WesternOne Inc.

May 2017

Management Presentation

WEQ: TSX

www.weq.ca

Forward‐looking statements may be included in this presentation, which involve known and unknown risks, uncertainties

and other factors that may cause actual results, performance or achievements or industry results, to be materially different

from any future results, performance or achievements expressed or implied by such forward‐looking statements. These

forward‐looking statements are identified by the use of terms and phrases such as “anticipate”, “believe”, “could”,

“estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including

references to assumptions. Such statements may involve but are not limited to comments with respect to strategies,

expectations, planned operations or future actions.

Forward-looking statements in this presentation are based on certain key expectations and assumptions made by

WesternOne Inc. (“WesternOne”), including, without limitation: the stability of the economy in Western Canada, the impact

of the current economic climate in Western Canada on WesternOne’s operations will remain consistent with WesternOne’s

current expectations, the supply and demand for WesternOne’s products and services and the related impact on the pricing

on such products and services will remain consistent with WesternOne’s current expectations and management’s

assessment of future plans and operations. Although the forward-looking information contained in this presentation is

based upon what WesternOne’s management believes to be reasonable assumptions, WesternOne cannot assure

investors that actual results will be consistent with such information. Forward-looking information reflects current

expectations of management regarding future events and operating performance as of the date of this presentation. Such

information involves significant risks and uncertainties, should not be read as guarantees of future performance or results,

and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could

cause actual results to differ materially from the results discussed in the forward-looking information, and a description of

these factors can be found under “Risk Factors” in WesternOne’s Management’s Discussion and Analysis dated May 11,

2017 and Annual Information Form dated March 30, 2017, which are available on SEDAR (www.sedar.com).

The forward-looking information in this presentation is expressly qualified in its entirety by this cautionary statement.

Forward-looking information reflects management’s current beliefs and is based on information currently available to

WesternOne. The forward-looking information is made as of the date of this presentation and WesternOne assumes no

obligation to update or revise such information to reflect new events or circumstances, except as may be required by

applicable law.

Forward Looking Statements

1

WesternOne Infrastructure Services (“WIS”)

2

• Construction heat services

• Aerial equipment rentals

• Serving construction and

infrastructure services

sectors

Completed Sale of Britco

• March 2017 - Britco Leasing and Britco USA

• May 2017 - Britco Canada Manufacturing

• Total estimated proceeds of $47.6 million

• Repaid senior indebtedness of $25.7 million

• Excess cash for working capital and growth opportunities

• Allows for strategic focus on expanding the WIS platform or future

M&A

3

Deleveraging Balance Sheet

• Significant debt reduction since 2014

• Enhances financial flexibility

• Creates multiple possibilities for 2020 Debentures

4

Note: Net Debt includes senior debt and unsecured debentures (at par value), net of cash.

202.5 211.8 198.9 214.0

193.8172.7

155.0 161.9148.3 155.3

89.9103.0

61.3

20.0

70.0

120.0

170.0

220.0

270.0

WEQ Net Debt (In $ Millions)

Q1 2017 Operating Results

5

• Improved rental volume and service revenues due to cold weather

and strategic focus on Major Project customers

• Rate compression continued to impact bottom line

• Estimated impact of $0.6 million on adjusted EBITDA for every 5%

rental rate movement

$6.1

$1.2

$0.5

$1.8

$2.4

$6.2

Q1 2017 Adjusted EBITDA

Increased operating costs

Increased fuel contribution margin

Rate compression

Increased rental volume

Q1 2016 Adjusted EBITDA

($ millions)

Adjusted EBITDA Variance Bridge

7

WesternOne Infrastructure ServicesWesternOne

Infrastructure

Services

7

WIS Overview

• Acquired and integrated 7 rental businesses under a uniform brand

• 14 locations across BC, Alberta and Manitoba

• Our expertise:

– Temporary Heating Solutions for the construction and oil & gas sectors

– Aerial Equipment Services for the construction, film/television production and

shipyard industries

• Major Projects Group targets larger, longer term opportunities primarily in Heat

• WEDGE Remote Monitoring System showing encouraging early interest

• Net book value of $57M in rental fleet assets (appraised at $71M in November 2015)

7

WIS Facility Locations

• 14 branch locations serving major markets in BC, Alberta

and Manitoba

Winnipeg

Burnaby

Saanichton

Victoria

Prince George

Terrace

Calgary

Red Deer

Lethbridge

Fort McMurray

Edmonton

Heat (>80%)

