Couche-Tard-Investors-Presentation-Q1-2017-October

ALIMENTATION COUCHE-TARD INC.
INVESTORS
PRESENTATION
October 2016

This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of applicable securities legislation.
Forward-looking statements are typically identified by words such as “projected”, “estimate”, “may”, “anticipate”, “believe”, “expect”, “plan”, “intend”
or similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact contained in
these slides are forward-looking statements.
Forward-looking statements involve numerous assumptions, risks and uncertainties. A variety of factors, many of which are beyond Alimentation
Couche-Tard Inc.’s (“Couche-Tard”) control, may cause actual results to differ materially from the expectations expressed in its forward-looking
statements. These factors include, but are not limited to, the effects of the integration of acquired businesses and the ability to achieve projected
synergies, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, foreign exchange rate
fluctuations, and such other risks as described in detail from time to time in documents filed by Couche-Tard with securities regulatory authorities in
Canada, including those risks described in Couche-Tard’s management’s discussion and analysis (MD&A) for the year ended April 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. No financial information presented in this presentation as of a date more recent than April 24, 2016 has
been audited.
While the information contained in this presentation is believed to be accurate, Couche-Tard expressly disclaims any and all liability for any losses,
claims or damages of whatsoever kind based upon the information contained in, or omissions from, this presentation or any oral communication
transmitted in connection therewith. In addition, none of the statements contained in this presentation are intended to be, nor shall be deemed to be,
representations or warranties of Couche-Tard and its affiliates. Where the information is from third-party sources, the information is from sources
believed to be reliable, but Couche-Tard has not independently verified any of such information contained herein.
This presentation is not, and under no circumstances is to be construed as, a prospectus, an offering memorandum, an advertisement or a public
offering of securities. Under no circumstances should the information contained herein be considered an offer to sell or a solicitation of an offer to
buy any securities.
FORWARD-LOOKING INFORMATION AND CAUTIONARY LANGUAGE
2

Brian Hannasch
President and Chief Executive Officer
Claude Tessier
Chief Financial Officer
Mathieu Descheneaux
Vice President Finance
COMPANY REPRESENTATIVES
3

1. Company Highlights
2. Ambitions & Strategy
3. Network Development
4. Value Creation & Financial Review
5. CST Case Study
AGENDA
4

1.As of September 30, 2016.
2.Fiscal Year ended 24/04/2016 and Q1 2017 YTD being 12 weeks to 17/07/2016.
3.Includes Couche-Tard’s Company-Owned/Dealer-Operated and Dealer-Owned-Dealer-Operated sites as of July 17, 2016.
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$34.1B Fiscal Year 20162
US$8.4B Q1 2017 YTD2
• Gross Profit US$6.0B Fiscal Year 20162
US$1.5B Q1 2017 YTD2 (+7.1%)
• EBITDA US$2.3B Fiscal Year 20162
US$0.6B Q1 2017 YTD2 (+12.2%)
• Number of stores3
 North America
 Europe
 International
12,081
7,863
2,708
1,510
• Net Debt / Leverage4
 FY2016
 Q1 2017
US$2.3B / 0.97x
US$2.2B / 0.94x
• Ratings
 S&P
 Moody’s
BBB (Stable outlook)
Baa2 (Stable outlook)
KEY DATA
5

COMPANY
HIGHLIGHTS

Couche-Tard is a Canadian based group and a world leader in the convenience store
and road transportation fuel retail sector
• In North America, Couche-Tard is the largest independent convenience store operator in terms of
number of company-operated stores.
• In Europe, Couche-Tard is a leader in convenience store and road transportation fuel retail in
Scandinavia, Ireland and the Baltic countries, with a significant presence in Poland and Russia.
WHO WE ARE
(1) As of July 17, 2016.
• 7,863 convenience stores throughout North America, including
6,474 stores offering road transportation fuel in all 10 Canadian
provinces and 41 U.S. States, and employing about 80,000 people
North America
• 2,708 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
• Over 1,500 stores operated by independent operators under the
Circle K banner in 13 other countries or regions worldwide which
brings the number of sites in Couche-Tard’s network to almost
12,100 .
International
7

