INVESTORS PRESENTATION November 2017 FORWARD-LOOKING INFORMATION - - PowerPoint PPT Presentation

ALIMENTATION COUCHE-TARD INC.

INVESTORS PRESENTATION

November 2017

This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “projected”, “estimate”, “may”, “anticipate”, “believe”, “expect”, “plan”, “intend”

• r similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact contained in

these slides are forward-looking statements. Forward-looking statements involve numerous assumptions, risks and uncertainties. A variety of factors, many of which are beyond Alimentation Couche-Tard Inc.’s (“Couche-Tard”) control, may cause actual results to differ materially from the expectations expressed in its forward-looking

• statements. These factors include, but are not limited to, the effects of the integration of acquired businesses and the ability to achieve projected

synergies, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, foreign exchange rate fluctuations, and such other risks as described in detail from time to time in documents filed by Couche-Tard with securities regulatory authorities in Canada, including those risks described in Couche-Tard’s management’s discussion and analysis (MD&A) for the year ended April 30, 2017. Couche-Tard’s MD&A and other publicly filed documents are available on SEDAR at www.sedar.com. Unless otherwise required by law, Couche-Tard does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by it or on its behalf. No financial information presented in this presentation as of a date more recent than April 30, 2017 has been audited. While the information contained in this presentation is believed to be accurate, Couche-Tard expressly disclaims any and all liability for any losses, claims or damages of whatsoever kind based upon the information contained in, or omissions from, this presentation or any oral communication transmitted in connection therewith. In addition, none of the statements contained in this presentation are intended to be, nor shall be deemed to be, representations or warranties of Couche-Tard and its affiliates. Where the information is from third-party sources, the information is from sources believed to be reliable, but Couche-Tard has not independently verified any of such information contained herein. This presentation is not, and under no circumstances is to be construed as, a prospectus, an offering memorandum, an advertisement or a public

• ffering of securities. Under no circumstances should the information contained herein be considered an offer to sell or a solicitation of an offer to

buy any securities. 2

FORWARD-LOOKING INFORMATION AND CAUTIONARY LANGUAGE

1. Company Highlights 2. Ambitions & Strategy 3. Value Creation & Financial Review 4. Recent acquisitions summary

AGENDA

3

1.As at September 8, 2017. 2.Fiscal Year ended 30/04/2017 and Q1 2018 YTD being 12 weeks to 23/07/2017. 3.Includes Couche-Tard’s Company-Owned/Dealer-Operated and Dealer-Owned-Dealer-Operated sites as at July 23, 2017. 4.Long term interest-bearing debt, net of cash and cash equivalents and temporary investments divided by EBITDA adjusted for non-recurring items. Refer to the Corporation’s MD&As for more details.

• Listed on the Toronto Stock Exchange

ATD.B

• Market Cap1
• Approx. CA$34B
• Revenue

US$37.9B Fiscal Year 20172 US$9.8B Q1 2018 YTD2 (+16.9%)

• Gross Profit

US$6.5B Fiscal Year 20172 US$1.7B Q1 2018 YTD2 (+14.4%)

• EBITDA

US$2.4B Fiscal Year 20172 US$0.7B Q1 2018 YTD2 (+12.2%)

• Number of stores3
• North America
• Europe
• International

13,974 9,471 2,754 1,749

• Net Debt / Leverage4
• FY2017
• Q1 2018

US$2.7B / 1.09x US$6.4B / 2.31x

• Ratings
• S&P
• Moody’s

BBB (Stable outlook) Baa2 (Stable outlook)

KEY DATA

4

ALIMENTATION COUCHE-TARD INC.

COMPANY HIGHLIGHTS

Couche-Tard is a Canada based group and a world leader in the convenience store and road transportation fuel retail sector

• In North America, Couche-Tard is the largest independent convenience store operator in terms of

number of company-operated stores.

• In Europe, Couche-Tard is a leader in convenience store and road transportation fuel retail in

Scandinavia, Ireland and the Baltic countries, with a significant presence in Poland.

WHO WE ARE

Store count as at July 23, 2017.

• 9,471 convenience stores throughout North America, including 8,129

stores offering road transportation fuel in all 10 Canadian provinces and 42 U.S. States, and employing about 95,000 people.

• More than 1,200 locations in the U.S. supplied with road

transportation fuel through CrossAmerica Partners LP.

North America

• 2,754 stores, comprising a broad retail network across Scandinavia

(Norway, Sweden and Denmark), Ireland, the Baltics (Estonia, Latvia and Lithuania), Poland and Russia. Including employees at its branded franchise stations, about 25,000 people work in its retail network, terminals and service offices across Europe.

