<SEC-DOCUMENT>0001193125-21-226642.txt : 20210728
<SEC-HEADER>0001193125-21-226642.hdr.sgml : 20210728
<ACCEPTANCE-DATETIME>20210728083456
ACCESSION NUMBER:		0001193125-21-226642
CONFORMED SUBMISSION TYPE:	SC13E4F/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20210728
DATE AS OF CHANGE:		20210728

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRP Inc.
		CENTRAL INDEX KEY:			0001748797
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A8

	FILING VALUES:
		FORM TYPE:		SC13E4F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-90665
		FILM NUMBER:		211119923

	BUSINESS ADDRESS:	
		STREET 1:		726 SAINT-JOSEPH STREET
		CITY:			VALCOURT
		STATE:			A8
		ZIP:			J0E 2L0
		BUSINESS PHONE:		450-532-2211

	MAIL ADDRESS:	
		STREET 1:		726 SAINT-JOSEPH STREET
		CITY:			VALCOURT
		STATE:			A8
		ZIP:			J0E 2L0

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRP Inc.
		CENTRAL INDEX KEY:			0001748797
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A8

	FILING VALUES:
		FORM TYPE:		SC13E4F/A

	BUSINESS ADDRESS:	
		STREET 1:		726 SAINT-JOSEPH STREET
		CITY:			VALCOURT
		STATE:			A8
		ZIP:			J0E 2L0
		BUSINESS PHONE:		450-532-2211

	MAIL ADDRESS:	
		STREET 1:		726 SAINT-JOSEPH STREET
		CITY:			VALCOURT
		STATE:			A8
		ZIP:			J0E 2L0
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC13E4F/A
<SEQUENCE>1
<FILENAME>d207457dsc13e4fa.htm
<DESCRIPTION>SC13E4F/A
<TEXT>
<HTML><HEAD>
<TITLE>SC13E4F/A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE <FONT STYLE="white-space:nowrap">13E-4F</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&nbsp;3) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Rule <FONT STYLE="white-space:nowrap">13e-102)</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>TENDER OFFER STATEMENT PURSUANT TO SECTION 13(e)(1) OF THE SECURITIES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGE ACT OF 1934 AND RULE <FONT STYLE="white-space:nowrap">13e-4</FONT> THEREUNDER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BRP Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of
Issuer as specified in its Charter) </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Quebec, Canada </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Jurisdiction of Issuer&#146;s Incorporation or Organization) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BRP Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name(s) of
Person(s) Filing Statement) </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Subordinate Voting Shares </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of Class&nbsp;of Securities) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>05577W200 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(CUSIP Number
of Class&nbsp;of Securities) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>726 Saint-Joseph Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Valcourt, Quebec </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada,
J0E 2L0 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(450) <FONT STYLE="white-space:nowrap">532-6154</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Attention: Martin Langelier </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address and telephone number of person authorized to </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>receive notices and communications on behalf of the person(s) filing statement) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>with a copy to: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Warren Katz</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aniko Pelland</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stikeman
Elliott LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1155 <FONT STYLE="white-space:nowrap">Ren&eacute;-L&eacute;vesque</FONT> Blvd. West</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Montreal, Quebec</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada,
H3B 3V2</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(514) <FONT STYLE="white-space:nowrap">397-3000</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Rachel Phillips</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ropes&nbsp;&amp; Gray LLP</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1211 Avenue of the Americas</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, NY 10036-8704</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">(212)&nbsp;841-8857</FONT></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>June&nbsp;18, 2021 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Date tender offer first published, sent or given to security holders) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF FILING FEE: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>Transaction Valuation</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Amount of Filing Fee</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">US$289,256,198.35 <SUP STYLE="font-size:85%; vertical-align:top">(1)(2)</SUP></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">US$31,557.85 <SUP STYLE="font-size:85%; vertical-align:top">(1)(2)(3)</SUP></TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The fee has been calculated pursuant to the instructions for Schedule
