#1ALIMENTATION COUCHE-TARD INC. INVESTOR DAY PRESENTATION January 2018 Couche-Tard CIRCLE K ingo#2MATHIEU DESCHENEAUX CIRCLE K Couche Ford ingo#3AGENDA • ● ● Introductions - Mathieu Descheneaux, Vice-President, Finance Opening Message - Alain Bouchard, Founder and Executive Chairman of the Board Company Update - Brian Hannasch, President and Chief Executive Officer Financial Update - Claude Tessier, Chief Financial Officer Break Inside the Store - Kevin Lewis, Chief Marketing Officer M&A • ● ● ● Brian Hannasch • Darrell Davis, SVP of Operations • Alex Miller, SVP of Operations & Global Fuels Digital/Technology - Deborah Hall Lefevre, Chief Information Officer Break Fuel - Alex Miller Norway as a Laboratory - Jacob Schram, Group President of European Operations Final Words - Brian Hannasch ● Q&A Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#4FORWARD-LOOKING INFORMATION AND CAUTIONARY LANGUAGE 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" or 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 offering 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. Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#5ALAIN BOUCHARD Concine Tard CIRCLE K ingo#6ALIMENTATION COUCHE-TARD INC. OPENING MESSAGE Alain Bouchard, Founder and Executive Chairman of the Board Couche-Tard CIRCLE K ingo#7A BIT OF HISTORY Investor Day Jan 2018 COUCHE-TARD Alain Bouchard Richard Fortin Jacques D'Amours Réal Plourde CIRCLE K Couche-Tard ingo#8OUR COMPANY TIMELINE Acquisition of the assets of Johnson Oil Company, Inc., owner of 225 Bigfoot stores, all located in the U.S. Midwest 1980 - 1990 COUCHE-TARD BIGFOOT 2001 2003 Couche-Tard becomes an active player in the US market consolidation. 2004 Acquisition of The Pantry Inc., a leading convenience store operator in the southeastern United States. Global Circle K brand is launched 2012 USTATOIL 2015 2016 TOPAZ Acquisition of 278 Esso- branded Canadian fuel and convenience sites located in Ontario and Québec from Imperial Oil 2016 2017 CST Holiday Start of operations with the opening of a first convenience store located in Laval, Québec. Consolidation of Canadian Market Acquisition of The Circle K Corporation from ConocoPhillips Company Acquisition of Statoil Fuel & Retail, a leading Scandinavian road transport fuel retailer Acquisition of Topaz, the leading convenience and fuel retailer in Ireland. Acquisition of CST Brands, 4th largest chain in North America, and Holiday Stationstores, a Midwest powerhouse Investor Day Jan 2018 Couche-Tard CIRCLE K ingo#9COUCHE-TARD: ENGAGED IN THE FUTURE Investor Day Jan 2018 Couche-Tard DECOUVREZ NOS PATISSER GS CUITES SUR PLACE Le Kouche Tard 10 RADIS 3 Cache and Couche-Tard CIRCLE K ingo#10AN OPEN DOOR ON NEW TECHNOLOGIES Investor Day Jan 2018 000 CIRCLE K Couche-Tard ingo#11LISTENING TO NEW GENERATIONS Investor Day Jan 2018 Polar Sloc Omiles SAVE 65 ATOS& CIRCLE K CIRCLE K Couche-Tard ingo#12NORWAY: OUR LABORATORY FOR INNOVATION Investor Day Jan 2018 HURTIGLADER kontakt RCLE CIRCLE K Omiles Omiles ombes Omiles LUS PLUS Type 2 AC Combo DC CHAdeMO DC D Couche-Tard CIRCLE K ingo#13NEW MARKETS: TURNING TOWARD ASIA AND EUROPE COSTA RICA Investor Day Jan 2018 MEXICO HONDURAS UNITED ARAB EMIRATES EGYPT MACAU VIETNAM MALAYSIA CHINA HONG KONG GUAM PHILIPPINES INDONESIA CIRCLE K Couche-Tard ingo#14CONTINUING THE GROWTH JOURNEY RCLE R CICLE CIRCLE K Investor Day Jan 2018 N CIRCLE K CIRCLE CIRCLE K CIRCLE PL 69 CIRCLE CIRCLE K Kundeparkering for HOT PIZZA Bilvask CIRCLE Omiles Omiles CIRCLE K Couche-Tard Couche-Tard TACO CIRCLE K ingo#15BRIAN HANNASCH Couche ford CIRCLE K ingo#16ALIMENTATION COUCHE-TARD INC. COMPANY UPDATE Brian Hannasch President and Chief Executive Officer Couche-Tard CIRCLE K ingo#17ALIMENTATION COUCHE-TARD INC. WHO WE ARE CIRCLE K Couche-Tard ingo#18EXECUTIVE MANAGEMENT TEAM HERE TODAY Alain Bouchard Founder and Executive Chairman of the Board Brian Hannasch President & Chief Executive Officer Claude Tessier Chief Financial Officer Jacob Schram Group President, European Operations Investor Day Jan 2018 Couche-Tard CIRCLE K ingo#19EXECUTIVE MANAGEMENT TEAM CONTINUED Alex Miller Senior Vice President, Operations and Global Fuels Darrell Davis Senior Vice President, Operations Deborah Hall Lefevre Chief Information Officer Kevin Lewis Chief Marketing Officer Investor Day Jan 2018 Couche-Tard CIRCLE K ingo#20EXECUTIVE MANAGEMENT TEAM CONTINUED Investor Day Jan 2018 Hans-Olav Høidahl Executive Vice- President, Scandinavia Jørn Madsen Executive Vice- President, Central & Eastern Europe CIRCLE K Couche-Tard ingo#21ALIMENTATION COUCHE-TARD INC. HOW WE GROW CIRCLE K Couche-Tard ingo#22INDUSTRY CONTEXT Home CIRCLE SIGN UP OR LOG IN 00 ocations amazon add to cart WHOLE FOODS MARKET Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#2310 MEETING THE MARKET CHALLENGE MADE FRESH Order Pay Pick Up Hand crafted Investor Day Jan 2018 299 3500 resh, Het, and Delicious... Moja Pizza Made ToGo CIRCLE K Order Pay rese BACK CANCEL Pick Up B FULL OH FLAVOR 2/54 TELUS STATE CIRCLE K Couche-Tard ingo ®#24OUR COMPETITIVE ADVANTAGES Cough Scale & Buying Power Investor