Europe

• More than 1,700 stores operated by independent operators under the

Circle K banner in 13 other countries or regions worldwide which brings the number of sites in Couche-Tard’s network to over 15,000.

International

6

A DISCIPLINED CONVENIENCE STORE OPERATOR AND INTEGRATOR

• World class retailer and leading C-store operator with geographically diverse footprint
• Strong banners, with our new global convenience brand “Circle KTM” and our fuel banner

“Ingo” at unmanned stations in Scandinavia

Broad Geographic Footprint with Leading Market Positions

• Increasing focus on private label, fresh food products and famous for concepts
• Industry leading merchandise gross margin

Superior Product Offerings

• Proven integrator
• Well positioned to lead further consolidation in fragmented industry
• Committed to investment grade credentials post acquisition

Track Record of Highly Disciplined Growth and Debt Reduction

• Steady industry performance throughout downturns with strong projected growth
• C-store sector well positioned to gain share from traditional food retail
• Industry-leading returns in recessions

Attractive Sector Dynamics

• Strong and consistent financial performance throughout all economic cycles
• Prolific history of positive same-store comps and 22.5% Return on equity1
• Significant FCF generation (2012-2017) CAGR of 17%

Powerful Financial Results

• Proven ability to extract significant synergies from acquisitions
• Transferring best practices across entire platform

Attractive Synergy Potential

• Management team with strong track record and founders have 22%Management and

Board need to hold a multiple of their salary in Shares

• Decentralized operating model

Disciplined Management Culture

• Company successfully went trough 3 transformations over its existence

Proven Capacity to Transform and Innovate

7

(1) As of April 30, 2017.

Total network of 9,471 stores in North America

Largest independent convenience store

• perator in the US in terms of number of

company operated stores

• In

the US, the convenience sector is fragmented and in a consolidation phase

• Couche-Tard acquired The Pantry in March

2015,

• ne
• f

the largest independently

• perated convenience stores in the US
• On June 28, 2017, Couche-Tard acquired

100%

• f

the

• utstanding

shares

• f

CST Brands, the 4th largest chain in North America. Leader in the Canadian convenience store industry

• In Canada, the convenience store sector is

dominated by a few major players including Couche-Tard and integrated oil companies. Some of the latter are selling, or expected to sell their retail assets.

• On September 7, 2016, Couche-Tard received

the approval from the Canadian Competition Bureau to acquire from Imperial Oil Limited 279 sites in Ontario and Quebec and finalized the integration

• f

these sites during the third quarter of fiscal 2017.

As at July 23, 2017.

NORTH AMERICAN NETWORK

Canada US Couche-Tard Circle K Circle K Mac’s, Esso & CST (will be rebranded to Circle K) Kangaroo Express & CST (will be rebranded to Circle K)

8

Leader in convenience store and road transportation fuel retail in the Scandinavian and Baltic countries and Ireland

• The European convenience store sector is often

dominated by a few major players, including integrated oil companies. Some of these are in the process of selling, or are expected to sell their retail assets

• Key brands:

Circle K Being rebranded from Statoil Ingo Unmanned Scandinavian stations Topaz Will be rebranded to Circle K

As at July 23, 2017.

2,754 stores in 9 countries or regions in Europe

EUROPEAN NETWORK

9

United Arab Emirates

31

Malaysia

6 Costa Rica 5 Mexico 461

Central / South America

Honduras 25 Egypt 9

Vietnam

246

Indonesia

489

Philippines

16

Hong Kong

332

China

86

Macau

30

Guam

13

Asia

INTERNATIONAL PRESENCE

As at July 23, 2017.

More than 1,700 licensed Circle K stores in Asia, Costa Rica, Egypt, Honduras, Mexico and U.A.E

• Convenience stores
• perated by independent
• perators under the

Circle K brand

• License agreement to

use the brand name Circle K 10

CONSOLIDATED NETWORK RECAP

Canada U.S. Europe International presence Total COCO(1) 1,602 5,759 1,968

• 9,329

CODO(2) 251 131 360

• 742

DODO(3) 1 623 426

• 1,050

Franchise/Affiliated(4) 377 727

• 1,104

Licensed(5)

