Explanation of Responses:
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(
1)
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The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.01 to $4.10, inclusive. The reporting person undertakes to provide to CECO Environmental Corp., any security holder of CECO Environmental Corp., or the staff of the Securities Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnotes 1 through 26 in this Form 5.
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(
2)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.00 to $4.14, inclusive.
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(
3)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $4.03 to $4.15, inclusive.
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(
4)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.82 to $3.91, inclusive.
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(
5)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.82 to $3.99, inclusive.
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6)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.85 to $3.88, inclusive.
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7)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.79 to $3.82, inclusive.
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8)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.80 to $3.82, inclusive.
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9)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.57 to $3.59, inclusive.
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10)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.63 to $3.78, inclusive.
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11)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.61 to $3.91, inclusive.
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12)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.70 to $3.90, inclusive.
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13)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.69 to $3.79, inclusive.
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14)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.66 to $3.80, inclusive.
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15)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.62 to $3.73, inclusive.
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16)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.74 to $3.80, inclusive.
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17)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.63 to $3.76, inclusive.
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18)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.69 to $3.75, inclusive.
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19)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.73 to $3.79, inclusive.
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20)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.76 to $3.79, inclusive.
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21)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.78 to $3.85, inclusive.
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22)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.95 to $4.04, inclusive.
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23)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.81 to $3.94, inclusive.
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24)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.90 to $3.92, inclusive.
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25)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.78 to $3.86, inclusive.
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26)
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The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.75 - $3.90, inclusive.
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(
27)
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Filer is President of Icarus Investment Corp. and disclaims beneficial ownership of these securities except to the extent of his pecuniary interest, if any, therein.
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