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ALIMENTATION COUCHE-TARD INC.

INVESTORSPRESENTATION

November 2017

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 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 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 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 30, 2017 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 tobuy any securities.

2

FORWARD-LOOKING INFORMATION AND CAUTIONARY LANGUAGE

1. Company Highlights2. Ambitions & Strategy3. Value Creation & Financial Review4. Recent acquisitions summary

AGENDA

3

1.As at November 27, 2017.2.Fiscal Year ended 30/04/2017 and Q2 2018 YTD being 24 weeks to 15/10/2017.3. Includes Couche-Tard’s Company-Owned/Dealer-Operated and Dealer-Owned-Dealer-Operated sites as at October 15, 2017.4.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$36B

• Revenue US$37.9B Fiscal Year 20172

US$22.0B Q2 2018 YTD2 (+30,4%)

• Gross Profit US$6.5B Fiscal Year 20172

US$3.8B Q2 2018 YTD2 (+23.3%)

• EBITDA US$2.4B Fiscal Year 20172

US$1.5B Q2 2018 YTD2 (+24.8%)

• Number of stores3

North America Europe CAPL network Circle K branded sites under

licensing agreements

15,2649,4652,7501,206

1,843

• Net Debt / Leverage4

FY2017 Q2 2018

US$2.7B / 1.09xUS$6.2B / 2.13x

• Ratings S&P Moody’s

BBB (Stable outlook)Baa2 (Stable outlook)

KEY DATA

4


COMPANY HIGHLIGHTS

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

WHO WE ARE

Store count as at October 15, 2017.

• 9,465 convenience stores throughout North America, including 8,135 stores offering road transportation fuel in all 10 Canadian provinces and 41 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.

North America

• 2,750 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 1,800 stores operated by independent operators under the Circle K banner in 14 other countries or regions worldwide which brings the number of sites in Couche-Tard’s network to over 15,200.

International

6

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 22.5% Return on equity1

•Significant FCF generation (2012-2017) CAGR of 17%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 and founders have 22%Management and Board need to hold a multiple of their salary in Shares•Decentralized operating model

Disciplined Management Culture

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

7

(1) As of April 30, 2017.

Total network of 9,465 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

• Couche-Tard acquired The Pantry in March2015, one of the largest independentlyoperated convenience stores in the US

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

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.

• On September 7, 2016, Couche-Tard receivedthe approval from the Canadian CompetitionBureau to acquire from Imperial Oil Limited 279sites in Ontario and Quebec and finalized theintegration of these sites during the thirdquarter of fiscal 2017.

As at October 15, 2017.

NORTH AMERICAN NETWORK

Canada US

Couche-Tard Circle KCircle KMac’s, Esso & CST (will be rebranded to Circle K)

Kangaroo Express & CST (will be rebranded to Circle K)

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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

• Key brands:

Circle K Being rebranded from StatoilIngo Unmanned Scandinavian stationsTopaz Will be rebranded to Circle K


2,750 stores in 9 countries or regions in Europe

EUROPEAN NETWORK

9

United Arab Emirates

32

Malaysia10

Costa Rica8

Mexico558

Central / South America

Honduras

25

Egypt

8

Vietnam257

Indonesia465

Philippines22

Hong Kong332

China80

Macau31 Guam

13

Asia

INTERNATIONAL PRESENCE


More than 1,800 licensed Circle K stores in Asia, Costa Rica, Egypt, Honduras, Mexico and U.A.E

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

• License agreement to use the brand nameCircle K

10

Saudi Arabia

2

CONSOLIDATED NETWORK RECAP

Canada U.S. Europe Total

COCO(1) 1,598 5,754 1,975 9,327

CODO(2) 251 131 355 737

DODO(3) - 625 420 1,045

Franchise/Affiliated(4) 377 729 - 1,106

Number of sites, end of period 2,226 7,239 2,750 12,215

CAPL network - - - 1,206

Circle K branded sites under licensing agreements (5) - - - 1,843

Total network 15,264

Of which: Automats - - 978 978

# With fuel 1,197 6,938 2,748 10,883

% With fuel 54% 96% 99.9% 71%

(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.


11

US72%

Canada17%

Europe11%

GROSS PROFITS

REVENUES

COUCHE-TARD IS A WORLD LEADER

12

US62%

Canada14%

Europe24%

US1%

Canada2%

Europe97%

US69%

Canada17%

Europe14%

US55%Canada

12%

Europe33%

US7% Canada

12%

Europe81%

Merchandises and services Motor Fuel Other

$11,531M $29,830M $1,154M

Merchandises and services Motor Fuel Other

$3,973M $2,960M $222M

Total

$42,514M

Total

$7,154M

Couche-Tard is a leading global convenience store operator with EBITDA of $2.7 billion• Well diversified across geographies• Focus on growing high margin categories

Financial data presented for the LTM as of Q2 2018.