• 1,749

1,749 Total 2,231 7,240 2,754 1,749 13,974 Of which: Automats

• 981
• 981

# With fuel 1,194 6,935 2,752

• 10,881

% With fuel 54% 96% 99.9%

• 78%

(1) Sites for which the real estate is controlled by Couche-Tard (through ownership or lease agreements) and for which the stores (and/or the service stations) are operated by Couche-Tard or one of its commission agents. (2) Sites for which the real estate is controlled by Couche-Tard (through ownership or lease agreements) and for which the stores (and/or the service stations) are operated by an independent operator in exchange for rent and to which Couche-Tard sometimes provides road transportation fuel through supply contracts. Some of these sites are subject to a franchise agreement, licensing or other similar agreement under one of our main or secondary banners. (3) Sites controlled and operated by independent operators to which Couche-Tard supplies road transportation fuel through supply contracts. Some of these sites are subject to a franchise agreement, licensing or other similar agreement under one of our main or secondary banners. (4) Stores operated by an independent operator through a franchising, licensing or another similar agreement under one of our main or secondary banners. (5) Stores operated by independent operators under the Circle K banner in other countries or regions worldwide. As at July 23, 2017. Excludes CrossAmerica Parners LP

11

US 71% Canada 17% Europe 12% GROSS PROFITS REVENUES

COUCHE-TARD IS A WORLD LEADER

12

US 62% Canada 13% Europe 25% US 1% Canada 2% Europe 97% US 69% Canada 17% Europe 14% US 54% Canada 11% Europe 35% US 7% Canada 9% Europe 84% Merchandises and services Motor Fuel Other $10,971M $27,213M $1,147M Merchandises and services Motor Fuel Other $3,780M $2,700M $221M Total $39,331M Total $6,701M

Couche-Tard is a leading global convenience store operator with EBITDA of $2.5 billion

• Well diversified across geographies
• Focus on growing high margin categories

Financial data presented for the LTM as of Q1 2018.

Revenues By Products LTM Q1 2018 Gross Profit By Products LTM Q1 2018

Merchandise and services 28% Motor fuel 69% Other 3% Merchandise and services 57% Motor fuel 40% Othe r 3%

2012 2013 2014 2015 2016 2017 Merchandise sales US 2.7% 1.0% 3.8% 3.9% 4.6% 2.0% Europe 1.6% 2.0% 2.8% 3.5% Canada 2.8% 2.0% 1.9% 3.4% 2.9% 0.1%

Motor Fuel Volume

US 0.1% 0.6% 1.7% 3.4% 6.6% 2.6% Europe 2.5% 2.4% 2.6% 1.0% Canada

• 0.9%

0.0% 1.3%

• 0.1%

0.9%

• 0.3%

841 1,376 1,640 1,876 2,331 2,396

2012 2013 2014 2015 2016 2017

404 614 865 979 1,065 890

2012 2013 2014 2015 2016 2017

2,975 4,610 4,988 5,268 6,082 6,482

2012 2013 2014 2015 2016 2017

A HISTORY OF STRONG FINANCIAL PERFORMANCE

(1) Free Cash Flow defined as: EBITDA minus total CAPEX (excluding price paid for acquisitions), net dividends paid, net interests paid and net income taxes paid plus proceeds from disposal.

Gross Profit

Proven track record of consistent growth

Same Store Sales Growth EBITDA Free Cash Flow (1)

+23% CAG +17% CAG

13

+17% CAG

STELLAR STOCK PERFORMANCE

Source: Yahoo Finance. As of September 1, 2017. (1) On June 28, 2017, ACT acquired CST Brands.

14

0% 100% 200% 300% 400% 500% 600% 700% 800%

4/26/2011 4/26/2012 4/26/2013 4/26/2014 4/26/2015 4/26/2016 4/26/2017

Couche-Tard C-Stores Grocery Home Improv. Drugstores Mass Merch. Dollar Stores

0% 100% 200% 300% 400% 500% 600% 700% 800%

4/26/2011 4/26/2012 4/26/2013 4/26/2014 4/26/2015 4/26/2016 4/26/2017

Couche-Tard Casey's Delek Marathon Murphy CST Brands(1)

ALIMENTATION COUCHE-TARD INC.

AMBITIONS & STRATEGY

TO BECOME THE WORLD’S PREFERRED DESTINATION FOR CONVENIENCE AND FUEL

16

OUR VISION

OUR GLOBAL BRAND

17

REBRANDING STATUS

Project well under way: More than 1,800 stores(1) in North America and 1,300 stores(1) in Europe are now proudly displaying our new global convenience brand Circle K

• Scandinavia market already completed – Outstanding success
• Baltics, Poland and Canada are now underway and results up to now are promising
• United States ongoing

18

(1) As of July 23, 2017

THE PROMISE BEHIND THE BRAND

19

SUPER GLOBAL SUPER LOCAL

NEW GLOBAL BRAND – SAME APPROACH TO SERVING OUR CUSTOMERS

20

WORKING ON TWO CLOCK SPEED

KEY FOCUS AREAS

Famous For Categories Private Label Products People Lean and Efficient Operations

