<SEC-DOCUMENT>0001104659-23-049098.txt : 20230424
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<ACCEPTANCE-DATETIME>20230424172519
ACCESSION NUMBER:		0001104659-23-049098
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20230131
FILED AS OF DATE:		20230424
DATE AS OF CHANGE:		20230424

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DESCARTES SYSTEMS GROUP INC
		CENTRAL INDEX KEY:			0001050140
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29970
		FILM NUMBER:		23841012

	BUSINESS ADDRESS:	
		STREET 1:		120 RANDALL ST
		CITY:			WATERLOO
		STATE:			A6
		ZIP:			N2V 1C6
		BUSINESS PHONE:		519-746-8110

	MAIL ADDRESS:	
		STREET 1:		120 RANDALL DRIVE
		CITY:			WATERLOO, ONTARIO, CANADA
		STATE:			XX
		ZIP:			N2V 1C6
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><b>OR</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>N/A</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>N/A</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">(I.R.S. Employer Identification
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">(Address and telephone
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>Tel:
(<span id="xdx_908_edei--CityAreaCode_c20220201__20230131__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_znYkFCbUWndj"><ix:nonNumeric contextRef="From2022-02-012023-01-31_dei_BusinessContactMember" name="dei:CityAreaCode">678</ix:nonNumeric></span>)&#160;<span id="xdx_909_edei--LocalPhoneNumber_c20220201__20230131__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z9WOxDUTjnEk"><ix:nonNumeric contextRef="From2022-02-012023-01-31_dei_BusinessContactMember" name="dei:LocalPhoneNumber">247-0400</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">(Name,
address (including zip code) and telephone number</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">(including area code)
of agent for service in the United States)</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">Securities registered
or to be registered pursuant to Section&#160;12(b)&#160;of the Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 35%; text-align: center">Title of each class:</td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 27%; text-align: center">Trading Symbol(s):</td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 35%; text-align: center">Name of each exchange on which<br /> registered:</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_901_edei--Security12bTitle_c20220201__20230131__us-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_z2MdzREDJoU5"><ix:nonNumeric contextRef="From2022-02-012023-01-31_us-gaap_CommonStockMember" name="dei:Security12bTitle">Common Shares, no par value</ix:nonNumeric></span> </td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">Securities registered
or to be registered pursuant to Section&#160;12(g)&#160;of the Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>None</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">(Title of Class)</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">Securities for which there
is a reporting obligation pursuant to Section&#160;15(d)&#160;of the Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><b>N/A</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">(Title of Class<b>)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">For annual reports, indicate by check mark
the information filed with this Form:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Wingdings"><span id="xdx_90B_edei--AuditedAnnualFinancialStatements_c20220201__20230131_zvv8dqx1wJB6"><span id="xdx_90A_edei--AnnualInformationForm_c20220201__20230131_zFvSuOKU0te8"><ix:nonNumeric contextRef="From2022-02-01to2023-01-31" format="ixt:booleantrue" name="dei:AuditedAnnualFinancialStatements"><ix:nonNumeric contextRef="From2022-02-01to2023-01-31" format="ixt:booleantrue" name="dei:AnnualInformationForm">&#120;</ix:nonNumeric></ix:nonNumeric></span></span></span><span style="font-size: 10pt">&#160;Annual
information form</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Wingdings"><span id="xdx_902_edei--AuditedAnnualFinancialStatements_c20220201__20230131_zQgKIUsJOHTg"><ix:nonNumeric contextRef="From2022-02-01to2023-01-31" format="ixt:booleantrue" name="dei:AuditedAnnualFinancialStatements">&#120;</ix:nonNumeric></span></span><span style="font-size: 10pt">&#160;Audited
annual financial statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate the number of outstanding shares
of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span id="xdx_904_edei--EntityCommonStockSharesOutstanding_iI_c20230131_zBrKmalUhhu9"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-01-31" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">84,820,100</ix:nonFraction></span>&#160;common
shares as of January&#160;31, 2023</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the Registrant
(1)&#160;has filed all reports required to be filed by Section&#160;13 or 15(d)&#160;of the Exchange Act during the preceding 12&#160;months
(or for such shorter period that the Registrant was required to file such reports) and (2)&#160;has been subject to such filing requirements
for the past 90&#160;days.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90F_edei--EntityCurrentReportingStatus_c20220201__20230131_z17QOQkX8rT3"><ix:nonNumeric contextRef="From2022-02-01to2023-01-31" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>&#160;&#160;<span style="font-family: Wingdings">&#120;</span></span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No&#160;&#160;<span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule&#160;405 of Regulation S-T (&#167;
232.405 of this chapter) during the preceding 12&#160;months (or for such shorter period that the Registrant was required to submit such
files).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_90D_edei--EntityInteractiveDataCurrent_c20220201__20230131_z0IMPo2NbPi5"><ix:nonNumeric contextRef="From2022-02-01to2023-01-31" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>&#160;&#160;<span style="font-family: Wingdings">&#120;</span></span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No&#160;&#160;<span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule&#160;12b-2 of the Exchange Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Emerging growth company&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Wingdings"><span id="xdx_901_edei--EntityEmergingGrowthCompany_c20220201__20230131_z0DfemlMxba6"><ix:nonNumeric contextRef="From2022-02-01to2023-01-31" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If an emerging growth company that prepares
its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange
Act.&#160;&#160;<span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether the registrant
has filed a report on and attestation to its managements&#8217; assessment of the effectiveness of its internal control over financial
reporting under Section&#160;404(b)&#160;of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared
or issued its audit report.&#160;<span style="font-family: Wingdings"><span id="xdx_90E_edei--IcfrAuditorAttestationFlag_c20220201__20230131_zaRKMcZ5S6Ek"><ix:nonNumeric contextRef="From2022-02-01to2023-01-31" format="ixt:booleantrue" name="dei:IcfrAuditorAttestationFlag">&#120;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If securities are registered pursuant to Section&#160;12(b)&#160;of
the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an
error to previously issued financial statements. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Indicate by check mark whether any of those
error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant&#8217;s
executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>Auditor
                                            Name: <span id="xdx_90C_edei--AuditorName_c20220201__20230131_zjNAi2XoKJec"><ix:nonNumeric contextRef="From2022-02-01to2023-01-31" name="dei:AuditorName">KPMG LLP</ix:nonNumeric></span></b></p></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><b>Auditor
                                            Firm ID: <span id="xdx_909_edei--AuditorFirmId_c20220201__20230131_zKkmEZuoxed1"><ix:nonNumeric contextRef="From2022-02-01to2023-01-31" name="dei:AuditorFirmId">85</ix:nonNumeric></span></b></p></td></tr>
  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">CERTIFICATIONS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Exhibits&#160;<a href="tm234898d3_ex99-5.htm" style="-sec-extract: exhibit">99.5</a></span>,&#160;<a href="tm234898d3_ex99-6.htm" style="-sec-extract: exhibit">99.6</a>&#160;and&#160;<a href="tm234898d3_ex99-7.htm" style="-sec-extract: exhibit">99.7</a>&#160;to this Annual Report on Form&#160;40-F.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">CONTROLS AND PROCEDURES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">DISCLOSURE CONTROLS AND
PROCEDURES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Registrant, under the supervision and
with the participation of the Registrant&#8217;s management, including the Registrant&#8217;s Chief Executive Officer (principal executive
officer) and Chief Financial Officer (principal financial officer), evaluated the effectiveness of the Registrant&#8217;s disclosure controls
and procedures as of January&#160;31, 2023 (the &#8220;Evaluation Date&#8221;), pursuant to Rule&#160;13a-15(b)&#160;promulgated under
the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). Based upon that evaluation, the Registrant&#8217;s Chief
Executive Officer and Chief Financial Officer concluded that, as of the Evaluation Date, the Registrant&#8217;s disclosure controls and
procedures were effective.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">INTERNAL CONTROL OVER
FINANCIAL REPORTING</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Management&#8217;s Report on Financial
Statements and Internal Control Over Financial Reporting</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1050140/000110465922045933/dsgx-20220131xex99d2.htm" style="-sec-extract: exhibit">Management&#8217;s Report on Financial Statements and Internal Control Over Financial Reporting is contained in the Registrant&#8217;s Audited Consolidated Financial Statements for the Registrant&#8217;s fiscal&#160;year ended January&#160;31, 2023, filed herewith as Exhibit&#160;99.2 incorporated herein by reference.</a></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Report of Independent Registered Public
Accounting Firm</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1050140/000110465922045933/dsgx-20220131xex99d2.htm" style="-sec-extract: exhibit">The report of KPMG LLP with respect to the effectiveness of the Registrant&#8217;s internal control over financial reporting is contained in the Registrant&#8217;s Audited Consolidated Financial Statements for the Registrant&#8217;s fiscal&#160;year ended January&#160;31, 2023, filed herewith as Exhibit&#160;99.2&#160;and incorporated herein by reference.</a></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Changes in Internal Control Over Financial
Reporting</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">During the period covered by this Annual Report
on Form&#160;40-F, there have been no changes in the Registrant&#8217;s internal control over financial reporting that have materially
affected, or are reasonably likely to materially affect, the Registrant&#8217;s internal control over financial reporting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">NOTICES PURSUANT TO RULE&#160;104
OF REGULATION BTR</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">None.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">AUDIT COMMITTEE FINANCIAL
EXPERT</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Registrant&#8217;s Audit Committee of
the Board of Directors currently consists of three members. The Registrant&#8217;s Board of Directors has determined that all members,
being John J. Walker, Deepak Chopra and Eric Demirian, are &#8220;audit committee financial experts&#8221; (as defined in paragraph 8(b)&#160;of
General Instruction B to Form&#160;40-F). All members of the Audit Committee are independent within the meaning of the Nasdaq Stock Market&#8217;s
(&#8220;Nasdaq&#8221;) director independence standards.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">CODE OF ETHICS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Registrant has adopted a Code of Business
Conduct and Ethics (the &#8220;Code of Ethics&#8221;) that applies to the Registrant&#8217;s principal executive officer, principal financial
officer, principal accounting officer or controller, or persons performing similar functions. A copy of the Code of Ethics is posted on
the Registrant&#8217;s corporate website at&#160;<i>www.descartes.com</i>&#160;and is also available at&#160;<i>www.sedar.com</i>. The
Registrant intends to disclose through its website any waivers or amendments to its Code of Ethics that apply to any principal executive
officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM FEES AND SERVICES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The aggregate fees billed in respect of the
fiscal&#160;years ended January&#160;31, 2022 and January&#160;31, 2023 for professional services rendered by&#160;KPMG LLP,&#160;Toronto,
ON, Canada, Auditor Firm ID:85, the Registrant&#8217;s Independent Registered Public Accounting Firm, are as follows (all amounts in table
are in US dollars&#160;&#8212; amounts that were billed in Canadian dollars are converted to US dollars at the applicable exchange rate
on the last day of the applicable fiscal period):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="white-space: nowrap; font-size: 10pt">&#160;</td>
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    <td style="white-space: nowrap; font-size: 10pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal&#160;Year&#160;Ended</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
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    <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>January&#160;31,&#160;2022</b></span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>January&#160;31,&#160;2023</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Fees</span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="white-space: nowrap; font-size: 10pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="white-space: nowrap; font-size: 10pt; text-align: right; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">681,657</span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="white-space: nowrap; font-size: 10pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="white-space: nowrap; font-size: 10pt; text-align: right; width: 15%">767,832&#160;</td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-Related Fees</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="white-space: nowrap; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,430</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="white-space: nowrap; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="white-space: nowrap; font-size: 10pt; text-align: right">2,430&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Fees</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="white-space: nowrap; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="white-space: nowrap; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Other Fees</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="white-space: nowrap; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="white-space: nowrap; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="white-space: nowrap; font-size: 10pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nil</span></td>
    <td>&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">AUDIT FEES&#8212; Audit fees consist of fees
and related disbursements for professional services rendered for the audit of the Registrant&#8217;s annual consolidated financial statements,
reviews of the Registrant&#8217;s interim consolidated financial statements, services provided in connection with regulatory filings and
statutory audits of certain of the Registrant&#8217;s foreign subsidiaries.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">AUDIT RELATED FEES&#8212; Audit related fees
consist of fees for assurance and related services that are reasonably related to the performance of the audit or review of the Registrant&#8217;s
financial statements and are not reported as Audit Fees.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">PRE-APPROVAL POLICIES
AND PROCEDURES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant&#8217;s audit committee is responsible for overseeing the work of the independent registered public accounting firm and has
adopted a policy requiring its pre-approval of all audit and permissible non-audit services provided by the independent registered public
accounting firm. The Registrant&#8217;s Pre-Approval Policy and Procedure for Engagements of the Independent Auditor is filed as&#160;Appendix
B&#160;to the Registrant&#8217;s Annual Information Form&#160;dated April 24, 2023 filed as Exhibit&#160;<a href="tm234898d3_ex99-1.htm" style="-sec-extract: exhibit">99.1</a></span><span style="font-family: Times New Roman, Times, Serif">&#160;hereto
and incorporated by reference herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">All non-audit fees were approved by the Registrant&#8217;s
audit committee, and none were approved on the basis of the de minimis exception set forth in Rule&#160;2-01(c)(7)(i)(C)&#160;of Regulation
S-X.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">OFF-BALANCE SHEET ARRANGEMENTS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Registrant does not have any off-balance
sheet arrangements that have or are reasonably likely to have a current or future effect on the Registrant&#8217;s financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that
are material to investors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">DISCLOSURE OF CONTRACTUAL
OBLIGATIONS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
required disclosure is included under the heading &#8220;Commitments, Contingencies and Guarantees&#8221; in the Registrant&#8217;s Management&#8217;s
Discussion and Analysis for the fiscal&#160;year ended January&#160;31, 2023, filed as Exhibit&#160;<span style="color: blue"><a href="https://www.sec.gov/Archives/edgar/data/1050140/000110465922045933/dsgx-20220131xex99d3.htm" style="-sec-extract: exhibit">99.3</a></span></span>&#160;to
this Annual Report on Form&#160;40-F.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">IDENTIFICATION OF THE
AUDIT COMMITTEE</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Registrant has a separately designated
standing audit committee established in accordance with Section&#160;3(a)(58)(A)&#160;of the Exchange Act. The members of the audit committee
as of the date of the filing of this 40-F are: Mr.&#160;John J. Walker (Chair), Mr.&#160;Deepak Chopra and Mr.&#160;Eric Demirian.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">MINE SAFETY DISCLOSURE</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">DISCLOSURE PURSUANT TO
THE REQUIREMENTS OF NASDAQ</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Registrant was granted an exemption from
Nasdaq Stock Market Rules&#160;requiring each issuer to provide for a quorum at any meeting of the holders of common stock of no less
than 33 1/3% of the outstanding shares of the issuer&#8217;s common voting stock. This exemption was granted because Nasdaq&#8217;s requirements
regarding the quorum required for meetings of the holders of common stock are contrary to generally accepted business practices in Canada.
In particular, Section&#160;139(1)&#160;of the Canada Business Corporations Act provides that a company&#8217;s by-laws may set the quorum
requirements for a meeting of shareholders. The relevant provisions of the Registrant&#8217;s by-laws state that &#8220;Subject to the
Act in respect of a majority shareholder, a quorum for the transaction of business at any meeting of shareholders shall be persons not
being less than two in number and holding or representing by proxy not less than 20&#160;percent of the issued and outstanding shares
of the Corporation for the time being enjoying voting rights at such meeting. If a quorum is present at the opening of any meeting of
shareholders, the shareholders present or represented may proceed with the business of the meeting notwithstanding that a quorum is not
present throughout the meeting. If a quorum is not present at the opening of any meeting of shareholders, the shareholders present or
represented may adjourn the meeting to a fixed time and place but may not transact any other business.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">DISCLOSURE REGARDING FOREIGN
JURISDICTIONS THAT PREVENT INSPECTIONS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">UNDERTAKING</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Registrant undertakes to make available, in
person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested
to do so by the Commission staff, information relating to: the securities in relation to which the obligation to file an annual report
on Form&#160;40-F arises; or transactions in said securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">SIGNATURES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Pursuant to the requirements of the Exchange
Act, the Registrant certifies that it meets all of the requirements for filing on Form&#160;40-F and has duly caused this annual report
to be signed on its behalf by the undersigned, thereto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">THE DESCARTES SYSTEMS GROUP&#160;INC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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="font-size: 10pt; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid; font-size: 10pt; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Peter V. Nguyen</span></td>
    <td style="width: 50%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter V. Nguyen</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVP Legal, General Counsel and
    Corporate Secretary</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 24,
    2023</span></td>
    <td>&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">EXHIBIT&#160;INDEX</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font-family: Times New Roman, Times, Serif">
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit&#160;Number</b></span></td>
    <td style="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 2%">&#160;</td>
    <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 83%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="tm234898d3_ex99-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</span></a></td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="tm234898d3_ex99-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual
    Information Form&#160;for the fiscal&#160;year ended January&#160;31, 202</span>3</a></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1050140/000110465922045933/dsgx-20220131xex99d2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</span></a></td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1050140/000110465922045933/dsgx-20220131xex99d2.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audited
    Annual Financial Statements for the fiscal&#160;year ended January&#160;31, 202</span>3 (incorporated herein by reference to Exhibit&#160;99.2
    of the Registrant&#8217;s Form&#160;6-K furnished with the SEC on March&#160;1, 2023)</a></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="tm234898d3_ex99-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</span></a></td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="tm234898d3_ex99-4.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of KPMG LLP</span></a></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="tm234898d3_ex99-5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.5</span></a></td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="tm234898d3_ex99-5.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
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    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
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    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="tm234898d3_ex99-6.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification
    of the Chief Financial Officer pursuant to Rule&#160;13a-14 or 15d-14 of the Securities Exchange Act of 1934, as adopted pursuant
    to Section&#160;302 of the Sarbanes-Oxley Act of 2002</span></a></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><a href="tm234898d3_ex99-7.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7</span></a></td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="tm234898d3_ex99-7.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certifications
    of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section&#160;1350, as adopted pursuant to Section&#160;906
    of the Sarbanes-Oxley Act of 2002</span></a></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</span></td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interactive
    Data File (formatted in Inline XBRL)</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="font-family: Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page&#160;Interactive Data File (formatted as Inline XBRL and contained in Exhibit&#160;101)</span></td></tr>
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<TYPE>EX-99.1
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<FILENAME>tm234898d3_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.1</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Table of
Contents</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"></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: 7%"><FONT STYLE="font-size: 10pt"><B>ITEM 1</B></FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-size: 10pt"><B>GENERAL</B></FONT></TD>
    <TD STYLE="text-align: right; width: 5%"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 2</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>CORPORATE STRUCTURE</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The Company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">2.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Intercorporate Relationships</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 3</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>GENERAL DEVELOPMENT OF THE BUSINESS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Profile</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">History and General Development</FONT></TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">3.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Trends / Business Outlook</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 4</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>NARRATIVE DESCRIPTION OF THE BUSINESS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Company Overview</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Principal Products &amp; Services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Revenue Sources</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Customer Base</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Sales and Marketing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.6</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Research and Development</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Competition</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Intellectual Property and Other Proprietary Rights</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.9</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Contracts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.10</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Employees</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.11</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Risks Associated with Foreign Sales and Exchange Rate Fluctuations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.12</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Risks Associated with Cyclical or Seasonal Aspects of Business</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.13</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Reorganizations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.14</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Material Contracts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">4.15</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Code of Business Conduct and Ethics</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 5</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>RISK FACTORS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>33</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 6</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>MARKET FOR SECURITIES AND RELATED SECURITYHOLDER MATTERS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>34</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">6.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Common Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">6.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Transfer Agent and Registrar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">6.3</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Dividend Policy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">6.4</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Market for Common Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">6.5</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Shareholder Rights Plan</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 7</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>DIRECTORS AND EXECUTIVE OFFICERS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>36</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">7.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Summary Information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font-size: 10pt">7.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Committees of the Board of Directors</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 8</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>EXTERNAL AUDITORS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>43</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 9</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>LEGAL PROCEEDINGS</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>44</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>ITEM 10</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>ADDITIONAL INFORMATION</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>44</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Appendix &ldquo;A&rdquo; to Annual Information Form</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>45</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Appendix &ldquo;B&rdquo; to Annual Information Form</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt"><B>58</B></FONT></TD></TR>
  </TABLE>
<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"></P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>ITEM 1</B></FONT></TD><TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>GENERAL</B></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"><B>Information contained herein is provided as
at January&nbsp;31, 2023 and is in United States (&#8220;US&#8221;) dollars, unless otherwise indicated.</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">Our Annual Information Form&nbsp;(&#8220;AIF&#8221;)
contains references to The Descartes Systems Group Inc. using the words &#8220;Descartes,&#8221; &#8220;we,&#8221; &#8220;us,&#8221;
 &#8220;our&#8221; and similar words and the reader is referred to using the words &#8220;you,&#8221; &#8220;your&#8221; and similar words.</P>

<P STYLE="font: 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 AIF also refers to our fiscal years. Our
fiscal year commences on February&nbsp;1<SUP>st</SUP> of each year and ends on January&nbsp;31<SUP>st</SUP> of the following year. Our
fiscal year that ended on January&nbsp;31, 2023 is referred to as &#8220;fiscal 2023&#8221; &#8220;2023&#8221; or using similar words.
Our fiscal year that ended on January&nbsp;31, 2022 is referred to as &#8220;fiscal 2022&#8221; &#8220;2022&#8221; or using similar words.
Other fiscal periods are referenced by the applicable year during which the fiscal period ends. For example, 2024 refers to the annual
period ending January&nbsp;31, 2024 and the &#8220;fourth quarter of 2023&#8221; refers to the quarter ended January&nbsp;31, 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">You should read the AIF in conjunction with our
audited consolidated financial statements for 2023 and the management&#8217;s discussion and analysis thereon (&#8220;MD&amp;A&#8221;).
We prepare and file our consolidated financial statements and MD&amp;A in US dollars and in accordance with US generally accepted accounting
principles (&#8220;GAAP&#8221;).</P>

<P STYLE="font: 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 have prepared the AIF with reference to Form&nbsp;51-102F2,
which sets out the AIF disclosure requirements and which was established under National Instrument 51-102 &#8220;Continuous Disclosure
Obligations&#8221; (&#8220;NI 51-102&#8221;) of the Canadian Securities Administrators.</P>

<P STYLE="font: 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">Additional information about us, including copies
of our continuous disclosure materials such as our MD&amp;A, is available on our website at http://www.descartes.com, through the EDGAR
website at http://www.sec.gov or through the SEDAR website at http://www.sedar.com.</P>

<P STYLE="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">Certain statements made in this AIF, as well
as the MD&amp;A referenced herein, constitute forward-looking information for the purposes of applicable securities laws (&#8220;forward
looking statements&#8221;), including, but not limited to: statements in the &#8220;Trends / Business Outlook&#8221; section and statements
regarding our expectations concerning future revenues and earnings, including potential variances from period to period; our assessment
of the current and future potential impact of both the conflict between Russia and Ukraine (the &#8220;Ukraine Conflict&#8221;) and the
global pandemic related to the spread of the COVID-19 virus (the &#8220;Pandemic&#8221;) and related public health protection measures
on our business; results of operations and financial condition; our expectations regarding the cyclical nature of our business; mix of
revenues and potential variances from period to period; our plans to focus on generating services revenues yet to continue to allow customers
to elect to license technology in lieu of subscribing to services; our expectations on losses of revenues and customers; our baseline
calibration; our ability to keep our operating expenses at a level below our baseline revenues; our future business plans and business
planning process; allocation of purchase price for completed acquisitions; our expectations regarding future restructuring charges and
cost-reduction activities; expenses, including amortization of intangible assets and stock-based compensation; goodwill impairment tests
and the possibility of future impairment adjustments; capital expenditures; acquisition-related costs, including the potential for further
performance-based contingent consideration; our liability with respect to various claims and suits arising in the ordinary course; any
commitments referred to in the &#8220;Commitments, Contingencies and Guarantees&#8221; section of our MD&amp;A; our intention to actively
explore future business combinations and other strategic transactions; our liability under indemnification obligations; our reinvestment
of earnings of subsidiaries back into such subsidiaries; our dividend policy; expected purchases under our NCIB (as defined herein);
the sufficiency of capital to meet working capital, capital expenditure, debt repayment requirements and our anticipated growth strategy;
our ability to raise capital; our adoption of certain accounting standards; and other matters related to the foregoing. When used in
this document, the words &#8220;believe,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221;
 &#8220;continue,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should&#8221; or the negative of such terms and similar expressions
are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties and are
based on assumptions that may cause future results to differ materially from those expected. The material assumptions made in making
these forward-looking statements include the following: our ability to successfully identify and execute on acquisitions and to integrate
acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures,
information security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes
including as a result of the Ukraine Conflict or the &#8220;Pandemic or other contagious illness outbreaks, a deterioration of general
economic conditions or instability in the financial markets accompanied by a decrease in spending by our customers; global shipment volumes
continuing to increase at levels consistent with the average growth rates of the global economy; countries continuing to implement and
enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and
exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect
to doing business with certain countries, organizations, entities and individuals; our continued operation of a secure and reliable business
network; the continued availability of the data and content that is utilized in the delivery of services made available over our network;
relative stability of currency exchange rates and interest rates; equity and debt markets continuing to provide us with access to capital;
the availability and suitability of using cash to fund share buybacks under our NCIB; our ability to develop solutions that keep pace
with the continuing changes in technology; and our continued compliance with third party intellectual property rights. While management
believes these assumptions to be reasonable under the circumstances, they may prove to be inaccurate. Such forward-looking statements
also involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements
of, or developments in our business or industry, to differ materially from the anticipated results, performance or achievements or developments
expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors discussed under the
heading &#8220;Certain Factors That May&nbsp;Affect Future Results&#8221; in the MD&amp;A which is included in our Annual Report to the
Shareholders for the fiscal year ended January&nbsp;31<SUP>st</SUP>, 2023, and in other documents filed with the Securities and Exchange
Commission, the Ontario Securities Commission and other securities commissions across Canada from time to time. If any of such risks
actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the
trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such
forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing
information about management&#8217;s current expectations and plans relating to the future. Readers are cautioned that such information
may not be appropriate for other purposes. Except as required by applicable law, we do not undertake or accept any obligation or undertaking
to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change
in events, conditions, assumptions or circumstances on which any such statements are based.</P>