Day Jan 2018 Cost structure and culture Decentralized model Norway Laboratory Proven capacity to transform and innovate Strong balance sheet and capacity to invest Proven ability to integrate companies and cultures Coche-Word CIRCLE K Couche-Tard ingo#25OUR NETWORK – NORTH AMERICA - Western Canada West Coast Holiday Arizona Investor Day Jan 2018 Holiday Quebec West Northern Tier Central Canada Rocky Mountains Holiday Holeday Hobday Holiday G Monday A Holiday Holiday Holday KX CST Quebec East & Atlantic Great Lakes Cross America Partners Midwest K K Coastal Carolinas K Southeast South Atlantic Texas Heartland Gulf Coast Florida Our North America Network - close to 10,000 stores CIRCLE K Couche-Tard ingo#26OUR NETWORK - EUROPE 0000 Our European Network - over 2,750 sites Investor Day Jan 2018 NORWAY SWEDEN DENMARK TOPAZ Esso IRELAND K ingo ingo ان POLAND RUSSIA ESTONIA K LATVIA LITHUANIA CIRCLE K Couche-Tard ingo#27OUR NETWORK - WORLDWIDE Central/South America China Mexico United Arab Emirates Costa Rica Investor Day Jan 2018 Honduras Macau Vietnam Asia Guam Hong Kong Philippines Approximately 1,800 stores under licensing agreements worldwide Malaysia Indonesia CIRCLE K Couche-Tard ingo#28GROWING BY THE NUMBERS K CIRCLER Investor Day Jan 2018 Couche-Tard HAVE GRE COFF BREA CIRCLE K ingo ®#29OUR GROWTH: STORE COUNT 2015 8,500 Investor Day Jan 2018 2016 10,600 2017 12,500 2018 15,000 CIRCLE K Couche-Tard CIRCLE K ingo#30OUR GROWTH: GREAT EMPLOYEES ORCA & CIR 2015 100,000 2016 2017 105,000 120,000 Investor Day Jan 2018 2018 125,000 CIRCLE CIRCLE K Couche-Tard ingo ®#31OUR GROWTH: FOOD AND DRINK SIMPLY GREAT COFFEE Enjoy! SIMPLY GREAT COFFEE Enjoy! IMPLY GREAT OFFEE Enjoy! Pola P Stays Cal CIR CAUTION CONTE Polar Pop Stays Gold Longer! CAUTION COM CIRCLE K 2018: Over 2.5 million servings (coffee, cold dispensed beverages, and hot dogs alone) co CIRCLE K Couche-Tard ingo Investor Day Jan 2018#32es OUR GROWTH: FUEL LITERS # SPOLARVATSAN Investor Day Jan 2018 Omiles 2,7% Omiles 16 Omiles PLUS Kraft och acceleration BURGERS 75 POLARVATSKA CIRCLE K 2016 103,699,000 2017 155,548,000 2018 186,658,000 Couche-Tard CIRCLE K ingo#33OUR GROWTH: CUSTOMER COUNT Investor Day Jan 2018 OSTE 2018 + 9 million CIRCLE K Favorites LAPEÑ LE CHI Couche-Tard CIRCLE K CIRC ingo#34OUR GROWTH: NEW SITES Macs 30 Investor Day Jan 2018 24Hrs CIRCLE K R WASH CIRCLE CIRCLE IC Maci 1259 PREMIUM COFFEE CIRCLE K MED Our goal is to complete the construction, relocation or reconstruction of approximately 100 stores per year. Couche Tard Couche-Tard CIRCLE K ingo#35OUR NETWORK OF BRANDS CIRCLE K Couche-Tard Investor Day Jan 2018 ingo Couche Tord ん miles K Holiday Omiles CIRCLE OSTATION STATOIL Mask 30 Mask corner store corner store 80 Maca TOPAZ KANGAROO A ROO KANGAROO EXPRESS Couche-Tard TOPAZ CIRCLE K ingo#36CREATING A GLOBAL CIRCLE K BRAND LE SIGN CONSULT SIG Investor Day Jan 2018 Couche-Tard CIRCLE K ingo ®#37ALIMENTATION COUCHE-TARD INC. OUR GLOBAL BRAND STORY Couche-Tard CIRCLE K ingo#38THE WORLD'S PREFERRED DESTINATION FOR CONVENIENCE & FUEL Our Values ACT WITH PRIDE Our Mission LET'S MAKE IT EASY Brand Pillars EASY VISITS FAST AND FRIENDLY SERVICE LET'S MAKE IT EASY PRODUCTS FOR PEOPLE ON THE GO#39OUR MANAGEMENT PHILOSOPHY 0000 SUPER GLOBAL Holiday Q Investor Day Jan 2018 Holiday Holiday A Holiday h Holiday A Holiday K Holiday Holiday KX KANGASCO CST Pa Holiday ingo KANGAROO TOPAZ Esso ingo K K SUPER LOCAL K кановное CIRCLE K Couche-Tard ingo ®#40STRATEGIC VISION & PRIORITIES: WORKING AT TWO-CLOCK SPEED Investor Day Jan 2018 FOCUSING ON THE CORE BUSINESS To enhance company value, we are focusing on: Key Categories of Food and Fuel Growing Customer base Lean and Efficient Operations Engaged and Productive Employees LOOKING INTO THE FUTURE To remain a growth company for the shareholders, we are looking into the opportunities for the future CIRCLE K Couche-Tard ingo#41CORE STRATEGIC INITIATIVES CLE Executing Our Brand Vision Investor Day Jan 2018 Digital CIRC Growing the Global Network SPOLK CELAY COFFEE Food Journey Mobility CIRCLE (K 69 CIRCLE K Couche-Tard ingo ®#42CLAUDE TESSIER 10 Comhard CIRCLE K ingo#43ALIMENTATION COUCHE-TARD INC. FINANCIAL UPDATE Claude Tessier, Chief Financial Officer CIRCLE K Couche-Tard ingo#44- OUR FOUR PILLARS OF VALUE CREATION – THE EQUATION Value Drivers Protect Value & Enable Growth Organic Growth + Acquisitions + Cost Discipline + Investor Day Jan 2018 Capital Structure & Financial Discipline H Value Creation Couche-Tard CIRCLE K ingo#45ORGANIC GROWTH Investor Day Jan 2018 Network Development Digital Branding Customer Focus Key Categories Innovation Organic Growth Private Label Continuous Improvement Execution CIRCLE K Couche-Tard ingo#46ORGANIC GROWTH Same-store Merchandise Revenue Growth Same-Store Road Transportation Fuel Volume Growth 10% 8% 10% 8% 6% 6% 4% 4% 2% 2% 0% 0% 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 -2% -US -Europe -Canada <-US -Europe -Canada Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#47ORGANIC GROWTH - LEADING TO STRONG MERCHANDISE AND SERVICE MARGINS IN ALL GEOGRAPHIES Investor Day