ALIMENTATION COUCHE-TARD INC.

INVESTORS PRESENTATION

November 2017 FORWARD-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 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.

2 AGENDA

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

3 KEY DATA

• 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 13,974  North America 9,471  Europe 2,754  International 1,749

• Net Debt / Leverage4  FY2017 US$2.7B / 1.09x  Q1 2018 US$6.4B / 2.31x • Ratings  S&P BBB (Stable outlook)  Moody’s Baa2 (Stable outlook)

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 4 non-recurring items. Refer to the Corporation’s MD&As for more details. ALIMENTATION COUCHE-TARD INC.

COMPANY HIGHLIGHTS WHO WE ARE

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.

• 9,471 convenience stores throughout North America, including 8,129 stores offering road transportation fuel in all 10 Canadian provinces North America 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.

• 2,754 stores, comprising a broad retail network across Scandinavia (Norway, Sweden and Denmark), Ireland, the Baltics (Estonia, Latvia Europe 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.

• More than 1,700 stores operated by independent operators under the International banner in 13 other countries or regions worldwide which brings the number of sites in Couche-Tard’s network to over 15,000.

Store count as at July 23, 2017.

6 A DISCIPLINED CONVENIENCE STORE OPERATOR AND INTEGRATOR

Broad Geographic Footprint with • 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 Leading Market Positions “Ingo” at unmanned stations in Scandinavia

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

• Proven integrator Track Record of Highly Disciplined • Well positioned to lead further consolidation in fragmented industry Growth and Debt Reduction • Committed to investment grade credentials post acquisition

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

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

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

•Management team with strong track record and founders have 22%Management and Disciplined Management Culture Board need to hold a multiple of their salary in Shares •Decentralized operating model

Proven Capacity to Transform and •Company successfully went trough 3 transformations over its existence Innovate

(1) As of April 30, 2017.

7 Largest independent convenience store operator in the US in terms of number of NORTH AMERICAN NETWORK company operated stores • In the US, the convenience sector is fragmented and in a consolidation phase • Couche-Tard acquired in March 2015, one of the largest independently operated convenience stores in the US • On June 28, 2017, Couche-Tard acquired 100% of the outstanding shares of 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 of these sites during the third quarter of fiscal 2017.

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

Total network of 9,471 stores in North America

As at July 23, 2017.

8 EUROPEAN NETWORK

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

2,754 stores in 9 countries or regions in Europe

As at July 23, 2017.

9 INTERNATIONAL PRESENCE

Central / South Asia America China United Arab Mexico Emirates 86 461 31

Guam • Convenience stores Honduras 13 operated by independent 25 operators under the Hong Kong Circle K brand Egypt 332 • License agreement to 9 Costa Rica Philippines use the brand name 5 Macau Vietnam 16 Circle K 30 246

Malaysia 6 Indonesia 489

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

As at July 23, 2017.

10 CONSOLIDATED NETWORK RECAP

Canada U.S. Europe International Total presence 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 COUCHE-TARD IS A WORLD LEADER

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

REVENUES

Merchandises and services Motor Fuel Other Total

$10,971M $27,213M $1,147M $39,331M US Europe Canada Other 1% 12% Europe 2% 3% Merchandise and Revenues 25% services By Canada 28% Products 17% LTM Q1 Canada US 2018 62% Europe US 13% 97% Motor fuel 71% 69%

GROSS PROFITS

Merchandises and services Motor Fuel Other Total

$3,780M $2,700M $221M $6,701M

US Othe Europe Europe 7% Canada r 14% 35% Gross 9% Motor fuel 3% Profit By 40% Canada Products 17% LTM Q1 2018 US US 54% Europe Merchandise 69% Canada and services 11% 84% 57% Financial data presented for the LTM as of Q1 2018.