Revenues By

ProductsLTM Q2

2018

Gross Profit By Products LTM Q2

2018

Merchandise and services

27%

Motor fuel70%

Other3%

Merchandise and services

56%

Motor fuel41%

Other3%

2012 2013 2014 2015 2016 2017

Merchandise sales

US 2.7% 1.0% 3.8% 3.9% 4.6% 2.0%

Europe 1.6% 2.0% 2.8% 3.5%

Canada 2.8% 2.0% 1.9% 3.4% 2.9% 0.1%

Motor Fuel Volume

US 0.1% 0.6% 1.7% 3.4% 6.6% 2.6%

Europe 2.5% 2.4% 2.6% 1.0%

Canada -0.9% 0.0% 1.3% -0.1% 0.9% -0.3%

8411,376

1,640 1,8762,331 2,396

2012 2013 2014 2015 2016 2017

404614

865979 1,065

890

2012 2013 2014 2015 2016 2017

2,975

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

2012 2013 2014 2015 2016 2017

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)

+23% CAG +17% CAG

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+17% CAG

STELLAR STOCK PERFORMANCE

Source: Yahoo Finance. As of November 22, 2017.(1) On June 28, 2017, ACT acquired CST Brands.

14

0%

100%

200%

300%

400%

500%

600%

700%

800%

4/26/2011 4/26/2012 4/26/2013 4/26/2014 4/26/2015 4/26/2016 4/26/2017

Couche-Tard C-StoresGrocery Home Improv.Drugstores Mass Merch.Dollar Stores

0%

100%

200%

300%

400%

500%

600%

700%

800%

4/26/2011 4/26/2012 4/26/2013 4/26/2014 4/26/2015 4/26/2016 4/26/2017

Couche-Tard Casey'sDelek MarathonMurphy CST Brands(1)


AMBITIONS & STRATEGY

TO BECOME THE WORLD’S PREFERRED DESTINATION FOR

CONVENIENCE AND FUEL

16

OUR VISION

OUR GLOBAL BRAND

17

REBRANDING STATUS

Project well under way: Close to 2,000 stores(1) in North America and close to 1,400 stores(1) in Europe are now proudly displaying our new global convenience brand Circle K

• Scandinavia and Baltics markets already completed – Outstanding success• Poland and Canada are now underway and results up to now are promising• United States ongoing

18

(1) As of October 15, 2017

THE PROMISE BEHIND THE BRAND

19

SUPER GLOBALSUPER LOCAL

NEW GLOBAL BRAND – SAME APPROACH TO SERVING OUR CUSTOMERS

20

WORKING ON TWO CLOCK SPEED

KEY FOCUS AREAS

Famous For Categories

Private Label Products

People

Lean and Efficient Operations

STRATEGIC INITIATIVES

Digital

M&A Roadmap

Convenience Offer of the Future

21

ADDING EXPERTISE, TALENT AND LEADERSHIP TO ACCELERATE OUR STRATEGY

New Chief Marketing Officer

Position

New Chief Information

OfficerPosition

New Chief Human

Resource OfficerPosition

Creation of a Global

CategoriesGroup

Creation of a Global Fuel

Group

22

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

FoodHot

DispensedBeverages

Cold DispensedBeverages

Car Wash PrivateLabel 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 VISTS

Recruitment& Hiring

Employeeengagement

Employeeturnover

Servicestandards Training Physical

appearance

BRAND PILLARS – FAST & FRIENDLY SERVICE

29

LOCATION We completed the construction, relocation or reconstruction of 91 stores duringfiscal 2017 and 44 since the beginningof fiscal 2018.

30

STRATEGIC INIATIVES - PREPARING FOR THE ROAD AHEAD

31

DIGITAL TRANSFORMATION

32

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

BROAD PORTFOLIO OF DIGITALIZATION OPPORTUNITIES

35

Loyalty Mobile Payments Social Medias Site Presence Car

Connectivity

Data AnalyticsInsights and

Merchandizing Strategy

Employees Communication

ToolsPersonalized Promotions Supply Chain

POS Transformation

Artificial Intelligence Robotics Reporting

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

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

matureElectric vehicle range

remains limitedNumber 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 cstores 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