<FONT STYLE="white-space:nowrap">13E-4F</FONT> as prescribed by Section&nbsp;13(e)(3) of the Securities Exchange Act of 1934, as amended, based on a maximum aggregate purchase price of US$289,256,198.35. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Determined based on the proposed maximum aggregate purchase price in Canadian dollars of CDN$350,000,000.00
converted into U.S. dollars based on the average rate of exchange on June&nbsp;14, 2021, as reported by the Bank of Canada, for the conversion of Canadian dollars into U.S. dollars of CDN$1.21 equals U.S.$1.00. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously paid. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Check the box if any part of the fee is offset as provided by Rule
<FONT STYLE="white-space:nowrap">0-11(a)(2)</FONT> and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="75%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Amount Previously Paid:&nbsp;&nbsp;$31,557.85</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Registration <FONT STYLE="white-space:nowrap">No.:&nbsp;&nbsp;005-90665</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Filing Party:&nbsp;&nbsp;BRP Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Form:&nbsp;&nbsp;13E-4F</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Date Filed:&nbsp;&nbsp;June&nbsp;21, 2021</TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Amendment No.&nbsp;3 (this &#147;<B>Amendment No.</B><B></B><B>&nbsp;3</B>&#148;) amends and supplements the Schedule
<FONT STYLE="white-space:nowrap">13E-4F</FONT> (as amended, the &#147;<B>Schedule <FONT STYLE="white-space:nowrap">13E-4F</FONT></B>&#148;) filed with the Securities Exchange Commission on June&nbsp;21, 2021 by BRP Inc. (the
&#147;<B>Company</B>&#148;), a company organized under the laws of Canada, in connection with the Company&#146;s substantial issuer bid/tender offer (the &#147;<B>SIB</B>&#148;) pursuant to which the Company offered to purchase from shareholders for
cancellation up to CDN$350&nbsp;million of its outstanding subordinate voting shares (&#147;<B>Subordinate Voting Share</B>s&#148;) at a purchase price that will allow it to purchase the maximum number of Subordinate Voting Shares properly tendered
to the SIB, and not properly withdrawn, having an aggregate purchase price not exceeding CDN$350&nbsp;million, on and subject to the terms and conditions set forth in the Offer to Purchase and Circular dated June&nbsp;18, 2021 and the accompanying
Letter of Transmittal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Schedule <FONT STYLE="white-space:nowrap">13E-4F</FONT> is hereby amended and supplemented by adding the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Company has taken up and purchased for cancellation 3,381,642 Subordinate Voting Shares at a purchase price
of CDN$103.50 per share, for a total cost of approximately CDN$350&nbsp;million. The Subordinate Voting Shares purchased represented 4% of the Subordinate Voting Shares issued and outstanding on a <FONT STYLE="white-space:nowrap">non-diluted</FONT>
basis at the time that the SIB was announced. After giving effect to the SIB, 37,716,787 Subordinate Voting Shares will be issued and outstanding. Beaudier Inc. and 4338618 Canada Inc. (together, &#147;<B>Beaudier Group</B>&#148;), made
proportionate tenders, which maintained proportionate equity ownership in the Company of Beaudier Group at approximately 27.7% upon completion of the SIB. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reference is hereby made to the press release issued by the Company on July&nbsp;28, 2021, a copy of which is
attached hereto as Exhibit 99.12 and the material change report issued by the Company on July&nbsp;28, 2021, a copy of which is attached hereto as Exhibit 99.13. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION NOT REQUIRED TO BE SENT TO SHAREHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Issuer has filed the following as Exhibits to this Amendment No.&nbsp;3: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d207457dex9912.htm">Press release of BRP Inc., dated July&nbsp;28, 2021</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d207457dex9913.htm">Material change report dated July&nbsp;28, 2021</A></TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By signing this Amendment No.&nbsp;3, the person filing the Amendment No.&nbsp;3 consents without power of revocation that any administrative
subpoena may be served, or any administrative proceeding, civil suit or civil action where the cause of action arises out of or relates to or concerns any offering made or purported to be made in connection with the filing on Schedule <FONT
STYLE="white-space:nowrap">13E-4F</FONT> or any purchases or sales of any security in connection therewith, may be commenced against it in any administrative tribunal or in any appropriate court in any place subject to the jurisdiction of any state
or of the United States by service of said subpoena or process upon the registrant&#146;s designated agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After due inquiry and to the
best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Date:
