BMO 2017 High Yield Conference Toronto October 5, parkland.ca

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1 BMO 2017 High Yield Conference Toronto October 5, 2017 parkland.ca

2 FORWARD LOOKING STATEMENT DISCLAIMER & NOTE ON NON GAAP MEASURES Certain information included herein is forward-looking. Many of these forward looking statements can be identified by words such as believe, expects, expected, will, intends, projects, projected, anticipates, estimates, continues, "objective" or similar words and include, but are not limited to, statements regarding Parkland s expectation of its future financial position, business and growth strategies and objectives, sources of growth, capital expenditures, financial results, future financing and the terms thereof, future acquisitions and the efficiencies to be derived therefrom, Parkland's leverage pro forma the CCL Transaction (as defined herein), the contribution to EBITDA and/or Adjusted EBITDA and/or Normalized EBITDA (as defined herein) from the CCL Transaction and/or the CST Transaction (as defined herein), the pro forma site counts, volumes, and gross margins expected to be derived from the CCL Transaction and, where applicable, the CST Transaction. Unless otherwise stated or the context dictates otherwise, the financial outlook and forward looking metrics contained in this presentation exclude potential import/export synergies and are based on the following assumptions, as applicable, including but not limited to: (i) Parkland securing sufficient supply of crude oil, including sufficient access to linespace on the Trans Mountain pipeline; (ii) refining and marketing margins in Metro Vancouver, Vancouver Island, and the BC Interior remaining consistent with historic norms; (iii) conducting the 2018 Burnaby Refinery (as defined herein) turnaround as planned in Q1 2018; (iv) maintaining the assets within the forecasted budget for capital expenditures, particularly those relating to the Burnaby Refinery; (v) operating the Burnaby Refinery with no unplanned extended outage; (vi) operating the Burnaby Refinery at a utilization rate within historic norms, including in respect of fluctuations of refining gross margins, and planned maintenance downtime and associated expenses. Parkland believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward looking statements should not be unduly relied upon. The forward-looking statements contained herein are based upon certain assumptions and factors including, without limitation: historical trends, current and future economic and financial conditions, and expected future developments. Parkland believes such assumptions and factors are reasonably accurate at the time of preparing this presentation. However, forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some of which are described in Parkland s annual information form and other continuous disclosure documents. Such forward-looking statements necessarily involve known and unknown risks and uncertainties and other factors, which may cause Parkland s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. Such factors include, but are not limited to, risks associated with: the failure to achieve the anticipated benefits of acquisitions, including the acquisition of Chevron Canada R&M ULC (the "CCL Transaction") of which the assets include: i) 129 Chevron branded retail service stations, ii) 37 cardlock locations, iii) a wholesale aviation business serving the Vancouver International Airport, and iv) terminals located in Burnaby, Hatch Point, and Port Hardy (collectively, the Marketing Business ) which are integrated with and supported by a refinery in Burnaby, British Columbia (the Burnaby Refinery and together with the Marketing Business, the Acquired Business ); the acquisition of the majority of the Canadian assets of CST Brands, Inc. ( CST ) from Alimentation Couche-Tard Inc. (the CST Transaction ); the operations of the Burnaby Refinery assets including compliance with all necessary regulations; competitive action by other companies; refining and marketing margins; the ability to cost-effectively secure sufficient supply of crude oil and other raw materials, including sufficient access to linespace on the Trans Mountain pipeline; the ability of suppliers to meet commitments; the ability to conduct the 2018 Burnaby Refinery turnaround as planned in Q1 2018; the ability of management to maintain the assets within the forecasted budget for capital expenditures, particularly those relating to the Burnaby Refinery; the ability to maintain productive relationships with the labour unions (Unifor and Teamsters) that represent the majority