Mr. Glenn Dudar reports

WESTSHORE TERMINALS ANNOUNCES Q1 2024 DISTRIBUTION AND SPECIAL DIVIDEND

Westshore Terminals Investment Corp. has increased the quarterly dividend from 35 cents per share to 37.5 cents per share. The first quarter dividend will be paid on or before April 15, 2024, to shareholders of record on March 31, 2024. The Q1 2024 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.

Westshore also announces a one-time, non-recurring special dividend of 35 cents per share, which will also be paid on or before April 15, 2024, to shareholders of record on March 31, 2024, together with the Q1 dividend announced above. The special dividend will be designated an eligible dividend for Canadian tax purposes.

For the two months ended Feb. 29, 2024, Westshore loaded 4.0 million tonnes compared with 4.3 million tonnes for the same period in 2023. Westshore anticipates shipping approximately 6.2 million tonnes in Q1 2024, compared with 6.9 million tonnes for the same period in 2023.

For 2024, based on information currently available, volumes are projected to be approximately 25.5 million tonnes. The average loading charge for the year is estimated at $13.40.

We seek Safe Harbor.