STRATEGIC INITIATIVES

Digital M&A Roadmap Convenience Offer of the Future

21

ADDING EXPERTISE, TALENT AND LEADERSHIP TO ACCELERATE OUR STRATEGY

New Chief Marketing Officer Position New Chief Information Officer Position New Chief Human Resource Officer Position Creation of a Global Categories Group Creation of a Global Fuel Group

22

OUR TWO STRONGEST PRODUCT CATEGORIES

23

TIME & CONVENIENCE

TIME & CONVENIENCE

Shoppers recognize the c-store channel of trade for its convenient locations, extended hours of operations, one-stop shopping, grab- and-go foodservice, variety of merchandise and fast transactions Industry offers speed of service to time-starved consumers who want to get in and out of the store quickly Addresses consumer desires to satisfy and immediate need for food, refreshment and fuel 83% of the in-store merchandise that convenience stores sell is consumed within one hour of purchase, and 65% is immediately consumed

24

US C-STORE INDUSTRY FACTS

Convenience stores have an unmatched speed of transaction: The average time it takes a customer to walk in, purchase an item and depart is between 3 to 4 minutes Convenience stores are everywhere. There are 155 thousand convenience stores in the United States—or one store for about every 2,100 people— and c-stores account for more than one-third (34.1%) of all outlets in the United States. The convenience store industry is a destination for food and refreshments An average convenience store selling fuel has around 1,100 customers per day, or more than 400,000 per year. Cumulatively, the U.S. convenience store industry alone serves nearly 160 million customers per day, and 58 billion customers every year. The convenience store industry is America's primary source for fuel - Self-serve at the pump is a part of most convenience stores' fueling operations

25

MAKING IT EASY BRAND PILLARS SUPPORTING OUR PROMISE

26

BRAND PILLARS – PRODUCTS FOR PEOPLE ON THE GO

Food Hot Dispensed Beverages Cold Dispensed Beverages Car Wash Private Label Fuel

27

Clean

#2 reason impacting shoppers’ decision of which c-store to visit (after location)

In-stock

Out-of-stock is #1 reason for missed sale in c-stores

Fast transaction

88% of US adults want their store checkout experience to be faster

Predictable in-store and forecourt experience

Source Convenience store news

28

BRAND PILLARS – EASY VISTS

Recruitment & Hiring Employee engagement Employee turnover Service standards Training Physical appearance

BRAND PILLARS – FAST & FRIENDLY SERVICE

29

LOCATION

We completed the construction, relocation or reconstruction of 91 stores during fiscal 2017 and 23 since the beginning

• f fiscal 2018.

30

STRATEGIC INIATIVES - PREPARING FOR THE ROAD AHEAD

31

DIGITAL TRANSFORMATION

32

DIGITAL – CONTROL OUR DESTINY AND CREATE OUR FUTURE

33

Fuel Convenience Procurement Warehousing Logistics Construction & maintenance Operations & HSE Network, Format & Concept Sales & Service

Stem Define right quality and deliver at lowest possible cost Backbone Make it easy to hit the target Front-end Constantly sharpen the customer offer

We view digitialization as a tremendous opportunity to drive growth and create value throughout our organization.

Employee Experience & Value Proposition Customer Experience & Brand Promise

OUR VIEWS ON DIGITAL

34

It is not a temporary thing … it is part

• f every aspect of how we do business

It is not a one-time program … it is a shift of mindset and way of working It is not just IT or Marketing … it is

• rchestration across the entire arrow

BROAD PORTFOLIO OF DIGITALIZATION OPPORTUNITIES

35

Loyalty Mobile Payments Social Medias Site Presence Car Connectivity Data Analytics Insights and Merchandizing Strategy Employees Communication Tools Personalized Promotions Supply Chain POS Transformation Artificial Intelligence Robotics Reporting Our strategy will be to focus on opportunities that can unlock the greatest business benefits with main objectives being:

• Enhancing our customers’ experience behind the Circle K brand promise
• Enhancing our employees’ experience behind the employee value proposition
• Driving operational performance and back office efficiency

MOBILITY IS CHANGING – BRINGING SIGNIFICANT OPPORTUNITIES

36

TRANSPORTATION VEHICLES - USEFUL FACTS

Average lifecycle of vehicles is 16-19 years Global vehicle fleet is more than 1.2 billion vehicles and is expected to reach 2 billion in 2035 2016 Worldwide electric vehicle sales % total: 1.10% Worldwide electric vehicle fleet is approximately 2 million vehicles or 0.2% of total fleet US electric vehicles penetration is less than 1% Currently, total cost of

• wnership for electric

vehicles is significantly higher than ICE vehicles Limited line-up of electric vehicles #1 selling vehicle in the US: Ford F-150 Charging infrastructure and technology not mature Electric vehicle range remains limited Number of vehicles is increasing Number of miles driven per vehicle is increasing In the US, the electric grid is highly carbonized US fuel retail industry is highly fragmented. More than 60% of the 154k cstores are operated by single store or small chain

