ALIMENTATION COUCHE-TARD INC.

AGREEMENT TO ACQUIRE CST BRANDS INC.

August 2016 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 24, 2016. 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.

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. This presentation does not constitute a solicitation of any vote or approval.

2 HIGHLIGHTS OF THE TRANSACTION

Strategic Significant Synergy Acquisition Rationale Importance Potential

• Unique opportunity to acquire one of few • US operating model strongly aligned with • Additional convenience sales and fuel remaining potential North American ACT North America model – Company- volume present top-line upside public targets exceeding 1,000 stores operated retail sites • Significant efficiency gains through • ACT to exceed 10,000 North American • Strong geographic and strategic fit sharing of business awareness and best stores (including Esso Canada) providing • Strong entry into growing market practices ACT with even more scale and leverage with 600+ sites. Texas is one of the • Cost optimization through combination of to create brand awareness and take fastest growing market in the US two large and successful companies advantage of merchandise and fuel • Fills in last remaining void in Southeast • Optimization of supply conditions through procurement opportunities US with CST’s acquisition of Flash ACT’s procurement strategy Foods in Georgia and Florida • Optimization of distribution strategy • Opportunity to strengthen ACT’s network • Elimination of redundant costs Rank Chain Name No. of Stores in Colorado, Arizona, Quebec and Ontario #1 7-Eleven 8,273 • Talent acquisition and outstanding cross- #2 Couche-Tard/ 7,276 learning potential #3 Speedway 2,770 • Significant and valuable real estate #4 Casey’s General Stores 1,896 portfolio #5 CST Brands/Corner Store 1,318 • Potential to leverage CST’s existing MLP #6 Aplus, MACS/Tigermarket, Stripes, Aloha (Sunoco Inc.) 1,309 structure #7 Murphy USA, Murphy Express 1,296 #8 970 #9 : Turkey Hill, , Quik Stop, etc. 790 #10 Suncor Energy: Petro-Canada, Neighbours, SuperStop 750 Source: 2016 CSP Convenience Top 101

3 TRANSACTION SUMMARY

• Alimentation Couche-Tard Inc. (“ACT”) has entered into a merger agreement to acquire 100% of the outstanding shares of CST Brands Inc. (“CST”) by merger, representing a total enterprise value of US$4.43 billion or approximately US$4.28 billion excluding the value of CST’s equity participation in CrossAmerica Partners LP (“CAPL”) • CST shareholders to receive a cash consideration of US$48.53 per share • Implied CST EBITDA multiple of 10.4x pre-synergies (1), 7.0X to 7.6x post-synergies (1) • Transaction is expected to generate between US$150M and US$200M in pre-tax annual cost synergies to be realized 24-36 months after closing • Merger expected to be accretive to earnings within the first year post closing – 40-50 cents EPS accretion expected within third year post closing • Couche-Tard expects to finance the purchase of CST, including the refinancing of a portion of CST’s existing indebtedness through: • Capacity under existing revolving credit facilities • New acquisition debt financing consisting of term loans of which a portion will be termed-out over time • Provides ACT control over CAPL’s General Partner, ownership of associated Incentive Distribution Rights and equity stake of ~20% in CAPL • CAPL is a distributor of branded and unbranded petroleum for motor vehicles in the United States • Following acquisition of CST, ACT will sell a majority of CST’s Canadian assets to Corporation for approximately US$750M • Strong value creation through: • Significant EPS accretion • Strong free cash flow generation • Continued capacity to invest in existing business • ACT’s usual discipline which will allow for rapid deleveraging and adequate positioning to seize future investment opportunities • The transaction is subject to CST shareholders approval, to customary regulatory approvals and to closing conditions. We anticipate that the CST transaction will close early calendar year 2017

(1) Pro forma the Flash Foods acquisition, the California and Wyoming sale of assets and adjusted for non-recurring expenses. Excluding CrossAmerica Partners LP. (2) All financial information in this presentation is in US dollars, except if otherwise indicated (3) All information in this presentation exclude CrossAmerica Partners LP, except if otherwise indicated 4 ALIMENTATION COUCHE-TARD INC.

