Mr. Michael McMillan reports

TOROMONT ANNOUNCES ELECTION OF BOARD OF DIRECTORS

On April 28, 2023, at Toromont Industries Ltd.'s annual meeting of shareholders, all the nominees listed in its management information circular dated Feb. 28, 2023, were elected as directors of Toromont. The detailed results of the vote are as shown in the attached table.

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.