business, financial condition, results of operations and prospects. The trading
price of our Subordinate Voting Shares could decline due to any of these risks, and you may lose all or part of your investment. Please
also read carefully the section entitled &ldquo;<B>Cautionary Note Regarding Forward-Looking Statements</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Please see &ldquo;<B>Where
You Can Find More Information</B>&rdquo; and &ldquo;<B>Incorporation of Certain Information by Reference</B>&rdquo; for information on
where you can find the documents we have filed with or furnished to the SEC and which documents are incorporated into this prospectus
supplement by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><U>Risks Related to Our Business
and Operations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Our business could be impacted
as a result of actions by activist shareholders or others.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.25in">We may be subject,
from time to time, to legal and business challenges in the operation of our company due to actions instituted by activist shareholders
or others. Responding to such actions could be costly and time-consuming, may not align with our business strategies and could divert
the attention of our Board of Directors and senior management from the pursuit of our business strategies. Perceived uncertainties as
to our future direction as a result of shareholder activism may lead to the perception of a change in the direction of the business or
other instability and may make it more difficult to attract and retain qualified personnel and business partners and may affect our relationships
with vendors, customers and other third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><U>Risks Related to the International
Nature of our Business</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>A U.S. government shutdown could
adversely impact our results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">A U.S. government shutdown could result
in a U.S. credit rating downgrade, significant U.S. and global economic and financial market dislocations, interest rate and foreign exchange
rate impacts and other potential unforeseen consequences that could have a material adverse effect on our results of operations and financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><U>Risks Related to Our Subordinate
Voting Shares and this Offering</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>We cannot predict the impact that
the offer of the Subordinate Voting Shares may have on the market price of our Subordinate Voting Shares and the value of your investment
in our Company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">We cannot predict
the effect, if any, that sales of, or the availability for sale of, Subordinate Voting Shares by the Selling Shareholder pursuant to this
prospectus supplement and the accompanying prospectus will have on the market price of such securities prevailing from time to time. The
fact that substantial amounts of our Subordinate Voting Shares will enter the public market could adversely affect the prevailing market
price of our Subordinate Voting Shares and could impair our ability to fund acquisitions or to raise capital in the future through the
sales of our securities. This offering or other sales of substantial amounts of our Subordinate Voting Shares, or the perception that
such sales could occur, could adversely affect prevailing market prices for such stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Following the completion of the
offering, the Company will no longer be controlled by Onex and will become widely-held with the result that it may become more vulnerable
to take-over or tender offer.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Following closing of the offering, all
of the outstanding Multiple Voting Shares will have been converted into Subordinate Voting Shares on a one-for-one basis and Onex will
no longer be the Company&rsquo;s controlling shareholder. As a result, the Company will lose the benefit of the stability afforded to
it by having a committed, long-term controlling shareholder. In addition, voting power will be spread out amongst a wide shareholder base
without a controlling shareholder and the inherent protection from an unsolicited take-over bid afforded by a dual class share structure
will no longer exist. Accordingly, the Company may become more vulnerable to a take-over bid or a tender offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>We may lose our foreign private
issuer status.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">We are a foreign
private issuer, and are therefore not required to comply with all of the periodic disclosure and current reporting requirements of the
Exchange Act applicable to U.S. domestic issuers. If more than 50% of our outstanding voting securities are directly or indirectly owned
of record by residents of the U.S., we would lose our foreign private issuer status. If we were to lose our foreign private issuer status,
we would be required to comply with the Exchange Act reporting and other requirements applicable to U.S. domestic issuers, which are more
detailed and extensive than the requirements for foreign private issuers. For example, we would be required to change our basis of accounting
from IFRS to U.S. GAAP, which could also result in potentially material changes to historical financial statements previously prepared
on the basis of IFRS. We would also have to comply with U.S. federal proxy requirements, our officers, directors, and more than 10% shareholders
will become subject to the short-swing profit disclosure and recovery provisions of Section&nbsp;16 of the Exchange Act, and we would
lose our ability to rely upon exemptions from certain corporate governance rules&nbsp;of the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>The market price of our Subordinate
Voting Shares has been volatile and will fluctuate and you may not be able to sell your Subordinate Voting Shares at or above the price
at which you acquired your shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Volatility in our
business can result in significant Subordinate Voting Shares price and volume fluctuations. Factors such as changes in our financial estimates
or operating results, buy/sell recommendations by securities analysts, the timing of announcements by us or our competitors concerning
significant product developments, acquisitions or financial performance, other events affecting companies in the electronics industry,
currency fluctuations, general market fluctuations, macro-economic conditions, general stock market conditions, substantial sales of our
Subordinate Voting Shares and/or other external factors may cause the market price of our Subordinate Voting Shares to decline. In addition,
if our operating results do not meet the expectations of securities analysts or investors, the price of our Subordinate Voting Shares
could decline. Furthermore, the existence of our normal course issuer bid (&ldquo;NCIB&rdquo;) may cause our Subordinate Voting Shares
price to be higher than it would be in the absence of such a program, and repurchases under the NCIB expose us to risks resulting from
a reduction in the size of our &quot;public float,&quot; which may reduce our trading volume as well as our Subordinate Voting Shares
price. You may be unable to sell your stock at or above your purchase price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>We do not anticipate paying cash
dividends on our Subordinate Voting Shares in the foreseeable future, so any short-term return on your investment will depend on the market
price of our Subordinate Voting Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Any determination
to pay cash dividends in the future will be at the discretion of our Board of Directors and will depend on our financial condition, operating
results, capital requirements, general business conditions and other factors that our Board of Directors may deem relevant. As a result,
capital appreciation, if any, of our Subordinate Voting Shares will be the sole source of gain, if any, for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>We have granted stock options
and restricted share units (&ldquo;RSUs&rdquo;) to certain employees and directors as compensation which may depress our Subordinate Voting
Shares price and result in dilution to our shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">As
of July&nbsp;28, 2023, 2023, we had the following potentially dilutive equity grants outstanding under our Long Term Incentive Plan
(&ldquo;LTIP&rdquo;): 393,472 outstanding stock options and 63,877 outstanding RSUs; each vested option or unit entitling the holder
thereof to receive one Subordinate Voting Share (or if pursuant to a permitted election, cash) pursuant to the terms thereof,
subject to certain time or performance-based vesting conditions. The LTIP permits the
grant of additional stock options, RSUs and performance share units (PSUs). Sales of a substantial number of shares of our
Subordinate Voting Shares in the public market by holders of exercised stock options, vested RSUs or vested PSUs may depress the
prevailing market price for our Subordinate Voting Shares and could impair our ability to raise capital through the future sale of
our equity securities. Additionally, if exercised stock options or vested share units are settled in Subordinate Voting Shares
issued by the Company (permitted under the LTIP), our Subordinate Voting Shares holders will incur dilution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>There can be no assurance that
we will continue to repurchase Subordinate Voting Shares for cancellation.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Although we currently
have an NCIB in effect, whether we repurchase Subordinate Voting Shares under such NCIB for cancellation, and the amount and timing of
any such repurchases, is subject to the restrictions under our credit facility, capital availability and periodic determinations by our
Board of Directors that Subordinate Voting Share repurchases are in the best interest of our shareholders and are in compliance with all
applicable laws and agreements. Any future permitted Subordinate Voting Share repurchases, including their timing and amount, may be affected
by, among other factors: our consolidated leverage ratio (as defined in our credit facility); our views on potential future capital requirements
for strategic transactions, including acquisitions; debt service requirements; our credit rating; changes to applicable tax laws or corporate
laws; and changes to our business model. In addition, the amount we spend and the number of Subordinate Voting Shares we are able to repurchase
for cancellation under any NCIB or substantial issuer bid may further be affected by a number of other factors, including the Subordinate
Voting Shares we arrange to be purchased by non-independent brokers to satisfy stock-based compensation awards, the price of our Subordinate
Voting Shares and blackout periods in which we are restricted from repurchasing Subordinate Voting Shares. Our Subordinate Voting Shares
repurchases may change from time to time, and even if permitted under our credit facility, we cannot provide assurance that we will continue
to repurchase Subordinate Voting Shares for cancellation in any particular amounts, or at all. A reduction in or elimination of our Subordinate
Voting Share repurchases could have a negative effect on the stock price of the Subordinate Voting Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Future sales, or the perception
of future sales, of a substantial amount of Celestica&rsquo;s Subordinate Voting Shares may depress the price of Celestica&rsquo;s Subordinate
Voting Shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">If Celestica&rsquo;s
shareholders sell substantial amounts of Celestica&rsquo;s Subordinate Voting Shares in the public market, or there is a perception in
the market that the holders of a large number of Subordinate Voting Shares intend to sell Subordinate Voting Shares, the market price
of Celestica&rsquo;s Subordinate Voting Shares could decline. These sales, or the perception of such future sales, also might make it
more difficult for the Company to sell its equity or equity related securities in the future at a time and price that it deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Celestica may issue additional
securities in the future, including preferred shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">Celestica&rsquo;s
Restated Articles of Incorporation (&ldquo;Articles&rdquo;) provide that the Company may issue an unlimited number of Subordinate Voting
Shares, an unlimited number of Multiple Voting Shares and an unlimited number of preferred shares, issuable in one or more series, subject
to the rules&nbsp;of any stock exchange on which the Company&rsquo;s securities may be listed from time to time; however, the issuance
of Multiple Voting Shares would require the affirmative vote of the holders of two-thirds of the Subordinate Voting Shares voting with
respect to the matter. If Celestica were to issue any additional Subordinate Voting Shares or preferred shares or such other classes of
authorized shares that are convertible or exchangeable for Subordinate Voting Shares, the percentage ownership of existing shareholders
may be reduced and diluted. The Company cannot foresee the terms and conditions of any future offerings of its securities nor the effect
of such offerings on the market price of Subordinate Voting Shares. Any issuance of a significant percentage of the Company&rsquo;s securities,
or the perception that such issuances may occur, could have a material adverse effect on the market price of Subordinate Voting Shares
and limit the Company&rsquo;s ability to fund its operations through capital raising transactions in the future. Celestica does not have
any present plans to issue any preferred shares. However, the Board of Directors of the Company has the authority to issue preferred shares
and determine the price, designation, rights (including voting and dividend rights), preferences, privileges, restrictions and conditions
of these shares and determine to whom they shall be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a-ps_005"></A><B>CAPITALIZATION AND INDEBTEDNESS</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">The
following table sets forth our capitalization and indebtedness (other than intra-company indebtedness), determined in accordance
with IFRS, as of June&nbsp;30, 2023. You should read this table in conjunction with our audited consolidated financial statements
and the related notes thereto for the year ended December&nbsp;31, 2022 included in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual
Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022</A> and our unaudited interim condensed consolidated financial
statements for the three and six month periods ended June&nbsp;30, 2023 included as <A HREF="http://www.sec.gov/Archives/edgar/data/1030894/000103089423000016/cls-20230630xfs.htm" STYLE="-sec-extract: exhibit">Exhibit 99.2</A> to our Report on Form&nbsp;6-K
furnished to the SEC on July&nbsp;26, 2023 (&ldquo;Interim Q2 2023 Financials&rdquo;), each of which we incorporate by reference in
this prospectus supplement, as described in &ldquo;<B>Incorporation of Certain Information by Reference</B>&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As at June&nbsp;30, 2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(in millions)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 82%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">360.7</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Lease Obligations*(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">168.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Obligations under Credit Facility* (2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">618.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total long-term debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">786.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Shareholders&rsquo; equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Capital stock (3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,677.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Treasury Stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(27.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Contributed Surplus</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,041.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(996.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accumulated other comprehensive loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(14.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total Shareholder&rsquo;s Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,680.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total Capitalization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,467.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* secured by certain assets of the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These lease obligations represent
the present value of unpaid lease payment obligations recognized as liabilities as of June&nbsp;30, 2023, which have been discounted
using our incremental borrowing rate on the lease commencement dates. In addition to these lease obligations, we have commitments under
additional real property leases not recognized as liabilities as of June&nbsp;30, 2023 because such leases had not yet commenced as of
such date. A description of these leases and minimum lease obligations thereunder are disclosed in note 24 to our audited consolidated
financial statements for the year ended December&nbsp;31, 2022, included in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022</A>, which is incorporated herein by reference.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">(2)</TD><TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our credit facility is comprised
                                                         of a term loan in the original principal amount of $350.0 million (&ldquo;Initial Term Loan&rdquo;), a term loan in the original
                                                         principal amount of $365.0 million (&ldquo;Incremental Term Loan&rdquo;), and a $600.0 million revolving credit facility
                                                         (&ldquo;Revolver&rdquo;). The Initial Term Loan matures on June&nbsp;27, 2025. The Incremental Term Loan and the Revolver each
                                                         mature on March&nbsp;28, 2025, unless either (i)&nbsp;the Initial Term Loan has been prepaid or refinanced or (ii)&nbsp;commitments
                                                         under the Revolver are available and have been reserved to repay the Initial Term Loan in full, in which case such obligations
                                                         mature on December&nbsp;6, 2026. The amounts in the table represent aggregate remaining term loan amounts outstanding as of
                                                         June&nbsp;30, 2023 (as of such date, other than ordinary course letters of credit described below, there were no amounts outstanding
                                                         under the Revolver). In addition, at June&nbsp;30, 2023, we had $33.1 million outstanding in letters of credit and surety bonds,
                                                         including $17.3 million that were issued under our credit facility.</P></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our authorized capital consists of an unlimited number of preference shares, issuable in series, without nominal or par value, an unlimited number of Subordinate Voting Shares, without nominal or par value (which entitle the holder to one vote per share), and an unlimited number of Multiple Voting Shares, without nominal or par value (which entitle the holder to 25 votes per share). At June&nbsp;30, 2023, no preference shares, 112,520,339 Subordinate Voting Shares and 6,808,623 Multiple Voting Shares were issued and outstanding (all of which are fully paid). As of such date, we also had 393,472 outstanding stock options, 4,129,754 outstanding RSUs, 4,834,886 outstanding PSUs, representing 100% of the target amount granted (amounts that will vest range from 0% to 200% of the target amount granted), and 1,407,181 outstanding DSUs, each vested option or unit entitling the holder thereof to receive one Subordinate Voting Share (or in certain cases, cash) pursuant to the terms thereof (subject to certain time or performance-based vesting conditions). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At July&nbsp;28, 2023, no preference shares,
112,520,339 Subordinate Voting Shares and 6,808,623 Multiple Voting Shares were issued and outstanding (all of which are fully paid).
As of such date, we also had 393,472 outstanding stock options, 4,106,768 outstanding RSUs, 4,834,886 outstanding PSUs, representing 100%
of the target amount granted (amounts that will vest range from 0% to 200% of the target amount granted), and 1,407,181 outstanding DSUs,
each vested option or unit entitling the holder thereof to receive one Subordinate Voting Share (or in certain cases, cash) pursuant to
the terms thereof (subject to certain time or performance-based vesting conditions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify"><B>Effect of Conversion of Multiple
Voting Shares into Subordinate Voting Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">Following the closing of the offering and the
related conversion of all outstanding Multiple Voting Shares into Subordinate Voting Shares on a one-for-one basis, the Company will have
only Subordinate Voting shares issued and outstanding, each of which will entitle the holder to one vote per share. Onex will also no
longer hold a majority of the voting interest in the Company and all of the Company&rsquo;s shareholders will be entitled to a voting
interest that is proportionate to their equity ownership interest. The issuance of further Multiple Voting Shares would require the affirmative
vote of the holders of two-thirds of the Subordinate Voting Shares voting with respect to the matter. We have no current intention to
seek such a vote. At a future annual general meeting of shareholders, the Company expects to ask shareholders to vote on a resolution
to amend the Articles to (a)&nbsp;eliminate the Multiple Voting Shares as an authorized class of shares of the Company and (b)&nbsp;rename
the Subordinate Voting Shares as &ldquo;common shares.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">The following table sets forth information with respect to
stock options outstanding as at July&nbsp;28, 2023 (all of which were granted under our LTIP). The options are held by one executive officer
and one employee. No other stock options issued by Celestica are outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Outstanding Options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-size: 10pt"><B>Beneficial Holders</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of<BR>
Subordinate<BR>
Voting Shares<BR>
Under Option</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exercise <BR>
Price</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-size: 10pt"><B>Date/Year of<BR>
 Issuance</B></FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt"><FONT STYLE="font-size: 10pt"><B>Date of Expiry</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Employee</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-size: 10pt">94,518</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-size: 10pt">10.58</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-size: 10pt">November 5, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-size: 10pt">November 5, 2031</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Executive Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-size: 10pt">298,954</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-size: 10pt">C$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; text-align: right"><FONT STYLE="font-size: 10pt">17.52</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-size: 10pt">August 1, 2015</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt"><FONT STYLE="font-size: 10pt">August 1, 2025</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth
in the notes to our Interim Q2 2023 Financials (incorporated by reference herein as described below), there have been no subsequent events
between June&nbsp;30, 2023 and the date of this document that would have a material impact on our authorized or issued share capital or
the total debt reported above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-ps_006"></A><B>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net tangible book
value dilution per share to new investors (&ldquo;Per Share Dilution&rdquo;) represents the difference between the amount per Subordinate
Voting Share paid by purchasers of such shares in this offering and the net tangible book value per share immediately after completion
of this offering. As of June&nbsp;30, 2023, our unaudited net tangible book value was approximately $1,032 million, or approximately $8.65
per share. Net tangible book value per share represents the amount of our total tangible assets, excluding goodwill and other intangible
assets, less total liabilities, divided by the 112,520,339 Subordinate Voting Shares and 6,808,623 Multiple Voting Shares outstanding
as of June&nbsp;30, 2023. Because the Subordinate Voting Shares to be sold in this offering are either already outstanding, or will be
converted on a one-for-one basis immediately prior to closing from already outstanding Multiple Voting Shares, and the Company will not
receive any proceeds from this offering, the net tangible book value per share would not change. However, if you invest in our Subordinate
Voting Shares, your interest will be diluted immediately to the extent of the difference between the public offering price per Subordinate
Voting Share and the net tangible book value per share after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-ps_007"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive any proceeds from
the sale of Subordinate Voting Shares by the Selling Shareholder pursuant to this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-ps_008"></A><B>EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is
a statement of the estimated expenses, other than any underwriting discounts and commissions, that we expect to incur in connection with
the issuance and distribution of the securities registered under this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Commission registration fee</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> 15,162.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">*</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.2pt">Printing expenses</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">23,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.2pt">Legal fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">325,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.2pt">Accountants&rsquo; fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">275,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.2pt">Transfer agent and registrar fees</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.2pt">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">648,162.80</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$663,273.84
has been paid to the Commission and may be used to pay for securities offered pursuant to this prospectus supplement. The payment of any
additional fees has been deferred in accordance with Rule&nbsp;456(b)&nbsp;and 457(r)&nbsp;of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-ps_009"></A><B>TRADING PRICE AND VOLUME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The outstanding
Multiple Voting Shares are not quoted or listed for trading on a marketplace. The outstanding Subordinate Voting Shares are listed on
the NYSE and the TSX, in each case under the symbol &ldquo;CLS&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets forth, for the 12-month period prior to the date of this prospectus supplement, the reported high and low prices and the aggregate
volume of trading of the Subordinate Voting Shares on the NYSE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Price (US$)</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Trading </TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Period</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">High</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">Low</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Volume</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif">2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 58%">July</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">10.910</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9.120</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9,291,425</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">August</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.690</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.110</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,537,593</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">September</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.445</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.210</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,173,928</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">October</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.680</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.340</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,029,566</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">November</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.800</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.330</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,918,759</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">December</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.545</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.570</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,747,359</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">January</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.280</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.990</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,755,802</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">February</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.970</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,227,064</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">March</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.315</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.530</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,681,496</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">April</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.005</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.750</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,044,168</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">May</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,325,385</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">June</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.970</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.220</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">21,794,594</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif">July</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22.010</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.370</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">27,986,247</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source: FactSet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth, for the
12-month period prior to the date of this prospectus supplement, the reported high and low prices and the aggregate volume of trading