ALIMENTATION COUCHE-TARD OVERVIEW ACT SNAPSHOT

• Listed on the Toronto Stock Exchange ATD.B Couche-Tard’s vision is to become the world’s preferred destination for • Market Cap CA$35B convenience and fuel

• Revenues US$34.1B Fiscal Year 2016 Our mission is to offer our customers a fast and friendly service • Gross Profit US$6.0B Fiscal Year 2016 (+15.4%) by developing a warm and customized relationship with them, • EBITDA US$2.3B Fiscal Year 2016 (+24.3%) while finding ways to pleasantly surprise them on a daily basis • Number of stores 12,021  North America 7,888 We strive to meet the demands and  Europe 2,659 needs of people on the go. We offer  International 1,474 food, hot and cold beverages, car wash services, road transportation • Net Debt / EBITDA Leverage fuel and other high quality products  FY 2016 US$2.3B / 0.97x and services designed to meet or • Ratings exceed customers’ demands in a  S&P BBB clean, welcoming and efficient  Moody’s Baa2 environment

6 COMPANY HIGHLIGHTS

• Leading C-store operator in North America, Scandinavia, Ireland and Baltics Broad Geographic Footprint with Leading • Multiple banners (Couche-Tard, Circle K, Mac’s, Ingo, Statoil, Kangaroo Express and Topaz) that will be rebranded to the strong and well-established Circle K banner (except Couche-Tard in Québec, Canada) to drive traffic and sales Market Positions • World class Canadian retailer with most geographically diversified footprint

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

• Proven ability to integrate acquisitions (More than 5,900 stores from 52 acquisitions since Circle K in 2003, including SFR, The Track Record of Highly Disciplined Growth Pantry and Topaz) • Well positioned to lead further consolidation in fragmented industry and Debt Reduction • Committed to remain investment grade 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 recession

•Strong and consistent financial performance throughout all economic cycles Powerful Financial Results •Prolific history of positive same-store comps and 27% Return on equity •Significant FCF generation (2011-2016) CAGR of 23%

•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 23% equity ownership as of April 24, 2016 Disciplined Management Culture •Management and Board need to hold a multiple of their salary in Shares •Decentralized operating model

7 NORTH AMERICAN NETWORK

Leader in the Canadian convenience store industry

Largest independent convenience store operator in the US in terms of number of company operated stores

North America network of 7,888 stores increasing to ~8,200 stores pro forma for the acquisition of 279 from in Canada

As of April 24, 2016. 8 EUROPEAN NETWORK

Leader in convenience store and road transportation fuel retail in the Scandinavian and Baltic countries and Ireland.

2,659 stores in 9 countries or regions in Europe

As of April 24, 2016. 9 INTERNATIONAL PRESENCE

Almost 1,500 licensed Circle K stores in Asia, Costa Rica, Egypt, Honduras, Mexico and U.A.E

As of April 24, 2016. 10 ACT - HISTORY OF STRONG FINANCIAL PERFORMANCE

Gross Profit Same Store Sales (in millions of US Dollars) 16% CAGR 2010 2011 2012 2013 2014 2015 2016 6,082 Merchandise Sales 5,268 4,988 US 2.9% 4.2% 2.7% 1.0% 3.8% 3.9% 4.6% 4,610 Europe - - - - 1.6% 2.0% 2.8% Canada 4.8% 1.8% 2.8% 2.0% 1.9% 3.4% 2.9% 2,975 2,553 2,746 Motor Fuel Volume US 1.0% 0.7% 0.1% 0.6% 1.7% 3.4% 6.6% 2010 2011 2012 2013 2014 2015 2016 Europe - - - - 2.5% 2.4% 2.6% Canada 3.0% 3.9% (0.9%) 0.0% 1.3% (0.1%) 0.9% EBITDA Free Cash Flow (1) (in millions of US Dollars) (in millions of US Dollars) 24% CAGR 25% CAGR 2,332 1,067 1,876 979 1,640 865 1,376 614

