INVESTOR PRESENTATION April 2018 FORWARD LOOKING STATEMENTS This - PDF document

INVESTOR PRESENTATION April 2018

FORWARD LOOKING STATEMENTS This document contains statements that constitute forward-looking statements within the meaning of applicable securities legislation. These forward-looking statements include, among others, the Company’s prospects, expected revenues, expenses, profits, expected developments and strategies for its operations, and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “achieve”, “achievable,” “believe,” “estimate,” “expect,” “intend”, “plan”, “planned”, and other similar terms and phrases. Forward-looking statements are based on current expectations, estimates, projections and assumptions that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; and availability of products, qualified personnel, manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect, actual results may vary materially from those expected. 2

TRICAN OVERVIEW

OVERVIEW OF TRICAN Strong Financial Position  Market capitalization 1 billion (April 6, 2018)  Total debt of $103.7 million, cash of $12.7 million (December 31, 2017) Fraction Energy, Industrial, 2%  Financial investment in US listed company Keane Group 4% Acid, Coil, Nitrogen, 7% ($177 million, December 31, 2017)  Strong cash flow with minimal capital expenditures, opportunities for deployment: Cementing, 15% • NCIB • M&A (longer-term) • Process optimization Market Leading Positions  Canadian market leader in fracturing services Fracturing, 72%  Canadian market leader in cementing services  Supporting service lines: coil tubing, nitrogen, acid, water management services and industrial services 4

EQUIPMENT – AS OF FEBRUARY 23, 2018 Service Line Total Active, Active, Idled ~ Market Equipment Manned Maintenance, Share Unmanned Fracturing (HHP) 680,000 455,000 114,000 111,000 30% Cementing (trucks) 67 30 10 27 40% Coil Tubing (units) 28 6 9 13 n/a Nitrogen (units) 80 26 12 42 n/a Ability to reactivate idle equipment would increment both free cash flow and ROIC:  Our $33 million H1 2018 capital budget includes our estimated reactivation costs of $3 to $4 million for all remaining fracturing equipment 5

MARKET DYNAMICS – INCREASING WELL INTENSITY  Increased frac intensity and job size improve profitability  2017 total sand volumes increased 112% year-over-year  Average stages per well increasing approximately 10% per year  Leading sand per well: 6,000 – 7,000 tonnes • Still below US average sand / well  High utilization and increased pumping time per well significantly improves margins  Over 50% of fleet is comprised of continuous duty pumps suited to increased frac intensity 6

TRICAN – COMPETITIVE ADVANTAGE  Strong safety record • LTI Rate of 0.19  Technical advantage in Canada • Numerous engineers embedded in client offices TM system • MVP Frac • Lightweight cement blends • Technology retains and grows market share and improves returns • Lowers product cost  High-quality, efficient operations  Significantly lowered cost structure from the downturn  Large scale going forward 7

GEOGRAPHIC COVERAGE Horn River Shale British Columbia Manitoba Alberta Saskatchewan FORT ST. JOHN Montney Shale Duvernay GRANDE PRAIRIE Shale WHITECOURT HINTON NISKU LLOYDMINSTER DRAYTON VALLEY Viking RED DEER Tight Oil Deep CALGARY Basin ESTEVAN BROOKS MEDICINE HAT Spearfish Bakken Cardium Lower Shaunavon Shale Tight Oil Tight Oil 8

OUTLOOK - 2018  Customer economics in Canadian liquids-rich gas plays are competing with all plays worldwide • Driven largely by condensate pricing • CDN / US dollar exchange rate helps customer economics  Anticipate customer spend for fracturing to be flat year-over-year • Gas spending down • Liquids spending up  Continued growth in service intensity • Proppant per well estimated to increase 15% in 2018  The net result is more spend on fracturing and a balanced or undersupplied market 9

OUTLOOK - 2018  83% of revenue from liquids rich and oil plays (Q4 2017)  Only 17% of revenue from dry gas customers (Q4 2017)  Pricing stable with ability to recover cost increases  Focus on driving better crew efficiency and increased sand per well to drive better profitability  Four fracturing crews committed through April and May • Additional crews planned in May will be weather dependent  Active fracturing equipment fully booked from June 1 to the end of Q3  Hard committed on half of active equipment in Q4 and soft committed on the remainder 10

