Core-Mark Holding Company, Inc. B B & T Consumer, Food & Retail Conference New York December 3, 2013

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1 Core-Mark Holding Company, Inc. B B & T Consumer, Food & Retail Conference New York December 3, 2013

2 SAFE HARBOR Statements made in the course of this presentation that state the company s or management s hopes, beliefs, expectations or predictions of the future are forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of Actual results and performance could differ materially from those set forth in the forward-looking statements. Additional information about forward-looking statements and factors that could cause or contribute to actual results differing materially from those in the forward-looking statements is contained in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2

3 THOMAS B. PERKINS Chief Executive Officer Milton Draper Director of Investor Relations

4 AGENDA Core-Mark & Industry Overview Financial Overview Strategies for Growth 4

5 KEY INVESTMENT CONSIDERATIONS Adjusted EBITDA* CAGR 13% from 2008 through 2012 Growth generated from consistent execution of key strategies: VCI, Fresh, FMI and Acquisitions Current Market Share is ~4% with room to grow Strong Balance Sheet & Free Cash Flow *Adjusted EBITDA excludes LIFO and other items; see appendix for reconciliation 5

6 Core-Mark & Industry Overview 6

7 CORE-MARK OVERVIEW Established in 1888 Fortune 500 Company ~$10 Billion Annual Sales Expected in 2013 Largest marketer of fresh products to convenience industry Experienced Management Team Decentralized Business Model 7

CORE-MARK S SUPPLY CHAIN Core-Mark plays

8 CORE-MARK S SUPPLY CHAIN Core-Mark plays a critical role in the convenience store supply chain ~86 million cubic feet per year ~48,000 SKUs & 4,400 vendors Through 28* distribution centers and ~800 tractors & trucks** to ~30k retail locations* * Includes recent Davenport acquisition/carolina Division, new Florida division & new AMI East but excludes two 3PLs ** ~70% of trailers were tri-temp at the end of

East Core-Mark Canada Allied Merchandising Industry AMI-Artic East

9 CORE-MARK LOCATIONS National footprint with local expertise provides competitive advantage Headquarters IT Office Core-Mark West Core-Mark East Core-Mark Canada Allied Merchandising Industry AMI-Artic East Arizona Distribution Center (ADC) Artic Cascade Retail Distribution Center (RDC) 9

10 CORE-MARK CUSTOMERS Core-Mark distributes to best in class retailers 10

11 CONVENIENCE STORE INDUSTRY Industry Fast Facts ~35% of all retail outlets in the US are convenience stores * Inside Sales in U.S. c-stores Grew 2.2% to ~$200 Billion 10 th consecutive year of growth Store count 173K in US & Canada* 67% of all convenience store in the U.S. own 10 stores or less 63% own one store ~ 45% - 55% of product is provided by traditional distributors; remaining by a myriad of DSD vendors Almost 83% of convenience stores sell fuel* *source: NACS data for US & CCSA data for Canada 11

S. C-Stores = ~150K ~15% ~67% 1 to 10 11 to 50 51 to 200 200

12 Convenience Industry Stores The number of single stores have increased 23.4% in past 10 years. Chain store count grew 1.4%. # U.S. C-Stores = ~150K ~15% ~67% 1 to to to to 500 > 500 Source: NACS/Neilson Convenience Store Count 12

4% Candy 2.9% Cigarettes 36.3% Retail Beverages 14.7% HBC 1.1% Groceries 1.

13 C-Store Industry-Inside the Store Total US Sales by Commodity Tobacco 4.4% Snack Food 7.5% Wine Beer Spirits 8.3% All Other 1.5% Bread Products 0.4% Candy 2.9% Cigarettes 36.3% Retail Beverages 14.7% HBC 1.1% Groceries 1.7% General Merchandise 1.8% Fresh Food 8.2% Fast Food 7.6% Dairy Products 3.4% *Source: NACS 2012 SOI Report 13

