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Creating Long-Term Value for Shareholders

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Creating Long-Term Value for Shareholders VOTE IN FAVOUR of the combination of Trinidad Drilling Ltd. and Precision Drilling Corporation CREATING LONG-TERM VALUE FOR SHAREHOLDERS Share exchange offers significant upside potential Sizeable and immediate cost synergies Significant free cash flow generation potential Creates a unique industry-leading, high performance land driller Third-largest U.S. land driller Expanded international growth opportunities Leader in land drilling technology Increased size and trading liquidity Stronger balance sheet and credit profile JOINT INFORMATION CIRCULAR NOVEMBER 5, 2018 These materials are important and require your immediate attention. They require securityholders of Trinidad Drilling Ltd. and Precision Drilling Corporation to make important decisions. If you are in doubt as to how to make such decisions please contact your financial, legal, tax or other professional advisors. If you have any questions or require more information to vote your Trinidad or Precision securities, as applicable, please contact D.F. King, proxy solicitation agent for Trinidad, at 1-866-822-1240 (North America toll free) or 1-212-771-1133 outside of North America (collect calls accepted) or Evolution Proxy Inc., proxy solicitation agent for Precision, at 1-844-226-3222 or 1-416-855-0238 outside of North America. 127,&(62)63(&,$/0((7,1*6 DQG 127,&(2)25,*,1$7,1*$33/,&$7,21 DQG -2,170$1$*(0(17,1)250$7,21&,5&8/$5$1'352;< 67$7(0(17 ZLWKUHVSHFWWRDPRQJRWKHUWKLQJVWKHSURSRVHG %86,1(66&20%,1$7,21 LQYROYLQJ 75,1,'$''5,//,1*/7' DQG 35(&,6,21'5,//,1*&25325$7,21 1RYHPEHU 7DEOHRI&RQWHQWV 3DJH 3DJH /(77(57275,1,'$' 5,6.)$&7256 6(&85,7<+2/'(56L ,1)250$7,21&21&(51,1* /(77(57235(&,6,21 75,1,'$''5,//,1*/7' 6+$5(+2/'(56Y ,1)250$7,21&21&(51,1* ,19,7$7,217275,1,'$'$1' 35(&,6,21'5,//,1* 35(&,6,2163(&,$/0((7,1*6L[ &25325$7,21 127,&(2)63(&,$/0((7,1*2) ,1)250$7,21&21&(51,1*3267 75,1,'$'6(&85,7<+2/'(56[ $55$1*(0(1735(&,6,21 127,&(2)63(&,$/0((7,1*2) 0$77(5672%(&216,'(5('$7 35(&,6,216+$5(+2/'(56[LL 7+(75,1,'$'0((7,1* 127,&(2)25,*,1$7,1* 0$77(5672%(&216,'(5('$7 $33/,&$7,21[LY 7+(35(&,6,210((7,1* -2,170$1$*(0(17,1)250$7,21 *(1(5$/352;<0$77(562) &,5&8/$5$1'352;< 75,1,'$' 67$7(0(17 *(1(5$/352;<0$77(562) &219(17,216 35(&,6,21 )25:$5'/22.,1*,1)250$7,21 48(67,216$1'27+(5$66,67$1&( ,1)250$7,21)25%(1(),&,$/ +2/'(56 $33(1',&(6 6800$5< $33(1',;$ ± *ORVVDU\RI7HUPV 75,1,'$'6(&85,7<+2/'(56 $33(1',;% ± 7ULQLGDG$UUDQJHPHQW5HVROXWLRQ 48(67,216$1'$16:(56 $33(1',;& ± $UUDQJHPHQW$JUHHPHQW $%2877+($55$1*(0(17$1' $33(1',;' ± ,QWHULP2UGHU 7+(75,1,'$'0((7,1* $33(1',;( ± 6HFWLRQRIWKH$%&$ 35(&,6,216+$5(+2/'(56 $33(1',;) ± 7ULQLGDG)DLUQHVV2SLQLRQ 48(67,216$1'$16:(56 $33(1',;* ± 3UHFLVLRQ)DLUQHVV2SLQLRQ $%2877+($55$1*(0(17$1' 7+(35(&,6,210((7,1* $33(1',;+ ± ,QIRUPDWLRQ&RQFHUQLQJ7ULQLGDG $33(1',;, ± ,QIRUPDWLRQ&RQFHUQLQJ3UHFLVLRQ 7+($55$1*(0(17 $33(1',;- ±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±WK$YHQXH6:&DOJDU\$OEHUWD&DQDGDDW DP &DOJDU\WLPH RQ7XHVGD\'HFHPEHU$WWKH7ULQLGDG0HHWLQJ7ULQLGDG6HFXULW\KROGHUVZLOO EHDVNHGWRFRQVLGHUDQGYRWHRQWKH$UUDQJHPHQW ,I\RXFDQQRWDWWHQGWKH7ULQLGDG0HHWLQJSOHDVHFRPSOHWHWKHHQFORVHGIRUPRISUR[\DQGVXEPLWLWDVVRRQ DV SRVVLEOH WR RXU WUDQVIHU DJHQW 76; 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