Cold Connection

Congebec Welcomes National Bank Private Investment as Shareholder as Part of its Ambitious Growth Plan

Montreal, August 18, 2022 – Congebec, an independent Canadian leader in food refrigeration, transformation
and logistics, is announcing the addition of a renowned minority shareholder. The company, which is owned by
its management team, will now be able to count on National Bank Private InvestmentTM (“NBPI”) to help it roll
out its ambitious growth plan.

Founded in Quebec City in 1974, Congebec offers its clients fully integrated logistics solutions that optimize
their food supply chains, providing multi-temperature storage, transportation, co-packing, logistics management
and other services. The company is the industry leader in Quebec and a leading player on the Canadian and
North American markets. It has over 500 employees and operates 12 modern facilities that total more than 65
million cubic feet, including a new freezer being built on the North Shore of Montreal. It has facilities in five
Canadian provinces: Quebec, Ontario, Manitoba, Saskatchewan and Alberta.

"We want to accelerate our growth within Canada and internationally," said Nicholas-P. Pedneault, President
and Chief Executive Officer of Congebec. "The support of a major new partner like NBPI will allow us to make
a firm commitment to our growth and reinforce our support for companies in the food sector by offering them
integrated solutions."

"The past few years have highlighted the importance of food autonomy and security. Businesses in the food
sector are an economic driver for numerous regions, in addition to being a key component of society," said Luc
Ménard, Executive Vice-President, Managing Director and Head of Private Investments at National Bank. "NBPI
has the resources and expertise needed to support the ambitions of business owners in creating value for
society, and we are proud of our contribution."

About National Bank of Canada
With $370 billion in assets as at April 30, 2022, National Bank of Canada, together with its subsidiaries, forms one of
Canada's leading integrated financial groups. It has more than 28,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at or via social media such as Facebook, LinkedIn, and Twitter.

About National Bank Private Investment
National Bank Investments Inc. does business under the name National Bank Private Investment and manages the
National Bank SME Growth Fund, L.P. National Bank Private Investment (NBPI) is a venture capital firm that offers
diversified investment opportunities to a clientele of seasoned investors from the National Bank network. The capital
raised provides support to growing companies that wish to remain in control of their development and work with long-term partners. TM National Bank Private Investment is a registered trademark of National Bank of Canada.

About Congebec
Congebec is a company founded in Quebec City that operates in 5 Canadian provinces. Its 12 energy-efficient facilities
allow local producers to obtain food refrigeration and transformation services, as well as an integrated logistics solution. As an employer, Congebec is committed to open communication and employee wellbeing. It cares about the development opportunities available to its employees and recognizes their achievements. Congebec fosters the development of local markets and promotes food autonomy. Its success rests on the expertise of its employees.

Stéphanie Rousseau
Senior Advisor, Public Affairs and Corporate Social Responsibility
National Bank of Canada
Tel.: 514-394-5684

August 26, 2022

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