Aerial (>80%)

Mixed

Corporate Office

BRITISH

COLUMBIA

MANITOBASASKATCHEWAN

ALBERTA

8

WIS Product Offering

Aerial Equipment

Heat Equipment

Boom LiftsTelehandlers

Aerial Platforms

Forklifts

Material Lifts

Scissor Lifts

9

Indirect Heaters

Direct Fired Heaters

Flameless Heaters

Ground Thaw Units

Electric Heaters

WIS Service Offering

• Equipment Delivery & Setup

– More efficient customer worksites

– Delivery service including remote locations

• Heat Services and Remote Monitoring

– Pre-construction engineering and site planning services

– WEDGE – encouraging early interest

• Fuel

– Propane and diesel sales and delivery

• Maintenance & Repairs

– Factory certified for several manufacturers

– 24/7

• Parts

– Supplier of OEM parts from several manufacturers

• Training Programs

– For safe operation of aerial lift equipment and construction

heaters

– Materials recognized by American National Standards

Institute (ANSI) and Canadian Standards Association (CSA)

10

Rentals57%

Product Sales5%

Services38%

56%Heat

44% Aerial

Heat & Aerial Services

11

Revenue by Offering

What we do best:• Experts in more than just

renting equipment,

creating higher ROI

• Dedicated to “Safer,

Easier, Faster”

• Create consistency with

balance of Heat and

Aerial

* TTM March 31, 2017

Revenue by Product

$-

$1

$2

$3

$4

$5

$6

$7

$8

Mill

ions

Revenue by Seasonality of Business

Aerial Heat

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WIS End Markets

• Construction:

– Residential, Commercial, and Infrastructure markets

• Film/TV production:

– Niche market where WIS has a strong market share

– Primarily in BC, with higher margins than construction

work

• Oil & gas:

– Primarily related to heating of existing pipelines and

related equipment

• Other end markets (eg, shipyards)

Revenue by Sector

Revenue by Geography

Construction54%

Film/TV7%

Oil & Gas18%

Other21%

Alberta68%

BC32%

*TTM March 31, 2017

Major Projects Group

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• Major offerings:

• System design

• Equipment, fuel and

related services

• Project management

• WEDGE Remote

Monitoring

• Currently serving projects in:

• Whitehorse

• Yellowknife

• Northern Alberta

• Manitoba

Targets large projects in both

current and remote areas

REMOTE

MONITORING

WEDGE Remote Monitoring System

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• Piloted in late 2016

• Enhanced monitoring

service with real-time

wireless tracking

technology

• Custom dashboards

• Access live data on

computer or mobile

device

• Text alerts based on

upper and lower limits for

temperature and humidity

• Can be deployed

anywhere – future

licensing opportunities

• Further monitoring

opportunities:

• Propane usage

• Air quality

Sample custom dashboard

showing live data from

project site

Real-time

information on heat

and humidity levels

BC Film Industry in Production in 2017

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• Leader in servicing film

and TV production

projects

• Strong market share

and deep relationships

with studios and

production companies

• Feature films and

television series

• Favourable CAD

Rental Volume Trending

16

• Continued improvement in rental activity since September 2016

• Strategic focus on major project customers in heat markets

• Fleet redeployment to targeted markets

• Robust construction and TV/film sectors in BC

35.0

40.0

45.0

50.0

55.0

60.0

65.0

Origin

al E

quip

ment

Cost of

Fle

et

on R

ent

($M

)

2014

2016

2015

2017

35.0

40.0

45.0

50.0

55.0

60.0

65.0

60%

70%

80%

90%

100%

110%

120%

Original Equipment Cost of Fleet on Rent Rental Revenue as a % Total Fleet

Rate Compression

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• Positive impact from increased rental activity offset by reduced rental rates

• Continued rate pressure from Alberta headwinds and excess supply of fleet

• Signs of modest rate recovery:

• Competitors redeploying fleet to the US

• Continued strength in BC’s construction and film/TV sectors

• Targeted niche markets allow for better fleet returns

* Based on running 12-month average and indexed to December 2014.

WesternOne – 2017 and Beyond

• Focus on the rental segment

• Execute Heat business strategies with Major Projects Group and WEDGE

Remote Monitoring System

• Refine sales and marketing strategy in existing markets

• Redeploy equipment fleet to optimize returns

• Continue alignment of expenses and revenues

• Consider acquisition opportunities

18