• perators (<11 stores)

Countries with high EV penetration heavily subsidize EVs Countries that sopped or significantly reduced subsidies have seen EV sales plunge

37

COUCHE-TARD’S VIEW

Opportunity

Gradual and manageable change process Industry’s reaction ACT’s competitive advantages Continued focus on business Continuous monitoring

38

A GRADUAL AND MANAGEABLE CHANGE PROCESS

39

In order for substantial electric vehicle penetration:

• Cost of electric vehicles will need to move closer to traditional internal combustion engine cars

whether through reduction in manufacturing/battery costs or significant subsidies from the government authorities (which we do not believe are sustainable in most countries)

• Charging infrastructure needs to expand, adapt and move to a more standard, predictable offer

in order to convince the consumers of the practicality of the product and its resistance to

• bsolescence
• Selection of electric vehicles needs to substantiate in order to meet needs and expectation of

consumers

• Range of EVs will need to increase in order to adapt to North American driving habits

In order to deliver significant GHG emission reductions, transport electrification needs to go hand-in-hand with the decarbonisation of electricity generation Electric grid needs to be adapted in terms of capacity and battery production capabilities need to significantly ramp-up

30.10.2017

Global mobility trends will change how we think about cars and demand for fuel is going to decline but Couche-Tard believes that this change is going to happen gradually because

POSSIBLE OFFSETS TO DECLINING FUEL DEMAND

40

Possible decline in number of stations and fuel volume consolidation. Out of 155k convenience stores in the US, 60% are operated by single store operators Increased fuel margins Higher share of premium fuels (higher margins) Expansion of current convenience offer towards higher margin categories Increasing number of vehicles Increasing number of miles driven per vehicle Industry’s participation in the electrification process

30.10.2017

ACT’S COMPETITIVE ADVANTAGES

Scale & Buying Power Experience in transforming and adapting Decentralized model Norway Laboratory Proven capacity to transform and Innovate Strong balance sheet and capacity to invest

41

COUCHE-TARD’S CONTINUED FOCUS ON OPTIMIZING BUSINESS

42

Continued commitment towards growing and improving our current fuel business

• Continued improvement of offer and adaptation to changing customers needs
• Excellence in execution and capacity to innovate
• Continued adaptation of our fuel branding strategy
• Improved supply conditions
• Cost-efficiency of the our fuel value chain and other parts of the business
• Leverage our scale and competitive supply condition in order to further

consolidate the market

Continued work towards our the transformation of our concept mainly through leveraging:

• Using our past experience in adapting to changing market conditions (ex.

Tobacco, grocers’ extended hours of operations)

• Testing and introducing new and innovative convenience concepts
• Using Norway as a live-pilot for upcoming changes

30.10.2017

CONTINOUS MONITORING

Although we believe that changing global mobility trends are going to happen gradually and that US fuel demand is going to continue to increase or be stable for another 5-10 years, we are committed to proactively monitor the change in trends and to work towards adapting our business model in

• rder to take advantage of the opportunities these

new trends will bring to our business.

43

ALIMENTATION COUCHE-TARD INC.

VALUE CREATION AND FINANCIAL REVIEW

Value Drivers Protect Value & Enable Growth

OUR FOUR PILLARS OF VALUE CREATION – THE EQUATION

Organic Growth Acquisitions Cost Discipline Capital Structure & Financial Discipline Value Creation

45

ORGANIC GROWTH

46

Customer Focus Key Categories Innovation Execution Continuous Improvement Private Label Branding Network Development Digital

Organic Growth

Organic Growth Europe SSS +3.5% Europe SSV +1.0% US SSS +2.0% US SSV +2.6% Canada SSS +0.1% Canada SSV (-0.3)%

ORGANIC – FISCAL 2017 TOP-LINE GROWTH

SSS: Same-store merchandise sales SSV: Same-store volume

47

ORGANIC – SUSTAINABLE TOP-LINE GROWTH

6,599 7,596 7,953 8,276 10,072 10,724 2012 2013 2014 2015 2016 2017

Merchandise & Service Sales (millions of US dollars)

+10% CAG

4,613 6,945 7,626 8,135 10,502 11,793

2012 2013 2014 2015 2016 2017

Road Transportation Fuel Volume (millions of gallons)

+21% CAG

• 5%

5%

2012 2013 2014 2015 2016 2017

Road Transportation Fuel Same-Store Volume Growth

US Europe Canada

• 5%

5%

2012 2013 2014 2015 2016 2017

Same-store Merchandise Revenue Growth

US Europe Canada

48

CAG: Five-year compounded annual growth - fiscal 2017 over fiscal 2012

Organic Growth

Europe 42.4% United States 33.2% Canada 33.8% ORGANIC GROWTH – LEADING TO STRONG MARGINS IN ALL GEOGRAPHIES

