Investor Presentaiton

CST 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

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