<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>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>ITEM 2</B></FONT></TD><TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>CORPORATE
                                            STRUCTURE</B></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"><FONT STYLE="font-size: 10pt"><B>2.1</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company</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">Descartes was continued under the <I>Canada Business
Corporations Act</I> on July&nbsp;5, 2006. On July&nbsp;31, 2006, Descartes was amalgamated under the <I>Canada Business Corporations
Act</I> pursuant to an amalgamation between Descartes and ViaSafe Inc. On February&nbsp;1, 2010, Descartes was amalgamated under the
<I>Canada Business Corporations Act</I> pursuant to an amalgamation between Descartes and Scancode Systems Inc. (&#8220;Scancode&#8221;).
On February&nbsp;1, 2010, Descartes was amalgamated under the <I>Canada Business Corporations Act</I> pursuant to an amalgamation between
Descartes and 7322267 Canada Inc. On February&nbsp;1, 2012, Descartes was amalgamated under the <I>Canada Business Corporations Act</I>
pursuant to an amalgamation between Descartes and 882976 Ontario Inc. On March&nbsp;31, 2021, Descartes was amalgamated under the <I>Canada
Business Corporations Act</I> pursuant to an amalgamation between Descartes and PinPoint GPS Solutions Inc. On February&nbsp;1, 2023,
Descartes was amalgamated under the Canada Business Corporations Act pursuant to an amalgamation between Descartes and Descartes Visual
Compliance Inc.</P>

<P STYLE="font: 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 Descartes Systems Group Inc. head office
and registered office is located at 120 Randall Drive, Waterloo, Ontario, N2V 1C6 and our general corporate phone number is (519) 746-8110.</P>

<P STYLE="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"><FONT STYLE="font-size: 10pt"><B>2.2</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Intercorporate
Relationships</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">We beneficially own, control and/or direct 100%
of all voting, share or membership interests in our material subsidiaries. Our material subsidiaries, determined as at January&nbsp;31,
2023, are as follows:</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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Descartes
                                            Visual Compliance Inc., a Canadian subsidiary;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12268761
                                            Canada Inc., a Canadian subsidiary;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Descartes
                                            Systems (USA) LLC, a Delaware subsidiary;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">MacroPoint,
                                            LLC, an Ohio subsidiary;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Descartes
                                            Visual Compliance (USA) LLC, a Delaware subsidiary;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">NetCHB,
                                            LLC, an Arizona subsidiary;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">XPS
                                            Technologies, LLC, a Utah subsidiary;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Descartes
                                            Systems UK Limited, a United Kingdom subsidiary;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Descartes
                                            Systems (Sweden) AB, a Swedish subsidiary;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Descartes
                                            Systems (Belgium) NV, a Belgian subsidiary; and</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Descartes
                                            Systems (Germany) GmbH, a German subsidiary.</FONT></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="text-align: left; width: 0%"></TD><TD STYLE="text-align: left; width: 10%"><FONT STYLE="font-size: 10pt"><B>ITEM 3</B></FONT></TD><TD STYLE="text-align: left; width: 90%"><FONT STYLE="font-size: 10pt"><B>GENERAL
                                            DEVELOPMENT OF THE BUSINESS</B></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"><FONT STYLE="font-size: 10pt"><B>3.1</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Profile</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">We bring together networks, applications, global
trade content, and collaborative multi-modal logistics communities in ways that improve the productivity, performance. safety and security
of logistics and supply chain operations. Customers use our modular, cloud-based and data content solutions to route, schedule, track,
train and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access and analyze
global trade data; research and perform trade tariff and duty calculations; file customs and security documents for imports and exports;
comply with trade regulations, and complete numerous other logistics processes. Our pricing model provides our customers with flexibility
in purchasing our solutions either on a subscription, transactional or perpetual license basis. We also occasionally act as a reseller
of hardware devices from third party suppliers which are used by our customers in connection with their transportation and logistics
operations and which provide data that may be relevant to our cloud-based solutions. Our primary focus is on serving transportation providers
(air, ocean and truck modes), logistics service providers (including third-party logistics providers, freight forwarders, freight brokers,
and customs brokers) and manufacturers, retailers, distributors, and business service providers. For these organizations, logistics is
either a key or a defining part of their own product or service offering, or for which our solutions can provide an opportunity to reduce
costs, improve service levels or support growth by optimizing the use of assets and information.</P>

<P STYLE="font: 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><I>The Market</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">Logistics is the management of the flow of resources
between a point of origin and a point of destination &#8211; processes that move items (such as goods, people, information) from point
A to point B. Supply chain management is broader than logistics and includes the sourcing, procurement, conversion and storage of resources
for consumption by an enterprise. Logistics and supply chain management have been evolving as companies are increasingly seeking automation
and real-time control of their supply chain activities. We believe companies are looking for integrated solutions for managing inventory
in transit, conveyance units, people, data and business documents.</P>

<P STYLE="font: 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 believe logistics-intensive organizations
are seeking to reduce operating costs, differentiate themselves, improve margins and better serve customers. Global trade and transportation
processes are often manual and complex to manage. This is a consequence of the growing number of business partners participating in companies&#8217;
global supply chains and a lack of standardized business processes.</P>

<P STYLE="font: 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">Additionally, global sourcing, logistics outsourcing,
imposition of additional customs and regulatory requirements and changes in day-to-day business requirements are adding to the overall
complexities that companies face in planning and executing in their supply chains. Whether a shipment is delayed at the border, a customer
changes an order or a breakdown occurs on the road, there are increasingly more issues that can significantly impact the execution of
fulfillment schedules and associated costs.</P>

<P STYLE="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 rise of ecommerce has heightened these challenges
for many suppliers with end-customers increasingly demanding narrower order-to-fulfillment periods, lower prices and greater flexibility
in scheduling and rescheduling deliveries. End-customers also want real-time updates on delivery status, adding considerable burden to
supply chain management as process efficiency is balanced with affordable service.</P>

<P STYLE="font: 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">In this market, the movement and sharing of data
between parties involved in the logistics process is equally important to the physical movement of goods. Manual, fragmented and distributed
logistics solutions are often proving inadequate to address the needs of operators. Connecting manufacturers and suppliers to carriers
on an individual, one-off basis is too costly, complex and risky for organizations dealing with many trading partners. Further, many
of these solutions do not provide the flexibility required to efficiently accommodate varied processes for organizations to remain competitive.
We believe this presents an opportunity for logistics technology providers to unite this highly fragmented community and help customers
improve their operations.</P>

<P STYLE="font: 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 the market continues to change, we&#8217;ve
been evolving to meet our customers&#8217; needs. While the rate of adoption of newer logistics and supply chain management technologies
is increasing, a large number of organizations still have manual business processes. We&#8217;ve been educating our prospects and customers
on the value of connecting to trading partners through our Global Logistics Network (&#8220;GLN&#8221;) and automating, as well as standardizing,
multi-party business processes. We believe that our target customers are increasingly looking for a single source, neutral, network-based
solution provider who can help them manage the end-to-end shipment &#8211; from researching global trade information, to the booking
of a shipment, to the tracking of that shipment as it moves, to the regulatory compliance filings to be made during the move and, finally,
to the settlement and audit of the invoice.</P>

<P STYLE="font: 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">Additionally, regulatory initiatives mandating
electronic filing of shipment information with customs authorities require companies to automate aspects of their shipping processes
to remain compliant and competitive. Our customs compliance technology helps shippers, transportation providers, freight forwarders and
other logistics intermediaries to securely and electronically file shipment and tariff/duty information with customs authorities and
self-audit their own efforts. Our technology also helps carriers and freight forwarders efficiently coordinate with customs brokers and
agencies to expedite cross-border shipments. While many compliance initiatives started in the US, compliance has now become a global
issue with significantly more international shipments crossing several borders on the way to their final destinations.</P>

<P STYLE="font: 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">Increasingly, data and content have become central
to supply chain planning and execution. The review of people, goods, services and/or commodities against comprehensive lists of restricted
or sanctioned parties published by governments and international organizations has become an essential compliance requirement as the
penalties for doing business with sanctioned parties can be far-reaching and severe. Our content and compliance solutions help simplify
and automate the screening processes.</P>

<P STYLE="font: 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">Complex international supply chains are also
affected by logistics service provider performance, capacity, and productivity, as well as regulatory frameworks such as free trade agreements,
and trade and trade sanctions. We believe our global trade data, denied party screening, trade regulations and free-trade agreement and
duty rate and calculation solutions help customers improve their sourcing, compliance, landed-cost, and transportation lane and provider
selection processes.</P>

<P STYLE="font: 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><I>Solutions</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">Descartes&#8217; Logistics Technology Platform
unites a growing global community of logistics-focused parties, allowing them to transact business while leveraging a broad array of
applications designed to help logistics-intensive businesses thrive.</P>

<P STYLE="font: 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 Logistics Technology Platform fuses our GLN,
an extensive logistics network covering multiple transportation modes, with a broad array of modular, interoperable web and wireless
logistics management solutions. Designed to help accelerate time-to-value and increase productivity and performance for businesses of
all sizes, the Logistics Technology Platform leverages the GLN&#8217;s multimodal logistics community to enable companies to quickly
and cost-effectively connect and collaborate.</P>

<P STYLE="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">Descartes&#8217; GLN, the underlying foundation
of the Logistics Technology Platform, manages the flow of data and documents that track and control inventory, assets and people in motion.
Designed expressly for logistics operations, it is native to the particularities of different transportation modes and country borders.
As a state-of-the-art messaging network with wireless capabilities, the GLN helps manage business processes in real-time and in-motion.
Its capabilities go beyond logistics, supporting common commercial transactions, regulatory compliance documents, and customer specific
needs.</P>

<P STYLE="font: 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 GLN extends its reach using interconnect
agreements with other general and logistics-specific networks, to offer companies access to a wide array of trading partners. With the
flexibility to connect and collaborate in unique ways, companies can effectively route or transform data to and from partners and deploy
additional Descartes solutions on the GLN. The GLN allows &#8220;low tech&#8221; partners to act and respond with &#8220;high tech&#8221;
capabilities and connect to the transient partners that exist in many logistics operations. This inherent adaptability creates opportunities
to develop logistics business processes that can help customers differentiate themselves from their competitors.</P>

<P STYLE="font: 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">Descartes offers a wide array of modular, cloud-based,
interoperable web and wireless supply chain and logistics management applications. These solutions embody Descartes&#8217; deep domain
expertise, not merely &#8220;check box&#8221; functionality. These solutions deliver value for a broad range of logistics intensive organizations,
whether they purchase transportation, run their own fleet, operate globally or locally, or work across air, ocean or ground transportation.
Descartes&#8217; comprehensive suite of solutions includes:</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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Routing,
                                            Mobile and Telematics;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Transportation
                                            Management;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ecommerce
                                            Shipping and Fulfillment;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Customs&nbsp;&amp;
                                            Regulatory Compliance;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Global
                                            Trade Intelligence;</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Global
                                            Logistics Network Services; and</FONT></TD></TR>
<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">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Broker&nbsp;&amp;
                                            Forwarder Enterprise Systems.</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">The Descartes applications forming part of the
Logistics Technology Platform are modular and interoperable to allow organizations the flexibility to deploy them quickly within an existing
portfolio of solutions. Implementation is streamlined because these solutions use web-native or wireless user interfaces and are pre-integrated
with the GLN. With interoperable and multi-party solutions, Descartes&#8217; solutions are designed to deliver functionality that can
enhance a logistics operation&#8217;s performance and productivity both within the organization and across a complex network of partners.</P>

<P STYLE="font: 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">Descartes&#8217; expanding global trade intelligence
offering unites systems and people with trade information to enable organizations to work smarter by making more informed supply chain
and logistics decisions. Our content solutions can help customers research and analyze global trade movements, regulations and trends;
reduce the risk of transacting with denied parties; increase trade compliance rates; optimize sourcing, procurement, and business development
strategies; and minimize duty spend.</P>

<P STYLE="font: 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">Descartes&#8217; GLN community members enjoy
extended command of operations and accelerated time-to-value relative to many alternative logistics solutions. Given the inter-enterprise
nature of logistics, quickly gaining access to partners is paramount. For this reason, Descartes has focused on growing a community that
strategically attracts and retains relevant logistics parties. Upon joining the GLN community, many companies find that a number of their
trading partners are already members, with an existing connection to the GLN. This helps to minimize the time required to integrate Descartes&#8217;
logistics management applications and to begin realizing results. Descartes is committed to continuing to expand community membership.
Companies that join the GLN community or extend their participation find a single place where their entire logistics network can exist
regardless of the range of transportation modes, the number of trading partners or the variety of regulatory agencies.</P>

<P STYLE="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"><FONT STYLE="font-size: 10pt"><B>3.2</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">History
and General Development</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">Our origins were in providing logistics-focused
software designed to optimally plan and manage routes for direct delivery and retail customers with private fleets. Supply chain management
has evolved as companies across industry verticals have increasingly sought real-time control over their supply chain. We have established
a network-based business model and are consolidating technology to provide our customers with a shared-services environment that assists
our customers in gathering and exchanging source data for logistics. We have also designed value-added services that enable shippers,
transportation companies and logistics intermediaries to use that information to make better business decisions and deliver better service
to their own customers.</P>

<P STYLE="font: 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">Key developments in our business over the last
three fiscal years and current fiscal year to date, described beginning with the most recent, are as follows:</P>

<P STYLE="font: 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><I>Fiscal 2023 and Part&nbsp;of Fiscal 2024
through to April&nbsp;21<SUP>st</SUP>, 2023</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">On April&nbsp;20, 2023, we acquired substantially
all of the assets of Localz Pty Ltd. (and its affiliates), a technology platform to help engage with customers on the day they&#8217;re
having goods or services delivered. The purchase price for the acquisition was approximately $6.5 million, which was funded from cash
on hand.</P>

<P STYLE="font: 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">On February&nbsp;14, 2023, we acquired all of
the shares of Windigo Logistics,&nbsp;Inc. d/b/a GroundCloud (&#8220;GroundCloud&#8221;), a cloud-based provider of final-mile carrier
solutions and road safety compliance tools. The purchase price was approximately $138.0 million, net of cash acquired, which was funded
from cash on hand, plus potential performance-based consideration of up to $80.0 million based on GroundCloud achieving revenue-based
targets over the first two years post-acquisition.</P>

<P STYLE="font: 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">On January&nbsp;5, 2023, we acquired all of the
shares of Trans-Soft, LLC operating as Supply Vision (&#8220;Supply Vision&#8221;), a provider of shipment management solutions for North
American logistics services providers. The purchase price was approximately $12.0 million, net of cash acquired, which was funded from
cash on hand, plus potential performance-based consideration of up to $3.0 million based on Supply Vision achieving revenue-based targets
over the first two years post-acquisition.</P>

<P STYLE="font: 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">On December 7, 2022, we concluded the terms of
another amending agreement (the &ldquo;Second Agreement Amending Credit Agreement&rdquo;) to the twice amended and expanded credit facility
agreement of the Company dated as of January 25, 2019 (the &ldquo;Credit Agreement&rdquo;) among <I>inter alia</I> Descartes and the
lenders thereunder (the &ldquo;Lenders&rdquo;). The Second Agreement Amending Credit Agreement established a $350 million revolving operating
credit facility (the &ldquo;Credit Facility&rdquo;) that is available for general corporate purposes, including the financing of ongoing
working capital needs and acquisitions. With the approval of the Lenders, the Credit Facility can be further expanded to a total of $500
million. The Credit Facility had its term extended such that it has a five-year maturity with no fixed repayment dates prior to the end
of the five-year term ending in December 2027. Borrowings under the Credit Facility are secured by a first charge over substantially
all of Descartes&rsquo; assets. In addition to extending the term of the Credit Facility, additional changes were made to the interest
rate calculation applicable to any borrowings under the 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">On July&nbsp;15, 2022, pursuant to &#8220;well-known
seasoned issuer&#8221; blanket orders of the Canadian Securities Administrators, we filed a final short-form base shelf prospectus, allowing
us to offer and issue the following securities: (i)&nbsp;common shares; (ii)&nbsp;preferred shares; (iii)&nbsp;senior or subordinated
unsecured debt securities; (iv)&nbsp;subscription receipts; (v)&nbsp;warrants; and (vi)&nbsp;securities comprised of more than one of
the common shares, preferred shares, debt securities, subscription receipts and/ or warrants offered together as a unit. These securities
may be offered separately or together, in separate series, in amounts, at prices and on terms to be set forth in one or more shelf prospectus
supplements during the 25-month period that the base shelf prospectus, including any amendments thereto, remains valid.</P>

<P STYLE="font: 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">On June&nbsp;16, 2022, our shareholders elected
two new directors to our Board of Directors at our annual meeting of shareholders. Sandra Hanington, former President of the Royal Canadian
Mint and Kelley Irwin, a former executive of the Electrical Safety Authority of Ontario, were welcomed to our Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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">On June&nbsp;7, 2022, we announced the acceptance
by the Toronto Stock Exchange (&#8220;TSX&#8221;) of our intention to launch a Normal Course Issuer Bid (&#8220;NCIB&#8221;). Under the
NCIB, we may, and intended to, repurchase on the open market, at our discretion, during the period commencing on June&nbsp;10, 2022 and
ending on the earlier of Jun 9, 2023 and the completion of purchases under the NCIB, up to 7,389,623 common shares, representing approximately
8.7% of our then issued and outstanding common shares and approximately 10% of the &#8220;public float&#8221;, subject to the normal
terms and limitations of such bids.</P>

<P STYLE="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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June&nbsp;6, 2022, we acquired all of the
shares of XPS Technologies, LLC (&#8220;XPS&#8221;), a leading provider of ecommerce multi-carrier parcel shipping solutions. The purchase
price was approximately $65.0 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based consideration
of up to $75.0 million based on XPS achieving revenue-based targets over the first two years post-acquisition.</P>

<P STYLE="font: 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">On April&nbsp;21, 2022, we acquired substantially
all of the assets of Foxtrot Systems Inc., a leading provider of machine learning-based mobile route execution solutions. The purchase
price for the acquisition was approximately $4.0 million, which was funded from cash on hand.</P>

<P STYLE="font: 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><I>Fiscal 2022</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">In February&nbsp;2022, Russian military forces
commenced an invasion into Ukraine which has escalated to a war between Russia and Ukraine. As of the date of this AIF, the Ukraine Conflict
has resulted in large disruptions to normal business activity in eastern Europe as countries focus on the impacts from the war and widespread
economic uncertainty across the world, including significant increases in oil and energy prices and resulting costs of operating transportation
assets such as trucks, airplanes and ocean freighters. The overall impact of these events to our customers and to the transportation
and logistics industry that we serve remains highly uncertain at the current time. In addition, following Russia&#8217;s invasion of
Ukraine, the European Union and nations around the world including, Canada, the United States, the United Kingdom, Japan, Australia,
Switzerland, and New Zealand imposed what they describe as &#8220;strong&#8221; and &#8220;severe&#8221; sanctions on Russia and various
Russian entities and individuals. The new restrictions, which focus on additional individuals from Russia and Belarus being added to
watchlists, expanded export controls (especially on high-tech and sensitive technology products) and measures to further isolate the
Russian financial system, add to international sanctions in place since 2014. Our business includes several solutions that assist companies
in complying with these types of sanctions and restrictions.</P>

<P STYLE="font: 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">On February&nbsp;9, 2022, we acquired all of
the shares of NetCHB, LLC (&#8220;NetCHB&#8221;), a provider of customs filing solutions in the US. The purchase price for the acquisition
was approximately $38.7 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based consideration
of up to $60.0 million based on NetCHB achieving revenue-based targets over the first two years post-acquisition.</P>

<P STYLE="font: 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">On December&nbsp;16, 2021, we concluded the terms
of a second amending agreement to the Credit Agreement. The amendments concluded in December&nbsp;of 2021 were largely of an administrative
nature.</P>

<P STYLE="font: 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">On July&nbsp;8, 2021, we acquired all of the
shares of GreenMile, LLC (&#8220;GreenMile&#8221;), a provider of cloud-based mobile route execution solutions for food, beverage, and
broader distribution verticals. The purchase price for the acquisition was approximately $29.2 million, net of cash acquired, which was
funded from cash on hand, plus potential performance-based consideration of up to $10.0 million based on GreenMile achieving revenue-based
targets over the first two years post-acquisition.</P>

<P STYLE="font: 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">On May&nbsp;7, 2021, we acquired all of the shares
of Portrix Logistics Software GmbH (&#8220;Portrix&#8221;), a provider of multimodal rate management solutions for logistics services
providers. The purchase price for the acquisition was approximately $25.2 million (EUR 20.7 million), net of cash acquired, which was
funded from cash on hand.</P>

<P STYLE="font: 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">On February&nbsp;26, 2021, we acquired Vitadex
Solutions LLC dba QuestaWeb (&#8220;QuestaWeb&#8221;) a leading provider of foreign trade zone and customs compliance solutions based
in New Jersey, USA. QuestaWeb&#8217;s solutions allow logistics service providers and importers to automate processes related to US Customs
and Border Protection (&#8220;CBP&#8221;) regulatory requirements for operating a foreign trade zone in the United States and to otherwise
comply with other customs filing requirements. The total purchase price for the acquisition was approximately $36 million satisfied from
cash on-hand.</P>

<P STYLE="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"><B><I>Fiscal 2021</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">On November&nbsp;6, 2020, we acquired ShipTrack
Inc. (&#8220;ShipTrack&#8221;) a leading provider of ecommerce final mile solutions based in Ottawa, Canada. ShipTrack&#8217;s solutions
help customers automate dispatch, update shipment status and estimated time of arrival and eliminate paper-based delivery processes.
The ShipTrack solutions are particularly well-suited for the ecommerce home delivery, parcel delivery and medical courier markets, providing
a platform to manage the processes related to final-mile deliveries. The total up-front purchase price for the acquisition was approximately
$19 million, which was funded from cash on-hand, plus potential performance-based consideration of up to an additional $19 million over
the next two fiscal years.</P>

<P STYLE="font: 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">On July&nbsp;8, 2020, we filed a final short-form
base shelf prospectus, which allowed us to offer and issue the following securities: (i)&nbsp;common shares; (ii)&nbsp;preferred shares;
(iii)&nbsp;senior or subordinated unsecured debt securities; (iv)&nbsp;subscription receipts; (v)&nbsp;warrants; and (vi)&nbsp;securities
comprised of more than one of the common shares, preferred shares, debt securities, subscription receipts and/ or warrants offered together
as a unit. These securities could be offered separately or together, in separate series, in amounts, at prices and on terms to be set
forth in one or more shelf prospectus supplements. The aggregate initial offering price of securities that could be sold by us (or certain
of our current or future shareholders) pursuant to this base shelf prospectus during the 25-month period that the base shelf prospectus,
including any amendments thereto, remained valid was limited to $1 billion.</P>

<P STYLE="font: 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">On June&nbsp;10, 2020, we acquired Cracking Logistics
Limited dba Kontainers (&#8220;Kontainers&#8221;) a leading provider of client-facing digital freight execution platforms based in the
United Kingdom. Kontainers&#8217; solutions enable a fully digitized solution for carriers, freight-forwarders and third-party logistics
providers when quoting and booking freight. The total up-front purchase price for the acquisition was approximately $5.2 million, net
of cash acquired, which was funded from cash on-hand, plus potential performance-based consideration of up to an additional $6 million
over the next two fiscal years.</P>

<P STYLE="font: 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">On May&nbsp;28, 2020, our shareholders elected
two new directors to our Board of Directors at our annual meeting of shareholders. Deepak Chopra, former President and Chief Executive
Officer of Canada Post Corporation and Chris Muntwyler, a former executive of Swiss Air and DHL Express, were welcomed to our Board of
Directors. David Beatson retired from our Board of Directors at that time.</P>

<P STYLE="font: 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">In May&nbsp;2020, we announced that we were undertaking
a restructuring of our overall global operations to reduce costs and strengthen our financial position in light of uncertainty at that
time arising from the emergence of the Pandemic. The restructuring included the reduction of our global workforce by approximately 5%
and the closure of several office facilities. We incurred $2.3 million in restructuring charges in fiscal 2021 related to the restructuring
and the restructuring plan was substantially completed within fiscal 2021.</P>

<P STYLE="font: 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">In March&nbsp;of 2020 the Pandemic was declared
by the World Health Organization. Businesses in many countries around the globe were required to close, or materially alter, their day-to-day
operations for various periods of time following this development due to government-ordered or recommended shut-downs and/or &#8220;shelter-in-place&#8221;,
or equivalent, restrictions on individuals and businesses which impacted the manner in which many businesses operated. During the period
of March&nbsp;and April&nbsp;2020 we implemented measures that allowed our employees to work remotely from home locations and for us
to continue to operate our business and service our customers during the Pandemic. In the first few months following the declaration
of the Pandemic we observed some declines in the shipment volumes across our network through various modes of transportation and became
aware of some customers who reduced or temporarily suspended operations and were otherwise experiencing financial hardship in their business
that may have temporarily or permanently impacted their demand for our products and services. Through the balance of Fiscal 2021, we
observed that most of the shipment volumes on our network returned to levels close to historical volumes.</P>

<P STYLE="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">On February&nbsp;21, 2020, we acquired Peoplevox
Limited (&#8220;Peoplevox&#8221;) a leading provider of cloud-based ecommerce warehouse management solutions (&#8220;eWMS&#8221;) based
in London, England. Peoplevox&#8217;s web-based eWMS and ecommerce fulfillment solutions help customers around the world connect to webshop
front ends, translate order information into a mobile-device driven pick and pack process within a warehouse and then feed parcel delivery
systems for shipment execution. The total purchase price for the acquisition was approximately $24.1 million, net of cash acquired, satisfied
from a combination of cash on-hand and Descartes&#8217; existing acquisition line of credit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>3.3</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Trends
/ Business Outlook</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">Please see our discussion elsewhere in this document
related to the Ukraine Conflict and the Pandemic and the potential impact of both to short-term and longer-term prospects of our business
and industry.</P>

<P STYLE="font: 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">Industry consolidation, rapid technological change
and frequent new product introductions and enhancements continue to characterize the software, content and network services industries
 &#8211; particularly for logistics management technology companies. Organizations are increasingly requiring greater levels of functionality,
more sophisticated product offerings and access to industry-specific data from their software and services providers.</P>

<P STYLE="font: 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">Increased importance is being placed on leveraging
cloud-based technology to better manage logistics processes and to connect and collaborate with trading partners on a global basis, as
well as to reuse and share supply chain data to accelerate time-to-value. Cloud-based technology also enables business networks to more
easily unite and integrate services provided by a broad range of partners and technology alliances to extend functionality and further
enhance collaboration between business communities. As a result, we believe there is a trend away from using manual and paper-based supply
chain and logistics processes and on-premises solution deployments towards electronic processes powered by the exchange of cloud-based
electronic information between logistics and supply chain participants.</P>

<P STYLE="font: 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">Accordingly, we expect that our future success
will be dependent upon our ability to enhance current products or develop and introduce new products offering enhanced performance and
new functionality at competitive prices. In particular, we believe customers are looking for end-to-end solutions that combine a multi-modal,
multi-process network with business document exchange and wireless mobile resource management applications with end-to-end global trade
compliance and collaborative supply chain execution applications. These applications include freight bookings, contract and rate management,
content solutions for trade research and classification of goods for tariff and duty purposes, sanctioned party screening, customs filings
and electronic shipment manifest processes, transportation management, real time shipment visibility, routing and scheduling, purchase
order to dock door processes, ecommerce fulfilment, warehouse management and inventory visibility. Further, customers are increasingly
seeking &#8220;big data&#8221; content and insight solutions for analyzing global logistics trends and activity.</P>