• 1980 Start of operations with the opening of a first convenience store located in Laval, Québec.
• 80’s-90’s Consolidation of the Canadian market.
• 2001 First breakthrough of Couche-Tard in the United States : acquisition of the assets of Johnson Oil Company, Inc., owner of
225 Bigfoot stores, all located in the U.S. Midwest.
• 2003 Acquisition of The Circle K Corporation from ConocoPhillips Company that operates 1,663 Circle K corporate stores
located in 16 States and has a franchising or licensing relationship with 627 additional stores in the U.S. and worldwide.
• 2004 Couche-Tard becomes an active player in the US market consolidation.
• 2012 Acquisition of Statoil Fuel & Retail, a leading Scandinavian road transport fuel retailer. Statoil Fuel & Retail operates a
broad retail network across Scandinavia (Norway, Sweden, Denmark), Poland, the Baltics (Estonia, Latvia, Lithuania) and
Russia with approximately 2,300 stores, the majority of which offer fuel and convenience products while the others are
automated (fuel only) stations.
• 2015 Acquisition of The Pantry Inc., a leading convenience store operator in the southeastern United States and one of the
largest independently operated convenience store chains in the United States. The Pantry operates approximately 1,500
stores in 13 States under select banners, including Kangaroo Express®, its primary operating banner.
• 2015 Couche-Tard launches its global Circle K brand, the world’s preferred destination for convenience and fuel.
• 2016 Acquisition of Topaz, the leading convenience and fuel retailer in Ireland, made up of 444 stores. All the Topaz stores will
be rebranded with the new global brand Circle K.
• 2016
• 2017
Couche-Tard signs an agreement with Imperial Oil to acquire 279 Esso-branded Canadian fuel and convenience sites.
These sites are located in the provinces of Ontario and Québec.
Couche-Tard enters into a merger agreement to acquire 100% of the outstanding shares of CST Brands, Inc.
(NYSE:CST) which stands as the 4th largest chain in North America with 1,146 locations in the US due to a strong
presence in Texas and 873 locations in Canada.
COMPANY HISTORY
8

A DISCIPLINED CONVENIENCE STORE OPERATOR AND INTEGRATOR
• Leading C-store operator in North America, Scandinavia, Ireland and Baltics
• Strong banners
• World class retailer with geographically diversified footprint
Broad Geographic Footprint with
Leading Market Positions
• Increasing focus on private label, fresh food products and famous for concepts
• Industry leading merchandise gross margin
Superior Product Offerings
• Proven integrator
• Well positioned to lead further consolidation in fragmented industry
• Committed to remain investment grade 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 27% Return on equity
•Significant FCF generation (2011-2016) CAGR of 23%
Powerful Financial Results
•Proven ability to extract significant synergies from acquisitions
•Transferring best practices across entire platform
Attractive Synergy Potential
•Management team with strong track record and founders have 23% equity
ownership as of April 24, 2016
•Management and Board need to hold a multiple of their salary in Shares
•Decentralized operating model
Disciplined Management Culture
9

10
EXPERIENCED MANAGEMENT TEAM
Brian P. Hannasch
President and Chief
Executive Officer
Jean Bernier
Group President Global
Fuels and North-East
Operations
Darrell Davis
Senior Vice-President,
Operations
President and Chief
Executive Officer since
2014. Previously Chief
Operating Officer since 2010
and Senior Vice-President,
U.S. Operations from 2008
to 2010.
Appointed Group President
Global Fuels and North-East
Operations on July 30, 2012.
He has over 25 years of
experience in the
convenience store, fuel and
grocery store sectors of the
retail industry.
Appointed Senior Vice-
President, Operations in
May 2012. Previously, he
had been Vice-President
Operations, Florida since
March 2011.
Geoffrey C. Haxel
Operations
January 2011. He was
formerly Vice-President,
Operations, U.S. Arizona
Region since December
2003.
Hans-Olav Høidahl
Executive Vice-President,
Scandinavia
Jørn Madsen
Executive Vice-President,
Central & Eastern Europe
Alex Miller
Senior Vice President,
Global Fuels
Appointed Executive Vice-
President, Scandinavia on
October 1, 2010. He was
formerly Vice President for
Energy Europe in the Statoil
Group since 2006.
Appointed Executive Vice-
President, Central & Eastern
Europe on October 1, 2010.
He was formerly Vice
President for country
operations in Statoil Energy
& Retail since 2007. He
joined Statoil in 1990.
President Global Fuels on
February 16, 2016.
Previously, he had been
Vice-President North
American Fuels since
October 2012. He joined
Couche-Tard in January
2012 as Director of
Operations Midwest.
Jacob Schram
Group President, European
Operations
Appointed Group President,
European Operations in
June, 2012. He was formerly
Chief Executive Officer for
Statoil Fuel & Retail from
October 1st, 2010. He joined
Statoil in 1996.
Claude Tessier
Chief Financial Officer
Dennis Tewell
Operations
Claude Tessier, CPA, CA, is
Couche-Tard’s Chief
Financial Officer since
January 2016. Beforehand,
Mr. Tessier was President of
the IGA Operations
Business Unit part of
Sobeys since 2012.
June 2013. Prior to his
current appointment, He
held the position of Vice-
President, Worldwide
Franchise as he joined
Couche-Tard in January
2011.
Alain Bouchard
Founder and Executive
Chairman of the Board
On September 24, 2014,
Mr. Bouchard stepped down
as President and Chief
Executive Officer and took
on a new role as Founder
and Executive Chairman of
the Board of Directors.