of the Subordinate Voting Shares on the TSX:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Price (C$)</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">Trading </TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Period</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">High</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Low</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Volume</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%">July</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">14.010</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">11.810</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,209,199</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">August</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.130</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,765,875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">September</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13.550</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.280</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,835,142</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">October</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.860</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.590</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,418,018</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.660</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.150</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,591,586</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">December</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.650</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.440</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,007,463</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">January</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19.030</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.940</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,394,372</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">February</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.610</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">17.360</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,533,868</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">March</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.260</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15.900</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,298,385</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">April</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">17.500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.590</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,069,874</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">May</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.070</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,305</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,401.911</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">June</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19.800</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16.470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,357,792</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">July</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29.000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19.060</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,104,319</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source: TSX MarketData</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-ps_010"></A><B>DIVIDEND POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not anticipate paying cash dividends
on our Subordinate Voting Shares in the foreseeable future, so any short-term return on your investment will depend on the market price
of our Subordinate Voting Shares. Any determination to pay cash dividends in the future will be at the discretion of our Board of Directors
and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that
our Board of Directors may deem relevant. As a result, capital appreciation, if any, of our Subordinate Voting Shares will be the sole
source of gain, if any, for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-ps_011"></A><B>SELLING SHAREHOLDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">We are registering
6,757,198 Subordinate Voting Shares for resale by the Selling Shareholder named below. The term &ldquo;Selling Shareholder&rdquo; also
includes any transferees, pledgees, donees, or other successors in interest to the Selling Shareholder named in the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Selling Shareholder will pay underwriting
discounts and commission in connection with the offering. The Company will pay approximately $650,000 of the expenses of this offering,
including all SEC registration fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of shares disclosed in the
table below as &ldquo;beneficially owned&rdquo; are those beneficially owned as determined under the rules&nbsp;of the SEC. Such information
is not necessarily indicative of ownership for any other purpose. Under the rules&nbsp;of the SEC, a person is deemed to be a &ldquo;beneficial
owner&rdquo; of a security if that person has or shares &ldquo;voting power,&rdquo; which includes the power to vote or to direct the
voting of such security, or &ldquo;investment power,&rdquo; which includes the power to dispose of or to direct the disposition of such
security. Beneficial ownership as of any date includes Subordinate Voting Shares as to which the Selling Shareholder has the right to
acquire within 60 days of such date. Although beneficial ownership of Subordinate Voting Shares under this definition includes the Multiple
Voting Shares on an as-converted basis (as Multiple Voting Shares are convertible into Subordinate Voting Shares at any time), beneficial
ownership of each class of security is shown separately in the table below. In addition, under these rules, more than one person may be
deemed a beneficial owner of the same securities. Except as indicated in the table below and accompanying footnotes, the Selling Shareholder
has sole voting and sole investment power with respect to all shares that they beneficially own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For information about our relationship with
Onex, see &ldquo;<B>Controlling Shareholder Interest</B>&rdquo; in Item 4.B., and &ldquo;<B>Major Shareholders and Related Party
Transactions <I>&mdash; </I>Related Party Transactions</B>&rdquo; in Item 7 of our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual
Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022</A>, which is incorporated by reference herein. Following the
closing of the offering, all of the outstanding Multiple Voting Shares will have been converted into Subordinate Voting Shares on a
one-for-one basis. Although Onex is the Company&rsquo;s controlling shareholder on the date hereof, immediately following the
completion of this offering, there will not be any Multiple Voting Shares outstanding, and Onex will no longer be the
Company&rsquo;s controlling shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Percentages in the table below are based
on 112,520,339 Subordinate Voting Shares and 6,808,623 Multiple Voting Shares outstanding as of July&nbsp;28, 2023.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table, which was prepared
based on information filed publicly or supplied to us by the Selling Shareholder, sets forth: the number of Subordinate Voting Shares
and Multiple Voting Shares beneficially owned by the Selling Shareholder, the percentage of each class so owned, the percentage of all
equity shares of the Company so owned, and the percentage of voting power so held, both prior to and after the sale of the Subordinate
Voting Shares covered by this prospectus supplement and the accompanying prospectus, as well as the number of Subordinate Voting Shares
that such Selling Shareholder is offering under this prospectus supplement and the accompanying prospectus. Please read the footnotes
accompanying this table carefully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Shares Beneficially Owned Prior to the Offering</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Number of<BR>
 Subordinate<BR>
 Voting<BR>
 Shares<BR>
 Offered <B><SUP>(1)</SUP></B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Shares
    Beneficially Owned After the Offering<SUP>2</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subordinate<BR>
Voting Shares&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Multiple Voting<BR>
 Shares</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Subordinate<BR>
 Voting Shares</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Multiple Voting<BR>
 Shares </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name of<BR>
 Shareholder <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Number</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">% of<BR>
 Class</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Number</FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">% of<BR>
 Class</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">% of&nbsp;All<BR>
 Equity<BR>
 Shares </FONT></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">% of<BR>
 Voting<BR>
 Power </FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Number</FONT></TD>
    <TD STYLE="width: 4%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">% of<BR>
 Class</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Number</FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">% of<BR>
 Class</FONT></TD>
    <TD STYLE="width: 5%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">% of<BR>
 All<BR>
 Equity<BR>
 Shares </FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">% of<BR>
 Voting<BR>
 Power </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Onex Corporation <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">147,826 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">0.1% </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,808,623</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.8%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">60.3%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,757,198</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">--</FONT> </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">--</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">--</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify">The Subordinate Voting Shares to be sold by the Selling Shareholder in this offering consist of (i)&nbsp;Subordinate
Voting Shares that are issued to the Selling Shareholder by the Company immediately prior to the closing of this offering upon the conversion
by the Selling Shareholder of an equivalent number of Multiple Voting Shares (including the conversion of Multiple Voting Shares that
are acquired by the Selling Shareholder from OMI immediately prior to such closing); and (ii)&nbsp;Subordinate Voting Shares that are
acquired by the Selling Shareholder from its affiliates and associates immediately prior to such closing, including 44,923 Subordinate
Voting Shares beneficially owned by Mr.&nbsp;Gerald Schwartz but not by Onex as of July&nbsp;28, 2023. The Subordinate Voting Shares to be sold by the Selling Shareholder in the offering exclude: (i) 134,293 MIP Shares (as defined in footnote
(4) below); and (ii) 109,881 Subordinate Voting Shares that will no longer be beneficially owned or controlled by Onex immediately prior
to the closing of the offering, as described in footnote (4) below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify">Immediately following completion of the offering and the conversion of the currently outstanding Multiple
Voting Shares into Subordinate Voting Shares on a one-for-one basis, there will be 119,328,962 Subordinate Voting Shares outstanding and
there will not be any Multiple Voting Shares outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="text-align: justify">Mr.&nbsp;Schwartz is the Chairman of the Board of Onex, and indirectly owns multiple voting shares of
Onex carrying the right to elect a majority of the Onex board of directors. Accordingly, under applicable securities laws, Mr.&nbsp;Schwartz
is deemed to be the beneficial owner of all Celestica shares beneficially owned by Onex. Mr.&nbsp;Schwartz has advised Celestica, however,
that he disclaims beneficial ownership of such shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* On a fully-diluted basis, assuming all outstanding
securities issued by the Company are converted into or exercised, exchanged or redeemed for Subordinate Voting Shares (including the conversion
of all Multiple Voting Shares for an equivalent number of Subordinate Voting Shares), Onex would currently beneficially own 6,956,449
Subordinate Voting Shares, representing approximately 5.8% of the Subordinate Voting Shares. Upon completion of the offering Onex would
not beneficially own any Subordinate Voting Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD STYLE="text-align: justify">Onex beneficially owns 5,863,613 Multiple Voting Shares directly, and 945,010 Multiple Voting Shares
                                                                                                                           through OMI, a wholly-owned subsidiary of Onex. Accordingly, under applicable securities laws, Onex is deemed to be the beneficial
                                                                                                                           owner of the Celestica shares beneficially owned by OMI (which is not a selling shareholder in the offering). Immediately prior to
                                                                                                                           closing, the 945,010 Multiple Voting Shares held through OMI will be acquired by Onex and be subsequently converted to an equivalent
                                                                                                                           number of Subordinate Voting Shares to be sold by the Selling Shareholder in the offering. Pursuant to the terms of certain Onex management investment
                                                                                                                           plans, Onex beneficially owns (but not directly) or controls 147,826 Subordinate Voting Shares (&ldquo;MIP Shares&rdquo;). 134,293
                                                                                                                           MIP Shares will not be sold in the offering, and will, pursuant to the terms of such Onex management investment plans, no longer be
                                                                                                                           beneficially owned or controlled by Onex following the completion of the offering. Immediately prior to the closing of the offering
                                                                                                                           and immediately following the conversion of the Multiple Voting Shares held by the Selling Shareholder into an equivalent number of
                                                                                                                           Subordinate Voting Shares, Onex will transfer beneficial ownership of 109,881 Subordinate Voting Shares to or for the benefit of a
                                                                                                                           former executive of Onex, in satisfaction of pre-existing commitments under such Onex management investment plans, and as such,
                                                                                                                           following the offering, those 109,881 Subordinate Voting Shares will no longer be beneficially owned or controlled by Onex. 814,546
                                                                                                                           of the Multiple Voting Shares beneficially owned by Onex are subject to options granted to certain officers of Onex pursuant to
                                                                                                                           certain Onex management investment plans, which options may be exercised upon specified dispositions by Onex (directly or
                                                                                                                           indirectly) of Celestica's securities, with respect to which Onex has the right to vote or direct the vote (&quot;MIP
                                                                                                                           Options&quot;), including 688,807 MIP Options granted to Mr.&nbsp;Schwartz. Each Multiple Voting Share will, upon exercise of such
                                                                                                                           MIP Options, be automatically converted into one Subordinate Voting Share. However, the MIP Options are synthetic options on the
                                                                                                                           corresponding number of Multiple Voting Shares held by Onex, so that if the grantee elected to exercise such MIP Options, Onex could
                                                                                                                           elect to settle the MIP Options with cash.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Celestica&rsquo;s Articles provide &quot;coat-tail&quot;
protection to the holders of the Subordinate Voting Shares by providing that the Multiple Voting Shares will be converted automatically
into Subordinate Voting Shares upon any transfer thereof, except (i)&nbsp;a transfer to Onex or any affiliate of Onex or (ii)&nbsp;a transfer
of 100% of the outstanding Multiple Voting Shares to a purchaser who also has offered to purchase all of the outstanding Subordinate Voting
Shares for a per share consideration identical to, and otherwise on the same terms as, that offered for the Multiple Voting Shares, and
the Multiple Voting Shares held by such purchaser thereafter shall be subject to the share provisions relating to conversion (including
with respect to the provisions described herein) as if all references to Onex were references to such purchaser. In addition, if (i)&nbsp;any
holder of any Multiple Voting Shares ceases to be an affiliate of Onex, or (ii)&nbsp;Onex and its affiliates, collectively, cease to have
the right, in all cases, to exercise the votes attached to, or to direct the voting of, any of the Multiple Voting Shares held by Onex
and its affiliates, such Multiple Voting Shares shall convert automatically into Subordinate Voting Shares on a one- for-one basis. For
these purposes, (i)&nbsp;Onex includes any successor corporation resulting from an amalgamation, merger, arrangement, sale of all or substantially
all of its assets, or other business combination or reorganization involving Onex, provided that such successor corporation beneficially
owns directly or indirectly all Multiple Voting Shares beneficially owned directly or indirectly by Onex immediately prior to such transaction
and is controlled by the same person or persons as controlled Onex prior to the consummation of such transaction; (ii)&nbsp;a corporation
shall be deemed to be a subsidiary of another corporation if, but only if, (a)&nbsp;it is controlled by that other, or that other and
one or more corporations each of which is controlled by that other, or two or more corporations each of which is controlled by that other,
or (b)&nbsp;it is a subsidiary of a corporation that is that other's subsidiary; (iii)&nbsp;&quot;affiliate&quot; means a subsidiary of
Onex or a corporation controlled by the same person or company that controls Onex; and (iv)&nbsp;&quot;control&quot; means beneficial
ownership of, or control or direction over, securities carrying more than 50% of the votes that may be cast to elect directors if those
votes, if cast, could elect more than 50% of the directors. For these purposes, a person is deemed to beneficially own any security which
is beneficially owned by a corporation controlled by such person. In addition, if at any time the number of outstanding Multiple Voting
Shares shall represent less than 5% of the aggregate number of the outstanding Multiple Voting Shares and Subordinate Voting Shares, all
of the outstanding Multiple Voting Shares shall be automatically converted at such time into Subordinate Voting Shares on a one-for-one
basis. Onex, which beneficially owns, controls or directs, directly or indirectly all of the outstanding Multiple Voting Shares, has entered
into an agreement with Celestica and Computershare Trust Company of Canada (as successor to the Montreal Trust Company of Canada), as
trustee for the benefit of the holders of the Subordinate Voting Shares, for the purpose of ensuring that the holders of Subordinate Voting
Shares will not be deprived of any rights under applicable take-over bid legislation to which they would be otherwise entitled in the
event of a take-over bid (as that term is defined in applicable securities legislation) if Multiple Voting Shares and Subordinate Voting
Shares were of a single class of shares. Subject to certain permitted forms of sale, such as identical or better offers to all holders
of Subordinate Voting Shares, Onex has agreed that it, and any of its affiliates that may hold Multiple Voting Shares from time to time,
will not sell any Multiple Voting Shares, directly or indirectly, pursuant to a take-over bid (as that term is defined under applicable
securities legislation) under circumstances in which any applicable securities legislation would have required the same offer or a follow-up
offer to be made to holders of Subordinate Voting Shares if the sale had been a sale of Subordinate Voting Shares rather than Multiple
Voting Shares, but otherwise on the same terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The address of Onex is: 161 Bay Street,
P.O.&nbsp;Box 700, Toronto, Ontario, Canada M5J 2S1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-ps_012"></A><B>UNDERWRITING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, the Selling Shareholder
and the Underwriters named in the table below (collectively, the &ldquo;Underwriters,&rdquo; <I>provided </I>that to the extent there
is only a single underwriter named below, the term &ldquo;Underwriters&rdquo; shall be deemed to refer to such single underwriter) have
entered into an underwriting agreement with respect to the Subordinate Voting Shares being offered. Subject to certain conditions, the
Underwriters have agreed to purchase the number of Subordinate Voting Shares indicated in the following table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.25in; text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriters</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of Subordinate Voting Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.25in; text-align: justify">BofA Securities, Inc.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">6,757,198</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 1.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">6,757,198</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The offering is
being made concurrently in the United States and in each of the provinces and territories of Canada. The Subordinate Voting Shares will
be offered in the United States through those Underwriters who are registered to offer the Subordinate Voting Shares for sale in the United
States, and such other registered dealers as may be designated by the Underwriters. The Subordinate Voting Shares will be offered in each
of the provinces and territories of Canada through those Underwriters or their Canadian affiliates who are registered to offer the Subordinate
Voting Shares for sale in such provinces and territories and such other registered dealers as may be designated by the Underwriters. Subject
to applicable law, the Underwriters, or such other registered dealers as may be designated by the Underwriters, may offer the Subordinate
Voting Shares outside of the United States and Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The obligations
of the Underwriters under the underwriting agreement are subject to customary conditions, including the delivery of certain documents
and legal opinions and the condition that there shall not have occurred any of the following: (i)&nbsp;a suspension or material limitation
in trading in securities generally on the NYSE or on the TSX; (ii)&nbsp;a suspension or material limitation in trading in our securities
on the NYSE or on the TSX; (iii)&nbsp;a general moratorium on commercial banking activities in the United States or Canada declared by
the relevant authorities, or a material disruption in commercial banking or securities settlement or clearance services in the United
States or Canada; (iv)&nbsp;the outbreak or escalation of hostilities involving the United States or Canada or the declaration by the
United States or Canada of a national emergency or war; or (v)&nbsp;the occurrence of any other calamity or crisis or any change in financial,
political or economic conditions in the United States or Canada or elsewhere, if the effect of any such event specified in clause (iv)&nbsp;or
(v)&nbsp;in the Underwriters&rsquo; judgment such as to make it impracticable or inadvisable to proceed with our offering or the delivery
of our Subordinate Voting Shares. The Underwriters, however, are obligated to take and pay for all of the Subordinate Voting Shares being
offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company and
the Selling Shareholder have agreed to indemnify the Underwriters and their directors, officers and employees against certain liabilities,
including, without restriction, liabilities under the Securities Act and civil liabilities under Canadian securities legislation, and
to contribute to any payments the Underwriters may be required to make in respect thereof. The Company and the Selling Shareholder have
agreed to indemnify one another against liabilities with respect to certain information related solely to the respective party and furnished
in writing to the other for use in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pricing of the Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Underwriters
have agreed to purchase the Subordinate Voting Shares from the Selling Shareholder at a price of $ per share, which will result in $ of
proceeds to the Selling Shareholder before expenses. The Underwriters propose to offer the Subordinate Voting Shares from time to time
for sale in one or more transactions on the NYSE, in the over-the-counter market, through negotiated transactions or otherwise at market
prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, and the compensation realized
by the Underwriters will be dependent on such selling prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> The
offering of the Subordinate Voting Shares by the Underwriters is subject to receipt and acceptance and subject to the
Underwriters&rsquo; right to reject any order in whole or in part, and the right is reserved to close the subscription books at any
time without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In consideration
for their services in connection with the offering, the Underwriters will receive the aggregate of the difference, if any, between the
price at which they purchase the Subordinate Voting Shares from the Selling Shareholder and the price at which the Underwriters sell such
Subordinate Voting Shares to the public pursuant to the offering. The fees and expenses of the offering, excluding underwriting discounts
and commissions, are estimated at approximately $1,150,000, approximately $650,000 of which are payable by the Company. The Company
has also agreed to reimburse the Underwriters for expenses relating to the clearance of this offering with the Financial Industry Regulatory
Authority up to $5,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lock-Up Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company and
its officers and directors have agreed with the Underwriters, subject to certain exceptions, not to dispose of or hedge any of their Subordinate
Voting Shares or securities convertible into or exchangeable for Subordinate Voting Shares during the period from the date of the underwriting
agreement continuing through the date 45 days after the date of this prospectus supplement, except with the prior written consent of the
Underwriters. This agreement does not apply to any existing employee benefit plans or the conversion of Multiple Voting Shares into Subordinate
Voting Shares by the Selling Shareholder for sale in the offering. The Company&rsquo;s officers and directors do not intend to subscribe
for Subordinate Voting Shares in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Settlement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Subordinate
Voting Shares to be distributed to the public under the offering will be deposited on the closing date, which is expected to be on or
about August&nbsp; , 2023, under the book-based system of registration and registered in the name of The Depository Trust Company (&ldquo;DTC&rdquo;)
or its nominee or CDS Clearing and Depository Services Inc. (&ldquo;CDS&rdquo;) or its nominee. No certificates evidencing the Subordinate
Voting Shares will be issued to purchasers of the Subordinate Voting Shares. Purchasers of the Subordinate Voting Shares will receive
only a customer confirmation from the Underwriters or other registered dealer from or through whom a beneficial interest in the Subordinate
Voting Shares is purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Price Stabilization, Short Positions and Passive Market
Making</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the offering, the Underwriters may, subject to applicable law, over allocate or effect transactions which stabilize or maintain the market
price of the Subordinate Voting Shares at levels other than those which otherwise might prevail on the open market, including: stabilizing
transactions; short sales; purchases to cover positions created by short sales; imposition of penalty bids; and syndicate covering transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stabilizing transactions
consist of bids or purchases made for the purpose of preventing or retarding a decline in the market price of the Subordinate Voting Shares
while the offering is in progress. These transactions may also include making short sales of the Subordinate Voting Shares, which involve
the sale by the Underwriters of a greater number of Subordinate Voting Shares than they are required to purchase in the offering. Short
sales may be &ldquo;covered short sales&rdquo; or may be &ldquo;naked short sales&rdquo;, which involve the sale by the Underwriters of
a greater number of Subordinate Voting Shares than they are required to purchase in the offering. The Underwriters may close out any covered
short position by purchasing Subordinate Voting Shares in the open market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Underwriters must close out any naked
short position by purchasing Subordinate Voting Shares in the open market. A naked short position is more likely to be created if the
Underwriters are concerned that there may be downward pressure on the price of the Subordinate Voting Shares in the open market that could
adversely affect investors who purchase Subordinate Voting Shares in the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, in
accordance with policy statements of certain Canadian securities regulators and the Universal Market Integrity Rules&nbsp;for Canadian
Marketplaces (&ldquo;UMIR&rdquo;), the Underwriters may not, at any time during the period of distribution, bid for or purchase Subordinate
Voting Shares. The foregoing restriction is, however, subject to exceptions as permitted by such policy statements and UMIR. These exceptions
include a bid or purchase permitted under the provisions of such policy statements and UMIR relating to market stabilization and passive
market making activities and a bid or purchase made for and on behalf of a customer where the order was not solicited during the period
of distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result of
these activities, the price of the Subordinate Voting Shares may be higher than the price that otherwise might exist in the open market.
If these activities are commenced, they may be discontinued by the Underwriters at any time. The Underwriters may carry out these transactions
on any stock exchange on which the Subordinate Voting Shares are listed, in the over the counter market, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Subordinate Voting Shares are listed
on the NYSE in the United States and on the TSX in Canada under the symbol &ldquo;CLS.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Underwriters
and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading,
commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making,
brokerage and other financial and non-financial activities and services. Certain of the Underwriters and their respective affiliates may
have provided, and may in the future provide, a variety of these services to the Company and to persons and entities with relationships
with the Company, for which they received or will receive customary fees and expenses. BofA Securities and certain of its affiliates are lenders under the Company&rsquo;s credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the ordinary
course of their various business activities, the Underwriters and their respective affiliates, officers, directors and employees may purchase,
sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps
and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities
may involve or relate to assets, securities and/or instruments of the issuer (directly, as collateral securing other obligations or otherwise)
and/or persons and entities with relationships with the issuer. The Underwriters and their respective affiliates may also communicate
independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect
of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short
positions in such assets, securities and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Selling Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other than in the United
States and each of the Canadian provinces and territories, no action has been taken by us or the Underwriters that would permit a public
offering of the Subordinate Voting Shares offered by this prospectus supplement and the accompanying prospectus in any jurisdiction where
action for that purpose is required. The Subordinate Voting Shares offered by this prospectus supplement and the accompanying prospectus
may not be offered or sold, directly or indirectly, nor may this prospectus supplement or the accompanying prospectus or any other offering
material or advertisements in connection with the offer and sale of any such Subordinate Voting Shares be distributed or published in
any jurisdiction, except under circumstances that will result in compliance with the applicable rules&nbsp;and regulations of that jurisdiction.
Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to
the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer
to buy any Subordinate Voting Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><I>European Economic Area</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">In relation to each
member state of the European Economic Area (each a &ldquo;Relevant State&rdquo;), no Subordinate Voting Shares have been offered or will
be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the Subordinate
Voting Shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant
State and notified to the relevant competent authority in that Relevant State, all in accordance with the Prospectus Regulation (as defined
herein), except that offers of Subordinate Voting Shares may be made to the public in that Relevant State at any time under the following
exemptions under the Prospectus Regulation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 34.2pt">(a)</TD><TD STYLE="text-align: justify">to any legal entity which is a qualified investor as defined under Article&nbsp;2 of the Prospectus Regulation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to fewer than 150 natural or legal persons (other than qualified investors as defined under Article&nbsp;2
of the Prospectus Regulation), subject to obtaining the prior consent of the Underwriters for any such offer; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in any other circumstances falling within Article&nbsp;1(4)&nbsp;of the Prospectus Regulation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">provided that no such offer of Subordinate
Voting Shares shall require the Company or any Underwriter to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus Regulation
or supplement a prospectus pursuant to Article&nbsp;23 of the Prospectus Regulation and each person who initially acquires any shares
or to whom any offer is made will be deemed to have represented, acknowledged and agreed to, and with each of the representatives and
us that it is a &ldquo;qualified investor&rdquo; as defined in the Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">In the case of any
Subordinate Voting Shares being offered to a financial intermediary as that term is used in Article&nbsp;5 of the Prospectus Regulation,
each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer
have not been acquired on a nondiscretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to,
persons in circumstances which may give rise to an offer of any shares to the public other than their offer or resale in a member state
to qualified investors as so defined, or in circumstances in which the prior consent of the representatives has been obtained to each
such proposed offer or resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">For the purposes
of this provision, the expression an &ldquo;offer to the public&rdquo; in relation to any Subordinate Voting Shares in any Relevant State
means the communication in any form and by any means of sufficient information on the terms of the offer and the Subordinate Voting Shares
to be offered so as to enable an investor to decide to purchase or subscribe for any Subordinate Voting Shares, and the expression &ldquo;Prospectus
Regulation&rdquo; means Regulation (EU) 2017/1129 (as amended).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">The Company has
not authorized and does not authorize the making of any offer of Subordinate Voting Shares through any financial intermediary on its behalf,
other than offers made by the Underwriters with a view to the final placement of the Subordinate Voting Shares as contemplated in this
prospectus supplement and accompanying prospectus. Accordingly, no purchaser of the Subordinate Voting Shares, other than the Underwriters,
is authorized to make any further offer of the Subordinate Voting Shares on behalf of the Selling Shareholder or the Underwriters.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>United Kingdom</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Subordinate Voting Shares
have been offered or will be offered pursuant to the offering to the public in the United Kingdom prior to the publication of a prospectus
in relation to the Subordinate Voting Shares that either (i)&nbsp;has been approved by the Financial Conduct Authority or (ii)&nbsp;is
to be treated as if it had been approved by the Financial Conduct Authority in accordance with the transitional provisions in Regulation
74 of the Prospectus (Amendment etc.) (EU Exit) Regulations 2019, except that offers of Subordinate Voting Shares may be made to the
public in the United Kingdom at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">to any legal entity which is a qualified investor as defined under Article&nbsp;2 of the UK Prospectus
Regulation;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">to fewer than 150 natural or legal persons (other than qualified investors as defined under Article&nbsp;2
of the UK Prospectus Regulation), subject to obtaining the prior consent of the Underwriters for any such offer; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">in any other circumstances falling within section 86 of the Financial Services and Markets 2000 Act (as
amended, the &ldquo;FSMA&rdquo;),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that no such offer of Subordinate
Voting Shares shall require the Company or any Underwriter to publish a prospectus pursuant to section 85 of the FSMA or supplement a
prospectus pursuant to Article&nbsp;23 of the UK Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes
of this provision, the expression of an &ldquo;offer to the public&rdquo; in relation to any Subordinate Voting Shares in the United Kingdom
means the communication in any form and by any means of sufficient information on the terms of the offer and the Subordinate Voting Shares
to be offered so as to enable an investor to decide to purchase or subscribe for any Subordinate Voting Shares, and the expression &ldquo;UK
Prospectus Regulation&rdquo; means Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom by virtue of the European
Union (Withdrawal) Act 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the United Kingdom,
this prospectus supplement is being distributed only to, and is directed only at, and any offer subsequently made may only be directed
at persons who are &ldquo;qualified investors&rdquo; (as defined in the UK Prospectus Regulation) (i)&nbsp;who have professional experience
in matters relating to investments falling within Article&nbsp;19(5)&nbsp;of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (as amended, the &ldquo;FPO&rdquo;) and/or (ii)&nbsp;who are high net worth companies (or persons to whom it may otherwise
be lawfully communicated) falling within Article&nbsp;49(2)(a)&nbsp;to (d)&nbsp;of the FPO (all such persons together being referred to
as &ldquo;relevant persons&rdquo;). Any person in the United Kingdom that is not a relevant person should not act or rely on the information
included in this prospectus supplement or use it as the basis for taking any action. In the United Kingdom, any investment or investment
activity that this prospectus supplement relates to may be made or taken exclusively by relevant persons. Any person in the United Kingdom
that is not a relevant person should not act or rely on this prospectus supplement or any of its contents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Underwriter
has represented and agreed that: (a)&nbsp;it has only communicated or caused to be communicated and will only communicate or cause to
be communicated an invitation or inducement to engage in investment activity (within the meaning of Section&nbsp;21 of the FSMA) received
by it in connection with the issue or sale of the Subordinate Voting Shares in circumstances in which Section&nbsp;21(1)&nbsp;of the FSMA
does not apply to the Company; and (b)&nbsp;it has complied and will comply with all applicable provisions of the FSMA with respect to
anything done by it in relation to the Subordinate Voting Shares in, from or otherwise involving the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Notice to Prospective Investors in Switzerland</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus
supplement is not intended to constitute an offer or solicitation to purchase or invest in the Subordinate Voting Shares. The Subordinate
Voting Shares may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act
(&ldquo;FinSA&rdquo;), and no application has or will be made to admit the Subordinate Voting Shares to trading on any trading venue (exchange
or multilateral trading facility) in Switzerland. Neither this prospectus supplement nor any other offering or marketing material relating
to the Subordinate Voting Shares constitutes a prospectus pursuant to the FinSA, and neither this prospectus supplement nor any other
offering or marketing material relating to the Subordinate Voting Shares may be publicly distributed or otherwise made publicly available
in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Notice to Prospective Investors in the Dubai International
Financial Centre</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Prospectus
Supplement relates to an exempt offer in accordance with the Offered Securities Rules&nbsp;of the Dubai Financial Services Authority (&ldquo;DFSA&rdquo;).
This prospectus supplement is intended for distribution only to persons of a type specified in the Offered Securities Rules&nbsp;of the
DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents
in connection with exempt offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth
herein and has no responsibility for the Prospectus. The Subordinate Voting Shares to which this prospectus supplement relates may be
illiquid and/or subject to restrictions on their resale. Prospective purchasers of the Subordinate Voting Shares offered should conduct
their own due diligence on the Subordinate Voting Shares. If you do not understand the contents of this prospectus supplement you should
consult an authorized financial advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Hong Kong</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Subordinate
Voting Shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (a)&nbsp;to
 &ldquo;professional investors&rdquo; as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules&nbsp;made
under that Ordinance; or (b)&nbsp;in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; as defined
in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the
public within the meaning of that Ordinance. No advertisement, invitation, or document relating to the Subordinate Voting Shares has been
or may be issued or has been or may be in the possession of any person for the purposes of issuance, whether in Hong Kong or elsewhere,
which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do
so under the securities laws of Hong Kong) other than with respect to the Subordinate Voting Shares which are or are intended to be disposed
of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; as defined in the Securities and Futures Ordinance
and any rules&nbsp;made under that Ordinance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Japan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No registration
pursuant to Article&nbsp;4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No.&nbsp;25 of 1948, as amended) (FIEL)
has been made or will be made with respect to the solicitation of the application for the acquisition of the Subordinate Voting Shares.
Accordingly, the Subordinate Voting Shares have not been, directly or indirectly, offered or sold and will not be, directly or indirectly,
offered or sold in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan,
including any corporation or other entity organized under the laws of Japan), or to others for re-offering or re-sale, directly or indirectly,
in Japan or to, or for the benefit of, any resident of Japan except pursuant to an exemption from the registration requirements, and otherwise
in compliance with, the FIEL and the other applicable laws and regulations of Japan. For Qualified Institutional Investors (QII) please
note that the solicitation for newly-issued or secondary securities (each as described in Paragraph 2, Article&nbsp;4 of the FIEL) in
relation to the Subordinate Voting Shares constitutes either a &ldquo;QII only private placement&rdquo; or a &ldquo;QII only secondary
distribution&rdquo; (each as described in Paragraph 1, Article&nbsp;23-13 of the FIEL). Disclosure regarding any such solicitation, as
is otherwise prescribed in Paragraph 1, Article&nbsp;4 of the FIEL, has not been made in relation to the Subordinate Voting Shares. The
Subordinate Voting Shares may be transferred only to QIIs. For Non-QII Investors please note that the solicitation for newly- issued or
secondary securities (each as described in Paragraph 2, Article&nbsp;4 of the FIEL) in relation to the Subordinate Voting Shares constitutes
either a &ldquo;small number private placement&rdquo; or a &ldquo;small number private secondary distribution&rdquo; (each as is described
in Paragraph 4, Article&nbsp;23-13 of the FIEL). Disclosure regarding any such solicitation, as is otherwise prescribed in Paragraph 1,
Article&nbsp;4 of the FIEL, has not been made in relation to the Subordinate Voting Shares. The Subordinate Voting Shares may be transferred
only en bloc without subdivision to a single investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Singapore</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus
supplement has not been registered as a prospectus with the Monetary Authority of Singapore under the Securities and Futures Act, Chapter
289 of Singapore (the &ldquo;SFA&rdquo;). Accordingly, this prospectus supplement and any other document or material in connection with
the offer or sale, or invitation for subscription or purchase, of the Subordinate Voting Shares may not be circulated or distributed,
nor may the Subordinate Voting Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether
directly or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274 of the SFA, (ii)&nbsp;to
a relevant person, or any person pursuant to Section&nbsp;275(1A) of the SFA, and in accordance with the conditions, specified in Section&nbsp;275
of the SFA, or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Where the Subordinate
Voting Shares are subscribed or purchased under Section&nbsp;275 of the SFA by a relevant person which is: (a)&nbsp;a corporation (which
is not an accredited investor) the sole business of which is to hold investments and the entire share capital of which is owned by one
or more individuals, each of whom is an accredited investor; or (b)&nbsp;a trust (where the trustee is not an accredited investor) whose
sole purpose is to hold investments and each beneficiary is an accredited investor, shares, debentures and units of shares and debentures
of that corporation or the beneficiaries&rsquo; rights and interest in that trust shall not be transferable for six months after that
corporation or that trust has acquired the Subordinate Voting Shares under Section&nbsp;275 of the SFA except: (1)&nbsp;to an institutional
investor under Section&nbsp;274 of the SFA or to a relevant person, or any person pursuant to Section&nbsp;275(1A) of the SFA, and in
accordance with the conditions, specified in Section&nbsp;275 of the SFA; (2)&nbsp;where no consideration is given for the transfer; (3)&nbsp;by
operation of law; (4)&nbsp;pursuant to Section&nbsp;276(7)&nbsp;of the SFA; or (5)&nbsp;as specified in Regulation 32 of the Securities
and Futures (Offer of Investments) (Shares and Debentures) Regulations 2005 of Singapore.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notification under Section&nbsp;309B(1)(c)&nbsp;of the SFA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has
determined that the Subordinate Voting Shares are (A)&nbsp;prescribed capital markets products (as defined in the Securities and Futures
(Capital Markets Products) Regulations 2018) and (B)&nbsp;Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on
the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Solely for the purposes
of its obligations pursuant to Section&nbsp;309B of the SFA, the Company has determined, and hereby notifies all relevant persons (as
defined in the CMP Regulations 2018), that the Subordinate Voting Shares are &ldquo;prescribed capital markets products&rdquo; (as defined
in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products
and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Australia</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No &ldquo;prospectus&rdquo;
or other &ldquo;disclosure document&rdquo;, as each of those terms are defined in the Corporations Act 2001 of Australia (the &ldquo;Australian
Corporations Act&rdquo;), in relation to the Subordinate Voting Shares has been, or will be, lodged with the Australian Securities and
Investments Commission. Each Underwriter has represented and agreed that it: (a)&nbsp;has not made (directly or indirectly) or invited,
and will not make (directly or indirectly) or invite, an offer of the Subordinate Voting Shares for issue or sale in Australia (including
an offer or invitation which is received by a person in Australia); and (b)&nbsp;has not distributed or published, and will not distribute
or publish, this prospectus supplement or any other offering material or advertisement relating to the Subordinate Voting Shares in Australia,
unless: (i)&nbsp;the aggregate consideration payable for such Subordinate Voting Shares on acceptance of the offer is at least A $500,000
(or its equivalent in any other currency, in either case calculated in accordance with both section 708(9)&nbsp;of the Australian Corporations
Act and regulation 7.1.18 of the Corporations Regulations 2001 of Australia) or the offer or invitation does not otherwise require disclosure
to investors under Parts 6D.2 or 7.9 of the Australian Corporations Act; (ii)&nbsp;the offer or invitation constitutes an offer to either
a &ldquo;wholesale client&rdquo; or &ldquo;sophisticated investor&rdquo; for the purposes of Chapter 7 of the Australian Corporations
Act; (iii)&nbsp;such action complies with any applicable laws, regulations and directives (including without limitation, the licensing
requirements set out in Chapter 7 of the Australian Corporations Act) in Australia; and (iv)&nbsp;such action does not require any document
to be lodged with Australian Securities and Investments Commission or any other regulatory authority in Australia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a-ps_013"></A><B>MATERIAL INCOME TAX CONSEQUENCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material Canadian Federal Income Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is
a summary of the material Canadian federal income tax considerations generally applicable to a person (a &quot;U.S. SVS Holder&quot;),
who acquires Subordinate Voting Shares and who, for purposes of the Income Tax Act (Canada) (&quot;Canadian Tax Act&quot;) and the Canada-United
States Income Tax Convention (1980) (as amended, the &quot;Tax Treaty&quot;) at all relevant times is resident in the U.S. and is neither
resident nor deemed to be resident in Canada, is eligible for benefits under the Tax Treaty, deals at arm's length and is not affiliated
with Celestica or the Selling Shareholder, holds such Subordinate Voting Shares as capital property, and does not use or hold, and is
not deemed to use or hold, the Subordinate Voting Shares in carrying on business in Canada. Special rules, which are not discussed in
this summary, may apply to a U.S. SVS Holder that is a financial institution (as defined in the Canadian Tax Act), or is an insurer to
whom the Subordinate Voting Shares are designated insurance property (as defined in the Canadian Tax Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is
based on Celestica's understanding of the current provisions of the Tax Treaty, the Canadian Tax Act and the regulations thereunder, all
specific proposals to amend the Canadian Tax Act or the regulations publicly announced by the Minister of Finance (Canada) prior to the
date hereof, and the current published administrative policies and assessing practices of the Canada Revenue Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary does
not express an exhaustive discussion of all possible Canadian federal income tax considerations and, except as mentioned above, does not
take into account or anticipate any changes in law, whether by legislative, administrative or judicial decision or action, nor does it
take into account the tax legislation or considerations of any province or territory of Canada or any jurisdiction other than Canada,
which may differ significantly from the considerations described in this summary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This summary is of a general nature
only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular holder, and no representation
with respect to the Canadian federal income tax consequences to any particular holder is made. Consequently, U.S. SVS Holders of Subordinate
Voting Shares should consult their own tax advisors with respect to the income tax consequences to them having regard to their particular
circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All amounts relevant
in computing a U.S. SVS Holder's liability under the Canadian Tax Act are to be computed in Canadian dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of Dividends</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By virtue of the
Canadian Tax Act and the Tax Treaty, dividends (including stock dividends) on Subordinate Voting Shares paid or credited or deemed to
be paid or credited to a U.S. SVS Holder who is the beneficial owner of such dividends will generally be subject to Canadian non-resident
withholding tax at the rate of 15% of the gross amount of such dividends. Under the Tax Treaty, the rate of withholding tax on dividends
is reduced to 5% if that U.S. SVS Holder is a company that beneficially owns (or is deemed to beneficially own) at least 10% of the voting
stock of Celestica. Moreover, under the Tax Treaty, dividends paid to certain religious, scientific, literary, educational or charitable
organizations and certain pension organizations that are resident in, and generally exempt from tax in, the U.S., generally are exempt
from Canadian non-resident withholding tax. Provided that certain administrative procedures are observed by such an organization, Celestica
would not be required to withhold such tax from dividends paid or credited to such organization. Any such organization that has suffered
withholding tax should consult its own advisors about the possibility of seeking a refund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Disposition of Subordinate Voting Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. SVS Holder
will not be subject to tax under the Canadian Tax Act in respect of any gain realized on the disposition or deemed disposition of Subordinate
Voting Shares unless the Subordinate Voting Shares constitute or are deemed to constitute &quot;taxable Canadian property&quot; other
than &quot;treaty-protected property,&quot; each as defined in the Canadian Tax Act, at the time of such disposition. Generally, Subordinate
Voting Shares will not be &quot;taxable Canadian property&quot; to a U.S. SVS Holder at a particular time, where the Subordinate Voting
Shares are listed on a designated stock exchange (which currently includes the TSX and NYSE) at that time, unless at any time during the
60-month period immediately preceding that time: (A)&nbsp;the U.S. SVS Holder, persons with whom the U.S. SVS Holder did not deal at arm's
length, partnerships of which the U.S. SVS Holder or persons not dealing at arm's length with the U.S. SVS Holder holds a membership interest
(directly or indirectly through another partnership) or the U.S. SVS Holder together with all such persons or partnerships, owned 25%
or more of the issued shares of any class or series of shares of the capital stock of Celestica; and (B)&nbsp;more than 50% of the fair
market value of the Subordinate Voting Shares was derived directly or indirectly from one or any combination of (i)&nbsp;real or immovable
properties situated in Canada, (ii)&nbsp;&quot;Canadian resource properties&quot;, (iii)&nbsp;&quot;timber resource properties&quot; and
(iv)&nbsp;options in respect of, or interests in, property described in (i)&nbsp;to (iii), in each case as defined in the Canadian Tax
Act. In certain circumstances set out in the Canadian Tax Act, the Subordinate Voting Shares of a particular U.S. SVS Holder could be
deemed to be &quot;taxable Canadian property&quot; to that holder. Even if the Subordinate Voting Shares are &quot;taxable Canadian property&quot;
to a U.S. SVS Holder, they generally will be &quot;treaty-protected property&quot; to such holder by virtue of the Tax Treaty if the value
of such shares at the time of disposition is not derived principally from &quot;real property situated in Canada&quot; as defined for
these purposes under the Tax Treaty and the Canadian Tax Act. It is expected that the value of the Subordinate Voting Shares should not
be considered derived principally from such &quot;real property situated in Canada&quot; at any relevant time; accordingly, any gain realized
by the U.S. SVS Holder upon the disposition of the Subordinate Voting Shares generally should be exempt from tax under the Canadian Tax
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material U.S. Federal Income Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
describes the material U.S. federal income tax consequences to U.S. Holders (as defined below). For purposes of this discussion, a
U.S. Holder means a beneficial owner of Subordinate Voting Shares that, for U.S. federal income tax purposes, is an individual who
is a citizen or resident of the U.S., a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes)
that is created or organized in or under the laws of the U.S. or of any state thereof, an estate, the income of which is includible
in gross income for U.S. federal income tax purposes regardless of its source, or a trust, if either (i)&nbsp;a court within the
U.S. is able to exercise primary supervision over the administration of the trust and one or more &quot;United States persons&quot;
(within the meaning of Section&nbsp;7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust,
or (ii)&nbsp;the trust has made an election under applicable U.S. Department of the Treasury regulations (&ldquo;Treasury
Regulations&rdquo;) to be treated as a domestic trust for U.S. federal income tax purposes. If a partnership (or any other entity
that is treated as a partnership for U.S. federal income tax purposes) holds Subordinate Voting Shares, the tax treatment of an
equity owner of the partnership (or other entity that is treated as a partnership for U.S. federal income tax purposes) generally
will depend upon the status of the equity owner and upon the activities of the partnership (or other entity that is treated as a
partnership for U.S. federal income tax purposes). If you are an equity owner of a partnership (or other entity that is treated as a
partnership for U.S. federal income tax purposes) holding Subordinate Voting Shares, we suggest that you consult your tax advisor.
