IPL Plastics Inc.

REPORT OF VOTING RESULTS

National Instrument 51-102 - Continuous Disclosure Obligations

This report is submitted for and on behalf of IPL Plastics Inc. (the "Company") in respect of a special meeting (the "Meeting") of the holders of common shares (the "Shares") of the Company held on September 28, 2020.

The total number of Shares voting virtually or represented by proxy at the Meeting was 38,592,299 Shares, representing approximately 71% of the Company's issued and outstanding Shares, as of the record date of August 17, 2020.

At the Meeting, shareholders of the Company approved a special resolution, the full text of which is set forth in Appendix B to the management information circular of the Company dated August 18, 2020 (the "Circular"), to approve a plan of arrangement (the "Arrangement") under section 192 of the Canada Business Corporations Act involving the Company and Intelligent Packaging Limited Purchaser Inc. (the "Purchaser"), an entity controlled by certain funds managed by Madison Dearborn Partners, LLC. Pursuant to the Arrangement, the Purchaser will, among other things, acquire all of the outstanding Shares of the Company for a price of C$10.00 in cash per Share. Full details of the special resolution and the Arrangement entered into by the Company and the Purchaser on July 28, 2020 are set out in the Circular, each of which is available under the Company's profile on SEDAR at www.sedar.com.

The following is a summary of the votes cast by all shareholders:

Votes

%

Votes

%

Total Shares

FOR

AGAINST

Voted

38,574,716

99.95

17,583

0.05

38,592,299

The following is a summary of the votes cast by shareholders (excluding Shares required to be excluded pursuant to Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions):

Votes

%

Votes

%

Total Shares

FOR

AGAINST

Voted

23,891,693

99.93

17,583

0.07

23,909,276

DATED this 28th day of September, 2020.

IPLPLASTICS INC.

By: /s/ Christian Marcoux

Name: Christian Marcoux

Title: Chief Legal Officer and Secretary

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IPL Plastics Inc. published this content on 28 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 September 2020 17:54:08 UTC