BRP Announces Preliminary Results of Substantial Issuer Bid

VALCOURT, QUEBEC, CANADA – May 9, 2022 – (Motor Sports NewsWire) –  BRP Inc. (TSX: DOO, NASDAQ: DOOO) today announced the preliminary results of its substantial issuer bid (“SIB”), pursuant to which BRP offered to purchase for cancellation a number of its subordinate voting shares (“Shares”) for an aggregate purchase price not to exceed $250 million at a purchase price of not less than $103.00 and not more than $123.00 per Share. The SIB expired at 5:00 p.m. (Montreal time) on Friday, May 6, 2022. All dollar amounts are in Canadian dollars.

In accordance with the terms and conditions of the SIB and based on the preliminary calculation of Computershare Investor Services Inc. (“Computershare”) as depositary for the SIB, BRP expects to take up and pay for 2,427,184 Shares at a price of $103.00 per Share under the SIB, representing an aggregate purchase price of approximately $250 million and approximately 3% of the total number of BRP’s issued and outstanding Shares and multiple voting shares before giving effect to the SIB.

A total of 2,653,165 Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders.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 will have the number of Shares purchased prorated following the determination of the final results of the SIB (other than “odd lot” tenders, which are not subject to proration). BRP currently expects that shareholders who made auction tenders at or below the purchase price and purchase price tenders will have approximately 91% of their successfully tendered Shares purchased by BRP.

After giving effect to the SIB, BRP expects to have 36,355,652 Shares and 42,328,979 multiple voting shares issued and outstanding.

The number of Shares to be purchased, the proration factor and the purchase price referred to above are preliminary, remain…