This summary is for general information purposes only. It does not purport to  be a comprehensive description of all of the tax
considerations that may be relevant to your decision to purchase, hold or dispose of Subordinate Voting Shares. This summary
considers only U.S. Holders who will own Subordinate Voting Shares as capital assets within the meaning of Section&nbsp;1221 of the
Code. In this context, the term &quot;capital assets&quot; means, in general, assets held for investment by a taxpayer. A
 &quot;Non-U.S. Holder&quot; means a beneficial owner of Subordinate Voting Shares that is (i)&nbsp;not a U.S. Holder and
(ii)&nbsp;not a partnership for U.S. federal income tax purposes. Certain material aspects of U.S. federal income tax relevant to
Non-U.S. Holders are also discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion
is based on current provisions of the Code, current and proposed Treasury Regulations promulgated thereunder, administrative rulings and
pronouncements of the IRS, and judicial decisions, all as of the date hereof, and all of which are subject to change, possibly on a retroactive
basis. This discussion does not address all aspects of U.S. federal income taxation that may be relevant to any particular U.S. Holder
based on the U.S. Holder's individual circumstances. In particular, this discussion does not address the potential application of the
alternative minimum tax or U.S. federal income tax consequences to U.S. Holders who are subject to special treatment, including, without
limitation, taxpayers who are broker dealers or insurance companies, taxpayers who have elected mark-to-market accounting, individual
retirement and other tax-deferred accounts, tax-exempt organizations, financial institutions or &quot;financial services entities,&quot;
real estate investment trusts, regulated investment companies, taxpayers subject to special accounting rules&nbsp;under Section&nbsp;451(b)&nbsp;of
the Code, taxpayers who hold Subordinate Voting Shares as part of a &quot;straddle,&quot; &quot;hedge&quot; or &quot;conversion transaction&quot;
with other investments, taxpayers owning directly, indirectly or by attribution at least 10% of the voting power or value of our share
capital, and taxpayers whose functional currency (as defined in Section&nbsp;985 of the Code) is not the U.S. dollar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion
does not address any aspect of U.S. federal gift or estate tax or state, local or non-U.S. tax laws. Additionally, the discussion does
not consider the tax treatment of persons who hold Subordinate Voting Shares through a partnership or other pass-through entity (such
as an S corporation). For U.S. federal income tax purposes, income earned through a non-U.S. or domestic partnership or similar entity
generally is attributed to its owners. You are advised to consult your own tax advisor with respect to the specific tax consequences to
you of purchasing, holding or disposing of Subordinate Voting Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of Dividends Paid on Subordinate Voting Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the discussion
of the passive foreign investment company (PFIC) rules&nbsp;below, in the event that we pay a dividend, a U.S. Holder will be required
to include in gross income as ordinary income the amount of any distribution paid on Subordinate Voting Shares, including any Canadian
taxes withheld from the amount paid, on the date the distribution is received, to the extent that the distribution is paid out of our
current or accumulated earnings and profits as determined for U.S. federal income tax purposes. In addition, distributions of the Company's
current or accumulated earnings and profits will be foreign source &quot;passive category income&quot; for U.S. foreign tax credit purposes
and generally will not qualify for the dividends received deduction available to corporations. Distributions in excess of such earnings
and profits will be applied against and will reduce the U.S. Holder's tax basis in the Subordinate Voting Shares and, to the extent in
excess of such basis, will be treated as capital gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions of
current or accumulated earnings and profits paid in Canadian dollars to a U.S. Holder will be includible in the income of the U.S. Holder
in a dollar amount calculated by reference to the exchange rate on the date the distribution is received. A U.S. Holder who receives a
distribution of Canadian dollars and converts the Canadian dollars into U.S. dollars subsequent to receipt will have foreign exchange
gain or loss based on any appreciation or depreciation in the value of the Canadian dollar against the U.S. dollar. Such gain or loss
will generally be ordinary income and loss and will generally be U.S. source gain or loss for U.S. foreign tax credit purposes. U.S. Holders
should consult their own tax advisors regarding the treatment of a foreign currency gain or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders will generally
have the option of claiming the amount of any Canadian income taxes withheld either as a deduction from gross income or as a dollar-for-dollar
credit against their U.S. federal income tax liability, subject to specified conditions and limitations. Individuals who do not claim
itemized deductions, but instead utilize the standard deduction, may not claim a deduction for the amount of the Canadian income taxes
withheld, but these individuals generally may still claim a credit against their U.S. federal income tax liability. The amount of foreign
income taxes that may be claimed as a credit in any year is subject to complex limitations and restrictions, which must be determined
on an individual basis by each shareholder. The total amount of allowable foreign tax credits in an income category in any year cannot
exceed the pre-credit U.S. tax liability for the year attributable to foreign source taxable income in such income category and further
limitations may apply to individuals under the alternative minimum tax. A U.S. Holder will be denied a foreign tax credit with respect
to Canadian income tax withheld from dividends received on Subordinate Voting Shares to the extent that he or she has not held such Subordinate
Voting Shares for at least 16 days of the 31-day period beginning on the date which is 15 days before the ex-dividend date or to the
extent that he or she is under an obligation to make related payments with respect to substantially similar or related property. Instead,
a deduction may be allowed. Any days during which a U.S. Holder has substantially diminished his or her risk of loss on his or her Subordinate
Voting Shares are not counted toward meeting the 16- day holding period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Individuals, estates
or trusts who receive &quot;qualified dividend income&quot; (excluding dividends from a corporation that is a PFIC in the year of the distribution or the preceding taxable year) generally will be taxed at a current maximum
U.S. federal income tax rate of 20% (rather than the higher tax rates generally applicable to items of ordinary income) provided certain
holding period requirements are met. Subject to the discussion of the PFIC rules&nbsp;below, Celestica believes that dividends paid by
it with respect to its Subordinate Voting Shares should constitute &quot;qualified dividend income&quot; for U.S. federal income tax purposes
and that holders who are individuals (as well as certain trusts and estates) should be entitled to the reduced rate of tax, as applicable.
Holders are urged to consult their own tax advisors regarding the impact of the &quot;qualified dividend income&quot; provisions of the
Code on their particular situations, including related restrictions and special rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends received
by certain individuals, trusts and estates with income above certain thresholds will also be subject to a 3.8% unearned Medicare contribution
tax on passive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Taxation of Disposition of Subordinate Voting Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the discussion
of the PFIC rules&nbsp;below, upon the sale, exchange or other disposition of Subordinate Voting Shares, a U.S. Holder will recognize
capital gain or loss in an amount equal to the difference between his or her adjusted tax basis in his or her shares and the amount realized
on the disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder's adjusted
tax basis in Subordinate Voting Shares will generally be the initial cost, but may be adjusted for various reasons including the
receipt by such U.S. Holder of a distribution that was not made up wholly of earnings and profits as described above under the
heading &quot;Taxation of Dividends Paid on Subordinate Voting Shares.&quot; With respect to the receipt of foreign currency in a sale, exchange or other disposition of Subordinate Voting Shares, a U.S. Holder that uses the cash method of accounting
calculates the U.S. dollar value of the proceeds received on the sale as of the date that the sale settles, while a U.S. Holder who
uses the accrual method of accounting generally calculates the U.S. dollar value of the sale proceeds as of the trade date, unless
he or she has elected to use the settlement date to determine his or her U.S. dollar proceeds of the sale. Capital gain from the
sale, exchange or other disposition of shares held more than one year is long-term capital gain. Long-term capital gain that is
recognized by non-corporate taxpayers is eligible for a current maximum 20% U.S. federal income tax rate plus a 3.8% tax on passive
income derived by certain individuals, trusts and estates with income above certain thresholds. A reduced rate does not apply to
capital gains realized by a U.S. Holder that is a corporation. Capital losses are generally deductible only against capital gains
and not against ordinary income. In the case of an individual, however, unused capital losses in excess of capital gains may offset
up to $3,000 annually of ordinary income. Gain or loss recognized by a U.S. Holder on a sale, exchange or other disposition of
Subordinate Voting Shares generally will be treated as U.S. source income or loss for U.S. foreign tax credit purposes. A U.S.
Holder who receives foreign currency upon disposition of Subordinate Voting Shares and converts the foreign currency into U.S.
dollars subsequent to receipt will have foreign exchange gain or loss based on any appreciation or depreciation in the value of the
foreign currency against the U.S. dollar. U.S. Holders should consult their own tax advisors regarding the treatment of a foreign
currency gain or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Tax Consequences if We Are a Passive Foreign Investment
Company</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">A non-U.S. corporation will be a passive foreign
investment company, or PFIC, if, in general, either (i)&nbsp;75% or more of its gross income in a taxable year, including its pro rata
share of the gross income of any U.S. or foreign company in which it is considered to own 25% or more of the shares by value, is passive
income or (ii)&nbsp;50% or more of its assets in a taxable year (determined based on a quarterly average), and ordinarily determined
based on fair market value and including its pro rata share of the assets of any company in which it is considered to own 25% or more
of the shares by value, are held for the production of, or produce, passive income. If Celestica were a PFIC for any taxable year during
which a U.S. Holder holds Subordinate Voting Shares and such U.S. Holder did not make an election to treat the Company as a &quot;qualified
electing fund&quot; and did not make a &quot;mark-to-market&quot; election, each as described below, then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Such U.S. Holder would be subject to special and adverse tax rules&nbsp;with respect to any &quot;excess
distribution&quot; received from Celestica. &quot;Excess distributions&quot; are amounts received by a U.S. Holder with respect to Subordinate
Voting Shares in any taxable year that exceed 125% of the average distributions received by the U.S. Holder from the Company in the shorter
of either the three previous years or his or her holding period for his or her shares before the present taxable year. Excess distributions
must be allocated ratably to each day that a U.S. Holder has held Subordinate Voting Shares. A U.S. Holder must include amounts allocated
to the current taxable year and to any non-PFIC years in his or her gross income as ordinary income for that year. A U.S. Holder must
pay tax on amounts allocated to each prior taxable PFIC year at the highest marginal tax rate in effect for that year on ordinary
income and the tax is subject to an interest charge at the rate applicable to deficiencies for income tax.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The entire amount of gain that is realized by a U.S. Holder upon the sale or other disposition of shares
would also be considered an excess distribution and would be subject to tax as described above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A U.S. Holder's tax basis in shares that were acquired from a decedent that is a United States person
generally would not receive a step-up to fair market value as of the date of the decedent's death but instead would be equal to the decedent's
tax basis, if lower than such value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The special PFIC
rules&nbsp;do not apply to a U.S. Holder if the U.S. Holder makes an election to treat the Company as a &quot;qualified electing fund&quot;
in the first taxable year in which Celestica is a PFIC during the period that he or she owns Subordinate Voting Shares and if we comply
with reporting requirements as described below. Instead, a shareholder of a qualified electing fund is required for each taxable year
to include in income a pro rata share of the ordinary earnings of the qualified electing fund as ordinary income and a pro rata share
of the net capital gain of the qualified electing fund as long-term capital gain, subject to a separate election to defer payment of taxes,
which deferral is subject to an interest charge. We have agreed to supply U.S. Holders with the information needed to report income and
gain pursuant to this election in the event that we are classified as a PFIC. The election is made on a shareholder-by-shareholder basis
and may be revoked only with the consent of the IRS. A shareholder makes the election by attaching a completed IRS Form&nbsp;8621, reflecting
the information contained in the PFIC annual information statement, to a timely filed U.S. federal income tax return. Even if an election
is not made, a shareholder in a PFIC who is a U.S. Holder generally must file a completed IRS Form&nbsp;8621 every year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder who
owns PFIC shares that are publicly traded could elect to mark the shares to market annually, recognizing as ordinary income or loss each
year an amount equal to the difference as of the close of the taxable year between the fair market value of the PFIC shares and the U.S.
Holder's adjusted tax basis in the PFIC shares, provided, that, in the case of any loss, it can be recognized only to the extent of any
net mark-to-market income recognized in prior years. On an annual basis, a U.S. Holder's adjusted tax basis in Subordinate Voting Shares
will be increased by the amount of any income inclusion and decreased by the amount of any deductions under the mark-to-market rules.
If the mark-to-market election were made, then the rules&nbsp;set forth above would not apply for periods covered by the election. Subordinate
Voting Shares would be treated as publicly traded for purposes of the mark-to-market election and, therefore, such election could be made
if Celestica were classified as a PFIC. A mark-to-market election is, however, subject to complex and specific rules&nbsp;and requirements,
and U.S. Holders are strongly urged to consult their tax advisors concerning this election if Celestica is classified as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite the fact
that we are engaged in an active business, we are unable to conclude that Celestica was not a PFIC in 2022 or in prior years, though we
believe, based on our internally performed analysis, that such status is unlikely. The tests for determining PFIC status include the determination
of the value of all assets of the Company which is highly subjective. Further, the tests for determining PFIC status are applied annually,
and it is difficult to make accurate predictions of future income and assets, which are relevant to the determination as to whether we
will be a PFIC in the future. Accordingly, it is possible that Celestica could be a PFIC in 2023 or in a future year. A U.S. Holder who
holds Subordinate Voting Shares during a period in which we are a PFIC will be subject to the PFIC rules, even if we cease to be a PFIC,
unless he or she has made a qualified electing fund election. Although we have agreed to supply U.S. Holders with the information needed
to report income and gain pursuant to this election in the event that Celestica is classified as a PFIC, if Celestica was determined to
be a PFIC with respect to a year in which we had not thought that it would be so treated, the information needed to enable U.S. Holders
to make a qualified electing fund election would not have been provided. U.S. Holders are strongly urged to consult their tax advisors
about the PFIC rules, including the consequences to them of making a mark-to-market or qualified electing fund elections with respect
to Subordinate Voting Shares in the event that Celestica is treated as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Tax Consequences for Non-U.S. Holders of Subordinate Voting
Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as described
in &quot;Information Reporting and Backup Withholding&quot; below, a Non-U.S. Holder will not be subject to U.S. federal income or withholding
tax on the payment of dividends on, and the proceeds from the disposition of, Subordinate Voting Shares unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the item is effectively connected with the conduct by the Non-U.S. Holder of a trade or business in the
U.S. and, generally, in the case of a resident of a country that has an income treaty with the U.S., such item is attributable to a permanent
establishment in the U.S.;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Non-U.S. Holder is an individual who holds Subordinate Voting Shares as a capital asset, is present
in the U.S. for 183 days or more in the taxable year of the disposition and satisfies certain other requirements; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Non-U.S. Holder is subject to tax pursuant to the provisions of U.S. tax law applicable to U.S. expatriates who expatriated prior to June&nbsp;17, 2008.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Information Reporting and Backup Withholding</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments made within
the U.S., or by a U.S. payor or U.S. middleman, of dividends and proceeds arising from certain sales or other taxable dispositions of
Subordinate Voting Shares will be subject to information reporting. Backup withholding tax, at the then applicable rate, will apply if
a U.S. Holder (a)&nbsp;fails to furnish the U.S. Holder's correct U.S. taxpayer identification number (generally on an IRS Form&nbsp;W-9),
(b)&nbsp;is notified by the IRS that the U.S. Holder has previously failed to properly report items subject to backup withholding tax,
or (c)&nbsp;fails to certify, under penalty of perjury, that the U.S. Holder has furnished the U.S. Holder's correct U.S. taxpayer identification
number and that the IRS has not notified the U.S. Holder that the U.S. Holder is subject to backup withholding tax. However, U.S. Holders
that are corporations generally are excluded from these information reporting and backup withholding tax rules. Any amounts withheld under
the U.S. backup withholding tax rules&nbsp;will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any,
or will be refunded, if the U.S. Holder follows the requisite procedures and timely furnishes the required information to the IRS. U.S.
Holders should consult their own tax advisors regarding the information reporting and backup withholding tax rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. individuals
and &quot;specified domestic entities&quot; generally are required to report an interest in any &quot;specified foreign financial asset&quot;
if the aggregate value of such assets owned by such person exceeds $50,000 on the last day of the taxable year or $75,000 at any time
during the taxable year (or such higher threshold as may apply to a particular taxpayer pursuant to the instructions to IRS Form&nbsp;8938).
Stock issued by a non-U.S. corporation is treated as a specified foreign financial asset for this purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Non-U.S. Holders
generally are not subject to information reporting or backup withholding with respect to dividends paid on or upon the disposition of
shares, provided, in some instances, that the Non-U.S. Holder certifies to his foreign status or otherwise establishes an exemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a-ps_014"></A><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incorporate by
reference in this prospectus information from other documents we file with or furnish to the SEC, which means that we can disclose important
information to you by referring to those documents. The information we incorporate by reference is an important part of this prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incorporate by
reference into this prospectus supplement the following documents we have filed with or furnished to the SEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Our Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022, filed with the SEC on March&nbsp;13, 2023;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000011/cls-20230331xmda.htm">Exhibit&nbsp;99.1</A>
                                            and <A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000011/cls-20230331xfs.htm">Exhibit&nbsp;99.2</A> to our Report on Form&nbsp;6-K furnished to the SEC on April&nbsp;27,
                                            2023, containing, respectively, our Management&rsquo;s Discussion and Analysis of Financial
                                            Condition and Results of Operations for the three months ended March&nbsp;31, 2023, and our
                                            Unaudited Interim Condensed Consolidated Financial Statements for the three months ended
                                            March&nbsp;31, 2023 and the accompanying notes thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000016/cls-20230630xmda.htm">Exhibit&nbsp;99.1</A>
                                            and <A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000016/cls-20230630xfs.htm">Exhibit&nbsp;99.2</A> to our Report on Form&nbsp;6-K furnished to the SEC on July&nbsp;26,
                                            2023, containing, respectively, our Management&rsquo;s Discussion and Analysis of Financial
                                            Condition and Results of Operations for the three and six months ended June&nbsp;30, 2023,
                                            and our Unaudited Interim Condensed Consolidated Financial Statements for the three and six
                                            months ended June&nbsp;30, 2023 and the accompanying notes thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">The
                                            description of our Subordinate Voting Shares contained in our Registration Statement on Form&nbsp;8-
                                            A, effective as of June&nbsp;29, 1998, and <A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000008/exhibit232022.htm">Exhibit&nbsp;2.3</A> to our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022</A>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also incorporate
by reference into this prospectus supplement each of the following documents we file with or furnish to the SEC after the date of this
prospectus supplement until we have sold all of the securities to which this prospectus supplement relates, or the applicable offering
of Subordinate Voting Shares pursuant to this prospectus supplement is otherwise terminated: (i)&nbsp;all Annual Reports on Form&nbsp;20-F
we file with the SEC; and (ii)&nbsp;those portions of any Reports on Form&nbsp;6-K we furnish to the SEC that we indicate in such reports
are to be deemed incorporated by reference into the registration statement of which this prospectus supplement and the accompanying prospectus
form a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained
in this prospectus supplement, the accompanying prospectus, or in any document incorporated or deemed to be incorporated by reference
herein or in the accompanying prospectus shall be deemed to be modified or superseded for purposes of this prospectus supplement, to the
extent that a statement contained herein, or in the accompanying prospectus, or in any other subsequently filed or furnished document
which also is or is deemed to be incorporated by reference herein or therein, modifies or supersedes such statement. The modifying or
superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in
the document that it modifies or supersedes. The making of a modifying or superseding statement will not be deemed an admission for any
purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact
or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light
of the circumstances in which it was made. Any such statement so modified or superseded shall not be deemed to constitute a part of this
prospectus supplement, except as so modified or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon written or
oral request, we will provide to each person, including any beneficial owner, to whom this prospectus supplement and the accompanying
prospectus is delivered, a copy of any or all of the information that is incorporated by reference into this prospectus supplement and
the accompanying prospectus but not delivered with this prospectus supplement and the accompanying prospectus (other than exhibits to
those documents unless such exhibits are specially incorporated by reference in those documents), at no cost, by writing to or telephoning
us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Celestica Inc.&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">5140 Yonge Street, Suite&nbsp;1900
<BR>
Toronto, Ontario <BR>
Canada M2N 6L7&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">416-448-5800&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Attention: Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-ps_015"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
file and furnish annual, special, and other reports with the SEC, including our Annual Reports on Form&nbsp;20-F, the exhibits we file
with our Annual Reports on Form&nbsp;20-F, our Forms 6-K, and the registration statement of which this prospectus supplement and the
accompanying prospectus forms a part. The SEC maintains an internet site (<U>https://www.sec.gov</U></FONT>) that contains reports, proxy
and information statements and other information regarding issuers that file electronically with the SEC. We began to file electronically
with the SEC in November&nbsp;2000. You may access our SEC filings made on and after November&nbsp;2000 electronically at the internet
site set forth above. These SEC filings are also available to the public from commercial document retrieval services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private
issuer, we are exempt under the Exchange Act from, among other things, certain rules&nbsp;prescribing the furnishing and content of proxy
statements, and our directors, executive officers and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions under Section&nbsp;16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports
and financial statements with the SEC as frequently or as promptly as U.S. companies the securities of which are registered under the
Exchange Act, including the filing of quarterly reports on Form&nbsp;10-Q or current reports on Form&nbsp;8-K. However, we file our Annual
Report on Form&nbsp;20-F with the SEC, which contains our audited consolidated financial statements and the related notes in accordance
with IFRS as issued by the International Accounting Standard Board (&ldquo;IASB&rdquo;). We also furnish quarterly reports on Form&nbsp;6-K
to the SEC which contain our unaudited interim condensed consolidated financial statements for each fiscal quarter of each fiscal year
prepared in accordance with IFRS as issued by the IASB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also file reports, statements and other information with the Canadian Securities Administrators, or the CSA, and these can be accessed
electronically at the CSA&rsquo;s System for Electronic Document Analysis and Retrieval (SEDAR+) website (<U>http://www.sedarplus.</U></FONT><U>ca</U>).
Documents filed on SEDAR+ are not, and should not be considered, part of this prospectus supplement or the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may access other
information about Celestica on our website (<U>http://www.celestica.com</U>). Information on our website is not incorporated by reference
into this prospectus supplement or the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely
only on the information contained in, or incorporated by reference into, this prospectus. We have not authorized any other person to provide
you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. You should
not assume that the information appearing in this prospectus is accurate as of any date other than the date of this prospectus. Our business,
financial condition, results of operations and prospects may change after that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-ps_016"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain legal matters
in connection with the offering with respect to matters of Canadian law will be passed upon on behalf of the Company by Blake, Cassels&nbsp;&amp;
Graydon LLP, on behalf of the Selling Shareholder by Goodmans LLP and on behalf of the Underwriters by Osler, Hoskin&nbsp;&amp; Harcourt
LLP, and with respect to matters of federal law of the U.S. on behalf of the Company by Arnold&nbsp;&amp; Porter Kaye Scholer LLP, on
behalf of the Selling Shareholder by Latham&nbsp;&amp; Watkins LLP and on behalf of the Underwriters by Skadden, Arps, Slate, Meagher&nbsp;&amp;
Flom LLP. As at the date hereof, the attorneys of Blake, Cassels&nbsp;&amp; Graydon LLP beneficially own, directly or indirectly, less
than 1% of any registered or beneficial interests, direct or indirect, in any securities or other property of the Company or of any associate
or affiliate of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><A NAME="a-ps_017"></A><B>ENFORCEABILITY OF CIVIL LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are incorporated
under the laws of the Province of Ontario, Canada. Our current controlling persons (and certain experts named in this prospectus), three
of our directors, and one of our executive officers, are residents of (or are organized in) Canada. Also, a substantial portion of our
assets and the assets of these persons are located outside of the U.S. As a result, securityholders may find it difficult to effect service
of process within the U.S. upon these persons who are not residents of the U.S., or to enforce judgments in the U.S. obtained in courts
of the U.S., because a significant portion of our assets and the assets of these persons are located outside the U.S. It may also be difficult
for securityholders to enforce a U.S. judgment in Canada based on the civil liability provisions of the U.S. federal securities laws or
the &ldquo;blue sky&rdquo; laws of any state within the U.S. or to succeed in a lawsuit in Canada based only on U.S. federal or state
securities laws.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-ps_018"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated
financial statements as of December&nbsp;31, 2021 and 2022, and for each of the years in the three-year period ended December&nbsp;31,
2022, incorporated in this prospectus by reference to our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022</A>, and
the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2022, have been audited by KPMG LLP, an independent
registered public accounting firm, as set forth in their reports thereon included therein, and incorporated herein by reference. Such
consolidated financial statements are incorporated herein in reliance upon the reports of KPMG LLP pertaining to such consolidated financial
statements and the effectiveness of our internal control over financial reporting, upon the authority of said firm as experts in auditing
and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KPMG LLP is located at: Bay
Adelaide Centre, 333 Bay Street, Suite&nbsp;4600, Toronto, Ontario M5H 2S5, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2322468d1_424b7img02.jpg" ALT="" STYLE="height: 131px; width: 310px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Celestica Inc.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subordinate Voting Shares <BR>
Preference Shares</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Debt Securities <BR>
Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer and sell from time to time,
in one or more offerings: subordinate voting shares, preference shares, debt securities and/or warrants to purchase subordinate voting
shares, preference shares, debt securities or other securities. In this prospectus, we refer to all of the foregoing securities collectively
as securities. This prospectus may also be used by our shareholders to offer our subordinate voting shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus describes some of the
general terms that may apply to the securities. Each time we (or any selling shareholder) offer to sell any securities, we will provide
specific terms of such securities and the offering in a supplement to this prospectus and/or a free writing prospectus. We may not use
this prospectus to sell securities unless we also give prospective investors a supplement to this prospectus and/or a free writing prospectus.
