investor presentation - couche-tard...denmark), ireland, the baltics (estonia, latvia and...

ALIMENTATION COUCHE-TARD INC.

INVESTOR PRESENTATION

July 2018

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” orsimilar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact contained inthese slides are forward-looking statements.

Forward-looking statements involve numerous assumptions, risks and uncertainties. A variety of factors, many of which are beyond AlimentationCouche-Tard Inc.’s (“Couche-Tard”) control, may cause actual results to differ materially from the expectations expressed in its forward-lookingstatements. These factors include, but are not limited to, the effects of the integration of acquired businesses and the ability to achieve projectedsynergies, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, foreign exchange ratefluctuations, and such other risks as described in detail from time to time in documents filed by Couche-Tard with securities regulatory authorities inCanada, 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 bemade 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 hasbeen 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 communicationtransmitted 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 sourcesbelieved 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 publicoffering of securities. Under no circumstances should the information contained herein be considered an offer to sell or a solicitation of an offer to buyany securities.

2

FORWARD-LOOKING INFORMATION AND CAUTIONARY LANGUAGE

1. Company Highlights (1)

2. Ambitions & Strategy

3. Value Creation & Financial Review (1)

4. Recent acquisitions summary

AGENDA

3

(1) All data presented is excluding CAPL unless specifically mentioned.

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

items. Refer to the Corporation’s MD&As for more details.

• 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

North America Europe CAPL network Circle K branded sites under

licensing agreements

16,10810,0152,7251,346

2,022

• Net Debt / Leverage3

FY2018 US$7.7B / 2.46x

• Ratings S&P Moody’s

BBB (Stable outlook)Baa2 (Stable outlook)

KEY DATA

4


COMPANY HIGHLIGHTS

OUR COMPANY TIMELINE

Acquisition of the assets of Johnson Oil Company, Inc., owner of 225 Bigfoot stores, all located in the

U.S. Midwest

Couche-Tard becomes an active player in the

US market consolidation.

Acquisition of The Pantry Inc., a leading convenience store operator in the southeastern United States.

Global Circle K brand is launched

Acquisition of 278 Esso-branded Canadian fuel and convenience sites located in

Ontario and Québec from Imperial Oil

Start of operations with the opening of a first convenience store

located in Laval, Québec.

Consolidation of Canadian Market

Acquisition of The Circle K Corporation from ConocoPhillips

Company

Acquisition of Statoil Fuel & Retail, a leading

Scandinavian road transport fuel retailer

Acquisition of Topaz, the leading

convenience and fuel retailer in Ireland.

Acquisition of CST Brands, 4th largest chain in North America,

and Holiday Stationstores, a Midwest powerhouse

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 inScandinavia, Ireland and the Baltic countries, with a significant presence in Poland.

WHO WE ARE

Store count as at April 29, 2018.

• 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 105,000 people.

• More than 1,300 locations in the U.S. supplied with road transportation fuel throughCrossAmerica Partners LP.

North America

• 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 employees at its branded franchise stations, about 25,000 people work in its retail network, terminals and service offices across Europe.

Europe

• More than 2,000 stores operated by independent operators under the Circle K banner in 14 other countries or territories worldwide which brings the number of sites in Couche-Tard’s network to over 16,000.

International

7

A DISCIPLINED CONVENIENCE STORE OPERATOR AND INTEGRATOR• 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

ScandinaviaBroad Geographic Footprint with Leading Market

Positions

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

• Proven integrator• Well positioned to lead further consolidation in fragmented industry• Committed to investment grade credentials post acquisition

Track Record of Highly Disciplined Growth and Debt Reduction

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

Attractive Sector Dynamics

•Strong and consistent financial performance throughout all economic cycles•Prolific history of positive same-store comps and 25.0% Return on equity1

•Significant FCF generation (2013-2018) CAGR of 14%Powerful Financial Results

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

•Management team with strong track record.•Decentralized operating modelDisciplined Management Culture

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

8

(1) As of April 29, 2018.

Total network of 10,015 stores in North America

Largest independent convenience storeoperator in the US in terms of number ofcompany operated stores

• In the US, the convenience sector isfragmented and in a consolidation phase

• On June 28, 2017, Couche-Tard acquired100% of the outstanding shares of CSTBrands, the 4th largest chain in North America.

• On December 22, 2017, Couche-Tard acquiredall the membership interest of HolidayStationstores, LLC., an important conveniencestore and fuel player in the U.S. Midwestregion.

Leader in the Canadian convenience storeindustry

• In Canada, the convenience store sector isdominated by a few major players includingCouche-Tard and integrated oil companies.Some of the latter are selling, or expected tosell their retail assets.

As at April 29, 2018.

