Early Warning Report Issued Pursuant to National Instrument 62-103

Intercap Reports its Shareholdings in Docebo Inc.

/NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA/

TORONTO, Dec. 8, 2020 /CNW/ - This press release is being disseminated as required by National Instrument 62–103 - The Early Warning System and Related Take Over Bids and Insider Reporting Issuers in connection with the filing of an early warning report (the "Early Warning Report") by Intercap Equity Inc. ("Intercap") and its joint actors in respect of the reduction of its interests in Docebo Inc. (the "Issuer" or "Docebo").

As a result of the closing of Docebo's previously-announced marketed public-offering of common shares in the United States and Canada on December 7, 2020 (the "Offering"), Intercap, together with its joint actors, ceased to hold an amount equal to 2% or more of the outstanding common shares of the Issuer.  Prior to closing of the Offering, Intercap, together with its joint actors beneficially owned, controlled or directed an aggregate of 16,717,008 common shares, representing approximately 57.35% of the outstanding common shares. After closing of the Offering, Intercap, together with its joint actors, continues to beneficially own, control or direct an aggregate of 16,717,008 common shares, but such common shares now represent approximately 51.28% of the outstanding common shares.

The equity interests of Intercap are beneficially owned, controlled or directed, directly or indirectly, by Jason Chapnik, Chairman of Intercap and accordingly are considered to be joint actors. Intercap may increase or decrease its beneficial ownership or control depending on market or other conditions.

Intercap's head office is located at 261 Davenport Road, Suite 200, Toronto, Ontario, M5R 1K3. The Issuer's head office is located at 366 Adelaide St West, Suite 701, Toronto, Ontario, M5V 1R7.

An early warning report will be electronically filed by Intercap with the applicable securities commission in each jurisdiction where the Issuer is reporting and will be available on SEDAR at www.SEDAR.com.

The TSX does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Intercap Equity Inc.

Intercap Equity Inc., James Merkur, President, Tel: [phone], Email: [email protected]