January 2018 - Tidewater Midstream and Infrastructure Ltd.

1 January 20182 DisclaimerForwardLookingInformationInthe interestsofprovidingTidewaterMidstreaman dInfrastructureLtd.( Tidewater orthe Corporation )shareholdersandpotentialinvestorswithin formationregardingTidewater,includingman agement sassessmentoffutureplansandoperationsrel atingtotheCorporation,thisdocumentcontai nscertainstatementsandinformationthatare forward-lookingstatementsorinformationwi thinthemeaningofapplicablesecuritieslegi slation,andwhicharecollectivelyreferredt ohereinas forward-lookingstatements .Theuseofanyofthewords"anticipate","cont inue","estimate","expect","may","will"," project","should","believe","plan","inte nd" ,butnotalways, ,butarenotlimitedtostatementsandtables(c ollectively statements )withrespectto:planstoconstructanaturalg aspipelinefromtheBRCtoTransAlta sSundanceandKeephillspowerplants,expecte dcostofsuchprojectandassociatedtakeorpay agreement;infrastructureplanswithrespect totheproposedPipestoneMontneySourDeepCut GasPlantincludingitspotentialexpansion;p lanswithrespecttonaturalgasstorageinfras tructure;thepotentialtoconnectnewlyacqui redinfrastructuretoBRCandprovidecustomer swithanewlargescaleegresssolution;projec tionstoincreaselongtermcontractsanddiver sifytocustomerswithstrongbalancesheets;p lanstoconnectTidewater sMontneyassetstoitsEdmontoninfrastructur e/egresshub;benefitsgeneratedfromaninteg ratedprocessingandinfrastructurenetwork.

2 TheincreasingrelevanceofTidewater sDeepBasinnetwork,drivingutilizationandE BITDA growthupward;anticipatedmarginimprovemen tsforTidewater sEdmontonassetsresultedfromthereductiono fcertainfees,costsandtariffs; Tidewater splanstobuildoutitsEdmontonEnergyHubover thenexttwotothreeyearsandthepotentialtoa ddpropylene,polypropyleneandiso-octanepr oduction;anticipationofsignificantimprov ementinmarginsbyeliminatingthirdpartyrai ltransloadingfees,eliminatingtruckingcos tsandreducedpipelinetariffsattheAchesonf acility;targetannualEBITDA/sharegrowthov erthenext24monthsandtargetEBITDA levels;subsequentacquisitionsandstrategi esforacquisitions,capitalprojectsandexpe nditures;strategicinitiatives;anticipate dproduceractivityandindustrytrends; ,astherecanbenoassurancethattheplans, ,forward-lookingstatementsinvolvenumerou sassumptions,aswellasknownandunknownrisk sanduncertainties,bothgeneralandspecific ,thatcontributetothepossibilitythatthepr edictions,forecasts,projectionsandotherf orward-lookingstatementswillnotoccurandw hichmaycauseTidewater ,risksanduncertaintiesinclude,amongother things:receiptofthirdparty,regulatoryand governmentalapprovalsandconsents;Tidewat er sabilitytosuccessfullyimplementstrategic initiativesandwhethersuchinitiativesyiel dtheexpectedbenefits;failuretoconsummate definitiveagreementsrelatedtocontemplate dprojects;futureoperatingresults;fluctua tionsinthesupplyanddemandfornaturalgas,n aturalgasliquids( NGLs ),andiso-octane;assumptionsregardingcomm odityprices;activitiesofproducers,compet itorsandothers;theweather;assumptionsaro undconstructionschedulesandcosts,includi ngtheavailabilityandcostofmaterialsandse rviceproviders.

3 Fluctuationsincurrencyandinterestrates;c reditrisks;marketingmargins;potentialdis ruptionorunexpectedtechnicaldifficulties indevelopingnewfacilitiesorprojects;unex pectedcostincreasesortechnicaldifficulti esinconstructingormodifyingprocessingfac ilities; Tidewater sabilitytogeneratesufficientcashflowfrom operationstomeetitscurrentandfutureoblig ations;itsabilitytoaccessexternalsources ofdebtandequitycapital;changesinlawsorre gulationsortheinterpretationsofsuchlawso rregulations;politicalandeconomicconditi ons;thatanyrequiredcommercialagreementsc anbenegotiatedandcompleted; ,asdefinedbyapplicablesecuritieslegislat ion,hasbeenapprovedbymanagementofTidewat erasofOctober31, ' ( LOI )forTidewatertoconstructa120kmnaturalgas pipelinefromtheBRCtoTransAlta EBITDA and AdjustedEBITDA ,whichdonothaveanystandardizedmeaningpre scribedbygenerallyacceptedaccountingprin ciplesinCanada( GAAP ).EBITDA iscalculatedasincomeorlossbeforeinterest ,taxes, ,unrealizedgains/losses,non-cashitems, soperatingactivitiespriortofinancing,tax ationandnon- ,TidewateralsobelievesAdjustedEBITDA isameasurewidelyusedbysecuritiesanalysts , ,cashflowfromoperatingactivitiesorotherm easuresoffinancialresultsdeterminedinacc ordancewithGAAP asanindicatoroftheCorporation ,includingreconciliationstotheclosestcom parableGAAP measure,seethe Non-GAAPandAdditionalMeasures sectionofTidewater smostrecentMD& High Growth, Pure Play NGL Infrastructure Business Pursuing Canadian natural gas liquids ( NGLs ) and natural gas market opportunities through the acquisition and build out of strategic Midstream , pipeline, processing, storage, rail, downstream, and export assets.

