Investor Day November 18, 2010

Investor DayNovember 18, 2010

TSX:SPB

www.superiorplus.com

Forward-Looking Statementsand Non-GAAP Measures

2

Certain information included herein is forward-looking, within the meaning of applicable Canadian securities laws. Forward-looking information can be identified by looking for words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words. Forward-looking information in this corporate presentation, including the 2010 and 2011 Financial Outlooks, includes but is not limited to consolidated and business segment outlooks, expected EBITDA from operations, expected Adjusted Operating Cash Flow, expected Adjusted Operating Cash Flow per share, future capital expenditures, business strategy and objectives, future dividend payments, dividend strategy, expected senior debt and total debt to EBITDA ratios, future cash flows, anticipated taxes and statements regarding the future financial position of Superior and Superior LP. Superior and Superior LP believe the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Forward-looking information is based on various assumptions. Those assumptions are based on information currently available to Superior, including information obtained from third-party industry analysts and other third- party sources, and include the historic performance of Superior's businesses, current business and economic trends, availability and utilization of tax basis, currency, exchange and interest rates, trading data, cost estimates and the other assumptions set forth under the “Outlook” sections contained in the 2010 third quarter results. Readers are cautioned that the preceding list of assumptions is not exhaustive.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties, some of which are described herein and in the 2010 third quarter results. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Superior's or Superior LP's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include but are not limited to the risks referred to under the section entitled “Risk Factors to Superior”, in the 2010 third quarter results, the risks associated with the availability and amount of the tax basis and the risks identified in Superior's 2009 Annual Information Form under the heading “Risk Factors”. Any forward-looking information is made as of the date hereof and, except as required by law, neither Superior nor Superior LP undertakes any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

All dollar amounts are in Canadian dollars unless otherwise noted.

Business Overview

3

Superior Plus – ‘Three Businesses – ONE Investment’ Energy Services Specialty Chemicals Construction Products Distribution

Converted to a corporation on December 31, 2008 High-yielding corporation Excellent access to capital Focused on improving efficiency and organic

growth generation Attractive acquisition and geographic / market expansion

opportunities in all three businesses North American focused with 4,800 employees

Financial Profile – SPB

4

Enterprise Value (EV) $2.3 billion

Share Market Price (1) $10.46

Annual Dividend Rate (per share) (2) $1.62

Dividend Yield 15.5%

Number of Shares Outstanding (3) 107.1 million

Convertible Debentures Outstanding (4) $489.4 million

(1) Closing market price on November 9, 2010(2) Annualized dividend of $1.62 is based on the November 2010 dividend of $0.135 per month(3) As at September 30, 2010(4) Excludes deferred issue costs

Strong Management Capability

5

Position Age

Grant Billing Chief Executive Officer 59

Wayne Bingham Chief Financial Officer 54

John Gleason President, Energy Services and Propane 51

Greg McCamus President, U.S. Refined Products and Fixed-Price Products 52

Eric McFadden EVP, Business Development 47

Paul Timmons President, Specialty Chemicals 61

Dave Tims SVP, Commodity Portfolio Management 49

Paul Vanderberg President, Construction Products Distribution 51

Superior Plus Market Diversification

6

(1) Based on mid-point of Superior’s 2011 Financial Outlook on an EBITDA from operations basis as provided in Superior’s third quarter MD&A

Energy Services

Construction Products Distribution

Specialty Chemicals

Today’s Presenters

7


Paul Vanderberg

Energy Services

John Gleason

Superior Plus

Wayne Bingham

Specialty Chemicals

Paul Timmons

Superior Plus

Grant Billing


TSX:SPB


Business Overview

9

Leading distributor of Walls and Ceilings Products and Commercial and Industrial insulation in Canada and the U.S. Commercial Residential Industrial Fabrication services

Productivity partner with contractors providing value-added services

Operational: 115 distribution centers, including 13 fabrication facilities, across 6 provinces and 30 states

Approximately 1,450 employees

End-Use Market Diversification

10

Commercial – New

Residential

Industrial

Commercial – Renovation

‘The Construction Products Distribution business is diversified across geographic and end-use markets’

% based on 2010 Estimated Revenue by Segment

Branch Locations‘A North American Focus’

11

2010 Initiatives

12

Cost reduction programs End-use markets have been challenging

Extensive focus on operating costs

$4.2 million in restructuring expense 9 month ytd 2010

Costs savings are reflected in the 2011 Outlook

Integration Cost reduction focus

Incremental approach in certain Walls and Ceilings locations

2010 Initiatives

13

June 2010 acquisition of Burnaby Insulation C&I entry into Canada

Serves Western Canada industrial market

Base to build on, particularly related to Oil Sands opportunities

Strengthened management team Key hires from industry, internal promotions

Restructured procurement function

Market Overview – Residential

14Source: Dept. of Commerce, CMHC, Company Forecast

-

50

100

150

200

250

-

500

1,000

1,500

2,000

2,500

3,000

1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011F

Residential Housing Starts (000s units)

