Mr. Jean Paschini reports

ADF GROUP ANNOUNCES THE AWARD OF MAJOR NEW CONTRACTS IN CANADA AND IN THE UNITED STATES WITH A TOTAL VALUE OF 234 MILLION DOLLARS

The management of ADF Group Inc. has signed a series of new orders in the United States totalling $234-million.

Firstly, last May, ADF Group announced the award of a large-scale contract for the first phase of a major construction project in the pharmaceutical sector in the Midwest region. This contract was amended to include additional work that will be included in the original contract and will be completed within the first phase's original execution schedule. In this regard, fabrication work will begin in December, 2023.

The corporation's management also announces that it has reached an agreement with the same client for the second phase of the aforementioned construction project. This major new contract is the largest in this series of new orders in terms of value. The nature and scope of work in this second phase of the project are similar as the first phase and consist of the design and engineering of the connections, the fabrication work, including the supply of the steel and industrial coating, as well as the erecting of the steel structure and heavy steel components of a large-surface industrial-type building. Fabrication will begin in February, 2024, and will extend over a period of approximately 15 months.

This series of new orders also includes the award of a new contract in the Southeastern region of the United States, which consists of, among other things, fabrication, including industrial coating, and the delivery of the steel structure of a new industrial building for a global manufacturing company in the aluminum sector. This project will extend over a six-month period. In closing, ADF Group also announces the award of two new contracts in Canada -- one in the public infrastructure sector and one in the industrial sector.

Both of ADF's fabrication plants and paint shop in Terrebonne, Canada, and in Great Falls, Mont., United States, will be involved in all of these new contracts.

Jean Paschini, chairman of the board of directors and chief executive officer, pointed out: "These new contracts will require a high-volume production and high technical competence. Our fabrication and assembly processes, which are now further enhanced by robot-assisted production lines and increased automation, are proven for projects such as these ones. With the excellent foundations of the corporation and our seasoned and talented teams, we are ready for projects of this scale, and we are eager to collaborate with our clients and being able to support them as a business partner of choice."

The corporation's order backlog stood at $339.3-million as at Oct. 31, 2023, excluding new orders announced today.

About ADF Group Inc.

ADF Group is a North American leader in the design and engineering of connections, fabrication, including the application of industrial coatings, and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non-residential infrastructure sector. ADF Group is one of the few players in the industry capable of handling highly technically complex megaprojects on fast-track schedules in the commercial, institutional, industrial and public sectors. The corporation operates two fabrication plants and two paint shops, in Canada and in the United States and a construction division in the United States, which specializes in the installation of steel structures and other related products.

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