4 NGL prices are currently at 3 year highs which is very positive for Tidewater s business plan Announced letter of intent for a 15 year take-or-pay agreement with TransAltaon a new pipeline build from Tidewater s largest natural gas processing facility (Brazeau River Complex ( BRC )) direct to an end market in TransAlta slarge power plants in the Edmonton area. Key final step in a complete Inter-Alberta pipeline system where producers in Western Canada can flow on Tidewater Infrastructure from wellhead all the way to a large end market* Recently announced sanctioning of 100 MMcf/day Pipestone Montney Sour Deep Cut Natural Gas Gathering and Natural Gas Liquids Processing Complex with two anchor five year take-or-pay contracts Capitalizing on Management s strong producer and downstream market access relationships, Tidewater can provide producers improved pricing for their NGLs > 14 acquisitions announced/completed since IPO and realized on opportunity to purchase key Midstream assets in strategic locations at deeply discounted valuations Nine consecutive quarters of EBITDA growth EBITDA increased from zero at IPO to current run rate of ~$80 million with visibility to ~$120 million in late 2019 while maintaining a strong balance sheet with Debt to EBITDA of when capital projects come online Targeting > 20% annualized EBITDA/share growth over next 24 months Physical assets providing natural cashflow hedge with natural gas storage and extraction plant assets generating significant EBITDA in low gas price environment Established three core areas in strategic locations (Deep Basin, Montney and Edmonton)

5 With recently announced Inter-Alberta pipeline network Tidewater has connectivity from the Montney, to the Deep Basin and into Edmonton and continuing to focus on increased connectivity Tidewater continues to expand its Montney core area with recently announced 100 MMcf/day Pipestone Montney Sour Deep Cut Gas Plant which will be connected to its Pipestone Montney Infrastructure /egress hub Proven Capital Project Execution In December 2017, 50 Mmcf/day expansion at BRC and the construction of strategic new pipelines from BRC were completed on time and on budget at a combined capital cost of $25 million. The pipelines provide access to a new condensate rich capture area and is supported by a 55,000 acre reserve dedication and three to four well commitment Commissioned 10,000 bbl/day HD2 propane fractionation facility and relocation of turbo expander to BRC ahead of schedule and on-budget on industry leading timeline of 7 months and capital cost of $25 million for 10,000 bbl/day fractionation facility and $15 million to relocate and integrate turbo expander into the BRCT idewater Summary* See TransAltaLOI under Disclaimer heading on page 2 of this is a High Growth Midstream CompanyNGL Connectivity StrategyAcquire Strategic Contracted Infrastructure Own key NGL/gas Infrastructure and gas plants with proximity to multiple transportation options, coupled with take-or-pay and/or reserve dedication agreements Tidewater Inter-Alberta pipeline network backed by 15 year take-or-pay with TransAlta.

6 Offers producers direct connectivity from wellhead, through Tidewater s extensive processing network direct to an end market* Recently sanctioned 100 MMcf/day Pipestone Montney Sour Deep Cut Gas Gathering and Natural Gas Liquids Complex which will connect to Tidewater s Pipestone Infrastructure and egress hub which is connected to TCPL, Alliance and natural gas storage. Anchored by two five year take-or-pay contractsOptimize Through Organic Investments Enable Tidewater to own a strategic integratedvalue chain from well head to end market and/or Tidewater Significant opportunities within acquired assets to continue to generate incremental EBITDA at ~ 20% IRR Recent acquisition includes large diameter pipelines in both Montney and Deep Basin core areas and create new egress options for producersIncrease Capabilities of Infrastructure Increase third party throughput and/or improve liquids capture/pricing of NGLs for all related parties Commissioned 10,000 bbl/d fractionation facility on industry leading timeline and cost in 7 months for $25 MM Recently commissioned BRC 50 MMcf/day expansion and new pipeline builds for approximately $25 million Aggressively adding connectivity between three core areas in the Montney.