U.S. CanadaF = Forecast

Market Overview – Non-Residential

15Source: McGraw Hill, CanaData

-

20

40

60

80

100

120

-200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000

1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 F

Non-Residential Construction (mmsf)


Market Overview – Industrial

16Source: IIR

50

75

100

150

200

250

300

2003 2004 2005 2006 2007 2008 2009 2010 F 2011 F

Industrial Capital Spending ($ billions)


Insulation Fabrication Services

Value-added to customers Conversion of raw materials into products of specific sizes

and shapes Located strategically near large industrial and commercial markets

17

North

South

West

▼ Fabrication

Energy Efficiency Trends

Positive growth from energy efficiency trends Insulation role in energy efficiency and reducing

greenhouse gas emissions Insulation in existing commercial buildings saves at least 30% of the

total U.S. commercial energy consumption that otherwise would have been consumed (1)

Insulation single most cost-effective greenhouse gas abatement measure (2)

Government legislation requiring improved energy efficient standards New federal buildings required to achieve 30% greater energy efficiency ASRAE 2010 standards for mechanical insulation under consideration

Sustainable design standards (LEED and Green Globe)(1) Owens Corning study.(2) McKinsey & Company’s Report on

Greenhouse Gas Reduction.18

Growth Opportunities

Product line expansion: Full walls + ceilings product line in

23 architectural centres

C+I insulation in walls and ceilings centres

Geographic growth and consolidation: Selective acquisitions

Greenfield

Business positioned for end-use market recovery Significant leverage to economic recovery

19

20

(millions of dollars)

Mid-Point of 2010 Outlook ($18 – $25 million) (1) 21.5

Benefit of cost reduction programs, netVolume based on increased market share and economic recovery

1.0

8.0

Price/margin improvement 2.0


(1) As provided in Superior’s 2010 third-quarter MD&A

2010 and 2011 Financial Outlook Bridge Construction Products Distribution

Summary

Leading market positions with cost structures aligned with current volumes

Energy efficiency trends support increase insulation usage

Positioned to grow based on SPI network

Significant leverage to economic recovery

21

Questions & Answers

TSX:SPB


Energy Services

TSX:SPB


Energy Services

Canadian propane distribution Canada’s largest retail supplier of propane Full service offering

U.S. northeast refined fuels Significant heating oil, propane and distillates

platform in the northeastern U.S. Full service offering

Supply and portfolio management Leading natural gas liquids marketing company with potential

to add the northeastern U.S. to its portfolio

Fixed-Price Energy Services Leading Canadian energy marketer offering natural gas

and electricity plans to commercial customers in Ontario, Quebec and British Columbia

24

Energy Services Diversification

25

Based on gross profit by business for the nine-month period ended September 30, 2010

‘The Energy Services business is well diversified across various geographic and end-use markets’

Canadian Propane Distribution

Fixed-Price Energy Services

Wholesale Supply Management

U.S. Refined Fuels

Canadian Propane Business Overview

Superior Propane is a recognizable Canadian brand – in business since 1951

Canada’s largest supplier of propane, related products and services Annual volumes: 1.3 billion litres

160,000 customers coast-to-coast Canada

125,000 residential customers (150 million litres)

35,000 commercial/business customers (1.15 billion litres)

Employees: 1,600 coast-to-coast

A recognized leader in propane safety

26

Canadian Propane Geographic Diversification

27

Western Canada 54%Eastern Canada 38%Atlantic Canada 7%

Volume by region for the twelve-month period ended December 31, 2009.

Canadian Propane 2010 Initiatives

Technology-Based Initiatives Enterprise One (ERP) Upgrade completed in

2nd quarter 2010Costs savings of approximately $7.0 million anticipated

in 2011 On-Board Truck Computers and UPS Roadnet

Improved connectivity with front-line staff results in operations efficiencies and more efficient delivery routes

Sales and Marketing Initiatives 60 person sales force – face-to-face with customers in

the fieldSales team has produced positive results with annualized

new customer volumes of approximately 119 million litres Voice-to-Voice team services the Residential line of businessOrganization-wide ‘Customer Service Commitment” 28

U.S. Refined Fuels Business Overview

Three U.S. Refined Fuel acquisitions in 2009/10 for US$308 million

Residential and Commercial heating oil, propane, and commercial fuels distribution Sunoco Home Comfort, Griffith Consumers, Griffith Energy