12 A HISTORY OF STRONG FINANCIAL PERFORMANCE Gross Profit Same Store Sales Growth

2012 2013 2014 2015 2016 2017 (in millions of US Dollars) Merchandise sales +17% CAG US 2.7% 1.0% 3.8% 3.9% 4.6% 2.0% 6,082 6,482 Europe 1.6% 2.0% 2.8% 3.5% 5,268 4,610 4,988 Canada 2.8% 2.0% 1.9% 3.4% 2.9% 0.1% Motor Fuel Volume 2,975 US 0.1% 0.6% 1.7% 3.4% 6.6% 2.6%

Europe 2.5% 2.4% 2.6% 1.0% 2012 2013 2014 2015 2016 2017 Canada -0.9% 0.0% 1.3% -0.1% 0.9% -0.3%

EBITDA Free Cash Flow (1)

(in millions of US Dollars) (in millions of US Dollars)

+23% CAG +17% CAG 1,065 2,396 979 2,331 865 890 1,876 1,640 1,376 614 841 404

2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

Proven track record of consistent growth

(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.

13 STELLAR STOCK PERFORMANCE

800% 800%

700% 700%

600% 600%

500% 500%

400% 400%

300% 300%

200% 200%

100% 100%

0% 0% 4/26/2011 4/26/2012 4/26/2013 4/26/2014 4/26/2015 4/26/2016 4/26/2017 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 Couche-Tard Casey's Grocery Home Improv. Delek Marathon Drugstores Mass Merch. Murphy CST Brands(1) Dollar Stores

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

14 ALIMENTATION COUCHE-TARD INC.

AMBITIONS & STRATEGY OUR VISION

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

16 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

(1) As of July 23, 2017

18 THE PROMISE BEHIND THE BRAND

19 NEW GLOBAL BRAND – SAME APPROACH TO SERVING OUR CUSTOMERS

SUPER GLOBAL SUPER LOCAL

20 WORKING ON TWO CLOCK SPEED

KEY FOCUS AREAS STRATEGIC INITIATIVES

Famous For Categories Digital

Private Label Products M&A Roadmap People

Lean and Efficient Convenience Offer of the Operations Future

21 ADDING EXPERTISE, TALENT AND LEADERSHIP TO ACCELERATE OUR STRATEGY

New Chief New Chief New Chief Information Human Marketing Officer Officer Resource Officer Position Position Position

Creation of a Creation of a Global Global Fuel Categories Group Group

22 OUR TWO STRONGEST PRODUCT CATEGORIES

TIME & CONVENIENCE

23 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

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

27 BRAND PILLARS – EASY VISTS

Predictable in-store and forecourt experience

Clean In-stock Fast transaction #2 reason impacting Out-of-stock is #1 reason 88% of US adults want shoppers’ decision of for missed sale in their store checkout which c-store to visit (after c-stores experience to be faster location)

Source Convenience store news

28 BRAND PILLARS – FAST & FRIENDLY SERVICE

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

29 We completed the LOCATION construction, relocation or reconstruction of 91 stores during fiscal 2017 and 23 since the beginning of fiscal 2018.

30 STRATEGIC INIATIVES - PREPARING FOR THE ROAD AHEAD

31 DIGITAL TRANSFORMATION

32 DIGITAL – CONTROL OUR DESTINY AND CREATE OUR FUTURE

Employee Experience Customer Experience & & Value Proposition Brand Promise

Fuel

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

Convenience

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

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

33 OUR VIEWS ON DIGITAL

It is not a temporary thing … it is part of 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 orchestration across the entire arrow

34 BROAD PORTFOLIO OF DIGITALIZATION OPPORTUNITIES

Mobile Car Loyalty Social Medias Site Presence Payments Connectivity

Insights and Employees Personalized Data Analytics Merchandizing Communication Supply Chain Promotions Strategy Tools

POS Artificial Robotics Reporting Transformation Intelligence

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

35 MOBILITY IS CHANGING – BRINGING SIGNIFICANT OPPORTUNITIES

36 TRANSPORTATION VEHICLES - USEFUL FACTS

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

Currently, total cost of US electric vehicles ownership for electric Limited line-up of electric #1 selling vehicle in the penetration is less than vehicles is significantly vehicles US: Ford F-150 1% higher than ICE vehicles

Charging infrastructure Electric vehicle range Number of vehicles is Number of miles driven and technology not remains limited increasing per vehicle is increasing mature

US fuel retail industry is highly fragmented. More Countries that sopped or Countries with high EV In the US, the electric grid than 60% of the 154k significantly reduced penetration heavily is highly carbonized cstores are operated by subsidies have seen EV subsidize EVs single store or small chain sales plunge operators (<11 stores)

