Exemption Decisions (CBCA)

IntelliPharmaCeutics International Inc.

Decision No.: E-040/18

It has been determined that the management of IntelliPharmaCeutics International Inc. is exempt pursuant to subsection 151(1) of the Canada Business Corporations Act (CBCA) from the requirement of subsection 150(1) of the CBCA to send the prescribed management proxy circular to each shareholder whose proxy is solicited for the special meeting of shareholders to be held on or about August 15, 2018.

The exemption has been granted on the basis that the corporation is a distributing corporation, as defined in the CBCA, and that the corporation makes the prescribed management proxy circular accessible as well as sends a notice thereof, in accordance with National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer and National Instrument 51-102 Continuous Disclosure Obligations, to each shareholder whose proxy is solicited.

This exemption has been granted on June 29, 2018.

CAE INC.

Decision No.: F-002/18

It has been determined, pursuant to section 156 of the Canada Business Corporations Act ("Act") that the corporation is exempt from section 159 of the Act to send a copy of the documents referred to in section 155 of the Act to each shareholder for the annual meeting of shareholders to be held on or about August 14, 2018.

The exemption has been granted on the basis that the corporation is a distributing corporation, as defined in the Act, and that the corporation makes the documents referred to in section 155 of the Act accessible as well as sends a notice thereof, in accordance with National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer and National Instrument 51-102 Continuous Disclosure Obligations, to each shareholder.

This exemption has been granted on June 12, 2018.

BERETTA FARMS INC.

Decision No.: F-003/18

It has been determined, pursuant to section 156 of the Canada Business Corporations Act ("Act"), that the corporation is exempt from the requirement of subsection 155(1)(a)(i) of the Act to place the previous year's annual financial statements before shareholders at the annual meeting within six months of the end of the last completed financial year, such that the financial statements to be presented at the Corporation's annual meeting, to be held on or about July 19, 2018, may relate to a period that began immediately after the end of the last completed financial year but ended more than six months before the annual meeting, for the financial year ending on December 31, 2017.

This exemption has been granted on June 20, 2018.

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