of the employees at the Burnaby Refinery; failure to obtain necessary regulatory or other third party consents and approvals required to complete the CCL Transaction; failure to complete the CCL Transaction, failure to meet financial, operational and strategic objectives and plans; general economic, market and business conditions; industry capacity, failure to realize anticipated synergies from CST Transaction and/or CCL Transaction; the operations of Parkland s assets, actions by governmental authorities and other regulators including increases in taxes; changes and developments in environmental and other regulations; and other factors, many of which are beyond the control of Parkland. If Parkland is unable to complete the CCL Transaction there could be a material adverse impact on Parkland and on the value of its securities. Readers are directed to, and are encouraged to read, Parkland s management discussion and analysis for the six-month period ended June 30, 2017 (the Q2 MD&A ), and year ended December 31, 2016 (the Annual MD&A ) including the disclosure contained under the heading Risk Factors therein. The Q2 MD&A is available by accessing Parkland s profile on SEDAR at and such information is incorporated by reference herein. Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. Additionally, readers are directed to, and encouraged to read, the Adjusted EBITDA section of Parkland s press release dated August 2nd, 2017 and the 2017 Adjusted EBITDA Guidance Range section of Parkland s press release dated August 2, This presentation refers to certain financial measures that are not determined in accordance with International Financial Reporting Standards ( IFRS ). Distributable Cash Flow, Distributable cash flow per share, Payout Ratio, Earnings Per Share, Normalized EBITDA, Normalized Run-rate EBITDA, Senior Funded Debt and Total Funded Debt to Credit Facility EBITDA are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. Adjusted EBITDA is a measure of segment profit. See Section 12 of the Annual MD&A and Note 24 of the Annual Consolidated Financial Statements for a reconciliation of these measures of segment profit. Normalized EBITDA is management s estimate of the annualized five-year average EBITDA of the Acquired Business post-2018 turnaround, based on the annualized average historical EBITDA of the Acquired EBITDA from and is subject to the material factors and assumptions noted above as well as management s assumptions regarding: i) crude oil costs and refined product pricing for the future period (refined product pricing is driven by refined product supply and demand in Metro Vancouver); and ii) expenses in connection with routine turnarounds temporarily increasing operating expenses and decreasing throughput and revenue. Management considers these to be important supplemental measures of Parkland s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in its industries. Normalized EBITDA in respect of the assets acquired in the CCL Transaction has been determined in a manner consistent with the manner in which Parkland determines EBITDA for reporting purposes over the periods referred to. See Adjusted EBITDA in Parkland s Annual MD&A for a reconciliation of Adjusted EBITDA to net earnings. Distributable cash flow is used to assess the level of cash flow generated from ongoing operations and to evaluate the adequacy of internally generated cash flow to fund dividends. See Distributable Cash Flow in Parkland s Annual MD&A for a reconciliation of distributable cash flow to cash flow from operating activities, the IFRS measure most directly comparable to distributable cash flow. See Non- GAAP financial measures, reconciliations and advisories section of the Annual MD&A. Investors are encouraged to evaluate each adjustment and the reasons Parkland considers it appropriate for supplemental analysis. Investors are cautioned, however, that these measures should not be construed as an alternative to net income determined in accordance with IFRS as an indication of Parkland s performance. The financial measures that are not determined in accordance with IFRS in this presentation are expressly qualified by this cautionary statement. Additionally, the estimated annual Adjusted EBITDA contribution from the assets Parkland will acquire pursuant to the CCL Transaction and/or business acquired in the CST Transaction is based on the financial statements of CCL and CST respectively, which were prepared in accordance with United States (U.S.) generally accepted accounting principles (U.S. GAAP) and converted to Canadian dollars at averaged historical exchange rates on a quarterly basis. 2

