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Superior Plus Corp. Earnings Update

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Superior operates two segments; Energy Services and Specialty Chemicals and until the sale in Aug- 2016 a Construction Products Distribution business. Energy Services contributes 70% of AFFO, Specialty Chemicals at 30%. Approximately 70% of revenues are in Canadian dollars and 30% in USD. A greater portion of revenues are earned in the winter quarters for energy services. Revenues are spread evenly throughout the year for the chemicals segment. The significant portion of Energy Services revenues are earned from the sale of propane, heating oil and other refined fuels to residential, commercial and industrial customers in Canada and the US. The Specialty Chemicals segment produces sodium chlorate for the pulp and paper industries and is a regional supplier of potassium and chlor-alkali chemicals to industrial customers in the U.S. Midwest. The Construction Products was sold in 2016, was sold for $(US)335M ($428M Cdn), Canwest Propane was acquired from Gibsons Energy (GEI) for $2.4B in Mar-2017. In Nov-2014 the monthly dividend was increased by 20% to $0.06 per share from $0.05 per share.

Superior has completed 10 acquisitions and one disposition beginning in Sept-09 to Oct-2017 for a total of about $1B. The largest acquisition in 2017 was Canwest Propane from Gibsons Energy. Effective Aug-9-2016 the Construction Products Division was sold and the pending acquisition of Canexus Corp. was terminated. Other acquisitions in 2017 include: acquisition of Pomerleau Propane Gaz Inc. on Apr-20-2017, a small propane distributor serving residential and commercial customers in southeastern Qu├ębec for $10.7M; acquisition of Yankee Propane Inc. on Aug-1-2017, a propane distributor serving residential and commercial customers in New York, New Jersey and Virginia for CDN $38.7M; acquisition of the Propane Distribution Assets of R.W. Earhart Company on Oct-2- 2017, a propane distributor serving residential and commercial customers in Ohio for U.S. $38M and acquisition of International Dioxcide, Inc. on Oct-31-2017, a provider of sodium chlorite for (US)$11.1M.

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