NORTH AMERICAN NETWORK

9

Leader in convenience store and road transportationfuel retail in the Scandinavian and Baltic countries andIreland

• The European convenience store sector is oftendominated by a few major players, includingintegrated oil companies. Some of these are in theprocess of selling, or are expected to sell their retailassets


2,725 stores in 9 countries or regions in Europe

EUROPEAN NETWORK

10

United Arab Emirates

33

Malaysia14

Costa Rica10

Mexico715

Central / South America

Honduras

28

Egypt

12

Vietnam272

Indonesia454

Philippines25

Hong Kong333

China80

Macau29 Guam

13

Asia

INTERNATIONAL PRESENCE


More than 2,000 licensed Circle K stores in Asia, Costa Rica, Egypt, Honduras, Mexico, U.A.E and Saudi Arabia

• Convenience stores operated by independent operators under the Circle K brand

• License agreement to use the brand nameCircle K

11

Saudi Arabia

4

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.

(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.


12

US73%

Canada16%

Europe11%

GROSS PROFITS

REVENUES

COUCHE-TARD IS A WORLD LEADER

13

US65%

Canada14%

Europe21%

US2%

Canada2%

Europe96%

US71%

Canada16%

Europe13%

US56%Canada

13%

Europe31%

US10%

Canada12%

Europe78%

Merchandises and services Motor Fuel Other

$12,899M $35,831M $1,270M

Merchandises and services Motor Fuel Other

$4,450M $3,317M $225M

Total

$50,001M

Total

$7,992M

Couche-Tard is a leading global convenience store operator with EBITDA of $3.0 billion• Well diversified across geographies• Focus on growing high margin categories

Financial data presented for the LTM as of Q4 2018.

Revenues By Products

LTM Q4 2018

Gross Profit By Products

LTM Q4 2018

Merchandise and services

26%

Motor fuel72%

Other2%

Merchandise and services

56%

Motor fuel41%

Other3%

2013 2014 2015 2016 2017 2018

Merchandise sales

US 1.0% 3.8% 3.9% 4.6% 1.6% 0.8%

Europe 1.6% 2.0% 2.8% 2.7% 2.7%

Canada 2.0% 1.9% 3.4% 2.9% -0.9% 0.4%

Motor Fuel Volume

US 0.6% 1.7% 3.4% 6.6% 1.7% -0.4%

Europe 2.5% 2.4% 2.6% 0.7% 0.0%

Canada 0.0% 1.3% -0.1% 0.9% -0.2% -1.4%

1,3761,640 1,876

2,331 2,3962,919

2013 2014 2015 2016 2017 2018

614865 979 1,065

8901,226

2013 2014 2015 2016 2017 2018

4,610 4,988 5,2686,082 6,482

7,992

2013 2014 2015 2016 2017 2018

A HISTORY OF STRONG FINANCIAL PERFORMANCE

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

(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.

Gross Profit

(in millions of US Dollars)

Proven track record of consistent growth

Same Store Sales Growth

EBITDA Free Cash Flow (1)

+16% CAG +14% CAG

14

+11% CAG

Presenter

Presentation Notes

Strong, constant and sustainable growth throughout the years and in all geographies with proven profit to cash conversion ability, thanks to continuous focus on efficiency and carefully planned capital allocation

STELLAR STOCK PERFORMANCE

Source: Yahoo Finance. As of June 13, 2018.(1) On June 28, 2017, ACT acquired CST Brands.

15

0%

100%

200%

300%

400%

500%

600%

700%

800%

2013-06-12 2014-06-12 2015-06-12 2016-06-12 2017-06-12 2018-06-12

Couche-Tard C-Stores Grocery

Home Improv. Drugstores Mass Merch.

Dollar Stores

0%

100%

200%

300%

400%

500%

600%

700%

800%

2013-06-12 2014-06-12 2015-06-12 2016-06-12 2017-06-12 2018-06-12

Couche-Tard Casey's Delek

Marathon Murphy CST Brands(1)


AMBITIONS & STRATEGY

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

17

OUR VISION

OUR GLOBAL BRAND: CIRCLE K

REBRANDING STATUS

Project well under way: More than 3,350 stores(1) in North America and more than 1,650 stores(1)

in Europe are now proudly displaying our new global convenience brand Circle K• Statoil sites completed• Scandinavia and Baltics markets already completed – Outstanding success• Canada is underway and results up to now are promising• United States ongoing

19

(1) As of April 29, 2018.

THE PROMISE BEHIND THE BRAND

20

SUPER GLOBALSUPER LOCAL

NEW GLOBAL BRAND – SAME APPROACH TO SERVING OUR CUSTOMERS

21

Presenter

Presentation Notes

Brian, Our company culture is based on our proud history of being a "Family of merchants". So we want to reap the benefits of scale (where relevant); and we want to ensure all our customers have the same, positive perception of our brand. Does that mean we now start doing everything the same way? NO! But we do want to select specific elements of our ways of working, products, and stations, which we will start doing consistently across our network - while ensuring we continue to adapt to our local needs and customer profiles.

