Tidewater Midstream and Infrastructure (TWM) Corporate presentation summary

Integrated fuels and midstream platform

• Prince George Refinery is the only refinery in B.C.’s interior, with ~12 Mbbl/d capacity, ~20% of B.C. refining capacity and >1 MMbbl of storage.

• Midstream assets span ~1 Bcf/d of licensed gas processing, >60 Bcf of gas storage and ~30 Mbbl/d of NGL extraction and fractionation capacity.

• HDRD is a commercial-scale renewable diesel facility with 3 Mbbl/d capacity; ~45% of 2027 conventional and renewable refined product and feedstock costs are hedged.

• Demand drivers include domestic energy security, LNG-related gas processing demand, Alberta power growth and regulations supporting renewable fuel blending.

FY26 outlook and balance sheet

• FY26E consolidated adjusted EBITDA guidance is $300–320MM; consolidated capital expenditure guidance is $15–20MM.

• Consolidated net debt/adjusted EBITDA guidance is 1.4–1.5x for FY26E; reported YTD debt reduction is $140MM.

• Strategic priorities include using free cash flow to accelerate debt repayment, maintaining a 1.5–2.5x leverage target and pursuing margin capture and asset optimization.

• About 45% of 2027 conventional and renewable refined product and feedstock costs are hedged at prices described as above 2026 hedge levels, supporting margin and cash flow visibility.

LCFS combination

• The all-share arrangement offers 0.88 TWM shares per LCFS share, implying $20.58 per LCFS share; pro forma ownership is 63% for TWM shareholders and 37% for former LCFS shareholders.

• Rationale includes simplified governance, increased scale and liquidity, balance sheet flexibility, a broader asset base and operating efficiencies.

• Estimated synergy NPV is $30–40MM, depending on the future tax horizon; expected benefits include operating efficiencies, public company cost savings and potential tax synergies.

• Voting support agreements cover ~41% of TWM shares and ~49% of LCFS shares eligible for minority approval; shareholder meetings are expected Dec. 14, 2026, with closing expected Dec. 18, 2026.