Investor Presentaiton

Adj. 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

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