July&nbsp;28, 2021 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BRP INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Martin Langelier</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">Name:&#8201;&#8202;Martin Langelier</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-3.00em; font-size:10pt; font-family:Times New Roman">Title:&#8194;&#8201;&#8202;Senior Vice-President, General Counsel&nbsp;&amp;
Public&nbsp;Affairs</P></TD></TR>
</TABLE></DIV>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12
<SEQUENCE>2
<FILENAME>d207457dex9912.htm
<DESCRIPTION>EX-99.12
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.12</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 99.12 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g207457g0728053609920.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g207457g0728053610122.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:ARIAL" ALIGN="right"><B><I>PRESS RELEASE</I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="right">For immediate distribution</P></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>BRP ANNOUNCES COMPLETION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>OF SUBSTANTIAL ISSUER BID </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B><I>Valcourt,
Quebe</I></B><B><I>c, July</I></B><B><I></I></B><B><I>&nbsp;28, 2021 &#150;</I></B><B> </B>BRP Inc. (TSX:DOO; NASDAQ:DOOO) today announced that it has taken up and paid for 3,381,642 subordinate voting shares (&#147;Shares&#148;) at a price of
$103.50 per Share under BRP&#146;s substantial issuer bid (&#147;SIB&#148;) to purchase for cancellation a number of its Shares for an aggregate purchase price not to exceed $350&nbsp;million. All dollar amounts are in Canadian dollars. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Shares purchased represent an aggregate purchase price of approximately $350&nbsp;million and represented 4% of the total number of BRP&#146;s
issued and outstanding Shares and multiple voting shares as of July&nbsp;27, 2021. After giving effect to the SIB, BRP will have 37,716,787 Shares and 42,954,979 multiple voting shares issued and outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">A total of 2,444,950 Shares were taken up and purchased pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the
SIB was oversubscribed, shareholders who made auction tenders at or below the purchase price and purchase price tenders had approximately 83% of their successfully tendered Shares purchased by BRP (other than &#147;odd lot&#148; tenders, which were
not subject to proration). 936,692 Shares were taken up and purchased pursuant to proportionate tenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">Beaudier Inc. and 4338618 Canada Inc. made
proportionate tenders under the SIB in order to maintain their proportionate equity ownership interests in BRP. Upon completion of the SIB, they will respectively hold 13,407,688 and 8,937,848 multiple voting shares, representing approximately
27.23% and 18.15% of the voting power attached to all of the issued and outstanding Shares and multiple voting shares, and 16.62% and 11.08% of BRP&#146;s issued and outstanding Shares and multiple voting shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">Any Shares or multiple voting shares not purchased, including such Shares not purchased as a result of proration or Shares tendered pursuant to auction
tenders at prices higher than the purchase price or invalidly tendered will be returned to shareholders as soon as practicable by the depositary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">Payment and settlement of the purchased Shares will be effected by Computershare Investor Services Inc. on or about August&nbsp;3, 2021 in accordance
with the SIB and applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">Pursuant to the SIB, a deemed dividend in the amount of $99.35 per Share was triggered on the repurchase of each
Share. The totality of the dividend deemed to have been paid by BRP to Canadian resident persons is designated as an &#147;eligible dividend&#148; for purposes of the <I>Income Tax Act</I> (Canada)&nbsp;and any corresponding provincial and
territorial tax legislation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">The full details of the SIB are described in the offer to purchase and issuer bid circular dated June&nbsp;18, 2021,
as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">This press release is for informational purposes only and does not constitute an offer to buy or the
solicitation of an offer to sell BRP&#146;s shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B>About BRP </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify">We are a global leader in the world of powersports vehicles, propulsion systems and boats built on over 75 years of ingenuity and intensive consumer
focus. Our portfolio of industry-leading and distinctive products includes <FONT STYLE="white-space:nowrap">Ski-Doo</FONT> and Lynx snowmobiles, <FONT STYLE="white-space:nowrap">Sea-Doo</FONT> watercraft,
<FONT STYLE="white-space:nowrap">Can-Am</FONT> <FONT STYLE="white-space:nowrap">on-</FONT> and <FONT STYLE="white-space:nowrap">off-road</FONT> vehicles, Alumacraft, Manitou, Quintrex boats and Rotax marine propulsion systems as well as Rotax
