<SEC-DOCUMENT>0001104659-25-014235.txt : 20250214
<SEC-HEADER>0001104659-25-014235.hdr.sgml : 20250214
<ACCEPTANCE-DATETIME>20250214164156
ACCESSION NUMBER:		0001104659-25-014235
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250214
DATE AS OF CHANGE:		20250214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAE INC
		CENTRAL INDEX KEY:			0001173382
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-80449
		FILM NUMBER:		25630091

	BUSINESS ADDRESS:	
		STREET 1:		8585 COTE DE LIESSE
		CITY:			ST-LAURENT
		STATE:			A8
		ZIP:			H4T 1G6
		BUSINESS PHONE:		514-341-6780

	MAIL ADDRESS:	
		STREET 1:		8585 COTE DE LIESSE
		CITY:			ST-LAURENT
		STATE:			A8
		ZIP:			H4T 1G6

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAISSE DE DEPOT ET PLACEMENT DU QUEBEC
		CENTRAL INDEX KEY:			0000898286
		ORGANIZATION NAME:           	
		IRS NUMBER:				980380483
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D

	BUSINESS ADDRESS:	
		STREET 1:		1000 PLACE JEAN-PAUL RIOPELLE
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H2Z2B3
		BUSINESS PHONE:		514 847-2353

	MAIL ADDRESS:	
		STREET 1:		1000 PLACE JEAN-PAUL RIOPELLE
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H2Z2B3
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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          <cik>0000898286</cik>
          <ccc>XXXXXXXX</ccc>
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    <coverPageHeader>
      <securitiesClassTitle>Common Shares</securitiesClassTitle>
      <dateOfEvent>02/13/2025</dateOfEvent>
      <previouslyFiledFlag>true</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001173382</issuerCIK>
        <issuerCUSIP>124765108</issuerCUSIP>
        <issuerName>CAE INC.</issuerName>
        <address>
          <com:street1>8585 Cote de Liesse</com:street1>
          <com:city>ST-LAURENT</com:city>
          <com:stateOrCountry>A8</com:stateOrCountry>
          <com:zipCode>H4T 1G6</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Caisse de depot et placement d</personName>
          <personPhoneNum>514 847 2353</personPhoneNum>
          <personAddress>
            <com:street1>1000, Place Jean-Paul-Riopelle</com:street1>
            <com:city>Montreal</com:city>
            <com:stateOrCountry>A8</com:stateOrCountry>
            <com:zipCode>H2Z 2B3</com:zipCode>
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      <reportingPersonInfo>
        <reportingPersonCIK>0000898286</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Caisse depot et placement du Quebec</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>A8</citizenshipOrOrganization>
        <soleVotingPower>30917402.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>30917402.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>30917402.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.7</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
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    <items1To7>
      <item1>
        <securityTitle>Common Shares</securityTitle>
        <issuerName>CAE INC.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>8585 Cote de Liesse</com:street1>
          <com:city>ST-LAURENT</com:city>
          <com:stateOrCountry>A8</com:stateOrCountry>
          <com:zipCode>H4T 1G6</com:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>The Reporting Person is a legal person without share capital created by a special act of the Legislature of the Province of Quebec.</filingPersonName>
        <principalBusinessAddress>The address of the Reporting Person is 1000, place Jean-Paul-Riopelle, Montreal, Quebec, H2Z 2B3.</principalBusinessAddress>
        <principalJob>The principal business of the Reporting Person is to receive on deposit and manage funds deposited by agencies and instrumentalities of the Province of Quebec. The name, residence or business address and principal occupation or employment of each director, executive officer and controlling person are available in Exhibit 1 to this Schedule 13D.</principalJob>
        <hasBeenConvicted>During the last five years, the Reporting Person has not been and, to the best of the Reporting Person's knowledge, none of the executive officers or directors of the Reporting Person have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>
        <convictionDescription>During the last five years, the Reporting Person has not been and, to the best of the Reporting Person's knowledge, none of the executive officers or directors of the Reporting Person have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</convictionDescription>
        <citizenship>The citizenship of the natural persons who are officers, directors or controlling persons of the Reporting Person is set forth in Exhibit 1.</citizenship>
      </item2>
      <item3>
        <fundsSource>All of the Common Shares to which this Schedule 13D relates were purchased by the Reporting Person using funds on deposit at the Reporting Person. The 30,917,402 Common Shares held by the Reporting Person and reported herein were acquired as follows: (i) in a private placement transaction on November 16, 2020, the Reporting Person acquired 5,025,016 Common Shares at a purchase price of $29.85 per share (in Canadian dollars, or "CAD$"); (ii) in a private placement transaction on March 4, 2021, the Reporting Person acquired 15,200,000 subscription receipts at a purchase price of CAD$31.25 per subscription receipt, which were subsequently converted on a 1-to-1 basis for Common Shares for no additional consideration; (iii) in a series of open market transactions between November 13, 2024 and December 31, 2024, the Reporting Person acquired 6,313,165 Common Shares at purchase prices ranging from CAD$29.24 to CAD$36.46 per share; and (iv) in a series of open market transactions between 2001 and 2016, the Reporting Person acquired the balance of Common Shares at purchase prices ranging from CAD$2.88 to CAD$15.17 per share.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>The Reporting Person purchased the Common Shares for investment purposes.