Leader in the Canadian convenience store
industry
• In Canada, the convenience store sector is
dominated by a few major players including
Couche-Tard and integrated oil companies.
Some of the later are selling, or expected to
sell their retail assets.
• In 2016, Couche-Tard signed an agreement
with Imperial Oil to acquire 279 sites in Ontario
and Quebec. These store are currently being
integrated.
Largest independent convenience store operator
in the US in terms of number of company operated
stores
• In the US, the convenience sector is
fragmented and in a consolidation phase
• Couche-Tard acquired The Pantry in March
2015, one of the largest independently
operated convenience stores in the US
• The Corporation has recently entered into a
merger agreement to acquire 100% of the
outstanding shares of CST Brands, the 4th
largest chain in North America. The transaction
is expected to close early calendar year 2017.
As of July 17, 2016.
Total network of 7,863 stores in North America
NORTH AMERICAN NETWORK
Canada US
Couche-Tard Circle K
Circle K
Mac’s (will be rebranded to
Circle K)
Kangaroo Express
(will be rebranded
to Circle K)
11

Leader in convenience store and road transportation
fuel retail in the Scandinavian and Baltic countries and
Ireland (which was acquired on February 1st, 2016)
• The European convenience store sector is often
dominated by a few major players, including
integrated oil companies. Some of these are in the
process of selling, or are expected to sell their retail
assets
• In Q1, 50 stores were transferred to our Danish
network in relation to the Shell Denmark
acquisition(1). The remaining 77 sites will be
transferred by the end of third quarter FY2017.
• Key brands:
Circle K Being rebranded from Statoil
Ingo Unmanned Scandinavian stations
Topaz Will be rebranded to Circle K
(1) In May 2016, Couche-Tard completed the acquisition of Shell Denmark. As per the requirements of the European
commission, the Corporation will retain 127 sites and divest 24 of its legacy sites. An agreement has been reached to convert all
retained sites to company-operated stores. The stores are added to the Danish network as they are transferred from Dansk Fuel.
2,708 stores in 9 countries or regions in Europe
EUROPEAN NETWORK
12

United Arab
Emirates
30
Malaysia
6
Costa Rica
1
Mexico
297
Central / South
America
Honduras
18
Egypt
4
Vietnam
169
Indonesia
514
Philippine
s
6
Hong Kong
330
China
94
Macau
28
Guam
13
Asia
INTERNATIONAL PRESENCE
More than 1,500 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 brandname
Circle K
• Agreement to convert
over 700 « Extra »
branded convenience
stores to Circle K in
Mexico by August 2017
and a minimum of 2,400
by 2030
13

CONSOLIDATED NETWORK RECAP
Canada U.S. Europe International
presence
Total
COCO(1) 1,440 4,661 1,864 - 7,965
CODO(2) - 145 375 - 520
DODO(3) - 551 469 - 1,020
Franchise/Affiliated(4) 390 676 - - 1,066
Licensed(5) - - - 1,510 1,510
Total 1,830 6,033 2,708 1,510 12,081
Of which: Automats - - 969 - 969
# With fuel 749 5,725 2,705 - 9,179
% With fuel 41% 95% 100% - 76%
(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 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.
(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.
14

Couche-Tard is a leading global convenience store operator with EBITDA of $2.4 billion(1)
• Well diversified
• Merchandise and services represent 56% of gross profits
• Focus on growing high margin categories
COUCHE-TARD – WORLD LEADER
(1) 2017 Q1 LTM, Pro forma Topaz
15

REVENUE & GROSS PROFIT
• Revenue includes road transportation fuel
revenues which is the dollar amount of sales
• Revenue can therefore change with movements
in the average selling price of road
transportation fuel
• In fiscal 2016, road transportation fuel revenue
represented about :
53% of total revenue in Canada
68% of total revenue in the US, and
76% of total revenue in Europe
• Yet, road transportation fuel gross margins
represented only about 40% of Couche-Tard’s
overall gross profit
• Gross profit represents our income after cost of
sales
CAG: Five-year compounded annual growth - fiscal 2016 over fiscal 2011
Gross Profit is the more accurate reflection of our business operations
16