engines for karts and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel business to fully enhance the riding experience. With annual sales of CA$6.0&nbsp;billion from over 130 countries, our
global workforce is made up of more than 14,500 driven, resourceful people. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><U>www.brp.com </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><U>@BRPNews </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT STYLE="white-space:nowrap">Ski-Doo,</FONT> Lynx, <FONT STYLE="white-space:nowrap">Sea-Doo,</FONT> <FONT STYLE="white-space:nowrap">Can-Am,</FONT>
Rotax, Alumacraft, Manitou, Quintrex, Stacer, Savage, Evinrude and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><B><I>CAUTION CONCERNING FORWARD-LOOKING STATEMENTS </I></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="justify"><I>Certain information included in this release, including, but not limited to, statements relating to the SIB, the timing of payment and settlement for
Shares purchased under the SIB and the number of Shares and multiple voting shares expected to be issued and outstanding after completion of the SIB, and other statements that are not historical facts, are &#147;forward-looking statements&#148;
within the meaning of Canadian and United States securities laws. Forward-looking statements are typically identified by the use of terminology such as &#147;may&#148;, &#147;will&#148;, &#147;would&#148;, &#147;should&#148;, &#147;could&#148;,
&#147;expects&#148;, &#147;forecasts&#148;, &#147;plans&#148;, &#147;intends&#148;, &#147;trends&#148;, &#147;indications&#148;, &#147;anticipates&#148;, &#147;believes&#148;, &#147;estimates&#148;, &#147;outlook&#148;, &#147;predicts&#148;,
&#147;projects&#148;, &#147;likely&#148; or &#147;potential&#148; or the negative or other variations of these words or other comparable words or phrases. Forward looking statements, by their very nature, involve inherent risks and uncertainties and
are based on several assumptions, both general and specific. BRP cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater
uncertainty. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of BRP or the powersports or marine industry
to be materially different from the outlook or any future results or performance implied by such statements. Further details and descriptions of these and other factors are disclosed in the offer to purchase and in BRP&#146;s annual information form
dated March&nbsp;24,&nbsp;2021. </I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><B>For media enquiries:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>For investor relations:</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Philippe Desch&ecirc;nes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Media Relations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Investor Relations</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT COLOR="#0000ff"><U>media@brp.com</U></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tel.: 450.532.6462</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT COLOR="#0000ff"><U>philippe.deschenes@brp.com</U></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center">-30- </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13
<SEQUENCE>3
<FILENAME>d207457dex9913.htm
<DESCRIPTION>EX-99.13
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.13</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 99.13 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">51-102</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>MATERIAL CHANGE REPORT </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B>Name and Address of Company </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL">BRP Inc. (&#147;<B>BRP</B>&#148; or the &#147;<B>Company</B>&#148;) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL">726 Saint-Joseph Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL">Valcourt, Quebec </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL">J0E 2L0 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B>Date of Material Change </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL">July&nbsp;28, 2021. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B>Press Releases </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL" ALIGN="justify">A press release reporting the material change described in this report was distributed via Newswire (Cision) on July&nbsp;28, 2021 and
was filed with each of the Canadian securities regulatory authorities via SEDAR and the United States Securities and Exchange Commission via EDGAR. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B>Summary of Material Change </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL" ALIGN="justify">On July&nbsp;28, 2021, BRP announced that it had taken up and paid for 3,381,642 subordinate voting shares&nbsp;(&#147;Shares&#148;) at
a price of $103.50 per Share under BRP&#146;s substantial issuer bid (&#147;SIB&#148;) to repurchase up to $350&nbsp;million of its Shares. All dollar amounts indicated herein are in Canadian dollars. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>5.1</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B>Full Description of Material Change </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL" ALIGN="justify">On July&nbsp;28, 2021, BRP announced that it had taken up and paid for 3,381,642 Shares under the SIB. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL" ALIGN="justify">The Shares purchased represent an aggregate purchase price of approximately $350&nbsp;million and represented 4% of the total number of
