Mr. Allen Gransch reports

LEADING INDEPENDENT PROXY ADVISORY FIRMS ISS AND GLASS LEWIS RECOMMEND SECURE SHAREHOLDERS VOTE "FOR" PROPOSED TRANSACTION WITH GFL ENVIRONMENTAL

Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co. have recommended that Secure Waste Infrastructure Corp. shareholders vote for the special resolution approving the corporation's previously announced transaction with GFL Environmental Inc. at the upcoming special meeting of shareholders.

• ISS and Glass Lewis support transaction based on strategic rationale, premium valuation and long-term value opportunity for shareholders;
• Shareholders are encouraged to vote in advance of the May 25, 2026, proxy voting deadline.

Under the terms of the previously announced arrangement agreement, GFL will acquire all of the issued and outstanding common shares of Secure through a combination of subordinate voting shares in the capital of GFL and cash.

The recommendations from ISS and Glass Lewis follow the unanimous recommendation of Secure's board of directors and the special committee of independent directors that shareholders vote for the transaction.

"We are pleased that ISS and Glass Lewis have recommended Secure shareholders vote for the proposed transaction with GFL," said Mick Dilger, chair of the board of directors of Secure. "The recommendations reinforce the board's unanimous view that this transaction delivers compelling immediate value while providing shareholders with continued participation in the long-term upside potential of a larger, more diversified environmental services platform."

In recommending that shareholders vote for the transaction, ISS highlighted several factors supporting its recommendation, including:

Strategic rationale

ISS stated that "the strategic rationale is sound" and noted that shareholders who elect to receive stock are "expected to benefit from a more diversified, scaled entity, with increased liquidity, a strong financial position, and further rerating opportunity."

Valuation and consideration

ISS noted that shareholders are "being offered cash and stock (subject to proration) at a premium" and highlighted the balanced form of consideration, which provides "certain value through cash, as well as stock allowing for potential upside participation of the combined company."

Long-term strategic benefits

ISS highlighted the board's view that "the transaction represents a better risk-adjusted opportunity than continuing with the stand-alone operating plan" and noted the board's belief that the combined company is expected to benefit from "the improved financial position and enhanced liquidity."

Transaction process and governance

ISS noted that the transaction was unanimously approved by both Secure's board of directors and special committee, and was supported by fairness opinions from RBC Capital Markets and ATB Capital Markets.

* Permission to use quotations from the ISS report was neither sought nor obtained.

Vote your shares today

Your vote is important, regardless of the number of shares you own.

Shareholders are encouraged to vote well in advance of the proxy voting deadline by following the instructions provided in the management information circular under the section entitled "general proxy matters" and in the accompanying form of proxy or voting instruction form mailed to shareholders.

The deadline for shareholders to return completed proxies or voting instruction forms is Monday, May 25, 2026, at 10 a.m. (Calgary time), or, if the meeting is adjourned or postponed, no later than 48 hours (excluding Saturdays, Sundays and statutory holidays in Alberta) before the reconvened meeting.

Shareholder questions and voting assistance

Shareholders requiring assistance with voting their shares or who have questions regarding the transaction are encouraged to contact Secure's proxy solicitation agent:

Laurel Hill Advisory Group

North American toll-free:  1-877-452-7184

Outside North America:  1-416-304-0211

Text:  1-416-304-0211

E-mail:  assistance@laurelhill.com

Transaction overview

As previously announced on April 13, 2026, Secure entered into an arrangement agreement with GFL pursuant to which GFL will acquire all outstanding Secure common shares by way of a plan of arrangement under the Business Corporations Act (Alberta). Based on GFL's 30-day volume-weighted average share price as of April 10, 2026, the last trading day prior to announcement of the transaction, the consideration implied a value of approximately $24.75 per Secure common share, representing a premium of approximately 23 per cent to Secure's 60-day volume-weighted average trading price as of April 10, 2026.

Under the terms of the transaction, shareholders may elect to receive: (i) $24.75 in cash; (ii) 0.4195 of a subordinate voting share in the capital of GFL; or (iii) a combination of $4.95 in cash and 0.3356 of a subordinate voting share in the capital of GFL for each Secure common share held, subject to rounding and proration, as applicable, as set forth in the plan of arrangement (the form of which is attached as Schedule A to the arrangement agreement). The consideration payable to shareholders under the transaction will be satisfied through a combination of 80 per cent in GFL subordinate voting shares and 20 per cent in cash.

Following completion of the transaction, Secure shareholders are expected to own approximately 16 per cent of the combined company.

About Secure Waste Infrastructure Corp.

Secure is a leading waste management and energy infrastructure business headquartered in Calgary, Alta., with an extensive network of assets across Western Canada and North Dakota. Through its waste management segment, Secure operates long-life, permitted processing, recovery, and disposal infrastructure that supports the safe, efficient and environmentally responsible management of waste from energy and industrial activity, including the recycling of metals and recovered oil and the use of specialty chemical solutions to reduce waste intensity and improve operational efficiency. Secure's Energy Infrastructure segment includes crude oil pipelines, terminals and storage facilities that optimize, store, and transport crude oil to market, enhancing customer value through product quality optimization, improved pricing and reduced emissions while protecting the environment.

Secure's shares trade under the symbol SES and are listed on the Toronto Stock Exchange.

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