STRATEGIC VISION & PRIORITIES: WORKING AT TWO-CLOCK SPEED

To remain a growth company for the shareholders we must find the recipe for the future

LOOKING TO THE FUTURE

To enhance company value, we need to focus on our core business priorities:• Key Categories of Food and Fuel• Growing Customer base• Lean and Efficient Operations• Engaged and Productive Employees

FOCUSING ON THE COREStrategic initiatives:• Executing our Brand Vision• Digital• Growing the Global Network• Food Journey• Mobility

LOOKING INTO THE FUTURE

FOCUSING ON THE CORE BUSINESSTo enhance company value, we are focusing on: • Key Categories of Food and Fuel• Growing Customer base• Lean and Efficient Operations• Engaged and Productive Employees

OUR TWO STRONGEST PRODUCT CATEGORIES

23

TIME & CONVENIENCE

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

Food Hot DispensedBeverages

Cold DispensedBeverages

Car Wash Private Label Fuel

27

Clean#2 reason impacting shoppers’ decision of which c-store to visit

(after location)

In-stockOut-of-stock is #1 reason for

missed sale in c-stores

Fast transaction88% of US adults want their store checkout experience to be faster

Predictable in-store and forecourt experience

Source Convenience store news

28

BRAND PILLARS – EASY VISITS

Recruitment& Hiring

Employeeengagement

Employeeturnover

Servicestandards Training Physical

appearance

BRAND PILLARS – FAST & FRIENDLY SERVICE

29

Presenter

Presentation Notes

Employee attitude and appearance is a huge project with many tasks in front of us. If we are trying to each the elephant, this is the body of the elephant! But we are sure about one thing. We want to have increased focus on our PEOPLE and support them in the best way we can, so they can provide our customer with the service they expect from us. Our people meet our customers 6 million times every day and are the foundation on who we are! We have areas where we do a nice job and areas where we absolutely need to do better. We have identified some of the consistency elements, which we believe are important to succeed… As you see, there are more elements than our organization can handle at this point in time. This project is also not a license to do anything we want in the name of People…its about focusing our resources to make smart investments in people, giving them the best tools and training to be successful in their jobs This project will not be done in months, but years…but we must take the fist steps now!

LOCATIONWe completed the construction, relocation or reconstruction of 88 stores duringfiscal 2018.

30

STRATEGIC INIATIVES - PREPARING FOR THE ROAD AHEAD

31

AN OPEN DOOR ON NEW TECHNOLOGIES

DIGITAL – CONTROL OUR DESTINY AND CREATE OUR FUTURE

33

Fuel

Convenience

Procurement Warehousing LogisticsConstruction

&maintenance

Operations &

HSE

Network,Format &Concept

Sales & Service

StemDefine right quality and deliver at lowest possible cost

BackboneMake it easy to hit the target

Front-endConstantly sharpen the customer offer

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

Employee Experience&

Value Proposition

Customer Experience &

Brand Promise

OUR VIEWS ON DIGITAL

34

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

OUR NEXT GEN RETAIL TECH IS ALL ABOUT MAKING IT EASY

Cloud enabled forecourt

Connected cars

Mobile payments

Seamless integrations

Internet of Things

Hardware independent software

App payment at forecourt Real time access

to data Forecourt IoT

Payment by car Pre-ordering 2 ways

communication with customer in the car

Easy visits

Mobile POS

Easy tools Easy access to customer insight

In-store app payment Easy integration

with loyalty and other systems

Access through Web browser Can be opened at

any device eg. phone, tablet, etc.

Open architecture Easy integrations

through APIs Loose coupling Micro services

Centralized management Seamless

deployment Bring your own

device

Location based marketing “Things” status i-eg.

which coffee machines are not working

Real time campaign results Real time stock

counts Real time upselling

Real time data

MOBILITY IS CHANGING – BRINGING SIGNIFICANT OPPORTUNITIES

36

TRANSPORTATION VEHICLES - USEFUL FACTS

Average lifecycle of vehicles is 16-19 years

Global vehicle fleet is more than 1.2 billion vehicles and

is expected to reach 2 billion in 2035

2016 Worldwide electric vehicle sales % total:

1.10%

Worldwide electric vehicle fleet is approximately

2 million vehicles or 0.2% of total fleet

US electric vehicles penetration is less than 1%

Currently, total cost of ownership for electric

vehicles is significantly higher than ICE vehicles

Limited line-up of electric vehicles

#1 selling vehicle in the US: Ford F-150

Charging infrastructure and technology not mature

Electric vehicle range remains limited

Number of vehicles is increasing

Number of miles driven per vehicle is increasing

In the US, the electric grid is highly carbonized

US fuel retail industry is highly fragmented. More than 60% of the 154k c-stores are operated by

single store or small chain operators (<11 stores)

Countries with high EV penetration heavily

subsidize EVs

Countries that sopped or significantly reduced

subsidies have seen EV sales plunge

37

COUCHE-TARD’S VIEW

Opportunity

Gradual and manageable

change process

Industry’sreaction

ACT’scompetitiveadvantages

Continuedfocus on business

Continuousmonitoring

38

A GRADUAL AND MANAGEABLE CHANGE PROCESS

39

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

12.7.2018

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

POSSIBLE OFFSETS TO DECLINING FUEL DEMAND

40

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

12.7.2018

ACT’S COMPETITIVE ADVANTAGES

Scale & Buying Power

Experience in transforming and adapting

Decentralized model

Norway Laboratory

Proven capacity to transform and

Innovate

Strong balance sheet and capacity to

invest

41

Presenter

Presentation Notes

Using its presence in Norway as a live-pilot / laboratory and leveraging its learnings in this region to prepare for when higher EV penetration hits other of its geography. ACT considers this as a strategic advantage vs its North American peers Continuing to adapt its offer to changing reality Bringing innovation to its current model Leveraging its scale and competitive supply condition in order to further consolidate the market

