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ALIMENTATION COUCHE-TARD INC. INVESTOR PRESENTATION July 2018 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 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 29, 2018. 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 29, 2018 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 (1) 2. Ambitions & Strategy 3. Value Creation & Financial Review (1) 4. Recent acquisitions summary (1) All data presented is excluding CAPL unless specifically mentioned. 3 KEY DATA • Listed on the Toronto Stock Exchange ATD.B • Market Cap1 Approx. CA$33B • Revenue US$50.0B Fiscal Year 2018 • Gross Profit US$8.0B Fiscal Year 2018 • EBITDA US$2.9B Fiscal Year 2018 • Number of stores2 16,108 North America 10,015 Europe 2,725 CAPL network 1,346 Circle K branded sites under licensing agreements 2,022 • Net Debt / Leverage3 FY2018 US$7.7B / 2.46x • Ratings S&P BBB (Stable outlook) Moody’s Baa2 (Stable outlook) 1. As at June 26, 2018. 2. Includes Couche-Tard’s Company-Owned/Dealer-Operated and Dealer-Owned-Dealer-Operated sites as at April 29, 2018. 3. Long term interest-bearing debt, net of cash and cash equivalents and temporary investments divided by EBITDA adjusted for non-recurring 4 items. Refer to the Corporation’s MD&As for more details. ALIMENTATION COUCHE-TARD INC. COMPANY HIGHLIGHTS OUR COMPANY TIMELINE Acquisition of the assets Acquisition of The Pantry Inc., a of Johnson Oil Company, leading convenience store operator Inc., owner of 225 Bigfoot in the southeastern United States. stores, all located in the Global Circle K brand is launched U.S. Midwest Acquisition of 278 Esso- Couche-Tard becomes branded Canadian fuel and an active player in the convenience sites located in US market Ontario and Québec from consolidation. Imperial Oil Start of operations with Acquisition of The Acquisition of Statoil Acquisition of Topaz, Acquisition of CST Brands, 4th the opening of a first Circle K Corporation Fuel & Retail, a leading the leading largest chain in North America, convenience store from ConocoPhillips Scandinavian road convenience and fuel and Holiday Stationstores, a located in Laval, Québec. Company transport fuel retailer retailer in Ireland. Midwest powerhouse Consolidation of Canadian Market WHO WE ARE Couche-Tard is a canadian 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. • 10,015 convenience stores throughout North America, including 8,705 stores offering road transportation fuel in all 10 Canadian provinces and 48 U.S. States, and employing about North America 105,000 people. • More than 1,300 locations in the U.S. supplied with road transportation fuel through CrossAmerica Partners LP. • 2,725 stores, comprising a broad retail network across Scandinavia (Norway, Sweden and Denmark), Ireland, the Baltics (Estonia, Latvia and Lithuania), Poland and Russia. Including Europe employees at its branded franchise stations, about 25,000 people work in its retail network, terminals and service offices across Europe. • More than 2,000 stores operated by independent operators under the Circle K banner in 14 other International countries or territories worldwide which brings the number of sites in Couche-Tard’s network to over 16,000. Store count as at April 29, 2018. 7 A DISCIPLINED CONVENIENCE STORE OPERATOR AND INTEGRATOR Broad Geographic Footprint with Leading Market • 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 Positions 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 Growth and • Well positioned to lead further consolidation in fragmented industry 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 25.0% Return on equity1 •Significant FCF generation (2013-2018) CAGR of 14% •Proven ability to extract significant synergies from acquisitions Attractive Synergy Potential •Transferring best practices across entire platform •Management team with strong track record. Disciplined Management Culture •Decentralized operating model Proven Capacity to Transform and Innovate •Company successfully went trough 3 transformations over its existence (1) As of April 29, 2018. 8 NORTH AMERICAN NETWORK Largest independent convenience store operator in the US in terms of number of company operated stores • In the US, the convenience sector is fragmented and in a consolidation phase • On June 28, 2017, Couche-Tard acquired 100% of the outstanding shares of CST Brands, the 4th largest chain in North America. • On December 22, 2017, Couche-Tard acquired all the membership interest of Holiday Stationstores, LLC., an important convenience store and fuel player in the U.S. Midwest region. 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. Total network of 10,015 stores in North America As at April 29, 2018. 9 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 2,725 stores in 9 countries or regions in Europe As at April 29, 2018. 10 INTERNATIONAL PRESENCE Central / South Asia America China United Arab 80 Emirates Saudi 33 Arabia 4 • Convenience stores operated by independent Mexico Hong Kong operators under the 715 333 Circle K brand Egypt Philippines • License agreement to 12 25 use the brand name Macau Circle K Honduras 29 Guam 28 Costa Rica 13 Vietnam 10 272 Malaysia Indonesia 14 454 More than 2,000 licensed Circle K stores in Asia, Costa Rica, Egypt, Honduras, Mexico, U.A.E and Saudi Arabia As at April 29, 2018. 11 CONSOLIDATED NETWORK RECAP Canada U.S. Europe Total COCO(1) 1,587 6,133 1,998 9,718 CODO(2) 250 138 334 722 DODO(3) - 659 392 1,051 Franchise/Affiliated(4) 370 878 1 1,249 Number of sites, end of period 2,207 7,808 2,725 12,740 CAPL network - - - 1,346 Circle K branded sites under licensing agreements (5) - - - 2,022 Total network 16,108 Of which: Automats - - 978 978 # With fuel 1,200 7,505 2,723 11,428 % With fuel 54% 96% 99.9% 89.7% (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.