Jan 2018 Europe 42.4% Organic Growth United Canada States 33.8% 33.2% Couche-Tard CIRCLE K ingo#48PROVEN TRACK RECORD OF SUCCESSFUL ACQUISITIONS K Pump N Shop CLARK Groovin Noovin GATE SPARKY Winners All Star THORNTONS FURT Holland Moore Oil Spectrum Store Sterling Stores TOPAZ TEXAS Holiday Premium T Kem&Go Esso Publix. CRACKER BARRE KANGAROO tote PHILLIPS GAS CITY Dickerson Petroleum 66 Super Pantry ExxonMobil DAVIS Florida Oil Holdings, LLC FAST MAX CONNECTORES Garvin oil ExxonMobil On the Run Compac PETRO RDK Joint Venture Food Stores SUPERVALU ninghborhood Spirit Accel Marketing LLC CL OF CRYSTAL FLASH Statoil Fuel & Retail ExxonMobil ExxonMobil 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Stores 1,706 45 75 421 46 107 70 47 326 2,506 166 1,660 515 442 1,890 Acquired Investor Day Jan 2018 Acquisitions CIRCLE K Couche-Tard ingo#49ACQUISITIONS Investor Day Jan 2018 Deleverage Reverse synergies and learnings Identify the right opportunities Strike the right deal at the right price Acquisitions Secure acquired talent Realization of available synergies Swift and efficient integration Couche-Tard CIRCLE K ingo#50Adj. Net Debt / Adj. EBITDAR(4) EXCEPTIONAL DELEVERAGING TRACK RECORD Circle K 2,453 Stores Acquired $804M Rapid deleveraging Acquisition 4.2 after transformational acquisition No Transformational Acquisition 1,017 Stores Acquired Strong credit metrics for several years $3.6B Acquisition Leverage post SFR acquisition lower than Statoil Fuel & Retail 2,299 Stores Acquired The Pantry, Topaz and IOL stores 2,269 Stores Acquired K KANGAROO Esso TOPAZ Circle K 3.6 $1.7B $1.7B Acquisition $0.3B Acquisition Acquisition 3.2 3.2 3.0 2.9 3.1 2.7 2.5 2.4 2.1 2.1 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) Investor Day Jan 2018 Demonstrated track record of rapid deleveraging after acquisitions (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. CIRCLE K Couche-Tard ingo Acquisitions#51DELIVERING ON SYNERGIES THROUGH OUR ACQUISITIONS Statoil Fuel and Retail • Target: $150M - $200M Realized: >$200M Statoil Fuel & Retail The Pantry · • Target: $125M Realized: >$125M KANGAROO EXPRESS Investor Day Jan 2018 Acquisitions • CST Brands Inc Initial target for the first 36 months: GT $150M $200M - Q2 2018 run rate: $84M Foods CAP CROSSAMERICA PARTNERS LP Couche-Tard CIRCLE K ingo#52OUR FOUR PILLARS OF VALUE CREATION – THE EQUATION - Investor Day Jan 2018 Organic Growth = Acquisitions CIRCLE K Couche-Tard ingo#53COST CONTROL - PART OF OUR DNA Optimization of Shared Services Strategy Disciplined Culture Investor Day Jan 2018 Continuous Benchmarking Al, Robotics Cost Discipline Sharing of Best Practices Scalable Organization, Systems & Processes Economies of Scale Cost Efficient Systems Couche-Tard CIRCLE K ingo#54COST CONTROL - PART OF OUR DNA 1.9% 2012 -0.9% Year-over-year expense growth 0.8% 0.2% 1.5% 0.2% 2013 2014 2015 2016 2017 (1) Investor Day Jan 2018 5-year Average : +0.7% (1) Adjusted for the estimated impact of the 53rd week. CIRCLE K Couche-Tard ingo#55CAPITAL STRUCTURE & FINANCIAL DISCIPLINE Investor Day Jan 2018 Rapid delevera- ging after acquisitions Competitive cost of debt Well spread maturities Disposal of non-core assets Capital Structure & Financial Discipline Access to liquidities - Cash and credit facilities Dividend growth Careful allocation of capital CIRCLE K Couche-Tard ingo#56STRONG CAPITAL STRUCTURE & FINANCIAL DISCIPLINE Free Cash Flow (in million dollars US) +17% CAG Average Cost of Debt 3.2% (1) 1,145 979 1,065 865 890 404 2012 614 2013 2014 2015 2016 2017 2018 Q2 Standard & Poor's: BBB (Stable) Moody's: Baa2 (Stable) LTM PF Adjusted Leverage Ratio 2.88:1 Free Cash Flow ~$1.0 Billion Capital Structure & Financial Discipline Investor Day (1) As of October 15, 2017, before the acquisition of Holiday Jan 2018 Investment Grade Credit Profile ~$2.5 Billion available under credit facilities (1) ~$1.0 Billion in Cash Attractive Debt maturity profile CIRCLE K Couche-Tard ingo#57ADJUSTED LEVERAGE RATIO Investor Day Jan 2018 Pro Forma Holiday Acquisition 3.25x 12-24 Months Target 2.60x Balance sheet capacity: $2.3 billion CIRCLE K Couche-Tard ingo#58STRONG AND SCALABLE FREE CASH FLOW CONVERSION Capital Structure & Financial Discipline 95 95 979 81 1,065 890 865 614 102 85 2,331 2,396 360 351 1,876 63 145 77 1,640 104 279 404 79 1,376 841 172 56 172 87 65 807 899 50 91 563 457 459 2011 289 EBITDA 2012 Income tax paid Investor Day Jan 2018 2013 ■Business disposals ■Interest paid 2014 20150 20160 2017 ■Net capex Dividends Free Cash Flow CIRCLE K Couche-Tard ingo#59DISCIPLINED CAPITAL ALLOCATION Capital Expenditures Allocation Capital Structure & Financial Discipline 27% Income 39% producing 73% 34% 2016 Development Investor Day Jan 2018 23% 40% Income producing 78% 38% Commercial Programs 2017 Maintenance Continuous improvement in capital allocation efficiency CIRCLE K Couche-Tard ingo#60RESULT OF THE VALUE CREATION EQUATION: A HISTORY OF SUSTAINABLE TOP-LINE GROWTH Investor Day Jan 2018 Merchandise & Service Sales (millions of US dollars) +10% CAG 10,724 10,072 7,596 7,953 8,276 6,599 2012 2013 2014 