734 841 378 404 647 278

2010 2011 2012 2013 2014 2015 2016 2010 2011 2012 2013 2014 2015 2016

Proven track record of significant 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. 11 ACT - PROVEN TRACK RECORD OF SUCCESSFUL ACQUISITIONS

(1) Represents Total Debt/ Adjusted EBITDA. Presented on a pro forma basis. (2) Including full-year results for Statoil Fuel & Retail. Refer to the Corporation’s MD&As for more details. (3) Adjusted for non-recurring items. Refer to the Corporation’s MD&As for more details. 12 (4) Pro forma for 2015 and Topaz for 2016. ACT – SUMMARY OF REALIZED COST SYNERGIES – MATERIAL ACQUISITIONS

Circle K Statoil Fuel & Retail The Pantry Objective >$50M Objective $150-$200M 24-month objective $112M Realized >$87M Realized >$200M Identified after 13 months $92M Realized after 13 months $82M

Pantry synergies exclude fuel Track record of delivering and even supply synergies from the rebranding of more than 1,000 surpassing our cost synergies stores in the Southeast US On track to meet our 24-month objectives objective

13 ACT - EXCEPTIONAL DELEVERAGING TRACK RECORD

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

• Track record of rapid deleveraging after landmark acquisitions

The Pantry Circle K Acquisition No Transformational Acquisition SFR Acquisition Acquisition 2,299 Stores 2,453 Stores Acquired 1,017 Stores Acquired 1,547 Stores Acquired Leverage post SFR Rapid deleveraging Acquired $804M acquisition lower than after Acquisition Circle K transformational Strong credit metrics for several years acquisition $3.6B Acquisition $1.7B Acquisition 4.2

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

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

(1) Pro forma The Pantry (2) Pro forma Topaz. 14 ALIMENTATION COUCHE-TARD INC.

CST OVERVIEW CST OVERVIEW

• CST operates as an independent retailer of motor fuel and convenience in the United States and Eastern Canada • US public company (NYSE ticker: CST) with a market capitalization of ~ $3.4B • Fuel offer mainly branded Valero in the US and Ultramar in Canada • Convenience offer mainly branded Corner Store in the US and Dépanneur du Coin/Corner Store in Canada Gross Profits (2) • 4th largest chain in North America, with • 1,146 locations in the US (1) 4% • 873 locations in Canada + Commercial & Home Heat business • Owns underlying real estate for approximately 1,000 sites (800 in the US and 200 in 27% Canada) (1) 45% 51% • Last-twelve month period ended June 30, 2016 reported EBITDA of US$433M 73% • In February 2016, CST acquired Flash Foods for $425M: • 165 stores in Georgia and Florida • In July 2016, CST sold 79 stores in California and Wyoming for $408M Merch. & Serv. Fuel Others US Canada • CST owns an investment in CrossAmerica Partners LP, an MLP focused on fuel wholesale and property rental Total Per Site • CST controls the general partner of CrossAmerica Partners LP and owns 100% of the Incentive Distribution Rights Motor fuel gallons (2) 3.0 billion ~1.5 million • CST holds a 19% equity/economic stake worth ~ $150 million Merchandise sales (2) $2.0 billion ~$1.3 million

(1) As of June 30, 2016, Pro forma sale of 79 California and Wyoming sites. Excludes CrossAmerica Parners LP. (2) LTM June 30, 2016, Pro forma sale of 79 California and Wyoming sites and acquisition of Flash Foods. Excludes CrossAmerica Parners LP. 16 CST RETAIL NETWORK

1,146 company US Network operated sites

-305 company operated sites Canadian -72 cardlock sites Network -496 commission agents sites

As of June 30, 2016. US Network pro forma sale of 79 sites in California and Wyoming. 17 ALIMENTATION COUCHE-TARD INC.