The prospectus supplement and/or free writing prospectus may also add, update or change information contained in this prospectus. You
should read this prospectus and the applicable prospectus supplement and/or free writing prospectus carefully before you invest in our
securities. All references in this prospectus to a prospectus supplement include references to a free writing prospectus if a free writing
prospectus is filed to set forth any terms of any securities offering hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in our securities involves risk. See the &ldquo;Risk
Factors&rdquo; section on page&nbsp;3 of this prospectus, in any applicable prospectus supplement, and in any documents we incorporate
by reference in this prospectus or any applicable prospectus supplement(s)&nbsp;before investing in our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We (or any selling shareholder) may
offer the securities for sale in a number of different ways, including directly to purchasers, through one or more agents, or to or through
underwriters or dealers, or through a combination of these methods, on a delayed or continuous basis. For additional information, you
should refer to the section entitled &ldquo;Plan of Distribution&rdquo; in this prospectus. If any agents, underwriters or dealers are
involved in the sale of any of our securities, their names, and any applicable purchase price, fee, commission or discount arrangement
between or among them, will be set forth in the applicable prospectus supplement or other offering materials. Any selling shareholder
will be named in a supplement to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our subordinate voting shares are listed on the New York
Stock Exchange and the Toronto Stock Exchange and trade under the symbol &ldquo;CLS.&rdquo; Our principal executive offices are located
at 5140 Yonge Street, Suite&nbsp;1900, Toronto, Ontario, Canada M2N 6L7 and our telephone number is (416) 448-5800.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange
Commission of the United States nor any U.S. state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is July&nbsp;27, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_01"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_01"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_02"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_02"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_03"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_03"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_04"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_04"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_05"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRESENTATION OF FINANCIAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_05"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_06"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OUR COMPANY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_06"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_07"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION ABOUT THE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_07"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_08"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION AND INDEBTEDNESS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_08"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_09"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_09"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKET INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_12"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_12"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_13"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF OTHER SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_13"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_14"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RECENT DEVELOPMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_14"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_15"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL INCOME TAX CONSEQUENCES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_15"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_16"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_16"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_17"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_17"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_18"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_18"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_19"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY OF CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_19"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a-p_21"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPENSES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#a-p_21"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_01"></A><B>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this prospectus, unless
otherwise noted, &ldquo;Celestica,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to
Celestica Inc. and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
an &ldquo;automatic shelf&rdquo; registration statement on Form&nbsp;F-3 that we filed with the Securities and Exchange Commission (referred
to in this prospectus as the Commission) as a &ldquo;well known seasoned issuer&rdquo; using the &ldquo;shelf&rdquo; registration process.
Under this shelf registration process, using this prospectus, we may offer and sell, from time to time, in one or more offerings, any
of the securities described in this prospectus (and our shareholders may offer and sell our subordinate voting shares). This prospectus
provides a general description of the securities we may offer, as well as other information you should know before investing in our securities.
Each time we or selling shareholders sell securities under this prospectus, we will provide a prospectus supplement and/or free writing
prospectus that contains specific information about the terms of the offering and of the securities being offered. The prospectus supplement
or free writing prospectus may also add, clarify, update or change information contained in this prospectus, and accordingly, to the extent
any statement we make in that prospectus supplement or free writing prospectus is inconsistent with statements made in this prospectus,
the statements made in this prospectus will be deemed modified or superseded by those made in such prospectus supplement or free writing
prospectus. No limit exists on the aggregate amount of the securities we or selling shareholders may sell pursuant to the registration
statement of which this prospectus is a part. You should read this prospectus, any applicable prospectus supplements or free writing prospectuses,
together with additional information described below under the captions &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation
of Certain Information by Reference&rdquo; below, before you decide whether to invest in our securities. <I>All references in this prospectus
to a prospectus supplement include references to a free writing prospectus if a free writing prospectus is filed to set forth any terms
of any securities offering hereunder.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>You should rely only on
the information we provide or incorporate by reference in this prospectus or any applicable prospectus supplement. We have not authorized
anyone to provide you with different or additional information. You should not assume that the information contained in this prospectus,
any prospectus supplement, or any other document we incorporate by reference herein or therein is accurate as of any date other than the
date of such documents, regardless of the time of delivery of the prospectus, prospectus supplement, or any sale of the securities. Our
business, financial condition, results of operations and prospects, as well as other information, may have changed since such dates.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus does not contain
all of the information included in the registration statement of which it is a part. We urge you to read that registration statement in
its entirety, including all amendments, exhibits, schedules and supplements to that registration statement, which can be obtained from
the Commission as described below under the caption &ldquo;Where You Can Find More Information.&rdquo; You may also obtain the information
we incorporate by reference into this prospectus without charge by following the instructions below under the caption &ldquo;Incorporation
of Certain Information by Reference.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The distribution of this prospectus
may be restricted by law in certain jurisdictions. You should inform yourself about and observe any of these restrictions. We are not
(and any selling shareholders are not), making an offer to sell or soliciting an offer to buy these securities in any jurisdiction where
the offer or sale is not permitted, or where the person making the offer or solicitation is not qualified to do so, or to any person to
whom it is unlawful to make the offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In making an investment decision,
you must rely on your own examination of our Company and the terms of the offering and the securities, including the merits and risks
involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not making any representation
to any purchaser of the securities registered hereby regarding the legality of an investment in the securities by such purchaser. You
should not consider any information in this prospectus to be legal, business or tax advice, and you should consult your own legal, business
and tax advisors for advice regarding an investment in the securities offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Canada has no system of exchange
controls. There are no Canadian exchange restrictions on the repatriation of capital or earnings of a Canadian public company to non-resident
investors or affecting the remittance of dividends, interest or similar payments to non-resident holders of our securities, although there
may be Canadian and other foreign tax considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this prospectus, unless
we state otherwise, all dollar amounts in this prospectus are expressed in United States (U.S.) dollars, and all references to &ldquo;U.S.$&rdquo;
or &ldquo;$&rdquo; are to U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_02"></A><B>PROSPECTUS SUMMARY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This section summarizes some of the information
    that is contained later in this prospectus or in other documents incorporated by reference into this prospectus. As an investor or prospective
    investor, you should review carefully the risk factors and the more detailed information that appears later in this prospectus or is contained
    in the documents that we incorporate by reference into this prospectus.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Our Business</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Celestica delivers innovative supply chain solutions
    globally to customers in two operating and reporting segments: Advanced Technology Solutions (&ldquo;ATS&rdquo;) and Connectivity&nbsp;&amp;
    Cloud Solutions (&ldquo;CCS&rdquo;). Celestica&rsquo;s ATS segment consists of its ATS end market, and is comprised of its Aerospace&nbsp;&amp;
    Defense (&ldquo;A&amp;D&rdquo;),&nbsp;Industrial, HealthTech, and Capital Equipment businesses. The CCS segment consists of Celestica&rsquo;s
    Communications and Enterprise (servers and storage) end markets. Celestica&rsquo;s customers include original equipment manufacturers,
    cloud-based and other service providers, including hyperscalers, and other companies in a wide range of industries. The Company&rsquo;s
    global headquarters is located in Toronto, Ontario, Canada. Celestica operates a network of sites and centers of excellence strategically
    located in North America, Europe and Asia, with specialized end-to-end supply chain capabilities tailored to meet specific market and
    customer product lifecycle requirements.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Celestica offers a comprehensive range of product
    manufacturing and related supply chain services to customers in both of its segments, including design and development, new product introduction,
    engineering services, component sourcing, electronics manufacturing and assembly, testing, complex mechanical assembly, systems integration,
    precision machining, order fulfillment, logistics, asset management, product licensing, and after-market repair and return services. The
    Company&rsquo;s Hardware Platform Solutions (&ldquo;HPS&rdquo;) offering, within the CCS segment, includes the development of infrastructure
    platforms, hardware and software design solutions and services that can be used as-is, or customized for specific applications in collaboration
    with Celestica&rsquo;s customers, and management of program design and aspects of the supply chain, manufacturing, and after-market support.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Corporate Information</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Celestica was incorporated in Ontario, Canada
    on September&nbsp;27, 1996 and it operates under the Business Corporations Act (Ontario). Celestica&rsquo;s principal executive offices
    are located at 5140 Yonge Street, Suite&nbsp;1900, Toronto, Ontario, Canada M2N 6L7, telephone number is (416) 448-5800.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to its incorporation, Celestica was an IBM
    manufacturing unit that provided manufacturing services to IBM for more than 75 years. In 1993, Celestica began providing electronics
    manufacturing services to non-IBM customers. In October&nbsp;1996, Celestica was purchased from IBM by an investor group led by Onex Corporation
    (&ldquo;Onex&rdquo;), and in 1998, Celestica completed its initial public offering.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The Securities</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may use this prospectus to offer: subordinate
    voting shares; preference shares; debt securities; and/or warrants to purchase subordinate voting shares, preference shares, debt securities
    or other securities. This prospectus may also be used by our shareholders to offer our subordinate voting shares. Our debt securities
    may be guaranteed by one or more of our subsidiaries.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus supplement will describe the specific
    types, amounts, prices, and detailed terms of any of these offered securities and may describe certain risks in addition to those described
    herein associated with an investment in the securities.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Listing</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any securities are to be listed or quoted on
    a securities exchange or quotation system, the applicable prospectus supplement will say so.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Net Proceeds</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated in an accompanying
    prospectus supplement, we will use the net proceeds from our sale of any securities for general corporate purposes. We will not receive
    any proceeds from the sale of our subordinate voting shares by any selling shareholders.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Recent Developments</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    June&nbsp;8, 2023, Onex completed an underwritten secondary public offering of 12,000,000 of the Company&rsquo;s subordinate voting shares
    (&ldquo;Secondary Offering&rdquo;). The fees and expenses of the Secondary Offering, excluding underwriting discounts and commissions,
    were approximately $1,700,000, approximately $950,000 of which were paid or are payable by the Company and approximately $750,000 of which
    are payable by Onex.</FONT> The Company did not sell any shares in the Secondary Offering and did not receive any proceeds therefrom.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_03"></A><B>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Before making an investment
decision, you should carefully consider the risks described in the section captioned &ldquo;Risk Factors&rdquo; in any applicable prospectus
supplement, as well as those set forth in documents we incorporate by reference in this prospectus and any applicable prospectus supplement,
including the &ldquo;Risk Factors&rdquo; section of our most recent Annual Report on Form&nbsp;20-F, and any updates to those Risk Factors
in subsequent reports on Form&nbsp;6-K we incorporate by reference in this prospectus and any applicable prospectus supplement, together
with all of the other information appearing in this prospectus and any applicable prospectus supplement. Each of the risks described in
these sections and documents could materially and adversely affect our business, financial condition, results of operations and prospects.
Additional unknown risks and uncertainties, or those that we deem immaterial, may also impair our business, financial condition, results
of operations and prospects. The trading price of our securities could decline due to any of these risks, and you may lose all or part
of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please see &ldquo;Where You
Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Information by Reference&rdquo; for information on where you can
find the documents we have filed with or furnished to the Commission and which documents are incorporated into this prospectus by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_04"></A><B>CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to historical
information, this prospectus (and any prospectus supplement) and the documents we incorporate by reference in this prospectus (and in
any prospectus supplement) contain forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act, Section&nbsp;21E
of the U.S. Securities Exchange Act of 1934, as amended (referred to in this prospectus as the Exchange Act), and forward-looking information
within the meaning of applicable Canadian securities laws. Such forward-looking statements include, without limitation, statements related
to: <FONT STYLE="background-color: white">our priorities, intended areas of focus, targets, objectives and goals; trends in the electronics
manufacturing services (&ldquo;EMS&rdquo;) industry and our segments (and/or their constituent businesses), and their anticipated impact;
the anticipated impact of current market conditions on each of our segments (and/or their constituent businesses) and near-term expectations;
anticipated and potential restructuring and potential divestiture actions; our anticipated financial and/or operating results and outlook;
our expectations with respect to insurance recoveries for tangible losses in connection with a June&nbsp;2022 fire at our Batam facility
in Indonesia (&ldquo;Batam Fire&rdquo;); our strategies; our credit risk; the potential impact of acquisitions, or program wins, transfers,
losses or disengagements; materials, component and supply chain constraints; coronavirus disease 2019 (&ldquo;COVID-19&rdquo;) resurgences
or mutations; shipping delays; anticipated expenses, capital expenditures, other working capital requirements and contractual obligations
(and intended methods of funding our cash requirements); our intended repatriation of certain undistributed earnings from foreign subsidiaries
(and amounts we do not intend to repatriate in the foreseeable future); diversity and inclusion, employee engagement, and other environmental,
social and governance (&ldquo;ESG&rdquo;) matters; the potential impact of international tax reform; the potential impact of tax and litigation
outcomes; our ability to use certain tax losses; intended investments in our business; the potential impact of the pace of technological
changes, customer outsourcing, program transfers, and the global economic environment; the impact of our outstanding indebtedness; liquidity
and the sufficiency of our capital resources; our intention (when in our discretion) to settle outstanding equity awards with subordinate
voting shares; our financial statement estimates and assumptions; recently-adopted accounting pronouncements and amendments; the impact
of price reductions and longer payment terms; our compliance with covenants under our credit facility; refinancing debt at maturity; interest
rates and expense; the potential adverse impacts of events outside of our control; mandatory prepayments under our credit facility; pension
plan funding requirements and obligations, and the impact of annuity purchases; income tax incentives; accounts payable cash flow levels;
accounts receivable sales; our controlling shareholder; our cash generating units with goodwill; our future warranty obligations; cybersecurity
threats and incidents; our intentions with respect to environmental assessments for newly-leased or acquired properties; our expectations
with respect to expiring leases; the pay-for-performance alignment of our executive compensation program; our intention to retain earnings
for general corporate purposes; and costs in connection with our pursuit of acquisitions and strategic transactions.&nbsp;</FONT>Also,
documents which we subsequently file with (or furnish to) the Commission and are incorporated herein by reference will contain such forward-looking
statements. <FONT STYLE="background-color: white">Forward-looking statements may, without limitation, be preceded by, followed by, or
include words such as &quot;believes,&quot; &quot;expects,&quot; &quot;anticipates,&quot; &quot;estimates,&quot; &quot;intends,&quot;
 &quot;plans,&quot; &quot;continues,&quot; &quot;target,&quot; &quot;goal,&quot; &quot;project,&quot; &quot;potential,&quot; &quot;possible,&quot;
 &quot;contemplate,&quot; &quot;seek,&quot; or similar expressions, or may employ such future or conditional verbs as &quot;may,&quot;
 &quot;might,&quot; &quot;will,&quot; &quot;could,&quot; &quot;should&quot; or &quot;would,&quot; or may otherwise be indicated as forward-looking
statements by grammatical construction, phrasing or context. </FONT>In addition, any statements concerning future financial performance,
ongoing business strategies or prospects, and possible future actions, which may be provided, are also forward-looking statements. F<FONT STYLE="background-color: white">or
forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S.&nbsp;Private
Securities Litigation Reform Act of 1995, and for forward-looking information under applicable Canadian securities&nbsp;laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
are provided to assist readers in understanding management&rsquo;s current expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance
and are subject to risks that could cause actual results to differ materially from conclusions, forecasts or projections expressed or
implied in such forward-looking statements, including, as is described in further detail in the documents incorporated by reference herein,
and in addition to risk factors relating to us or to a particular offering discussed or incorporated by reference in any applicable prospectus
supplement, risks related to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">customer and segment concentration;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">challenges of replacing revenue from completed, lost or non-renewed programs or customer disengagements;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">managing our business during uncertain market, political and economic conditions, including among others,
global inflation and/or recession, and geopolitical and other risks associated with our international operations, including military actions,
protectionism and reactive countermeasures, economic or other sanctions or trade barriers, including in relation to the Russia/Ukraine
conflict;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">managing changes in customer demand; our customers' ability to compete and succeed using our products
and services;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">delays in the delivery and availability of components, services and/or materials, as well as their costs
and quality;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our inventory levels and practices;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the cyclical and volatile nature of our semiconductor business;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">changes in our mix of customers and/or the types of products or services we provide, including negative
impacts of higher concentrations of lower margin programs;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">price, margin pressures, and other competitive factors and adverse market conditions affecting, and the
highly competitive nature of, the EMS and original design manufacturer (&ldquo;ODM&rdquo;) industries in general and our segments in particular
(including the risk that anticipated market conditions do not materialize);</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">challenges associated with new customers or programs, or the
provision of new services;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">interest rate fluctuations;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">rising commodity, materials and component costs as well as rising
labor costs and changing labor conditions;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">changes in U.S. policies or legislation;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">customer relationships with emerging companies;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">recruiting or retaining skilled talent;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our ability to adequately protect intellectual property and
confidential information;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the variability of revenue and operating results;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">unanticipated disruptions to our cash flows;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">deterioration in financial markets or the macro-economic environment, including as a result of global
inflation and/or recession;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">maintaining sufficient financial resources to fund currently anticipated financial actions and obligations
and to pursue desirable business opportunities;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the expansion or consolidation of our operations;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the inability to maintain adequate utilization of our workforce;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">integrating and achieving the anticipated benefits from acquisitions
and &quot;operate-in-place&quot; arrangements;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">execution and/or quality issues (including our ability to successfully
resolve these challenges);</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">non-performance by counterparties;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">negative impacts on our business resulting from any significant uses of cash, securities issuances, and/or
additional increases in third-party indebtedness (including as a result of an inability to sell desired amounts under our uncommitted
accounts receivable sales program or supplier financing programs);</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">disruptions to our operations, or those of our customers, component suppliers and/or logistics partners,
including as a result of events outside of our control (including those described under &quot;External factors that may impact our business&quot;
in our most recent Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations);</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">defects or deficiencies in our products, services or designs;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">volatility in the commercial aerospace industry;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">compliance with customer-driven policies and standards, and
third-party certification requirements;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">negative impacts on our business resulting from our third-party
indebtedness;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the scope, duration and impact of materials constraints;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">COVID-19 mutations or resurgences;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">declines in U.S. and other government budgets, changes in government spending or budgetary priorities,
or delays in contract awards;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the military conflict between Russia and Ukraine;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">changes to our operating model;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">foreign currency volatility;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our global operations and supply chain;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">competitive bid selection processes;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our dependence on industries affected by rapid technological
change;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">rapidly evolving and changing technologies, and changes in our
customers' business or outsourcing strategies;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">increasing taxes (including as a result of global tax reform), tax audits, and challenges of defending
our tax positions;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">obtaining, renewing or meeting the conditions of tax incentives
and credits;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the management of our information technology systems, and the fact that while we have not been materially
impacted by computer viruses, malware, ransomware, hacking incidents or outages, we have been (and may in the future be) the target of
such events;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the impact of our restructuring actions and/or productivity initiatives, including a failure to achieve
anticipated benefits therefrom;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the incurrence of future restructuring charges, impairment charges, other unrecovered write-downs of assets
(including inventory) or operating losses;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the inability to prevent or detect all errors or fraud;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">compliance with applicable laws and regulations;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our pension and other benefit plan obligations;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">changes in accounting judgments, estimates and assumptions;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our ability to maintain compliance with applicable credit facility
covenants;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our total return swap agreement;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our ability to refinance our indebtedness from time to time;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our credit rating;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the interest and actions of our controlling shareholder;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our eligibility for foreign private issuer status;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">activist shareholders;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">current or future litigation, governmental actions, and/or changes
in legislation or accounting standards;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">volatility in our subordinate voting share price;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the impermissibility of subordinate voting share repurchases, or a determination not to repurchase subordinate
voting shares, under any normal course issuer bid (&ldquo;NCIB&rdquo;);</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">potential unenforceability of judgments;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">negative publicity;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the impact of climate change; and</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our ability to achieve our ESG targets and goals, including with respect to climate change and greenhouse
gas emissions reduction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our forward-looking statements
are based on various assumptions, many of which involve factors that are beyond our control. Our material assumptions include: continued
growth in our end markets; growth in manufacturing outsourcing from customers in diversified markets; no significant unforeseen negative
impacts to our operations (including from mutations or resurgences of COVID-19); no unforeseen materials price increases, margin pressures,
or other competitive factors affecting the EMS or ODM industries in general or our segments in particular, as well as those related to
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 2pt; width: 0"></TD><TD STYLE="padding-bottom: 2pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the scope and duration of materials constraints (<I>i.e.</I>, that they do not materially worsen), and
their impact on our sites, customers and suppliers;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our ability to fully recover our tangible losses caused by the
Batam Fire through insurance claims;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">fluctuation of production schedules from our customers in terms
of volume and mix of products or services;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the timing and execution of, and investments associated with,
ramping new business;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the success of our customers' products;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">our ability to retain programs and customers;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">the stability of currency exchange rates;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">supplier performance and quality, pricing and terms;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 2pt; width: 0in"></TD><TD STYLE="padding-bottom: 2pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 2pt; text-align: justify">compliance by third parties with their contractual obligations;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the costs and availability of components, materials, services,
equipment, labor, energy and transportation;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">that our customers will retain liability for product/component
tariffs and countermeasures;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">global tax legislation changes;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">our ability to keep pace with rapidly changing technological
developments;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the timing, execution and effect of restructuring actions;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the successful resolution of quality issues that arise from
time to time;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the components of our leverage ratio (as defined in our credit
facility);</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">our ability to successfully diversify our customer base and
develop new capabilities;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the availability of capital resources for, and the permissibility under our credit facility of, repurchases
of outstanding subordinate voting shares under our current NCIB and compliance with applicable laws and regulations pertaining to NCIBs;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">compliance with applicable credit facility covenants;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">anticipated demand levels across our businesses;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the impact of anticipated market conditions on our businesses;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">that global inflation and/or recession will not have a material
impact on our revenues or expenses; and</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">our maintenance of sufficient financial resources to fund currently anticipated financial actions and
obligations and to pursue desirable business opportunities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our assumptions and estimates
are based on management&rsquo;s current views with respect to current plans and events, and are and will be subject to the risks and uncertainties
discussed above. While management believes these assumptions to be reasonable under current circumstances, they may prove to be inaccurate,
which could cause actual results to differ materially (and adversely) from those that would have been achieved had such assumptions been
accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
speak only as of the date on which they are made, and except as required by applicable law, we disclaim any intention or obligation to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should read this
prospectus, and any applicable prospectus supplements, and the documents we incorporate by reference herein and therein, with the understanding
that our actual future results may be materially different from what we expect. All forward-looking statements attributable to us are
expressly qualified by these cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_05"></A><B>PRESENTATION OF FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated financial
statements are presented in U.S. dollars, and in accordance with International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_06"></A><B>OUR COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were incorporated in Ontario,
Canada on September&nbsp;27, 1996. Our legal and commercial name is Celestica Inc. We are a corporation domiciled in the Province of Ontario,
Canada and operate under the Business Corporations Act (Ontario). Our principal executive offices are located at 5140 Yonge Street, Suite&nbsp;1900,
Toronto, Ontario, Canada M2N 6L7 and our telephone number is (416) 448-5800. Our website is www.celestica.com. Information on our website
is not incorporated by reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>What Celestica does:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
deliver innovative supply chain solutions globally to customers in two operating and reportable segments: ATS and CCS. Our ATS segment
consists of our ATS end market, and is comprised of our A&amp;D,&nbsp;Industrial, HealthTech, and Capital Equipment businesses. Our</FONT>
Capital Equipment business is comprised of our semiconductor, display, and robotics equipment businesses. Our CCS segment consists of
our Communications and Enterprise (servers and storage) end markets. Our customers include original equipment manufacturers (OEMs), cloud-based
and other service providers, including hyperscalers, and other companies in a wide range of industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our global headquarters is
located in Toronto, Ontario, Canada. We operate a network of sites and centers of excellence strategically located in North America, Europe
and Asia, with specialized end-to-end supply chain capabilities tailored to meet specific market and customer product lifecycle requirements.