On February 13 2025, the Reporting Person entered into a Nomination Agreement (the "Nomination Agreement") with the Issuer. The Nomination Agreement provides that, for as long as the Reporting Person, together with its affiliates and group members, holds at least 5% of the outstanding Common Shares, the Reporting Person has the right, subject to certain terms and conditions, to nominate a candidate for election in connection with a proxy solicitation relating to the election of directors of the Company. The Reporting Person intends to nominate Louis Tetu for election as a director at the Issuer's 2025 annual general meeting of shareholders.

The foregoing summary of the Nomination Agreement is not complete and is qualified in its entirety by reference to the full text of the Nomination Agreement, a summary translation of which is attached as Exhibit 3 and is incorporated by reference herein.

The Reporting Person has not entered into any agreement with any third party to act together for the purpose of acquiring, holding, voting or disposing of the Common Shares reported herein.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>The responses to this Item 5 and the information on the cover page are based on 318,590,139 Common Shares outstanding as of September 30, 2024 as reported in the Issuer's 2025 Q2 Financial Statements and Management's Discussion and Analysis as filed by the Issuer on Form 6-K with the Securities and Exchange Commission on November 12, 2024.

The information set forth in Items 2, 3 and 6 of this Schedule 13D and the cover pages of this Schedule 13D is hereby incorporated by reference into this Item 5.

