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Tidewater Midstream & Infrastructure Ltd.

TWM Brazeau River Complex October 2017. Tidewater Midstream & Infrastructure Ltd. Investor Presentation March 2018. 1. TSX: TWM. Disclaimer Forward Looking Information In the interests of providing Tidewater Midstream and Infrastructure Ltd. ( Tidewater or the Corporation ) shareholders and potential investors with information regarding Tidewater , including management's assessment of future plans and operations relating to the Corporation, this document contains certain statements and information that are forward-looking statements or information within the meaning of applicable securities legislation, and which are collectively referred to herein as forward-looking statements . The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "plan", "intend" and similar expressions are intended to identify forward-looking statements.

Disclaimer 2 Forward Looking Information In the interests of providing Tidewater Midstream and Infrastructure Ltd. (“Tidewater”or the “ orporation”)shareholders and potential investors with information regarding Tidewater, including management’s

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Transcription of Tidewater Midstream & Infrastructure Ltd.

1 TWM Brazeau River Complex October 2017. Tidewater Midstream & Infrastructure Ltd. Investor Presentation March 2018. 1. TSX: TWM. Disclaimer Forward Looking Information In the interests of providing Tidewater Midstream and Infrastructure Ltd. ( Tidewater or the Corporation ) shareholders and potential investors with information regarding Tidewater , including management's assessment of future plans and operations relating to the Corporation, this document contains certain statements and information that are forward-looking statements or information within the meaning of applicable securities legislation, and which are collectively referred to herein as forward-looking statements . The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "plan", "intend" and similar expressions are intended to identify forward-looking statements.

2 Forward-looking statements are often, but not always, identified by such words. Forward-looking statements in this document include, but are not limited to statements and tables (collectively statements ) with respect to: plans to construct a natural gas pipeline from the BRC to TransAlta's Sundance and Keephills power plants, expected cost of such project and associated take or pay agreement; potential egress and demand options including for petrochemical, technology, industrial and power use; Infrastructure plans with respect to the proposed Pipestone Montney Sour Deep Cut Gas Plant including its potential expansion; plans with respect to natural gas storage Infrastructure ; the potential to connect newly acquired Infrastructure to BRC and provide customers with a new large scale egress solution.

3 Projections to increase long term contracts and diversify to customers with strong balance sheets; plans to connect Tidewater 's Montney assets to its Edmonton Infrastructure /egress hub; benefits generated from an integrated processing and Infrastructure network; the increasing relevance of Tidewater 's Deep Basin network, driving utilization and EBITDA growth upward;. anticipated margin improvements for Tidewater 's Edmonton assets resulted from the reduction of certain fees, costs and tariffs; Tidewater 's plans to build out its Edmonton Energy Hub over the next two to three years and the potential to add propylene, polypropylene and iso-octane production; anticipation of significant improvement in margins by eliminating third party rail transloading fees, eliminating trucking costs and reduced pipeline tariffs at the Acheson facility; target annual EBITDA/share growth over the next 24 months and target EBITDA levels; subsequent acquisitions and strategies for acquisitions, capital projects and expenditures.

4 Strategic initiatives; anticipated producer activity and industry trends; and anticipated performance. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, as well as known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur and which may cause Tidewater 's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by the forward-looking statements.

5 These assumptions, risks and uncertainties include, among other things: receipt of third party, regulatory and governmental approvals and consents; Tidewater 's ability to successfully implement strategic initiatives and whether such initiatives yield the expected benefits; failure to consummate definitive agreements related to contemplated projects; future operating results; fluctuations in the supply and demand for natural gas, natural gas liquids ( NGLs ), and iso-octane;. assumptions regarding commodity prices; demand for potential egress options; activities of producers, competitors and others; the weather; assumptions around construction schedules and costs, including the availability and cost of materials and service providers; fluctuations in currency and interest rates; credit risks; marketing margins; potential disruption or unexpected technical difficulties in developing new facilities or projects; unexpected cost increases or technical difficulties in constructing or modifying processing facilities; Tidewater 's ability to generate sufficient cash flow from operations to meet its current and future obligations; its ability to access external sources of debt and equity capital.

6 Changes in laws or regulations or the interpretations of such laws or regulations; political and economic conditions; that any required commercial agreements can be negotiated and completed; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by Tidewater . Readers are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements contained in this document are made as of the date of this document or the dates specifically referenced herein. For additional information please refer to Tidewater 's public filings available on SEDAR at All forward-looking statements contained in this document are expressly qualified by this cautionary statement.

7 Any financial outlook or future-oriented financial information, as defined by applicable securities legislation, has been approved by management of Tidewater as of October 31, 2017. Such financial outlook or future- oriented financial information is provided for the purpose of providing information about management's current expectations and goals relating to the future of Tidewater . Readers are cautioned that reliance on such information may not be appropriate for other purposes. TransAlta Agreement Tidewater and TransAlta have entered into a letter of intent ( LOI ) for Tidewater to construct a 120 km natural gas pipeline from the BRC to TransAlta's power generating units at Sundance and Keephills and a definitive agreement with respect to the procurement of long-lead items such as the steel and valves for the pipeline.

8 The pipeline will be supported by a 15 year take-or-pay agreement with TransAlta. The completion of this project and execution by Tidewater of the take-or-pay agreement with TransAlta will be subject to negotiation of additional definitive agreements between Tidewater and TransAlta. Non-GAAP Financial Measures This presentation refers to EBITDA and Adjusted EBITDA , which do not have any standardized meaning prescribed by generally accepted accounting principles in Canada ( GAAP ). EBITDA is calculated as income or loss before interest, taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA adjusted for incentive compensation, unrealized gains/losses, non-cash items, transaction costs and other items considered non-recurring in nature.

9 Tidewater Management believes that EBITDA and Adjusted EBITDA provide useful information to investors as they provide an indication of results generated from the Corporation's operating activities prior to financing, taxation and non-recurring/non-cash impairment charges occurring outside the normal course of business. Management utilizes Adjusted EBITDA to set objectives and as a key performance indicator of the Corporation's success. In addition to its use by Management, Tidewater also believes Adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate the financial performance of the Corporation and other companies in the Midstream industry. Investors should be cautioned that EBITDA and Adjusted EBITDA should not be construed as alternatives to earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of the Corporation's performance and may not be comparable to companies with similar calculations.

10 For more information with respect to financial measures which have not been defined by GAAP, including reconciliations to the closest comparable GAAP measure, see the Non-GAAP and Additional Measures section of Tidewater 's most recent MD&A which is available on SEDAR. 2. Tidewater Summary 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. NGL prices are currently near 36 month highs which is very positive for Tidewater 's business plan Announced the first definitive agreement in connection with the letter of intent for a 15 year take-or-pay agreement (130 Mmcf/day) with TransAlta on a new pipeline build from Tidewater 's largest natural gas processing facility (Brazeau River Complex ( BRC )) direct to an end market in TransAlta's large power plants in the Edmonton area.


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