49

FISCAL 2017 MERCHANDISE & SERVICE MARGIN

NO CLEAR CORRELATION BETWEEN FUEL PRICES & MARGINS

• No clear correlation between fuel selling

price and margins

• Our margins are not directly impacted by

lower fuel selling prices

• Lower fuel prices leave customers more

money in their pockets for their in-store shopping

(1) For company-operated stores only (2) For total network

50

• 5.00

U.S Fuel Margins (CPG) (1)

US margins (CPG) Trend

• 2.00

Canadian Fuel Margins (CPL) (1)

CA margins (CPL) Trend

Norwegian Fuel Margins (NOK PL)(2)

NOK margins per litre Trend

Swedish Fuel Margins (SEK PL)(2)

SEK margins per litre Trend

Danish Fuel Margins (DKK PL) (2)

DKK margins per litre Trend

3.54 3.51 3.41 2.89 2.20 2.18 2.19 16.99 18.77 18.11 21.74 20.15 18.56 18.59

2012 2013 2014 2015 2016 2017 2018 Q1 LTM

U.S Market(1)

Motor fuel price (US dollars per gallon) Motor fuel margin (US cents per gallon)

US FUEL MARGINS TRENDS

10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

ACT Historical US Fuel Margins (CPG)

+1.9 CAG

10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

US Industry Historical Fuel Margins (CPG)

ACT: Fiscal Year / Industry: Calendar Year Sources: ACT reporting documents and NACS SOI Annual Report.

Year-over-year volatility – Long term trend is up

• Large integrated oil companies out of retail. Market

dominated by pure play retailers who need to maintain and grow margins in order to maintain profitability

• Higher premium fuel penetration
• Improved, more sophisticated pricing strategies
• Improved, more sophisticated execution
• Improved supply conditions
• Large integrated oil companies out of retail. Market

dominated by pure play retailers who need to maintain and grow margins in order to maintain profitability

• Higher premium fuel penetration

51

Identify the right

• pportunities

Strike the right deal at the right price Swift and efficient integration Realization of available synergies Deleveraging

ACQUISITIONS

Acquisitions

52

PROVEN TRACK RECORD OF SUCCESSFUL ACQUISITIONS

Net Debt/ Adjusted EBITDA (1)

Stores Acquired (1) This ratio represents the following calculation: long term interest-bearing debt, net of cash and cash equivalents and temporary investments divided by EBITDA (Earnings before Interest, Tax, Depreciation, Amortization and Impairment) adjusted for specific items. Refer to the Corporation’s MD&As for more details. (2) Including full-year results for SFR. (3) Pro forma The Pantry for 2015, Topaz for 2016, ESSO for 2017 and CST for 2018.

2.2 0.8 0.4 1.5 1.3 1.0 0.8 0.3 0.4 2.0 (2) 1.3 1.2 (3) 1.0 (3) 1.1 (3)

53

Agreement signed for additional stores acquisition in fiscal 2018 522 1,706 45 75 421 46 107 70 47 326 2,506 166 1,660 515 442 1,362

Revenue ($)

Winners Pump N Shop Sterling Stores Compac Food Stores Garvin oil

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

2.3 (3)

Acquisitions

EXCEPTIONAL DELEVERAGING TRACK RECORD

ACT is committed to maintaining a strong balance sheet and sustaining its investment grade credit rating

(1) Pro forma The Pantry (2) Pro forma Topaz (3) Pro forma Esso (4) This ratio represents the following calculation: long-term interest-bearing debt, net of cash and cash equivalents and temporary investments divided by EBITDA (Earnings Before Interest, Tax, Depreciation, Amortization and Impairment) adjusted for specific items.

4.2 3.0 2.5 3.2 3.2 2.9 2.7 2.1 2.1 3.6 3.1 2.4 2.2 2.0 2.0

F2004 F2005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 Pro Forma F2013 F2014 F2015 (1) F2016 (2) F2017 (3)

• Adj. Net Debt / Adj. EBITDAR(4)

Circle K Acquisition No Transformational Acquisition SFR Acquisition The Pantry, Topaz and IOL stores Acquisitions 2,453 Stores Acquired 1,017 Stores Acquired 2,299 Stores Acquired 2,269 Stores Acquired Rapid deleveraging after transformational acquisition Strong credit metrics for several years Leverage post SFR acquisition lower than Circle K $3.6B Acquisition $1.7B Acquisition $804M Acquisition