<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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that there continues to be a growing
acceptance of subscription pricing and cloud-based business models in the markets we serve that provide lower up-front cost and easier-to-maintain
alternatives than may be available through traditional perpetual license pricing models.</P>

<P STYLE="font: 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><U>TRENDS IN GLOBAL TRADE</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">The impact of the Ukraine Conflict and of the
seemingly waning Pandemic on global trade is uncertain. Record demand for consumer goods continues to be a driving force for significantly
increased trade and shipping volumes. However, it is not clear at this time if geopolitical concerns combined with current capacity constraints
and escalating transportation costs, further exacerbated by ongoing resource shortages, port congestion, and inflationary pressure, will
affect this growth.</P>

<P STYLE="font: 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">A clear, continuing trend is the expansion in
the counter terrorism role of customs authorities around the world through much more automated and advanced fiscal compliance and cargo
security measures. Facilitated by adoption of the SAFE Framework of Standards to Secure and Facilitate Global Trade championed by the
World Customs Organization (&#8220;WCO&#8221;), the United States, Canada, the European Union, the United Kingdom, Japan, Sweden, Norway,
Denmark, Mexico and many other countries have modernized, and continue to advance, their customs systems and procedures. As a result,
importers, exporters and their trading partners must comply with new and evolving customs clearance procedures and stricter cargo security
regulations. These programs are generally characterized by phased, multi-year deployments and mandates for electronic submission and
management of customs declarations, security compliance filings and related trade/transportation data.</P>

<P STYLE="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">Descartes&#8217; customs and regulatory compliance
solutions connect importers, exporters, logistics providers and regulatory authorities to enable efficient data transmission, cargo security
screening, customs declaration filings and compliance across multiple regulatory requirements and industry-sponsored initiatives affecting
international transportation. As such, our business may be impacted as regulations affecting domestic and international trade are introduced,
modified or repealed.</P>

<P STYLE="font: 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">Following the February&nbsp;2022 invasion of
Ukraine, the European Union and nations around the world including, Canada, the United States, the United Kingdom, Japan, Australia,
Switzerland, and New Zealand imposed what they describe as &#8220;strong&#8221; and &#8220;severe&#8221; sanctions on Russia and various
Russian entities and individuals. The new restrictions which focus on additional individuals from Russia and Belarus being added to watchlists,
expanded export controls (especially on high-tech and sensitive technology products) and measures to further isolate the Russian financial
system, add to international sanctions in place since 2014.</P>

<P STYLE="font: 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">While the full effect of these new/evolving sanctions
on historical patterns of sourcing, manufacturing, buying and selling is not known, the importance of effective screening against denied
and restricted parties before conducting business in compliance with the rules&nbsp;of various governments and international organizations
around the word is on the rise. Transacting with people, organizations and countries with whom it is illegal or restricted can result
in significant fines, loss of export/import privileges, negative media coverage and serious reputational damage.</P>

<P STYLE="font: 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 sanction policies are now the subject of mass
media coverage while also being in a state of constant flux, many businesses are seeking access to affordable, flexible and configurable
denied party screening (DPS) solutions to remain in compliance while limiting operational disruption.&nbsp;&nbsp;Descartes&#8217; denied
and restricted parties screening solutions and services can help address these needs.</P>

<P STYLE="font: 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">Another key trend, intensified by the Pandemic,
is the growing importance of better managing supply chain sourcing and risk, tracking product flows, monitoring competitors, and discovering
new market opportunities using global trade data content and intelligence tools. Trade departments within international shippers and/or
their brokers are being required to manage import/export compliance for a growing number of countries, covering everything from import
(harmonized tariff) classifications, export classifications, other government agency information and special trade programs and valuation
methodologies going into the destination countries. As such, importers, exporters, and their logistics providers are using global trade
intelligence solutions to minimize duty spend, explore international sourcing options, and conduct market research to better compete.</P>

<P STYLE="font: 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">On January&nbsp;1, 2021, the United Kingdom completed
its exit from the European Union and agreed to terms on a trade agreement that set out the tariffs and non-tariff barriers on imports
and exports between the two regions. Despite the trade agreement, both parties agreed that, in the absence of a customs union and single
market, import and export filings would now need to be made on shipments between the United Kingdom and the European Union.</P>

<P STYLE="font: 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">During 2021, the United Kingdom operated staged
controls including the possibility to defer import declarations. They also introduced new electronic reporting systems for automotive
transport (RoRo) movements and continue to move to a new digital platform for imports and exports. At the end of 2021 the deferred declaration
process and voluntary compliance ceased and mandatory compliance with controls at the point of import were imposed, with security filings
from the European Union being enforced from 1<SUP>st</SUP> July&nbsp;2022. During 2023, we continued to see a steady number of customs
filing transactions and resulting revenues from our customs filings solutions in the United Kingdom. However, regulations relating to
these requirements could change which could in turn adversely impact that area of our 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"></P>

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<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">On February&nbsp;27, 2023, the European Commission
and the United Kingdom reached a political agreement in principle known as the &#8220;Windsor Framework&#8221;. This framework is meant
to address the unforeseen practical challenges relating to the implementation of the &#8220;Northern Ireland Protocol&#8221;, which had
been in effect since February&nbsp;1, 2020 (with all provisions applying since January&nbsp;1, 2021) following the UK&#8217;s decision
to withdraw from the European Union. The new framework is meant to provide for certainty and predictability for businesses in Northern
Ireland and incorporates new data sharing agreements as well as arrangements on customs and VAT and excise. We expect that our solutions
will continue to be used by businesses navigating this new regulatory regime.</P>

<P STYLE="font: 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><U>TRENDS IN MOBILE RESOURCE MANAGEMENT</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">The mobile resource management (&#8220;MRM&#8221;)
market is also impacted by changing regulatory trends and limited driver availability. Several countries, including the United States,
have adopted legislation that requires automated telematics device-based reporting on various information related to the operation of
vehicle fleets, including monitoring drivers&#8217; hours of service, distance travelled, speed and equipment inspections. We believe
that these types of initiatives will continue to evolve and that customers in this field are increasingly looking for technology service
providers to help them manage these complex compliance requirements. With aging driver workforces in North America and Europe, companies
are looking for solutions that can safely improve their existing workforce productivity while complying with the increasing number of
regulatory mandates.</P>

<P STYLE="font: 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 Pandemic has further accelerated the MRM
market trend towards adoption of solutions that specialize in enabling home delivery, delivery reservations and delivery route optimization
that leverages GPS and other real-time available information about a delivery resource in motion. With firms such as Amazon and Home
Depot making home delivery a differentiating feature of the buying experience, more retailers and distributors are focusing on re-engineering
their logistics processes to provide customers with cost-effective delivery alternatives, including home/job site delivery and value-added
services, with tight delivery time windows. In addition, we believe there is an increased proliferation of real-time information that
is available about delivery resources in motion and that customers are seeking delivery resource management solutions that can leverage
this information for their customers&#8217; benefit.</P>

<P STYLE="font: 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><U>GENERAL TRENDS</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">Our business may be impacted from time to time
by the general cyclical and seasonal nature of particular modes of transportation and the freight market in general, as well as the cyclical
and seasonal nature of the industries that such markets serve. Factors which may create cyclical fluctuations in such modes of transportation
or the freight market in general include ongoing developments in and changes to legal and regulatory requirements related to both international
and domestic trade, timing of contract renewals between our customers and their own customers, seasonal-based tariffs, vacation periods
applicable to particular shipping or receiving nations, weather-related, natural disasters or global health-pandemic events that impact
shipping or key trade lanes in particular geographies and amendments to international trade agreements. Since some of our revenues from
particular products and services are tied to the volume of shipments being processed, adverse fluctuations in the volume of global shipments
or shipments in any particular mode of transportation may adversely affect our revenues. Declines in shipment volumes in the US or internationally
likely would have a material adverse effect on our 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">Descartes&#8217; expanding global trade intelligence
offering unites systems and people with trade information to enable organizations to work smarter by making more informed supply chain
and logistics decisions. Our content solutions can help customers research and analyze global trade movements, regulations and trends;
reduce the risk of transacting with denied parties; increase trade compliance rates; optimize sourcing, procurement, and business development
strategies; and minimize duty spend.</P>

<P STYLE="font: 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">Descartes&#8217; GLN community members enjoy
extended command of operations and accelerated time-to-value relative to many alternative logistics solutions. Given the inter-enterprise
nature of logistics, quickly gaining access to partners is paramount. For this reason, Descartes has focused on growing a community that
strategically attracts and retains relevant logistics parties. Upon joining the GLN community, many companies find that a number of their
trading partners are already members, with an existing connection to the GLN. This helps to minimize the time required to integrate Descartes&#8217;
logistics management applications and to begin realizing results. Descartes is committed to continuing to expand community membership.
Companies that join the GLN community or extend their participation find a single place where their entire logistics network can exist
regardless of the range of transportation modes, the number of trading partners or the variety of regulatory agencies.</P>

<P STYLE="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: 10%"><FONT STYLE="font-size: 10pt"><B>ITEM 4</B></FONT></TD><TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>NARRATIVE
                                            DESCRIPTION OF THE BUSINESS</B></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"><FONT STYLE="font-size: 10pt"><B>4.1</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Company
Overview</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">We are a global provider of cloud, device, and
data content-based solutions focused on improving the productivity, performance, security and sustainability of logistics-intensive businesses.
Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of
delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file
customs and security documents for imports and exports; and complete numerous other logistics processes by participating in a large collaborative
multimodal logistics community.</P>

<P STYLE="font: 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">Our pricing models provide our customers with
flexibility in purchasing our solutions either on subscription, transactional or perpetual license basis. Our solutions help transportation
providers (air, ocean, rail and truck modes), logistics service providers (including third-party logistics providers, freight forwarders
and customs brokers) and logistics-intensive manufacturers, retailers, distributors and mobile service providers reduce costs, improve
operational performance, save time, comply with regulatory requirements and enhance the service that they deliver to their own customers.</P>

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>4.2</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Principal
Products&nbsp;&amp; Services</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">We believe that our customers prefer a technology
provider that understands the unique requirements of logistics organizations and can provide a comprehensive set of solutions. Our customers
are looking for collaborative solutions that help connect their enterprise to the multiple trading partners, logistics services providers
and carriers that work with them. The Logistics Technology Platform helps our customers address those needs and provide a base for continuous
innovation.</P>

<P STYLE="font: 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><U>Logistics Technology Platform</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">Descartes&#8217; Logistics Technology Platform
digitally combines the world&#8217;s most expansive logistics network with the industry&#8217;s broadest array of logistics management
applications and most comprehensive offering of global trade related intelligence. It helps get inventory, information, assets and people
where they&#8217;re needed, when they&#8217;re needed.</P>

<P STYLE="font: 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"><IMG SRC="tm234898d3_ex99-1img001.jpg" ALT="Diagram&#10;&#10;Description automatically generated" STYLE="height: 229px; width: 438px"></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"><B>Network</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 Descartes Global Logistics Network&#8482;
manages the real-time flow of commercial, logistics, customs and product information. It spans more than 160 countries and connects hundreds
of thousands of organizations in logistics and transportation, manufacturing, distribution, retail, government, ecommerce and business
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"><B>Intelligence</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">Descartes&#8217; global trade intelligence solutions
offer comprehensive access to market leading data and tools to research, analyze and act on import/export movements, trade regulations
and market trends; reduce the risk of transacting with denied or sanctioned parties; increase trade compliance rates; optimize sourcing,
procurement, and business development strategies; and minimize duty spend.</P>

<P STYLE="font: 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>Innovation</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 are focused on transforming new ideas and
feedback from our customers and in-house domain experts into real-world innovations. New developments in the areas of the internet-of-things,
machine learning, AI and analytics are enhancing the ability of our solutions to solve problems and process more information in new and
complex ways.</P>

<P STYLE="font: 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>Applications</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">With the GLN as the connectivity foundation,
we have been expanding our logistics application functional footprint to offer a broad array of modular, interoperable web-based and
wireless logistics management solutions.</P>

<P STYLE="font: 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 provide applications that help companies better
manage their logistics book-to-bill process and purchase order-to-dock process, track inventory, meet regulatory requirements, optimize
fleet performance, manage deliveries, and effectively communicate and collaborate with their logistics partners. These applications can
be principally categorized as: (i)&nbsp;Routing, Mobile&nbsp;&amp; Telematics; (ii)&nbsp;Transportation Management; (iii)&nbsp;Ecommerce
Shipping and Fulfillment (iv)&nbsp;Customs&nbsp;&amp; Regulatory Compliance; iv) GLN Services; (vi)&nbsp;Broker&nbsp;&amp; Forwarder
Enterprise Systems, and (vii)&nbsp;Global Trade Intelligence Solutions.</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: 0.5in"><B>(i)</B></TD><TD STYLE="text-align: justify"><B><U>Routing, Mobile&nbsp;&amp;
                                            Telematics</U></B></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">Descartes&#8217; Routing, Mobile&nbsp;&amp;
Telematics suite supports the closed-loop process associated with planning, tracking, measuring, delegating and optimizing the use of
assets and people that are involved in the movement of goods. These solutions can improve productivity and reduce fuel, vehicle and labor
costs. The suite helps address business challenges including the following: (1)&nbsp;strategic planning; (2)&nbsp;daily planning; (3)&nbsp;pickup/delivery
reservations; (4)&nbsp;dispatch and vertical specific mobile solutions; (5)&nbsp;commercial fleet navigation; (6)&nbsp;reporting and
measuring; (7)&nbsp;sales and merchandiser management; and (8)&nbsp;telematics and compliance.</P>

<P STYLE="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 0.75in; text-align: justify"><B>(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Strategic
Planning:</U>&nbsp; <I>Descartes Sales&nbsp;&amp; Territory Planner&#8482; </I>and <I>Descartes Area Planner&#8482;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B><I>&nbsp;</I></B></P>

<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 0pt 0.75in; text-align: justify">For strategic planning of recurring
pickups or deliveries, Descartes Sales&nbsp;&amp; Territory Planner performs complex service scheduling that simultaneously considers
daily, weekly and multi-week deliveries, as well as holidays and other non-working days. It also evaluates geographic distribution and
sales potential for each customer to help establish optimal territories and routes. Factors considered include minimizing travel time
and related costs, and balancing opportunities across members of the sales team. Additional parameters such as stops, distance and sales
volume can also be used to help determine routes and route schedules for sales, delivery or both.</P>

<P STYLE="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 0.75in; text-align: justify">For strategic planning of highly variable
pickups and deliveries, Descartes Area Planner utilizes historical demand with algorithms to create models of demand density patterns.
Those patterns are used to create territory and route plans. Descartes Area Planner takes into account service levels and delivery product
types and is able to test the territory and route plan&#8217;s resilience to change. Descartes Area Planner typically is used to generate
multiple plans to fit daily, seasonal or business cycle driven demand variability.</P>

<P STYLE="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 1.25in; text-align: justify; text-indent: -0.5in"><B>(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<U>Daily Planning:</U>&nbsp; <I>Descartes Route Planner&#8482;, Descartes Route Planner RS&#8482;, Descartes Route Planner On-demand&#8482;
</I>and <I>Winroute&#8482;</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 0pt 0.75in; text-align: justify">Descartes provides a number of daily
planning solutions to address the range of customer requirements from the most complex to simple needs. Descartes Route Planner<SUP>TM
</SUP>takes in new orders as they are placed, optimizes them in real-time, allocating resources to help maximize operating efficiencies,
deliver priority service to the most profitable accounts and routes, and maintain overall customer service objectives. Our other daily
planning solutions optimize orders in groups, balancing service with costs and operational constraints. Our daily planning solutions
are designed to integrate with existing order management or transportation planning systems and can help companies reduce costs as a
result of shorter routes, reduce fuel consumption and enhance fleet utilization. Descartes&#8217; comprehensive offering addresses a
broad range of operational environments that can vary across different 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 0pt 1.25in; text-align: justify; text-indent: -0.5in"><B>(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Pickup/Delivery
Reservations:</U><I>&nbsp; Descartes Reservations&#8482;</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 0pt 0.75in; text-align: justify">Descartes Reservations facilitates
on-line scheduling of deliveries or service &#8212; either for self-service or as a decision support tool for customer service agents.
It helps companies to effectively tailor service to the demands of key customers while helping to achieve internal profitability goals.
Descartes Reservations also confirms that requests can be met and schedules in the appointment, making Descartes Reservations an effective
capable-to-promise tool.</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 1.25in; text-indent: -0.5in"><B>(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Descartes
Execution and Mobile Solutions:</U> <I>Descartes Route Planner Dispatch&trade;, Descartes Route Planner OnDemand Dispatch&trade;, Descartes
MobileLink&trade;, Descartes Food Perform&trade;, Descartes Distribution Perform&trade;, Descartes Transport Perform&trade;, Descartes
ShipTrack&trade;, Descartes GreenMile&trade; and Descartes Localz&trade;</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 0pt 0.75in; text-align: justify">Descartes Execution solutions (Descartes
Route Planner Dispatch and Route Planner OnDemand) manage routes in progress, tracking their performance, addressing route exceptions
as they occur and capturing delivery and pickup status updates. Descartes Execution Solutions facilitate the assignment and execution
of pre-planned and same-day pick-ups and deliveries. Descartes Mobile solutions (Descartes MobileLink&#8482;, Descartes Food Perform&#8482;,
Descartes Distribution Perform&#8482;, and Descartes Transport Perform&#8482;) provide integrated two-way wireless communication and
supports active and passive monitoring capabilities for enhanced logistics execution. By combining route planning and a free flow of
information between dispatchers and the field, Descartes Mobile solutions extend the traditional route planning process and provide real-time
visibility into the execution of the plan. The combination of Descartes&#8217; Daily Planning solutions with Descartes Execution and
Descartes Mobile solutions form the core of plan versus actual performance evaluation and continuous logistics improvement.</P>

<P STYLE="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 0.75in; text-align: justify">Descartes Food Perform, Distribution
Perform, and Transport Perform are cloud-based mobile solutions that automate traditional paper-based processes and help streamline complex
 &#8216;last mile&#8217; logistics processes. These solutions have been tailored to support &#8216;last mile&#8217; commercial processes
unique to each industry. They provide configurable, feature-rich mobile technology and advanced electronic proof of delivery operating
on a hand-held device carried by drivers and other field personnel.</P>

<P STYLE="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 0.75in; text-align: justify">Descartes ShipTrack provides cloud-based
mobile resource management and shipment tracking solutions to help customers automate dispatch, updates on shipment status and estimated
time of arrival and eliminate paper-based delivery processes. This highly-configurable and scalable platform is particularly well-suited
for the ecommerce home delivery, parcel and medical courier markets, helping these companies efficiently manage final-mile deliveries.</P>

<P STYLE="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 0.75in; text-align: justify">Descartes GreenMile is a highly scalable
mobile route execution suite that has been built with unique capabilities to serve the global distribution industry. The solution incorporates
machine-learning to continually improve service and travel time standards. It helps food and beverage companies to digitize final-mile
delivery processes, to eliminate paper from the delivery process, increase efficiencies and improve customer satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Descartes Localz&trade; combines real-time
vehicle location tracking and mobile communications to deliver solutions that enhance the consumer delivery experience with advanced
capabilities for end customers to directly schedule services and deliveries through an online portal and follow the progress of their
order in real-time with customer-centric notifications. The platform also provides retailers with innovative and efficient &ldquo;click-and-collect&rdquo;
capabilities that can improve the in-store collection 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"></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 1.25in; text-align: justify; text-indent: -0.5in"><B>(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reporting
and Measuring:</U>&nbsp; <I>Descartes Analytics</I></B> &#8482;</P>




<P STYLE="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 0.75in; text-align: justify">Descartes Analytics helps companies
create and distribute reports within an organization or to suppliers, vendors, sub-contractors or carriers. It provides a simple, secure
way to create customized delivery statistics and metrics. It can help simplify the creation and management of supply chain scorecards
and, as a byproduct, can help identify best practices.</P>

<P STYLE="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 1.25in; text-indent: -0.5in"><B>(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Sales
and Merchandiser Management:</U> <I>Descartes Sales and Merchandiser Management</I></B>&#8482;</P>

<P STYLE="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 0.75in; text-align: justify">Descartes Sales and Merchandiser Management
enables resource planning, route building and optimization, and tracking across delivery operations and mobile workforces, including
sales representatives, territory managers and merchandisers. Descartes Sales and Merchandiser Management facilitates weekly activity
planning, delivery status visibility for merchandisers and sales representatives, actual distance driven, in-store time calculation and
work data collection, and consolidated performance reporting. Performance data can be uploaded to corporate payroll and expense reporting
systems to ensure appropriate payments are being made for resource performance. Descartes Sales and Merchandiser Management helps our
customers improve sales and merchandising productivity, cut costs and improve customer service.</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 1.25in; text-indent: -0.5in"><B>(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Telematics
and Compliance:</U> <I>Descartes Telematics and Compliance&#8482;, Descartes Smartanalysis, Descartes SmartLicence&#8482;, and Descartes
Driver Vehicle Inspection Reports&#8482;</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 0pt 0.75in; text-align: justify">Descartes&#8217; Telematics and Compliance
solutions offer next generation mobile handheld devices that can continuously monitor performance of vehicles and drivers. Robust functionality
for tracking vehicles, monitoring and scoring driving behavior and automation of driver logs and reporting on driver hours for &#8220;hours
of service&#8221; regulatory compliance helps increase workforce productivity and safety, prevents &#8220;hours of service&#8221; violations
and reduces or eliminates excess paperwork and processing times. Descartes&#8217; 2018 acquisition of PinPoint GPS Solutions Inc. adds
depth, breadth and domain expertise to our offering by enhancing Descartes&#8217; ability to implement, collect and leverage real-time
vehicle and trailer information through reseller relationships with Geotab (for telematics devices) and SkyBitz (for trailer tracking
devices).</P>

<P STYLE="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 0.75in; text-align: justify">In Europe, Descartes&#8217; Smartanalysis
product is a leading tachograph analysis and compliance management solution. It is used by road transport operators of all sizes to meet
legal obligations and comply with Europe&#8217;s complex driver working time regulations. Descartes SmartLicence is a comprehensive online
tool for fleet operators in the United Kingdom for electronically managing driving licenses and verifying license details with the United
Kingdom&#8217;s Driver and Vehicle Licensing 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 0pt 0.75in; text-align: justify">Descartes&#8217; Driver Vehicle Inspection
Reports (DVIR) is a configurable, cloud-based, enterprise-class solution for assuring compliance with routine driver vehicle safety checks
required or recommended by the United States Federal Motor Carrier Safety Administration, Canadian Provincial Ministries of Transportation,
and the United Kingdom Driver and Vehicle Standards 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 0pt 0.75in; text-align: justify"><B>(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Machine
Learning:</U> <I>Descartes Foxtrot&#8482;</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 0pt 0.75in; text-align: justify">Descartes Foxtrot&#8217;s advanced
machine learning algorithms leverage millions of data points collected from vehicles in the field, helping customers reduce last-mile
costs, improve customer service and learn service factors that improve route efficiency and on-time performance. This technology complements
existing route planning and execution solutions.</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: 0.5in"><B>(ii)</B></TD><TD STYLE="text-align: justify"><B><U>Transportation Management</U></B></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">Descartes&#8217; Transportation Management
solutions provide robust, network-based, modular, end-to-end multimodal functionality that spans the entire shipment lifecycle. We streamline
and support our customers&#8217; ability to turn purchase or sales order fulfillment into transport orders, manage carrier contracts,
optimize and execute transportation plans, execute cross-docked and pooled shipments, connect to trading partners, control the flow of
prepaid freight, track shipments and inventory, audit freight and manage supplier/carrier performance. The suite of products addresses
unique requirements across truck, air, ocean and parcel modes.</P>

<P STYLE="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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.5in"><B><I>Descartes
Transportation Manager&#8482;</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 0pt 0.75in; text-align: justify">Descartes Transportation Manager facilitates
efficient planning and execution of shipping across air, ocean, truck and parcel modes at multiple touch-points in the distribution process.
It helps logistics managers, shippers and third parties simultaneously evaluate shipment alternatives to find efficient shipping methods.
It is a solution that scales from the loading dock to the enterprise, providing up-to-date rates that allow the customer to both make
efficient shipment decisions and comply with carrier communications, manifesting and labeling requirements. The pick, pack and ship capability
helps our customers manage small parcel shipments with postal services, a variety of small-package delivery carriers and over 150 less-than-truckload
carriers. It evaluates and optimizes transportation purchases across modes for both operational effectiveness and cost efficiency, and
helps answer tough questions such as: &#8220;How can I effectively use all of my carrier contracts?&#8221;; &#8220;Who is the most suitable
carrier in this mode to handle my shipment?&#8221;; &#8220;What shipments can I combine to lower my costs?&#8221;; and, &#8220;What shipment
consolidation should I use - aggregation, multi-stop routes or pooling to reduce costs while meeting service requirements?&#8221;.</P>

<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 0pt 1.25in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.5in"><B><I>Descartes
Dock Appointment Scheduling&#8482;</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 0pt 0.75in; text-align: justify">Descartes Dock Appointment Scheduling
is a collaborative solution that enables shippers, carriers and consignees to schedule dock door appointments. It streamlines the dock
appointment process by distributing the responsibility for scheduling from the warehouse to carriers and suppliers. By ensuring all supply
chain partners are involved in the process and have visibility into requested, scheduled and rescheduled dock orders and appointments,
this solution is designed to optimize shipping and receiving operations at a warehouse.</P>

<P STYLE="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-indent: 0.25in"><B><I>Descartes Yard Management&#8482;</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 0pt 0.75in; text-align: justify">A module of Descartes Transportation
Manager, Descartes Yard Management enables shipping and receiving staff, gate guards and yard jockeys to more effectively manage the
movement of trailers and identify inventory in the yard. Designed to work seamlessly with Descartes Transportation Manager, Descartes
Yard Management provides command and control of yards of all sizes.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Rate Builder&#8482;</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 0pt 0.75in; text-align: justify">Descartes Rate Builder is a solution
that helps carriers and non-vessel owning common carriers (&#8220;NVOCCs&#8221;) manage global rates, contracts and rate agreements more
efficiently and meet regulatory obligations. Descartes Rate Builder enables companies to create, revise, store and distribute rates via
the Internet. Once they are generated, Descartes Rate Builder stores all rates in a central database with controlled access privileges.
Carriers can designate a &#8220;contract owner&#8221; who can allow multiple users to contribute during the drafting of a new contract
or amendment. NVOCCs can effectively manage a global rate network and help enable logistics service providers (&#8220;LSPs&#8221;) to
create and manage both buy-side and sell-side rates digitally, enforce a standardized global pricing policy and implement a global rate
request process. Descartes Rate Builder also supports the audit of ocean bills of lading.</P>