7 Deep Basin and Edmonton assetsEnhance Logistics Network & Market Access Infrastructure Various logistics Infrastructure including rail, pipelines and trucking Various port and pipeline Infrastructure to get egress to export markets 100 railcar NGL facility at Edmonton constructed on time and on budget Tidewater continues to build out network which includes proven natural gas storage in both the Montney and Deep Basin1234* See TransAltaLOI under Disclaimer heading on page 2 of this Conservative Capital Structure Maintaining a low-risk and highly flexible capital structure Visibility to ~$120 million of EBITDA in late 2019 while maintaining a strong balance sheet with Debt to EBITDA of when capital projects come online Private equity capital eager to pay a premium to have ownership in Western Canadian Infrastructure Minimal debtvs. comparable average of , payout ratio of ~21% vs. average of ~72%Underlying Stable Cash Flow Producing Infrastructure Assets Protection obtained from customers, contracts, competitive positioning to ensure go forward cash flow > 75% of EBITDA backed by take-or-pay contracts, long term agreements and/or reserve dedications and will improve significantly into 2019 with 2 large projects anchored by long-term take-or-pay contracts including 15 year take-or-pay with an investment grade counterparty* Continue to increase long term contracts and diversify to customers with strong balance sheets Recently sanctioned Pipestone Montney Sour Deep Cut Plant anchored by 2 five year take-or-pay contractsGrowing EBITDA, CFPS and Share Value Taking advantage of ongoing acquisition and organic growth opportunities to increase per share value via creativity of management team Since the April 2015 IPO.

8 EBITDA increased from zero to current EBITDA of ~$80 million to late 2019 of ~$120 millionRelatively Undervalued versus Comparable Companies Currently trading at an overly large discount to the comparables given more conservative capital structure and more easily achieved relative growth rates EV/EBITDA multiple of approx. based on late 2019 EBITDA verses peers at That Currently Provides a Low-Risk Attractive Investment OpportunityAttractive Investment Opportunity1234* See TransAltaLOI under Disclaimer heading on page 2 of this Facilities and Connectivity 77 Overview of Montney Assets and Recently Sanctioned Pipestone Montney Sour Deep Cut Gas Processing ComplexMontney Processing Facilities & Pipelines Recently sanctioned 100 MMcf/day Pipestone Sour Deep Cut Natural Gas Gathering and Natural Gas Liquids Processing Complex with two anchor five year take-or-pay contracts $210 million capital cost online in mid 2019 In discussions with several producers for reserve/well/land dedications and starting to evaluate phase 2 of Pipestone Sour Deep Cut Gas Plant Plan to connect to Tidewater Infrastructure /egress hub which provides three natural gas egress options in TCPL.

9 Alliance and natural gas storage Anchor tenants have option to acquire combined 35% working interest Tidewater finished construction of phase one of its TransCanada and Alliance connected Infrastructure and related natural gas liquids hub and natural gas storage project on-time and on-budget and is currently injecting natural gas into its natural gas storage facility Tidewater closed NEBC Montney acquisition where it acquired 40% in an operating 30 MMcf/day sour plant in the heart of the Montney at Parkland as well as ~1,000 acres of surface land Tidewater s recent Wapiti Pipeline acquisition adds an operated 12 inch sour pipeline that could become a significant egress option for Montney producers August 2017 Montney acquisition includes various working interests in 150 km of pipelines in the Jedney, Blair and Altaresarea of NEBC, an interest in key sour gas processing and compression and approximately 50 net sections of prospective Montney rights in the Altaresarea of NEBC.

10 Also included is a pipe connected condensate battery at Valhalla which includes 20,000 bblsof condensate storage88 Overview of Deep Basin AssetsDeep Basin Processing Facilities & Pipelines Recently announced Inter-Alberta pipeline will physically connect Tidewater s largest gas processing complex (BRC) to a large new demand source in TransAlta sSundance and Keephillspower plants and is anchored by a 15 year take-or-pay* Final step in a TWM network from wellhead to end market Ability for expansion to ~ 300 Mmcf/day Ability to connect Montney producers to new end market and avoid TCPL restrictions Brazeau River Complex 50 Mmcf/day expansion and construction of pipelines was completed on time and on budget and activity is at all-time highs with NGLs at 24 month high prices Tidewater recently consolidated to 100% ownership prior to recent plans to expand by 50 MMcf/day for $10 million due to customer demand Tidewater recently increased a take-or-pay contract by 10 MMcf/day to 30 MMcf/day and also extended the term to December 2020 with an intermediate-sized producer Commissioned 10,000 b