Mr. Bob Espey reports

PARKLAND'S BURNABY REFINERY SAFELY RETURNED TO NORMAL OPERATIONS

Parkland Corp.'s Burnaby refinery safely returned to normal operations on March 29, 2024, following an unplanned shutdown originating from extreme cold weather on Jan. 12, 2024.

"I would like to thank the refinery team for their hard work and dedication to safely restore operations," said Bob Espey, president and chief executive officer. "During this shutdown period, we accelerated maintenance and refining optimization work previously scheduled for the third quarter of 2024. In addition, we have taken pro-active steps to improve organization-wide marketing profitability and enhance the refinery's utilization and profitability for the remainder of the year. I have confidence in our revised operational plan and the proven execution capabilities of our teams. Our 2024 adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] guidance range remains unchanged at $1.95-billion to $2.05-billion."

As a result of this shutdown, Parkland anticipates the refinery will deliver composite utilization of approximately 20 per cent and an adjusted EBITDA loss of between $60-million and $65-million for the first quarter of 2024. Parkland expects to deliver between $300-million and $320-million of total adjusted EBITDA for the first quarter of 2024.

About Parkland Corp.

Parkland is an international fuel distributor, marketer and convenience retailer with operations in 26 countries across the Americas. The company serves over one million customers each day. Parkland's retail network meets the fuel and convenience needs of everyday consumers. Its commercial operations provide businesses with industrial fuels so that they can better serve their customers. In addition to meeting its customers' needs for essential fuels, the company provides a range of choices to help them lower their environmental impact. These include renewable fuels sourcing, manufacturing and blending, carbon and renewables trading, solar power, and ultrafast EV (electric vehicle) charging. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, Parkland has developed supply, distribution and trading capabilities to accelerate growth and business performance.

The company's strategy is focused on two pillars: customer advantage and supply advantage. Through its customer advantage, Parkland aims to be the first choice of its customers, cultivating their loyalty through proprietary brands, differentiated offers, its extensive network, competitive pricing, reliable service and its compelling loyalty program. The company's supply advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which it operates, through its well-positioned assets, significant scale, and deep supply and logistics capabilities. Parkland's business is underpinned by its people and its values of safety, integrity, community and respect, which are deeply embedded across the organization.

We seek Safe Harbor.