37 COUCHE-TARD’S VIEW Gradual and manageable change process

Continuous Industry’s monitoring reaction

Opportunity

Continued ACT’s focus on competitive business advantages

38 A GRADUAL AND MANAGEABLE CHANGE PROCESS

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

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 obsolescence •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

39 30.10.2017 POSSIBLE OFFSETS TO DECLINING FUEL DEMAND

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

40 30.10.2017 ACT’S COMPETITIVE ADVANTAGES

Experience in Scale & Buying Decentralized transforming and Power model adapting

Proven capacity Strong balance Norway to transform and sheet and Laboratory Innovate capacity to invest

41 COUCHE-TARD’S CONTINUED FOCUS ON OPTIMIZING BUSINESS

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

42 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 order to take advantage of the opportunities these new trends will bring to our business.

43 ALIMENTATION COUCHE-TARD INC.

VALUE CREATION AND FINANCIAL REVIEW OUR FOUR PILLARS OF VALUE CREATION – THE EQUATION

Protect Value & Enable Value Drivers Growth

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

45 ORGANIC GROWTH Customer Focus

Key Digital Categories

Network Innovation Development Organic Growth

Branding Execution

Continuous Private Label Improvement

46 ORGANIC – FISCAL 2017 TOP-LINE GROWTH

Europe SSS +3.5%

Canada Europe SSV SSV +1.0% (-0.3)%

Organic Growth

Canada US SSS SSS +0.1% +2.0%

US SSS: Same-store merchandise sales SSV +2.6% SSV: Same-store volume

47 ORGANIC – SUSTAINABLE TOP-LINE GROWTH

Merchandise & Service Sales Road Transportation Fuel Volume (millions of US dollars) (millions of gallons)

+10% CAG +21% CAG 11,793 10,072 10,724 10,502 8,135 7,596 7,953 8,276 7,626 6,599 6,945 4,613

2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

Same-store Merchandise Road Transportation Fuel Revenue Growth Same-Store Volume Growth

5% 5%

2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 -5% -5% US Europe Canada US Europe Canada

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

48 ORGANIC GROWTH – LEADING TO STRONG MARGINS IN ALL GEOGRAPHIES

Europe 42.4%

Organic Growth United Canada States 33.8% 33.2%

FISCAL 2017 MERCHANDISE & SERVICE MARGIN

49 NO CLEAR CORRELATION BETWEEN FUEL PRICES & MARGINS

U.S Market(1) 3.54 3.51 3.41 • No clear correlation between fuel selling price and margins 2.89 21.74 2.20 2.18 2.19 20.15 • Our margins are not directly impacted by 18.77 18.11 18.56 18.59 16.99 lower fuel selling prices • Lower fuel prices leave customers more money in their pockets for their in-store 2012 2013 2014 2015 2016 2017 2018 Q1 LTM shopping

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

U.S Fuel Margins (CPG) (1) Canadian Fuel Margins (CPL) (1) Norwegian Fuel Margins (NOK PL)(2)

30.00 10.00 1.4 25.00 1.2 8.00 1 20.00 6.00 0.8 15.00 0.6 10.00 4.00 0.4 5.00 2.00 0.2 0 - - Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 Q3 2014 Q1 2015 Q3 2015 Q1 2016 Q3 2016 Q1 2017 Q3 2017 Q1 2018 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 Q3 2014 Q1 2015 Q3 2015 Q1 2016 Q3 2016 Q1 2017 Q3 2017 Q1 2018

US margins (CPG) Trend CA margins (CPL) Trend NOK margins per litre Trend

Swedish Fuel Margins (SEK PL)(2) Danish Fuel Margins (DKK PL) (2) 0.8 0.8 0.6 0.6 0.4 0.4 0.2 0.2 0 0 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

SEK margins per litre Trend DKK margins per litre Trend

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

50 US FUEL MARGINS TRENDS Year-over-year volatility – Long term trend is up

ACT Historical US Fuel Margins (CPG) US Industry Historical Fuel Margins (CPG) 24.00 22.00 +1.9 CAG 24.00 20.00 22.00 20.00 18.00 18.00 16.00 16.00 14.00 14.00 12.00 12.00 10.00 10.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 • Large integrated oil companies out of retail. Market • Large integrated oil companies out of retail. Market dominated by pure play retailers who need to dominated by pure play retailers who need to maintain and grow margins in order to maintain maintain and grow margins in order to maintain profitability profitability • Higher premium fuel penetration • Higher premium fuel penetration • Improved, more sophisticated pricing strategies • Improved, more sophisticated execution • Improved supply conditions