14.12.2017

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

14.12.2017

ACT’S COMPETITIVE ADVANTAGES

Scale & Buying Power

Experience in transforming and

adaptingDecentralized

model

Norway Laboratory

Proven capacity to transform and

Innovate

Strong balance sheet and

capacity to invest

41

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

14.12.2017

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


VALUE CREATION AND FINANCIAL REVIEW

Value DriversProtect Value & Enable

Growth

OUR FOUR PILLARS OF VALUE CREATION – THE EQUATION

OrganicGrowth Acquisitions Cost

Discipline

Capital Structure & Financial Discipline

Value Creation

45

ORGANIC GROWTH

46

Customer Focus

Key Categories

Innovation

Execution

Continuous ImprovementPrivate Label

Branding

Network Development

Digital

OrganicGrowth

Organic Growth

Europe SSS+3.5%

Europe SSV+1.0%

USSSS

+2.0%

USSSV

+2.6%

Canada SSS

+0.1%

Canada SSV

(-0.3)%

ORGANIC – FISCAL 2017 TOP-LINE GROWTH

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

47

ORGANIC – SUSTAINABLE TOP-LINE GROWTH

6,5997,596 7,953 8,276

10,072 10,724

2012 2013 2014 2015 2016 2017

Merchandise & Service Sales(millions of US dollars)

+10% CAG

4,6136,945

7,626 8,13510,502

11,793

2012 2013 2014 2015 2016 2017

Road Transportation Fuel Volume(millions of gallons)

+21% CAG

-5%

5%

2012 2013 2014 2015 2016 2017

Road Transportation Fuel Same-Store Volume Growth

US Europe Canada-5%

5%

2012 2013 2014 2015 2016 2017

Same-store MerchandiseRevenue Growth

US Europe Canada

48

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

Organic Growth

Europe 42.4%

United States 33.2%

Canada33.8%

ORGANIC GROWTH –LEADING TO STRONG MARGINS IN ALL GEOGRAPHIES

49

FISCAL 2017 MERCHANDISE & SERVICE MARGIN

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

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

50

- 5.00

10.00 15.00 20.00 25.00 30.00

Q2

2008

Q4

2008

Q2

2009

Q4

2009

Q2

2010

Q4

2010

Q2

2011

Q4

2011

Q2

2012

Q4

2012

Q2

2013

Q4

2013

Q2

2014

Q4

2014

Q2

2015

Q4

2015

Q2

2016

Q4

2016

Q2

2017

Q4

2017

Q2

2018

U.S Fuel Margins (CPG) (1)

US margins (CPG) Trend

-

2.00

4.00

6.00

8.00

10.00

Q2

2008

Q4

2008

Q2

2009

Q4

2009

Q2

2010

Q4

2010

Q2

2011

Q4

2011

Q2

2012

Q4

2012

Q2

2013

Q4

2013

Q2

2014

Q4

2014

Q2

2015

Q4

2015

Q2

2016

Q4

2016

Q2

2017

Q4

2017

Q2

2018

Canadian Fuel Margins (CPL) (1)

CA margins (CPL) Trend

00.20.40.60.8

11.21.4

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

Q2

2018

Norwegian Fuel Margins (NOK PL)(2)

NOK margins per litre Trend

0

0.2

0.4

0.6

0.8

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

Q2

2018

Swedish Fuel Margins (SEK PL)(2)

SEK margins per litre Trend

0

0.2

0.4

0.6

0.8

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

Q2

2018

Danish Fuel Margins (DKK PL) (2)

DKK margins per litre Trend

3.54 3.51 3.412.89 2.20 2.18 2.28

16.99 18.77 18.11 21.7420.15 18.56 20.06

2012 2013 2014 2015 2016 2017 2018 Q2 LTM

U.S Market(1)

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

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

Identify the right

opportunities

Strike the right deal at the right price

Swift and efficient

integration

Realization of available synergies

Deleveraging

ACQUISITIONS

Acquisitions

52

PROVEN TRACK RECORD OF SUCCESSFUL ACQUISITIONS

Net Debt/Adjusted EBITDA (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 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

Agreement signed for additional stores acquisition in fiscal 2018 522

1,706 45 75 421 46 107 70 47 326 2,506 166 1,660 515 442 1,368

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

2.1 (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) 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

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

Adj.

Net

Deb

t / A

dj. E

BIT

DAR

(4)

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

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

after transformational

acquisitionStrong 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

Synergies Statoil Fuel and Retail

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

Synergies The Pantry

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

DELIVERING ON SYNERGIES THROUGH OUR ACQUISITIONS

55

Synergies CST Brands, Inc

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

Acquisitions

1.9%

-0.9%

0.2%

0.8%1.5%

0.2%

2012 2013 2014 2015 2016 2017 (1)

Year-over-year expense growth

5-year Average : +0.7%

COST CONTROL – PART OF OUR DNA

56

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

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

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 after

acquisitions

CAPITAL STRUCTURE & FINANCIAL DISCIPLINE

Capital Structure &

Financial Discipline

57

STRONG CAPITAL STRUCTURE & FINANCIAL DISCIPLINE


Adjusted Leverage

Ratio2.88:1

Investment Grade Credit

Profile

$2.5 Billion and

CA $700M of senior

unsecured notes

~$1.0 Billion in Cash

~$2.5 Billion available

under credit facilities

Free Cash Flow

~$1.1 Billion

Average Cost of Debt 3.2 %

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

58

404614

865979 1,065

890

1,145

2012 2013 2014 2015 2016 2017 2018 Q2LTM

Free Cash Flow (in million dollars US)