3 PARKLAND CONSISTENTLY DELIVERS SHAREHOLDER VALUE PROVEN TRACK RECORD SUBSTANTIAL OPPORTUNITY EXISTS TO BUILD SHAREHOLDER VALUE RESILIENT CASH FLOW UNIQUE SUPPLY CAPABILITY STRONG FINANCIAL POSITION 3

4 PARKLAND IS CANADA S LARGEST INDEPENDENT FUEL MARKETER CURRENT OPERATING SUMMARY $310 - $340MM 2017E Adjusted EBITDA(1) 14.4BL 1,730 TTM Volume(2) Retail Stations POST ACQUISITIONS OPERATING SUMMARY Pro Forma CCL + CST Transaction (3) ~$660MM Estimated Normalized Adjusted EBITDA(4) ~1,860 Retail Stations ~16.7BL Est. Annual Volumes See the Additional Guidance Considerations section of Parkland s press release dated August 2, 2017 Includes Q TTM volumes for Parkland Fuel Corporation and YE 2016 volumes for CST assets acquired. Acquisition of all the shares of Chevron Canada R&M ULC from Chevron Canada Limited ( CCL ) is expected to close in Q Acquisition of the majority of the Canadian business and assets of CST Brands Inc. from Aliementation Couche Tarde was completed on June 28, Normalized EBITDA includes: 2016 Adjusted EBITDA (C$254 million) + the mid-point of management's guidance range of Adjusted EBITDA contribution from the CST Transaction (C$110 million) + management estimates of the anticipated run-rate synergies from the CST Transaction (C$25 million) + management estimates of Normalized EBITDA from the CCL Transaction (C$230 million) + management estimates of the mid-point of anticipated run-rate synergies from the CCL Transaction (C$43 million).

5 PARKLAND GOES TO MARKET THROUGH THREE CHANNELS: RETAIL, WHOLESALE AND COMMERCIAL BUY MOVE SELL RETAIL CHANNEL CORPORATE REFINERIES DEALER WHOLESALE CHANNEL STORAGE RESELLER IMPORTERS COMMERCIAL CHANNEL INDUSTRIAL HOME HEAT 5 PRODUCERS

6 PARKLAND REPORTS ITS CORE BUSINESS PERFORMANCE THROUGH FOUR BUSINESS UNITS 2016 Adjusted EBITDA (1) : $138.8M # of Sites (2) : 1, Volume: 3.7B litres 2016 Adjusted EBITDA (1) : $49.2M 2016 Volume: 1.4B litres RETAIL COMMERCIAL FUELS 2016 Adjusted EBITDA (1) : $96.7M 2016 Volume: 4.4B litres 2016 Adjusted EBITDA (1) : $15.4M 2016 Volume: 0.9B litres SUPPLY & WHOLESALE PARKLAND USA 6 1. Measure of 2016 Adjusted EBITDA. See the Segment Information note of the YE 2016 Financial Statements for reconciliation. 2. # of Retail sites as of June 30,2017

7 PARKLAND S STRATEGY GROW ORGANICALLY 3 5% growth p.a. ENABLING OUR PEOPLE TO SUCCEED SUPPLY ADVANTAGE Make benefit outpace volume growth 7 ACQUIRE PRUDENTLY Achieve synergies

8 FUELING ORGANIC GROWTH POSITIONS PARKLAND TO EXCEED INDUSTRY GROWTH 3 5% PARKLAND ANNUAL EBITDA GROWTH TARGET Organic Growth Focus on fore-court to back-court conversion Improve merchandising and customer experience Expand into geographic white space and broaden product offer Investment in trucking and routing optimization technologies Continue to build refiner relationships Increase the number of storage and distribution locations RETAIL COMMERCIAL SUPPLY & WHOLESALE 8

9 PARKLAND S SUPPLY ADVANTAGE IS A KEY DIFFERENTIATOR Supply Advantage Create Advantaged Supply Capture Market Inefficiencies Partner of Choice to Refiners Storage Rail Demand Planning Balance Sheet Balanced Barrel Volume Growth Optionality Scale 9

10 A TRACK RECORD OF STRATEGICALLY ATTRACTIVE ACQUISITIONS Acquire % 280 February 2013 April 2013 January 2014 April 2014 April 2015 June 2015 April 2016 May 2016 July 2016 September 2016 October 2016 December 2016 Q Q (3) Other Sparlings ERM Parkland USA Pioneer sites Stony Propane 11 sites CST 110 Parkland USA 12 sites The Propane Guys 3 Retail stations in Wyoming Acquired Adjusted EBITDA 1 Anticipated Run Rate Adjusted EBITDA is a measure of segmented profit. See the Non-GAAP Financial Measures, Reconciliations and Advisories section of Parkland s most recent MD&A. 2. Anticipated Run Rate: Management s estimate of the annual Adjusted EBITDA these businesses will achieve on a go-forward basis assuming such acquisitions maintain historical performance and Parkland is able to implement synergies consistent with it s past performance. 3. The CCL Acquisition is anticipated to close in Q4, 2017.