14 Financial Overview 14

15 SEC REGULATION G Non-GAAP Information This presentation includes non-gaap financial measures, including net sales less excise taxes, remaining gross profit, free cash flow, swings in working capital and adjusted earnings, before interest, taxes, depreciation and amortization (EBITDA) after certain items. These measures are classified as non-gaap financial measures by the SEC and may be different from non-gaap measures used by other companies. We believe these non-gaap financial measures provide meaningful supplemental information for investors regarding the performance of our business and allow investors to view results in a manner similar to the method used by our management. EBITDA is also among the primary measures used externally by our investors, analysts and peers in our industry for purposes of valuation and comparing our results to other companies in our industry. Our management uses net sales less excise taxes and remaining gross profit to separate changes in sales and profitability due to actual sales and other changes in core operations from the effects of increases in excise taxes, LIFO accounting, inventory holding profits and certain other items. Our presentation of this information is not intended to be considered in isolation, and these non-gaap measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Reconciliations of these non-gaap financial measures to the most comparable measures prepared in accordance with GAAP are included in this presentation. 15

16 CORE-MARK GROWTH CAGR: ~10% Revenue ~13% EBITDA* 2013 Guidance: ~$9.8-$9.9 Billion Revenue ~$112-$113 Adjusted EBITDA ~$ $3.45 EPS ~$ $4.10 EPS (excluding LIFO expense) *Adjusted EBITDA excludes LIFO expense and other items; see appendix for reconciliation 16

17 CORE-MARK ANNUAL NET SALES Total Net Sales Guidance for 2013 is Between $9.8-$9.9 Billion 17

18 ADJUSTED EBITDA CAGR 13% While not in our direct control, inventory holding gains contribute to earnings every year * Please see appendix for reconciliation from Net Income to Adjusted EBITDA & Normalized EBITDA ** Year/Year Adjusted EBITDA Guidance $112-$113 million in

REVENUE & PROFIT MIX While cigarettes are a significant revenue driver, Core-Mark s non-cigarette products continue to drive profits 2012 Sales Contribution

19 REVENUE & PROFIT MIX While cigarettes are a significant revenue driver, Core-Mark s non-cigarette products continue to drive profits 2012 Sales Contribution Cigarettes 49% 29% Other Product 22% Excise Tax 2012 Gross Profit Contribution Cigarettes 32% 68% Other Product Total = $8,892 Million Total = $477 Million 19

20 REMAINING GROSS PROFIT* Non-Cig margins ~5 x Larger than Cig millions $ $ $ $ $ $ $ $ $ Cigarette RGP Non-Cigarette RGP * Cigarette and non-cigarette remaining gross profit are non-gaap measurements and are disclosed in our 10 -K & 10-Qs 20

21 CIGARETTE BUSINESS ECONOMICS Cigarettes are 36.3% of in-store sales for c-store retailers* Higher sales price point vs. profit based on cents per carton Volume provides platform for leveraging everything else Limited net invested capital E-cigarettes one of the fastest growing categories * NACS Daily Report & 2012 NACS S.O.I. Data 21

22 LOW RISK BALANCE SHEET & RETURN FOCUS Key Balance Sheet Facts: Net Inventory turns average 70-90x per year* Collect Receivables in ~ 9 days Virtually no debt Access to $300 million credit facility** Current ratio 2:1 Company Standard: 20% RONA on (FIFO) Pre-Tax Net income * Net Inventory= inventory- accounts payable ** Includes expansion feature 22

23 FREE CASH FLOW 2013 Projected Free Cash Flow ~$55-$60 million Uses of Cash Acquisitions Dividend Inventory Speculation Share Repurchase 23

24 RECENT ACTIVITY Important Announcements: Partnership with Rutter s Q3 Earnings Release over 16% Increase in Non-Cig Revenues Q3 Dividend - $0.22 / share- a 16% Increase Major Account win with Turkey Hill Record Annual Sales & EBITDA in 2012 Acquisition of JT Davenport in December 24

25 Strategies for Growth 25

26 Strategy #1 Vendor Consolidation Initiative Target Inefficiencies in Supply Chain VCI Opportunity ~4% ~20% ~30% ~46% Broadline Distr. Coke/Pepsi/Frito/Beer DSD Vendors We ve captured about 18% of our customer s DSD volume in the past 5 years % still available.

