News

Not for distribution to U.S. news wire services or dissemination in the United States.

TORONTO, Ontario, March 10, 2023 – Chemtrade Logistics Income Fund (TSX: CHE.UN) (“Chemtrade” or the “Fund”) announced today that it will redeem on May 4, 2023 (the “Redemption Date”) $100 million aggregate principal amount of its 4.75% convertible unsecured subordinated debentures due May 31, 2024 (the “2024 Debentures”) in accordance with the terms of the trust indenture, as amended and supplemented by supplemental indentures thereto (collectively, the “Indenture”), pursuant to which they were issued (the “Partial Redemption”).

On the Redemption Date, holders of the 2024 Debentures to be redeemed in connection with the Partial Redemption will receive approximately $1,020.1712 for each $1,000 principal amount of 2024 Debentures, representing their par value, plus all accrued and unpaid interest thereon to but excluding the Redemption Date. The 2024 Debentures that are redeemed in connection with the Partial Redemption will cease to bear interest from and after the Redemption Date.

The record date for determining the holders whose 2024 Debentures are to be redeemed shall be May 1, 2023. The 2024 Debentures shall be redeemed on a pro rata basis to the nearest multiple of $1,000 in accordance with the principal amount of the 2024 Debentures registered in the name of each holder, or in such other manner as deemed equitable, subject to any applicable regulatory approvals.

Formal notice of redemption is being delivered to the holders of the 2024 Debentures today in accordance with the terms of the Indenture. The aggregate amount of 2024 Debentures outstanding as of the date hereof is $201,115,000. Following the Partial Redemption, $101,115,000 aggregate principal amount of the 2024 Debentures are expected to remain outstanding and shall continue to be subject to the terms of the Indenture.

Chemtrade will use the net proceeds of its previously-announced public offering of 7.00% convertible unsecured subordinated debentures due June 30, 2028, together with cash on hand, to fund the Partial Redemption.

About Chemtrade

Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world. Chemtrade is one of North America’s largest suppliers of sulphuric acid, spent acid processing services, inorganic coagulants for water treatment, sodium chlorate, sodium nitrite, sodium hydrosulphite and phosphorus pentasulphide. Chemtrade is also the largest producer of high purity sulphuric acid for the semiconductor industry in North America. Chemtrade is a leading regional supplier of sulphur, chlor-alkali products, liquid sulphur dioxide, and zinc oxide. Additionally, Chemtrade provides industrial services such as processing by-products and waste streams.

Caution Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of certain securities laws, including the Securities Act (Ontario). Forward-looking information can be generally identified by the use of words such as “anticipate”, “continue”, “estimate”, “expect”, “expected”, “intend”, “may”, “will”, “project”, “plan”, “should”, “believe” and similar expressions. Specifically, forward-looking information in this news release include statements respecting certain future expectations about the Fund’s partial redemption of the 2024 Debentures and anticipated funding with respect thereto. Forward-looking statements in this news release describe the expectations of the Fund and its subsidiaries as of the date hereof.

These statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements for a variety of reasons, including without limitation the risks and uncertainties detailed under the “Risk Factors” section of the Fund’s latest Annual Information Form and the “Risks and Uncertainties” section of the Fund’s most recent Management’s Discussion & Analysis.

Although the Fund believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with such forward-looking statements, and they should not be unduly relied upon. With respect to the forward-looking statements contained in this news release, the Fund has made assumptions regarding: the timing and completion of the partial redemption of the 2024 Debentures; there being no significant disruptions affecting the operations of the Fund and its subsidiaries; the timely receipt of required regulatory approvals; and global economic performance.

Except as required by law, the Fund does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking information contained herein are expressly qualified in their entirety by this cautionary statement.

Further information can be found in the disclosure documents filed by the Fund with the securities regulatory authorities, available at www.sedar.com.

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For further information:

Rohit Bhardwaj Chief Financial Officer Tel: (416) 496-4177

Ryan Paull Business Development Manager Tel: (973) 515-1831

Website: www.chemtradelogistics.com