COUCHE-TARD’S CONTINUED FOCUS ON OPTIMIZING BUSINESS

42

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

12.7.2018

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


VALUE CREATION AND FINANCIAL REVIEW

Value Drivers Protect Value & Enable Growth

OUR FOUR PILLARS OF VALUE CREATION – THE EQUATION

OrganicGrowth Acquisitions Cost

Discipline

Capital Structure & Financial Discipline

Value Creation

45

Presenter

Presentation Notes

La création de valeur pour nos actionnaires est au coeur de notre stratégie d'entreprise et de nos préoccupations quotidiennes. Toutes nos décisions, que ce soit dans les magasins ou aux centre de service, sont faites avec cet objectif en tête. Dans ce contexte, nous croyons que la création de valeur peut se traduire par une simple équation s'appuyant sur nos quatre piliers de création de valeur, soit la croissance organique, les acquisitions, le contrôle des coûts et une structure financière efficiente. Ces quatre piliers font partie intégrante de notre ADN et font l'objet d'un suivi serré et continu à tous les niveaux de l'entreprise. Ce n'est pas l'affaire que de quelques personnes au siège social mais bien de plus de 130,000 personnes à travers le réseau. Nous créons de la valeur principalement par l'entremise de notre croissance organique et de nos acquisitions tandis que le contrôle de nos coûts et la saine gestion de notre bilan nous permettent d'investir dans la croissance organique et les acquisitions. Comme vous le voyez, c'est une roue qui tourne Si nous y allions item par item: Nous générons la croissance organique par l'augmentation de nos ventes et de nos marges par l'entremise de l'amélioration de notre réseau, de l'innovation en magasin ainsi que par nos relations étroites avec nos partenaires, nous assurant des conditions d'approvisionnement optimales Nous créons de la valeur par l'entremise d'acquisitions en nous assurant de payer un juste prix, en intégrant les réseaux acquis de façon efficace et en dégageant des synergies importantes. Nous créons de la valeur par l'entremise du contrôle de nos coûts en nous assurant de garder leur augmentation bien en-dessous de la croissance de nos ventes. Pour s'y faire, nous avons un processus continu de partage des meilleures pratiques et d'analyses comparatives. Finalement, nous gérons notre bilan de façon efficace en nous assurant d'avoir accès à du financement à un coût compétitif et en maintenant une flexibilité financière qui nous permet d'être en position de profiter en tout temps des opportunités d'investissement qui peuvent se présenter à nous. Maintenant, jetons un coup d'œil à notre performance pour chacun de nos piliers de création de valeurs, en commençant par la croissance organique.

ORGANIC GROWTH

46

Customer Focus

Key Categories

Innovation

Execution

Continuous ImprovementPrivate Label

Branding

Network Development

Digital

OrganicGrowth

Presenter

Presentation Notes

La création de valeur pour nos actionnaires est au cœur de notre stratégie d'entreprise et de nos préoccupations quotidiennes. Toutes nos décisions, que ce soit dans les magasins ou aux centre de service, sont faites avec cet objectif en tête. Dans ce contexte, nous croyons que la création de valeur peut se traduire par une simple équation s'appuyant sur nos quatre piliers de création de valeur, soit la croissance organique, les acquisitions, le contrôle des coûts et une structure financière efficiente. Ces quatre piliers font partie intégrante de notre ADN et font l'objet d'un suivi serré et continu à tous les niveaux de l'entreprise. Ce n'est pas l'affaire que de quelques personnes au siège social mais bien de plus de 130,000 personnes à travers le réseau. Nous créons de la valeur principalement par l'entremise de notre croissance organique et de nos acquisitions tandis que le contrôle de nos coûts et la saine gestion de notre bilan nous permettent d'investir dans la croissance organique et les acquisitions. Comme vous le voyez, c'est une roue qui tourne Si nous y allions item par item: Nous générons la croissance organique par l'augmentation de nos ventes et de nos marges par l'entremise de l'amélioration de notre réseau, de l'innovation en magasin ainsi que par nos relations étroites avec nos partenaires, nous assurant des conditions d'approvisionnement optimales Nous créons de la valeur par l'entremise d'acquisitions en nous assurant de payer un juste prix, en intégrant les réseaux acquis de façon efficace et en dégageant des synergies importantes. Nous créons de la valeur par l'entremise du contrôle de nos coûts en nous assurant de garder leur augmentation bien en-dessous de la croissance de nos ventes. Pour s'y faire, nous avons un processus continu de partage des meilleures pratiques et d'analyses comparatives. Finalement, nous gérons notre bilan de façon efficace en nous assurant d'avoir accès à du financement à un coût compétitif et en maintenant une flexibilité financière qui nous permet d'être en position de profiter en tout temps des opportunités d'investissement qui peuvent se présenter à nous. Maintenant, jetons un coup d'œil à notre performance pour chacun de nos piliers de création de valeurs, en commençant par la croissance organique.