54

$0.3B Acquisition $1.7B Acquisition

Demonstrated track record of rapid deleveraging after acquisitions

Acquisitions

Synergies Statoil Fuel and Retail

• Target: $150M - $200M
• Realized: >$200M

Synergies The Pantry

• Target for the first 24 months: $125M
• Realized: >$125M

DELIVERING ON SYNERGIES THROUGH OUR ACQUISITIONS

55

Synergies CST Brands, Inc

• Initial target for the first 36 months: $150M –$200M

Acquisitions

1.9%

• 0.9%

0.2% 0.8% 1.5% 0.2%

2012 2013 2014 2015 2016 2017 (1)

Year-over-year expense growth

5-year Average : +0.7%

COST CONTROL – PART OF OUR DNA

56

(1) Adjusted for the estimated impact of the 53rd week. Cost Control

Disciplined Culture Continuous Benchmarking Sharing of Best Practices Cost Efficient Systems Economies of Scale Scalable Organization, Systems & Processes AI, Robotics Optimization

• f Shared

Services Strategy

Competitive cost of debt Well spread maturities Access to liquidities – Cash and credit facilities Careful allocation of capital Dividend growth Disposal of non-core assets Rapid delevera- ging after acquisitions

CAPITAL STRUCTURE & FINANCIAL DISCIPLINE

Cost Discipline

57

STRONG CAPITAL STRUCTURE & FINANCIAL DISCIPLINE

Capital Structure & Financial Discipline Adjusted Leverage Ratio (2) 3.07:1 Investment Grade Credit Profile $2.5 Billion and CA $700M

• f senior

unsecured notes (3) ~$1.0 Billion in Cash ~$1.5 Billion available under credit facilities Free Cash Flow ~$1.0 Billion Average Cost

• f Debt

2.7 %

Standard&Poors: BBB (Stable) Moody’s: Baa2 (Stable) 58

404 614 865 979 1,065 890 975

2012 2013 2014 2015 2016 2017 2018 Q1 LTM

Free Cash Flow (in million dollars US)

+17 % CAG

841 1,376 1,640 1,876 2,331 2,396

95 81

289 457 459 563 807 899

50 56 65 87

104 145

91 172 172 279 351 360 7 77 79 63 85 102

404 614 865 979 1,065 890 2012 2013 2014 2015⁽¹⁾ 2016⁽²⁾ 2017

EBITDA Business disposals Net capex Dividends Income tax paid Interest paid

Capital Structure & Financial Discipline

STRONG AND SCALABLE FREE CASH FLOW CONVERSION

34% 38% 39% 40% 27% 23%

2016 2017

CAPITAL EXPENDITURES ALLOCATION Development Commercial Programs Maintenance

Continuous improvement in capital allocation efficiency

Income producing 73% Income producing 78%

Capital Structure & Financial Discipline

DISCIPLINED CAPITAL ALLOCATION

Value Creation

RESULT OF THE VALUE CREATION EQUATION : ADJUSTED DILUTED NET EARNINGS PER SHARE AND RETURN ON EQUITY GROWTH

0.81 1.11 1.35 1.79 2.08 2.21

2012 2013 2014 2015 2016 2017

Adjusted Diluted Net Earnings per Share (USD) +22% CAG

22.0% 21.5% 22.6% 24.9% 27.0% 22.5%

2012 2013 2014 2015 2016 2017

Return on Equity

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Quarterly dividend increased twice during fiscal 2016, from CA 5.50¢ per share to CA 7.75¢ per share, an increase of 41%. In the second quarter of fiscal 2017, the quarterly dividend increased to CA 9.00¢ per share (remained at CA 9.00¢ for the third and fourth quarters of fiscal 2017 as well as for the first quarter of fiscal 2018).

Value Creation

RESULT OF THE VALUE CREATION EQUATION : DIVIDEND GROWTH

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50 56 65 87 104 145 145

2012 2013 2014 2015 2016 2017 2018 Q1 LTM

Dividends Paid – US Millions

+24 % CAG

404 614 865 979 1,065 890 975 50 56 65 87 104 145 145

2012 2013 2014 2015 2016 2017 2018 Q1 LTM

Dividend vs Free cash flow

Free cash flow Dividend FCF +17 % CAG1

RESULT OF THE VALUE CREATION EQUATION : STOCK VALUE GROWTH

Value Creation

63

• 50.0%

50.0% 150.0% 250.0% 350.0% 450.0% 8/30/2012 8/30/2013 8/30/2014 8/30/2015 8/30/2016 8/30/2017

5-Year Stock Performance

Variance ACT stock price (%) Variance TSX index (%)

Source: Bloomberg. As of August 30, 2017.

ALIMENTATION COUCHE-TARD INC.