CAG: Five-year compounded annual growth - fiscal 2017 over fiscal 2012 2015 2016 2017 Value Creation CIRCLE K Couche-Tard ingo#61RESULT OF THE VALUE CREATION EQUATION: A HISTORY OF SUSTAINABLE TOP-LINE GROWTH Value Road Transportation Fuel Volume (millions of gallons) +21% CAG 11,793 10,502 7,626 8,135 6,945 4,613 Investor Day Jan 2018 2012 2013 2014 CAG: Five-year compounded annual growth - fiscal 2017 over fiscal 2012 2015 2016 2017 Creation CIRCLE K Couche-Tard ingo#62RESULT OF THE VALUE CREATION EQUATION: A HISTORY OF STRONG FINANCIAL PERFORMANCE Gross Profits +17% CAG 6,082 6,482 4,610 4,988 5,268 2,975 Free Cash Flow (2) Value Creation +17% CAG 2012 2013 2014 2015 2016 2017 1,065 979 EBITDA 865 890 614 +23% CAG 2,331 2,396 404 1,640 1,876 1,376 841 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 Proven track record of consistent growth (1) All information in millions of US Dollars (2) 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. CIRCLE K Couche-Tard ingo Ⓡ ® C#63RESULT OF THE VALUE CREATION EQUATION : ADJUSTED DILUTED NET EARNINGS PER SHARE AND RETURN ON EQUITY GROWTH Adjusted Diluted Net Earnings per Share +22% CAG 0.81 2.21 2.08 1.79 1.35 1.11 Value Creation Return on Equity 22.0% 21.5% 22.6% 27.0% 24.9% 22.5% 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 CIRCLE K Couche-Tard ingo#64RESULT OF THE VALUE CREATION EQUATION: DIVIDEND GROWTH Dividends Paid - US Millions Investor Day Jan 2018 160 145 +24 % CAG 104 87 65 56 50 2012 2013 2014 2015 2016 2017 2018 Q2 LTM Value Creation CIRCLE K Couche-Tard ingo#65RESULT OF THE VALUE CREATION EQUATION: STOCK VALUE GROWTH Value Creation 340% 220% 100% 5-Year Relative Stock Performance +295% -20% -Variance ACT stock price (%) -Variance TSX index (%) +29% Source: FACTSET. January 15, 2018. CIRCLE K Couche-Tard ingo#66Investor Day Jan 2018 US TAX REFORM CIRCLE K Couche-Tard ingo#67NEW LEASE ACCOUNTING STANDARD Balance sheet Increase in Total Assets - Property and equipment Increase in Total Liabilities - Debt • Limited impact on Net Adjusted Debt to EBITDAR ratio Investor Day Jan 2018 P&L Decrease in Rent Expense - Increase in EBITDA Increase in Depreciation and Financial Expense • Limited impact on Net Earnings CIRCLE K Couche-Tard ingo#68SET TO GENERATE UNPRECEDENTED FREE CASH FLOW EBITDA > $3.0B Pro Forma CST and Holiday $150M-$200M in CST synergies Investor Day Jan 2018 $50-$60M in Holiday synergies Acquisitions reverse synergies + Recent restructuring of term loan in consolidated tax rate 3-5% reduction Organic Growth & Network Development Couche-Tard CIRCLE K ingo#69KEVIN LEWIS Couche Tard CIRCLE K ingo#70ALIMENTATION COUCHE-TARD INC. INSIDE THE STORE Kevin Lewis, Chief Marketing Officer CIRCLE K Couche-Tard ingo#71AN INTRODUCTION Who I am AAAAAAAA ~100 day observations World's biggest startup Super-global, super-local is real Investor Day Jan 2018 00 RY 8 O O At the center of a revolution in convenience Cohesive, committed team Ma Not taking success for granted CIRCLE K Couche-Tard ingo#72UNIQUE OPPORTUNITY TO LEVERAGE OUR BRAND, SCALE AND SCOPE IN MARKETING Marketing Merchandising • Brand development • Assortment planning • Skyfall rollout • Advertising • Traffic generation • Consumer acquisition K Inv Bilvask 95 D • Promo management • Pricing • Supplier planning Customer insight and analytics Product Creation Consumer behavior "Famous For❞ • Personalization and • Private Brand Localization • Marketing • effectiveness Data-driven decision making CIRCLE K CIRCLE R CIRCLE CIRCLE Couche-Tard CIRCLE K ingo#73BECOMING FAMOUS FOR... Create real differentiation Leverage our scale and scope (do it right, once) Be locally relevant Real HOT DOGS Balance innovation and getting the basics right Drive incremental visits, revenue and profitability GREAT COFFEE 39. Polar Pop CARWASH Omiles Food Hot Dispensed Beverages Cold Dispensed Beverages Car Wash Private Label Fuel Investor Day Jan 2018 We are in the early days of our journey CIRCLE K Couche-Tard ingo#74LEVERAGING GLOBAL PRESENCE: INTRODUCING SEASONAL CAR WASH Warrenville, Illinois CIRCLE K WASH YOUR CAR Södertälje, Sweden Investor Day Jan 2018 DRIVE AHEAD OSTOP LMT-4622 BACK U ENJOY YOUR WASHI DRIVE AHEAD STOP BACK UP HOW APPLYING NOW AFFEVING PARENT-DE CIRCLE Stop Tec NTX 772 DN 15984 67 242 5564 Newton Stop Шаситес $14 SPREMIUM STANDARD BUDGET $10 $12 1h: Power Seester removes ventes WELCOM CIRCLE K Couche-Tard ingo#75CUSTOMIZING THE ASSORTMENT: SIMPLY GREAT COFFEE Quebec City CAFÉ TOUT SIMPLEMENT BON SELECTION DE CAFES CHELS MASCH HOLLAT SUCTION DE CAFES L C Espresso Menu ICED COFFEE Charleston, SC WELCOME! HERE YOU'LL FIND A GREAT CUP OF COFFEE. OUR MACHINE WILL GRIND THE SLOW ROASTED BEANS, HEAT THE WATER JUST RIGHT AND ADD STEAMED MILK IF DESIRED. YOU JUST HAVE TO CHOOSE YOUR FAVORITE COFFEE AND PUSH THE BUTTON. A GREAT COFFEE SHOULDN'T BE MORE COMPLICATED THAN THAT. PLEASE ENJOY! GREAT COFFEE © МОКАСИЛ APPLXNO DESPRESS Investor Day Jan 2018 505 COLD BREWED Ice Maker INSTRUCTION Wasie Latvia SIMPLY GREAT COFFEE LIELISKA KAFIJA ZBAUD Couche-Tard KAFLIAS MIRKLI CIRCLE K ingo#76BUILDING MULTI-LOCAL FOOD