Organic Growth

Europe SSS+2,7%

Europe SSV0.0%

USSSS

+0.8%

USSSV

(-0.4)%

Canada SSS+0.4%

Canada SSV(-1.4)%

ORGANIC – FISCAL 2018 TOP-LINE GROWTH

SSS: Same-store merchandise salesSSV: Same-store volume

47

Presenter

Presentation Notes

Au niveau de ventes, nous mesurons la croissance organique par l'entremise de la croissance par magasin comparable au niveau des ventes de marchandises et du volume de carburant. Durant l'exercice 2018, nous avons généré de la croissance organique dans chacune de nos catégories de produits et dans chacun de nos marchés principaux. Au niveau des marchandises, les ventes par magasin comparable ont été solides, augmentant de 0,8% aux États-Unis, de 2,7% en Europe et de 0,4% au Canada. Au niveau du volume de carburant vendu par magasin comparable, il y a eu des variations de (0,4)% aux États-Unis, de 0,0% en Europe et de (-1,4)% au Canada.

ORGANIC – SUSTAINABLE TOP-LINE GROWTH

7,596 7,953 8,27610,072

10,724

12,899

2013 2014 2015 2016 2017 2018

Merchandise & Service Sales(millions of US dollars)

+11% CAG

6945 7,626 8,13510,502

11,793

14,525

2013 2014 2015 2016 2017 2018

Road Transportation Fuel Volume(millions of gallons)

+15% CAG

-5%

5%

2013 2014 2015 2016 2017 2018

Road Transportation Fuel Same-Store Volume Growth

US Europe Canada

-5%

5%

2013 2014 2015 2016 2017 2018

Same-store Merchandise Revenue Growth

US Europe Canada

48

CAG: Five-year compounded annual growth - fiscal 2018 over fiscal 2013.

Presenter

Presentation Notes

Et telle qu'en fait foi notre performance des 5 dernières années, les résultats de 2018 ne sont pas dus au hasard. Les ventes de marchandises par magasin comparable augmentent dans chacun de nos marchés de façon constante avec comme résultats une croissance annuelle composée de 11%. Même situation au niveau du carburant ou notre volume augmente dans tout le réseau avec une croissance annuelle composée de 15%.

Organic Growth

Europe 44.0%

United States 33.6%

Canada34.4%

ORGANIC GROWTH –LEADING TO STRONG MARGINS IN ALL GEOGRAPHIES

49

FISCAL 2018 MERCHANDISE & SERVICE MARGIN

Presenter

Presentation Notes

En général, cette croissance ne se fait pas au détriment de la marge. Comme vous le voyez ici, nous avons été en mesure d'augmenter notre marge aux États-Unis et en Europe. Cette augmentation est attribuable à l'augmentation des ventes de produits frais qui ont une marge élevée ainsi qu'aux améliorations continues que nous apportons à nos conditions d'approvisionnement. Au Canada, nous avons aussi amélioré nos conditions d'approvisionnement et nos ventes de produits frais, mais la marge a diminué en raison de l'augmentation de nos ventes de cigarettes et de produits de tabac qui ont une marge moins élevée. Maintenant, tournons-nous vers les acquisitions.

NO CLEAR CORRELATION BETWEEN FUEL PRICES & MARGINS

• No clear correlation between fuel selling price and margins

• Our margins are not directly impacted by lower fuel selling prices

• Lower fuel prices leave customers more money in their pockets for their in-store shopping

50

-

5.00

10.00

15.00

20.00

25.00

30.00

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

Q3

2018

U.S Fuel Margins (CPG)

US margins (CPG) Trend

-

2.00

4.00

6.00

8.00

10.00

12.00

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

Q3

2018

Canadian Fuel Margins (CPL)

CA margins (CPL) Trend

0

0.2

0.4

0.6

0.8

1

1.2

1.4

Q1

2013

Q3

2013

Q1

2014

Q3

2014

Q1

2015

Q3

2015

Q1

2016

Q3

2016

Q1

2017

Q3

2017

Q1

2018

Q3

2018

Norwegian Fuel Margins (NOK PL)

NOK margins per litre Trend

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Q1

2013

Q3

2013

Q1

2014

Q3

2014

Q1

2015

Q3

2015

Q1

2016

Q3

2016

Q1

2017

Q3

2017

Q1

2018

Q3

2018

Swedish Fuel Margins (SEK PL)

SEK margins per litre Trend

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Q1

2013

Q3

2013

Q1

2014

Q3

2014

Q1

2015

Q3

2015

Q1

2016

Q3

2016

Q1

2017

Q3

2017

Q1

2018

Q3

2018

Danish Fuel Margins (DKK PL)

DKK margins per litre Trend

3.54 3.51 3.41 2.89 2.20 2.18 2.37

16.99 18.77 18.11 21.7420.15 18.56 19.39

2012 2013 2014 2015 2016 2017 2018

U.S Market

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

US FUEL MARGINS TRENDS

10.00

12.00

14.00

16.00

18.00

20.00

22.00

24.00

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

ACT Historical US Fuel Margins (CPG)

+1.9 CAG

10.00

12.00

14.00

16.00

18.00

20.00

22.00

24.00

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

US Industry Historical Fuel Margins (CPG)

ACT: Fiscal Year / Industry: Calendar YearSources: ACT reporting documents and NACS SOI Annual Report.

