Simpson Oil Releases Presentation Addressing Years of Value Destruction Under Parkland’s CEO and Board

Simpson Oil Limited (“Simpson Oil”, “we” or “our”), the largest shareholder of Parkland Corporation (“Parkland” or the “Company”), holding 19.8% of the outstanding common shares, today published a presentation outlining its plan to restore performance, accountability, and long-term value at Parkland.

The presentation, available for download here, includes a detailed overview of the Company’s track record of governance failures and financial underperformance. There is broad consensus among shareholders, and the market itself, that change is urgently needed at Parkland: Under the leadership of the current Board of Directors (the “Board”) and long-tenured CEO Bob Espey, the Company has repeatedly missed guidance and consensus, experienced significant management churn, allowed expenses to spiral out of control, and pursued a deeply flawed M&A strategy that has stunted profitability for years.

Board tinkering and refreshment have not addressed the root problems. At this point, the question is no longer whether change is necessary, it’s who shareholders can trust to deliver it.

Unlike the incumbent Board, Simpson Oil has a track record of value creation, is aligned with all shareholders, and has a clear plan to restore performance by returning Parkland to its core strengths—under renewed leadership and a Board with an ownership mindset.

Our nominees bring the experience, credibility, and urgency to execute a focused, straightforward, and actionable plan that includes:

• Revitalizing the management team, including the launch of a CEO search led by the refreshed Board. The next CEO will bring deep industry knowledge, global business experience, operational excellence, and team-building capability. We have already identified several high-quality candidates and believe the new Board is well-positioned to attract the right leadership. In the interim, our nominee Mark Davis is fully qualified and capable of stepping in as interim CEO to ensure a smooth transition.
  
  
  
  
• Refocusing Parkland on what it does best—supply-advantaged assets, cost control, and value-focused execution. No more growth-at-any-cost acquisitions. Clean up is required after years of poor capital decisions. Leverage is too high due to missteps under the current CEO, and the Company must now pause, refocus, and reposition for sustainable value creation.
  
  
  
  
• Restoring transparency and accountability by making sure shareholders know what is happening at their company. No more obfuscation in financial presentations. The new Board will set appropriate, achievable stretch targets and commit to clear, consistent communication with the market.
  
  
  
  
• Continuing a strategic review process led by a refreshed Board, with independent nominees who have successfully overseen similar processes in the past and are free from bias or legacy decisions.

Ahead of the Meeting, shareholders face a clear choice.

As a reminder, Simpson Oil is seeking meaningful change by nominating the following nine highly qualified director candidates to Parkland’s Board at the upcoming Annual Meeting of Shareholders on May 6, 2025 (the “Meeting”):

- Monty Baker

- Michael Christiansen

- Mark Davis

- Jackie Doak

- Chris Folan

- Brian Gibson

- Marc Halley

- Darcy Morris

- Karen Stuckey

At the Meeting, shareholders must decide between:

The Gold Proxy Card: Simpson Oil and its nominees—significant shareholders with capital market and industry experience, operational discipline, and a clear plan to rebuild value for all shareholders

OR

The status quo: continued value destruction under the misguided leadership of a Board and long-tenured CEO that do not act in the interests of shareholders because they themselves are not meaningful shareholders

For more information on the Simpson Oil nominees, their plan to unlock shareholder value at Parkland, and how to vote for the entire Simpson Oil slate on the GOLD Proxy Card, visit www.RefuelParkland.com. Proxy materials are also available under Parkland’s SEDAR+ profile at www.sedarplus.ca, including a GOLD Proxy Card or voting instruction form.

The deadline to return proxies to Simpson Oil is 5:00 p.m. (Calgary time) on Thursday, May 1, 2025. If you have questions or need help voting, contact Carson Proxy, at 1-800-530-5189 (North America Toll Free), 416-751-2066 (Local and Text), or by email at info@carsonproxy.com.

Advisors

Blake, Cassels & Graydon LLP is serving as legal counsel. Longacre Square Partners is serving as strategic advisor, and Carson Proxy is serving as proxy solicitor.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250415324935/en/