<P STYLE="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 0.75in; text-align: justify"><B>Descartes Retail Distribution&#8482;</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 0.75in; text-align: justify">The Descartes Retail Distribution
portfolio provides visibility, reduces cost and removes bottlenecks as a retailer&#8217;s products move from a shipper&#8217;s Distribution
Center (&#8220;DC&#8221;), consolidation point, or DC bypass facility through third-party transportation provider networks and ultimately
to its stores.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Kontainers</I></B>
 &#8482;</P>

<P STYLE="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 0.75in; text-align: justify">Descartes&#8217; Kontainers is a digital
freight booking platform that facilitates a fully digitized customer experience across quoting, booking, tracking and dashboard analytics.
It enables LSPs to rapidly create branded state-of-the-art digital experiences for their end customers using advanced APIs to integrate
to existing rate management and back-office systems.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Global Price Management
</I></B>&#8482;</P>

<P STYLE="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 0.75in; text-align: justify">Descartes&#8217; Global Price Management
helps logistics service providers streamline and automate complex global shipping rate management processes. It has robust capabilities
to manage global shipment routing, pricing, rating and capacity allocation. The solution integrates with other enterprise systems that
need fast, accurate, and complete shipping and pricing options, including CRM, transportation management, and customer-facing online
booking platforms, such as Descartes Kontainers.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes MacroPoint&#8482;</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 0pt 0.75in; text-align: justify">Descartes MacroPoint is a multimodal
freight visibility platform for shippers, brokers and 3PLs to get real-time visibility and predictive analytics for in-transit freight.
Our industry-leading visibility network is connected to over 100,000 carriers and millions of assets and drivers through integrations
with on-board electronic logging devices, GPS telematics devices, carrier transportation management systems (&#8220;TMS&#8221;) and GPS-enabled
smartphone applications.</P>

<P STYLE="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 0.75in"><B><I>Descartes MacroPoint&#8482; for Capacity Matching</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 0pt 0.75in; text-align: justify">Descartes MacroPoint&#8482; for Capacity
Matching provides freight brokers with greater visibility to the transportation capacity available within their network of carriers and
cooperating brokers. By accessing previously unused freight capacity using advanced visualization and analytical capabilities, freight
brokers can cover more loads, build stronger carrier relationships and reduce costs.</P>

<P STYLE="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 0.75in"><B><I>Descartes Aljex</I>&#8482;</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 0.75in; text-align: justify">The Descartes Aljex solution provides
back-office transportation management for freight brokers and transportation providers. These solutions help customers automate business
processes and create electronic documents critical for executing transportation moves. In addition, customers can manage the lifecycle
of a shipment from order creation through execution, including real-time tracking with connectivity to the Descartes MacroPoint network.</P>

<P STYLE="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 0.75in"><B><I>Descartes BestTransport</I>&#8482;</B></P>

<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 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Descartes BestTransport is a cloud-based
TMS tailored for flatbed-intensive manufacturers and distributors. It provides capabilities that address requirements from contract rate
management through to load building, shipment execution and freight payment for flatbed transportation moves.</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: 0.5in"><B>(iii)</B></TD><TD STYLE="text-align: justify"><B><U>Ecommerce Shipping and
                                            Fulfillment</U></B></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">Descartes&#8217; Ecommerce Shipping
and Fulfillment. Solutions help customers seamlessly integrate and connect to ecommerce marketplaces, shopping carts, and other systems;
digitally transform warehouse operations through intelligent, mobile-based solutions; and leverage parcel shipment optimization and execution
to reduce costs and improve service.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes OzLink</I></B>&#8482;</P>

<P STYLE="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 0.75in; text-align: justify">Descartes OzLink is a platform for
integrating and extending enterprise resource planning (&#8220;ERP&#8221;), accounting, ecommerce, and WMS systems to streamline order
management, inventory control, and shipping. The solution functions as a complement to core business systems where gaps exist in the
flow of data and/or system automation. Descartes OzLink&#8217;s standard integration modules and business process extensions can help
seamlessly move data between systems and automate tasks to eliminate labor-intensive clerical work, error-prone data entry, lead time
delays, and compromised customer service. The solution can flexibly connect systems that run in the cloud, operate on premise or within
a hosted environment to address an extensive range of ecommerce, warehousing, and shipping processes.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes pixi eCommerce Fulfillment/
Warehouse Management</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 0pt 0.75in; text-align: justify">Descartes pixi eCommerce Fulfillment/Warehouse
Management helps customers automate ecommerce processes originating from online orders. Integrated with hundreds of ecommerce sites in
Europe, the solution enables small-to-medium sized businesses and large retailers looking to enhance their online presence to support
the growing consumer demand for omnichannel deliveries. The solution collects order information from ecommerce websites, translates it
into a scanner-driven pick and pack process within the warehouse, initiates the shipment to the customer, and synchronizes all of this
information with the customer&#8217;s financial system for invoicing and shipment tracking.</P>

<P STYLE="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 0.75in"><B><I>Descartes Peoplevox</I>&#8482;</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 0.75in; text-align: justify">Descartes Peoplevox is a cloud-based
warehouse management and ecommerce fulfillment solution that helps online retailers connect to webshop front ends, translate order information
into a mobile-driven pick and pack process, and then feed parcel delivery systems for shipment execution. With sales and implementation
services that can be provided completely remotely, it&#8217;s rapid to deploy.</P>

<P STYLE="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 0.75in"><B><I>Descartes ShipRush</I>&#8482;</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 0.75in; text-align: justify">Descartes ShipRush helps customers
ship efficiently and cost-effectively by integrating with front-end commerce systems and parcel shipping providers for seamless package
labelling, rating, tracking and postage processing. With integrations to over 70 business systems, including leading ERP, ecommerce and
supply chain platforms, the ShipRush platform helps customers to streamline their supply chain and reduce transportation costs. Using
the solution, companies can automatically import orders; compare carrier rates in real-time to get the best options every time; print
shipping labels for FedEx, UPS, USPS, and other major U.S. and global carriers; and track shipments through to final delivery.</P>

<P STYLE="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 0.75in"><B><I>Descartes XPS Ship</I>&#8482;</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 0.75in; text-align: justify">Descartes XPS Ship is a cloud-based
multi-carrier parcel shipping solutions for small-, medium- and large-sized ecommerce shippers. It helps customers streamline their ecommerce
supply chain and reduce transportation costs by automatically importing orders, comparing carrier rates, printing shipping labels for
all major carriers, and tracking through final delivery. The XPS platform is integrated to leading ecommerce marketplaces, ERP providers
and supply chain platforms.</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: 0.5in"><B>(iv)</B></TD><TD STYLE="text-align: justify"><B><U>Customs&nbsp;&amp; Regulatory
                                            Compliance</U></B></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"><B>Our Customs&nbsp;&amp; Regulatory
Compliance solutions </B>help companies meet regulatory requirements for international shipments and the necessary customs declarations
and security initiatives. We offer different methods to transmit shipment information directly to customs authorities or to the carriers
who may be compiling data for security filing, which helps to ensure the smooth delivery of cargo as it moves through ports and airports,
and ultimately to the end customer.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Global Cargo Security
 &#8482;</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 0pt 0.75in; text-align: justify">For carriers, freight forwarders,
NVOCCs and shippers, Descartes Global Cargo Security Suite&nbsp;offers solutions which help customers comply with electronic manifest
filing initiatives across a broad number of countries that have adopted various advance security filing requirements spanning different
modes of transportation. To accommodate customers&#8217; varying technical capabilities, we offer options that range from user-friendly
web portals that permit manual entry of cargo manifest information through to tightly integrated system-to-system electronic data interchange
(&#8220;EDI&#8221;) connections. Descartes&#8217; offerings in this area include the Descartes Importer Security Filing&#8482;, Descartes
ACI eManifest&#8482;, Descartes Advance Electronic Information (AEI)&#8482;, Descartes ACAS Solution&#8482; and others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>


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<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"></P>

<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 0pt 0.75in; text-align: justify"><B><I>Descartes Export Compliance&#8482;</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 0pt 0.75in; text-align: justify">Descartes Export Compliance suite
offers denied party screening, license validation and audit for all international trading partners. Screening parties for acceptability
for receipt of product and the proper use of export licenses is essential to&nbsp;support compliance with the US and EU requirements
for export.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Border Compliance&#8482;</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 0pt 0.75in; text-align: justify">Descartes Border Compliance provides
customs compliance services to assist transportation providers and LSPs with imports and/or exports to Canada, the US,&nbsp;India and
the Netherlands. Through our Viatrade Service, the GLN offers an enhanced range of services to help carriers and LSPs negotiate increasingly
complex document exchange requirements brought about by international security initiatives and tightened borders. In addition, Descartes
Border Compliance services enable customs brokers to receive electronic manifests and invoices from transportation carriers so that the
manifest can be mapped to the Canadian and US customs release systems.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Ocean Tariff Compliance&#8482;</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 0pt 0.75in; text-align: justify">Descartes Ocean Tariff Compliance
helps ocean carriers comply with US Federal Maritime Commission requirements, and also helps manage the rate information for cargo that
moves according to the terms of a privately-negotiated service contract or NVOCC Service Arrangement rather than the public rates of
a tariff.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Electronic In-Bond&#8482;</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 0pt 0.75in; text-align: justify">Specifically designed for transportation
carriers, Descartes Electronic In-Bond helps transmit the necessary advance electronic cargo information to CBP regarding inbound shipments
prior to their arrival in the US. Using approved EDI protocols for the transmission of advance cargo information, we help carriers complete
the requirements for filing, and receive in-bond movement authorization within minutes instead of hours or even days.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Customs Warehouse
Management&#8482;</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 0pt 0.75in; text-align: justify">Descartes Customs Warehouse Management
solution can play an integral role in simplifying procedures associated with customs warehousing, while taking advantage of the maximum
available benefits. This on-demand solution is specifically designed to allow users to manage goods stored under the customs warehouse
procedure, by storing information on imported goods and accounts, tracking all movement and activity, and enabling more accurate and
timely electronic declaration processing. Customs warehousing is used by many organizations as a means to suspend/defer import duties
and/or value-added tax on goods entering the European Union. It is an effective and efficient means of enabling importers to choose an
optimum time to clear goods and pay duties or re-export them outside of the European Union.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Global Customs&nbsp;&amp;
Transport&#8482;</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 0pt 0.75in; text-align: justify">Descartes&#8217; Global Customs&nbsp;&amp;
Transport (&#8220;GCT&#8221;) suite provides its customers with European-centric customs declaration, security filing, transportation
management and freight forwarding technology solutions on both a cloud-based basis and a deployed model. The GCT platform supports fiscal
customs filings in 18 countries and security filings in all 28 EU member states.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Pentant&#8482;</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 0pt 0.75in; text-align: justify">Descartes Pentant<B><I>&#8482; </I></B>is
a Community System Provider (&#8220;CSP&#8221;) in the United Kingdom providing manufacturers, retailers, distributors and logistics
service provider customers with a reliable and secure connection to both CDS (the United Kingdom&#8217;s central system for customs declarations)
and the European Union&#8217;s ICS to streamline declaration, cargo security and clearance processes. Pentant also helps customers meet
UK Revenue&nbsp;&amp; Customs requirements for imports and exports to be managed through a fully approved inventory control system for
the ports of Dover, Portland, Poole, Plymouth, Teignmouth, Bideford, Scrabster, as well as London City and Warton airports.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes e-customs&#8482;</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 0pt 0.75in; text-align: justify">Descartes e-customs<B><I>&#8482;</I></B>
is a modular, cloud-based solution offering that helps manufacturers, retailers, distributors and logistics service providers to cost-effectively
comply with UK and fiscal security filing requirements. It is designed to reduce complexity, increase automation, and facilitate the
end-to-end customs declaration process. Importers and exporters can leverage default and client-specific standing data, declaration templates,
historical filings, on-screen tips and system validations to increase speed and accuracy in the filing process.</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: 0.5in"><B>(v)</B></TD><TD STYLE="text-align: justify"><B><U>Global Logistics Network
                                            Services</U></B></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">GLN services simplify cargo and freight
management by providing electronic services to the cargo industry and to companies who engage in international and domestic transportation
activities. GLN provides a secure and reliable transaction exchange plus connectivity services that include trading partner on-boarding
programs, data standards and protocol conversion, transportation-specific document compliance, audit and error checking, and archiving.
We offer several document management, connectivity and community services, including:</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes CargoAssist&#8482;</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 0pt 0.75in; text-align: justify">Freight forwarders use Descartes CargoAssist
to improve freight booking, send electronic waybills and ensure that consignments are handled quickly and efficiently at freight terminals
around the world. We provide freight forwarders with access that connects them with their customers and logistics partners.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes e-Pouch&#8482;</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 0pt 0.75in; text-align: justify">As part of the Descartes air cargo
solution suite, Descartes e-Pouch integrates with applications for bookings, shipment monitoring, quality performance reporting and customs
filing to provide a central repository that enhances electronic document exchange connections between back-office system and trading
partners. Descartes e-Pouch provides users with the functionality to facilitate the sharing of information with approved parties, automate
routine interactions, help flag problems at an early stage and provide a repository for retrieval of completed deliveries.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes webDocs&#8482;</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 0pt 0.75in; text-align: justify">Freight forwarders use Descartes webDocs
web forms to help improve air freight booking processes, send electronic waybills and distribute freight messages with the required information
directly to the air carriers. Descartes webDocs gives forwarders access to electronic web forms that enables quick and easy creation
of the various documents and electronic messages that are dictated by the industry, such as the International Air Transport Association&#8217;s
(&#8220;IATA&#8221;) e-freight requirements. The solution also provides forwarders with the ability to easily create messaging documents
such as master airway bill, house airway bill and labels and transmit these documents electronically to the air carrier.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Data Integrity Services&#8482;</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 0pt 0.75in; text-align: justify">Descartes Data Integrity Services
continuously monitors messages and their delivery to trading partners to identify and report errors. Once an error is identified, we
contact trading partners and coordinate the correction of inaccuracies and re-submission of corrected data. The service also provides
periodic summary reports by trading partner, message type and error type.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Cargo iQ&#8482; (formerly
Cargo 2000&#8482;)</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 0pt 0.75in; text-align: justify">Descartes Cargo iQ allows customers
to monitor shipments at a master air waybill level from airport to airport, assisting customers in complying with IATA Cargo 2000 certification
process. Information provided by the system includes quality report compilation, shipment status, exception alerts, route map creation,
and departure time reporting. This information enables better decision-making for fulfilling customer expectations and ensures standardized
processes for improved service levels.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Carrier Portal&#8482;</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 0pt 0.75in; text-align: justify">Descartes Carrier Portal is a cost-effective
and efficient solution designed to help carriers without EDI capabilities, shippers, and freight payment agencies (&#8220;FPAs&#8221;)
realize all the benefits of EDI capabilities without the complexity of in-house solutions. The solution is a web-based information service
that facilitates the collaboration and automation of load tendering and freight payment between highway carriers and shippers (or FPAs
representing them). The carrier portal bridges the gap between EDI-enabled back-office systems of shippers and FPAs and less automated
carriers.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Supplier Portal&#8482;</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 0pt 0.75in; text-align: justify">Descartes Supplier Portal enables
suppliers without EDI capabilities to electronically communicate and collaborate with EDI enabled carriers, logistics service providers
and shippers by providing capabilities to schedule pick-ups, automate tendering, and track the status of shipments.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes GLN eArchiving&#8482;</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 0pt 0.75in; text-align: justify">Descartes GLN eArchiving enables customers
to store and archive electronic documents in an &#8220;electronic safe&#8221;. This electronic safe is accessible from the GLN via which
relevant documents can be forwarded to customer&#8217;s data warehouse to comply with standards and document retention policies.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Port Community Services&#8482;</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 0pt 0.75in; text-align: justify">Descartes Port Community Services
assist in improving cargo clearance and management operations for local port communities and their trading partners by connecting and
streamlining information exchange between ocean carriers, inland carriers, forwarders, shippers, terminal operators, and port and customs
authorities.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Global Data Catalog
Connect&#8482;</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 0pt 0.75in; text-align: justify">Descartes&#8217; Global Data Catalog
Connect provides retail/supplier collaboration, product catalog management and electronic business-to-business messaging. It is a web-based
application that helps in the upload, management and exchange of data. It offers the ability to integrate with industry standard data
pools like GS1DAS for automation of electronic product catalogue functionality.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes B2B Integration&#8482;</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 0pt 0.75in; text-align: justify">Descartes B2B Integration&#8482; solution
provides cloud-based supply chain connectivity capabilities to a wide range of systems and platforms using most any protocol or method.
Our advanced solutions automate supply chain processes, enhance collaboration and add visibility among global trading partners. Users
can benefit from cost-effective transaction management, automated purchase to pay capabilities, connectivity to multiple ERP systems
and more.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes STEPCom&#8482;</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 0pt 0.75in; text-align: justify">Descartes STEPcom connects business-to-business
trading partners to enable the collaboration and exchange of electronic data, automation of supply chain processes and management of
a wide array of complex, mission-critical documents used in procure-to-pay and order-to-cash processes.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Velocity Mail&#8482;</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 0pt 0.75in; text-align: justify">Descartes Velocity Mail is an air
mail and parcel management and tracking solution that leverages mobile devices to automate the entire air mail process from route generation
to accounting reconciliation with real-time tracking and delivery visibility.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes COREInsight&#8482;</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 0pt 0.75in; text-align: justify">Descartes COREInsight is a suite of
supply chain applications that provides transportation management and tracking capabilities for air cargo shipments and assets.</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: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">COREInsight
                                            Postal manages the process of mail and postal product movement for domestic and international
                                            air mail. It provides airlines with operational visibility of mail moving in their network,
                                            as well as financial forecasting and performance insights.</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: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">COREInsight
                                            ULD solution provides real-time tracking of unit load devices (ULD), a specialized container
                                            used for air cargo, as well as the freight contained in each ULD. The solution helps carriers
                                            better match capacity with ULD inventory, reduce ULD fleet losses, and reduce costs associated
                                            with misplaced equipment or the requirement to lease additional ULDs.</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>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>(vi)</B></TD><TD STYLE="text-align: justify"><B><U>Broker&nbsp;&amp; Forwarder
                                            Enterprise Systems</U></B></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">Descartes&#8217; Broker&nbsp;&amp;
Forwarder Enterprise Systems are designed to help brokers and forwarders more efficiently run complex international operations. Our on-demand
solutions enable large and small organizations to take advantage of robust capabilities for bookings, security filings and customs entries,
shipment and financial management. They automate the collection of shared data and multi-party shipment processes as well as help brokers
and forwarders extend the command of operations with their logistics partners to help meet their delivery performance objectives.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes ITMR4&#8482; Canadian
Customs Brokerage Suite</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 0pt 0.75in; text-align: justify">Descartes ITMR4 Canadian Customs Brokerage
Suite&nbsp;is an on-demand, enterprise level software solution that handles functions that a customs broker, freight forwarder or self-filing
importer typically uses to manage its operations. Those operations include documentation filing, accounting, financial reports, imaging,
e-billing and web tools for tracking and tracing, reporting and data entry related to Canadian customs declarations.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes EDItrade&#8482; Customs
Link</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 0pt 0.75in; text-align: justify">Descartes EDItrade Customs Link allows
custom brokers and self-filing importers to collect data and prepare it for US customs ACE entries, including cargo release, remote location
filing and post-entry compliance and supportive modules and the range of PGA documentation and data requirements to streamline the customs
process and create accurate declarations.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes European Brokerage
and Declaration</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 0pt 0.75in; text-align: justify">Descartes European Brokerage&nbsp;&amp;
Declaration helps simplify the complexities of customs clearance in the European market. Descartes&#8217; solution is Authorized Economic
Operator compliant. It has a variety of modules to handle export management, import management, creation of the Single Administrative
Document for normal or simplified procedures, incoming and outgoing transit declarations, connectivity to the New Computerized Transit
System and facilitates compliance with different member state customs authorities&#8217; 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 0pt 0.75in; text-align: justify"><B><I>Descartes OneView&#8482; Forwarder
Enterprise&nbsp;&amp; Customs House Brokerage Solution</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 0pt 0.75in; text-align: justify">Descartes OneView Forwarder Enterprise&nbsp;&amp;
Customs House Brokerage Solution allows freight forwarders, NVOCCs and third-party logistics service providers to effectively coordinate
air, truck and ocean import/export shipments. It supports end-to-end planning and execution of international shipments, including leveraging
system data to prepare and submit customs entries and cargo security filings to CBP.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes NetCHB&#8482;</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 0pt 0.75in; text-align: justify">Descartes&#8217; NetCHB platform enables
customs brokers to connect to the US CBP Automated Broker Interface (ABI) to electronically execute both fiscal customs declarations
and cargo security filings. The solution is particularly strong for managing US CBP Section&nbsp;321 Type 86 filings for low-value ecommerce
shipments.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes ForwarderLogic&#8482;</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 0pt 0.75in; text-align: justify">Descartes ForwarderLogic is a cloud-based
solution that provides comprehensive back-office functionality and real-time information exchange for LSPs handling all modes (air, ocean
and land), inland/international import and export shipments from purchase orders all the way through to final delivery.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Foreign Trade Zone
Management &#8482;</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 0pt 0.75in; text-align: justify">The Descartes Foreign Trade Zone Management&#8482;
solution unifies import, export, logistics, compliance and financial processes including filing with regulatory agencies (e.g. CBP),
Harmonized Tariff Schedule classifications, export licensing, denied party screening, comprehensive product catalog, tracking, event
management and international document repository. To further reduce data redundancy, the solution incorporates information-sharing capabilities
with import, export, customs house brokers and freight forwarding components. Electronic connectivity to regulatory agencies enables
seamless electronic customs document filing and clearance. The Descartes Foreign Trade Zone Management solution can be used with existing
warehouse management solutions or one provided by Descartes.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Shipment Portal&#8482;</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 0pt 0.75in; text-align: justify">Descartes Shipment Portal&#8482; is
a web-based portal that helps forwarders and shippers collaborate for shipment creation and status tracking throughout the shipment&#8217;s
lifecycle. Powered by the Descartes GLN with extensive existing EDI connectivity, the solution aggregates information from these parties
and enables forwarders and their customers to build dashboard views of their transportation portfolio for up-to-the minute information
on a wide range of data points. The solution also features purchase order management tools that support extensive collaboration between
shippers, suppliers and transportation providers, and centralizes transportation request processes so forwarders can offer their customers
a single point for up-to-date information on their global shipments<B><I>.</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 0pt 0.75in; text-align: justify"><B><I>Descartes SupplyVision&#8482;</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 0pt 0.75in; text-align: justify">Descartes Supply Vision helps LSPs
digitize their operations and manage the lifecycle of shipments with modular capabilities that coordinate shipments, from quoting, routing
and booking through to final delivery.</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>(vii)</B></TD><TD STYLE="text-align: justify"><B><U>Global Trade Intelligence
                                            Solutions&nbsp;&amp; Services</U></B></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">Descartes&#8217; global trade intelligence
solutions help customers research and make informed supply chain decisions; monitor and evaluate potential growth opportunities, logistics
partners, and competitors; classify goods appropriately to ensure compliance while minimizing duties and tariffs; and reduce the risk
of transacting business with denied parties while establishing an audit trail of reasonable care practices. Global trade content from
Descartes can also be used on a service basis, to directly populate ERP and global trade management systems to enhance automation and
compliance processes.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Customs Info&#8482;</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 0pt 0.75in; text-align: justify">Descartes Customs Info helps customers
research and make better classification decisions while providing a record of the process to support classification determinations. This
robust global trade content offering provides various levels of access to millions of reference documents, including cross-referenced
and searchable duty rates, customs rulings, regulations, WCO Explanatory Notes, WCO Opinions, Commodity Export Codes, Other Government
Agency information, Customs Directives, Export Control Classification Number locators and more<I>.</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 0pt 0.75in; text-align: justify"><B><I>Descartes Datamyne&#8482;</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 0pt 0.75in; text-align: justify">With a comprehensive database of accurate,
up-to-date import-export information, Descartes Datamyne delivers actionable intelligence for market research, sales insight, supply
chain management, enhanced security and competitive strategy. The Descartes Datamyne solution includes one of the largest searchable
resources of trade activity. Manufacturers, shippers, wholesalers, transport and logistics service providers, management consultants,
legal practitioners, industry analysts and others use this data and the analysis tools to evaluate growth strategies, explore new markets,
benchmark performance, monitor commodity volumes and values, simplify trade data research, discover buyer-seller relationships and refine
sourcing strategies.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes MK Denied Party Screening&#8482;</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 0pt 0.75in; text-align: justify">Descartes MK Denied Party Screening
provides easy-to-use options to quickly and efficiently screen customers, suppliers and trading partners against a comprehensive database
of international restricted and denied party lists. Customers can tailor screening processes to fit their unique risk parameters and
flag potential compliance issues for resolution.</P>

<P STYLE="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 0.75in; text-align: justify"><B><I>Descartes Visual Compliance&#8482;</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 0pt 0.75in; text-align: justify">Descartes Visual Compliance offers
more robust solutions for restricted and denied party screening, classification, automation, and export license management. These intuitive
solutions to enhance compliance and mitigate risk include capabilities for integrated screening, visually-driven compliance workflow
management, and robust export control and documentation.</P>

<P STYLE="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>Consulting,&nbsp;Implementation and Training Services</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">Our consulting team provide a variety of professional
services to customers. These services include project management and consulting services to assist in configuration, implementation and
deployment of our solutions. We offer a variety of site-specific technical and consulting services to assist in all phases of the implementation
process. We also provide assistance in integrating our products with the customer's existing software. In addition, we offer training
services that provide customers with a formalized program to ensure that applications are implemented and utilized in an efficient and
cost-effective manner.</P>

<P STYLE="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>Customer Service and Support and Maintenance</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">We provide worldwide support to our customers
through our central support system. Our customer support program is conducted via telephone, online customer portal and/or email and
with our extended support options can be available 24-hours-a-day, 7-days-per-week.</P>

<P STYLE="font: 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"><FONT STYLE="font-size: 10pt"><B>4.3</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Revenue
Sources</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">We generate our revenues from sales of each of
the services and products identified in the previous section, which are sometimes sold on a stand-alone basis and sometimes sold as bundles
of services and products. As such, we do not measure our revenues by the particular services or products referenced above. Instead, we
measure our revenue performance based on whether the customer is buying a license to our technology or is buying technology services
or other services from us. Based on this, our revenues are measured in three categories: license revenues; services revenues; and professional
services and other revenues. Services revenues are comprised of ongoing transactional and/or subscription fees for use of our services
and products by our customers and maintenance fees, which include revenues associated with our provision of maintenance and support for
our services and products. Professional services and other revenues are comprised of professional services revenues from consulting,
implementation and training services related to our services and products, hardware revenues and other revenues.</P>

