Mr. Allan MacDonald reports

SUPERIOR PLUS ANNOUNCES STRONG THIRD QUARTER RESULTS AND CONFIRMS 2023 ADJUSTED EBITDA GUIDANCE

Superior Plus Corp. today released its third quarter results for the period ended Sept. 30, 2023. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.

"Strong performance in the propane division in Q3 was complemented by significant year-over-year growth at Certarus. We are making excellent progress in our strategy to become a leader in low-carbon energy distribution. Our continued focus on operational effectiveness, capital allocation and organic growth is reflected in our Q3 results and positions Superior Plus very well for continued improvement in performance leading into our historically strongest quarters," said Allan MacDonald, president and chief executive officer of Superior.

Quarterly dividend:

• Superior is declaring a quarterly common share dividend of 18 cents per share, payable to shareholders of record as of Dec. 29, 2023. The common share dividend will be payable on Jan. 15, 2024.

Corporate governance:

• Following the departure of Angelo Rufino from Brookfield and his resignation from Superior's board of directors, effective today, Superior is pleased to be welcoming Michael Horowitz, managing director of Brookfield, who joins Superior's board as Brookfield's nominee under the terms of their investment. Mr. Horowitz, who is responsible for investment origination, analysis and execution for the Brookfield Special Investments Fund, has been an active, collaborative partner to Superior since Brookfield's initial investment in July, 2020.

Normal course issuer bid (NCIB):

• The NCIB will commence on Nov. 10, 2023, and will terminate on the earlier of Nov. 9, 2024, the date on which Superior has purchased the maximum number of common shares permitted under the NCIB or the date on which Superior terminates the NCIB in accordance with its terms.
• The NCIB is intended to augment Superior's continuing return of capital to shareholders through dividends. Superior believes that, from time to time, the common shares trade in price ranges that do not fully reflect their value. In such circumstances, Superior believes that acquiring its common shares represents an attractive and desirable use of funds.
• Under the NCIB, Superior may, over a 12-month period commencing on Nov. 10, 2023, purchase in the normal course through the facilities of the Toronto Stock Exchange or Canadian alternative trading platforms, if eligible, up to 12,427,942 common shares, such amount representing 5 per cent of the 248,558,857 common shares issued and outstanding as at Oct. 27, 2023. Purchases under the NCIB will be subject to certain pricing limits set by the board of directors of Superior from time to time. Furthermore, subject to certain exemptions for block purchases, the maximum number of common shares that Superior may acquire on any one trading day is 201,908 common shares, such amount representing 25 per cent of the average daily trading volume of the common shares of 807,635 for the six calendar months prior to the start of the NCIB. All common shares purchased by Superior under the NCIB will be cancelled.
• Superior has engaged a broker to administer the NCIB. Superior will also enter into an automatic purchase plan (APP) with its broker in relation to the NCIB to facilitate purchases of common shares under the NCIB at times when Superior normally would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Pursuant to the APP, from time to time, when Superior is not in possession of material non-public information about itself or its securities, Superior may, but is not required to, direct its broker to make purchases of common shares under the NCIB during an ensuing trading blackout period. Such purchases will be based on trading parameters established by Superior prior to the trading blackout period in accordance with the rules of the TSX, applicable securities laws and the terms of the APP.
• Superior's previous NCIB, in respect of which Superior sought and received approval from the TSX, authorized the purchase of up to 10,085,599 common shares and expired on Oct. 12, 2023. Under Superior's previous NCIB, a total of 1,732,442 common shares were purchased by Superior through the facilities of the TSX and Canadian alternative trading platforms at a volume weighted average price of $9.94 per common share. During the third quarter, Superior repurchased and cancelled 727,800 shares under its previous NCIB.

MD&A (management's discussion and analysis) and financial statements

Superior's MD&A, the unaudited consolidated financial statements and the notes to the unaudited consolidated financial statements as at and for the quarter ended Sept. 30, 2023, provide a detailed explanation of Superior's operating results. These documents are available on-line on Superior's website and on SEDAR+ under Superior's profile.

2023 third quarter conference call

A conference call and webcast to discuss the 2023 third quarter financial results will be held at 10 a.m. EST on Wednesday, Nov. 8, 2023. Please register on-line as a participant. The webcast will be available live and for replay on Superior's website under the events section.

About Superior Plus Corp.

Superior is a leading North American distributor of propane, compressed natural gas, renewable energy, and related products and services, servicing approximately 936,500 customer locations in the United States and Canada. Through its primary businesses, propane distribution, and compressed natural gas, renewable natural gas and hydrogen distribution, Superior safely delivers clean burning fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon intensive fuels, Superior is a leader in the energy transition and helping customers lower operating costs and improve environmental performance.

We seek Safe Harbor.