11 PIONEER INTEGRATION YEAR ONE SYNERGIES TRACKED SIGNIFICANTLY AHEAD OF BUSINESS CASE OVERALL SYNERGY TARGETS BEING MATERIALLY ACHIEVED WITHIN YEAR ONE Acquire Supply 1 +68% Operations +8% Back Office +12% Synergy performance versus year one business case (Year one defined as July 2015 to June 2016)

12 CST ACQUISITION ADDS MEANINGFUL SCALE AND EXPANDS PARKLAND S RETAIL BUSINESS INTO QUEBEC AND ATLANTIC CANADA. Parkland completed the acquisition of the majority of CST s Canadian Assets on June 28, 2017 The acquisition adds: ~3.5BL of annual fuel volume Between $105M and $115M in estimated annual Adjusted EBITDA before synergies1 Purchase price of approximately $975M 495 Dealer and Commissioned Agent retail sites 159 company-operated retail sites; representing ~45% of the expected company-operated retail fuel EBITDA 73 Commercial Cardlock sites 30 Commercial and Home Heat sites A corporate presence in Montreal with a French-language support structure This Acquisition Provides Critical Mass in Quebec and Atlantic Canada Parkland Canada Retail Presence Pre CST Retail Presence of Acquired Assets Parkland Retail Presence Post CST Adjusted EBITDA contribution was a management estimate based on information and financial statements related to the acquired assets which were available to Parkland prior to the closing of the CST Transaction. Acquire

13 CST ACQUISITION SYNERGY OPPORTUNITIES THROUGH INCREASED SCALE AND JOINT CAPABILITIES Acquire ATTRACTIVE SYNERGY OPPORTUNITIES 20% 1 + of Acquired Adj. EBITDA 2 Leveraging the best non-fuel capabilities of both businesses Improved non-fuel purchasing due to increased scale Optimizing the pro forma network and operating model Synergies Outside the 20% 1 + Acquired Adj. EBITDA 2 C-store revenue (private label, fresh food offering) Potential supply synergies Expand product offering Synergies: Management s estimate of the annual Adjusted EBITDA these businesses will achieve on a go-forward basis assuming such acquisitions maintain historical performance and Parkland is able to implement certain synergies and achieve expected organic growth with the acquired assets. 2. Adjusted EBITDA is a measure of segmented profit. See the Non-GAAP Financial Measures, Reconciliations, and Advisories section of Parkland s most recent MD&A for reconciliation.

14 ACQUIRING CHEVRON CANADA S DOWNSTREAM ASSETS IS HIGHLY ALIGNED WITH PARKLAND S STRATEGY Strategic Rationale for the Chevron Transaction Parkland s Strategy 1 Acquire the strongest Retail, Commercial and Wholesale businesses in BC with exclusive use of the Chevron brand (1) to facilitate continued organic growth GROW ORGANICALLY ENABLING OUR PEOPLE TO SUCCEED SUPPLY ADVANTAGE 2 Acquire the premier Supply assets in the BC market, which are ideally matched with the Retail, Commercial, and Wholesale businesses ACQUIRE PRUDENTLY 3 Own key supply infrastructure (terminals and refinery with pipeline access) to further build Parkland s supply advantage and facilitate Parkland s marine and pipeline logistics capabilities 4 The CCL Transaction provides significant opportunity for Parkland to achieve material synergies and create substantial value Exclusivity does not include lubricants

15 TWO SIGNIFICANT TRANSACTIONS ARE EXPECTED TO SOLIDIFY PARKLAND AS CANADA S LARGEST FUEL RETAILER Parkland Pro Forma the CST and CCL Transactions Strategic Outcomes GROW ORGANICALLY SUPPLY ADVANTAGE Retail Service Stations Corporate (1) Dealer 1,260-1,260 Total 1, ,859 Commercial Cardlock Locations Marine Service Stations Supply and Wholesale Refining Operations Terminal Operations Bulk Fuel Sales Aviation Fuel Sales Combined Annual Fuel Volume Annual Fuel Volume (BL) 14.4 (2) Aggregate % change +27% +7% +23% +17% ACQUIRE PRUDENTLY Largest Canadian fuel marketer by site count with network spanning across the country One of the largest convenience store footprints in Canada (3) Entry into new attractive markets in BC, including a strong urban footprint Includes Company Owned Retailer Operated sites ("CORO") and Company Owned Company Operated sites ("COCO"). 2. Includes Q TTM volumes for Parkland Fuel Corporation and YE 2016 volumes for CST assets acquired. 3. Includes OTR franchisees