2010 2011 2012 2013 2014 2015 2016
Merchandise Sales
US 2.9% 4.2% 2.7% 1.0% 3.8% 3.9% 4.6%
Europe - - - - 1.6% 2.0% 2.8%
Canada 4.8% 1.8% 2.8% 2.0% 1.9% 3.4% 2.9%
Motor Fuel Volume
US 1.0% 0.7% 0.1% 0.6% 1.7% 3.4% 6.6%
Europe - - - - 2.5% 2.4% 2.6%
Canada 3.0% 3.9% (0.9%) 0.0% 1.3% (0.1%) 0.9%
647 734 841
1 376
1 640
1 876
2 332
2010 2011 2012 2013 2014 2015 2016
2 553 2 746 2 975
4 610
4 988 5 268
6 082
2010 2011 2012 2013 2014 2015 2016
ACT - 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)
16% CAGR
Proven track record of significant growth
Same Store Sales
EBITDA Free Cash Flow (1)
24% CAGR
278 378 404
614
865
979
1 067
2010 2011 2012 2013 2014 2015 2016
25% CAGR
17

STOCK PERFORMANCE – COMPARED TO PUBLIC
COMPETITORS AND RETAIL INDUSTRY
Source: Reuters. As of August 26, 2016.
18

AMBITIONS &
STRATEGY

OUR VISION
TO BECOME THE WORLD’S
PREFERED DESTINATION FOR
CONVENIENCE AND FUEL
20

OUR GLOBAL BRAND
GET HIGH
DEF
21

GLOBAL CIRCLE K BRAND
• On September 22, 2015, Couche-Tard announced the creation of a new, global convenience brand, “Circle KTM”
• The existing Circle K is already Couche-Tard’s largest and most international brand. It can be seen today serving the needs of customers in
16 countries around the world
• The new Circle K brand will replace the existing brands
• Circle K®
• Statoil®
• Mac’s®
• Kangaroo Express®
• Topaz®
• Couche-Tard has chosen to retain the company’s founding Couche-Tard retail brand in the province of Québec, Canada
• The rollout will take place progressively across the US, Scandinavia, Central and Eastern Europe and Canada
• The new Circle K brand will also appear on licensed stores worldwide
• The Company’s goal in the coming years is to have a single convenience retail brand across our worldwide network
• Very pragmatic approach: Couche-Tard will be rebranding stores as part of its normal cycle of store refreshes
• Prioritization of recent acquisitions, such as The Pantry, as well as those for which Couche-Tard is under contractual obligations to rebrand,
such as the Statoil sites in Europe
• A total of 247 stores in Europe and 477 stores in North America are now proudly displaying our new global convenience brand Circle K.
Before After Before After
22

REBRANDING STATUS
As of Q1 2016, 477 stores in North America and 247 stores in Europe
had been rebranded with our new global convenience brand Circle K.
23

SUPER GLOBAL
SUPER LOCAL
NEW GLOBAL BRAND – SAME APPROACH TO SERVING OUR
CUSTOMERS
24

THE PROMISE BEHIND THE BRAND
25

MAKING IT EASY BRAND PILLARS SUPPORTING OUR PROMISE
26

Recruitment
& Hiring
Employee
engagement
Employee
turnover
Service
standards
Training Physical
appearance
BRAND PILLARS – FAST & FRIENDLY SERVICE
27

BRAND PILLARS – EASY VISTS
Clean
#2 reason impacting
shoppers’ decision of
which c-store to visit
(after location)
In-stock
Out-of-stock is #1 reason
for missed sale in c-
stores
Fast transaction
88% of US adults want
their store checkout
experience to be faster
Predictable in-store and forecourt experience
Source Convenience store news
28

BRAND PILLARS – PRODUCTS FOR PEOPLE ON THE GO
Food
Hot
Dispensed
Beverages
Cold
Dispensed
Beverages
Car Wash
Private
Label
Fuel
29

PRIVATE LABEL
Better value proposition to customers
Higher penny profit
Increased Circle K brand awarness
31

FUEL
Consumer
experience
Payment &
Loyalty
Product
Differentiation
Pricing
Pillars
32

NETWORK
DEVELOPMENT

NEW FORMAT DEVELOPMENT
Larger fuel offering
Food service expansion
High traffic locations
Focus on site layouts & critical dimensions
Circle K Branded store & customized fuel branding
Standardization of building, interior layout & image
34

NEW SITES
We completed the
construction,
relocation or
reconstruction of 93
stores during
fiscal 2016
35

VALUE CREATION
AND FINANCIAL
REVIEW

Value Drivers
Protect Value & Enable
Growth
OUR FOUR PILLARS OF VALUE CREATION – THE EQUATION
Organic
Growth
Acquisitions
Cost
Discipline
Capital
Structure &
Financial
Discipline
Value
Creation
37