PLATFORMS PPEAR Soda Charlotte, NC TREAT YOURSELF SAVE 60% Dairy of on Any Fresh Doughnut with a See Premium a Fresh Bakery De Daily Bakery Investor Day Jan 2018 Quebec, Canada 68 Sweden 6 LASRSH CHULLE GOURMET GREEL CHILL CHRASE Hot Dog ORCAL Tampa, FL Read HOT DOGS RIS PROVA EN REAL HOT DOG Real HOT DOGS tack Real OT DOGS Polar Pop tays LALU L CIRCLE K Couche-Tard ingo#77OPEN CHALLENGE: UNLOCKING GLOBAL FOOD EXCELLENCE Ireland ADD A PASTRY ID ANY COFFEE FOR ET Re Re Store BARISTA etreat TORTICA Estonia RÖÖV OSTA 3, SAAD 1 TASUTA! Millal sa viimati sõpradega hot dogi sõid? (3-4 CCC CROLEO Investor Day Jan 2018 We are working hard to crack the code in North America MEXICAN Norway SUBS & SALADS CIN HOT DOGS URGERS COFFEE & BAKERY CCG CIRCLE K Couche-Tard ingo#78PRIVATE BRANDS Drive product differentiation Reinforce value Generate additional gross margin Provide supplier leverage Investor Day Jan 2018 water 33 FL 12 HU water 253 PLO Global portfolio with local relevance $1.59 $1.59 $1.59 $1.59 TRAFFIC TRAFFIC SHAK MOMENT 31.50 MOMENTUM WATER IS 1.59 $ 59 $2.09 $2.00 CING B VITON Jokes STILL NATURAL MINERAL SPARKLING NATURAL MINERAL WATER coated peanuts peanuts SWEET PRIKA CHILI HAZEL NUTS CIRCLE E B VITAMINES CING B VITOM arome N Joker Bokes Joker SUGAR FREE TROPICAL MANCO MANGUE TROPICALE CHERRY LIMEADE EIMADE AUX CERISES MAD ENERGY MAD ENERGY MAD ENERGY MAD ENERGY TRAFFIC CLEANER Appelsi Mack EXCLUSIVELY AVAILABLE AT: CIRCLE K Couche-Tard CIRCLE K ingo#79FOCUS ON TRAFFIC Shifting customer demographics Resurgent competitors Redefinition of convenience Changing habits and tastes Branding and communications EASY VISITS FAST AND FRIENDLY SERVICE LET'S MAKE IT EASY PRODUCTS FOR PEOPLE ON THE GO Investor Day Jan 2018 Insights and analytics Segmentation Prioritization High- spend Average spend Low spend Targeting Personalization Couche-Tard CIRCLE K ingo#80ALIMENTATION COUCHE-TARD INC. M&A Brian Hannasch, President and Chief Executive Officer Darrell Davis, Senior Vice President, Operations Alex Miller, Senior Vice President, Operations & Global Fuels CIRCLE K Couche-Tard ingo#81DARRELL DAVIS Couche Yard CIRCLE K ingo#82ALEX MILLER Couche Tard CIRCLE K ingo#83Investor Day Jan 2018 HOW WE DO M&A - OUR STRATEGY PART OFFER INDIGETRY DEBT KEEP UNITED FINANCING DUE ISSUE INCLUDE LARGE INCREASED QUANTITY LANDER USUALLY TERMS KNOWLEDGE ALWAYS PRODUCT THIS THE ANOTHER CASH VALUATION TAX TWO DEAL THUS PRICE PRIVATE SHARES DIFFERENT STOCK VALUE MANY ACQUIRING MOVEMENT PROFIT U IMPORTANT KAL COMPETITORS THOLOGIC MARKET HIGH COSTS MERGERS MERGER COMPANIES RESOURCES PAYMENT BUSINESSil TARGET ONE ACQUISITIONS TRANSACTION INCREASE PRICES DEMAND ACQUIRED BEAN GREAT AL COST CASE LOSS DETAILED CARTELE DECREASE FIRMS FACTORS BRAND JUDICIATED INTOILMATION ORDER ACQUISITION NAME MAJOR FIRM SHAREHOLDERS FORM HOWEVER TOGETHER INCREASE TIME FINANCIAL SIZE COMPANY SHARE CREATE MIGHT NEW ASSETS CONTROL BUYER TUTURE Couche-Tard CIRCLE K ingo#84PROVEN TRACK RECORD OF SUCCESSFUL ACQUISITIONS CLARK Pump N Shop Kami Go Holiday Premium 7 CST CADRE Publix. X TOPAZ TEXAS STAR Esso KANGAROO EXPRE tote PHILLIPS GAS CITY Dickerson Petroleum 66 Super Pantry FAST MAX ExxonMobil Groovin Noovin ExxonMobil On the Run GATE Compac SUPERVALU Food Stores nahborhood PETRO RDK Joint Venture SPARKY All Star Winners 4 THORNTONS FUITCART Holland Csea to He Moore Oil Spectrum Store Sterling Stores Spirit Accel Marketing LLC E CRYSTAL FLASH DAVIS Florida Oil Holdings, LLC Dead River Statoil Fuel & Retail ExxonMobil ExxonMobil Garvin oil CONNEC 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Stores 1.706 45 75 421 46 107 70 47 326 2,506 166 1,660 515 442 1,890 Acquired Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#85ACQUISITIONS ROADMAP Pa Holiday Identify the right opportunities Strike the right deal at the right price Secure acquired talent Investor Day Jan 2018 Ho WESEL DIELL Swift and efficient integration Realization of available synergies Reverse synergies and learnings Deleverage CIRCLE K Couche-Tard ingo#86ALIMENTATION COUCHE-TARD INC. M&A Darrell Davis, Senior Vice President, Operations CIRCLE K Couche-Tard ingo#87THE PANTRY TRANSACTION SUMMARY & OVERVIEW Transaction Summary • Acquired 100% of the outstanding shares of The Pantry, on March 16, 2015, representing a total enterprise value of US $2.2 billion Fully funded transaction with our revolving credit facility and cash on- hand Strategic & Financial Impact • • Transaction was expected to generate a minimum of US$85M over the 24-month period following the acquisition. The amount of realized. synergies exceeded US$125M Significant in-store sales and fuel volumes growth opportunities through the implementation of our programs, better execution and network improvements Significant product supply cost reduction opportunities for both in-store and fuel purchases Investor Day Jan 2018 IN MO LA KY Pantry Store Locations CIRCLE K Couche-Tard ingo#88THE PANTRY-INTEGRATION STRATEGY AND AREAS OF FOCUS 18 Investor Day Jan 2018 Portfolio Rationalization Growth & Competitiveness Talent Review Cost Reductions Synergies Business