<P STYLE="font: 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 review our operating results, assess our performance,
make decisions about resources, and generate discrete financial information at the single enterprise level. Accordingly, we have determined
that we operate in one business segment providing logistics technology solutions. The following table provides revenue information by
revenue source for fiscal 2023 and 2022:</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: 10pt Times New Roman, Times, Serif"><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"></P></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Fiscal
    year ended January&nbsp;31</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">2023</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">2022</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Revenues</B></FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Amount
    <BR>(in millions)</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Percentage
    of<BR>
    Total Revenues</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Amount
    <BR>(in millions)</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Percentage
    of<BR>
    Total Revenues</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%"><FONT STYLE="font-size: 10pt">License</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">8.4</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">2</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">5.1</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Services</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">435.7</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">90</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">378.5</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">89</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="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"><FONT STYLE="font-size: 10pt">Professional services and other</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">41.9</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">41.1</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Total revenues</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">486.0</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">424.7</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="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; text-align: justify"><FONT STYLE="font-size: 10pt"><B>4.4</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Customer
Base</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">Our customers are globally diverse, located in
the Americas, Europe, Middle East and Africa (&#8220;EMEA&#8221;) and Asia Pacific regions. Our customers range from small- and medium-sized
enterprises to established &#8220;blue-chip&#8221; leaders across a variety of industry verticals. We have a large customer base of transportation
carriers, third-party logistics providers, freight forwarders, NVOCCs and customs brokers. Other customers include government customs
and census agencies, manufacturers, retailers, consumer products suppliers, wholesale distributors, and companies in industries such
as healthcare, recycling/waste management, pharmaceuticals and oil and gas.</P>

<P STYLE="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 following table provides revenue information
by geographic region based on the location of our customers:</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; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><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"></P></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Fiscal year
    ended January 31</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">2023</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">2022</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Revenues</B></FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Amount
    <BR>(in millions)</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Percentage
    of<BR>
    Total Revenues</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Amount
    <BR>(in millions)</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">Percentage
    of<BR>
    Total Revenues</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left"><FONT STYLE="font-size: 10pt">United States</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">307.1</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">242.1</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">57</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="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"><FONT STYLE="font-size: 10pt">Europe, Middle-East and Africa</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">126.9</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">129.0</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="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"><FONT STYLE="font-size: 10pt">Canada</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">34.6</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">36.1</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="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"><FONT STYLE="font-size: 10pt">Asia Pacific</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">17.4</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">17.5</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Total revenues</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">486.0</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">424.7</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">100</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  </TABLE>

<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-top: 0pt; margin-bottom: 0pt"><B>4.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Sales and Marketing</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"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Sales
Force</U></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">Our sales force is expected to sell across our
solutions, targeting specific industry verticals and geographies. At present, we sell most of our products and services through a direct
sales team that is focused primarily on the North American and EMEA markets. We have a limited direct sales presence in Asia Pacific
with resources in Australia, China, Hong Kong and Japan. As at January 31, 2023, we employed a total of 272 individuals in sales and
marketing roles and had active relationships with approximately 76 distributors and resellers.</P>

<P STYLE="font: 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 headquartered in Waterloo, Ontario, Canada,
with additional representative offices in Canada in Ottawa, Ontario; Toronto, Ontario; Windsor, Ontario; Montreal, Quebec and Sorel-Tracy,
Quebec. Our primary representative offices in the United States are in Phoenix, Arizona; Tucson, Arizona; Irvine, California; Denver,
Colorado; Atlanta, Georgia; Westborough, Massachusetts; Minneapolis, Minnesota; Midland Park, New Jersey; Cleveland, Ohio; Pittsburgh,
Pennsylvania; Trevose, Pennsylvania; Salt Lake City, Utah and Seattle, Washington. In Europe, our primary representative offices are
in Ghent, Belgium; Lier, Belgium; Glostrup, Denmark; Munich, Germany; Leipzig, Germany; Hamburg, Germany; Dublin,&nbsp;Ireland; Amersfoort,
Netherlands; Woerden, Netherlands; Oslo, Norway; Fredrikstaad, Norway; Zilina, Slovakia; Ljubljana, Slovenia; Madrid, Spain; Malmo, Sweden;
Gotenborg, Sweden; Murten, Switzerland; Rheinfelden, Switzerland; Chippenham, UK; and Totton, UK. In South America, our primary representative
offices are in Montevideo, Uruguay; Buenos Aires, Argentina; Sao Paulo, Brazil and Fortaleza, Brazil. In Asia Pacific, our primary representative
offices are in Nelson, New Zealand; Makati City, Philippines; Hong Kong; Tokyo, Japan; Suzhou, China; and Shanghai, China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Strategic
Marketing Alliances</U></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">Through our United by Design alliance program,
we also form strategic partnerships with various companies in different geographic markets, in different industries and for different
products with the goal of expanding our market base. Typically, an alliance participant will market our products in certain geographic
and vertical markets and refer customers to us, in exchange for a fee in respect of new customers generated by the alliance participant.
Additionally, we have established several working relationships with telecommunication companies, management consulting firms, and complementary
hardware and software firms.</P>

<P STYLE="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">Our various channel partners, including a variety
of distributors and value-added resellers, play a central role in our strategy to address global customers, particularly in the Asia
Pacific region and in Latin America with our delivery management solutions.</P>

<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"><B>4.6&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Research and Development</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 believe that our future success depends in
large part on our ability to maintain and continually enhance our current product lines and form tight integrations with our applications
on our Logistics Technology Platform. Accordingly, we invest in product development to ensure that sufficient resources are focused on
developing new products or enhancing our existing products. We also believe that it is important that our technology keeps pace with
evolutions in hardware, applications and services that enable us to operate and deliver our own services at lower cost. In 2023, we incurred
research and development expenses of approximately $70.4 million, or approximately 14% of our annual consolidated revenues for 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">We continue to make substantial investments in
research and development based on our belief that our ability to enhance existing applications, develop and introduce new applications
that keep pace with technological advances, meet changing customer requirements, respond to competitive products and achieve market acceptance
is important to our growth and future financial performance.</P>

<P STYLE="font: 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">Our research and development program requires
in-depth knowledge of logistics, supply chain and customer know-how from business analysis, network operations and design, technical
design, and quality assurance. Particular expertise in solving operations research or logistics problems is a benefit to us, as is practical
experience in dealing with the day-to-day challenges that our customers face in dealing with logistics providers and deliveries in general.
We believe that we are well positioned to address our customers&#8217; requirements with our existing complement of resources; however,
we evaluate our staffing levels on an ongoing basis particularly in those areas where we see ways we might expand or expedite our development
processes as necessary to meet market opportunities or changes.</P>

<P STYLE="font: 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">To build applications, we have implemented an
application development process based on size, deployment mode and complexity. For our smaller, less complex applications as well as
for our network services and SaaS solutions, we have adopted an approach centered on frequent, smaller application updates. With the
applications and solutions being deployed in our own, known environment and technology infrastructure, we can minimize development time
otherwise needed to accommodate the myriad of platforms that an application may be used over. Using this approach, the majority of these
applications, network services and SaaS solutions were updated in fiscal 2023. By leveraging public cloud infrastructure and public cloud
services we have been able to reduce development and deployment lead times and at the same time expand our geographical presence.</P>

<P STYLE="font: 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 our larger more complex applications and
solutions, we have adopted a four- to twelve-month release cycle. While we generally use the same underlying development methodology,
building in smaller incremental blocks, we apply a more traditional process for review and quality assurance testing as well as bundling
of several of these incremental blocks into each generally available release. Using this four- to twelve-month release schedule, most
of our larger and more complex generally available applications and solutions were enhanced in fiscal 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">Enhancements not yet generally commercially available
are typically subject to internal testing and, where applicable, additional testing may be conducted with select customers, following
which we release the enhancements for general commercial use.</P>

<P STYLE="font: 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 continue to build and develop our network
infrastructure to enhance our delivery of services to our customers. We continue to execute on our internal &#8216;One Networked Enterprise&#8217;
initiative whereby we are consolidating legacy network infrastructure acquired as part of previous acquisition activities. We anticipate
continuing this initiative through fiscal 2024, including the advancement of additional integration activities resulting from new acquisitions.
To facilitate these advancements in integration activities, we continue to invest in our integration platform with a specific focus on
decoupling business logic from the presentation layer.</P>

<P STYLE="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 estimate that the costs for our planned research
and development activities in fiscal 2024 will not result in any significant increase relative to our historical expenditures on research
and development activities.</P>

<P STYLE="font: 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"><FONT STYLE="font-size: 10pt"><B>4.7</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Competition</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">Although we have experienced limited competition
to-date from companies with broad application suites with comparable capabilities, the market for our applications is nevertheless highly
competitive and subject to rapid technological change. As such, we expect competition to increase in the future. On an application-by-application
basis, especially in markets where similar technology has been available for some time, such as routing software and value-added networks,
we do experience competition from established vendors. However, we have found that our particular expertise in solving complex logistics
problems on a network basis has enabled us to remain competitive. On a geographic basis, we experience competition from both multinational
companies and local competitors. We face some disadvantage in entering new markets where competitors may have existing solutions with
user interfaces that are advanced in local language presentation. To maintain and improve our competitive position on a global basis,
we continue to develop and introduce new applications with the functionality to be easily adapted to local user interface needs (either
by Descartes or its distributors in a particular region).</P>

<P STYLE="font: 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 compete or may compete, directly or indirectly,
with the following: (i)&nbsp;application software vendors, including supply chain planning and execution software vendors, that may broaden
their product offerings by internally developing, or by acquiring or partnering with, independent developers of supply chain network
solutions, particularly on the execution (rather than planning) side, such as Manhattan Associates, Blue Yonder, Solera (formerly Omnitracs/Roadnet),
Verizon (formerly, Telogis) and Ortec; (ii)&nbsp;ERP software vendors who may expand their current offerings into supply chain network
service offerings, some of whom may from time to time jointly market our products as a complement to their own systems, such as SAP AG,
Oracle and Infor Global Solutions; (iii)&nbsp;internal development efforts by corporate information technology departments; (iv)&nbsp;middleware
software and service vendors that provide integration software, such as Software AG and SPS Commerce; (v)&nbsp;telematics solution providers,
such as Verizon (formerly, Fleetmatics), Solera and Trimble Navigation; (vi)&nbsp;other value-added messaging and visibility networks,
such as those offered by Kleinschmidt, OpenText GXS, CHAMP Cargosystems, FourKites and Project 44; (vii)&nbsp;other cargo booking portals,
such as Cargo Portal Services operated by Unisys Corporation and E2Open (formerly,&nbsp;INTTRA); (viii)&nbsp;other customs compliance
and forwarder back-office solution providers, such as E2Open (formerly Blu-Jay Solutions and Kewill) and WiseTech; (ix)&nbsp;other customs
and security declaration providers, often specialized in particular domestic markets, such as AEB GmbH and MIC Datenverabeitung GmbH;
(x)&nbsp;other trade data providers who may either bundle their data with a global trade management system, such as E2Open (formerly
Amber Road), provide trade intelligence platforms such as IHS Markets and S&amp;P Global or sell trade data content on a standalone basis,
such as Thomson Reuters; and (xi)&nbsp;eCommerce shipping and fulfillment providers such as ShipStation, Stamps.com, ShipHawk, Finale
and RF Smart. We also expect to face additional competition as other established and emerging companies enter the market for logistics
technology solutions and new products and technologies are introduced and as we expand to new businesses. In addition, current and potential
competitors may make strategic acquisitions or establish co-operative relationships among themselves or with third parties, thereby increasing
the ability of their products to address the needs of our prospective customers.</P>

<P STYLE="font: 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 believe the principal competitive factors
affecting the market for our solutions include vendor and product reputation; expertise and experience in implementing products in the
customer's industry sector; product architecture, functionality and features; cost of ownership; ease and speed of implementation; customer
support; product quality, price and performance; and product attributes such as flexibility, scalability, compatibility, functionality
and ease of use. To be successful in the future, we believe we must continue to respond promptly and effectively to technological change
and competitors' innovations.</P>

<P STYLE="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"><FONT STYLE="font-size: 10pt"><B>4.8</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Intellectual
Property and Other Proprietary Rights</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">We believe our success depends significantly
on our proprietary technology. Through our internal research and development and our acquisitions we have continued to enhance the breadth
of our intellectual property portfolio. We continue to rely primarily on a combination of patent, copyright, trademark and trade secret
laws, license agreements, non-disclosure agreements and other contractual provisions to establish, maintain and protect our proprietary
rights in our products and technology. Some registered forms of protection, such as patents, copyright and trademark registrations, have
a limited period of protection determined by the applicable law governing the registration. Other contractual forms of protection, such
as license and non-disclosure agreements, have a limited contractual period of protection. The source codes and routing algorithms for
our applications and technology are protected both as trade secrets and as unregistered copyrighted works with indefinite periods of
protection. We have an extensive portfolio of patents, both over technologies we have developed internally and patents that have been
acquired through our various acquisitions where patents were already held by the acquired companies or were pending. We continue to invest
in the ongoing expansion of our patent portfolio. Each of these patents offer a limited period of protection determined by the applicable
laws governing the patents. We have registered or applied for registration of certain trademarks and service marks with limited periods
of protection and will continue to evaluate the registration of additional trademarks and service marks as appropriate.</P>

<P STYLE="font: 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 also utilize certain other software technologies,
such as geographic data, shipping rate data, shipping mile data, sailing schedule data and global tariff and duty data, translation applications
and business intelligence applications that we license from third parties, generally on a non-exclusive basis, including software that
is integrated with internally developed software and used in our products to perform key functions. These third-party licenses generally
require the payment of royalties based on sales of the product in which the technology is used.</P>

<P STYLE="font: 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">Our network customers may use electronic logistics
information generated by the customer, or by third parties on behalf of the customer, in connection with the customer&#8217;s use of
our network services. Our customers are responsible for procuring and paying for the generation of such electronic logistics information
and the right to use such electronic logistics information in connection with our network 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">Many of our data content solutions rely on data
being available to us from various public sources. This data is available on a non-exclusive basis and generally available without the
payment of fees except in certain cases where we may choose to obtain the data through third party data providers who may have pre-processed
or aggregated the data in a manner that is more efficient or effective for our purposes. This data is similarly available to other parties
and may allow other parties to develop competitive offerings. Our ability to maintain our market position is dependent upon our continued
innovation in the ability to organize the data and provision of tools that facilitate the use of the data while continuing to expand
and enhance the data.</P>

<P STYLE="font: 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"><FONT STYLE="font-size: 10pt"><B>4.9</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Contracts</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"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Customer
Contracts</U></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">We provide our GLN services and access to our
data content services to our customers primarily by way of written subscription agreement. The subscription agreement sets out the applicable
terms and restrictions on use of the service, the length of time the customer can use the service, and the applicable fees to be paid
by the customer. Typically, these subscription agreements renew at a customer&#8217;s option and, in some cases, are subject to earlier
termination by the customer on appropriate 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; text-align: justify">We license our software products to our customers
primarily by way of written license agreements. The license agreements specify the applicable terms and restrictions on use of the software,
the terms and conditions of any enrolment by the customer in our software maintenance program, and the applicable fees to be paid by
the customer.</P>

<P STYLE="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 depend on our installed customer base for
a significant portion of our revenues. We have significant contracts with our license customers for ongoing support and maintenance,
as well as significant service contracts that provide recurring services revenues to us. In addition, our installed customer base has
historically generated additional new license and services revenues for us. Service contracts are generally renewable at a customer&#8217;s
option, and there are generally no mandatory payment obligations or obligations to license additional software or subscribe for additional
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">If our customers terminate their subscription
agreements, fail to renew their service contracts, fail to purchase or license additional services or products, or consolidate contracts
with acquired companies, then our revenues could decrease and our operating results could be materially adversely affected. Factors influencing
such contract terminations and non-renewals could include changes in the financial circumstances of our customers, dissatisfaction with
our products or services, our retirement or lack of support for our legacy products and services, our customers selecting or building
alternate technologies to replace ours, changes in our customers&#8217; business or in regulation impacting our customers&#8217; business
that may no longer necessitate the use of our products or services, general economic or market conditions, or other reasons. Further,
our customers could delay or terminate implementations or use of our services and products or be reluctant to migrate to new products.
Such customers will not generate the revenues we may have anticipated within the timelines anticipated, if at all, and may be less likely
to invest in additional services or products from us in the future. We may not be able to adjust our expense levels quickly enough to
account for any such revenues losses. Our business may also be materially adversely affected by market trends impacting our customer
base, such as consolidation activity.</P>

<P STYLE="font: 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"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Outsourcing
Contracts</U></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">We deliver some of our GLN services over our
proprietary networks, which are hosted by commercial public cloud and co-location providers such as, Microsoft, Amazon, Equinix,&nbsp;InterXion
and Lumen. These hosting and co-location contracts, on which we are substantially dependent as they relate to the delivery of our network
services, typically contemplate services to be provided for a term at a defined service level, with applicable rights of termination
and renewal. We typically pay monthly fees under these contracts, some of which are based on the volume of network activity flowing through
the hosting provider. If any of these contracts were terminated without our consent, we could incur substantial costs in migrating to
an alternate hosting provider. In such an event, the costs and related management effort could materially adversely affect our operating
results and the services that we provide to our customers.</P>

<P STYLE="font: 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"><FONT STYLE="font-size: 10pt"><B>4.10</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Employees</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">As at January&nbsp;31, 2023, the Company employed
2,083 employees including 2,027 full-time staff. Of the 2,027 full-time staff, 655 of the individuals were engaged in customer service
roles (which includes customer support, activations and implementation services), 600 were in research and development roles, 272 were
engaged in sales and marketing roles, 314 in network and product support roles and 176 were in general administration roles. Geographically,
1,131 employees were located in North America, 601 were located in Europe, 94 were located in the Asia Pacific region and 201 were located
in South America.</P>

<P STYLE="font: 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"><FONT STYLE="font-size: 10pt"><B>4.11</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Risks
Associated with Foreign Sales and Exchange Rate Fluctuations</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">In fiscal 2023, sales outside of the Americas
accounted for approximately 30% of our total revenues. Our international revenues are subject to risks associated with foreign sales,
including longer collection times from foreign customers, difficulty in repatriating cash from foreign jurisdictions, unexpected changes
in legal and regulatory requirements, export restrictions, changes in tariffs, exchange rates and other trade barriers, political and
economic instability, difficulties in accounts receivable collection, difficulties in management of distributors or representatives,
difficulties in staffing and managing foreign operations, difficulties in protecting our intellectual property, seasonality of sales,
language issues and potentially adverse tax consequences. There can be no assurance that any of these factors will not have a material
adverse effect on our business, results of operations and financial condition.</P>

<P STYLE="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">During fiscal 2023, 68% of our revenues were
denominated in US dollars, and historically the majority of our revenues have been denominated in US dollars. However, a significant
portion of our expenses, including the wages of our non-US employees and obligations under certain key supply agreements, have been denominated
in Canadian dollars, euros and other foreign currencies. Therefore, changes in the value of the US dollar as compared to the Canadian
dollar, the euro, British pound sterling and other foreign currencies may materially affect our operating results. We generally have
not implemented hedging programs to mitigate our exposure to currency fluctuations affecting international accounts receivable, cash
balances and inter-company accounts. We also have not hedged our exposure to currency fluctuations affecting future international revenues
and expenses and other commitments. Accordingly, currency exchange rate fluctuations have caused, and may continue to cause, variability
in our foreign currency denominated revenue streams, expenses, and our cost to settle foreign currency denominated liabilities.</P>

<P STYLE="font: 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"><FONT STYLE="font-size: 10pt"><B>4.12</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Risks
Associated with Cyclical or Seasonal Aspects of Business</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">Our business may be impacted from time to time
by the general cyclical and seasonal nature of particular modes of transportation and the freight market in general, as well as the cyclical
and seasonal nature of the industries that such markets serve. Factors which may create cyclical fluctuations in such modes of transportation
or the freight market in general include legal and regulatory requirements, timing of contract renewals between our customers and their
own customers, seasonal-based tariffs, vacation periods applicable to particular shipping or receiving nations, weather-related and global
health-pandemic events that impact shipping in particular geographies and amendments to international trade agreements. In particular,
the uncertainties arising from the Ukraine Conflict and the Pandemic could adversely impact global shipment volumes in all modes of transportation
in fiscal 2024 and potentially beyond. Since some of our revenues from particular products and services are tied to the volume of shipments
being processed, adverse fluctuations in the volume of global shipments or shipments in any particular mode of transportation may adversely
affect our revenues. Declines in shipment volumes in the US or internationally likely would have a material adverse effect on our 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-top: 0pt; margin-bottom: 0pt"><B>4.13&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Reorganizations</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">In 2023, 2022 and 2021, we completed various
integration and reorganization activities in connection with our acquisitions of GroundCloud, Descartes Visual Compliance, Supply Vision,
XPS Technologies, Foxtrot, NetCHB, PinPoint GPS Solutions, GreenMile, QuestaWeb, Portrix, ShipTrack, Kontainers and Peoplevox including
merging or consolidating various legal entities and operations, eliminating redundant management positions and canceling certain ongoing
operating contracts.</P>

<P STYLE="font: 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">In May&nbsp;2020, we announced that we were undertaking
a restructuring of our overall global operations to reduce costs and strengthen our financial position in light of uncertainty at that
time arising from the emergence of the Pandemic. The restructuring included the reduction of our global workforce by approximately 5%
and the closure of several office facilities. We incurred $2.3 million in restructuring charges in fiscal 2021 related to the restructuring
and the restructuring plan was substantially completed within fiscal 2021.</P>

<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"><B>4.14 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Material
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">The Company previously determined that the Credit
Agreement constituted a &ldquo;material contract&rdquo; of the Company and filed a copy of the agreement on SEDAR at <U>www.sedar.com</U>.
On December 7, 2022, the Company entered into the Second Agreement Amending Credit Agreement. A copy of the Second Agreement Amending
Credit Agreement has also been filed on SEDAR at <U>www.sedar.com</U>. Particulars of the Second Agreement Amending Credit Agreement
are disclosed in &ldquo;Item 3 - General Developments of the Business &ndash; 3.2 History and General Development &ndash; Fiscal 2023
and Part of Fiscal 2024 through to April 21<SUP>st</SUP>, 2023&rdquo; of this AIF. Other than such agreement, as amended, as of January
31, 2023, the Company has not otherwise entered into any material contracts, other than contracts entered into in the ordinary course
of business, within the past year, or entered into before the most recently completed fiscal year that are still in effect.</P>

<P STYLE="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-top: 0pt; margin-bottom: 0pt"><B>4.15&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Code of Business Conduct and Ethics</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">Our Board of Directors has adopted our Code of
Business Conduct and Ethics (&#8220;the Code&#8221;) applicable to our directors, officers and employees. The Code is reviewed on a regular
basis by our Board of Directors and may be updated from time to time. The most recent version of the Code is available on our website
at http://www.descartes.com and has been filed on and is accessible through the SEDAR website at http://www.sedar.com. The Code sets
out in detail the core values and principles by which the Company is governed and addresses a number of topics in areas of environmental,
social and corporate governance such as: honest and ethical conduct; conflicts of interest; compliance with applicable laws and our policies
and procedures; public disclosure and books and records; use of corporate assets and opportunities; confidentiality of corporate information;
reporting responsibilities and procedures; health and safety; anti-corruption; and non-retaliation.</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%"></TD><TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>ITEM 5</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-size: 10pt"><B>RISK
                                            FACTORS</B></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">Reference is made to the section entitled &#8220;Certain
Factors That May&nbsp;Affect Future Results&#8221; in the &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and
Results of Operations&#8221; contained in our 2023 Annual Report for the year ended January&nbsp;31, 2023 made available to all of our
shareholders and filed with various securities regulators, which section is incorporated herein by reference. This information is available
through the EDGAR website at http://www.sec.gov or through the SEDAR website at http://www.sedar.com.</P>

<P STYLE="font: 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><I>War in Ukraine</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">We do not have any significant operations, customers,
supplier relationships or employee relationships in either Ukraine or Russia. We do utilize the services of a very small number of technology
development contractor resources based in Ukraine who have been impacted and/or displaced by the fighting in the region, however, those
contractors have largely continued to provide services to the extent they are able and there has not been any discernable impact to the
areas of our business where those contractors are utilized. More broadly, the war in Ukraine continues to contribute to significant uncertainty
within the global economy and is likely having an impact on normal business operations of companies in many parts of Eastern Europe abutting
Ukraine as those countries deal with the impacts of the war and the refugee influx as a result of the war. This disruption could impact
customers of Descartes who do business in that part of the world and may, in turn, impact on the demand from those customers for the
products and services of Descartes, for example, if distribution and transportation networks are disrupted or face a decline in volumes.
In addition, the impacts in Eastern Europe could also have an impact on our personnel who are located in those countries.</P>

<P STYLE="font: 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 United States State Department has issued
a warning that one of the potential escalations that may result in connection with the war in Ukraine and in response to the increased
sanctions announced by many countries against Russia, could be an increased risk of cyber-security attacks to the networks and operations
of companies operating from countries that have participated in sanctions against Russia. We take that concern very seriously and have
increased our own efforts to monitor our networks and information technology infrastructure for any signs of such attacks. Any such attack,
if successful, could have a material impact on ability to continue to deliver our products and services to our customers. In addition,
if such an attack was successful as against any one or more of our customers, it could impact the quantity of transactions and/or processing
that we may handle on behalf of such customers and the resulting revenue therefrom.</P>

<P STYLE="font: 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><I>COVID-19 Global Pandemic</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">As of the date of this AIF, it is not clear what
ongoing impact there will be to global economic activity and the business of Descartes and our customers as a result of the continuing,
albeit waning, Pandemic. Earlier in the Pandemic, we had observed some reduced shipment volumes across various modes of transportation
and were aware of some customers who reduced or temporarily suspended operations during the Pandemic or otherwise experienced financial
hardship as a result of the Pandemic. Although we have come to understand that the impact of the Pandemic will be felt in waves at various
times, at the time of this AIF, we have observed that shipment volumes and general economic activity in our industry have largely returned
to what we would consider &#8220;pre-Pandemic&#8221; levels. Consistent with the comments we have made in our MD&amp;A from recent quarters,
we continue to monitor this situation closely for any observable impacts on our 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"></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 believe we remain well positioned to adjust
to market conditions to assist our customers as they work to manage their transportation, logistics and supply chain processes during
the Pandemic. As we have noted previously in other publicly filed documents including our last AIF, we have been able to transition our
workforce such that the majority of our workforce can work remotely and continue to service and support our customers and ensure the
uninterrupted availability of our various solutions, most of which are delivered by way of a software-as-a-service or cloud-based delivery
model. In addition, the nature of the products and services that we provide to the transportation and logistics community have been classified
as an &#8220;essential service&#8221; in the majority of the markets in which we have personnel located which allows us, to the extent
necessary, to have requisite personnel safely attend at our various data-centers and hosting facilities to ensure the continuity of our
services under state-of-emergency and shelter-in-place orders that may be in place in various jurisdictions globally.</P>