ACQUISITIONS COMPLETED DURING FY18

Value Creation

CST TRANSACTION SUMMARY & OVERVIEW

Gross Profits (2)

54% 41% 5%

• Merch. & Serv.

Fuel

70% 30%

US Canada

Transaction Summary

• Acquired 100% of the outstanding shares of CST Brands Inc.

(“CST”), representing a total enterprise value

• f

US $4.4 billion or approximately US, $4.2 billion excluding the value of CST’s equity participation in CrossAmerica Partners LP (“CAPL”).

• In order to meet Canadian regulatory authorities’ requirements,

ACT sold to Parkland Fuel Corporation a large portion of CST’s assets in Canada and retained 157 company-operated stores.

• In order to meet US regulatory authorities’ requirements, ACT sold

70 sites to Empire Petroleum Partners, LLC. And retained 1,106 sites Strategic & Financial Impact

• Transaction is expected to generate between US$150M and

US$200M in annual cost synergies to be realized over the next 3 years

• Provides ACT control over CAPL’s General Partner, ownership of

associated Incentive Distribution Rights and equity stake of 20.5% in CAPL (CAPL is a distributor of branded and unbranded petroleum for motor vehicles in the U.S.)

(1) As of March 31, 2017. Excludes CrossAmerica Partners LP. (2) LTM for the period ended March 31, 2017. Excludes CrossAmerica Partners LP.

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Significant Synergies Potential

• Top-line upside
• Sharing of business awareness

and best practices

• Cost optimization
• Optimization of supply conditions
• Optimization of distribution

strategy

• Elimination of redundant costs

Acquisition Rationale

• Operating model alignment
• Strong geographic
• Entry in Texas
• Void fill in US Southeast
• Strenghtening of existing

network

• Talent acquisition and cross-

learning potential

• Valuable real estate portfolio
• MLP structure

Strategic Importance

• Unique opportunity to acquire
• ne of few remaining potential

North American public targets exceeding 1,000 stores

• ACT to approach 9,500 North

American stores

• Increased scale and leverage to

create brand awareness and take advantage of merchandise and fuel procurement

• pportunities

HIGHLIGHTS OF THE TRANSACTION

66

Revenues 37.9 8.2 46.1 % of total 82% 18% 100% GP 6.5 1.2 7.6 % of total 85% 15% 100% EBITDA(3) 2.4 0.7 3.1 Store network 12,664 1,263 13,927 Debt 7.6 DEBT/EBITDA 2.4

78% 22%

PRO FORMA PROFILE FOR CST - FINANCIAL

Couche-Tard has strengthened its leadership position as a global convenience store operator with pro forma EBITDA of $3.1B

(billions of US Dollars)

At Closing Pro Forma

Pre-synergies EBITDA Contribution

(1) Couche-Tard Fiscal 2017 results (2) After reflecting sale to Parkland and the sales agreement with Empire Petroleum, CST LTM financial results as at March 31, 2017. EBITDA includes a gain of $347 million from disposal of assets. (3) Includes Couche-Tard’s Company-Owned/Dealer-Operated and Dealer-Owned/Dealer-Operated sites as well as its International licensees as at June 30, 2017. Excludes CrossAmerica Parners LP

(1) (2)

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• On July 10, 2017, Alimentation Couche-Tard Inc. announced that it had signed an agreement

with Holiday Companies to acquire all of the issued and outstanding shares of Holiday Stationstores, Inc. and certain affiliated companies (“Holiday”), an important convenience store player in the Upper Midwest United-States, with 522 stores, a food commissary and a fuel terminal in Newport, Minnesota, which supplies one third of the stations. 374 stores are operated by Holiday and 148 by franchisees

• Holiday has a strong car wash business with 221 locations
• Allows Couche-Tard to expand it’s geographic footprint into the Upper Midwest U.S. and to gain

a strong position in the Greater Twin Cities metropolitan area. The acquired sites are located in the following states: Minnesota, Wisconsin, Washington, Idaho, Montana, Wyoming, North Dakota, South Dakota, Michigan and Alaska.

• The transaction is anticipated to close in the fourth quarter of Couche-Tard’s fiscal year 2018

and is subject to customary regulatory approvals and closing conditions. The Corporation expects to finance the transaction by using its available cash and existing credit facilities.

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A DISCIPLINED CONVENIENCE STORE OPERATOR AND INTEGRATOR Broad Geographic Footprint with Leading Market Positions Superior Product Offerings Track Record of Highly Disciplined Growth and Debt Reduction Attractive Sector Dynamics Powerful Financial Results Attractive Synergy Potential Disciplined Management Culture Proven Capacity to Transform and Innovate

Optimistically transforming our future

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