The Reporting Person is the direct beneficial owner of 30,917,402 Common Shares, which represents approximately 9.7% of the Issuer's outstanding Common Shares.</percentageOfClassSecurities>
        <numberOfShares>The Reporting Person has sole power to vote and sole power to direct the disposition of 30,917,402 Common Shares, and has no shared voting or dispositive power.</numberOfShares>
        <transactionDesc>The transactions by the Reporting Person in the Common Shares during the past sixty days are set forth in Exhibit 2. Except as otherwise disclosed therein, the Reporting Person has not effected any transaction in the Common Shares in the last 60 days.</transactionDesc>
        <listOfShareholders>No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of the Common Shares beneficially owned by the Reporting Person.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>On February 13, 2025, the Reporting Person and the Issuer entered into the Nomination Agreement described in Item 4 above, a summary translation of which is attached as Exhibit 3 hereto. The information regarding the Nomination Agreement in Item 4, as qualified by the full text of the Nomination Agreement, is incorporated into this Item 6 by reference.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit 1 - Directors and Officers
Exhibit 2 - Schedule of Transactions
Exhibit 3 - Nomination Agreement (summary translation)</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Caisse depot et placement du Quebec</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Soulef Hadjoudj</signature>
          <title>Soulef Hadjoudj/Authorized Signatory</title>
          <date>02/14/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm256409d1_ex1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 1</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAISSE DE D&Eacute;P&Ocirc;T ET PLACEMENT DU
QU&Eacute;BEC</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"><B><U>Directors and Officers</U></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 STYLE="padding: 2pt; width: 24%; border: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding: 2pt; width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Business Address</B></FONT></TD>
    <TD STYLE="padding: 2pt; width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Principal Occupation or <BR>
Employment</B></FONT></TD>
    <TD STYLE="padding: 2pt; width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Citizenship</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Jean St-Gelais</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Chairman of the Board of Directors</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Jean-Fran&ccedil;ois Blais</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.5pt; text-indent: -25.5pt">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Corporate Director</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Ivana Bonnet-Zivcevic</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Corporate Director</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Serbian and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">French</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Florence Brun-Jolicoeur</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Consultant, Strategy, Aviseo</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Alain C&ocirc;t&eacute;</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Corporate Director</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Ren&eacute; Dufresne</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President and Chief Executive Officer, Retraite</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Qu&eacute;bec</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Charles Emond</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">President, Chief Executive Officer and Corporate Director</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Olga Farman</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Managing Partner, Norton Rose Fulbright LLP</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Nelson Gentiletti</FONT></TD>
    <TD STYLE="padding: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Corporate Director</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Lynn Jeanniot</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Corporate Director</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Wendy Murdock</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Corporate Director</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Audrey Murray</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President and Chief Executive Officer, Commission de la construction
    du Qu&eacute;bec</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 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 STYLE="padding: 2pt; border: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Business Address</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Principal Occupation or <BR>
Employment</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Citizenship</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 24%"><FONT STYLE="font-size: 10pt">Ghislain Parent</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 32%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 24%"><FONT STYLE="font-size: 10pt">Corporate Director</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Marc Tremblay</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Corporate Director</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Pierre Beaulieu</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President, Digital Technology</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Marc-Andr&eacute; Blanchard</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">10th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President and Head of CDPQ Global and Global Head of Sustainability</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Sarah-&Eacute;milie Bouchard</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President, Global Strategy, Governmental Affairs and Chief of Staff</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Vincent Delisle</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President and Head of Liquid Markets</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Rana Ghorayeb</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President and Head of Real Estate CDPQ/Ivanho&eacute; Cambridge</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">&Egrave;ve Giard</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President, Talent and Performance</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Emmanuel Jaclot</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President and Head of Infrastructure</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">French</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Michel Lalande</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President, Legal Affairs, Compliance and Secretariat</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">David Latour</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President and Chief Risk Officer</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Martin Longchamps</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President and Head of Private Equity</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Maarika Paul</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President and Chief Financial and Operations Officer</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Business Address</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Principal Occupation or <BR>
Employment</B></FONT></TD>
    <TD STYLE="padding: 2pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Citizenship</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 24%"><FONT STYLE="font-size: 10pt">Kim Thomassin</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 32%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 24%"><FONT STYLE="font-size: 10pt">Executive Vice-President and Head of Qu&eacute;bec</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 20%"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 10pt">Philippe Tremblay</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1000, place Jean-Paul-Riopelle</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11th floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H2Z 2B3</P></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Executive Vice-President, Depositors and Total Portfolio</FONT></TD>
    <TD STYLE="padding: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Canadian</FONT></TD></TR>
  </TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm256409d1_ex2.htm
<DESCRIPTION>EXHIBIT 2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 2</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAISSE DE D&Eacute;P&Ocirc;T ET PLACEMENT DU
QU&Eacute;BEC</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"><B><U>Transactions in the Common Shares of the
Issuer<BR>
by the Reporting Person During the Past Sixty (60) Days</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth all transactions
in the Common Shares effected during the past sixty (60) days by the Reporting Person. The Common Shares were purchased on the Toronto
Stock Exchange in open market transactions, and the purchase price per share was paid in Canadian Dollars (CAD$).</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 STYLE="width: 20%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date of <BR>
Transaction</B>&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shares<BR>
Purchased</B>&nbsp;</FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Price per Share <BR>
(CAD)</B>&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Where and <BR>
How Effected</B>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-19</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">30,486</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$32.68</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-23</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">71,951</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$35.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-23</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">178,049</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$35.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-23</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,174</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$34.47</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-23</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">20,226</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$34.47</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-24</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">4,737</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$35.37</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-24</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">11,723</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$35.37</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-27</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">43,171</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.08</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-27</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">106,829</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.08</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-27</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,577</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$35.97</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-27</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">21,223</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$35.97</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">28,781</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.25</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">71,219</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.25</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">172,683</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.44</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">427,317</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.44</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">17,700</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.32</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">43,800</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.32</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">28,781</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.50</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">71,219</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.50</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">47,094</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.42</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">116,536</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.42</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">106,775</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.46</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024-12-31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">264,225</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$36.46</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; text-align: center"><FONT STYLE="font-size: 10pt">Toronto Stock Exchange&nbsp;</FONT></TD></TR>
  </TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm256409d1_ex3.htm
<DESCRIPTION>EXHIBIT 3
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 3</U></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Summary Translation in English of Original
French Agreement</U></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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"><B>Date</B>: &#9;February 13, 2025</P>

