Westshore Terminals Investment : Announces Q1 2023 Distribution

Westshore Terminals Investment Corporation

WESTSHORE TERMINALS ANNOUNCES Q1 2023 DISTRIBUTION

March 10, 2023

Vancouver, British Columbia - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today an increase in the quarterly dividend from $0.30 per share to $0.35 per share. The Q1 dividend will be paid on or before April 15, 2023, to shareholders of record on March 31, 2023. The Q1 2023 dividend will be designated an "eligible dividend" for Canadian tax purposes. The board will continue to review all factors relevant to the level of dividends, including operating performance, current and anticipated market conditions, and the suitability of applying funds to repurchase shares.

For the two months ended February 28, 2023, Westshore loaded 4.3 million tonnes compared to 4.1 million tonnes for the same period in 2022. Westshore anticipates shipping approximately 7.0 million tonnes in Q1 2023, compared to 6.8 million tonnes for the same period in 2022.

For 2023, based on information currently available, volumes are projected to be approximately 26 million tonnes. The average loading charge for the year is estimated at $12.75.

Westshore is making progress on the potash capital project and is on budget and on schedule. The construction phase will take approximately four years in total and Westshore expects to start handling potash for BHP in late 2026. This is a very significant diversification for Westshore to handle another commodity for the long term.

The foregoing statements concerning anticipated throughput volumes and loading rates, and the levels of dividends and the BHP potash project, are forward-looking statements that reflect the current expectations of the Corporation with respect to future events and performance. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether such performance or results will be achieved.

Forward-looking statements are based on information available at the time they are made, assumptions made by management, and management's good faith belief with respect to future events and will be impacted by and are subject to the risks and uncertainties outlined in the Corporation's Annual Information Form that could cause actual performance or results to differ materially from those reflected in the forward-looking statements, historical results or current expectations.