PRO FORMA PROFILE PRO FORMA NORTH AMERICA FOOTPRINT • COUCHE-TARD 536  US: 6,052 154  Canada: 1,836 • CST (1)  US: 1,140 (2)  Canada: 873 • Esso Canada  Ontario: 229  Quebec: 50 • Total  US: 7,192  Canada: 2,988 137  North America: 10,180

179 CST acquisition will allow ACT to 32 further diversify its operations and cash flow with a stronger presence in Texas, a fast growing and business friendly state. 57 (1) As of June 30, 2016, pro forma sale of California and Wyoming sites. 150 Excludes CrossAmerica Parners LP 37 (2) Not taking into account subsequent sale of certain Canadian assets 26 (3) CST site count on map is as of December 31, 2015 , pro forma sale of 648 California and Wyoming sites. Does not take into account subsequent sale of 2 15 certain Canadian assets 31 19 PRO FORMA PROFILE - FINANCIAL

Couche-Tard to strengthen its leadership position as a global convenience store operator with pro forma EBITDA of $2.9B

(2) At Closing Pre-synergies EBITDA Contribution (billions of US Dollars) (1) Pro Forma Revenues 38.4 9.3 47.7 5% % of total 81% 19% 100% 3% GP 6.5 1.3 7.8 14% % of total 83% 17% 100%

Adj. EBITDA 2.5 0.4 2.9

Store network 12,453 (3) 2,013 14,466 83%

(1) Couche-Tard Fiscal 2016 results pro forma the acquisition of Shell Denmark, Topaz and Esso Canada. (2) CST LTM financial results as at June 30, 2016 pro forma the acquisition of Flash Foods and divesture of 79 sites in California and Wyoming. Excludes CrossAmerica Partners LP and the anticipated effect of the sale of certain Canadian assets. (3) Includes Couche-Tard’s Company-Owned/Dealer-Operated and Dealer-Owned/Dealer-Operated sites.

20 CROSSAMERICA PARTNERS LP

 CST controls the general partner of CrossAmerica Partners LP (CAPL) . Ticker: NYSE-CAPL – Market cap of approx. $800M (1) . Formed in 2012, CAPL is a distributor of branded and unbranded petroleum for motor vehicles in the United States and distributes fuel to more than 1,100 locations and owns or leases more than 800 sites. CAPL’s footprint geographic footprint covers 29 states

. CAPL is a key component of CST’s growth strategy and provides for added optionality to fund its expansion

 CST owns ~20% of CAPL common units – ~6.5 million units – Value of ~$150M (1)  CST owns 100% of the CAPL Incentive Distribution Rights (IDRs) . IDRs provide CST with disproportionate cash flow as partnership distributions increase to “incent” the general partner to run and grow the operations and increase cash flow to its unitholders

 Sources of income for CST . Cash distributions ~ $15M . IDR income paid in CAPL units ~ $2.6M

 ACT believes it has the tools and resources to optimize the value to its shareholders

(1) Based on CAPL closing unit price as of August 15, 2016., the day preceding rumors in the medias about ACT being the winning bidder for CST. 21 MAJORITY OF CST’S CANADIAN SITES TO BE SOLD TO PARKLAND

 In order to divest non-core business and to address possible overlap in Canada, ACT has entered into a binding agreement with a Parkland Fuel Corporation (“Parkland”) to sell a large portion of CST’s Canadian assets for approximately $750M. Preliminary scope of the sale transaction includes: . The Commercial & Home Heat business . All of the Cardlock business . All of the dealers and commission agents business . A portion of the company operated stores network (number of sites to be determined following review by the Competition Bureau)  Parkland to assume all of CST Canada SG&A costs and liabilities, except for retained SG&A costs and liabilities  Parkland to take on most of CST Canada employees, except for retained employees  Parkland has committed financing  Overall, the transaction is expected to allow ACT to reduce its leverage and debt  The transaction is subject to customary regulatory approvals and closing conditions and is expected to close 3 to 6 months after the closing of the CST transaction