Focus on
customers’
needs and
respond to
market trends
Emphasize on
key categories
– Food, coffee,
cold
beverages, fuel
and car wash
Innovation and
technology
Execution
Continuous
improvement
Private label
Branding
Construction,
relocation or
reconstruction
of stores
ORGANIC GROWTH
Organic
Growth
38

Organic
Growth
Europe SSS
+2.8%
Europe SSV
+2.6%
US
SSS
+4.6%
US
SSV
+6.6%
Canada
SSS
+2.9%
Canada
SSV
+0.9%
ORGANIC – FISCAL 2016 TOP-LINE GROWTH THROUGHOUT
SSV: Same-store volume
SSS: Same-store merchandise sales
39

CAG: Compounded Annual Growth
ORGANIC – SUSTAINABLE TOP-LINE GROWTH
6,222 6,599
7,596 7,953 8,276
10,072
2011 2012 2013 2014 2015 2016
Merchandise & Service Sales
(millions of US dollars)
10% CAG
4,195
4,613
6,945
7,626 8,135
10,502
2011 2012 2013 2014 2015 2016
Road Transportation Fuel Volume
(millions of gallons)
20% CAG
-10%
0%
10%
2011 2012 2013 2014 2015 2016
Road Transportation Fuel
Same-Store Volume
US Europe Canada
0%
5%
2011 2012 2013 2014 2015 2016
Same-store Merchandise
Revenues
US Europe Canada
40

Organic
Growth
Europe
42.5%
+1.3%
United
States
33.3%
+0.4%
Canada
32.8%
-0.1%
ORGANIC GROWTH – FISCAL 2016 MERCHANDISE & SERVICE MARGIN
IMPROVEMENTS
41

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
U.S. Fuel Margins (CPG) (1) Canadian Fuel Margins (CPL) (1) Norwegian Fuel Margins (NOK PL) (2)
Swedish Fuel Margins (SEK PL) (2) Danish Fuel Margins (DKK PL)
(2)
U.S. Market (1)
(1) For company-operated stores only.
(2) For total network
42

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
ACT Historical US Fuel Margins (CPG)
+2.9 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
US Industry Historical Fuel Margins
(CPG)
ACT: Fiscal Year / Industry: Calendar Year
Sources: 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
43

Smart,
disciplined
acquisition
strategy –
Spotting the right
opportunities and
striking the right
deals at the right
price
Spot the right
opportunities
Strike the right
deal at the right
price
Swift and
efficient
integration
Realization of
available
synergies
Deleveraging
ACQUISITIONS
Acquisitions
44

PROVEN TRACK RECORD OF SUCCESSFUL ACQUISITIONSRevenue($)
Debt/
Adjusted
EBITDA (1)
Stores
Acquired
Agreement signed for additional stores acquisition in 2017 77
Winners
3.1
1,706 45
1.5
75 421 46 107 70 47 326
1.2 1.8 1.7 1.3 1.1 0.7 0.8
2,506
2.4 (2) (3)
166
1.6 (3)
1,660
1.5 (3) (4)
515
1.2 (3) (4)
(1) Represents Total Debt/ Adjusted EBITDA. Presented on a pro forma basis.
(2) Including full-year results for SFR. 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.
(4) Pro forma The Pantry for 2015 and Topaz for 2016.
Pump N Shop
Sterling
Stores
Compac
Food Stores
Garvin oil
279
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Q1 YTD
23
51
1.2 (3) (4)
45

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
(1) Pro forma The Pantry
(2) Pro forma Topaz.
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
F2004 F2005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 Pro Forma F2013 F2014 F2015 (1) F2016 (2)
Adj.NetDebt/Adj.EBITDAR
Circle K Acquisition No Transformational Acquisition SFR Acquisition
The Pantry
Acquisition
2,453 Stores Acquired 1,017 Stores Acquired
2,299 Stores
Acquired
1,547 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
$804M
Acquisition
46

Acquisitions
Topaz
444 sites
Shell
Danemark
127 sites
The Pantry
1,559 sites
Imperial Oil
Canada
277 sites
CST Brands
1,296 sites
Small
Acquisitions
295 sites
ACQUISITIONS AT FULL SPEED
Nearly 4,000 sites added to our network
through acquisitions over the last 18 months
(announced or completed)
Synergies Statoil Fuel and Retail
•Target: $150M - $200M
•Realized: >$200M
Synergies The Pantry
•Target for the first 24 months: $125M
•Current run-rate $111M for the first 18 months
Synergies CST Brands
•Initial target of $150M –$200M
47