We offer a comprehensive range of product manufacturing and related supply chain services to customers in both of our segments, including
design and development, new product introduction, engineering services, component sourcing, electronics manufacturing and assembly, testing,
complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, asset management, product licensing,
and after-market repair and return services. Our HPS offering (within our CCS segment) includes the development of infrastructure platforms,
hardware and software design solutions and services that can be used as-is, or customized for specific applications in collaboration with
our customers, and management of program design and aspects of the supply chain, manufacturing, and after-market support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Products
and services in our ATS segment are extensive and are often more regulated than in our CCS segment, and can include the following: government-certified
and highly-specialized manufacturing, electronic and enclosure-related services for A&amp;D customers; high-precision semiconductor and
display equipment and integrated subsystems; a wide range of industrial automation, controls, test and measurement devices; engineering-focused
engagements, including full product development in the areas of telematics, human machine interface,&nbsp;Internet-of-Things and embedded
systems; advanced solutions for surgical instruments, diagnostic imaging and patient monitoring; and efficiency products to help manage
and monitor the energy and power industries. Our ATS segment businesses typically have higher margin profiles and margin volatility, higher
working capital requirements, and longer product life cycles than the businesses in our CCS segment. Products and services in our CCS
segment consist predominantly of enterprise-level data communications and information processing infrastructure products and systems,
and can include routers, switches, data center interconnects, edge solutions, servers and storage-related products used by a wide range
of businesses and cloud-based and other service providers to manage digital connectivity, commerce and social media applications. Our
CCS segment businesses have lower margin profiles, lower working capital requirements, and higher volumes than the businesses in our ATS
segment. Within our CCS segment, however, our HPS business (which includes firmware/software enablement across all primary IT infrastructure
data center technologies and after-market services) typically has a higher margin profile than our traditional CCS businesses, but also
requires specific investments (including research and development) and higher working capital. In recent periods, we have experienced
an increasing shift in the mix of our programs towards cloud-based and other service providers, which are cyclically different from our
traditional OEM customers, creating more volatility and unpredictability in our revenue patterns, and additional challenges with respect
to the management of our supply chain and working capital requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_07"></A><B>INFORMATION ABOUT THE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may use this prospectus to offer, from time
to time, in one or more series or issuances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">subordinate voting shares;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">preference shares;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt">debt securities (consisting of senior or subordinated, and/or secured or unsecured, debentures, notes or other evidences of indebtedness);
and/or</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">warrants to purchase subordinate voting shares, preference shares,
debt securities or other securities.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our shareholders may use this prospectus
to offer subordinate voting shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will set forth in an applicable
prospectus supplement a description of the specific types of securities that may be offered under this prospectus. The terms of the offering
of securities, the initial offering price and the net proceeds to us will be contained in the prospectus supplement and other offering
material relating to such offer. The prospectus supplement may also add, update or change information contained in this prospectus, and/or
describe certain risks in addition to those referred to herein associated with an investment in the specific securities offered. You should
carefully read this prospectus and any applicable prospectus supplement before you invest in any of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These securities may be offered
directly to one or more purchasers, through agents, or to or through underwriters or dealers. The names of these parties, any securities
to be purchased by or through these parties, the compensation of these parties and other special terms in connection with the offering
and sale of these securities will be detailed in a prospectus supplement. Please also refer to &ldquo;Plan of Distribution&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_08"></A><B>CAPITALIZATION AND INDEBTEDNESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our capitalization and indebtedness (other than intra-company indebtedness), determined in accordance with
IFRS, as of June&nbsp;30, 2023. You should read this table in conjunction with our audited consolidated financial statements and the related
notes thereto for the year ended December&nbsp;31, 2022 included in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022</A>, and our unaudited interim condensed consolidated financial
statements for the three and six-month periods ended June&nbsp;30, 2023 included as <A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000016/cls-20230630xfs.htm">Exhibit&nbsp;99.2 to our Report on Form&nbsp;6-K furnished to the Commission on July&nbsp;26, 2023</A> (&ldquo;Interim Q2 2023 Financials&rdquo;), each of which we incorporate by reference in this
prospectus, as described in &ldquo;Incorporation of Certain Information by Reference&rdquo; below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">As at June&nbsp;30, 2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(in millions)</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 81%; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">360.7</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Debt</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Lease Obligations*(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">168.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Obligations under Credit Facility* (2)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">618.0</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total long-term debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">786.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Shareholders&rsquo; equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Capital stock (3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,677.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Treasury Stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(27.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Contributed Surplus</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,041.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(996.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Accumulated other comprehensive loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(14.8</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total Shareholder&rsquo;s Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,680.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Capitalization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,467.1</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* secured by certain assets of the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These lease obligations represent
the present value of unpaid lease payment obligations recognized as liabilities as of June&nbsp;30, 2023, which have been discounted using
our incremental borrowing rate on the lease commencement dates. In addition to these lease obligations, we have commitments under additional
real property leases not recognized as liabilities as of June&nbsp;30, 2023 because such leases had not yet commenced as of such date.
A description of these leases and minimum lease obligations thereunder are disclosed in note 24 to our audited consolidated financial
statements for the year ended December&nbsp;31, 2022, included in our&nbsp;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022</A>, which is incorporated herein by reference.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Our credit facility is comprised of a term loan in the original principal amount of $350.0&nbsp;million
(&ldquo;Initial Term Loan&rdquo;), a term loan in the original principal amount of $365.0&nbsp;million (&ldquo;Incremental Term Loan&rdquo;),
and a $600.0&nbsp;million revolving credit facility (&ldquo;Revolver&rdquo;).&nbsp;The Initial Term Loan matures on June&nbsp;27, 2025.
The Incremental Term Loan and the Revolver each mature on March&nbsp;28, 2025, unless either (i)&nbsp;the Initial Term Loan has been prepaid
or refinanced or (ii)&nbsp;commitments under the Revolver are available and have been reserved to repay the Initial Term Loan in full,
in which case such obligations mature on December&nbsp;6, 2026. The amounts in the table represent aggregate remaining term loan amounts
outstanding as of June&nbsp;30, 2023 (as of such date, other than ordinary course letters of credit described below, there were no amounts
outstanding under the Revolver). In addition, at June&nbsp;30, 2023, we had $33.1 million outstanding in letters of credit and surety
bonds, including $17.3 million letters of credit that were issued under our credit facility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Our authorized capital consists of an unlimited number of preference shares, issuable in series, without
nominal or par value, an unlimited number of subordinate voting shares, without nominal or par value (which entitle the holder to one
vote per share), and an unlimited number of multiple voting shares, without nominal or par value (which entitle the holder to 25 votes
per share). At June&nbsp;30, 2023, no preference shares, 112,520,339 subordinate voting shares and 6,808,623 multiple voting shares were
issued and outstanding (all of which are fully paid). As of such date, we also had 393,472 outstanding stock options, 4,129,754 outstanding
restricted share units (&ldquo;RSUs&rdquo;), 4,834,886 outstanding performance share units (&ldquo;PSUs&rdquo;), representing 100% of
the target amount granted (amounts that will vest range from 0% to 200% of the target amount granted), and 1,407,181 outstanding deferred
share units (DSUs&rdquo;), each vested option or unit entitling the holder thereof to receive one subordinate voting share (or in certain
cases, cash) pursuant to the terms thereof (subject to certain time or performance-based vesting conditions).&nbsp;See &ldquo;Recent Developments&rdquo;
below for a description of the Secondary Offering, which closed on June&nbsp;8, 2023. Immediately prior to the Secondary Offering, there
were 100,721,798 subordinate voting shares outstanding and 18,600,193 multiple voting shares outstanding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information with respect to stock options
outstanding as at June&nbsp;30, 2023 (all of which were granted under our Amended and Restated Long Term Incentive Plan). The options
are held by one executive officer and one employee. No other Celestica employees hold outstanding stock options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Outstanding Options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Beneficial Holders</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Subordinate<BR>
    Voting Shares<BR> Under Option</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Exercise Price*</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Date/Year of Issuance</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Date of Expiry</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 27%; font-size: 10pt; text-indent: -10pt; padding-left: 10.25pt">Employee</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">94,518</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 2%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 14%; font-size: 10pt; text-align: right">10.58</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 16%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;5, 2021</FONT></TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 16%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;5, 2031</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10.25pt">Executive Officer</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">298,954</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">C$</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right">17.52</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">August 1, 2015</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">August 1, 2025</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* References to &ldquo;C$&rdquo; are to Canadian dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth in the
notes to our Interim Q2 2023 Financials (incorporated by reference herein as described below), there have been no subsequent events between
June&nbsp;30, 2023 and the date of this document that would have a material impact on our authorized or issued share capital or the total
debt reported above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_09"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will retain broad discretion
over the use of the net proceeds from the sale of our securities under this prospectus. Unless we specify otherwise in any prospectus
supplement, we intend to use the net proceeds from the sale of the securities covered by this prospectus for general corporate purposes,
including, without limitation, working capital, the repayment of existing debt, and/or financing capital investments or acquisitions.
We may temporarily invest funds that we do not need immediately for these purposes in short-term marketable securities. We will not receive
any proceeds from the sale of subordinate voting shares by any selling shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_10"></A><B>MARKET INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subordinate voting shares
are listed on the New York Stock Exchange and the Toronto Stock Exchange, and trade under the symbol &ldquo;CLS&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_11"></A><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We or any selling shareholder may sell the securities
described in this prospectus from time to time in one or more of the following ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through one or more underwriters on a firm commitment or best
efforts basis;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through a block trade in which the broker or dealer so engaged will attempt to sell the shares as agent,
but may position and resell a portion of the block as principal to facilitate the transaction (including crosses in which the same broker
acts as agent for both sides of the transaction);</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through purchases by a broker or dealer as principal and resale by the broker or dealer for its account
pursuant to this prospectus;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through ordinary brokerage transactions and transactions in
which the broker solicits purchasers;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through sales &ldquo;at the market&rdquo; or to or through a
market maker or into an existing trading market;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through direct sales to one or more purchasers, including our
affiliates, or to a single purchaser;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through agents;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through an exchange distribution in accordance with the rules&nbsp;of
the applicable exchange;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through options, swaps, derivatives, or hedging transactions, whether through an options exchange or otherwise;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through privately negotiated transactions;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through making short sales or in transactions to cover short
sales;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through transactions on any national securities exchange or quotation service on which the securities
may be listed or quoted at the time of sale;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through put or call option transactions;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through trading plans entered into pursuant to Rule&nbsp;10b5-1 under the Exchange Act, that are in place
at the time of any offering pursuant to this prospectus and any applicable prospectus supplement hereto, that provide for periodic sales
of our securities on the basis of parameters described in such trading plans;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through other types of transactions permitted by applicable
law; and</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Through any combination of the above-listed methods of sale.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The prospectus supplement
with respect to any offered securities will describe the terms of the offering, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the method of distribution, including the name or names of any
underwriters or agents;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any public offering price;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the net proceeds to us from such sale;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">any underwriting discounts or agency fees and other items constituting underwriters&rsquo; or agents&rsquo;
compensation;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">any over-allotment options under which underwriters may purchase additional securities from us or selling
shareholders;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any discounts or concessions allowed or reallowed or paid to
dealers;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any delayed delivery arrangements; and</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any securities exchanges on which the securities may be listed.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We or the selling shareholders
may distribute the securities from time to time in one or more of the following ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">at a fixed public offering price or prices, which may be changed;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">at prevailing market prices at the time of sale or prices relating to prevailing market prices at the
time of sale;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">at varying prices determined at the time of sale; or</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">at negotiated prices.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Agents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may designate agents who
agree to use their reasonable efforts to solicit purchases for the period of their appointment or to sell securities on a continuing basis.
Any agent involved will be named, and any commissions payable by us to such agent will be set forth, in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>By Underwriters or Dealers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If underwriters are used in
the sale, the securities will be acquired by the underwriters for their own account and may be resold from time to time in one or more
transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale.
The underwriter or underwriters with respect to a particular underwritten offering of securities, or, if an underwriting syndicate is
used, the managing underwriter or underwriters, will be set forth on the cover of the applicable prospectus supplement. Unless otherwise
set forth in the prospectus supplement relating thereto, the obligations of the underwriters to purchase the securities will be subject
to certain conditions and the underwriters will be obligated to purchase all of the securities if any are purchased. We may change from
time to time any initial public offering price and any discounts or concessions the underwriters allow or re-allow or pay to dealers.
We may use underwriters with whom we have a material relationship. We will describe in the prospectus supplement naming the underwriter
the nature of any such relationship.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may grant to the underwriters
an option to purchase additional offered securities, to cover over-allotments, if any, at the public offering price (with additional underwriting
discounts or commissions), as may be set forth in the related prospectus supplement, or if applicable, the pricing supplement. If we grant
any over-allotment options, the terms of the over-allotment option will be set forth in the prospectus supplement relating to such offered
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Until the distribution of
the securities is completed, rules&nbsp;of the Commission may limit the ability of underwriters and other participants in the offering
to bid for and purchase the securities. As an exception to these rules, the underwriters in certain circumstances are permitted to engage
in certain transactions that stabilize the price of the securities. Such transactions consist of bids or purchases for the purpose of
pegging, fixing or maintaining the price of the securities. If the underwriters create a short position in the securities in connection
with the offering by selling more securities than are set forth on the cover page&nbsp;of the applicable prospectus supplement or in the
term sheet, the underwriters may reduce that short position by purchasing securities in the open market. The underwriters also may impose
a penalty bid on certain underwriters. This means that if the underwriters purchase the securities in the open market to reduce the underwriters&rsquo;
short position or to stabilize the price of the securities, they may reclaim the amount of the selling concession from the underwriters
who sold those securities as part of the offering. In general, purchases of a security for the purpose of stabilization or to reduce a
short position could cause the price of the security to be higher than it might be in the absence of such purchases. The imposition of
a penalty bid might also have an effect on the price of a security to the extent that it were to discourage resales of the security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If dealers are used, and if
so specified in the applicable prospectus supplement, we will sell such securities to the dealers as principals. The dealers may then
resell such securities to the public or other dealers at fixed or varying prices to be determined by such dealers at the time of resale.
The names of the dealers and the terms of any such transaction will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Direct Sales</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities may also be sold
directly by us. In this case, no underwriters, dealers or agents would be involved. Except as set forth in the related prospectus supplement,
none of our directors, officers or employees will solicit or receive a commission in connection with those direct sales. Those persons
may respond to inquiries by potential purchasers and perform ministerial and clerical work in connection with direct sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Delayed Delivery Contracts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may authorize underwriters,
dealers and agents to solicit offers by certain institutions to purchase securities pursuant to delayed delivery contracts providing for
payment and delivery on a future date specified in the applicable prospectus supplement. Institutions with which delayed delivery contracts
may be made include commercial and savings banks, insurance companies, educational and charitable institutions and other institutions
we may approve. The obligations of any purchaser under any delayed delivery contract will not be subject to any conditions except that
any related sale of offered securities to underwriters shall have occurred and the purchase by an institution of the securities covered
by its delayed delivery contract shall not at the time of delivery be prohibited under the laws of any jurisdiction in the United States
to which that institution is subject. Any commission paid to underwriters, dealers and agents soliciting purchases of securities pursuant
to delayed delivery contracts accepted by us will be detailed in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Selling Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any selling shareholder may
offer subordinate voting shares using any of the methods described above, through agents, underwriters, dealers or in direct sales or
delayed delivery contracts. The applicable prospectus supplement will describe the selling shareholder&rsquo;s method of distribution,
will name any agent, underwriter or dealer of the selling shareholder and will describe the compensation to be paid to any of these parties.