OUTLOOK - 2018  Plan to add one additional fracturing crew by Q3  Will evaluate adding additional crews if current pricing and ROCE can be maintained  Activated 3 additional cement crews for Q1  Looking at activating additional coil crews in 2018  Hiring qualified staff limiting speed of equipment activations 11

TRICAN – COST SAVINGS  Minimal fixed cost increases going forward as business improves  Lowered fixed/variable cost ratio • Fixed costs now 25% of costs as compared to 50% pre-downturn  Canyon-Trican combination allows for additional cost savings • Annual synergies between $20 and $40 million - $31 million realized as of December 31, 2017 • Large scale will reduce costs 12

GROWTH

GROWTH  We will focus on: • Being on leading edge of cost and operational efficiencies • Achieving cost advantages through size and scale in Canada • Separating ourselves through safety, technology, service quality and innovation  Will explore adding or growing additional service lines in Canada after Canyon is fully integrated 14

GROWTH  Strong earnings potential from existing assets with minimal additional capital investment required  Existing asset base generated $347 million adjusted EBITDA in 2014 (see Non-GAAP Measures in the 2014 Annual MD&A for Trican (Canadian operating income) and Canyon (EBITDA before share-based payments), respectively)  Substantial leverage on fixed cost structure as equipment utilization increases 15

ADDITIONAL GROWTH  Retained ownership in Keane allows us to participate in U.S. recovery • Approximate 5% ownership in Keane Group (FRAC)  Trican maintains significant residual value in remaining common stock of Keane and measurable value is dependent on timing and share price of any further liquidating events  No non-compete in U.S.  Trican will license our technology in U.S. and International markets • Licensed sand supplier and chemical suppliers in North America • Selling selective chemistry in US and Canada • Selling silica dust control product in other industries • Exploring technology and product sales internationally 16

ADDITIONAL GROWTH Trican Pro Rata Year Ending Keane Holding Trican Pro Rata Proceeds (1.25 CAD/USD March 2017 Company Proceeds Proceeds Exchange Rate) FRAC USD $14.00 share price: 2018 (March 16, 2018 – March 15, 2019) USD$797 million USD$123 million CAD$153 million 2019 (March 16, 2019 – March 15, 2020) USD$797 million USD$76 million CAD$95 million 2020 (March 16, 2020 – March 15, 2021) USD$797 million USD$74 million CAD$92 million 2021 (March 16, 2021 – March 15, 2022) USD$797 million USD$74 million CAD$92 million FRAC USD $18.00 share price : 2018 (March 16, 2018 – March 15, 2019) USD$1.02 billion USD$185 million CAD$241 million 2019 (March 16, 2019 – March 15, 2020) USD$1.02 billion USD$121 million CAD$175 million 2020 (March 16, 2020 – March 15, 2021) USD$1.02 billion USD$95 million CAD$126 million 2021 (March 16, 2021 – March 15, 2022) USD$1.02 billion USD$95 million CAD$126 million FRAC USD $20.00 share price: 2018 (March 16, 2018 – March 15, 2019) USD$1.14 billion USD$216 million CAD$270 million 2019 (March 16, 2019 – March 15, 2020) USD$1.14 billion USD$152 million CAD$190 million 2020 (March 16, 2020 – March 15, 2021) USD$1.14 billion USD$105 million CAD$131 million 2021 (March 16, 2021 – March 15, 2022) USD$1.14 billion USD$105 million CAD$131 million Notes: 1. Assumption for table = 100% of remaining FRAC shares liquidated in year shown and at price shown (could be single or multiple events). 2. Remaining FRAC shares held by Keane Investor Holdings LLC ("InvestorCo”) = 56,919,000 FRAC shares.  The above table valuations includes the two secondary offerings: • Liquidation event #1: Jan 20, 2017 Secondary offering w/ IPO = USD$28 million payable to Trican out of USD$284 million in proceeds to InvestorCo • Liquidation event #2: Jan 17, 2018 Secondary offering = USD$27 million payable to Trican out of USD$280 million in proceeds to InvestorCo 17

INNOVATION