Cost Control
Disciplined
Culture
Continuous
Benchmarking
Sharing of
Best Practices
Cost Efficient
Systems
Economies of
Scale
Scalable
Organization,
Systems &
Processes
5-year Average : +0.9%
COST CONTROL – PART OF OUR DNA
1,7%
1,9%
-0,9%
0,2%
0,8%
1,5%
2011 2012 2013 2014 2015 2016
Year-over-year expense
growth
48

Competitive
cost of debt
Well spread
maturities
Access to
liquidities –
Cash and
credit
facilities
Careful
Allocation of
Capital
Dividend
growth
Disposal of
non-core
assets
Rapid
deleveraging
after
acquisitions
CAPITAL STRUCTURE & FINANCIAL DISCIPLINE
Cost
Discipline
49

STRONG EBITDA TO FCF CONVERSION
CAG: Five-year compounded annual growth - fiscal 2016 over fiscal 2011.
(1) 2015 Free cash flow includes the proceeds from the disposal of the aviation fuel business.
(2) 2016 Free cash flow includes the proceeds from the disposal of the lubricants business.
• Year after year, Couche-Tard generates strong cash flow from its operations, which allows rapid
deleveraging and leads to a strong credit profile
• This enables Couche-Tard to be in a strong financial position to consider opportunities for
business acquisitions
23% CAG
50
Capital Investment primarily
consists of the investment in
property and equipment net of
disposals and the ongoing
improvement of our network:
• Construction of new stores
• Relocation and construction of
existing stores
• Replacement of equipment
• Information technology
• Rebranding
2016 increased significantly
because of the integration of more
than 1,500 Pantry stores.
Capex spend has averaged about
30% of EBITDA since 2011
Stay in business capital represents
less than 10% of EBITDA. Large
majority of capex spend is income
producing.

STRONG CAPITAL STRUCTURE & FINANCIAL DISCIPLINE
Capital
Structure &
Financial
Discipline
Adjusted
Leverage
Ratio
1.90:1
Investment
Grade Credit
Profile
€750M of
senior
unsecured
notes
$621M in
Cash
~$2.5 Billion
available
under credit
facilities
Free Cash
Flow
~$1 Billion
Average Cost
of Debt
2.4 %
378 404
614
865
979
1 067
1 089
2011 2012 2013 2014 2015 2016 LTM
5-year
compounded
annual growth
+23 %
Free Cash Flow
(in million dollars US)
Standard&Poors: BBB (Stable) Moody’s: Baa2 (Stable)
51

Value
Creation
RESULT OF THE VALUE CREATION EQUATION : ADJUSTED DILUTED
EARNINGS PER SHARE AND RETURN ON EQUITY GROWTH
0.67
0.81
1.11
1.35
1.79
2.09
2011 2012 2013 2014 2015 2016
Adjusted Diluted
Earnings per Share -
Diluted (USD)
5-year
compounded
annual growth
+26 %
20.3%
22.0% 21.5% 22.6%
24.9%
27.0%
2011 2012 2013 2014 2015 2016
Return on Equity
52

33
50 56
65
87
104
2011 2012 2013 2014 2015 2016
Dividends Paid – US Millions
5-year
compounded
annual growth
+26%
Quarterly dividend increased
twice during fiscal 2016, from
CA5.50¢ per share to CA7.75¢
per share, an increase of 41%
Value
Creation
RESULT OF THE VALUE CREATION EQUATION : DIVIDEND GROWTH
53

Value
Creation
RESULT OF THE VALUE CREATION EQUATION : STOCK VALUE GROWTH
Value
Creation
54

Q1-2016
Merchandise same-store revenues
United States +2.4 %
Europe +4.9 %
Canada +0.9 %
Road transportation fuel same-store volume
United States +2.5 %
Europe +0.9 %
Canada +0.6 %
Adjusted EBITDA $616M / +12 %
Adjusted Diluted Earnings per Share $0.58 / +14 %
Declared dividend per share 7.75 ¢ CA / +41 %
Q1 SNAPSHOT – CONTINUED GROWTH
55

ACQUISITIONS
Value Creation

SHELL DENMARK SNAPSHOT
• In March 2015, Couche-Tard announced an agreement to acquire 315 service stations in Denmark
• The agreement also included Shell’s commercial fuel business and Shell’s aviation fuel business in
Denmark
• Great strategic fit for Couche-Tard’s business in Denmark
• On May 1, 2016, Couche-Tard completed the acquisition of all the shares of Dansk Fuel A/S (“Dansk Fuel”)
from A/S Dansk Shell, comprising 315 service stations, a commercial fuel business and an aviation fuel
business all located in Denmark. As per the requirements of the European commission, Couche-Tard will
retain 127 sites, of which 82 are owned and 45 are leased from third parties and will divest the remaining of
the Dansk Fuel business in addition to 24 of its legacy sites
• The stores are added to Couche-Tard’s Danish network as they are transferred from Dansk Fuel AS. In Q1
2017, 50 stores were transferred to our Danish network and the remaining 77 sites will be transferred by the
end of third quarter FY2017
• Dealers store to be converted into company-operated stores (COCO)
57