Year-over-year volatility – Long term trend is up

• Large integrated oil companies out of retail. Market dominated by pure play retailers who need to maintain and grow margins in order to maintain profitability

• Higher premium fuel penetration

• Improved, more sophisticated pricing strategies

• Improved, more sophisticated execution

• Improved supply conditions

• Large integrated oil companies out of retail. Market dominated by pure play retailers who need to maintain and grow margins in order to maintain profitability

• Higher premium fuel penetration

51

ACQUISITIONS ROADMAP

Identify the right

opportunities

Strike the right deal at

the right price

Secure acquired

talent

Swift and efficient

integration

Realization of available synergies

Reverse synergies and

learningsDeleverage

PROVEN TRACK RECORD OF SUCCESSFUL ACQUISITIONS

Leverage ratio(1)

Stores Acquired

(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.(3) Pro forma The Pantry for 2015, Topaz for 2016, ESSO for 2017 and CST and Holiday for 2018.

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)

53

1,706 45 75 421 46 107 70 47 326 2,506 166 1,660 515 442 2,055

Rev

enue

($)

Winners

Pump N Shop

Sterling Stores

Compac Food Stores

Garvin oil

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

2.5 (3)

Acquisitions

EXCEPTIONAL DELEVERAGING TRACK RECORD

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

(1) Pro forma The Pantry(2) Pro forma Topaz(3) Pro forma Esso(4) Pro forma CST and Holiday(5) 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.

4.2

3.0 2.5

3.2 3.2 2.9 2.7 2.1 2.1

3.6 3.1

2.4 2.2 2.0 2.0

3.1

F2004 F2005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 Pro Forma F2013 F2014 F2015 (1) F2016 (2) F2017 (3) F2018 (4)

Adju

sted

Lev

erag

e ra

tio (5

)

Circle K Acquisition No Transformational Acquisition SFR and The Pantry AcquisitionTopaz, IOL, CST, Cracker Barrel,

Holiday and Jep Pep stores Acquisitions

2,453 Stores Acquired 1,017 Stores Acquired 2,299 Stores Acquired 4,203 Stores Acquired

Rapid deleveraging after

transformational acquisition

Strong credit metrics for several years

Leverage post SFR acquisition lower than

Circle K$3.6B Acquisition

$1.7B Acquisition

$804MAcquisition

54

$0.3B Acquisition

$1.7B Acquisition

Demonstrated track record of rapid deleveraging after acquisitions

Acquisitions

$5.4B Acquisition

Presenter

Presentation Notes

After all of our transformational acquisitions, we use our discipline to pay down debt, deleverage our balance so that we are adequately positioned for investment opportunities

Synergies The PantrySynergies Statoil Fuel and Retail

• Target: $150M - $200M• Realized: >$200M

Synergies CST Brands, Inc

• Target for the first 36 months: $215M• Realized for the first 10 months: $153M

DELIVERING ON SYNERGIES THROUGH OUR ACQUISITIONS

55

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

Synergies Holiday Stationstores

• Target for the first 36-48 months: $50M-$60M

Acquisitions

Presenter

Presentation Notes

DIAPO 55. – ACQUISITIONS À GRANDE VITESSE (Claude) Tel que mentionné par M. Bouchard précédemment, le moins que l'on puisse dire, c'est que les 18 derniers mois ont été occupés! Au cours de cette période, nous avons acquis ou avons conclu des ententes pour l'acquisition de pas moins de XXXX magasins, principalement par l'entremise six acquisitions majeures, soit Topaz en Irlande, les magasins Shell au Danemark, les magasins Esso au Canada, CST Brands et CrossAmerica en Amérique du Nord et Pantry et Holiday aux États-Unis. Mais l'addition de magasins ne crée pas nécessairement de valeur. Ce qui en crée, c'est une intégration efficace et rapide. Couche-Tard maitrise cet aspect ainsi que nous pouvons le voir par les synergies anticipées et ou réalisées pour les 3 dernières acquisitions matérielles. Pour SFR, nous avions planifié entre 150 et 200 millions en synergies et nous avons atteint la fourchette haute de notre objectif. Et, je peux vous confirmer que nous continuons d'améliorer l'efficacité de nos opérations en Europe. Pour ce qui est de Pantry, nos objectifs étaient de dégager plus de 125 millions durant les 24 mois suivant l'acquisition. L’objectif a amplement été atteint. Du côté de CST, nos objectifs étaient de dégager 215 millions durant les 36 premiers mois. Nous en sommes présentement à environ 153 millions et sommes confiants que nous serons en mesure d'atteindre notre objectif. Pour ce qui est de Holiday, nos objectifs sont de dégager entre 50 et 60 millions durant les 36 à 48 mois suivant l’acquisition.