27 STRATEGY #2 Increase Relevancy to Retailer Core-Mark Success in Fresh : We now sell Milk to ~7,000 convenience stores* We now sell our Fresh & Local offering in ~9,000 stores We now provide Produce to over ~8,000 retail outlets *Includes Deliveries by the 3PLs 27

28 STRATEGY #3 Transformative Category Management for Independents Improve The Independent C-Store Profits by more than 40%! The Focused Marketing Initiative (FMI) Provides Customized Analysis Nielson Demographic Data Leveraging the VCI Opportunity Enhancing the Consumer Offer Retail Survey Analysis Space Rationalization Assessment Product Mix Optimization 28

29 STRATEGY #4 Take our model and go where stores are 5 Acquisitions since 2006 plus 2 new Warehouses and more to come! Headquarters IT Office Core-Mark Distribution Centers Core-Mark New DCs/ Acquisitions Allied Merchandising Industry (AMI) Arizona Distribution Center (ADC) Artic Cascade Retail Distribution Center (RDC) 29

U.S. CONVENIENCE STORES 10 STATES ACCOUNT FOR 50% OF ALL C-STORES IN THE U.S. REGION 6 14.4% of stores (incl. Alaska & Hawaii) REGION 5 8.8% of stores REGION 3 15.

30 U.S. CONVENIENCE STORES 10 STATES ACCOUNT FOR 50% OF ALL C-STORES IN THE U.S. REGION % of stores (incl. Alaska & Hawaii) REGION 5 8.8% of stores REGION % of stores REGION % of stores REGION % of stores REGION % of stores Represents Top 10 C-Store states Source: 2012 Census of U.S. 30 Convenience Stores by NACS Region

31 Key Investment Considerations 31

32 INVESTMENTS CONSIDERATIONS EBITDA CAGR 13% from 2008 through 2012 Growth generated from consistent execution of key strategies: VCI, Fresh, FMI and Acquisitions Current Market Share is ~4% with room to grow Strong Balance Sheet & Free Cash Flow 32

33 THANK YOU FOR YOUR INTEREST MS. MILTON DRAPER DIRECTOR OF INVESTOR RELATIONS (650)

34 APPENDIX Reconciliation Chart for Non-GAAP Financial Metrics Key Metrics Remaining Gross Profits calculation in 10-Qs & 10-Ks Normalized EPS included in Quarterly Press Releases 34

35 CORE-MARK NORMALIZED EBITDA EBITDA Reconciliation Calculation Core-Mark Holding Company, Inc. Historical Millions Net Income $ 17.9 $ 47.3 $ 17.7 $ 26.2 $ 33.9 Interest (net) Taxes Depreciation & amortization Amortization of stock Foreign currency transaction losses (gains) 6.3 (2.2) (0.5) LIFO expense (income) Adjusted EBITDA (FIFO) $ 62.4 $ 95.5 $ 70.0 $ 91.9 $ Unusual or special items legacy insurance items 1.6 (1.8) OTP tax settlement (1.4) (0.6) (0.6) (0.7) Other net one-time (benefits) costs disclosed Normalized EBITDA $ 62.3 $ 95.8 $ 74.9 $ 95.7 $

36 CORE-MARK KEY METRICS Company Standards: 20% RONA on (FIFO) Pre-Tax Net Income Net Assets = (Inventory + Accounts Receivables + Fixed Assets) less (Accounts & Tobacco Taxes Payable + Accrued Liabilities) Working Capital Averages Swings in 2012 ~$53 million Peak Borrowing ~$92m in 2012; Average Borrowing $26m Working Capital Metrics: Average DSO ~ 9-10 days Average DCOS ~ days Average DPO ~ days Pre-Pay US cigarette manufacturers ~0-3 days Tax jurisdictions paid on average ~25 days after purchase Other vendors get paid on average ~12-13 days Free Cash Flow: Current forecast of ~$55-$60 million for 2013 Free Cash Flow (FCF) = EBITDA less (cash interest + cash taxes + CapX ± changes in working capital) 36

Core-Mark Holding Company Jefferies 2017 Consumer Conference. June 21 st 2017

Core-Mark Holding Company Jefferies 2017 Consumer Conference June 21 st 2017 2 Safe Harbor & SEC Regulation G Safe Harbor Statements made in the course of this presentation that state the company s or