16 PARKLAND WILL CONTINUE TO BENEFIT FROM STABLE, DIVERSE AND GROWING ADJUSTED EBITDA C$ millions 230 (3) 43 (4) ~660 (5) 110 (1) 25 (2) 254 (1) Base Business Pro Forma CST Transaction CST Transaction Run-Rate Synergies CCL Transaction Normalized EBITDA CCL Transaction Run-Rate Synergies Parkland Pro Forma CST and CCL Transactions 16 (1) 2016 Adjusted EBITDA (C$254 million) + the mid-point of management's guidance range of EBITDA contribution from the CST Transaction (C$110 million). See Parkland's press releases dated August 22, 2016 and September 7, (2) Management estimates of the anticipated run-rate synergies from the CST Transaction. Based on management estimates and on annual Adjusted EBITDA on a pro forma basis assuming acquisitions maintain historical performance and Parkland is able to implement synergies consistent with past performance. (3) Management estimates of Normalized EBITDA from the CCL Transaction. (4) Management estimates of the mid-point of anticipated run-rate synergies from the CCL Transaction (C$43 million). Based on management estimates and on annual Adjusted EBITDA on a pro forma basis assuming acquisitions maintain historical performance and Parkland is able to implement synergies consistent with past performance. (5) Normalized Run-rate EBITDA includes: 2016 Adjusted EBITDA (C$254 million) + the mid-point of management's guidance range of EBITDA contribution from the CST Transaction (C$110 million) + management estimates of the anticipated run-rate synergies from the CST Transaction (C$25 million) + management estimates of Normalized EBITDA from the CCL Transaction (C$230 million) + management estimates of the mid-point of anticipated run-rate synergies from the CCL Transaction (C$43 million).

17 THE TRANSACTION ENABLES PARKLAND TO ACHIEVE ITS LONG TERM FINANCIAL TARGETS 17 (1) Adjusted Distributable Cash Flow per Share and Payout Ratio based on management estimate of Normalized EBITDA for the CCL Transaction. (2) See Dividends, Distributable Cash Flow, and Dividend Payout Ratio section of Parkland's MD&A for reconciliation. (3) Leverage is expected to increase as a result of the 2018 Turnaround. Pro Forma company expected to delver within target range by 2019.

18 WELL POSITIONED TO DELIVER SIGNIFICANT SHAREHOLDER VALUE PROVEN UNIQUE RESILIENT STRONG TRACK RECORD SUPPLY CAPABILITY CASH FLOW FINANCIAL POSITION Organic Growth Accretive Acquisitions Demonstrated Integration Capabilities Leverage Market Inefficiencies Superior Logistics A Refiner Partner of Choice Diversified by Product Line Diversified by Geography Effective Commodity Risk Management Strong Balance Sheet Significant Capacity Disciplined Capital Allocation = SUBSTANTIAL OPPORTUNITY EXISTS TO BUILD SHAREHOLDER VALUE 18

19 $340 $320 $300 $280 $260 $240 $220 $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 0 PARKLAND DELIVERED 181% IN CUMULATIVE TOTAL SHAREHOLDER RETURN, SIGNIFICANTLY OUTPERFORMING THE TSX SINCE 2012 PARKLAND TOTAL SHAREHOLDER RETURN 1 % Parkland TSX 1/2012 1/2013 1/2014 1/2015 1/2016 1/2017 9/2017 PKI 61% 64% 106% 127% 183% 181% TSX 6% 18% 32% 19% 47% 46% Total Shareholder Return calculation assumes that dividends are reinvested. Cumulative calculation is from Jan. 3, 2012 to September 5, 2017 and is based on an initial investment of one hundred dollars. Source: Capital IQ

20 COME GROW WITH US Investor Relations Ben Brooks VP Treasury and Investor Relations parkland.ca

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