56

Cost Control

Disciplined Culture

Continuous Benchmarking

Sharing of Best Practices

Cost Efficient Systems

Economies of Scale

Scalable Organization,

Systems & Processes

AI, Robotics

Optimization of Shared Services

Strategy

0.2%0.8%

1.5%2.1% 2.0%

2014 2015 2016 2017 (1) 2018

Year over year expense growth

COST CONTROL – PART OF OUR DNA

5-YEAR AVERAGE: +1.3%

(1) The fiscal 2017 includes 53 weeks.

Presenter

Presentation Notes

DIAPO 56. – LE CONTRÔLE DES COÛTS FAIT PARTIE DE NOTRE ADN (Claude) Tournons-nous maintenant vers notre troisième pilier, le contrôle des coûts. Au cours des 5 dernières années, en moyenne, nous avons limité la croissance organique de nos coûts à 2,0%, bien en-deçà de l'inflation normale. Tel que mentionné précédemment, le secret de notre succès réside dans le fait que le contrôle des coûts fait partie de notre ADN et de la culture d'entreprise. Mais, nous avons aussi plusieurs outils à notre disposition qui nous permettent de faire un suivi serré et de maintenir notre culture d'entreprise dont: Un processus continu d'analyses comparatives. Un partage continu des meilleures pratiques à travers le réseau. Des systèmes et processus efficaces et efficients. Les économies d'échelle que nous générons en devenant plus gros, mais aussi par le développement de saines relations d'affaires avec nos fournisseurs et autres partenaires.

Competitive cost of debt

Well spread maturities

Access to liquidities –Cash and

credit facilities

Carefulallocation of

capitalDividend growth

Disposal of non-core

assets

Rapid delevera-ging

afteracquisitions

CAPITAL STRUCTURE & FINANCIAL DISCIPLINE


57

STRONG CAPITAL STRUCTURE & FINANCIAL DISCIPLINE


Adjusted Leverage Ratio

3.13:1

Investment Grade Credit Profile

$7.7 Billionof senior

unsecured notes in USD, CAD,

EURO and NOK

~$684 millions in Cash

~$1.1 billionavailable under credit facilities

Free Cash Flow~$1.2 Billion

Average Cost of Debt 3.0 %

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

58

614

865979

1,065

890

1,226

2013 2014 2015 2016 2017 2018

Free Cash Flow (in million dollars US)

+14 % CAG

1,3761,6401,8762,3312,3969581457459563807899


STRONG AND SCALABLE FREE CASH FLOW CONVERSION

1,376 1,640

1,876

2,331 2,396

2,919

95

81

457 459 563 807 899

1,056 56 65 87

104 145

162

(17)

172 172

279

351

360

276

77 79

63

85

102

215

614 865

979

1,065 890

1,226

2013 2014 2015 2016 2017 2018

EBITDA Business disposals Net capex Dividends Distributions received from CAPL Income tax paid Interest paid FCF


Presenter

Presentation Notes

Bien que nos free cash flow aient augmentés de façon importante au cours des cinq dernières années, vous aurez remarqué la diminution de 2017, mais une augmentation en 2018. Le graphique à l’écran détaille la composition de nos flux de trésorerie et démontre que la diminution a été en grande partie expliquée par l’augmentation de $17M des dividendes versés aux actionnaires ainsi que par de plus grands investissements en capital, qui sont passés de 899 millions de dollars à 1 037 millions.

38% 41%

40% 32%

23% 27%

2017 2018 (1)

CAPITAL EXPENDITURES ALLOCATION

Development Commercial Programs Maintenance

Continuous improvement in capital allocation efficiency

Income producing73%

Income producing73%


DISCIPLINED CAPITAL ALLOCATION

(1) Excluding one-offs CAPEX.

Presenter

Presentation Notes

Comme vous le voyez ici, la grande majorité des sommes que nous investissons en capital génère de la valeur et cette proportion a augmenté en 2017, période pendant laquelle 78% du capital investi l’a été dans des projets créant de la valeur pour nos actionnaires. On parle ici principalement d’investissements dans la construction de nouveaux magasins et dans l’implantation de nos programmes commerciaux tels que le café tout simplement bon, l’offre de produits frais, etcetera.

Value Creation

RESULT OF THE VALUE CREATION EQUATION : ADJUSTED DILUTED NET EARNINGS PER SHARE AND RETURN ON EQUITY GROWTH

1.11 1.35

1.79 2.08 2.21

2.60

2013 2014 2015 2016 2017 2018

Adjusted Diluted Net Earningsper Share (USD)

+19% CAG

21.5% 22.6%24.9%

27.0%

22.5%24.80%

2013 2014 2015 2016 2017 2018

Return on Equity

61

Presenter

Presentation Notes

Regardons maintenant comment notre équation de création de valeurs se traduit en gains concrets pour vous, nos actionnaires. Regardons premièrement l'évolution de nos bénéfices par action au cours des 5 dernières années. En 2013, notre bénéfice net ajusté dilué par action se situait à 1.11 dollar par action tandis qu'il s'est chiffré à 2 dollars et soixante cents en 2018, ce qui représente une croissance annuelle composée moyenne de 19 % au cours des 5 dernières années. Le retour sur équité est aussi en croissance, s'établissant à pas moins de 24,8% pour l'exercice 2018.