ACT: Fiscal Year / Industry: Calendar Year Sources: ACT reporting documents and NACS SOI Annual Report. 51 ACQUISITIONS Identify the right opportunities

Strike the right Deleveraging deal at the right price

Acquisitions

Realization of Swift and available efficient synergies integration

52 PROVEN TRACK RECORD OF SUCCESSFUL ACQUISITIONS Acquisitions

Garvin oil

Compac Food Stores

Revenue ($) Revenue Winners Sterling Stores Pump N Shop

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

Net Debt/ Adjusted 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) 2.3 (3) EBITDA (1) Stores 1,706 45 75 421 46 107 70 47 326 2,506 166 1,660 515 442 1,362 Acquired

Agreement signed for additional stores acquisition in fiscal 2018 522

(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. 53 (3) Pro forma The Pantry for 2015, Topaz for 2016, ESSO for 2017 and CST for 2018. EXCEPTIONAL DELEVERAGING TRACK RECORD Acquisitions

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

The Pantry, Topaz and IOL stores Circle K Acquisition No Transformational Acquisition SFR Acquisition Acquisitions

2,453 Stores Acquired 1,017 Stores Acquired 2,299 Stores Acquired 2,269 Stores Acquired Rapid deleveraging

(4) $804M Acquisition after Leverage post SFR Strong credit metrics for several years $3.6B transformational Acquisition acquisition lower than acquisition Circle K $1.7B $1.7B Acquisition $0.3B Acquisition

EBITDAR Acquisition 4.2 3.6 3.2 3.2 3.0 2.9 3.1 2.5 2.7 2.4 2.1 2.1 2.2 2.0 2.0 Adj. Adj. Net Debt / Adj.

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

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 54 temporary investments divided by EBITDA (Earnings Before Interest, Tax, Depreciation, Amortization and Impairment) adjusted for specific items. DELIVERING ON SYNERGIES THROUGH OUR ACQUISITIONS Acquisitions

Synergies Statoil Fuel and Retail

• Target: $150M - $200M • Realized: >$200M Synergies CST Brands, Inc

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

Synergies The Pantry

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

55 COST CONTROL – PART OF OUR DNA

Disciplined Culture Year-over-year expense Optimization of Shared Continuous growth Services Benchmarking Strategy 1.9% 1.5%

0.8% Sharing of AI, Robotics Cost Control Best Practices 0.2% 0.2%

2012 2013 2014 2015 2016 2017 (1) Scalable Organization, Cost Efficient Systems & Systems -0.9% Processes Economies of Scale 5-year Average : +0.7%

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

56 CAPITAL STRUCTURE & FINANCIAL DISCIPLINE

Competitive cost of debt

Rapid delevera- Well spread ging after maturities acquisitions

Cost Discipline Access to Disposal of liquidities – non-core Cash and assets credit facilities

Careful Dividend allocation of growth capital

57 STRONG CAPITAL STRUCTURE & FINANCIAL DISCIPLINE

Free Cash Flow Adjusted (in million dollars US) Leverage Ratio (2) 3.07:1 Average Cost Investment +17 % CAG 1,065 of Debt Grade Credit 979 975 2.7 % Profile 865 890

614 Capital 404 Structure & $2.5 Billion Financial and Free Cash Discipline Flow CA $700M of senior 2012 2013 2014 2015 2016 2017 2018 Q1 ~$1.0 Billion unsecured LTM notes (3)

~$1.5 Billion available ~$1.0 Billion under credit in Cash facilities

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

58 STRONG AND SCALABLE FREE CASH FLOW CONVERSION

81 1,065 Capital 890 Structure & Financial 95 Discipline 979

865 102 614 85 2,331 2,396 360 351 1,876 63 145 77 1,640 279 104 404 1,376 79 7 172 172 87 841 56 65 807 899 50 91 563 289 457 459 2012 2013 2014 2015 ¹ 2016 ² 2017

EBITDA Business disposals⁽ ⁾ Net⁽ capex⁾ Dividends Income tax paid Interest paid DISCIPLINED CAPITAL ALLOCATION