BRP&#146;s issued and outstanding Shares and multiple voting shares as of July&nbsp;27, 2021. After giving effect to the SIB, BRP will have 37,716,787 Shares and 42,954,979 multiple voting shares issued and outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL" ALIGN="justify">A total of 2,444,950 Shares were taken up and purchased pursuant to auction tenders at or below the purchase price and purchase price
tenders. Since the SIB was oversubscribed, shareholders who made auction tenders at or below the purchase price and purchase price tenders had approximately 83% of their successfully tendered Shares purchased by BRP (other than &#147;odd lot&#148;
tenders, which were not subject to proration). 936,692 Shares were taken up and purchased pursuant to proportionate tenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Beaudier Inc. and 4338618 Canada Inc. made proportionate tenders under the SIB in order to maintain their proportionate equity ownership
interests in BRP. Upon completion of the SIB, they will respectively hold 13,407,688 and 8,937,848 multiple voting shares, representing approximately 27.23% and 18.15% of the voting power attached to all of the issued and outstanding Shares and
multiple voting shares, and 16.62% and 11.08% of BRP&#146;s issued and outstanding Shares and multiple voting shares. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">-&nbsp;2&nbsp;- </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Any Shares or multiple voting shares not purchased, including such Shares not purchased
as a result of proration or Shares tendered pursuant to auction tenders at prices higher than the purchase price or invalidly tendered will be returned to shareholders as soon as practicable by the depositary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL" ALIGN="justify">Payment and settlement of the purchased Shares will be effected by Computershare Trust Company of Canada on or about August&nbsp;3, 2021
in accordance with the SIB and applicable law. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>5.2</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B>Disclosure for Restructuring Transactions </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL">Not applicable. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B>Reliance on subsection 7.1(2) of National Instrument <FONT STYLE="white-space:nowrap">51-102</FONT>
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL">Not applicable. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B>Omitted Information </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL">None. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B>Executive Officer </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL" ALIGN="justify">For additional information, please contact Martin Langelier, Senior Vice-President, General Counsel&nbsp;&amp; Public Affairs at BRP at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">450-532-6154.</FONT></FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:11pt; font-family:ARIAL; " ALIGN="left"><B>Date of Report </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:6%; font-size:11pt; font-family:ARIAL">July&nbsp;28, 2021. </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g207457g0728053609920.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g207457g0728053609920.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  = F4# 2(  A$! Q$!_\0
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MIT,SD6Z&;S#(@XW=!@9R!]*ZFN%^%FOW&I>#;"RU'3KFQU"S3[-)');-&I"
M!6&0!R,?B#7=4 -=UCC:1V"HH)9B<  =Z\KT_P"-0UV^U*'0?#-U?06$;S27
M#7*1 QK_ !8([]AUK8^,-YK%O\/[JVT2QNKJXO7%M(;:,NT<;9W' YY V_\
M J\I\*ZKK7@+P1'!X?\ #FHW'B._NM]Y]HTR;9%&N0B@X&X]^#W- 'HNA_&>
MTU72]6O[GP_J5I'I\:/@+YAE+-M5%X')/Z9/:JEU\:;JQ\.0Z_=>#KN#3IYS
M;Q-+>(KNP!/"$9QP>:XOXDZE\1=1_L.QGL]3MV6U$]VVF02!/,<GY?E)R47
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MS.$\F,9D*G&"6QM'K@5]&6OE_8X/)C,<7EKL0KM*C' QVQZ4 34444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %0W5I;WUK):W<$<]O
M*NV2*10RL/0@]14U% %'3=&TS1HY(],T^ULDD;<ZV\2H&/J<#FKU%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !
M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%
9%% !1110 4444 %%%% !1110 4444 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g207457g0728053610122.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g207457g0728053610122.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !6 %<# 2(  A$! Q$!_\0
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ML?".CS;8X\X%Y-ZGV_DN!_$:U?CIXJ?2?#K:?;R;9KG]SD'D;AEC_P!\\?\
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MK\.O&0UG0K>25\740$5PIZAQW_'K^= &]\6_#O\ :NB6^HQIN>S9EDP.?*?
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M)MQ Y_NJ&7\CT_ BBB@#SG5/V>H5.^VOD1,_WV'Z$-_.L>/X#J\NPZJ?P_\
MV:** .HT?]GW2XMDE[<>?SGER0?P 6O3-#\%:)H,*QVEG&,?[( _(?US110!
+T-%%% !1110!_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