<P STYLE="font: 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 expect the significance of the Pandemic, including
the extent of its effect on our financial condition and results of operations, to depend on, among other things, its duration, the success
of efforts to contain it, its impact on the global economy and on our customers, and the impact of ongoing actions and future actions
taken by government authorities and by us in response. While we are not able at this time to estimate the impact of the Pandemic, an
extended period of global supply chain and economic disruption could materially and adversely affect our business, results of operations,
access to sources of liquidity and financial condition. In addition, an extended global recession caused by the Pandemic could have a
further adverse impact on our financial condition and operations.</P>

<P STYLE="font: 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><I>Catastrophic Events, Natural Disasters,
Severe Weather and Disease</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">Our business may be negatively impacted to varying
degrees by a number of events which are beyond our control, including energy blackouts, pandemics (or other public health crises), terrorist
attacks, acts of war, earthquakes, hurricanes, tornados, fires, floods, ice storms or other natural or manmade catastrophes. While we
engage in emergency preparedness, including business continuity planning, to mitigate risks, such events can evolve very rapidly, and
their impacts can be difficult to predict. As such, there can be no assurance that in the event of such a catastrophe that our operations
and ability to carry on business will not be disrupted. The occurrence of such events may not release us from performing our obligations
to third parties. A catastrophic event, including an outbreak of infectious disease, a pandemic or a similar health threat, including
or in addition to the current Pandemic, or fear of any of the foregoing, could adversely impact us and our investments. In addition,
liquidity and volatility, credit availability and market and financial conditions generally could change at any time as a result. Any
of these events in isolation or in combination, could have a material negative impact on our performance, financial condition, results
of operations and cash flows.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><B>ITEM 6</B></TD><TD STYLE="text-align: justify; width: 90%"><B>MARKET FOR SECURITIES
                                            AND RELATED SECURITYHOLDER MATTERS</B></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"><B>6.1 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Common
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">We&#8217;re authorized to issue an unlimited
number of common shares for unlimited consideration. The common shares are not redeemable or convertible. Each common share carries
the right to receive notice of and one vote at a meeting of shareholders; the right to participate in any distribution of our assets
on liquidation, dissolution or winding up; and the right to receive dividends if, as and when declared by the Board of Directors. As
at April&nbsp;21<SUP>st</SUP>, 2023, there were 85,078,029 common shares outstanding. The common shares are listed on the TSX under
the symbol &#8220;DSG&#8221; and listed on NASDAQ under the symbol &#8220;DSGX&#8221;.</P>

<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"><B>6.2 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Transfer
Agent and Registrar</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 register of transfers of common shares is
located in the offices of our stock transfer agent: Computershare Investor Services Inc., 100 University Avenue, Toronto, Ontario, Canada,
M5J 2Y1.</P>

<P STYLE="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-top: 0pt; margin-bottom: 0pt"><B>6.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;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 have not paid any dividends on our common
shares to date. We may consider paying dividends on our common shares in the future when operational circumstances permit, having regard
to, among other things, our earnings, cash flow and financial requirements as well as relevant legal and business considerations. We
are prohibited by the Credit Facility from making a distribution (which includes a dividend) when there is an uncured event of default
pursuant to the Credit Facility. At present there is no such event of default.</P>

<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"><B>6.4&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Market
for Common 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">Please see the following table that identifies
the marketplaces on which our common shares trade, as well as the fiscal 2023 monthly price ranges and volume traded on each exchange:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Common
    Shares - TSX</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Common
    Shares &ndash; NASDAQ</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: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Month</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">Price Range
    (C$)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Volume</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Price Range<BR>
    (US$)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&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">Volume</TD><TD STYLE="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="width: 20%; font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">February&nbsp;2022</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$84.11
                                            &#8211; 93.64</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">3,425,978</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$65.63
                                            &#8211; 73.81</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">3,802,754</TD><TD STYLE="width: 1%; 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: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">March&nbsp;2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$83.58
                                            &#8211; 99.50</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">5,015,887</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$66.16
                                            &#8211; 79.08</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">4,836,292</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: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">April&nbsp;2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$75.06
                                            &#8211; 94.06</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">4,503,850</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$59.51
                                            &#8211; 75.38</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">4,336,065</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: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">May&nbsp;2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$72.94
                                            &#8211; 81.30</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">3,857,548</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$56.19
                                            &#8211; 63.74</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">3,701,897</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: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">June&nbsp;2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$74.75
                                            &#8211; 84.92</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">3,853,538</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$58.58
                                            &#8211; 65.84</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">5,050,378</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: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">July&nbsp;2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$79.23
                                            &#8211; 89.57</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">2,397,436</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$61.28
                                            &#8211; 69.64</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">2,816,201</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: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">August&nbsp;2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$87.81
                                            &#8211; 94.00</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">2,435,497</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$68.21
                                            &#8211; 73.16</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">2,443,107</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: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">September&nbsp;2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$83.09
                                            &#8211; 92.37</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">3,604,119</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$61.26
                                            &#8211; 70.16</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">3,180,470</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: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">October&nbsp;2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$85.59
                                            &#8211; 97.94</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">4,677,510</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$62.12
                                            &#8211; 71.34</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">4,425,483</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: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">November&nbsp;2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$87.03
                                            &#8211; 98.16</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">9,991,673</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$64.23
                                            &#8211; 73.87</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">5,800,673</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: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">December&nbsp;2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$88.32
                                            &#8211; 97.79</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">3,514,893</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$64.91
                                            &#8211; 72.29</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">2,533,284</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: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">January&nbsp;2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$90.22
                                            &#8211; 97.30</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">2,115,542</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$66.46
                                            &#8211; 73.04</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&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">1,957,277</TD><TD STYLE="padding-bottom: 1pt; 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this AIF, the most recent closing
price for trading of our common shares was C$107,89 on the TSX and $79,73  on the NASDAQ.</P>

<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"><B>6.5&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Shareholder Rights Plan</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">On November&nbsp;29, 2004, our Board of Directors
approved a shareholder rights plan (the &#8220;Rights Plan&#8221;) which was approved by the TSX and was approved by our shareholders
on May&nbsp;18, 2005. The primary objectives of the Rights Plan are to ensure that to the extent possible, in the context of an unsolicited
take-over bid for of the common shares of our Company, that all shareholders of the Company are treated fairly and to ensure that the
Board of Directors is provided with sufficient time to evaluate any such bid and to assess alternatives to maximize shareholder value
that may include, without limitation, the continued implementation of the Company&#8217;s long-term strategic plans, as those may be
modified by the Company from time to time. The Rights Plan is specifically designed to ensure that the following occurs following an
unsolicited take-over bid: (i)&nbsp;there is adequate time for competing bids to emerge; (ii)&nbsp;shareholders have an equal opportunity
to participate in such a bid; (iii)&nbsp;shareholders are provided with adequate time to properly assess the bid; and (iv)&nbsp;a reduction
in the pressure to tender which may be encountered by a shareholder in the course of a bid. The Rights Plan creates a right that attaches
to each present and subsequently issued common share. Until the separation time, which typically occurs at the time of an unsolicited
take-over bid, whereby an offeror (including persons acting jointly or in concert with the offeror) acquires or attempts to acquire 20%
or more of our common shares, the rights are not separable from the common shares, are not exercisable and no separate rights certificates
are issued. Each right entitles the holder, other than the 20% offeror, from and after the separation time and before the expiration
time, to acquire one of our common shares at 50% of the market price at the time of exercise. The continuation of the Rights Plan must
be approved by shareholders every three years. On each of June&nbsp;2, 2011, May&nbsp;29, 2014, June&nbsp;1, 2017 and May&nbsp;28, 2020,
our shareholders approved certain amendments to the Rights Plan and approved the continued effectiveness of the Rights Plan. The Rights
Plan will expire at the termination of our annual meeting of the shareholders to be held in the 2023 calendar year, unless its continued
existence is approved by the shareholders before such expiration.</P>

<P STYLE="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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>ITEM 7</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-size: 10pt"><B>DIRECTORS
                                            AND EXECUTIVE OFFICERS</B></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"><FONT STYLE="font-size: 10pt"><B>7.1</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Summary
Information</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">The following table sets forth the name, location
of residence and office held by each of our executive officers and directors as at April&nbsp;21<SUP>st</SUP>, 2023 Each director is
elected at the annual meeting of shareholders or appointed pursuant to the provisions of our by-laws and applicable laws to serve until
the next annual meeting or until a successor is elected or appointed, subject to earlier resignation by the director.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; width: 40%; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name
    and Location of Residence</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; width: 60%; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Office
    Held</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 2pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Eric A. Demirian</B><SUP>(1)(3)</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toronto, Ontario, Canada</P></TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair
    of the Board</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deepak
    Chopra</B><SUP>(1)(4)</SUP><BR>
    Toronto, Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deborah
    Close</B><SUP>(2)(4)</SUP><BR>
    Calgary, Alberta, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sandra
    Hanington</B><BR>
    Toronto, Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kelley
    Irwin<BR>
    </B>Pickering, Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dennis
    Maple </B><SUP>(2)(4)</SUP><BR>
    Malvern, Pennsylvania, USA</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chris
    Muntwyler</B> <SUP>(2)(3)</SUP><BR>
    Baech, Switzerland</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jane
    O&#8217;Hagan</B><SUP>(2)(3)</SUP><BR>
    Calgary, Alberta, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>John J. Walker</B><SUP>(1)(3)</SUP></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wyckoff, New Jersey, USA</P></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Edward
    J. Ryan</B><BR>
    Fort Washington, Pennsylvania, USA</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    and Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>J.
    Scott Pagan</B><BR>
    Cambridge, Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
    and Chief Operating Officer </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Allan
    Brett</B><BR>
    Kleinburg, Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Raimond
    Diederik<BR>
    </B>Waterloo, Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President,&nbsp;Information Services</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" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 98%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name
    and Location of Residence</U></B></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Office
    Held</U></B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ed
    Gardner<BR>
    </B>Toronto, Ontario, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, Corporate Development</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chris
    Jones<BR>
    </B>Boston, Massachusetts, USA</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, Marketing and Services</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chad
    Murphy</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">Atlanta, Georgia, USA</FONT></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, Professional Services</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Peter
    Nguyen</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt">Toronto, Ontario, Canada</FONT></FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Vice President, Legal, General Counsel and Corporate Secretary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Robert
    Parker <BR>
    </B>Halifax, Nova Scotia, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, Customer Support and Client Services</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Andrew
    Roszko<BR>
    </B>Montreal, Quebec, Canada</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, Commercial Operations</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kenneth
    Wood<BR>
    </B>Fort Myers, Florida, USA</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, Product Management</FONT></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: 0.5in">Notes:</TD><TD></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">(1)</TD><TD>Member of the Audit Committee.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Member of the Compensation Committee.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Member of the Corporate Governance Committee.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Member of the Nominating Committee</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information about each of our directors and executive
officers, including his or her respective principal occupation during at least the five years preceding April&nbsp;21, 2023, is as follows:</P>

<P STYLE="font: 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>Eric A. Demirian</B> <FONT STYLE="font-style: normal">has
been a member of our Board of Directors since June&nbsp;2011. Mr.&nbsp;Demirian was appointed Chairman of the Board in May&nbsp;2014
and previously acted as Chair of the Corporation&#8217;s audit committee. Mr.&nbsp;Demirian is a Chartered Professional Accountant, Certified
General Accountant and a Chartered Accountant. Since 2003, Mr.&nbsp;Demirian has served as president of Parklea Capital,&nbsp;Inc. (&#8220;Parklea&#8221;),
a boutique financial and strategy advisory firm providing services to small- and mid-market public and private companies, and President
of Demicap Inc., a private investment firm. Prior to Mr.&nbsp;Demirian&#8217;s position at Parklea, he held the position of Executive
Vice President of Group Telecom,&nbsp;Inc. from 2000 to 2003. From 1983 to 2000, Mr.&nbsp;Demirian was with PricewaterhouseCoopers LLP
(&#8220;PwC&#8221;) where he was a partner and head of the Information and Communications Practice. Mr.&nbsp;Demirian serves on the boards
of Enghouse Systems Ltd. (TSX:ENGH) and Imax Corporation (NYSE:IMAX). Mr.&nbsp;Demirian is a former director and chair of the audit committees
of a number of public companies. Mr.&nbsp;Demirian holds a Bachelor of Business Management degree from Toronto Metropolitan University.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Deepak Chopra </I></B>joined our Board
of Directors on May&nbsp;28, 2020. Mr.&nbsp;Chopra most recently served as President and Chief Executive Officer of Canada Post Corporation
from February&nbsp;2011 to March&nbsp;2018. Mr.&nbsp;Chopra has more than 30 years of global experience in the financial services, technology,
transportation, logistics&nbsp;&amp; supply-chain industries. Prior to that, for more than 20 years, he worked for Pitney Bowes Inc.,
a NYSE-traded technology company known for postage meters, mail automation and location intelligence services. He served as President
of Pitney Bowes Canada and Latin America from 2006 to 2010. He held a number of increasingly senior executive roles internationally,
including President of its new Asia Pacific and Middle East region from 2001 to 2006 and Chief Financial Officer for Europe, Africa&nbsp;&amp;
Middle East (EAME) region from 1998-2001. He has previously served on the boards of Canada Post Corporation, Purolator Inc., SCI Group,
the Canada Post Community Foundation, Conference Board of Canada and the Toronto Region Board of Trade. He currently sits on the board
of Celestica,&nbsp;Inc. (TSX:CLS), The North West Company (TSX:NWC) and Sun Life Financial (TSX:SLF). Mr.&nbsp;Chopra is a Fellow of
the Institute of Chartered Professional Accountants of Canada and has a Bachelor&#8217;s degree in Commerce (Honours) and a Master&#8217;s
Degree in Business Management (PGDBM).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Deborah Close </I></B>has been a member
of our Board of Directors since May&nbsp;2015. Ms.&nbsp;Close held the position of President of the Production Services division of Tervita
Corporation from 2010 until 2016. Tervita Production Services, now High Artic Energy Services (TSX:HWO), delivers engineering and field-based
services to the oil and gas industry. From 2002 to 2010, Ms.&nbsp;Close was the Executive Vice President of DO2 Technologies (now Enverus),
a software company providing electronic invoicing to the oil and gas industry. During Ms.&nbsp;Close&#8217;s tenure, DO2 grew from a
start-up to the leading provider of e-invoicing to oil and gas companies and their suppliers. Prior to DO2, Ms.&nbsp;Close served in
a number of Regional Vice President roles in Halliburton Corporation&#8217;s software division, Landmark Graphics.&nbsp; She held executive
roles in several of Landmark&#8217;s largest regions, including VP of Strategic Accounts, Regional VP of North America and Regional VP
of Europe and the Former Soviet Union. During Ms.&nbsp;Close&#8217;s 12 years at Halliburton, she worked in Canada, the US and Europe.&nbsp;&nbsp;
Ms.&nbsp;Close also currently serves on the board of directors of Inter Pipeline Ltd, a privately held company but a reporting issuer
for certain debt securities. Ms.&nbsp;Close holds a Bachelor of Arts from the University of Calgary and the ICD.D designation from the
Institute of Corporate Directors and Rotman School of Management.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Sandra Hanington</I></B> was elected to
our Board of Directors on June&nbsp;16, 2022. Ms.&nbsp;Hanington is the former President&nbsp;&amp; Chief Executive Officer of the Royal
Canadian Mint, a global manufacturing and marketing business, where she led a multi-year strategic and operational turnaround. Prior
to that, Ms.&nbsp;Hanington worked in the financial services sector and served in a number of progressively senior roles in Canada and
the U.S., culminating as Executive Vice-President and member of the Management Committee of BMO Financial Group. Ms.&nbsp;Hanington currently
serves as a director for Extendicare Inc. (TSX: EXE), a private sector owner and operator of long-term care homes and a private sector
provider of publicly-funded home health care services and is a member of the Governing Council of the University of Toronto. Ms.&nbsp;Hanington
previously served on the boards of Aimia Inc (TSX: AIM), Canada Mortgage and Housing Corporation and Symcor,&nbsp;Inc. Ms.&nbsp;Hanington
is co-founder and has served as a director of Jack.org, a Canadian youth mental health charity since 2010 and is the recipient of the
Meritorious Service Cross from the office of the Governor General for her work with the organization. Ms.&nbsp;Hanington was named by
the Women&#8217;s Executive Network (WXN)&#8482; as one of Canada&#8217;s Top 100 Most Powerful Women three times in a row, from 2007
to 2009 and was inducted into the WXN Hall of Fame in 2010. Ms.&nbsp;Hanington holds a B.A.Sc. from University of Waterloo, an MBA from
the Rotman School of Management, University of Toronto, and the ICD.D designation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Kelley Irwin</I></B> joined our Board of
Directors on June&nbsp;16, 2022. Ms.&nbsp;Irwin is a Corporate Director and holds a Chartered Director (C.Dir) designation. Ms.&nbsp;Irwin
has 35 years of international Information Technology (IT) experience in the financial services and regulatory industries. She held executive
roles at Sun Life Financial, TD Bank, Economical Insurance, and its subsidiary, Sonnet Insurance, and the Electrical Safety Authority
(ESA). From 2019-2023, she held the position of Chief Information Officer (CIO) at the ESA where she led a multi-year digital transformation.
Ms.&nbsp;Irwin is a cyber advocate and is active in public forums on cyber-security. Ms.&nbsp;Irwin currently serves as a director on
the boards of Lakefront Utility Services Inc. and Pro-Demnity Insurance Company. Ms.&nbsp;Irwin holds a BA in Mathematics from the University
of Western Ontario, a Computer Science Diploma from Fanshawe College, Cyber-Security Certificate from the University of Washington, and
has completed executive education at the Harvard Kennedy School.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dennis Maple</I></B> was elected to our
Board of Directors on June&nbsp;1, 2017. Mr.&nbsp;Maple is currently Chairman and Chief Executive Officer of Goddard Systems, LLC, which
oversees the operation of premium early childhood education schools across the United States. Between January&nbsp;2014 and August&nbsp;2019,
Mr.&nbsp;Maple was the President of First Student,&nbsp;Inc., a subsidiary of United Kingdom based publicly-traded First Group plc.,
a transport operator in the United Kingdom and North America, that provides solutions encompassing student bus transportation and public
rail. Prior to serving as President of First Group, from 2006 to January&nbsp;2014, Mr.&nbsp;Maple was President of Aramark Education
with a provider of food preparation, facilities management and related services. Prior to his role as President of Aramark Education,
from 2003 to 2006, Mr.&nbsp;Maple held senior executive management positions at Aramark. Prior to serving in an executive role at Aramark,
from 1994 to 2003, Mr.&nbsp;Maple served as an Area Vice President at Coors Brewing and in several other management roles. Prior to 1994,
Mr.&nbsp;Maple held roles at Kraft-General Foods, PepsiCola and The Quaker Oats Company. Mr.&nbsp;Maple has a Bachelor of Science, Business
Administration, Accounting from the University of Tennessee. Mr.&nbsp;Maple has served on numerous charitable and community-based boards
and has been an active participant in organizations supporting primary and secondary schools and communities across North America.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Chris Muntwyler </I></B>joined our Board
of Directors on May&nbsp;28, 2020. Mr.&nbsp;Muntwyler has significant international experience in the transportation, logistics and technology
sectors. Having previously held various senior executive positions at SwissAir and the positions of Chief Executive of DHL Express (UK)
Limited and Managing Director (Switzerland, Germany and Central Europe) at DHL Express, he is now a management consultant through his
business, Conlogic AG, specializing in strategic development, leadership guidance and customer orientation and process automation. Mr.&nbsp;Muntwyler
spent 10 years in the DHL Express organization following a 27 year career with SwissAir. Mr.&nbsp;Muntwyler previously served as a non-executive
director on the board of The Austrian (Vienna: Post) from 2010 to April&nbsp;2023, National Express Group PLC in the United Kingdom (LSE:NEX)
from 2011 to 2020 and as a director of Panalpina World Transport (Holding) Ltd. from 2010 to 2018. During the period of 2007 and 2008,
Mr.&nbsp;Muntwyler served as a member of the President&#8217;s Committee on the United Kingdom&#8217;s Confederation of British Industry.
During his professional career, Mr.&nbsp;Muntwyler has lived and worked in Switzerland, Sweden, the United States, Germany and the United
Kingdom.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Jane O&#8217;Hagan </I></B>has been a member
of our Board of Directors since May&nbsp;2014. Ms.&nbsp;O&#8217;Hagan is a corporate director with over 20 years experience in the transportation
and logistics sectors. From 2010 until 2014, Ms.&nbsp;O&#8217;Hagan was the Executive Vice President and Chief Marketing Officer of Canadian
Pacific Railway Limited. Ms.&nbsp;O&#8217;Hagan also held various roles at CP including Senior Vice President, Strategy and Yield, Vice
President, Strategy and External Affairs and Assistant Vice President, Strategy and Research. Ms.&nbsp;O&#8217;Hagan also serves as a
director of USD Partners GP LCC, the general partner of USD Partners LP (NYSE:USDP), an acquirer, developer and operator of energy-related
rail terminals and other complementary mid-stream assets, where Ms.&nbsp;O&#8217;Hagan serves as the Chair of USD Partners GP LLC board&#8217;s
conflicts committee and as a member of the audit committee. From 2018 until its acquisition in 2021, Ms.&nbsp;O&#8217;Hagan was a member
of the board of Pinnacle Renewable Holdings (TSX:PL), a supplier of industrial wood pellets based in Richmond, BC where she also served
as a member of the audit and risk committees. Ms.&nbsp;O&#8217;Hagan has a Bachelor of Arts (Hons.) and a Bachelor of Administrative
and Commercial Studies from the University of Western Ontario (London, Ontario, Canada) and has completed graduate studies in Program
and Policy Studies from the University of Western Ontario. In December&nbsp;2012, Ms.&nbsp;O&#8217;Hagan was named one of Canada&#8217;s
Top 100 Most Powerful Women by the Women&#8217;s Executive Network. Ms.&nbsp;O&#8217;Hagan is also a holder of the ICD.D designation
from the Institute of Corporate Directors, which she achieved in June&nbsp;2016 and earned the CERT Certificate in Cyber Risk Oversight
issued by Carnegie Mellon University and the National Association of Corporate Directors in February&nbsp;2018.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>John J. Walker</I></B> has been a member
of our Board of Directors since September&nbsp;2011. Mr.&nbsp;Walker is a corporate director and a Certified Public Accountant and a
Chartered Global Management Accountant with 37 years overall financial and executive management experience, including twenty-one years
of experience as a Chief Financial Officer with both public and private companies. Mr.&nbsp;Walker served as Chief Financial Officer,
and Senior Vice President of Bowne&nbsp;&amp; Company, a New York Stock Exchange-listed provider of services to help companies produce
and manage their shareholder, investor and marketing&nbsp;&amp; business communications, from 2006 until its acquisition by R.R. Donnelley&nbsp;&amp;
Sons in 2010. Prior to Bowne&nbsp;&amp; Company, from 1988 to 2006, Mr.&nbsp;Walker was an executive with Loews Cineplex Entertainment
Corporation a motion picture theatre exhibition chain, including sixteen years as Chief Financial Officer. Prior thereto, Mr.&nbsp;Walker
served for six years as Controller and Principal Accounting Officer of Corporate Property Investors, then one of the largest real estate
investment trusts in the United States. Mr.&nbsp;Walker also served for six years as Treasurer and Assistant Corporate Controller of
Princess Hotels International a company involved in the ownership and operation of luxury resort hotels, real estate and timesharing
developments. Since October&nbsp;2021 to the present, Mr.&nbsp;Walker is a member of the Board of Schultze Special Purpose Acquisition
Corp. II (Nasdaq: SAMAU, SAMA, SAMAW) where he is Chair of the Audit Committee and also serves on the Nominating and Compensation Committees.
Mr.&nbsp;Walker was a member of the Board of Schultze Special Purpose Acquisition Corp. I from June&nbsp;2018 until December&nbsp;2020
up to the completion of a &#8220;de-SPAC&#8221; business combination. Mr.&nbsp;Walker started his career in the New York office of then-Price
Waterhouse. Mr.&nbsp;Walker is a member of the American Institute of Certified Public Accountants and the New York State Society of CPAs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Edward J. Ryan</I></B> is our Chief Executive
Officer and has been a member of our Board of Directors since May&nbsp;2014. Mr.&nbsp;Ryan joined Descartes in February&nbsp;2000 in
connection with our acquisition of E-Transport Incorporated. Since then, Mr.&nbsp;Ryan has occupied various senior management positions
within Descartes, with particular focus on our network and recurring business. Mr.&nbsp;Ryan was appointed General Manager, Global Logistics
Network in June&nbsp;2004 and then appointed Executive Vice President, Global Field Operations in July&nbsp;2007. He was appointed Chief
Commercial Officer in June&nbsp;2011 and appointed Chief Executive Officer in November&nbsp;2013.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>J. Scott Pagan</I></B> is our President
and Chief Operating Officer. Mr.&nbsp;Pagan joined our legal department in May&nbsp;2000. Mr.&nbsp;Pagan was appointed Corporate Secretary
in May&nbsp;2003, General Counsel&nbsp;&amp; Corporate Secretary in June&nbsp;2004, and Executive Vice President, Corporate Development
in July&nbsp;2007. He was appointed Chief Corporate Officer in June&nbsp;2011 and appointed President and Chief Operating Officer in
November&nbsp;2013. Prior to joining Descartes, Mr.&nbsp;Pagan was in private legal practice.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Allan Brett</I></B> is our Chief Financial
Officer. Mr.&nbsp;Brett is a Chartered Professional Accountant and is an experienced public company executive, who served as Chief Financial
Officer of Aastra Technologies Limited from 1996 through to its sale to Mitel Networks Corporation in 2014. Mr.&nbsp;Brett was appointed
Chief Financial Officer of Descartes in May&nbsp;2014.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Andrew Roszko </I></B>is our Chief Commercial
Officer. Mr.&nbsp;Roszko joined Descartes in November&nbsp;2006 as part of the acquisition of CubeRoute, where he was a founder and held
both engineering and operational leadership roles. Prior to CubeRoute, Mr.&nbsp;Roszko ran a consulting practice and, since joining Descartes,
he has held progressively increasing senior sales leadership roles until his appointment in June&nbsp;2022 to the role of Chief Commercial
Officer.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Raimond Diederik</I></B> is our Executive
Vice President,&nbsp;Information Services. Mr.&nbsp;Diederik joined Descartes in July&nbsp;1998 in connection with our acquisition of
Calixon N.V. Since then, Mr.&nbsp;Diederik has occupied various senior management positions within Descartes, with particular focus on
our information technology infrastructure and technology development activities. Mr.&nbsp;Diederik was appointed SVP, Network Operations&nbsp;&amp;
Information Technology in June&nbsp;2006 and then appointed Executive Vice President,&nbsp;Information Services in September&nbsp;2009.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Ed Gardner</I></B> is our Executive Vice
President, Corporate Development. Mr.&nbsp;Gardner joined Descartes in 2003 where he first held a number of senior roles within our corporate
finance organization. In his current role as Executive Vice President, Corporate Development, Mr.&nbsp;Gardner is responsible for the
development and execution of our M&amp;A strategy.&nbsp; Mr.&nbsp;Gardner&#8217;s previous experience includes both practical logistics
experience where he worked in a senior leadership position at a third-party logistics provider as well as deal execution and integration
experience as part of Ernst&nbsp;&amp; Young&#8217;s Transaction Advisory Services practice in London, England.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Chris Jones </I></B>is our Executive Vice
President, Marketing&nbsp;&amp; Services. Mr.&nbsp;Jones joined Descartes in May&nbsp;2005 and served as Executive Vice President, Solutions&nbsp;&amp;
Markets until his appointment to Executive Vice President, Solutions&nbsp;&amp; Services in September&nbsp;2006. Mr.&nbsp;Jones was appointed
Executive Vice President, Services in February&nbsp;2011 and Executive Vice-President, Marketing&nbsp;&amp; Services in June&nbsp;2011.
From November&nbsp;2003 until he joined Descartes, Mr.&nbsp;Jones was Senior Vice President in Aberdeen Group's Value Chain Research
division where he was responsible for creating a market-leading supply chain and manufacturing research and advisory research practice.
Prior to Aberdeen, from September&nbsp;1998 to January&nbsp;2003, Mr.&nbsp;Jones was Executive Vice President of Marketing and Corporate
Development for SynQuest,&nbsp;Inc., a provider of supply chain planning solutions. Before joining SynQuest, from May&nbsp;1994 to September&nbsp;1998,
Mr.&nbsp;Jones was Vice President and Research Director for Enterprise Resource Planning Solutions at the Gartner Group.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Chad Murphy</I></B> is our Executive Vice
President, Professional Services. Mr. Murphy joined Descartes in 2001 in connection with our acquisition of Centricity and has worked
within product management, solutions consulting, and professional services. Mr. Murphy is responsible for overseeing the delivery of
implementation and activation services carried out by the Professional Services teams within the organization. Mr. Murphy has extensive
experience engaging with customers across many industries to understand their challenges and helping them deploy valuable technology
solutions and process improvement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Peter Nguyen</I></B> is our Senior Vice
President, Legal, General Counsel and Corporate Secretary. Prior to joining Descartes in 2020, Mr. Nguyen was General Counsel and Corporate
Secretary at two other Canadian-based software companies. With more than 20 years of experience, Mr. Nguyen leads the legal function
at Descartes and he and his team are responsible for providing legal services to Company on a global basis.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Robert Parker</I></B> is our Executive
Vice President, Customer Support and Client Services. Mr.&nbsp;Parker joined Descartes in 2009 as part of the acquisition of Scancode
where he had held the role of VP, Operations for 10 years. Mr.&nbsp;Parker leads Descartes&#8217; global customer support and client
services organization and brings over 20 years of senior management and logistics consulting experience to Descartes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Kenneth Wood</I></B> is our Executive Vice
President of Product Management. Mr.&nbsp;Wood joined Descartes in July&nbsp;2001 in connection with our acquisition of Centricity. Mr.&nbsp;Wood
provides leadership in defining our product strategy, developing roadmaps, and working with all aspects of product delivery. He brings
deep domain expertise in supply chain management, transportation management, fleet management, mobile solutions and supply chain planning.
Mr.&nbsp;Wood's previous experience included leadership roles in development, consulting and product management&nbsp;with leading supply
chain software providers such as CAPS Logistics, i2 Technologies, and Centricity.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To our knowledge, as at April 21st, 2023, our
directors and executive officers as a group beneficially owned, or controlled or directed, directly or indirectly, 305,456 of our common
shares, representing approximately 0.36% of the common shares then 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"><FONT STYLE="font-size: 10pt"><B>7.2</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Committees
of the Board of Directors</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">Our Board of Directors currently has four committees:
the Audit Committee; the Compensation Committee; the Corporate Governance Committee; and the Nominating Committee. The committees, their
mandates and membership are 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; text-align: justify"><B><I>Audit Committee</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">The primary functions of the Audit Committee
are to oversee the accounting and financial reporting practices of the Company and the audits of the Company's financial statements,
including assisting the Board in fulfilling its responsibilities in reviewing: financial disclosures and internal controls over financial
reporting; monitoring the system of internal control and overall enterprise risk management (including oversight of the Company&#8217;s
cybersecurity readiness); monitoring the Company's compliance with Applicable Requirements (as defined in Descartes&#8217; Audit Committee
charter); overseeing internal audit functions; selecting the auditors for shareholder approval; reviewing the qualifications, independence
and performance of the auditors; reviewing the qualifications, independence and performance of the Company's financial management; reviewing
related party transactions involving the Company and its Board or executive management.</P>