Capital CAPITAL EXPENDITURES ALLOCATION Structure & Financial Discipline 27% 23% Income 39% 40% Income producing producing 73% 78% 34% 38%

2016 2017

Development Commercial Programs Maintenance

Continuous improvement in capital allocation efficiency RESULT OF THE VALUE CREATION EQUATION : ADJUSTED DILUTED NET EARNINGS PER SHARE AND RETURN ON EQUITY GROWTH

Adjusted Diluted Net Return on Equity Earnings per Share Value (USD) Creation

+22% CAG 2.21 2.08 27.0% 1.79 24.9% 22.0% 21.5% 22.6% 22.5% 1.35 1.11 0.81

2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

61 RESULT OF THE VALUE CREATION EQUATION : DIVIDEND GROWTH

Dividends Paid – US Millions

145 145 Value +24 % CAG Creation 104 87 65 50 56 Dividend vs Free cash flow 1,065 2012 2013 2014 2015 2016 2017 2018 Q1 FCF +17 % CAG1 979 975 LTM 865 890

Quarterly dividend increased twice during 614 fiscal 2016, from CA 5.50¢ per share to 404 145 145 CA 7.75¢ per share, an increase of 41%. 104 65 87 In the second quarter of fiscal 2017, the 50 56 quarterly dividend increased to CA 9.00¢

per share (remained at CA 9.00¢ for the 2012 2013 2014 2015 2016 2017 2018 Q1 third and fourth quarters of fiscal 2017 as LTM well as for the first quarter of fiscal 2018). Free cash flow Dividend

62 RESULT OF THE VALUE CREATION EQUATION : STOCK VALUE GROWTH

5-Year Stock Performance

Value

450.0% Creation

350.0%

250.0%

150.0%

50.0%

-50.0% 8/30/2012 8/30/2013 8/30/2014 8/30/2015 8/30/2016 8/30/2017

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

Source: Bloomberg. As of August 30, 2017.

63 ALIMENTATION COUCHE-TARD INC.

ACQUISITIONS COMPLETED DURING FY18

Value Creation CST TRANSACTION SUMMARY & OVERVIEW

Transaction Summary • Acquired 100% of the outstanding shares of CST Brands Inc. (“CST”), 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 Corporation a large portion of CST’s Gross Profits (2) assets in Canada and retained 157 company-operated stores. • In order to meet US regulatory authorities’ requirements, ACT sold 5% 30% 70 sites to Empire Petroleum Partners, LLC. And retained 1,106 41% 54% sites 70%

Strategic & Financial Impact Merch. & Serv. US Canada • Transaction is expected to generate between US$150M and Fuel 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.

65 HIGHLIGHTS OF THE TRANSACTION

Significant Strategic Acquisition Synergies Rationale Importance Potential

• Unique opportunity to acquire • Operating model alignment • Top-line upside one of few remaining potential North American public targets • Strong geographic • Sharing of business awareness and best practices exceeding 1,000 stores • Entry in • Cost optimization • ACT to approach 9,500 North • Void fill in US Southeast American stores • Optimization of supply conditions • Strenghtening of existing • Increased scale and leverage to network • Optimization of distribution create brand awareness and strategy take advantage of merchandise • Talent acquisition and cross- and fuel procurement learning potential • Elimination of redundant costs opportunities • Valuable real estate portfolio • MLP structure

66 PRO FORMA PROFILE FOR CST - FINANCIAL

(1) (2) At Closing (billions of US Dollars) Pre-synergies EBITDA Contribution Pro Forma

Revenues 37.9 8.2 46.1

% of total 82% 18% 100%

GP 6.5 1.2 7.6 22%

% of total 85% 15% 100% 78% EBITDA(3) 2.4 0.7 3.1

Store network 12,664 1,263 13,927

Debt 7.6

DEBT/EBITDA 2.4

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

(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 67 International licensees as at June 30, 2017. Excludes CrossAmerica Parners LP • 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 , 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.

68 A DISCIPLINED CONVENIENCE STORE OPERATOR AND INTEGRATOR

Broad Geographic Track Record of Footprint with Superior Product Highly Disciplined Leading Market Offerings Growth and Debt Positions Reduction

Attractive Sector Powerful Financial Attractive Synergy Dynamics Results Potential

Disciplined Proven Capacity to Management Transform and Culture Innovate

Optimistically transforming our future

69