In addition to distribution as outlined above, any selling shareholders may sell their subordinate voting shares pursuant to Rule&nbsp;144
under the Securities Act, if applicable and available, or any other available exemption from registration under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><BR>
General Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may enter into agreements
with underwriters, dealers and agents that entitle them to indemnification against certain civil liabilities, including liabilities under
the Securities Act, or to contribution with respect to payments which the underwriters, dealers or agents may be required to make. Underwriters,
dealers and agents may be customers of, may engage in transactions with, or perform services for, us or our subsidiaries in the ordinary
course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underwriters, dealers and
agents that participate in the distribution of the securities may be underwriters as defined in the Securities Act, and any discounts
or commissions received by them from us and any profit on the resale of the securities by them may be treated as underwriting discounts
and commissions under the Securities Act. Any underwriters, dealers or agents used in the offer or sale of securities will be identified
and their compensation described in an applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless we state otherwise
in a prospectus supplement, we will bear the costs relating to the securities being registered under this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_12"></A><B>DESCRIPTION OF CAPITAL STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Subordinate Voting Shares and Multiple Voting Shares</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of subordinate
voting shares and multiple voting shares are entitled to notice of and to attend all meetings of shareholders and to vote at all such
meetings together as a single class, except in respect of matters where only the holders of shares of one class or series of shares are
entitled to vote separately pursuant to applicable law. At any meeting at which the holders of subordinate voting shares and the holders
of multiple voting shares are entitled to vote together, the subordinate voting shares carry one vote per share and the multiple voting
shares carry 25 votes per share. Generally, all matters to be voted on by shareholders must be approved by a simple majority (or, in the
case of election of directors where the number of candidates nominated for election exceeds the number of directors to be elected, by
a plurality, and in the case of an amalgamation or amendments to our articles, by two-thirds) of the votes cast in respect of multiple
voting shares and subordinate voting shares held by persons present in person or by proxy, voting together as a single class. The holders
of multiple voting shares are entitled to one vote per share held at meetings of holders of multiple voting shares at which they are entitled
to vote separately as a class. The holders of subordinate voting shares are entitled to one vote per share held at meetings of holders
of subordinate voting shares at which they are entitled to vote separately as a class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The subordinate voting shares
and the multiple voting shares are entitled to share ratably, as a single class, in any dividends declared by our board of directors,
subject to any preferential rights of any outstanding preference shares in respect of the payment of dividends. Dividends consisting of
subordinate voting shares and multiple voting shares may be paid only as follows: (i)&nbsp;subordinate voting shares may be paid only
to holders of subordinate voting shares, and multiple voting shares may be paid only to holders of multiple voting shares; and (ii)&nbsp;the
number of multiple voting shares declared and paid as a dividend with respect to each outstanding multiple voting share shall be equal
to the number of subordinate voting shares declared and paid as a dividend with respect to each outstanding subordinate voting share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Conversion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each multiple voting share
is convertible at any time at the option of the holder thereof into one subordinate voting share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Restated Articles of Incorporation
provide &ldquo;coat-tail&rdquo; protection to the holders of the subordinate voting shares by providing that the multiple voting shares
will be converted automatically into subordinate voting shares upon any transfer thereof, except: (i)&nbsp;a transfer to Onex or any affiliate
of Onex, or (ii)&nbsp;a transfer of 100% of the outstanding multiple voting shares to a purchaser who also has offered to purchase all
of the outstanding subordinate voting shares for a per share consideration identical to, and otherwise on the same terms as, that offered
for the multiple voting shares and the multiple voting shares held by such purchaser thereafter shall be subject to the provisions relating
to conversion as if all references to Onex were references to such purchaser. In addition, if (i)&nbsp;any holder of any multiple voting
shares ceases to be an affiliate of Onex, or (ii)&nbsp;Onex and its affiliates collectively cease to have the right, in all cases, to
exercise the votes attached to, or to direct the voting of, any of the multiple voting shares held by Onex and its affiliates, such multiple
voting shares shall convert automatically into subordinate voting shares on a one-for-one basis. For these purposes: (i)&nbsp;&ldquo;Onex&rdquo;
includes any successor corporation resulting from an amalgamation, merger, arrangement, sale of all or substantially all of its assets,
or other business combination or reorganization involving Onex, provided that such successor corporation beneficially owns directly or
indirectly all multiple voting shares beneficially owned directly or indirectly by Onex immediately prior to such transaction and is controlled
by the same person or persons as controlled Onex prior to the consummation of such transaction; (ii)&nbsp;a corporation shall be deemed
to be a subsidiary of another corporation if, but only if (a)&nbsp;it is controlled by that other, or that other and one or more corporations
each of which is controlled by that other, or two or more corporations each of which is controlled by that other, or (b)&nbsp;it is a
subsidiary of a corporation that is that other&rsquo;s subsidiary; (iii)&nbsp;&ldquo;affiliate&rdquo; means a subsidiary of Onex or a
corporation controlled by the same person or company that controls Onex; and (iv)&nbsp;&ldquo;control&rdquo; means beneficial ownership
of, or control or direction over, securities carrying more than 50% of the votes that may be cast to elect directors if those votes, if
cast, could elect more than 50% of the directors. For these purposes, a person is deemed to beneficially own any security which is beneficially
owned by a corporation controlled by such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, if at any time
the number of outstanding multiple voting shares shall represent less than 5% of the aggregate number of the outstanding multiple voting
shares and subordinate voting shares, all of the outstanding multiple voting shares shall be automatically converted at such time into
subordinate voting shares on a one-for-one basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Onex, which beneficially owns,
controls or directs, directly or indirectly, all of our outstanding multiple voting shares, has entered into an agreement with the Company
and Computershare Trust Company of Canada (as successor to the Montreal Trust Company of Canada), as trustee for the benefit of the holders
of the subordinate voting shares, for the purpose of ensuring that the holders of subordinate voting shares will not be deprived of any
rights under applicable take-over bid legislation to which they would be otherwise entitled in the event of a take-over bid (as that term
is defined in applicable securities legislation) for the multiple voting shares under circumstances in which any applicable securities
legislation would have required the same offer or a follow-up offer to be made to holders of subordinate voting shares if the sale had
been a sale of subordinate voting shares rather than multiple voting shares, but otherwise on the same terms. Subject to certain permitted
forms of sale, such as identical or better offers to all holders of subordinate voting shares, Onex has agreed that it, and any of its
affiliates that may hold multiple voting shares from time to time, will not sell any multiple voting shares, directly or indirectly, pursuant
to such a take-over bid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Modification, Subdivision and Consolidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any modification to the provisions
attaching to either the subordinate voting shares or the multiple voting shares requires the separate affirmative vote of two-thirds of
the votes cast by the holders of subordinate voting shares and multiple voting shares, respectively, voting as separate classes. The Company
may not subdivide or consolidate the subordinate voting shares or the multiple voting shares without at the same time proportionally subdividing
or consolidating the shares of the other class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Creation of Other Voting Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may not create
any class or series of shares, or issue any shares of any class or series (other than subordinate voting shares) having the right to vote
generally on all matters that may be submitted to a vote of shareholders (except matters for which applicable law requires the approval
of holders of another class or series of shares voting separately as a class or series) without the separate affirmative vote of two-thirds
of the votes cast by the holders of the subordinate voting shares and the multiple voting shares, respectively, voting as separate classes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Rights on Liquidation or Dissolution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to a distribution
of assets in the event of a liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or any other distribution
of the assets of the Company among its shareholders for the purposes of winding up its affairs, holders of subordinate voting shares and
multiple voting shares will share ratably as a single class in the assets available for distribution to holders of subordinate voting
shares and multiple voting shares after payment in full of the amounts required to be paid to holders of preference shares, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Other Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the subordinate voting
shares nor the multiple voting shares are redeemable, nor do the holders of such shares have pre-emptive purchase rights. Directors do
not stand for re-election at staggered intervals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Preference Shares</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors may
issue preference shares from time to time in one or more series, and (subject to the provisions of our Restated Articles of Incorporation)
determine the designation of, and the rights, privileges, restrictions and conditions attaching to, such shares (including, without limitation,
dividend rights, cancellation, retraction or redemption rights, voting rights, conversion or exchange rights, sinking fund provisions
and/or other provisions). Preference shares of each series will rank as to dividends (to the extent cumulative dividends are applicable)
and capital on a parity with preference shares of every other series. Preference shares of each series will rank as to dividends and capital
senior to the subordinate voting shares and the multiple voting shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to a distribution
of assets in the event of a liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or any other distribution
of the assets of the Company for the purpose of winding up its affairs, holders of preference shares of each series will be entitled to
receive from the assets of the Company in respect of each such share held a sum equal to the amount in the stated capital account for
such series divided by the number of shares in such series then outstanding, together with any accrued (in the case of cumulative dividends)
or declared (in the case of non-cumulative dividends) and unpaid dividends thereon, before any amount shall be paid or any assets are
distributed to the holders of subordinate voting shares or multiple voting shares. Upon the receipt of such sum, the holders of preference
shares shall not be entitled to share in the distribution of our remaining assets and their preference shares will be canceled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are currently no preference
shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The material terms of any
preference shares that we offer through a prospectus supplement will be described in that prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
information concerning the rights and limitations of shareholders can be found in our <A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000104746910002628/a2196681zex-1_10.htm">Restated Articles of Incorporation, attached as Exhibit&nbsp;1.10 to our Annual Report on Form&nbsp;20-F (File No.&nbsp;001-14832) filed with the Commission on March&nbsp;23, 2010</A>,
which such Articles we incorporate by reference in this prospectus, as well as in Item 10B of our </FONT> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual
Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022</A>, and <A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000008/exhibit232022.htm">Exhibit&nbsp;2.3</A>
attached thereto, each of which we incorporate by reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_13"></A><B>DESCRIPTION OF OTHER SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Description of Debt Securities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a general description of the debt
securities which may be issued from time to time by us under this prospectus. The particular terms of any debt securities offered will
be described in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>The Indenture</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt securities covered
by this prospectus may be issued in one or more series under an indenture dated as of a date on or prior to the issuance of the debt securities
to which it relates between us and the trustee named therein, and pursuant to an applicable prospectus supplement. The form of the indenture
has been filed as an exhibit to the registration statement of which this prospectus is a part. If we issue debt securities, we will file
any final indenture and any supplemental indenture or officer&rsquo;s certificate related to the particular series of debt securities
issued with the Commission, and you should read those documents for further information about the terms and provisions of such debt securities.
See &ldquo;Where You Can Find More Information.&rdquo; We refer to such indenture, as amended or supplemented from time to time, as the
 &ldquo;Indenture.&rdquo; The Indenture will be subject to, and governed by, the United States Trust Indenture Act of 1939, as amended
(which we refer to as the Trust Indenture Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description
sets forth certain general terms and provisions of the debt securities and the Indenture. The statements below are not complete and are
subject to, and are qualified in their entirety by reference to, all of the provisions of the Indenture. This summary is also subject
to, and qualified by, the description of the particular terms and provisions of the debt securities included in the applicable prospectus
supplement. The applicable prospectus supplement may add to, update or change the general terms described below. Accordingly, you should
read the summary below, the applicable prospectus supplement, the provisions of the Indenture (including any applicable supplement thereto),
and any related documents before investing in our debt securities. If there is any inconsistency between the terms presented here and
those in the applicable prospectus supplement, the terms of the prospectus supplement will supersede the terms presented here.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of our subsidiaries
may guarantee the debt securities we offer. Those guarantees may or may not be secured by liens, mortgages, and security interests in
the assets of those subsidiaries. The terms and conditions of any such subsidiary guarantees, and a description of any such liens, mortgages
or security interests, will be set forth in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no requirement under
the Indenture that future issues of our debt securities be issued under such Indenture, and we will be free to use other indentures or
documentation containing provisions different from those included in the Indenture or applicable to one or more series of debt securities,
in connection with future issues of such other debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">References to &ldquo;us&rdquo;
or &ldquo;we&rdquo; in this description of debt securities means Celestica Inc., but not any of our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture permits us to
issue from time to time senior or subordinated, secured or unsecured, debentures, notes or other evidences of indebtedness, issuable in
one or more series (with the same or various maturities, at par, at a premium or at a discount), which may be convertible into or exchangeable
for any securities of any person (including us). The Indenture permits us to establish the terms of each series of debt securities at
the time of issuance, and does not limit the aggregate amount of debt securities that we may issue thereunder. The prospectus supplement
relating to any series of debt securities that we may offer will contain the specific terms of the debt securities. Those specific terms
will include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the title of the debt securities;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the price or prices at which we will issue the debt securities;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the price or prices at which we will issue the debt securities;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">any limit upon the aggregate principal amount of the debt securities;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the date or dates on which we will pay the principal of the
debt securities;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the rate or rates (which may be fixed or variable) per annum or the method used to determine such rate
or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the debt securities
will bear interest, the date or dates from which such interest, if any, will accrue, the date or dates on which such interest, if any,
will commence and be payable and any regular record date for the interest payable on any interest payment date;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the place or places where the principal of, premium, if any, and interest, if any, on the debt securities
will be payable;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the terms and conditions upon which we may redeem the debt securities;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">any obligation we have to redeem or purchase the debt securities pursuant to any sinking fund or analogous
provisions or at the option of a holder thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">any dates on which and the price or prices at which we will repurchase the debt securities at the option
of the holders thereof and other detailed terms and provisions of any such repurchase obligations;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the denominations in which the debt securities will be issuable, if other than minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">whether the debt securities will be issued in bearer or fully registered form (and, if in fully registered
form, whether the debt securities will be issuable as global debt securities);</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">if other than the principal amount thereof, the portion of the principal amount of the debt securities
that will be payable upon declaration of acceleration of the maturity date;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">whether the debt securities will be &ldquo;original issue discount&rdquo; securities for United States
federal income tax purposes;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the designation of the currency or currencies in which payment of the principal of, premium and interest,
if any, on the debt securities will be made if other than United States dollars;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">whether, under what circumstances, and the currency in which the Company will pay certain additional amounts
to holders who are not Canadian persons in respect of specified tax, assessment or governmental charges and, if so, whether we will have
the option to redeem such debt securities rather than pay such additional amounts (and the terms of any such option);</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the provisions, if any, relating to any security provided for
the debt securities;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">whether the debt securities will be senior debt securities or subordinated debt securities, and if they
are subordinated, the terms of the subordination;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">whether payments on the debt securities may be made, at our or the holder&rsquo;s election, in a currency
other than that in which such debt securities are stated to be payable, and the manner of determining the applicable exchange rate;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">the terms of any guarantee of payment obligations with respect to the debt securities and any corresponding
changes to the provisions of this Indenture as then in effect;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">if the debt securities are to be convertible into or exchangeable for any securities (including those
of the Company), the terms and conditions of any such conversion or exchange;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">provisions for electronic issuances of debt securities or debt
securities in uncertificated form;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">any addition to or change in the events of default or the acceleration provisions described in the Indenture
with respect to the debt securities;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">any addition to or change in the covenants described in the
Indenture with respect to the debt securities;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">any selling restrictions applicable to the debt securities,
if any;</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">any other terms of the debt securities which may modify or delete any provision of the Indenture as it
applies to such debt securities; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with
respect to the debt securities if other than those appointed in the Indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue additional debt
securities of a particular series without the consent of the holders of the debt securities of such series outstanding at the time of
issuance. In addition, we will describe in the applicable prospectus supplement material U.S. federal tax considerations and any other
special considerations for any debt securities we sell which are denominated in a currency or currency unit other than U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as specifically described
in the applicable prospectus supplement, the Indenture does not contain any covenants designed to protect holders of the debt securities
against a reduction in our creditworthiness in the event of a highly leveraged transaction or to prohibit other transactions which may
adversely affect holders of the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><B>Exchange and Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Debt securities may be transferred
or exchanged at the office of the registrar or co-registrar designated by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not impose a service
charge for any transfer or exchange, but we may require holders to pay any tax or other governmental charges associated with any transfer
or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">In the event of
any redemption of debt securities of any series, we will not be required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 3pt; width: 0"></TD><TD STYLE="padding-bottom: 3pt; width: 0.5in">&#9679;</TD><TD STYLE="padding-bottom: 3pt; text-align: justify">issue, register the transfer of, or exchange, any debt security of that series during a specified period
before sending a notice of redemption; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#9679;</TD><TD STYLE="text-align: justify">register the transfer of or, exchange any, debt security of that series selected, called or being called
for redemption, in whole or in part, except the unredeemed portion of any series being redeemed in part.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may initially appoint the
trustee as the registrar. Any transfer agent, in addition to the registrar initially designated by us, will be named in the prospectus
supplement. We may designate additional transfer agents or change transfer agents or change the office of the transfer agent. However,
we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Global Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt securities of any
series may be represented, in whole or in part, by one or more global securities. Each global security will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 30pt; text-align: justify; text-indent: -30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">be
registered in the name of a depositary that we will identify in a prospectus supplement;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 29.25pt; text-align: justify; text-indent: -29.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">be
deposited with the trustee as custodian for the depositary or its nominee; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 18.75pt; text-align: justify; text-indent: -18.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">bear
any required legends</FONT>.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No global security may be
exchanged in whole or in part for debt securities registered in the name of any person other than the depositary or any nominee unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-left: 0; padding-bottom: 3pt; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
depositary has notified us that it is unwilling or unable to continue as depositary or has ceased to be qualified to act as depositary,
and in either case we fail to appoint a successor depositary registered as a clearing agency under the Exchange Act within 90 days of
such event;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-left: 0; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
execute and deliver to the trustee an officer&rsquo;s certificate to the effect that such global securities shall be so exchangeable;
or</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding-left: 0; padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
event of default with respect to the debt securities represented by such global securities shall have occurred and be continuing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As long as the depositary,
or its nominee, is the registered owner of a global security, the depositary or nominee will be considered the sole owner and holder
of the debt securities represented by the global security for all purposes under the Indenture. Except in the above limited circumstances,
owners of beneficial interests in a global security:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-left: 29.25pt; text-align: justify; text-indent: -29.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will
not be entitled to have the debt securities registered in their names;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-left: 29.25pt; text-align: justify; text-indent: -29.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will
not be entitled to physical delivery of certificated debt securities; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-left: 30pt; text-align: justify; text-indent: -30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will
not be considered to be holders of those debt securities under the Indenture.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments on a global security
will be made to the depositary or its nominee as the holder of the global security. Some jurisdictions have laws that require that certain
purchasers of securities take physical delivery of such securities in definitive form. These laws may impair the ability to transfer
beneficial interests in a global security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Institutions that have accounts
with the depositary or its nominee are referred to as &ldquo;participants.&rdquo; Ownership of beneficial interests in a global security
will be limited to participants and to persons that may hold beneficial interests through participants. The depositary will credit, on
its book-entry registration and transfer system, the respective principal amounts of debt securities represented by the global security
to the accounts of its participants. Each person owning a beneficial interest in a global security must rely on the procedures of the
depositary (and, if such person is not a participant, on procedures of the participant through which such person owns its interest) to
exercise any rights of a holder under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ownership of beneficial interests
in a global security will be shown on and effected through records maintained by the depositary, with respect to participants&rsquo; interests,
or by any participant, with respect to interests of persons held by participants on their behalf. Payments, transfers and exchanges relating
to beneficial interests in a global security will be subject to policies and procedures of the depositary. The depositary&rsquo;s policies
and procedures may change from time to time. Neither we nor the trustee will have any responsibility or liability for the depositary&rsquo;s
acts or omissions or any participant&rsquo;s records with respect to beneficial interests in a global security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><B>Payment and Paying Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of this subsection
will apply to the debt securities unless otherwise indicated in the prospectus supplement. Payment of interest on a debt security on any
interest payment date will be made to the person in whose name the debt security is registered at the close of business on the regular
record date. Payment on debt securities of a particular series will be payable at the office of a paying agent or paying agents designated
by us. However, at our option, we may pay interest by mailing a check to the record holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also name any other
paying agents in the prospectus supplement. We may designate additional paying agents, change paying agents or change the office of any
paying agent. However, we will be required to maintain a paying agent in each place of payment for the debt securities of a particular
series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to any applicable
abandoned property law, all moneys paid by us to a paying agent for payment on any debt security that remain unclaimed at the end of two
years after such payment was due will be repaid to us. Thereafter, the holder may look only to us for such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Covenants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any series of debt securities
may have covenants in addition to or differing from those included in the Indenture, limiting or restricting, among other things: our
ability to incur either secured or unsecured debt, or both; our ability to make certain payments, dividends, redemptions or repurchases;
our ability to create dividend and other payment restrictions affecting our subsidiaries; our ability to make investments; mergers and
consolidations by us or our subsidiaries; sales of assets by us; our ability to enter into transactions with affiliates; our ability to
incur liens; and/or sale and leaseback transactions. Any such additional or different covenants will be described in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Events of Default</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of the following constitutes an event of default
for a series of debt securities unless it is either inapplicable to a particular series or it is specifically deleted or modified:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
    for 30 days in the payment of any interest when due;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
    in the payment of principal, or premium, if any, when due at maturity, upon acceleration, declaration or redemption or otherwise;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
    in the performance, or breach, of any covenant or warranty in the Indenture (or applicable board resolution or officer&rsquo;s certificate)
    for 90 days after specified written notice;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
events of bankruptcy, insolvency or reorganization; and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    other event of default provided with respect to debt securities of that series</FONT>.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to furnish
the trustee annually with an officer&rsquo;s certificate as to our compliance with all conditions and covenants under the Indenture. The
Indenture provides that the trustee may withhold notice to holders of debt securities of any default, except in respect of the payment
of the principal of, premium, if any, or interest on the debt securities, if it considers it in the interests of the holders of the debt
securities to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Effect of an Event of Default</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an event of default exists
with respect to debt securities of any series (other than an event of default in the case of certain events of bankruptcy set forth in
the Indenture), the trustee or the holders of a specified percentage in aggregate principal amount of such series outstanding may declare
the principal amount of, and all accrued but unpaid interest, if any, on all outstanding debt securities of that series to be due and
payable immediately, by a notice in writing to us, and to the trustee if given by holders. Upon that declaration, such amounts will become
immediately due and payable. However, at any time after a declaration of acceleration has been made, but before a judgment or decree for
payment of the money due has been obtained, the holders of a majority in principal amount of the outstanding securities of that series,
by written notice to us and the trustee, may rescind and annul such declaration and consequences, subject to conditions specified in the
Indenture. If an event of default in the case of certain events of bankruptcy, insolvency or reorganization exists, the principal amount
of, and accrued and unpaid interest, if any, on all debt securities outstanding under the Indenture shall automatically, and without any
declaration or other action on the part of the trustee or any holder of such outstanding debt, become immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Legal Proceedings and Enforcement of Right to Payment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of any series of debt
securities may not pursue any remedy with respect to the Indenture or such debt securities unless: (i)&nbsp;they have given to the trustee
written notice of a continuing event of default with respect to debt securities of that series; (ii)&nbsp;holders of a specified percentage
of the aggregate principal amount of the then-outstanding debt securities of that series make a written request to the trustee to pursue
the remedy; (iii)&nbsp;such holders must have offered and, if requested, provide to the trustee security or indemnity satisfactory to
the trustee against any loss, liability or expense, (iv)&nbsp;the trustee does not comply with the request within a specified number of
days after receipt of the request and the offer, and if requested, the provision or security or indemnity; and (v)&nbsp;during such period
the holders of a majority in aggregate principal amount of the then-outstanding debt securities of such series do not give the trustee