Units CIRCLE K Labor Changes Best Practices Rebranding Omiles CIRCLE K Couche-Tard ingo#89CST BRANDS TRANSACTION SUMMARY & OVERVIEW Transaction Summary • . Acquired 100% of the outstanding shares of CST Brands Inc. ("CST"), on June 28, 2017, representing a total enterprise value of 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 3 years. This does not include fuel synergies. • As of ACT's last earnings report (11/28/17), the annual reduction run reached approximately US$84 million. Provides ACT control over CAPL's General Partner, ownership of associated Incentive Distribution Rights and equity stake of 21% in CAPL (CAPL is a distributor of branded and unbranded petroleum for motor vehicles in the U.S.) VALERO Ultramar 5% corner store CORNER STORE Gross Profits (2) Dépanneur DU COIN 30% 41% 54% 70% Merch. & Serv. ■Fuel ■Others ■ US Canada (1) As of March 31, 2017. Excludes CrossAmerica Partners LP. Investor Day (2) LTM for the period ended March 31, 2017. Excludes CrossAmerica Partners LP. Jan 2018 CIRCLE K Couche-Tard ingo#90CST BRANDS - INTEGRATION STRATEGY AND AREAS OF FOCUS Portfolio Rationalization V corr stor Best Practices Talent Review Investor Day Jan 2018 ATM Prost Business Units Labor Changes Rebranding corner store VALERO ket Cost Reductions Procurement Focus LERO VALEHO VALERO VALEBO CIRCLE K Couche-Tard ingo ®#91ALIMENTATION COUCHE-TARD INC. M&A Alex Miller, Senior Vice President, Operations & Global Fuels CIRCLE K Couche-Tard ingo#92HOLIDAY IS A TOP PERFORMER IN UPPER MIDWEST COMPANY OVERVIEW Great Strategic Fit ■ 522 stores (374 COCO, 148 Franchise) ■ GTC (3.5M pop) is a stronghold with 159 COCO stores ■ ~5300 retail employees Present in 10 states, 8 new to ACT ■ High volume locations - $2.5MM Inside & 2.2MM gallons High Quality Assets ■ Very strong underlying retail real estate ■ Well maintained facilities, inside and outside Majority of stores are large format - over 4000sqf ■ Sites are 80% owned, 20% leased Consistent Offer - Strong Food & Car Wash Deep operating and merchandising capability Food offer has high presence and is very consistent ■ Commissaries provides fresh and frozen food Very strong car wash business - 221 locations Advantaged Fuel Business Newport terminal (GTC) supplies 32% of gallons ■ Proprietary "Blue Planet" additive Corporate Franchise Newport Terminal Great geographical fit rooklyn Park Minneapols Bloomingtont Stronghold in GTC WA 3/0 AK 26/0 MT 25/0 ND 21/0 ID MN 246/60 2/0 SD WY 2/0 3/15 WI 20/64/ MI 26/0 High quality assets Holiday Pa Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#93HOLIDAY ACQUISITION TO DELIVER MATERIAL SYNERGIES ACT Proven Track Record of Delivering Direct Synergies - Expect $50-$60M in Synergies with the Holiday Acquisition Global functional teams engaged in leveraging scale and capability to deliver majority of benefits 24 months post close - some integration activity targeted in 24 to 48 month timeframe Costs • Merchandise Procurement • Fuel Optimization Holiday Best in Class Retailer Brings Multiple Areas to Deliver Reverse Synergies Fully committed, dedicated cross resource team focused on delivery into ACT's large, core network • • • • • Site Build Customer Journey Promotional & Assortment Strategy Digital Messaging Commissary / Food Model Car Wash Subscription Program Dynamic Pricing Cooler & Take Home Staples Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#94ALIMENTATION COUCHE-TARD INC. M&A - GROWING OUR PLATFORM Brian Hannasch, President and Chief Executive Officer Couche-Tard CIRCLE K ingo#95GROWING OUR PLATFORM Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#96DEBORAH HALL LEFEVRE Concibe Ford CIRCLE K ingo#97ALIMENTATION COUCHE-TARD INC. DIGITAL/TECHNOLOGY Deborah Hall Lefevre, Chief Information Officer CIRCLE K Couche-Tard ingo#98ABOUT ME Investor Day Jan 2018 Couche-Tard CIRCLE K ingo M CIRCLE K Couche-Tard ingo#99Digital is creating new ways to LIVE WORK AND PLAY Investor Day Jan 2018 Couche-Tard CIRCLE K ingo ®#100Investor Day Jan 2018 1111 100 million customers will shop in augmented reality by 2020 CIRCLE K Couche-Tard ingo#101156 Пользователь Renault uses virtual reality to test drive new designs without any physical prototypes קה Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#102Investor Day Jan 2018 A Robotic Process Automation Software Robot costs ~1/3 of an offshore employee CIRCLE K Couche-Tard ingo#103Investor Day Jan 2018 By 2020 the average person will have more conversations with robots than with their spouse. CIRCLE K Couche-Tard ingo#104OUR DIGITAL FUTURE Deliver industry-leading digital programs ...that win with customers, increase visits, drive overall value. Execute with focus and cost consciousness ...targeting only the best ideas Create new ways of working ...across all functions and geographies to deliver a global digital strategy Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#105OUR BUSINESS IS DIGITAL Investor Day Jan 2018 Employee Experience & Value Proposition Systems KPIs & reporting People & organization Backbone Make it easy to hit the target Procurement Puction Mp VAC swimweary decir, wwwspriglas if (nt to mab T finder Offers & Socmert layer 0 dejt discument ciglie: substringate St. Sandex Of 1.06/štejength:: xml evalcman [contr] Pourtalliati, )+?) 