+17 % CAG

841

1,3761,640

1,8762,331 2,396

95

81

289 457 459 563 807 89950

56 65 87104 145

91

172 172279

351360

7

77 79

63

85102

404

614

865

979

1,065 890

2012 2013 2014 2015⁽¹⁾ 2016⁽²⁾ 2017

EBITDA Business disposals Net capexDividends Income tax paid Interest paid


STRONG AND SCALABLE FREE CASH FLOW CONVERSION

34% 38%

39% 40%27% 23%

2016 2017

CAPITAL EXPENDITURES ALLOCATION

Development Commercial Programs Maintenance

Continuous improvement in capital allocation efficiency

Income producing73%

Income producing78%

Capital Structure &

Financial Discipline

DISCIPLINED CAPITAL ALLOCATION

Value Creation

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

0.81 1.11

1.35

1.79 2.08 2.21

2012 2013 2014 2015 2016 2017

Adjusted Diluted Net Earnings per Share

(USD)

+22% CAG

22.0% 21.5% 22.6%24.9%

27.0%22.5%

2012 2013 2014 2015 2016 2017

Return on Equity

61

Quarterly dividend increased twice duringfiscal 2016, from CA 5.50¢ per share to CA7.75¢ per share, an increase of 41%. In thesecond quarter of fiscal 2017, the quarterlydividend increased to CA 9.00¢ per share(remained at CA 9.00¢ for the third andfourth quarters of fiscal 2017 as well as forthe first and second quarters of fiscal 2018).

Value Creation

RESULT OF THE VALUE CREATION EQUATION : DIVIDEND GROWTH

62

50 56 6587

104

145160

2012 2013 2014 2015 2016 2017 2018 Q2LTM

Dividends Paid – US Millions

+24 % CAG

404614

865979 1,065

890

1,145

50 56 65 87 104145 160

2012 2013 2014 2015 2016 2017 2018 Q2LTM

Dividend vs Free cash flow

Free cash flow Dividend

FCF +17 % CAG1

RESULT OF THE VALUE CREATION EQUATION : STOCK VALUE GROWTH

Value Creation

63

-5.0%

5.0%

15.0%

25.0%

35.0%

45.0%

11/16/2012 11/16/2013 11/16/2014 11/16/2015 11/16/2016 11/16/2017

5-Year Stock Performance

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

Source: Bloomberg. As of November 16, 2017.


ACQUISITIONS COMPLETEDDURING FY18

Value Creation

CST TRANSACTION SUMMARY & OVERVIEW

Gross Profits (2)

54%41%

5%

Merch. & Serv.Fuel

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 between US$150M and

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

SignificantSynergiesPotential

• Top-line upside• Sharing of business awareness and best practices

• Cost optimization

• Optimization of supply conditions

• Optimization of distribution strategy

• Elimination of redundant costs

Acquisition Rationale

• Operating model alignment• Strong geographic

• Entry in Texas• Void fill in US Southeast

• Strenghtening of existing network

• Talent acquisition and cross-learning potential

• Valuable real estate portfolio

• MLP structure

StrategicImportance

• Unique opportunity to acquire one of few remaining potential North American public targets exceeding 1,000 stores

• ACT to approach 9,500 North American stores

• Increased scale and leverage to create brand awareness and take advantage of merchandise and fuel procurement opportunities

HIGHLIGHTS OF THE TRANSACTION

66

Revenues 37.9 8.2 46.1

% of total 82% 18% 100%

GP 6.5 1.2 7.6

% of total 85% 15% 100%

EBITDA(3) 2.4 0.7 3.1

Store network 12,664 1,263 13,927

Debt 7.6

DEBT/EBITDA 2.4

78%

22%

PRO FORMA PROFILE FOR CST - FINANCIAL

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

(billions of US Dollars)At ClosingPro Forma

Pre-synergies EBITDA Contribution

(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

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

(1) (2)

67

• On July 10, 2017, Alimentation Couche-Tard Inc. announced that it had signed an agreementwith Holiday Companies to acquire all of the issued and outstanding shares of HolidayStationstores, Inc. and certain affiliated companies (“Holiday”), an important convenience storeplayer in the Upper Midwest United-States, with 522 stores, a food commissary and a fuelterminal in Newport, Minnesota, which supplies one third of the stations. 374 stores are operatedby 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 gaina strong position in the Greater Twin Cities metropolitan area. The acquired sites are located inthe following states: Minnesota, Wisconsin, Washington, Idaho, Montana, Wyoming, NorthDakota, 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 Footprint with

Leading Market Positions

Superior Product Offerings

Track 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

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