22 ALIMENTATION COUCHE-TARD INC.

INTEGRATION & FORECASTS INTEGRATION STRATEGY

Integrate Transfer CST support Roll-out key Re-negotiate Evaluate Integrate to existing functions, programs– ACT existing talent pool Sale of CST operations & Rebrand to ACT non-fuel Review technology Polar Pop, agreements and secure Canadian eliminate Circle K/ agreements distribution and systems Simply Great to leverage key assets redundant to unlock strategy & eliminate Coffee, Couche-Tard increased employees costs procurement redundant ATMs, etc. scale synergies costs

Build optimal strategy for CrossAmerica Partners LP

Well planned and efficient integration strategy – Similar to The Pantry

24 AREAS OF SYNERGIES Merchandise Supply Costs

$150M- $200M in pre-tax Operating Fuel Expenses cost Sourcing & and synergies Distribution Overhead Costs

25 FORECASTS Adj. Free cash flow (1)(3) Leverage (2)(3) 9% CAGR 3.5 1,489 1,544 3.1 1,437 2.6 1,208 2.2 986 2.0 1.8 798 1.4

FY16 Y1 Y2 Y3 Y4 Y5 FY16 PF Y1 Y2 Y3 Y4 Y5

Strong cash flow coupled with disciplined capital allocation and debt repayment to provide financial flexibility and ample room for continued growth

ACT anticipates EPS accretion to reach 40 to 50 cents during the third year following the acquisition

(1) Adjusted EBITDA minus total CAPEX (excluding price paid for acquisitions), net dividends paid, net interests paid and net income taxes paid plus proceeds from disposal. (2) Adjusted net debt / EBITDAR. Adjusted net debt defined as total debt plus 8 times net rent expense less cash. 26 (3) Before the anticipated effect of the sale of certain Canadian assets. PROVEN RECORD OF DISCIPLINED DEBT PAYDOWN

• At close, pro forma leverage expected to stand at 3.5x(3) (Adjusted Net Debt / Adjusted EBITDAR) • Combined company expected to benefit from strong free cash flow generation & robust EBITDA growth • Scalable capital expenditure allows flexibility to achieve deleveraging plan • Management targets reaching an Adjusted Net Debt/EBITDAR ratio of 2.6x within 18-24 months after closing

The Pantry CST & Esso Circle K Acquisition No Transformational Acquisition SFR Acquisition Acquisition Acquisitions 2,299 Stores 1,547 Stores 2,298 Stores 2,453 Stores Acquired 1,017 Stores Acquired Acquired Acquired Acquired Rapid deleveraging $804 M $3.6 B Leverage post SFR Acquisition after Acquisition Strong credit metrics for several years acquisition lower than transformational $6.0 B Circle K Acquisitions acquisition $1.7 B Acquisition 4.2

Adj. EBITDAR Adj. 3.6 3.5 3.0 3.2 3.2 3.1 2.9 2.7 2.5 2.4 2.6 Debt/ 2.1 2.1 2.2 2.0 Adj. Net Net Adj.

F2004 F2005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 Pro Forma F2013 F2014 F2015 (1) F2016 (2) Pro Forma (4) 18-24 months

Couche-Tard is committed to reducing its Adj. Net Debt / EBITDAR below 3.0x within 24 months

(1) Pro forma The Pantry (2) Pro forma Topaz. (3) Rent capitalized at 8.0x.EBITDAR adjusted for non-recurring items. Refer to Couche-Tard’s MDA for more details. (4) Assuming transaction closed April 24 2016. Including the annualized contribution of FY2016/FY2017 Couche-Tard acquisitions. Before the anticipated effect of the sale of certain 27 Canadian assets. ALIMENTATION COUCHE-TARD INC.