0 Warehousing Logistics Construction & maintenance Operations & HSE ff Stem Define right quality and deliver at lowest possible cost <meta htp-equiva Conent-Type" content; chers-> <script language="JavaScript"> 4 Customer Experience & Brand Promise Marketing Network, Format & Sales & Service Concept Category Front-end Constantly sharpen the customer offer CIRCLE K Couche-Tard ingo#106WE WILL UNLEASH THE POWER OF DATA 5545500 0,4 0,3 0,2 0,1 O Greater understanding of customer behaviors -15% +10% 875957 5157170 12% DFGOFBROS FDGDSFOGOFB OFBYCKOWROFING IN VICKENCX AFFITING SERING TERUFER FEGOSFREDR More accurate demand predictions ☑ Optimized pricing, assortment, and product placement 1098 342098 3451 WERGDBENBN MOWEN TW RTKCVEWSESDG VERG TBVCH AF DFFGTRHG DFGDFBFDB F AF DFFGTRHGFDB BGBSDGF DFGDFBFDB FDGDSFBGDFB ERFDFBMG NM VC XCVCX Investor Day Jan 2018 De Coaster Linted Ord Phase Dubu Spec CRSDGF DFGDFBFDB FDGDSFBGDFB DFBVCXCVWERFDFBMG NMVCXCVCX PROVAVEREDERINGNAN YOUCK 그 CIRCLE K Couche-Tard ingo#107OUR NEXT GEN RETAIL TECH IS ALL ABOUT MAKING IT EASY Cloud enabled forecourt Easy visits Easy tools ■In-store app payment Hardware independent software Mobile payments ◉ App payment at forecourt Forecourt loT ■ Real time access to data ☐ E Easy integration with loyalty and other systems Centralized management ⚫ Seamless deployment Bring your own device Easy access to customer insight Internet of Things ■ Location based marketing "Things" status i-eg. which coffee machines are not working Connected cars Investor Day ◉ Payment by car Pre-ordering 2 ways communication with customer in the car Mobile POS 000 E Chage 122 CR00 100 Jan 2018 Access through Web browser ■Can be opened at any device eg. phone, tablet, etc. Seamless integrations Open architecture Easy integrations Real time data API O through APIs ■ Loose coupling Micro services ■ Real time campaign results ■ Real time stock counts ■Real time upselling CIRCLE K Couche-Tard ingo#108OUR DIGITAL FUTURE IS BRIGHT $ Borod Digital everything Consistent operations, <<ticking along >> 0. 0. 0.0 NOOMO .26 0.00 0.00 0.00 0.57 0. 25 1.5 0.00 0.00 0.00 0.00 Standardization and super local too Tech ecosystem and focused on speed and agility Investor Day Jan 2018 Data CIRCLE K Couche-Tard ingo#109WE ARE ALREADY UNIQUELY POSITIONED TO WIN.... Investor Day Jan 2018 OSTE SCALE IN A FRAGMENTED INDUSTRY INDUSTRY TALENT LEARNING ORIENTATION & GROWTH MINDSET CIRCLE K Couche-Tard ingo#110ALIMENTATION COUCHE-TARD INC. FUEL Alex Miller, Senior Vice President, Operations & Global Fuels Couche-Tard CIRCLE K ingo#111POSITIVE OUTLOOK FOR LIQUID FUEL DEMAND OECD COUNTRIES MODERATELY IMPACTED BY NATURAL GAS & ELECTRIC Worldwide light-duty vehicle energy consumption Quadrillion Btu Worldwide plug-in electric vehicles as percent of light-duty vehicle stock Percent 60 55 50 45 /electricity natural gas Low PEV Penetration case Reference case High PEV Penetration case 26% 40 35 30 25 petroleum-based 18% 14% 20 10% 9% 15 8% 10 5% 5% 3% 2% 3% 5 0% 1% 1% 1% 0 2015 2020 2025 2030 2035 2040 2020 2025 2030 2035 2040 Investor Day Source: U.S. Energy Information Administration (EIA) - International Energy Outlook 2017 (September 14, 2017) CIRCLE K Jan 2018 Couche-Tard ingo#112FUEL MARGINS HAVE MINIMAL CORRELATION TO FUEL PRICE MARGINS ARE GROWING US Road Transportation Fuel Margins (1) 17.0 21.7 22.9 18.8 18.1 20.2 18.6 •Growing margins, with some volatility in the US •Minimal correlation between Fuel price and Margin •Margins impacted by: Competition ➤ Volatility 2012 2013 2014 2015 2016 2017 2018 Q2 YTD ➤ Inflation Motor fuel margin (US cents per gallon) Motor fuel price ➤ Regulatory requirements U.S Fuel Margins(1) WWW Q1 2012 Cents per gallon Canadian Fuel Margins(1) Norwegian Fuel Margins(2) نش کنند Q2 2018 Q1 2012 Q2 2018 Q1 2013 Q2 2018 Trend -Cents per litre Trend NOK per litre Trend Investor Day Jan 2018 (1) Company operated stores only (2) Total network Couche-Tard CIRCLE K ingo#113SIZEABLE FUEL OPERATION 17.5 Bn Gallons sold Investor Day Jan 2018 Pick-up at 300 6.000 daily deliveries Terminals Couche-Tard Delivery to 11.400 stores 24/7 365 CIRCLE K ingo#114SOURCING: CONTINUOUS FOCUS ON LOWERING COST OF GOODS MINIMIZE RISK AND WORKING CAPITAL Investor Day Jan 2018 Structure Market Access Commercial Excellence Fuel fully integrated globally with focused sourcing team, capitalizing on scale and singular relationships with wet barrel refiners Advanced market knowledge enabled through reach, continuous M&A activity - married with deep analytics Consolidate and leverage our large shorts via structured RFP process established across all geographies CIRCLE K Couche-Tard ingo#115LOGISTICS: CONTINUOUS FOCUS ON COST LEADERSHIP THROUGH OPERATIONAL EXCELLENCE Logistics unit costs *): Run Outs *) Days in Stock *) -4% - 32% - 3% Scalable, flexible and low capital intensive operating model Centralized and fully integrated Operations teams in low cost