TOPAZ SNAPSHOT
• Acquisition closed February 1, 2016
• Topaz is the leading convenience and fuel retailer in Ireland, made up of 444 stations including its recently
acquired Esso station network
• 158 sites are operated by Topaz and 286 by dealers. Topaz owns underlying real estate for about 100 sites
• Also includes commercial fuels operation, with two owned terminals and over 30 depots
• Extensive and attractive convenience and fuel network, with good locations, quality forecourts and stores,
an excellent food offering and very professional teams
• Allows Couche-Tard to expand its geographic footprint into what, today, is one of Europe’s best performing
economies
• Great strategic fit for Couche-Tard, strengthening its position in Western Europe
• Superior growth anticipated in in-store sales and fuel volume through the improvement of operations;
sharing of business awareness and each company’s best practices; and better supply conditions
• Expected cost reduction synergies from integration into existing European platform
58

ESSO CANADA SNAPSHOT
• On March 8, 2016, Couche-Tard announced an agreement to acquire 279 Esso-branded fuel and
convenience sites in Canada
• 229 sites are located in the province of Ontario, the majority of which in the Greater Toronto Area
• 50 sites are located in the province of Québec, in the Greater Montréal Area
• The agreement also includes 13 land banks and two dealer sites, as well as a long-term supply agreement
for Esso branded fuel
• Allows Couche-Tard to expand it’s geographic footprint into the Greater Toronto Area and the Montréal Area
• Great strategic fit for Couche-Tard and it would strengthen its position in Canada
• Strong underlying real estate value
• Transaction has been approved by the Canadian Competition Bureau for 277 sites. 2 sites will need to be
sold
• The stores are currently in the process of being integrated
59

CST CASE STUDY

TRANSACTION SUMMARY
61
• 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 Parkland Fuel 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

CST OVERVIEW
Gross Profits (2)
51%45%
4%
Merch. & Serv.
Fuel
73%
27%
US Canada
• 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
• 4th largest chain in North America, with
• 1,146 locations in the US (1)
• 873 locations in Canada + Commercial & Home Heat business
• Owns underlying real estate for approximately 1,000 sites (800 in the
US and 200 in Canada) (1)
• Last-twelve month period ended June 30, 2016 reported EBITDA of
US$433M
• 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
• CST owns an investment in CrossAmerica Partners LP, an MLP
focused on fuel wholesale and property rental
• CST controls the general partner of CrossAmerica Partners LP
and owns 100% of the Incentive Distribution Rights
• CST holds a 19% equity/economic stake worth ~ $150 million
Total Per Site
Motor fuel gallons (2) 3.0 billion ~1.5 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.
62

Significant
Synergies
Potential
• 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
Strategic
Importance
• Unique opportunity to acquire
one of few remaining potential
North American public targets
exceeding 1,000 stores
• ACT to exceed 10,000 North
American stores (including Esso
Canada)
• Increased scale and leverage to
create brand awareness and
take advantage of merchandise
and fuel procurement
opportunities
HIGHLIGHTS OF THE TRANSACTION
63

CST RETAIL NETWORK
US Network
Canadian
Network
1,146
company
operated
sites
-305 company
operated sites
-72 cardlock
sites
-496
commission
agents sites
As of June 30, 2016. US Network pro forma sale of 79 sites in California and Wyoming.
64

PRO FORMA NORTH AMERICA FOOTPRINT
• COUCHE-TARD
 US: 6,052
 Canada: 1,836
• CST (1)
 US: 1,140
 Canada: 873 (2)
• Esso Canada
 Ontario: 229
 Quebec: 50
• Total
 US: 7,192
 Canada: 2,988
 North America: 10,180
CST acquisition will allow ACT to
further diversify its operations and
cash flow with a stronger presence
in Texas, a fast growing and
business friendly state.
57
648
13
7
37
2
31
26
15
15
0
17
9
32
15
4
53
6
(1) As of June 30, 2016, pro forma sale of California and Wyoming sites.
Excludes CrossAmerica Parners LP
(2) Not taking into account subsequent sale of certain Canadian assets
(3) CST site count on map is as of December 31, 2015 , pro forma sale of
California and Wyoming sites. Does not take into account subsequent sale of
certain Canadian assets
65

