News release Intact Financial Corporation

CDPQ to Sell 2,312,000 Common Shares of Intact Financial Corporation

Equity Markets Montréal,

CDPQ announced today that it will sell 2,312,000 common shares ("Common Shares") of Intact Financial Corporation (TSX: IFC) representing approximately 1.3% of the issued and outstanding Common Shares of IFC as of February 26, 2024 (the “Offering”).

The Common Shares are being sold on an underwritten block trade basis at a gross price of $227.10 per share, which has been underwritten by CIBC Capital Markets and BMO Capital Markets (the “Underwriters”).

CDPQ has also granted the Underwriters an option, exercisable at any time, in whole or in part, at the offering price until February 28, 2024, to purchase up to an additional 15% of the number of Common Shares purchased in connection with the Offering (the “Option”).

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

The transaction is a result of CDPQ’s periodic portfolio rebalancing. After giving effect to the trade, CDPQ will continue to hold approximately 8.9% of the issued and outstanding Common Shares of IFC.

Following this transaction, CDPQ remains a key shareholder of Intact. “CDPQ has been there as partner supporting major acquisitions for Intact over the past several years, and we continue to have confidence in its growth prospects,” said Vincent Delisle, Executive Vice-President and Head of Liquid Markets at CDPQ. “Intact produces excellent results for its shareholders and this transaction is an opportunity to monetize a portion of our investment to the benefit of our depositors”.

“CDPQ continues to be a valued partner in Intact’s evolution as a leading international P&C insurer, and will remain our largest shareholder following this transaction,” said Louis Marcotte, Executive Vice President and CFO, Intact Financial Corporation. “We have delivered an annualized total shareholder return of 14% over the last 10 years, and we remain well positioned to sustain our track record of outperformance, given the strength of our platforms, the talent at our disposal, and a clear strategic roadmap.”

About CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totalled CAD 434 billion. For more information, visit, consult our LinkedIn or Instagram pages, or follow us on X.

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

This press release is not an offer of securities for sale in the United States. The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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