Annual volumes – 463 million gallons (1.7 billion litres) 223,000 customers – 91% residential Full service offering including HVAC installation, repair

and maintenance

Well maintained storage and distribution assets Four pipeline-supplied terminals and 44 retail bulk plants

provide 31 million gallons of storage capacity

Strong health, safety and environmental track record2929

U.S. Refined Fuels Geographic Diversification

30

Albany

New York

Rochester

Buffalo

Pittsburgh

Binghamton

Scranton

Harrisburg

State College

Philadelphia

Syracuse

LocationTerminal

U.S. Refined Fuels Market Analysis

31

National Oilheat Research Alliance estimates 43% of total heating oil consumption is in mid-Atlantic Region from Virginia to New York

New York and Pennsylvania have an estimated 3.5 million homes fueled by heating oil

33% of New York households and 25% of Pennsylvania households use heating oil as their primary source of energy

Percentage of Total Heating Oil Consumption

Heating Oil Market Data

Source: National Oilheat Research Alliance, 2008.

Heating Oil Usage

State / DistrictGallons

(millions)Households

(000s)

New York 2,463 2,336Pennsylvania 1,286 1,217New Jersey 612 595Virginia 431 362Maryland 308 316Delaware 64 77District of Columbia 33 17

Total Mid-Atlantic 5,197 4,920

6%10% 11%

30%

43%

0%

10%

20%

30%

40%

50%

West South Mid -West New England Mid -Atlantic

31%

NYandPA

U.S. Refined Fuels 2010 Initiatives

Completed the acquisition of Griffith Energy (January, 2010)

Integration of the three businesses substantially complete One-time costs of $3.2 million incurred in 2010 Combined some operations in New York and Pennsylvania Rebranding to Superior Plus Energy Services well underway

Hired Key Leadership roles, including a VP of Sales

Established a new organizational structure

Operational focus on sales and customer retention and satisfaction

32

Supply Portfolio Management

Supply Portfolio Management group provides expertise in wholesale supply, risk management and logistics to Superior’s businesses

Third-party marketing accounts for about one-third of all activity with strong growth potential Continued growth of third party business allows higher

utilization of storage and transportation assets

Ability to optimize value of terminals, storage, rail transport and pipeline capacity Significant propane and butane storage in Alberta,

Michigan, New York state, Kansas and Texas

3333

Wholesale Supply Market Footprint

34

EDMONTON

REGINA

CONWAY

MOUNTBELVIEU

BATHMARYSVILLE/SARNIA

Supply Region

Wholesale Market Region

Transport Flow

Storage

Energy Services Opportunities

Canadian Propane Customer Growth Initiatives

Continued focus on sales and marketing to attract and retain customers

Build and execute on a plan to leverage our safety expertise Target existing customers and further penetrate with

service offerings Productivity Improvement Opportunities

Integration of ERP upgrade and web-based customer service applications and other technology improvements

Ability to pay for propane on-line and update account information

Continue to refine ERP and internal processes to improve cost structure

3535

U.S. Refined Fuels Pursue propane and propane service expansion

opportunities across all markets in the Northeastern U.S.

Cross-selling opportunities in conjunction with the Fixed-Price Energy Services business (electricity and natural gas) offerings to be introduced to existing customer base

Continue to improve cost structure by identifying back- office synergies and productivity improvements

U.S. industry consolidation opportunities Potential tuck-in acquisitions in highly fragmented

N.E. Heating Oil market

3636


Supply Portfolio Management Leverage and diversify current storage

locations and supply relationships to expand market presence

Expanded product offering

Offer supply and risk management solutions to customers

3737


38



Weather normalization 10.0

Economic improvements and sales growth 9.0

Absence of integration costs and full-year benefit of cost reductions 3.5



38

2010 and 2011 Financial Outlook Bridge Energy Services

Energy Services Summary

Strong brand and leading positions in both end-use and geographic markets across Canada

Strong focus on customer service

Plans in place to grow existing customer base

Continued focus on productivity improvements and cost-saving initiatives to generate ongoing efficiencies

39

Questions & Answers

TSX:SPB


Specialty Chemicals

TSX:SPB


Business Overview

Manufacturer and supplier of specialty chemicals and provider of technology-related services

Second-largest producer of sodium chlorate in North America and worldwide with an estimated production capacity of 26% and 15%, respectively

Third largest producer of Potassium Chloralkali products in North America. Successful startup of Port Edwards, Wisconsin facility in Q4 2009

