Investor Presentation November 2018

Investor Presentation November 2018 1

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 (as defined below) expectation of its future financial position, business and growth strategies and objectives, sources of growth including geographic areas for growth, capital expenditures, financial results, future financing and the terms thereof, future acquisitions and the efficiencies to be derived therefrom, the pro forma site counts and volumes expected to be derived from the Business Combination (as defined herein), potential synergies (including timing to realization thereof), accretion and value creation expected to be generated through the Business Combination and the sources thereof, financial returns, opportunities for future growth in the regions in which Parkland and SOL (as defined below) operate their respective businesses, sources and terms of financing for the Business Combination, Parkland's 2018 financial guidance, consideration (including number of common shares of Parkland and SOL ownership interest in Parkland post-closing) payable in connection with the Business Combination, expected pro forma debt to Adjusted EBITDA, expected reduction of pro forma debt to Adjusted EBITDA and the timing thereof, Parkland s intentions to refinance the term debt to be incurred in connection with the Business Combination with alternative longer term financing, impact of financing structure on Parkland s business, expected Adjusted Distributable Cash Flow per share, Adjusted Payout Ratio, Total Funded Debt to Adjusted EBITDA, segment contribution and geographic profile pro forma the Business Combination, ability of Parkland to achieve its long-term financial targets, organic growth and supply opportunities and the sources and drivers thereof, post-synergy Adjusted EBITDA of the combined SOL and Parkland businesses, expected closing of the Business Combination and the timing thereof, expected population growth, GDP growth, tourism industry growth and increased fuel volume demand in the Caribbean region and opportunities available as a result of resource discoveries in the region and continuation of Parkland's responsible operatorship and SOL's investment in community initiatives. 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 the business combination (the Business Combination ) between Parkland Fuel Corporation ( Parkland ) and the SOL Group ( SOL ); the operations of the SOL and Parkland businesses, including compliance with all necessary regulations; competitive action by other companies; the ability of suppliers to meet commitments; the ability of management to maintain the assets within the forecasted budget for capital expenditures; failure to obtain necessary regulatory or other third party consents and approvals required to complete the Business Combination; failure to complete the Business Combination; Parkland s inability to refinance the term debt to be incurred in connection with the Business Combination on terms acceptable to it or at all; failure to meet financial, operational and strategic objectives and plans; failure to meet publicly disclosed financial guidance and market expectations; general economic, market and business conditions; industry capacity, failure to realize anticipated synergies, accretion, growth and value creation from Business Combination; competitive action by other companies; the ability of suppliers to meet commitments; actions by governmental authorities and other regulators including increases in taxes; changes and developments in environmental and other regulations; ability to secure alternative sources of funding for the Business Combination (including funding necessary upon exercise of the put-call right), if necessary, on terms acceptable to Parkland; failure to retain key management personnel of SOL; Parkland s inexperience in any of the jurisdictions in which SOL operates and the political and regulatory risks associated with certain of those jurisdictions; equity ownership in Parkland of SOL pro-forma the Business Combination; Parkland s ability to effectively integrate SOL s business; nature, size and complexity of the Business Combination; the terms of the put-call agreement with SOL; Parkland s ability to maintain key contractual relationships following closing of the Business Combination; the nature of the consideration payable in connection with the Business Combination and impact on Parkland s capitalization, credit worthiness and reputation pro forma the Business Combination; foreign exchange and inflation rate exposure pro forma the Business Combination; environmental liabilities associated with SOL s business; supply economics in the jurisdictions in which SOL operates its business; market reaction to the Business Combination; increased leverage pro forma the Business Combination and Parkland s ability repay its indebtedness; and other factors, many of which are beyond the control of Parkland. There is a specific risk that Parkland may be unable to complete the Business Combination in the manner described herein or at all. If Parkland is unable to complete the Business Combination 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 year ended December 31, 2017 (the "MD&A"), Parkland s management discussion and analysis for the three and six months ended June 30, 2018 (the Q2 2018 MD&A ) and Parkland s annual information form for the year ended December 31, 2017 (the AIF ), including the disclosure contained under the heading "Risk Factors" in each such document. Each of the MD&A, Q2 2018 MD&A and AIF is available by accessing Parkland's profile on SEDAR at www.sedar.com and such information is incorporated by reference herein. This presentation refers to certain financial measures that are not determined in accordance with International Financial Reporting Standards ( IFRS ). Distributable Cash Flow per share, Adjusted Payout Ratio, Net Debt to Adjusted EBITDA and Total Funded Debt to Adjusted EBITDA are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS. In reference to Parkland s Adjusted EBITDA, Adjusted EBITDA is a measure of segment profit and is considered to be forward-looking information in this document. See Section 12 of the Q2 2018 MD&A and Note 14 of the Interim Condensed Consolidated Financial Statements for a reconciliation of this measure of segment profit. In reference to SOL s Adjusted EBITDA, Adjusted EBITDA refers to the agreed-upon normalized earnings before income taxes, depreciation and amortization of SOL for the purposes of this transaction, is considered to be forward-looking information in this document, and does not represent Parkland s definition of Adjusted EBITDA. Investors are encouraged to evaluate each adjustment and the reasons Parkland considers it appropriate for supplemental analysis. 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. See Non-GAAP financial measures, reconciliations and advisories section of the MD&A and Q2 2018 MD&A. Investors are encouraged to evaluate each adjustment and the reasons Parkland considers it appropriate for supplemental analysis. Readers 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, readers are directed to, and encouraged to read, the 2018 Adjusted EBITDA Guidance Range section of Parkland's press release dated August 2, 2018 and material factors and assumptions contained therein. Parkland believes its estimation of annual Adjusted EBITDA, Adjusted Gross Profit, and Distributable Cash Flow per share based on such information is reasonable, but no assurance can be given that these expectations will prove to be correct and such figures should not be unduly relied upon. 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. Market data and other statistical information used throughout this presentation are based on internal company research, independent industry publications, government publications, reports by market research firms or other published independent sources including Fitch, the IMF World Economic Outlook and Wood Mackenzie. Industry surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. Although Parkland believes such information is accurate and reliable, Parkland has not independently verified any of the data from third-party sources cited or used for management's industry estimates, nor has Parkland ascertained the underlying economic assumptions relied upon therein. While Parkland believes internal company estimates are reliable, such estimates have not been verified by any independent sources, and Parkland does not make any representations as to the accuracy of such estimates. Statements as to our position relative to our competitors or as to market share refer to the most recent available data. 2