locations Leveraging scale through structured procurement approach Leading IT solutions capitalizing on advanced analytics and forecasting capabilities Investor Day Jan 2018 *) FY15 vs FY18-Q2 (Logistics unit costs, inflation and hauling distance compensated. Run outs excluding Irma and Harvey) CIRCLE K Couche-Tard ingo#116WINNING WITH FUEL: • Forecourt Execution & Amenities • Differentiated Premium Fuels • OmilesPLUS Loyalty Alliances & Partners • Deliver on Speed, Easy Visit • Payment Development Investor Day Jan 2018 2017 Garry E. Hodges FOLLOW ME IF YOU'RE THIRSTY. CIRCLE K CIRCLE K Couche-Tard ingo#117JACOB SCHRAM Couche Tord CIRCLE K ingo#118ALIMENTATION COUCHE-TARD INC. NORWAY AS A LABORATORY Jacob Schram, Group President, European Operations CIRCLE K Couche-Tard ingo#119FOSSIL CARS LESS THAN 50% OF 2017 CAR SALES IN NORWAY BEV% of total car sales1 (percent) Shares of total car sales² (percent) Top 15 sold cars in Norway 20172 22 20 22 1. Volkswagen e-Golf, EV 2. BMW i3, EV 18 3. Toyota Rav 4, hybrid 16 Battery electric 4. Tesla Model X, EV Hybrid cars and 5. 14 Mitsubishi Outlander, plugin-hybrid 21% plug- 6. Toyota Yaris, hybrid 12 ins 31% 7. Tesla Model S, EV 12 10 8. Nissan Leaf, EV 8 Petrol 25% 9. 60 Diesel 23% Volkswagen Passat, plugin-hybrid 10. Toyota Auris, hybrid 11. Toyota C-HR, hybrid 12. Mercedes-Benz GLC, plugin-hybrid 13. Renault Zoe, strøm 14. Volvo V90, diesel 15. Volkswagen Golf, plugin-hybrid 4 2 0 2011 2013 2015 2017 Investor Day Jan 2018 1Numbers are for passenger cars, BEV=Battery Electric Cars Sources; OVAFS.no, elbil.no, Circle K analysis 2Source "Opplysningsrådet for veitrafikk, Bilåret 2017" CIRCLE K Couche-Tard ingo#120Investor Day Jan 2018 IN NORWAY, EVS HAVE FOR LONG BEEN EXEMPT FROM VAT AND PURCHASE TAX, WHICH ON AVERAGE ACCOUNTS FOR ~50% OF THE VEHICLE COST INCENTIVES EV purchase incentives Circulation tax exemptions Free circulation, e.g. tolls, parking NORTH ASIA EUROPE AMERICA USA Canada Norway Netherlands Sweden Denmark UK China 33 (✓) 333 133 Norway shows that when the price of EV is equal to fossil cars customers change behavior *: High-occupancy vehicle lane, better known as 'carpool lane' **: Restricted traffic zones Note: Policy support mechanisms for EV uptake as of 2015 Source: IEA; Financial Times; QVARTZ analysis *** 4,500 GBP CIRCLE K Couche-Tard ingo Nationwide policy Targeted policy#121FOSSIL AND EVS AT FUTURE EQUIVALENT PRICE HAVE INITIATED NORWAY AS A LABORATORY Investor Day Jan 2018 W rth Couche-Tard CIRCLE K Volkswagen ingo#122NORWAY AS A LABORATORY LOOKS FOR NEW INCOME AND NEW WAYS TO RUN THE BUSINESS SYSTEMS PEOPLE & ORGANIZATION KPIS AND REPORTING Investor Day Jan 2018 ΑΙ WAREHOUSING CONSTRUCTION & MAINTENANCE PROCUREMENT LOGISTICS SHARED SERVICE CENTER PROCESS OPTIMIZATION ROBOTICS NETWORK FORMAT & CONCEPT OPERATIONS & HSE MARKETING SALES & SERVICE CATEGORY COOPERATION WITH STARTUPS CONCEPT TESTING CIRCLE K Couche-Tard ingo#123WE RUN OUR BUSINESS ON TWO CLOCK SPEEDS Investor Day Jan 2018 CURRENT BUSINESS FUTURE BUSINESS CIRCLE K Couche-Tard ingo#124AN EV/AV SCENARIO HOLDS OPPORTUNITIES FOR CIRCLE K FAST-CHARGING STATIONS HOME & WORK CHARGING FOODTRUCKS CURRENT BUSINESS Investor Day Jan 2018 HOME DELIVERY READY TO COOK MEALS SNACKING EXPERT FRESH FOOD TO GO LOYALTY and 1:1 COMMUNICATION AUTOBUTLER FUTURE BUSINESS CIRCLE K Couche-Tard ingo#125WE WILL EXPAND OUR CONVENIENCE THINKING TO CAPTURE NEW BUSINESS OPPORTUNITIES Investor Day Jan 2018 CIRCLE K Take it easy On the go At site At home Couche-Tard CIRCLE K ingo#126WE EXPLORE NEW FORMATS AND CONCEPTS IN NORWAY AS A LABORATORY IN STORE ON-THE-GO AT HOME Investor Day Jan 2018 FAST-FRESH- SNACKING FOOD HEAVEN GREEN LIFESTYLE, EASY PEASY MIND YOUR OWN BUSINESS INTER-NEAR- NET MOM 2.0 HEALTH ON- THE-GO LET US ENTERTAIN YOU BEAUTY EXPRESS SHARING IS POWER UP CARING YOUR CAR, OUR CARE CONCEPT 1 CONCEPT 2 CONCEPT 3 CONCEPT 4 ILLUSTRATION BUSINESS IDEAS CIRCLE K Couche-Tard ingo#127OUR NETWORK AND SITES ARE WELL POSITIONED FOR FUTURE OPPORTUNITIES - THE LAST MILE TOWARDS THE CUSTOMER Investor Day Jan 2018 CAR WASH FRESH FOOD FORECOURT CHARGING TO GO Couche-Tard CIRCLE K ingo#128THE ON THE GO SEGMENT COULD REPRESENT NEW BUSINESS OPPORTUNITIES FOR CIRCLE K TOMORROW AND IN THE FUTURE BingoBox 7 NO A1001 Bingo Blou ILLUSTRATION TOMORROW: STAND ALONE STORES IN THE FUTURE: STORE ON WHEELS Investor Day Jan 2018 CIRCLE K Couche-Tard ingo#129THE NORWEGIAN CHARGING MARKET GIVES US OPPORTUNITIES AT SITE, BUT ALSO AT HOME Investor Day Jan 2018 % OF CHARGING* 76% HOME 9% 6% WORKPLACE • 9% * Source: Norwegian EV association 2016 and Circle K analysis FORECAST 2025 AT SITE DESTINATION/ STREET CIRCLE K Couche-Tard ingo#130ALIMENTATION COUCHE-TARD INC. FINAL THOUGHTS Brian Hannasch, President and Chief Executive Officer Couche-Tard CIRCLE K ingo#131LOOKING AHEAD CIRCLE Investor Day Jan 2018 CIRCLE K STORE PRESEN" GREAT COFFEE ENJOYI Holiday Pa OSTE OmilesPLUS Power and acceleration Couche-Tard CIRCLE K Couche-Tard ingo#132CIRCLE K CHICLE C CHORD CIRCLE K R K 888 8.88 Polar Pop#133ALIMENTATION COUCHE-TARD INC. Q&A Couche-Tard CIRCLE K ingo