FINANCING PLAN FINANCING

 Transaction financing needs of ~$4.8 billion (including acquisition costs), funded through Capacity under ACT’s existing credit facilities New acquisition financing consisting of term loans – three tranches with 1, 2 and 3 years terms  ACT expects to repay for the term loans through Proceeds from the sale of Canadian assets Proceeds from sale of other non-core assets Term out to the bonds market Free cash flow  Financing strategy will allow  Access to capital at competitive conditions  Flexibility to repay debt rapidly  Capacity to modulate debt maturities Competitive, well balanced and flexible financing structure

29 PROJECTED MATURITY PROFILE AFTER BOND ISSUANCE AND SALE OF CANADIAN ASSETS

FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28 FY 29 FY 30

ACT senior unsecured notes ACT revolving credit New term loans Other debt & cap. leases Net swaps CAD Bonds US Bonds

Well spread maturities will allow ACT to optimize its financial flexibility

30 ALIMENTATION COUCHE-TARD INC.

CONCLUSION KEY TAKEAWAYS

•CST & CAPL provide unique/rare sizeable opportunity in the US •Increased scale advantage and brand awareness Rationale •Great geographic fit •Talent acquisition and cross-learning opportunity

•Efficient integration through ACT’s scalable infrastructure •Run rate synergies of $150M-$200M – Realized within 3 years Integration & Growth •Incremental top-line growth opportunities •Strong cash flow generation will allow ACT to continue to invest for growth

•EPS accretion in year 1 – 40-50 cents EPS accretion within 3rd year •Strong free cash flow generation Value Creation •Continued investment in existing business •Usual discipline will allow ACT to deleverage rapidly and position itself to seize investment opportunities

Strategic acquisition will allow ACT to unlock growth, efficiency opportunities and value

32 ALIMENTATION COUCHE-TARD INC.

APPENDIX PRO FORMA PROFILE – GROSS PROFITS BREAKDOWN

(1) (2) Pro Forma

Canada Canada Europe 20% Europe 25% 12% Canada 17% 27% Canada 100% United By United States TBD States 73% Geography 63% United States 63%

Others Others Merch. & Others 3% 4% Others Services 4% 31% 1% Fuel By 42% Fuel Merch. & 44% Merch. & Merch. & Fuel Products Services Services Services 45% 51% 55% 52% Fuel 68%

Couche-Tard to strengthen presence in Canada and United States markets

(1) FY 2016 pro forma Topaz and Shell Denmark. (2) CST LTM June 30, 2016, pro forma Flash Foods acquisition and sale of California/Wyoming sites. Excludes CrossAmerica Partners LP and the anticipated effect of the sale of certain Canadian assets. 34 CST VALUATION SUMMARY

(million US dollars unless otherwise indicated)

Price per share 48.53 Number of diluted shares (millions) 77.9 Equity value 3,780 CST debt as of June 30, 2016 1,312 Expected cash proceeds from sale by CST of its California and Wyoming stores (408) CST cash as of June 30, 2016 (193) Cash from exercise of CST stock options (63) CST enterprise value 4,428 Value of equity investment in CrossAmerica Partners LP (150) CST enterprise value, net of equity investment in CrossAmerica Partners LP 4,278 LTM PF corporate EBITDA multiple (1) 10.4x

(1) LTM June 30, 2016, pro forma Flash Foods acquisition and sale of California and Wyoming stores. Adjusted for $9M in non-recurring items.

35 PRO FORMA ADJUSTED LEVERAGE – ADJUSTED NET DEBT / EBITDAR

ACT Pro Forma April 24, CST Transaction (2) Pro forma 2016 (1) Debt 4,343 4,746 9,089 Rent 390 47 437 Rent capitalization (8 X rent) 3,120 376 3,496 Adjusted debt 7,463 5,122 12,585 Cash 599 193 792 Adjusted net debt 6,864 4,929 11,793

Adjusted EBITDA 2,522 412 2,934 Rent 390 47 437 EBITDAR 2,912 459 3,371

Ratio 2.4 - 3.5

(1) Pro forma Topaz, Shell Denmark, Esso Canada acquisitions (2) As of June 30, 2016, Pro forma Flash Foods acquisition and sale of California/Wyoming stores. EBITDA adjusted for $9M in non-recurring items. Excludes CrossAmerica Partners LP and the anticipated effect of the sale of certain Canadian assets. 36