Nine manufacturing facilities

Approximately 500 employees

42

Product Diversification

2004 EBITDA 2009 EBITDA

‘Superior has diversified its Specialty Chemical Business’

43

North American Chlorate

Technology

Chloralkali

International Chlorate

Geographic Footprint

500 employees

510,000 MT sodium chlorate capacity from 7 plants

10,500 MT sodium chlorite capacity from 2 plants – largest worldwide

39,000 MT chloralkali product capacity at Saskatoon

103,000 MT potassium & chloralkali products at Port Edwards

Sales offices – China and Japan

BRAZIL

CHILE

ARGENTINA

Vancouver Thunder Bay

Grande Prairie

Valdosta

BuckinghamToronto

Hargrave

Saskatoon

URUGUAY

Port Edwards

CANADA

USA

44

2010 Capital Initiatives

Sodium chlorate – efficiency improvement projects- Electrical energy ±10% reduction

- Valdosta, Georgia- Hargrave, Manitoba

Hydrogen utilization at the Chilean facility Ownership of electrical generation – Chile Vancouver rectifier and debottlenecking Total capital projects of approx. $30 million

with a minimum 15% ROI Pipeline of future opportunities

45

Pulp Market Update

Pulp inventories are at normalized levels – approximately 35 days of inventory

Pulp prices remain high providing support for sodium chlorate markets

Many closed mills have re-started

Pulp statistics current as at November 10, 201046

Chlorate Market Update

Sodium chlorate market tight

Producer operations problems – France/USA

Pulp mills running at high utilization rates

80,000 tonnes demand has returned to North American market

ERCO on order control – price increases announced

47

2010 industry operating rates continued to increase, currently above 90%

Gulf Coast chlorine derivatives exports very high (EDC, vinyl etc)

Market conditions should be sustainable due to: USD currency weakness Low natural gas price Chinese industry operating rates are stated as

being in the 60% range Power constraints and high feedstock costs

Chloralkali Market Update

48

Source: CMAI

‘Chloralkali margins are well positioned relative to past economic downturns’

Chloralkali Market Update

49

South American Expansion Opportunities

Brazil and Chile are low cost pulp regions

Superior will look to leverage its existing relationship with CMPC Chilean facility completed in 2005 CMPC is a low cost pulp producer with a market

capitalization of US$10 billion as at July 2010 Opportunity to grow in Brazil as a result of CMPC growth

Brazil opportunities include: Sodium chlorate facilities Sodium chlorite facilities Alkali products Export from North American facilities

50

Specialty Chemicals Opportunities

Continue to optimize existing chemical facilities

Chlorate industry consolidation opportunities

Exploring international expansion opportunities Leverage chlorine dioxide technology Leverage strategic partnerships

Use Port Edwards facility expansion to attract ECU customers to adjacent land (60 acres)

Additional opportunities to expand into other product lines

51

2010 and 2011 Financial Outlook Bridge Specialty Chemicals



Port Edwards volume and margin improvements 7.5



52

Summary

Stable cash flows throughout the recession

Port Edwards shutdown influenced 2009 results

Strong pipeline of opportunities

Demonstrated an ability to effectively execute a variety of projects

Product and geographic expansion projects are being developed

53

Questions & Answers

TSX:SPB


Financial Overview

TSX:SPB


2010 Q3 and YTDFinancial Performance

56

2010 2009 2010 2009

EBITDA from operations:

Energy Services 4.9 3.1 51.8 57.0

Specialty Chemicals 26.9 22.1 71.8 74.4

Construction Products Distribution 7.6 7.1 17.3 11.9

39.4 32.3 140.9 143.3

Interest (17.9) (10.1) (51.6) (28.1)

Cash income tax recovery (expense) (0.6) 0.9 (0.9) (5.3)

Corporate costs (0.4) (3.8) (8.1) (10.4)

Adjusted Operating Cash Flow 20.5 19.3 80.3 99.5

Adjusted Operating Cash Flow per share basic (1)

and diluted (2) $0.19 $0.22 $0.76 $1.13

(millions of dollars, except per share amounts)

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

(1) The weighted average number of shares outstanding for the three months ended September 30, 2010 is 106.6 million (2009 – 88.7 million) and for the nine months ended September 30, 2010 is 104.9 million (2008 – 88.4 million).

(2) For the three and nine months ended September 30, 2010 and 2009, there were no dilutive instruments.

