Caisse de depot et placement du Quebec ('CDPQ') announces today that it is supporting Madison Dearborn Partners, LLC ('MDP') in its efforts to acquire all of the issued and outstanding common shares (the 'Common Shares') of IPL Plastics Inc. ('IPLP'), for a cash price of $10.00 per share (the 'Transaction').

As at the date hereof, CDPQ holds 14,683,023 Common Shares, representing 26.9% of IPLP's issued and outstanding Common Shares. As at the date hereof, MDP does not hold any Common Shares of IPLP. CDPQ entered into a voting and support agreement with Intelligent Packaging Limited Purchaser Inc. (the 'Purchaser') and Intelligent Packaging Sub Limited Partnership (the 'Purchaser's Parent Company'), both affiliates of MDP (the 'Voting and Support Agreement'), pursuant to which CDPQ has agreed, among other things, to vote its 14,683,023 Common Shares in favour of the arrangement resolution to be submitted to IPLP's shareholders for approval of the acquisition of IPLP. The voting and support agreement may be terminated in certain circumstances, including upon termination of the arrangement agreement entered into between the Purchaser, Purchaser's Parent Company and IPLP. CDP Investissements inc. ('CDPI'), a wholly-owned affiliate of CDPQ has also entered into an agreement with Intelligent Packaging Limited Partnership ('Holding') and Intelligent Packaging Limited GP Inc. (the 'General Partner') (the 'Subscription Agreement') pursuant to which CDPI undertakes, subject to certain conditions, to become an indirect investor in IPLP immediately after the closing of the Transaction, by subscribing in the capital of Holding and the General Partner. Following the Transaction, it is expected that CDPQ will hold an indirect equity interest of approximately 24.9% in the equity of Holding and the General Partner. MDP will hold a majority interest in the equity of Holding and the General Partner and control the board of directors of the General Partner. This press release is issued in accordance with the early warning requirements set out in securities regulations, which require that investors, including CDPQ, issue and file a press release and a report when they beneficially own voting securities representing 10% or more of the outstanding securities of a given class.

ABOUT CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

Caisse de depot et placement du Quebec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2019, it held CA$340.1 billion in net assets. As one of Canada's leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt.

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