<P STYLE="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>Parties</B>: &#9;CAE Inc. (the &ldquo;<B><I>Company</I></B>&rdquo;);
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 1in; text-indent: -36.75pt">Caisse de d&eacute;p&ocirc;t et placement
du Qu&eacute;bec (&ldquo;<B><I>CDPQ</I></B>&rdquo;), which holds or exercises influence or control over 9.7% of the issued and outstanding
common shares of the Company (&ldquo;<B><I>Common Shares</I></B>&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"><B>Nomination Right:</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">For so long as CDPQ, together with its affiliates and any members
of its group (collectively, &ldquo;<B><I>CDPQ Group</I></B>&rdquo;), holds at least 5% of the outstanding Common Shares, CDPQ has the
right, subject to the terms and conditions in the Nomination Agreement and applicable securities laws, to nominate a candidate (the &ldquo;<B><I>CDPQ
Candidate</I></B>&rdquo;) for election in connection with a proxy solicitation relating to the election of directors of the Company.
For as long as CDPQ has the right to nominate a candidate to the board of directors of the Company hereunder, the Company will take the
necessary steps to enforce CDPQ&rsquo;s rights hereunder, provided that the CDPQ Candidate (i) is eligible to serve as director under
applicable laws and the Company&rsquo;s organizational documents; (ii) does not have a material relationship with the Company or CDPQ;
(iii) is a Canadian resident; (iv) is recommended for nomination by the Company&rsquo;s Governance Committee; and (v) completes such
background checks and questionnaires as reasonably requested by 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">The Company must notify CDPQ of its intention to hold an annual meeting
of shareholders at least 45 days before the approval of its proxy statement by the Company relating to such meeting. CDPQ will have the
right to notify the Company of the CDPQ Candidate at any time, but at least 15 days before such approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to certain conditions, before the first annual meeting of
shareholders following the date of this Nomination Agreement, or if the person designated by CDPQ as CDPQ Candidate ceases to be a
director of the Company or if the position of CDPQ Candidate otherwise becomes vacant, CDPQ has the right to nominate a CDPQ
Candidate or a replacement thereof, whom the Company must appoint to the board of directors as soon as commercially reasonably and
to the extent permitted by the CBCA and the Company&rsquo;s articles of incorporation, and whose term of office will end at the
close of the following annual meeting of 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">When a CDPQ Candidate joins the board of directors of the Company,
he or she must sign an agreement pursuant to which he or she undertakes to submit his or her resignation to the board of directors under
certain circumstances. At the time CDPQ Group ceases to hold at least 5% of the outstanding Common Shares, the right to appoint a CDPQ
Candidate will automatically and irrevocably terminate. CDPQ must inform the Company promptly if its ownership falls below 5% of the
outstanding Common Shares and the CDPQ Candidate then elected or appointed to the board of directors must resign, following which CDPQ
will subsequently no longer have the right to designate a person to sit on the Company&rsquo;s board of directors.</P>

<P STYLE="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>Consultation Right:</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">For so long as CDPQ  Group holds at least 5% of
the outstanding Common Shares, and no later than February 13, 2026, if Katherine A. Lehman, whose appointment as an independent director
was announced concurrently with the signing of this Nomination Agreement, ceases to act as director of the Company for any reason, the
Company agrees that it will consult CDPQ regarding the appointment of a replacement to the board of directors.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U></U></B></P>

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

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