<P STYLE="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 Board of Directors has adopted an amended
Audit Committee charter setting out the scope of the Audit Committee&#8217;s functions, responsibilities and membership requirements.
A copy of that charter is attached as Appendix &#8220;A&#8221; to this AIF.</P>

<P STYLE="font: 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 Audit Committee is currently composed of
three independent directors: John J. Walker (Chair), Deepak Chopra and Eric Demirian. The Board of Directors has determined that each
of Mr.&nbsp;Walker, Mr.&nbsp;Chopra and Mr.&nbsp;Demirian is an &#8220;audit committee financial expert&#8221; as defined in paragraph
8(b)&nbsp;of General Instruction B to Form&nbsp;40-F promulgated by the Securities and Exchange Commission and that each member of the
Audit Committee is financially sophisticated for the purposes of NASDAQ Rule&nbsp;5605(c)(2)(A).</P>

<P STYLE="font: 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 sets out the education and experience
of the members of the Audit Committee, each of whom is independent and financially literate:</P>

<P STYLE="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><I>John J. Walker</I></B> C.P.A.,
C.G.M.A., B.S. &#8211; Mr.&nbsp;Walker is a Certified Public Accountant and a Chartered Global Management Accountant with experience
as a Chief Financial Officer with public companies, including Bowne&nbsp;&amp; Company, a New York Stock Exchange-listed company and
Loews Cineplex Entertainment Corporation, a New York Stock Exchange-listed company and a Toronto Stock Exchange-listed company. Prior
to Loews, Mr.&nbsp;Walker served as Controller of Corporate Property Investors and a financial executive at Princess Hotels International.
Mr.&nbsp;Walker received his B.S. in Accounting from the University of Scranton. Mr.&nbsp;Walker started his career in the New York office
of then Price Waterhouse. Mr.&nbsp;Walker is a member of the American Institute of Certified Public Accountants and the New York State
Society of CPA&#8217;s.</P>

<P STYLE="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><I>Deepak Chopra</I></B> F.C.P.A.,
B.Comm, Masters in Business Management (PGDBM) &#8211; Mr.&nbsp;Chopra is a Fellow of the Chartered Professional Accountants of Canada.
Mr.&nbsp;Chopra most recently served as President and Chief Executive Officer of Canada Post Corporation from February&nbsp;2011 to March&nbsp;2018.
Mr.&nbsp;Chopra has more than 30 years of global experience in the financial services, technology, transportation, logistics&nbsp;&amp;
supply-chain industries. Prior to that, for more than 20 years, he worked for Pitney Bowes Inc., a NYSE-traded technology company where
Mr.&nbsp;Chopra held the role of Chief Financial Officer of various Pitney Bowes entities over a period of nine (9)&nbsp;years. He also
served as President of Pitney Bowes Canada and Latin America from 2006 to 2010.</P>

<P STYLE="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><I>Eric A. Demirian </I></B>BBM.,
C.P.A., C.G.A, C.A.&#8211; Mr.&nbsp;Demirian is the Chair of the Corporation&#8217;s Board of Directors and was previously the Chair
of the Corporation&#8217;s audit committee. Mr.&nbsp;Demirian is a Chartered Professional Accountant, Certified General Accountant and
a Chartered Accountant. Mr.&nbsp;Demirian is a seasoned business executive with a unique blend of financial, operational and board governance
experience. Since 2003, Mr.&nbsp;Demirian has served as president of Parklea Capital,&nbsp;Inc. (&#8220;Parklea&#8221;), a boutique financial
and strategy advisory firm providing services to small- and mid-market public and private companies, and President of Demicap Inc., a
private investment firm. Prior to Mr.&nbsp;Demirian&#8217;s position at Parklea, he held the position of Executive Vice President of
Group Telecom,&nbsp;Inc. from 2000 to 2003. From 1983 to 2000, Mr.&nbsp;Demirian was with PricewaterhouseCoopers LLP (&#8220;PwC&#8221;)
where he was a partner and head of the Information and Communications Practice. Mr.&nbsp;Demirian serves on the boards of Enghouse Systems
Ltd. (TSX:ESL), and Imax Corporation (NYSE:IMAX). Mr.&nbsp;Demirian is a former director and chair of the audit committees of a number
of public companies, including Menu Foods Income Fund (2005-2010) and Keystone North America Inc. (2007-2010). Mr.&nbsp;Demirian holds
a Bachelor of Business Management degree from Toronto Metropolitan University.</P>

<P STYLE="font: 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 Audit Committee has adopted specific policies
and procedures for the engagement of non-audit services from our independent auditor. Those procedures are attached at Appendix &ldquo;B&rdquo;
to this AIF.</P>

<P STYLE="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"><B><I>Compensation Committee</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">The Compensation Committee is appointed by the
Board of Directors to discharge the Board's duties and responsibilities relating to the compensation of the Company's Chief Executive
Officer and senior management, as well as to review the human resource policies and practices that cover the Company's employees. The
Compensation Committee is currently composed of four independent directors: Deborah Close (Chair), Dennis Maple, Chris Muntwyler and
Jane O&#8217;Hagan.</P>

<P STYLE="font: 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><I>Corporate Governance Committee</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">The Corporate Governance Committee is primarily
responsible for overseeing Descartes' corporate governance policies and activities. The Corporate Governance Committee reviews and maintains
the Board of Directors governing documents in compliance with the Code of Business Conduct and Ethics. The Corporate Governance Committee
is currently composed of four independent directors: Jane O&#8217;Hagan (Chair), Eric Demirian, Chris Muntwyler and John Walker.</P>

<P STYLE="font: 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><I>Nominating Committee</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">The primary function of the Nominating Committee
is to assist the Board of Directors in identifying, recruiting and nominating suitable candidates to serve on the Board of Directors.
The Nominating Committee is currently composed of four independent directors: Dennis Maple (Chair), Deepak Chopra and Deborah Close.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>ITEM 8</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-size: 10pt"><B>EXTERNAL
                                            AUDITORS</B></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">For the fiscal year ended January&nbsp;31, 2023,
our external auditors were KPMG LLP,&nbsp;Independent Registered Public Accounting Firm. KPMG LLP has been our external auditors since
April&nbsp;16, 2015. KPMG LLP have confirmed that they are independent with respect to the Company with the meaning of the relevant rules&nbsp;and
related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations and also
that they are independent accountants with respect to the Company under all relevant US professional and regulatory standards.</P>

<P STYLE="font: 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 sets forth the fees we have
incurred in using the services of KPMG LLP in respect of the applicable fiscal years noted (all amounts in the table are in US dollars
 &#8211; amounts that were billed in Canadian dollars are converted to US dollars at the applicable exchange rate on the last day of the
applicable fiscal period):</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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fiscal Year <BR>
    Ended</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">Audit Fees</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">Audit-Related
    <BR>
    Fees</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">Tax Fees</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">All Other <BR>
    Fees</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">Total</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; width: 18%">January&nbsp;31, 2023</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">767,832</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">2,430</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">Nil</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">Nil</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">770,262</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">January&nbsp;31, 2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">681,657</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,430</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt">Nil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt; padding-left: 5.4pt">Nil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">684,087</TD><TD STYLE="padding-bottom: 1pt; 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; text-align: justify">&#8220;Audit Fees&#8221; consist of fees and
related disbursements for professional services rendered for the audit of the Company&#8217;s annual consolidated financial statements,
reviews of the Company&#8217;s interim consolidated financial statements, services provided in connection with regulatory filings and
statutory audits of certain of the Company&#8217;s foreign 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">&#8220;Audit-Related Fees&#8221; consist of fees
for assurance and related services that are reasonably related to the performance of the audit or review of the Company&#8217;s financial
statements and are not reported as &#8220;Audit Fees&#8221;.</P>

<P STYLE="font: 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 above amounts are exclusive of any related
taxes but are inclusive of disbursements charged to 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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<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>ITEM 9</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-size: 10pt"><B>LEGAL
                                            PROCEEDINGS</B></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">The Company and its subsidiaries are subject
to a variety of claims and suits that arise from time to time in the ordinary course of our business and are typical in our industry.
The consequences of these matters are not presently determinable but, in the opinion of management, the ultimate liability is not expected
to have a material effect on our annual results of operations, financial position or capital resources. None of these proceedings involves
a claim for damages, exclusive of interest and costs, that exceeds 10% of our current assets.</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>ITEM 10</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-size: 10pt"><B>ADDITIONAL
                                            INFORMATION</B></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">Additional information about us is available
at our website at http://www.descartes.com, on SEDAR at http://www.sedar.com and on EDGAR at http://www.sec.gov. Additional information,
including directors&#8217; and officers&#8217; remuneration and indebtedness, principal holders of our securities and securities authorized
for issuance under equity compensation plans, where applicable, is contained in our Management Information Circular for our annual meeting
of shareholders held on June&nbsp;16, 2022. Additional financial information is provided in the section entitled &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations&#8221; and the consolidated financial statements, the notes
thereto and the report of independent registered public accounting firm thereon contained in our Annual Report to the Shareholders for
the year ended January&nbsp;31, 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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Appendix &ldquo;A&rdquo; to Annual Information
Form</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE DESCARTES SYSTEMS
GROUP INC.</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-bottom: 0pt; text-align: center"><B>CHARTER FOR</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE BOARD OF DIRECTORS</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: 0pt 0"><B>1. PURPOSE</B></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">1.</TD><TD STYLE="text-align: justify">The primary functions of the Audit Committee
                                            are to oversee the accounting and financial reporting practices of The Descartes Systems
                                            Group Inc. (the &ldquo;<B>Company</B>&rdquo;) and the audits of the Company&rsquo;s financial
                                            statements and to exercise the responsibilities and duties set forth below, including, but
                                            not limited to, assisting the Board of Directors (the &ldquo;<B>Board</B>&rdquo;) in fulfilling
                                            its responsibilities in reviewing the following: financial disclosures and internal controls
                                            over financial reporting; monitoring the system of internal control and compliance with Applicable
                                            Requirements (as defined below); selecting the auditors for shareholder approval;  reviewing
                                            the qualifications, independence and performance of the auditors and the qualifications and
                                            performance of the Company&rsquo;s financial management; oversight of overall risk management within the Company; oversight of the Company&rsquo;s internal audit function; and reviewing
related party transactions.</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>2. MEMBERSHIP AND ORGANIZATION</B></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">1.</TD><TD STYLE="text-align: justify"><B>Composition</B> - The Audit Committee
                                            shall consist of not less than three members of the Board. At the invitation of the Audit
                                            Committee, members of the Company&rsquo;s management and others may attend Audit Committee
                                            meetings as the Audit Committee considers necessary or desirable.</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"><B>Appointment and Removal of Audit Committee
                                            Members</B> - Each member of the Audit Committee shall be appointed by the Board on an annual
                                            basis and shall serve at the pleasure of the Board, or until the earlier of (a) the close
                                            of the next meeting of the Company&rsquo;s shareholders at which the Company&rsquo;s directors
                                            are elected, (b) the death of the member, or (c) the resignation, disqualification or removal
                                            of the member from the Audit Committee or from the Board. The Board may fill a vacancy in
                                            the membership of the Audit Committee.</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"><B>Chair</B> - At the time of each appointment
                                            of the members of the Audit Committee, the Board shall appoint a Chair of the Audit Committee.
                                            The Chair shall: be a member of the Audit Committee, preside over all Audit Committee meetings
                                            that they attend, coordinate the Audit Committee&rsquo;s compliance with this mandate, work
                                            with management to develop the Audit Committee&rsquo;s annual work-plan and provide reports
                                            of the Audit Committee to the Board.</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">Appendix &#8220;A&#8221; to Annual Information
Form</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>Independence
                                            </B>- Each member of the Audit Committee shall meet the requirements of applicable law and
                                            any applicable requirements promulgated by any exchange upon which securities of the Company
                                            are traded, or any governmental or regulatory body exercising authority over the Company,
                                            as are in effect from time to time (collectively, &ldquo;<B>Applicable Requirements</B>&rdquo;)
                                            related to independence and audit committee composition.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">5.</TD><TD STYLE="text-align: justify"><B>Financial
                                            Expertise</B> - At the time of their appointment to the Audit Committee, each member of the
                                            Audit Committee shall be able to read and understand fundamental financial statements, including
                                            a balance sheet, cash flow statement and income statement, be &ldquo;<B>financially literate</B>&rdquo;
                                            as defined under Applicable Requirements, and shall not have participated in the preparation
                                            of the financial statements of the Company or any current subsidiary of the Company at any
                                            time during the preceding three years. At least one member of the Audit Committee shall have
                                            past employment experience in financing or accounting, requisite professional certification
                                            in accounting, or other comparable experience or background which results in the individual&rsquo;s
                                            financial sophistication, including being or having been a Chief Executive Officer, Chief
                                            Operating Officer, Chief Financial Officer or other senior officer with financial oversight
                                            responsibilities. Further, at least one member of the Audit Committee shall qualify as an
                                            &ldquo;<B>audit committee financial expert</B>&rdquo; (as such term is defined under the
                                            Securities and Exchange Commission&rsquo;s rules).</TD></TR></TABLE>

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

<P STYLE="text-align: justify; 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"><B>3. MEETINGS</B></P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>Meetings
                                            </B>- The members of the Audit Committee shall hold meetings as are required to carry out
                                            this mandate, and in any case no less than four meetings annually. The external auditors
                                            are entitled to attend and be heard at each quarterly Audit Committee meeting scheduled to
                                            consider the Company&rsquo;s financial statements. The Chair, any member of the Audit Committee,
                                            the external auditors, the Chair of the Board, the Lead Director, the Chief Executive Officer
                                            or the Chief Financial Officer may call a meeting of the Audit Committee by notifying the
                                            Company&rsquo;s Corporate Secretary who will notify the members of the Audit Committee. The
                                            Chair shall preside over all Audit Committee meetings or, in the absence of the Chair, the
                                            members of the Audit Committee present may appoint a chair from their number for a meeting.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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">Appendix &#8220;A&#8221; to Annual Information
Form</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B>Secretary
                                            and Minutes</B> - The Corporate Secretary, their designate or any other person the Audit
                                            Committee requests, shall act as secretary at Audit Committee meetings. Minutes of Audit
                                            Committee meetings shall be recorded and maintained by the Corporate Secretary and subsequently
                                            presented to the Audit Committee for approval.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B>Quorum
                                            </B>- A majority of the members of the Audit Committee shall constitute a quorum.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>Access
                                            to Management and Outside Advisors</B> - The Audit Committee shall have unrestricted access
                                            to the Company&#8217;s management and employees and the books and records of the Company,
                                            and, from time to time may hold unscheduled or regularly scheduled meetings or portions of
                                            regularly scheduled meetings with the auditor, the Chief Financial Officer, the Chief Operating
                                            Officer, President or the Chief Executive Officer. The Audit Committee shall have the authority
                                            to conduct investigations into any matters within its scope of responsibilities, retain external
                                            legal counsel, consultants or other advisors to assist it in fulfilling its responsibilities
                                            and to set and pay the respective compensation for these advisors without consulting or obtaining
                                            the approval of the Board or any Company officer. The Company shall provide appropriate funding,
                                            as determined by the Audit Committee, for the services of these advisors.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">5.</TD><TD STYLE="text-align: justify"><B>Meetings
                                            Without Management</B> - As part of each meeting, the Audit Committee shall hold an <I>in
                                            camera</I> session, at which management and non-independent directors are not present, and
                                            the agenda for each Audit Committee meeting shall afford an opportunity for such a session.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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"><B>4. FUNCTIONS AND RESPONSIBILITIES</B></P>

<P STYLE="text-align: justify; 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">The Audit Committee shall have the functions
and responsibilities set out below as well as any other functions that are specifically delegated to the Audit Committee by the Board
and that the Board is authorized to delegate by applicable laws and regulations. In addition to these functions and responsibilities,
the Audit Committee shall perform the duties required of an audit committee by Applicable Requirements.</P>

<P STYLE="text-align: justify; 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>
    <!-- Field: /Page -->

<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">Appendix &ldquo;A&rdquo;
to Annual Information Form</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>Financial
                                            Reports</B></TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">a.</TD><TD STYLE="text-align: justify">General
                                            - The Audit Committee is responsible for overseeing the Company&#8217;s accounting and financial
                                            reporting practices and the audits of the Company&#8217;s financial statements. Management
                                            is responsible for the preparation, presentation and integrity of the Company&#8217;s financial
                                            statements and financial disclosures and for the appropriateness of the accounting principles
                                            and the reporting policies used by the Company. The auditors are responsible for auditing
                                            the Company&#8217;s annual consolidated financial statements and for reviewing the Company&#8217;s
                                            unaudited interim financial statements.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">b.</TD><TD STYLE="text-align: justify">Review
                                            of Annual Financial Reports - The Audit Committee shall review the annual consolidated audited
                                            financial statements of the Company prepared by management, the auditors&rsquo; report thereon
                                            and the related management&rsquo;s discussion and analysis of the Company&rsquo;s financial
                                            condition and results of operation (&ldquo;<B>MD&amp;A</B>&rdquo;). After completing its
                                            review, if advisable, the Audit Committee shall approve and recommend for Board approval
                                            the annual financial statements and the related MD&amp;A.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">c.</TD><TD STYLE="text-align: justify">Review
                                            of Interim Financial Reports - The Audit Committee shall review the interim consolidated
                                            financial statements of the Company prepared by management, the auditors&#8217; review report
                                            thereon and the related MD&amp;A. After completing its review, if advisable, the Audit Committee
                                            shall approve and recommend for Board approval the interim financial statements and the related
                                            MD&amp;A.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">d.</TD><TD STYLE="text-align: justify">Review
                                            Considerations - In conducting its review of the annual financial statements or the interim
                                            financial statements, the Audit Committee shall:</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">i.</TD><TD STYLE="text-align: justify">meet
                                            with management and the auditors to discuss the financial statements and MD&amp;A;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">ii.</TD><TD STYLE="text-align: justify">review
                                            the disclosures in the financial statements;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">iii.</TD><TD STYLE="text-align: justify">review
                                            the audit report or review report prepared by the auditors;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">iv.</TD><TD STYLE="text-align: justify">review
                                            the qualitative judgments of the auditors about the appropriateness, not just the acceptability,
                                            of accounting principles and financial disclosure practices used or proposed to be adopted
                                            by the Company;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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>
    <!-- Field: /Page -->