Quarterly dividend increased twice duringfiscal 2017, from CA 7.75¢ per share to CA9.00¢ per share, an increase of 16%. In thefourth quarter of fiscal 2018, the quarterlydividend increased to CA 10.00¢ per share,an increase of 11%.

Value Creation

RESULT OF THE VALUE CREATION EQUATION : DIVIDEND GROWTH

62

5665

87104

145162

2013 2014 2015 2016 2017 2018

Dividends Paid – US Millions

+24 % CAG

614

865979

1,065

890

1,226

56 6587 104

145 162

2013 2014 2015 2016 2017 2018

Dividend vs Free cash flow

Free cash flow Dividend

FCF +14 % CAG

Presenter

Presentation Notes

Dans la même veine, nous redistribuons une partie de la valeur générée en dividendes. Comme vous le savez, nous avons bonifié le dividende trimestriel par deux fois au cours du dernier exercice, l'augmentant de 2,25 cents par actions pour une croissance de 41% en 12 mois. Au cours de l'exercice 2017, nous avons versé 145 millions de dollars en dividendes, ce qui se traduit par une croissance annuelle composée moyenne de 26 % par rapport à 2011.

RESULT OF THE VALUE CREATION EQUATION : STOCK VALUE GROWTH

Value Creation

63

-50.0%

50.0%

150.0%

250.0%

350.0%

450.0%

5-Year Stock Performance

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

Source: Bloomberg. As of June 4th, 2018.

Presenter

Presentation Notes

Et finalement, notre équation de création de valeur est reconnue par le marché. Au cours des douze derniers mois, la valeur de votre action a augmenté de 3,6% tandis que l'indice du TSX a pour sa part augmenté de 0,4%. Et tout comme pour nos résultats, cette performance du titre n'est pas le fruit du hasard. Au cours des cinq dernières années, tandis que l'indice du TSX gagnait 21,2%, notre titre gagnait 249,9%, une reconnaissance pleinement méritée de la valeur que nous avons créée par l'entremise de la croissance organique, des acquisitions, du contrôle des coûts et de notre structure financière.


ACQUISITIONS COMPLETED DURING FY18

Value Creation

CST TRANSACTION SUMMARY & OVERVIEW

Gross Profits (2)

54%41%

5%

Merch. & Serv. Fuel Others

70%

30%

US Canada

Transaction Summary• Acquired 100% of the outstanding shares of CST Brands Inc.

(“CST”), representing a total enterprise value ofUS $4.4 billion or approximately US, $4.2 billion excluding thevalue 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’sassets in Canada and retained 157 company-operated stores.

• In order to meet US regulatory authorities’ requirements, ACT sold70 sites to Empire Petroleum Partners, LLC. And retained 1,106sites

Strategic & Financial Impact• Transaction is expected to generate US$215M in annual

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 21.4% 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

Presenter

Presentation Notes

CST is a public company and an independent retailer of motor fuel and convenience in the United States and Eastern Canada It’s the fourth largest chain in North America with more than 1,100 sites in the US and 870 sites in Canada It sells 3 billion gallon of fuel and 2 billion dollars in merchandise annually CST reported an EBITDA of about $430 million during the last twelve month period ended June 30 CST owns the general partner of CrossAmerica Partners LP, a fuel distributor in the US In February 2016, CST acquired Flash Foods for $425M: 165 stores in Georgia and Florida ~300 million gallons, ~$1B in revenues, EBITDA of ~$35M In July 2016, CST sold 79 stores in California and Wyoming for $408M ~190 million gallons, ~$600M in revenues, EBITDA of ~$40M

• On December 22, 2017, Alimentation Couche-Tard Inc. acquired all the membership interest ofHoliday Stationstores, LLC and certain affiliated companies (“Holiday”). Holiday is an importantconvenience store player in the Upper Midwest United-States, with 516 sites, 2 foodcommissaries and a fuel terminal in Newport, Minnesota, which supplies one third of the stations.At the closing of the transaction, 373 stores are operated by Holiday, 143 by franchisees and 27by dealer contracts.

• Holiday has a strong car wash business with 234 locations at the closing date.

• Allows Couche-Tard to expand it’s geographic footprint into the Upper Midwest U.S. and to gain astrong position in the Greater Twin Cities metropolitan area. The acquired sites are located in thefollowing states: Minnesota, Wisconsin, Washington State, Idaho, Montana, Wyoming, NorthDakota, South Dakota, Michigan and Alaska.

• The transaction have been completed in the third quarter of Couche-Tard’s fiscal year 2018. The Corporation has financed the transaction by using its available cash and existing credit facilities.

66

A DISCIPLINED CONVENIENCE STORE OPERATOR AND INTEGRATOR

Broad Geographic Footprint with Leading

Market PositionsSuperior Product

OfferingsTrack Record of Highly Disciplined Growth and

Debt Reduction

Attractive Sector Dynamics

Powerful Financial Results

Attractive Synergy Potential

Disciplined Management Culture

Proven Capacity to Transform and Innovate

Optimistically transforming our future

67

investor presentation - couche-tard...denmark), ireland, the baltics (estonia, latvia and...

Documents