Revenues 38.4 9.3 47.7
% of total 81% 19% 100%
GP 6.5 1.3 7.8
% of total 83% 17% 100%
Adj. EBITDA 2.5 0.4 2.9
Store network 12,453 (3) 2,013 14,466
83%
14%
3%
PRO FORMA PROFILE - FINANCIAL
Couche-Tard to strengthen its leadership position as a global convenience store operator with pro forma EBITDA of $2.9B
(billions of US Dollars)
At Closing
Pro Forma
Pre-synergies EBITDA Contribution
5%
(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.
(1)
(2)
66

PRO FORMA PROFILE – GROSS PROFITS BREAKDOWN
Canada
12%
United
States
63%
Europe
25%
Canada
27%
United
States
73%
Canada
100%
Pro Forma
By
Geography
By
Products Merch. &
Services
55%
Fuel
42%
Others
3%
Merch. &
Services
51%
Fuel
45%
Others
4%
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.
Canada
17%
United
States
63%
Europe
20%
Merch. &
Services
52%
Fuel
44%
Others
4%
Merch. &
Services
1%
Fuel
68%
Others
31%
(1) (2)
67

$150M-
$200M in
pre-tax cost
synergies
Merchandise
Supply Costs
Fuel
Sourcing &
Distribution
Costs
Operating
Expenses
and
Overhead
EXCEPTIONAL SYNERGIES POTENTIAL
COST SYNERGIES
Increased brand
penetration and
awareness
Leveraging key
consumer
Value drivers,
e.g. loyalty,
digital marketing, etc
Leveraging
best practices and
cross-
learning opportunities
TOP-LINE SYNERGIES
68

Evaluate
talent pool
and secure
key
employees
Sale of CST
Canadian
assets
Integrate
operations &
eliminate
redundant
costs
Integrate
support
functions,
technology
and systems
& eliminate
redundant
costs
Roll-out key
programs–
Polar Pop,
Simply
Great
Coffee,
ATMs, etc.
Rebrand to
Circle K/
Couche-
Tard
Transfer
CST to
existing
ACT non-
fuel
agreements
to unlock
procurement
synergies
Re-
negotiate
ACT
existing
agreements
to leverage
increased
scale
Review
distribution
strategy
INTEGRATION STRATEGY
Well planned and efficient integration strategy – Similar to The Pantry
Build optimal strategy for CrossAmerica Partners LP
69

FORECASTS
986
798
1 208
1 437
1 489 1 544
FY16 Y1 Y2 Y3 Y4 Y5
Adj. Free cash flow
(1)(3)
9% CAGR
2,0
3,5
3,1
2,6 2,2
1,8
1,4
FY16 PF Y1 Y2 Y3 Y4 Y5
Leverage (2)(3)
(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.
(3) Before the anticipated effect of the sale of certain Canadian assets.
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
70

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
(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 Canadian assets.
Couche-Tard is committed to reducing its Adj. Net Debt / EBITDAR below 3.0x within 24 months
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
3,5
2,6
F2004 F2005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 Pro Forma F2013 F2014 F2015 (1) F2016 (2) Pro Forma
(4)
18-24
months
Adj.NetDebt/Adj.EBITDAR
Circle K Acquisition No Transformational Acquisition SFR Acquisition
The Pantry
Acquisition
CST & Esso
Acquisitions
2,453 Stores Acquired 1,017 Stores Acquired
2,299 Stores
Acquired
1,547 Stores
Acquired
2,298 Stores
Acquired
Rapid deleveraging
after
transformational
acquisition
Strong credit metrics for several years
Leverage post SFR
acquisition lower than
Circle K
$3.6 B
Acquisition
$1.7 B
Acquisition
$804 M
Acquisition
$6.0 B
Acquisitions
71

STRONG FINANCING PLAN
 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
72

CROSS AMERICA
• ACT brings CrossAmerica:
• Continuity with a sponsor whose management culture is aligned with
CrossAmerica
– Disciplined operator with best practices in acquisitions and integration
– Strong and consistent financial performance throughout all economic cycles
– Heightened focus on growing Free Cash Flow, with particular expertise in cost management
– Well capitalized with solid balance sheet
– Well positioned to lead further consolidation in fragmented industry
• Scale and global reach provides additional operational benefits
– Further strengthens relationship with many of our key suppliers
– Many turnkey branding and franchise programs that can complement dealer offerings
• Supports dealer health, which impacts fuel volume growth and additional rental income
potential
• Wholesale operations with complementary geographic reach
74

CONCLUSION
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
Poised for growth: Store network growth of more than 40%
through closed and annouced acquisitions over the last 18
months
75

Couche-Tard-Investors-Presentation-Q1-2017-October

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