Mr. Richard Roy reports

TOROMONT ANNOUNCES APPOINTMENT OF MICHAEL MCMILLAN AS PRESIDENT AND CEO FOLLOWING RETIREMENT OF SCOTT MEDHURST

Michael McMillan will be appointed Toromont Industries Ltd. president and chief executive officer upon the retirement of Scott Medhurst. Mr. Medhurst previously announced his intention to retire as chief executive officer after a successful 35-year career with Toromont.

"Following an orderly and comprehensive search process, the board of directors of Toromont unanimously concluded that Mr. McMillan is the ideal candidate to succeed Mr. Medhurst," said Richard Roy, chair of the board. "Mr. McMillan joined Toromont in 2020, as executive vice-president and chief financial officer, bringing a proven track record for leadership and disciplined execution. He has been a critical partner to Mr. Medhurst and the entire Toromont team, helping to successfully navigate Toromont through these unprecedented recent years. We are confident that Mr. McMillan is the right person to drive continued success for Toromont's business and stakeholders."

A search for Mr. McMillan's successor as CFO is under way and the effective date of his appointment to CEO will be announced at a later date, along with the CFO appointment. Until then, Mr. Medhurst will continue as CEO while he and Mr. McMillan prepare for the transition. Following Mr. McMillan's appointment as CEO, Mr. Medhurst will stay on as his adviser to help in a smooth changeover.

About Toromont Industries Ltd.

Toromont Industries operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory -- spanning the Canadian provinces of Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Quebec, Ontario, and Manitoba, in addition to most of the territory of Nunavut. In addition, the group includes industry-leading rental operations, a complementary material handling business and an agricultural equipment business. CIMCO is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems. Both segments offer comprehensive product support capabilities.