a direction inconsistent with that request. However, holders of debt securities will have an absolute and unconditional right to receive
payment of the principal of, premium, if any, and interest, if any, thereon on the due dates expressed therein and to institute a suit
for the enforcement of that payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Satisfaction and Discharge of Indenture</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture will cease to
be of further effect with respect to any series of debt securities (except as to certain limited surviving rights), when</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">either:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
securities of such series that have been authenticated and delivered (except lost, stolen or destroyed securities that have been replaced
or paid and securities for whose payment money has been deposited in trust and thereafter repaid to the Company), have been delivered
to the trustee for cancellation; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-left: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
securities of such series that have not been delivered to the trustee for cancellation have become due and payable or will become due
and payable within one year, and we have irrevocably deposited or caused to be deposited with the trustee the requisite amounts to pay
and discharge the entire indebtedness on such securities;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
default or event of default has occurred and is continuing on the date of such deposit (other than a default or event of default resulting
from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute
a default under, any other material instrument to which we are, or any guarantor is, as applicable, a party or by which we are, or any
guarantor is, as applicable, bound;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have or any guarantor of such Notes has paid or caused to be paid all applicable sums payable under this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered irrevocable instructions to the trustee to apply the deposited money toward the payment of the securities of such series
at maturity or on the redemption date, as the case may be; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
have delivered to the trustee an officer&rsquo;s certificate and an opinion of counsel, each stating that all conditions precedent relating
to the satisfaction and discharge of the Indenture as to such series have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Amendment, Supplement and Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and the trustee may amend
and/or supplement the Indenture with the consent of the holders of a majority in aggregate principal amount of the outstanding debt securities
of each series affected. However, without the consent of each holder affected, an amendment or waiver (described below) may not, with
respect to any debt securities held by a non-consenting holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce
the principal amount, any premium or change the stated maturity of any debt security or alter or waive any of the provisions with respect
to the redemption or repurchase of such debt security;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce
the rate (or alter the method of computation) of or extend the time for payment of interest, including defaulted interest, on any debt
security;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">waive
a default or event of default in the payment of principal of or premium, if any, or interest on such debt securities, except a rescission
of acceleration of such securities by the holders of at least a majority in aggregate principal amount of the then outstanding securities
of the applicable series with respect to a nonpayment default and a waiver of the payment default that resulted from such acceleration;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
the principal of or premium, if any or interest on any debt security payable in currency other than that stated therein;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">change
any place of payment where the debt securities or interest thereon is payable;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adversely
affect any right to convert or exchange any debt security;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
any change in the provisions of the Indenture relating to waivers of past defaults or the rights of holders of the debt securities to
receive payments of principal of, premium, or interest, if any, thereon and/or to institute suit for the enforcement of any such payments;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">change
any obligation of the Company to pay specified additional amounts;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
any change in the foregoing amendment and waiver provisions; or</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduce
the percentage in principal amount of any debt securities, the consent of the holders of which is required for any of the foregoing modifications
or otherwise necessary to modify or amend the Indenture or to waive any past defaults</FONT>.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the restrictions
set forth above, the holders of a majority in aggregate principal amount of the outstanding debt securities of a series may, on behalf
of the holders of all debt securities of that series, waive compliance by us with any provision of the Indenture or the debt securities
with respect to such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of a majority
in aggregate principal amount of the outstanding debt securities of a series may, on behalf of the holders of all debt securities of that
series, generally waive any past default under the Indenture and the consequences of such default. However, a default in respect of a
covenant or provision of the Indenture that cannot be modified or amended without the consent of the holder of each outstanding debt security
affected, or a default in the payment of the principal of, or premium, if any, or any interest on, any debt security, cannot be so waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Merger, Consolidation or Transfer of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not consolidate or
amalgamate with or merge into or enter into any statutory arrangement with any other person or entity or sell, convey, transfer, lease
or otherwise dispose of all or substantially all of our and our subsidiaries&rsquo; properties and assets, taken as a whole (referred
to as a Transfer), to any person or entity, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
entity formed by such consolidation or amalgamation or into which we are merged, or to which such Transfer is made: (i)&nbsp;is a corporation,
limited liability company, partnership, trust or other entity organized and existing under the laws of Canada or any province or territory
thereof, the United States, any state thereof or the District of Columbia; and (ii)&nbsp;expressly assumes all of our obligations under
the outstanding debt securities and the Indenture, pursuant to a supplemental Indenture in form reasonably satisfactory to the trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately
after giving effect to such transaction, no default or event of default under the Indenture shall have occurred and be continuing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
(or the surviving entity) shall have delivered to the trustee an officer&rsquo;s certificate and an opinion of counsel, each stating that
all conditions precedent relating to such transaction have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The requirements of paragraphs
(a)&nbsp;and (b)&nbsp;above do not apply to (1)&nbsp;any merger, amalgamation or consolidation in which we are the surviving corporation
or (2)&nbsp;any Transfer by us to a direct or indirect wholly owned subsidiary that is a guarantor or obligor of the debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Certain Covenants with respect to Canadian Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If specified pursuant to the
Indenture, all payments made by us under or with respect to the securities of any series will be made free and clear of and without withholding
or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties,
interest and other liabilities related thereto) imposed or levied by or on behalf of the Government of Canada or of any province or territory
thereof or by any authority or agency therein or thereof having power to tax (referred to as Canadian Taxes), unless we are required to
withhold or deduct Canadian Taxes by law or by the interpretation or administration thereof by the relevant governmental authority or
agency. If we are so required to withhold or deduct any amount for or on account of Canadian Taxes from any payment made under or with
respect to the securities, we will pay such additional amounts as may be necessary so that the net amount received by each holder (including
additional amounts) after such withholding or deduction will not be less than the amount the holder would have received if such Canadian
Taxes had not been withheld or deducted (a similar payment will also be made to holders that are exempt from withholding but are required
to pay tax directly on amounts otherwise subject to withholding); provided that no additional amounts will be payable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where such taxes are required
to be withheld or deducted as a result of such person or entity not dealing at arm&rsquo;s length with us (within the meaning of the
Income Tax Act (Canada)) at the time of the making of such payment;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where such taxes are required
to be withheld or deducted as a result of such person or entity being, or not dealing at arm&rsquo;s length with, a &ldquo;specified
shareholder&rdquo; of the Company (within the meaning of the Income Tax Act (Canada));</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to any person or entity
by reason of their being connected with Canada (otherwise than merely by holding or ownership of any series of securities or receiving
any payments or exercising any rights thereunder), including without limitation a nonresident insurer who carries on an insurance business
in Canada and in a country other than Canada;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
or on account of any tax, assessment or other governmental charge which would not have been so imposed but for the presentation by the
holder of such security or coupon for payment on a date more than 10 days after the date on which such payment became due and payable
or the date on which payment thereof is duly provided for, whichever occurs later;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
or on account of any estate, inheritance, gift, sales, transfer, personal property tax or any similar tax, assessment or other governmental
charge;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
or on account of any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment to a person
or entity in respect of any security, if such payment can be made without such withholding by at least one other paying agent the identity
of which is provided to such person or entity;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
or on account of any tax, assessment or other governmental charge which is payable otherwise than by withholding from a payment in respect
of such security;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
any person or entity which is subject to such Canadian Taxes by reason of its failure to comply with any certification, identification,
information, documentation or other reporting requirement if compliance is required by law, regulation, administrative practice or an
applicable treaty as a precondition to (or to reasonably evidence) exemption from, or a reduction in the rate of deduction or withholding
of, such Canadian Taxes; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
any combination of items (1)&nbsp;- (8)&nbsp;above;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">nor will additional amounts be paid with respect to any payment on
a security to a holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment
would be required by the laws of Canada (or any political subdivision thereof) to be included in the income for Canadian federal income
tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would
not have been entitled to payment of the additional amounts had such beneficiary, settlor, member or beneficial owner been the holder
of such security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Defeasance and Covenant Defeasance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may discharge all of our
obligations with respect to any series of debt securities at any time, and we may also be released from our obligations under certain
covenants and from certain other obligations, and elect not to comply with those covenants and obligations without creating an event of
default. Discharge under the first procedure is called &ldquo;defeasance&rdquo; and under the second procedure is called &ldquo;covenant
defeasance.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Defeasance or covenant defeasance
may be effected only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
irrevocably deposit with the trustee: an amount (in the currency in which such securities are then specified as payable at maturity);
specified government obligations; or a combination thereof, sufficient, in the written opinion of a nationally recognized investment
bank, appraisal firm, or firm of independent public accountants delivered to the trustee, to pay the principal of (and premium, if any)
and interest, if any, on the applicable securities at maturity (or redemption date, if applicable);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
default or event of default shall have occurred and be continuing on the date of such deposit;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under any material agreement
or instrument (other than the Indenture) to which we are a party or are bound;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of a defeasance election by us, we shall have delivered to the trustee an opinion of counsel stating that (x)&nbsp;we have received
from, or there has been published by, the U.S. Internal Revenue Service a ruling, or (y)&nbsp;since the date of execution of the Indenture,
there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such opinion
of counsel will confirm that, the beneficial owners of such securities will not recognize income, gain or loss for U.S. federal income
tax purposes as a result of such defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such defeasance had not occurred;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of a covenant defeasance election by us, we shall have delivered to the trustee an opinion of counsel confirming that the beneficial
owners of such securities will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case
if such covenant defeasance had not occurred;</FONT></TD></TR>

</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have delivered to the trustee either an opinion of Canadian counsel or a ruling from the Canada Revenue Agency, in either case to the
effect that the holders of such securities will not recognize income, gain or loss for Canadian federal, provincial or territorial income
tax or other tax purposes as a result of such defeasance or covenant defeasance and will be subject to Canadian federal or provincial
income tax and other tax on the same amounts, in the same manner and at the same times as would have been the case had such defeasance
or covenant defeasance not occurred (and for the purposes of such opinion of counsel, such Canadian counsel shall assume that holders
include holders who are not resident in Canada);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have delivered to the trustee an officer&rsquo;s certificate stating that the deposit was not made by us with the intent of preferring
the holders of such debt securities over our other creditors with the intent of defeating, delaying or defrauding any creditors of the
Company or others;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not an &ldquo;insolvent person&rdquo; within the meaning of the Bankruptcy and Insolvency Act (Canada) on the date of such deposit
or at any time during a specified period after the date of such deposit (it being understood that this condition shall not be deemed
satisfied until the expiration of such period); and</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
shall have delivered to the trustee an officer&rsquo;s certificate and an opinion of counsel, each stating that all conditions precedent
relating to either the defeasance or the covenant defeasance have been complied with</FONT>.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Governing Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Indenture and the debt
securities shall be governed by and construed in accordance with the laws of the State of New York without regard to its principles of
conflict of laws. The Indenture is subject to the provisions of the Trust Indenture Act that are required to be a part of the Indenture
and shall, to the extent applicable, be governed by such provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Concerning the Trustee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trustee will have all
the duties and responsibilities of an indenture trustee specified in the Trust Indenture Act with respect to any debt securities issued
under the Indenture. The trustee will not be required to expend or risk its own funds or otherwise incur financial liability in performing
its duties or exercising its rights and powers if it reasonably believes that it is not reasonably assured of repayment or adequate indemnity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Description of Warrants</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue warrants in one
or more series to purchase subordinate voting shares, preference shares, debt securities or other securities under this prospectus. Warrants
may be issued independently or together with any other securities and may be attached to, or separate from, such securities. Each series
of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent. The terms of any warrants
to be issued and a description of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus
supplement. We expect that such terms will include, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
title of such warrants;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
aggregate number of such warrants;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
price or prices at which such warrants will be issued;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
number and type of securities purchasable upon exercise of such warrants;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
price at which our securities purchasable upon exercise of such warrants may be purchased;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
date on which the right to exercise such warrants shall commence and the date on which such right shall expire;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with
each such security;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
applicable, the date on and after which such warrants and the related securities will be separately transferable;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">information
with respect to book-entry procedures, if any;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 1%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; width: 99%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
applicable, a discussion of any material U.S. federal or Canadian income tax considerations; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other terms of such
    warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants</FONT>.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a-p_14"></A><B>RECENT DEVELOPMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">A
Schedule 13D/A filed by </FONT>Mr.&nbsp;Gerald W. Schwartz <FONT STYLE="background-color: white">on March&nbsp;14, 2023 disclosed that
Onex intends to convert our multiple voting shares then beneficially owned by it into our subordinate voting shares (on a one-for-one
basis) in&nbsp;</FONT>approximately 6 months from such date, and is taking steps (and is requesting the Company to take steps) to put
itself in a position to effect the sale, from time to time, before or after conversion, of some or all of its investment in the Company
in an efficient and expeditious manner should it determine to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&nbsp;5, 2023, the Company and Onex entered into an underwriting agreement (the &ldquo;Underwriting Agreement&rdquo;) with RBC Capital
Markets, LLC (the &ldquo;Underwriter&rdquo;), relating to an underwritten secondary public offering by Onex of 12,000,000 of our subordinate
voting shares at a price to Onex of $12.26 per subordinate voting share (the &ldquo;Secondary Offering&rdquo;), which closed on June&nbsp;8,
2023. The fees and expenses of the Secondary Offering, excluding underwriting discounts and commissions of $1,680,000 paid by Onex, were
approximately $1,700,000, approximately $950,000 of which were paid or are payable by the Company and approximately $750,000 of which
are payable by Onex.</FONT> The subordinate voting shares sold by Onex included: (a)&nbsp;11,791,570 of our subordinate voting shares
issued prior to the completion of the Secondary Offering pursuant to the conversion of an equal amount of our multiple voting shares and
(b)&nbsp;208,430 subordinate voting shares acquired by Onex from its affiliates and associates prior to the completion of the Secondary
Offering at a price per share equal to the net price received by Onex in the Secondary Offering after applicable expenses, including 75,734
subordinate voting shares held by a personal holding company of Mr.&nbsp;Schwartz and acquired by Onex pursuant to a share transfer agreement.
The Company did not sell any shares in the Secondary Offering and did not receive any proceeds therefrom. The Underwriting Agreement contains
customary representations, warranties, covenants, and other customary obligations of the parties in agreements of this type. In connection
with the Secondary Offering, the Company agreed to indemnify the Underwriter and Onex against certain claims, including claims under the
Securities Act and applicable Canadian securities laws, based on the related U.S. registration statement and related U.S. and Canadian
prospectuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_15"></A><B>MATERIAL INCOME TAX CONSEQUENCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A summary of any material
Canadian federal income tax considerations and United States federal income tax consequences generally applicable to persons investing
in the securities offered by this prospectus will be set forth in an applicable prospectus supplement. The summary will be presented for
information purposes only, however, and will not be intended as legal or tax advice to prospective purchasers. Prospective purchasers
of our securities are urged to consult their own tax advisors prior to any acquisition of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_16"></A><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incorporate by reference
in this prospectus information from other documents we file with or furnish to the Commission, which means that we can disclose important
information to you by referring to those documents. The information we incorporate by reference is an important part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incorporate by reference
into this prospectus the following documents we have filed with or furnished to the Commission:</P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Our Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2022, filed with the Commission on March&nbsp;13, 2023</A>;</FONT></TD></TR>
  </TABLE>
<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000011/cls-20230331xmda.htm">Exhibit&nbsp;99.1</A>
and <A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000011/cls-20230331xfs.htm">Exhibit&nbsp;99.2</A> to our Report
on Form&nbsp;6-K furnished to the Commission on April&nbsp;26, 2023, containing, respectively, our Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations for the three months ended March&nbsp;31, 2023, and our Unaudited Interim Condensed
Consolidated Financial Statements for the three months ended March&nbsp;31, 2023 and the accompanying notes thereto;</TD></TR>
  </TABLE>
<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000016/cls-20230630xmda.htm">Exhibit&nbsp;99.1</A>
and <A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000016/cls-20230630xfs.htm">Exhibit&nbsp;99.2</A> to our Report on Form&nbsp;6-K furnished to the Commission on July&nbsp;26, 2023, containing, respectively, our
Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations for the three and six months ended June&nbsp;30,
2023, and our Unaudited Interim Condensed Consolidated Financial Statements for the three and six months ended June&nbsp;30, 2023 and
the accompanying notes thereto; and</FONT></TD></TR>
  </TABLE>
<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
description of our subordinate voting shares contained in our Registration Statement on Form&nbsp;8-A, effective as of June&nbsp;29,
1998, as amended by the description in </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1030894/000103089423000008/exhibit232022.htm">Exhibit&nbsp;2.3</A>
to our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2022</A>.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also incorporate by reference
each of the following documents we file with or furnish to the Commission after the date of this prospectus and prior to the filing of
a post-effective amendment that indicates that all securities offered hereby have been sold or which deregisters all securities then remaining
unsold: (i)&nbsp;all Annual Reports on Form&nbsp;20-F we file with the Commission; and (ii)&nbsp;those portions of any Reports on Form&nbsp;6-K
we furnish to the Commission that we indicate in such reports are to be deemed incorporated by reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained in
any document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of
this prospectus to the extent that a statement contained herein or in any other subsequently filed or furnished document which also is
or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded
shall not be deemed to constitute a part of this prospectus, except as so modified or superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon written or oral request,
we will provide to each person, including any beneficial owner, to whom this prospectus is delivered, a copy of any or all of the information
that is incorporated by reference into this prospectus but not delivered with this prospectus (other than exhibits to those documents
unless such exhibits are specially incorporated by reference in those documents), at no cost, by writing to or telephoning us at the following
address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Celestica Inc.<BR>
5140 Yonge Street, Suite&nbsp;1900&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Toronto, Ontario&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Canada M2N 6L7&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">416-448-5800&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attention: Investor Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_17"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We file and furnish annual,
special, and other reports with the Commission, including our Annual Reports on Form&nbsp;20-F, the exhibits and schedules we file with
our Annual Reports on Form&nbsp;20-F, our Forms 6-K, and the registration statement of which this prospectus forms a part. The Commission
maintains an internet site (<U>http://www.sec.gov</U>) that contains reports, proxy and information statements and other information regarding
issuers that file electronically with the Commission. We began to file electronically with the Commission in November&nbsp;2000. You may
access our Commission filings made on and after November&nbsp;2000 electronically at the internet site set forth above. These Commission
filings are also available to the public from commercial document retrieval services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
we are exempt under the Exchange Act from, among other things, certain rules&nbsp;prescribing the furnishing and content of proxy statements,
and our directors, executive officers and principal shareholders are exempt from the reporting and short-swing profit recovery provisions
under Section&nbsp;16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial
statements with the Commission as frequently or as promptly as U.S. companies the securities of which are registered under the Exchange
Act, including the filing of quarterly reports on Form&nbsp;10-Q or current reports on Form&nbsp;8-K. However, we file our Annual Report
on Form&nbsp;20-F with the Commission, which contains our audited consolidated financial statements and the related notes in accordance
with IFRS as issued by the IASB. We also furnish quarterly reports on Form&nbsp;6-K to the Commission which contain our unaudited interim
condensed consolidated financial statements for each fiscal quarter of each fiscal year prepared in accordance with IFRS as issued by
the IASB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also file reports, statements
and other information with the Canadian Securities Administrators, or the CSA, and these can be accessed electronically at the CSA&rsquo;s
System for Electronic Document Analysis and Retrieval website (<U>http://www.sedar.com</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may access other information
about Celestica on our website (http://www.celestica.com). Information on our website is not incorporated by reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the
information contained in, or incorporated by reference into, this prospectus. We have not authorized any other person to provide you with
different information. If anyone provides you with different or inconsistent information, you should not rely on it. You should not assume
that the information appearing in this prospectus is accurate as of any date other than the date of this prospectus. Our business, financial
condition, results of operations and prospects may change after that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_18"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Blake, Cassels&nbsp;&amp;
Graydon LLP, Canadian counsel for Celestica, will be passing upon certain matters of Canadian law for us with respect to certain securities
offered by this prospectus and any prospectus supplement, and Arnold&nbsp;&amp; Porter Kaye Scholer LLP, U.S. counsel for Celestica, will
be passing on certain matters of New York and U.S. federal securities law for us with respect to certain securities offered by this prospectus
and any prospectus supplement. The attorneys of Blake, Cassels&nbsp;&amp; Graydon LLP beneficially own, directly or indirectly (in the
aggregate), less than 1% of any registered or beneficial interests, direct or indirect, in any securities or other property of the Company.
An attorney at Arnold&nbsp;&amp; Porter Kaye Scholer LLP involved in the preparation of this registration statement owns 6,000 of Celestica's
subordinate voting shares. If any underwriters, dealers or agents named in a prospectus supplement engage their own counsel to pass upon
legal matters relating to the securities, that counsel will be named in the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_19"></A><B>ENFORCEABILITY OF CIVIL LIABILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are incorporated under
the laws of the Province of Ontario, Canada. Our controlling persons (and certain experts named in this prospectus), three of our directors,
and one of our executive officers, are residents of (or are organized in) Canada. Also, a substantial portion of our assets and the assets
of these persons are located outside of the United States. As a result, securityholders may find it difficult to effect service of process
within the United States upon these persons who are not residents of the United States, or to enforce judgments in the United States obtained
in courts of the United States, because a significant portion of our assets and the assets of these persons are located outside the United
States. It may also be difficult for securityholders to enforce a United States judgment in Canada based on the civil liability provisions
of the United States federal securities laws or the &ldquo;blue sky&rdquo; laws of any state within the United States or to succeed in
a lawsuit in Canada based only on United States federal or state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_20"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated financial statements as at December&nbsp;31, 2021 and 2022, and for each of the years in the three-year period ended December&nbsp;31,
2022, incorporated in this prospectus by reference to our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1030894/000103089423000008/cls-20221231.htm">Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2022</A>,</FONT> and the effectiveness of our internal control over
financial reporting as of December&nbsp;31, 2022, have been audited by KPMG LLP, an independent registered public accounting firm, as
set forth in their reports thereon included therein, and incorporated herein by reference. Such consolidated financial statements are
incorporated herein in reliance upon the reports of KPMG LLP pertaining to such consolidated financial statements and the effectiveness
of our internal control over financial reporting, upon the authority of said firm as experts in auditing and accounting. KPMG LLP is located
at: Bay Adelaide Centre, 333 Bay Street, Suite&nbsp;4600, Toronto, Ontario M5H 2S5, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a-p_21"></A><B>EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a statement
of the estimated expenses, other than any underwriting discounts and commissions, that we expect to incur in connection with the issuance
and distribution of the securities registered under this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Commission registration fee</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">*</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Printing expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">**</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Legal fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Accountants&rsquo; fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Transfer agent and registrar fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Trustee fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -10.1pt; padding-left: 10.1pt">Miscellaneous</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-indent: -10.1pt; padding-left: 10.1pt">Total</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-size: 10pt; text-align: right"></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify">$663,273.84 has been paid to the Commission and may be used to pay for securities offered pursuant
to this prospectus. The payment of any additional fees has been deferred in accordance with Rule&nbsp;456(b)&nbsp;and 457(r)&nbsp;of
the Securities Act.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD>
    <TD STYLE="text-align: justify">Information regarding offering expenses is not currently known, and will be provided by a prospectus
supplement or as an exhibit to Report on Form&nbsp;6-K that is incorporated by reference into this prospectus.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CELESTICA INC.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUBORDINATE VOTING SHARES&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PREFERENCE SHARES&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DEBT SECURITIES&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WARRANTS&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">July&nbsp;27, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6,757,198
</B></FONT><B><FONT STYLE="font-size: 10pt">Subordinate Voting Shares</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Celestica Inc.</B>&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Subordinate Voting
Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2322468d1_424b7img03.jpg" ALT="" STYLE="height: 116px; width: 274px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS SUPPLEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>August&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2023</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>BofA Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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