Third-Quarter Highlights

57

Benefits of a slow economic recovery evident throughout the third quarterIncreased non-heating volumes within the

Energy Services businessContinued strength of both sodium chlorate and

chloralkali volumes

Construction Products Distribution business continues to be negatively impacted by a difficult U.S. commercial construction and residential housing market General restructuring and integration activities resulted in

one-time costs of $3.2 million during the third quarter

Integration of the U.S. Refined Fuels business is substantially complete

2010 and 2011 Financial Outlook

58

(1) Superior’s 2010 and 2011Financial Outlook is as provided in Superior’s 2010 third-quarter MD&A(2) The assumptions, definitions, and risk factors relating to the Financial Outlook are discussed in

Superior’s 2010 third-quarter MD&A

(millions of dollars except per share amounts) (1)(2)

2010 2011

EBITDA from operations:

Energy Services 100-115 120-140

Specialty Chemicals 95-105 100-115

Construction Products Distribution 18-25 25-40

Adjusted Operating Cash Flow per share $1.30-$1.50 $1.75-$2.00

2010 and 2011 Financial Outlook Bridge

59

(all amounts per share)

Mid-Point of 2010 Outlook ($1.30 to $1.50) (1) $1.40

Impact of weather (approximately $0.10 to $0.20) 0.15

Economic improvements and sales growth within Energy Services 0.10

Full year cost saving initiatives at U.S. Refined Fuels and Construction Products Distribution 0.05

Stronger chloralkali gross profits and volumes 0.08

Improved Construction Products Distribution volumes and margins 0.10

Mid-Point of 2011 Outlook ($1.75 to $2.00) (1) $1.88


1,592.4

288.3

150.0

489.4

82.6162.7

Multiple Sources of Capital

60Capital allocation in million of dollars, as at September 30, 2010.

‘Superior successfully accessed the Common Share and Convertible Debenture market during 2010 and currently has

a well diversified capital base’

Common Shares

Credit Facility

Senior Unsecured Debentures

Convertible Unsecured Debentures

Accounts Receivable Securitization Program

Senior Secured Notes

Credit Rating Summary

61

DBRSSenior Secured BBB (low) Negative Senior Unsecured BB (high) Negative

S&PCorporate Rating BB StableSenior Secured BBB(-)Senior Unsecured BB (-)

Credit Ratios as at September 30, 2010Consolidated Secured/EBITDA ratio (1) 2.4X

Consolidated Debt/EBITDA ratio (1)(2) 3.0X

(1) As calculated in accordance with Superior's various credit agreements.(2) Does not include convertible unsecured subordinated debentures.

62

($ million)

Other Term DebtConvertible DebenturesU.S. NotesSyndicated Credit Facility

Securitization Program Senior Unsecured Debentures

Syndicated Credit Facility excludes $23.3 million in letters of credit

Convertible debenture repayments based on face value

Term Debt Repayment Profile As at September 30, 2010

2010 2011 2012 2013 2014 2015 2016 2017

3.0

115.6

207.9

320.4

99.8 105.8

150.0

172.5

Tax Horizon

63

‘Superior has significant tax pools available to shelter future Canadian taxable income’

Canada Cash Taxes

Taxable at the provincial level in approximately 2020 at approximately 10%

Taxable at both the federal and provincial level in approximately 2030 at approximately 25%

U.S. Cash Taxes

Minimal cash taxes in 2010 and 2011 due to taxis basis associated with the Port Edwards expansion. Federal and State taxes increasing towards statutory rates thereafter

Tax Horizon based on Superior’s existing asset mix and capital structure

Questions & Answers

TSX:SPB


Summary

TSX:SPB


2010 A Year of Repositioning

66

Focus on integration Expensed $9 million in one-time costs Three heating oil businesses C&I insulation

Completion of system upgrade at Superior Propane Spent $11.1 million over 3 years

Ramp-up of Port Edwards sales and production

Sales and marketing functions expanded in all businesses

2011 Reaping the Rewards

67

Superior Propane ERP upgrade positions for future productivity improvements

Heating oil integration provides platform for improved results

Construction products platform established for growth as residential & commercial activity improve

Full year benefit of Port Edwards expansion

Benefit from expanded sales and marketing programs

Organic growth and tuck-in opportunities for all 3 businesses

Investment Highlights

68

High-yield corporation

Mature businesses with historically stable cash flows over various economic cycles

Low operating capital requirements

Leading competitive positions across businesses

Businesses are well positioned to participate in economic recovery

Questions & Answers

TSX:SPB


TSX:SPB


Contact:Wayne BinghamExecutive Vice-President and Chief Financial Officer

Jay BachmanVice-President, Investor Relations and Treasurer

Suite 1400, 840 – 7 Avenue S.W.Calgary, Alberta T2P 3G2Tel: 403-218-2970Fax: 403-218-2973Toll Free: 1-866-490-7587www.superiorplus.com

Investor Day November 18, 2010

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