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Macro Provides Project Agreement Update

MCESF

Fort St. John, British Columbia--(Newsfile Corp. - December 16, 2020) - Macro Enterprises Inc. (TSXV: MCR) (the "Company" or "Macro") is reporting that Macro Spiecapag Trans Mountain Joint Venture, its 50/50 joint venture with Spiecapag Canada Corp. ("Spiecapag"), has received a Notice of Termination from Trans Mountain Pipeline L.P. ("Trans Mountain") to terminate for cause the construction contract for Spread 5B of the Trans Mountain Expansion Pipeline Project (the "TMEP Project") due to ongoing challenges between the joint venture and Trans Mountain.

Macro and Trans Mountain continue to be in discussions regarding future opportunities that are expected to contractually occur in early 2021.

Furthermore, the Company announces that it has completed the reorganization plan, announced November 27, 2020, related to the Coastal GasLink Pipeline Project ("CGL Project). In addition, Macro received a closing cash payment of $20 million, and is to receive a further $20 million payment on June 30, 2020, in satisfaction of all amounts owing to Macro by the CGL joint venture.

Macro has agreed to continue to provide support to Spiecapag on the CGL Project by providing equipment and personnel to assist Spiecapag to complete that project. The Company will be paid market-based rates and fees for such equipment and personnel.

The Company remains on target to meet its fiscal 2020 annual revenue guidance of $250 million reported in its third quarter MD&A dated November 27, 2020. This estimate considers the Company's current core business underway and a pro-rata portion of its joint venture interests as at the closing of the above-discussed reorganization plan. Margins are expected to remain consistent with the previous nine months reported for this year.

The Company

Macro's core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta. The Company's corporate office is in Fort St. John, British Columbia. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company's principal operations can be found at www.macroindustries.ca.

Forward-Looking Statement Cautions:

This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding anticipated future contract negotiations with Trans Mountain for work on the TMEP Project, the anticipated receipt of the $20 million payment due on June 30, 2021, and the Company's confirmation of its current fiscal 2020 annual revenue guidance. Readers are referred to the Company's public disclosure record, which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

For further information please contact:

Frank Miles
President and C.E.O.
Phone: (250) 785-0033

Jeff Redmond, CPA, CA
C.F.O
Phone: (250) 785-0033

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70425