<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; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Appendix &ldquo;A&rdquo;
to Annual Information Form</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">v.</TD><TD STYLE="text-align: justify">discuss
                                            with management, the auditors and internal legal counsel, as requested, any litigation claim
                                            or other contingency that could have a material effect on the financial statements;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">vi.</TD><TD STYLE="text-align: justify">review
                                            the accounting policies followed and critical accounting and other significant estimates
                                            and judgments underlying the financial statements as presented by management;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">vii.</TD><TD STYLE="text-align: justify">review
                                            any material effects of regulatory accounting initiatives or off-balance sheet structures
                                            on the financial statements as presented by management;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">viii.</TD><TD STYLE="text-align: justify">review
                                            any material changes in accounting policies and any significant changes in accounting practices
                                            and their impact on the financial statements as presented by management;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">ix.</TD><TD STYLE="text-align: justify">review
                                            the methods used to account for significant unusual transactions;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">x.</TD><TD STYLE="text-align: justify">review
                                            the effect of significant accounting policies in controversial or emerging areas for which
                                            there is a lack of authoritative guidance or consensus;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">xi.</TD><TD STYLE="text-align: justify">review
                                            significant recorded and unrecorded audit adjustments;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">xii.</TD><TD STYLE="text-align: justify">review
                                            any material accounting issues among management and the auditors;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">xiii.</TD><TD STYLE="text-align: justify">review
                                            management&rsquo;s report on the effectiveness of internal controls over financial reporting;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">xiv.</TD><TD STYLE="text-align: justify">review
                                            the factors identified by management as factors that may affect future financial results;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">xv.</TD><TD STYLE="text-align: justify">review
                                            results of the Company&#8217;s audit committee hotline program; and</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">xvi.</TD><TD STYLE="text-align: justify">review
                                            any other matters, related to the financial statements, that are brought forward by the auditors,
                                            management or which are required to be communicated to the Audit Committee under accounting
                                            policies, auditing standards or Applicable Requirements.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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">Appendix &ldquo;A&rdquo;
to Annual Information Form</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">e.</TD><TD STYLE="text-align: justify">Approval
                                            of Other Financial Disclosures - The Audit Committee shall review and, if advisable, approve
                                            and recommend for Board approval financial disclosure in a prospectus or other securities
                                            offering document of the Company, press releases disclosing financial results of the Company
                                            and any other material financial disclosure, including financial guidance provided to rating
                                            agencies or otherwise publicly disseminated, and material non-GAAP financial measures, non-GAAP
                                            ratios, total of segments measures, capital management measures, and supplementary financial
                                            measures (each as defined in National Instrument 52-112 &ndash; <I>Non-GAAP and Other Financial
                                            Measures Disclosure</I>).</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B>Independent
                                            Auditors</B></TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">a.</TD><TD STYLE="text-align: justify">General
                                            - The Audit Committee shall be responsible for oversight of the work of the auditors, including
                                            the auditors&#8217; work in preparing or issuing an audit report, performing other audit,
                                            review or attest services or any other related work.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">b.</TD><TD STYLE="text-align: justify">Appointment
                                            and Compensation - The Audit Committee shall review and, if advisable, select and recommend
                                            for Board and shareholder approval the appointment of the auditors. The Audit Committee shall
                                            have ultimate authority to approve all audit engagement terms and fees, including the auditors&#8217;
                                            audit plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">c.</TD><TD STYLE="text-align: justify">Resolution
                                            of Disagreements - Review all reportable events, including any disagreements, unresolved
                                            issues and consultations (as those terms are defined by Applicable Requirements), with the
                                            Company&#8217;s auditors, whether or not there is to be a change of auditors.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">d.</TD><TD STYLE="text-align: justify">Change
                                            of Auditors - When the Audit Committee determines to recommend a change of auditors or the
                                            auditors are otherwise terminated or resign, the Audit Committee shall review all issues
                                            related to the change of auditors, including the information required to be disclosed by
                                            applicable legal requirements and the planned steps for an orderly transition.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">e.</TD><TD STYLE="text-align: justify">Discussions
                                            with Auditors - At least annually, the Audit Committee shall discuss with the auditors such
                                            matters as are required by applicable auditing standards to be discussed by the auditors
                                            with the audit committee, including the matters required to be discussed by applicable auditing
                                            standards.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">f.</TD><TD STYLE="text-align: justify">Audit
                                            Plan - At least annually, the Audit Committee shall review a summary of the auditors&rsquo;
                                            annual audit plan. The Audit Committee shall consider and review with the auditors any material
                                            changes to the scope of the plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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">Appendix &ldquo;A&rdquo;
to Annual Information Form</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">g.</TD><TD STYLE="text-align: justify">Quarterly
                                            Review Report - The Audit Committee shall review a report prepared by the auditors in respect
                                            of each of the interim financial statements of the Company.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">h.</TD><TD STYLE="text-align: justify">Independence
                                            of Auditors - At least annually, and before the auditors issue their report on the annual
                                            financial statements, the Audit Committee shall: obtain from the auditors a formal written
                                            statement describing all relationships between the auditors and the Company; discuss with
                                            the auditors any disclosed relationships or services that may impact the objectivity and
                                            independence of the auditors; and obtain written confirmation from the auditors that they
                                            are objective and independent within the meaning of the applicable Rules&nbsp;of Professional
                                            Conduct/Code of Ethics adopted by the provincial institute or order of chartered accountants
                                            to which it belongs and other Applicable Requirements. The Audit Committee shall take appropriate
                                            action to oversee the independence of the auditors.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">i.</TD><TD STYLE="text-align: justify">Evaluation
                                            and Rotation of Lead Partner - At least annually, the Audit Committee shall review the qualifications
                                            and performance of the lead partner(s)&nbsp;of the auditors. The Audit Committee shall obtain
                                            a report from the auditors annually verifying that the lead partner of the auditors has served
                                            in that capacity for no more than five fiscal years of the Company and that the engagement
                                            team collectively possesses the experience and competence to perform an appropriate audit.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">j.</TD><TD STYLE="text-align: justify">Evaluation
                                            of performance and audit quality &#8211; the Audit Committee shall review and evaluate the
                                            performance of the external auditor to assess the quality of the audit and the services performed
                                            by the external auditor.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">k.</TD><TD STYLE="text-align: justify">Requirement
                                            for Pre-Approval of Non-Audit Services - The Audit Committee shall approve in advance any
                                            retainer of the auditors to perform any non-audit service to the Company that it deems advisable
                                            in accordance with Applicable Requirements, and Board approved policies and procedures. The
                                            Audit Committee may delegate pre-approval authority to a member of the Audit Committee. The
                                            decisions of any member of the Audit Committee to whom this authority has been delegated
                                            must be presented to the full Audit Committee at its next scheduled Audit Committee meeting.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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">Appendix &ldquo;A&rdquo;
to Annual Information Form</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">l.</TD><TD STYLE="text-align: justify">Review
                                            of Professional Services - The Audit Committee shall review reports from management at each
                                            quarterly Audit Committee meeting scheduled to consider the Company&#8217;s financial statements
                                            concerning expenses incurred in the quarter for the services of any accounting firm (other
                                            than the appointed auditor) engaged to provide services to the Company, in each case to the
                                            extent that the amount of such expenses in respect of any such firm exceeds $100,000.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">m.</TD><TD STYLE="text-align: justify">Approval
                                            of Hiring Policies - The Audit Committee shall review and approve the Company&#8217;s hiring
                                            policies regarding partners, employees and former partners and employees of the present and
                                            former external auditors of the Company.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B>Internal
                                            Controls</B></TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">a.</TD><TD STYLE="text-align: justify">General
                                            - The Audit Committee shall review reports from management on the nature, establishment,
                                            monitoring and effectiveness of the Company&rsquo;s system of internal control over financial
                                            reporting and disclosure controls and procedures (as those terms are defined in Applicable
                                            Requirements).</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">b.</TD><TD STYLE="text-align: justify">Establishment,
                                            Review and Approval - The Audit Committee shall require management to establish and maintain
                                            appropriate systems of internal control over financial reporting and disclosure controls
                                            and procedures in accordance with Applicable Requirements and guidance and to review, evaluate
                                            and approve these controls and procedures. At least annually, the Audit Committee shall consider
                                            and review with management and the auditors:</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">i.</TD><TD STYLE="text-align: justify">the
                                            effectiveness of, or weaknesses or deficiencies in the design or operation of the Company&rsquo;s
                                            internal control over financial reporting and disclosure controls and procedures, and the
                                            impact of any identified weaknesses in these controls and procedures on management&rsquo;s
                                            conclusions;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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">Appendix &ldquo;A&rdquo;
to Annual Information Form</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">ii.</TD><TD STYLE="text-align: justify">any
                                            significant changes in internal control over financial reporting that are disclosed, or considered
                                            for disclosure, including those in the Company&#8217;s periodic regulatory filings;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">iii.</TD><TD STYLE="text-align: justify">the
                                            auditors&#8217; report on the Company&#8217;s internal control over financial reporting;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">iv.</TD><TD STYLE="text-align: justify">any
                                            material issues raised by any inquiry or investigation by the Company&#8217;s regulators;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">v.</TD><TD STYLE="text-align: justify">the
                                            Company&#8217;s fraud prevention and detection program, including deficiencies in internal
                                            controls that may impact the integrity of financial information, or may expose the Company
                                            to other significant internal or external fraud losses and the extent of those losses and
                                            any disciplinary action in respect of fraud taken against management or other employees who
                                            have a significant role in financial reporting; and</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">vi.</TD><TD STYLE="text-align: justify">any
                                            related significant issues and recommendations of the auditors together with management&rsquo;s
                                            responses thereto, including the timetable for implementation of recommendations to correct
                                            weaknesses in internal controls over financial reporting and disclosure controls.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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 0.25in"><B>4. Risk Management</B></P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">a.</TD><TD STYLE="text-align: justify">General
                                            - In addition to being responsible for overseeing risks related to the Company&#8217;s accounting,
                                            financial statements, financial reporting process and internal controls related to financial
                                            reporting, the Audit Committee is also responsible for overseeing management&#8217;s implementation
                                            and operation of the enterprise risk management program, as documented in the Risk Management
                                            Policy established by the Board of Directors. The risk oversight process is the means by
                                            which the Board of Directors determines that the Company has in place an effective process
                                            for identifying, assessing, managing and monitoring key risks in the business on a continuous
                                            basis as the business evolves.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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">Appendix &ldquo;A&rdquo;
to Annual Information Form</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">b.</TD><TD STYLE="text-align: justify">Management
                                            Responsibilities - Management is responsible for:</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in">i.</TD><TD STYLE="text-align: justify">ensuring
                                            the development and implementation of the Risk Management process. Risk Management is the
                                            framework required to identify, assess and develop strategies to manage and monitor control
                                            risks;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in">ii.</TD><TD STYLE="text-align: justify">the
                                            design and implementation of the actions, measures and/or processes to mitigate to an appropriate
                                            level all material risks in the business (the &#8220;<B>Risk Controls</B>&#8221;) including
                                            the design and implementation of appropriate crisis preparedness, business continuity and
                                            disaster recovery plans; and</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in">iii.</TD><TD STYLE="text-align: justify">monitoring
                                            overall compliance with and adherence to the Risk Management Policy as established by the
                                            Board of Directors.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">c.</TD><TD STYLE="text-align: justify">Audit
                                            Committee Responsibilities - The Audit Committee is responsible for:</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in">i.</TD><TD STYLE="text-align: justify">at
                                            least annually, reviewing the effectiveness of the Risk Management program that is in place.
                                            As part of its review, the Audit Committee will review reports prepared by management that
                                            assess the risks in the business, identifies the Risk Controls that are in place to mitigate
                                            and manage these risks to an appropriate level, and evaluate the residual risk in the business
                                            (the risk that remains after implementation of the Risk Controls);</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in">ii.</TD><TD STYLE="text-align: justify">periodically
                                            monitor risk and risk management capabilities within the Company including crisis preparedness,
                                            business continuity and disaster recovery plans; and</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.5in">iii.</TD><TD STYLE="text-align: justify">reporting
                                            to the Board of Directors on its oversight of the Company&#8217;s Risk Management program,
                                            including an assessment of whether the program is being followed and is effective.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">d.</TD><TD STYLE="text-align: justify">Computerized
                                            Information Systems - The Audit Committee shall review reports from the Company&#8217;s management
                                            containing its assessment of the adequacy of the Company&#8217;s computerized information
                                            system controls and security and related risks, including cybersecurity risk.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: justify"><B>Conflicts of Interest
                                            </B>- The Audit Committee shall review the Company&rsquo;s policies relating to the avoidance
                                            of conflicts of interest and review and approve all payments to be made pursuant to any related
                                            party transactions involving executive officers and members of the Board, as may be necessary
                                            or desirable under Applicable Requirements. The Audit Committee shall consider the results
                                            of any review of these policies and procedures by the Company&rsquo;s external auditors.</TD>
</TR></TABLE>

<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"></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">Appendix &ldquo;A&rdquo;
to Annual Information Form</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">6.</TD><TD STYLE="text-align: justify"><B>Internal
                                            Audit -</B> the Audit Committee may choose to establish and maintain an Internal Audit function
                                            from time to time. If so established, the internal audit function will report directly to
                                            the Chair of the Audit Committee and administratively to the Chief Financial Officer. In
                                            relation to the internal audit function, if so established and maintained, the Audit Committee
                                            shall:</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">a.</TD><TD STYLE="text-align: justify">Establish
                                            an internal audit charter and review and approve any necessary revisions to such charter
                                            on an annual basis;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">b.</TD><TD STYLE="text-align: justify">review
                                            and evaluate the effectiveness of the internal audit function;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">c.</TD><TD STYLE="text-align: justify">review
                                            the operating budget for the internal audit function including staffing levels and resources;
                                            and</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in">d.</TD><TD STYLE="text-align: justify">On
                                            a regular basis, meet with the head of the internal audit function without other members
                                            of management present.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify"><B>Compliance
                                            with Legal and Regulatory Requirements</B> - The Audit Committee shall review reports from
                                            the Company&rsquo;s Corporate Secretary and other management members on: legal or compliance
                                            matters that may have a material impact on the Company; the effectiveness of the Company&rsquo;s
                                            compliance policies; and any material communications received from regulators. The Audit
                                            Committee shall review management&rsquo;s evaluation of and representations relating to compliance
                                            with specific Applicable Requirements, and management&rsquo;s plans to remediate any deficiencies
                                            identified.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify"><B>Audit
                                            Committee Hotline Procedures</B> - The Audit Committee shall establish procedures for (a)&nbsp;the
                                            receipt, retention, and treatment of complaints received by the Company regarding accounting,
                                            internal accounting controls, or auditing matters; and (b)&nbsp;the confidential, anonymous
                                            submission by employees of the Company of concerns regarding questionable accounting or auditing
                                            matters. Any such complaints or concerns that are received shall be reviewed by the Audit
                                            Committee and, if the Audit Committee determines that the matter requires further investigation,
                                            it will direct the Chair of the Audit Committee to engage outside advisors, as it deems necessary
                                            or appropriate, to investigate the matter and will work with management and the Company&#8217;s
                                            general counsel to reach a satisfactory conclusion.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">9<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></TD><TD STYLE="text-align: justify"><B>Audit
                                            Committee Disclosure</B> - The Audit Committee shall prepare, review and approve any audit
                                            committee disclosures required by Applicable Requirements in the Company&#8217;s disclosure
                                            documents.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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">Appendix &ldquo;A&rdquo;
to Annual Information Form</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify"><B>Requirement
                                            for Review and Approval of the CEO Business Expenses</B> - The Chair of the Audit Committee
                                            shall review and approve the reimbursable business expenses incurred by the Chief Executive
                                            Officer of the Company in connection with the performance of their duties. Such approval
                                            may be provided subsequent to reimbursement of such expenses.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.</FONT></TD><TD STYLE="text-align: justify"><B>Review
                                            of Audit Committee Charter - </B>On at least an annual basis, the Audit Committee shall,
                                            in conjunction with the Corporate Governance Committee, review and reassess the adequacy
                                            of this Audit Committee Charter.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12.</FONT></TD><TD STYLE="text-align: justify"><B>Delegation
                                            </B>- The Audit Committee may, to the extent permissible by Applicable Requirements, designate
                                            a sub-committee to review any matter within this mandate as the Audit Committee deems appropriate.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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"><B>6. REPORTING TO THE BOARD</B></P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify">The
                                            Chair shall report to the Board, as required by Applicable Requirements or as deemed necessary
                                            by the Audit Committee or as requested by the Board, on matters arising at Audit Committee
                                            meetings and, where applicable, shall present the Audit Committee&rsquo;s recommendation
                                            to the Board for its approval.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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>
    <!-- Field: /Page -->

<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">Appendix &ldquo;A&rdquo;
to Annual Information Form</P>

<P STYLE="text-align: justify; 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"><B>7. GENERAL</B></P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify">The
                                            Audit Committee shall, to the extent permissible by Applicable Requirements, have such additional
                                            authority as may be reasonably necessary or desirable, in the Audit Committee&#8217;s discretion,
                                            to exercise its powers and fulfill the duties under this mandate.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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"><B>8. CURRENCY OF THE AUDIT COMMITTEE CHARTER</B></P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify">This
                                            charter was last approved by the Audit Committee and Board on March 1, 2023.</TD></TR></TABLE>

<P STYLE="text-align: justify; 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>
    <!-- Field: /Page -->

<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>Appendix &ldquo;B&rdquo;
to Annual Information Form</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"><B>PRE-APPROVAL POLICY AND PROCEDURE FOR ENGAGEMENTS
OF THE INDEPENDENT AUDITOR</B></P>

<P STYLE="text-align: justify; 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">The responsibilities of the Company&#8217;s audit
committee are set out in the Company&#8217;s Audit Committee Charter, which responsibilities include pre-approving audit and non-audit
services provided by the independent auditors in order to ensure the services do not impair the auditors' independence. Applicable securities
commissions and accounting standards boards have issued rules&nbsp;specifying the permissible services independent auditors may provide
to audit clients, as well as the pre-approval of fees. Accordingly, the Company&#8217;s Audit Committee has adopted the following Pre-Approval
Policy and Procedure.</P>

<P STYLE="text-align: justify; 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">Under the Audit Committee's approach, an annual
program of work will be approved each year for the following categories of services: Audit, Audit-Related, and Tax. Each engagement or
category of service will be presented in appropriate detail by business function and geographic area to provide the Audit Committee sufficient
understanding of the services provided. Additional engagements may be brought forward from time to time for pre-approval by the Audit
Committee.</P>

<P STYLE="text-align: justify; 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">The Audit Committee will consider whether any
service to be obtained from the independent auditors is consistent with applicable rules&nbsp;on auditor independence. Also, the Audit
Committee will consider the level of Audit and Audit-Related fees in relation to all other fees paid to the independent auditors, and
will review such level each year. In carrying out this responsibility, the Audit Committee may obtain input from Company management on
the general level of fees, and the process for determining and reporting fees from the numerous locations where the Company operates
and the independent auditors provide services.</P>

<P STYLE="text-align: justify; 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">The term of any pre-approval applies to the Company&#8217;s
financial year. Thus, Audit fees for the financial year may include work performed after the close of the calendar year. The pre-approval
for Audit-Related and Tax fees is on a calendar-year basis. Unused pre-approval amounts will not be carried forward to the next financial
year. Pre-approvals will apply to engagements within a category of service, and cannot be transferred between categories. If fees might
otherwise exceed pre-approved amounts for any category of permissible services, then time will be scheduled so that incremental amounts
can be reviewed and pre-approved prior to commitment.</P>

<P STYLE="text-align: justify; 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"><B>Audit Services</B></P>

<P STYLE="text-align: justify; 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">Audit services include the annual financial statement
audit engagement (including required quarterly reviews), affiliate and subsidiary statutory audits, and other procedures required to
be performed by the independent auditors to render an opinion on the Company&#8217;s consolidated financial statements. Audit services
also include information systems reviews, tests performed on the system of internal controls, and other procedures necessary to support
the independent auditors' attestation of management's report on internal controls for financial reporting consistent with applicable
securities legislation, as applicable.</P>

<P STYLE="text-align: justify; 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">Appendix &#8220;B&#8221; to Annual Information
Form</P>

<P STYLE="text-align: justify; 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">The independent auditors are responsible for
cost-effectively providing audit services and confirming that audit services are not undertaken prior to review and pre-approval by the
Audit Committee. The independent auditors and Company management will jointly manage a process for collecting and reporting Audit fees
billed by the independent auditors to Company each year.</P>

<P STYLE="text-align: justify; 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"><B>Audit-Related Services</B></P>

<P STYLE="text-align: justify; 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">Audit-Related services include services that
are reasonably related to the review of the Company&#8217;s financial statements. These services include benefit plan and joint
venture audits, attestation procedures related to cost certifications and government compliance, consultations on accounting issues,
due diligence procedures and subscription costs for access to accounting literature and related tools. Each year the Audit Committee will review the proposed services to ensure the independence of the
independent auditors is not impaired.</P>

<P STYLE="text-align: justify; 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">Pre-approval will occur each year coincident
with pre-approval of Audit services. Company management will monitor the engagement of the independent auditors for Audit-Related services
using designated process owners. This process will help provide assurance that the aggregate dollar amount of services obtained does
not exceed pre-approval amounts at any time, and that new engagements not initially identified are pre-approved prior to commitment.</P>

<P STYLE="text-align: justify; 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"><B>Tax Services</B></P>

<P STYLE="text-align: justify; 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">The Audit Committee concurs that the independent
auditors may provide certain Tax services without impairing independence. These services include preparing local tax filings and related
tax services, tax planning, preparing individual employee expatriate tax returns, and other services permitted by applicable securities
regulations. The Audit Committee will not permit engaging the independent auditors (1)&nbsp;in connection with a transaction, the sole
purpose of which may be impermissible tax avoidance, or (2)&nbsp;for any tax services that may be prohibited by applicable securities
rules&nbsp;now or in the future. Company management will monitor the engagement of the independent auditors or other firms for such Tax
services to help provide assurance that aggregate dollar amounts of services obtained from the independent auditors do not exceed pre-approval
amounts at any time.</P>

<P STYLE="text-align: justify; 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"><B>All Other Services</B></P>

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




<P STYLE="text-align: justify; 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">The Company does not envision obtaining other
services from the independent auditors, except for the Audit, Audit-Related, and Tax services described previously. If permissible other
services are requested by the Company, each engagement must be pre-approved by the Audit Committee. Such requests should be supported
by endorsement of the Chief Financial Officer prior to review with the Audit Committee.</P>

<P STYLE="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="text-align: justify; 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">Appendix &ldquo;B&rdquo;
to Annual Information Form</P>

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

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

<P STYLE="text-align: justify; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current
securities </FONT>regulations specify that independent auditors may not provide the following prohibited services: Bookkeeping, Financial
Information Systems Design and Implementation, Appraisals or Valuation (other than Tax), Fairness Opinions, Actuarial Services,&nbsp;Internal
Audit Outsourcing, Management Functions, Human Resources such as Executive Recruiting, Broker-Dealer Services, Legal Services, or Expert
Services such as providing expert testimony or opinions where the purpose of the engagement is to advocate the client's position in an
adversarial proceeding. Company personnel may not under any circumstances engage the independent auditors for prohibited services. Potential
engagements not clearly permissible should be referred to the Chief Financial Officer.</P>

<P STYLE="text-align: justify; 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"><B>Delegation</B></P>

<P STYLE="text-align: justify; 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">The Audit Committee may delegate pre-approval
authority to one or more of its members. The member or members to whom such authority is delegated shall report any pre-approval decisions
to the Audit Committee at its next scheduled meeting. The Audit Committee may not delegate to management the Audit Committee&#8217;s
responsibilities to pre-approve services performed by the independent auditor.</P>

<P STYLE="text-align: justify; 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>

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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>3
<FILENAME>tm234898d3_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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<P STYLE="margin: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;99.4</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"><B>Consent of Independent Registered Public Accounting
Firm</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">The Board of Directors of<BR>
The Descartes Systems Group Inc. (the &ldquo;Company&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">We consent to the use of:</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">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our report dated March&nbsp;1, 2023, on the consolidated financial statements of the Company, which comprise the consolidated </FONT>balance sheets as at January&nbsp;31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, shareholders&rsquo; equity and cash flows for each of the years in the three-year period ended January&nbsp;31, 2023, and the related notes (collectively, the &ldquo;consolidated financial statements&rdquo;), and</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">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our report dated March&nbsp;1, 2023 on the effectiveness of internal control over financial reporting as of January&nbsp;31, 2023</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">each of which is included in the Annual Report on Form&nbsp;40-F of
the Company for the fiscal year ended January&nbsp;31, 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">We also consent to the incorporation by reference of such reports in
the Registration Statement (No.&nbsp;333-239754) on Form&nbsp;F-10/A and the Registration Statement (No.&nbsp;333-255087) on Form&nbsp;S-8
of the Company.</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>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ KPMG LLP</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 48%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chartered Professional Accountants, Licensed Public Accountants</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    24, 2023</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&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>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>4
<FILENAME>tm234898d3_ex99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;99.5</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"><B>CERTIFICATION PURSUANT TO RULE 13a-14 or 15d-14
OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED
PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION&nbsp;302 OF THE SARBANES-OXLEY ACT OF
2002</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">I, Edward J. Ryan, certify that:</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">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I have reviewed this annual report on Form&nbsp;40-F of The Descartes Systems Group Inc.;</FONT></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">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></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">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;</FONT></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">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The issuer&rsquo;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the issuer and have:</FONT></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">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></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">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></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">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated the effectiveness of the issuer&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></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">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosed in this report any change in the issuer&rsquo;s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the issuer&rsquo;s internal control over financial reporting; and</FONT></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">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The issuer&rsquo;s other certifying officer(s)&nbsp;and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&rsquo;s auditors and the audit committee of the issuer&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></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">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&rsquo;s ability to record, process, summarize and report financial information; and</FONT></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">
  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&rsquo;s internal control over financial reporting.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: April 24,
    2023</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Edward J. Ryan</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edward J. Ryan </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
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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"></P>

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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>5
<FILENAME>tm234898d3_ex99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;99.6</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"><B>CERTIFICATION PURSUANT TO RULE 13a-14 or 15d-14
OF THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED
PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION&nbsp;302 OF THE SARBANES-OXLEY ACT OF
2002</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">I, Allan Brett, certify that:</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>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I have reviewed this annual report on Form&nbsp;40-F of The Descartes Systems Group Inc.;</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>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</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>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;</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>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The issuer&rsquo;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the issuer and have:</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>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</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>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</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>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluated the effectiveness of the issuer&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</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>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosed in this report any change in the issuer&rsquo;s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the issuer&rsquo;s internal control over financial reporting; and</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>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The issuer&rsquo;s other certifying officer(s)&nbsp;and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&rsquo;s auditors and the audit committee of the issuer&rsquo;s board of directors (or persons performing the equivalent functions):</FONT></TD></TR>
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<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>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&rsquo;s ability to record, process, summarize and report financial information; and</FONT></TD></TR>
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<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>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 48px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&rsquo;s internal control over financial reporting.</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: April
    24, 2023</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Allan Brett</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allan Brett</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</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: right"></P>

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<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>6
<FILENAME>tm234898d3_ex99-7.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
<HTML>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 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: right"><B>EXHIBIT&nbsp;99.7</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 U.S.C. SECTION&nbsp;1350,</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION&nbsp;906 OF THE SARBANES-OXLEY ACT OF
2002</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">In connection with the annual report of The Descartes Systems Group
Inc., a Canadian company and foreign private issuer (the &ldquo;<U>Company</U>&rdquo;), on Form&nbsp;40-F for the fiscal year ended January&nbsp;31,
2023, as filed with the Securities and Exchange Commission on the date hereof (the &ldquo;<U>Report</U>&rdquo;), we, Edward J. Ryan and
Allan Brett, do hereby certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002, to our knowledge, that:</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="vertical-align: top; width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 95%; font: 10pt Times New Roman, Times, Serif; text-align: left">This Report fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934; and</TD></TR>
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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="text-align: left; width: 5%; font: 10pt Times New Roman, Times, Serif; vertical-align: top">2.</TD>
    <TD STYLE="vertical-align: top; width: 95%; font: 10pt Times New Roman, Times, Serif; text-align: left">The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
  </TABLE>

<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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Edward J. Ryan</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edward
    J. Ryan</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Allan Brett</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allan
    Brett</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
    24, 2023</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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">This certification is being submitted solely for the purpose of complying
with Section&nbsp;1350 of Chapter 63 of Title 18 of the United States Code. This certification is not to be deemed &ldquo;filed&rdquo;
for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, nor will
the certification be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act
of 1934, except to the extent that the Registrant specifically incorporates it 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"></P>

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    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
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    <import namespace="http://xbrl.sec.gov/country/2021" schemaLocation="https://xbrl.sec.gov/country/2021/country-2021.xsd" />
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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>8
<FILENAME>dsgx-20230131_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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</link:linkbase>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>dsgx-20230131_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>dsgx-20230131_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm140068214280464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Jan. 31, 2023 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesLineItems', window );"><strong>Entity Addresses [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">40-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jan. 31,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--01-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-29970<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">THE
DESCARTES SYSTEMS GROUP INC.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001050140<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">Z4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">120
Randall Drive<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Waterloo<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">ON<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">N2V
1C6<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">519<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">746-8110<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AnnualInformationForm', window );">Annual Information Form</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditedAnnualFinancialStatements', window );">Audited Annual Financial Statements</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">84,820,100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorName', window );">Auditor Name</a></td>
<td class="text">KPMG LLP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">Toronto, ON, Canada<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">85<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesLineItems', window );"><strong>Entity Addresses [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Shares, no par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">DSGX<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=dsgx_RightsToPurchaseCommonSharesNoParValueMember', window );">Rights to purchase Common Shares, no par value [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesLineItems', window );"><strong>Entity Addresses [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Rights to purchase Common
    Shares, no par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">DSGX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesLineItems', window );"><strong>Entity Addresses [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Powers Ferry Business Park<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">2030 Powers Ferry Road SE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">Suite 350<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Atlanta<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">GA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">30339-5066<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">678<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">247-0400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="text">Descartes Systems (USA) LLC<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AnnualInformationForm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag with value true on a form if it is an annual report containing an annual information form.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AnnualInformationForm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditedAnnualFinancialStatements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag with value true on a form if it is an annual report containing audited financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditedAnnualFinancialStatements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorFirmId">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorFirmId</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:nonemptySequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorLocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorLocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 3 such as an Office Park</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=dsgx_RightsToPurchaseCommonSharesNoParValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=dsgx_RightsToPurchaseCommonSharesNoParValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