Why Parkland PROVEN TRACK RECORD STRONG MARKET POSITION EFFECTIVE RISK MANAGEMENT STRONG FINANCIAL POSITION Organic growth Accretive acquisitions Demonstrated integration capabilities Safe and reliable operations Operate/supply 1-in-6 Canadian gas stations Largest company operated delivered diesel network #2 in delivered propane Scale provides unique supply advantage Disciplined HSE team, process and procedures Environmentally focused operations Strong relationships with regulatory and government agencies Effective commodity risk management Growing free cash flow profile Disciplined capital allocation Prudent leverage targets See forward looking statements and information in Parkland s most recent MD&A as well as risk factors in Parkland s most recent Annual Information Form. 3

Who We Are LEADING CONVENIENCE OPERATOR AND FUEL MARKETER WITH A STRONG SUPPLY ADVANTAGE 17 Billion Litres Estimated Annual Volume * 1,849 Gas Stations * ~300 Branches and cardlocks * $775MM ±5% EBITDA 2018 Adjusted EBITDA Guidance (1) $7.5B Enterprise Value (as of November 6, 2018) * See the forward looking statements and information in Parkland s most recent MD&A as well as risk factors in Parkland s most recent Annual Information Form and Parkland s press release dated August 2, 2018. For (1) see Endnotes. Number of retail gas stations and cardlocks as at June 30, 2018. 4

Who We Are CONSISTENT GROWTH IN ADJUSTED EBITDA SINCE 2010 THROUGH ACQUISITIONS, SYNERGIES & ORGANIC GROWTH Adjusted EBITDA ($ millions) $775MM ±5% 800 700 600 500 2018 CAGR 27 %p.a. 400 300 200 100 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q3 TTM 2018 EBITDA Guidance(1) (1) See the forward looking statements and information in Parkland s most recent MD&A as well as risk factors in Parkland s most recent Annual Information Form and Parkland s press release dated August 2, 2018. For (1) see Endnotes. 5

What We Do OUR SUPPLY, LOGISTICS AND MARKETING CAPABILITIES ADD VALUE TO THE ASSETS WE ACQUIRE SUPPLY LOGISTICS MARKETING REFINING PARTNERS TRUCKING RETAIL GAS STATIONS MARINE TERMINALS IMPORTERS DISTRIBUTION TERMINALS WHOLESALE PKI REFINERY O&G PRODUCERS RAIL COMMERCIAL DELIVERY 6

How We Operate PARKLAND OPERATES THROUGH FOUR DIVISIONS Business Segments Retail Commercial Supply & Refining Parkland USA Overview Brands Proforma EBITDA Contribution* 50-55% 5-10% 35-40% <5% * Excludes Corporate segment 7

Our Strategy 8

Our Strategy TO BUILD A SUPPLY, LOGISTICS AND MARKETING ADVANTAGE THAT CANNOT BE REPLICATED GROW ORGANICALLY 3-5% annual growth ONE PARKLAND TEAM Enabling our People to Succeed SUPPLY ADVANTAGE Make benefit outpace growth ACQUIRE PRUDENTLY Achieve synergies 9

One Parkland Team GREAT PEOPLE WORKING TOGETHER TO BE THE PARTNER OF CHOICE FOR OUR CUSTOMERS AND SUPPLIERS 10

Grow Organically GROW EARNING FASTER THAN INDUSTRY AVERAGE Retail Commercial Supply Invest in new locations New dealer growth Private Label Loyalty program Enhance customer experience through On the Run rollout Propane Leverage Pipeline brand to create national cardlock network Expand into white space and broaden product offer Invest in trucking and routing optimization technologies Broaden Parkland s import and export capability Expand distribution and supply points Leverage relationships and infrastructure to further supply advantage Target 3-5% Organic EBITDA (1) Growth For (1) see Endnotes 11

Retail Growth Initiatives GREAT BRANDS CONVENIENCE PRIVATE LABEL LOYALTY NEW SITES 1 2 3 4 5 CONVENIENCE CAR WASH RETAIL FUEL Tying the brands together with On the Run Brand refresh Leverage technology Leading QSR Partners Tying the business together with On the Run 12

Commercial Growth Initiatives GREAT BRANDS 1 CARDLOCK PROPANE 2 3 13

Supply Growth Initiatives GROW NETWORK 1 GROW REFINER RELATIONSHIPS EXPAND IMPORT / EXPORT 2 3 Expand supply / logistics network and optimize around distribution assets Leverage scale and relationships with Canadian and U.S. refiners Expand import/export capabilities Repatriate excess refinery production Diesel exports Gasolin e imports 14

Parkland USA STRONG PLATFORM FOR U.S. EXPANSION Build platform for organic growth and further consolidation Benefits from Parkland s Canadian supply capability Consolidate highly fragmented market 15

Integration Framework PARKLAND LEVERAGES A PROVEN APPROACH TO EFFECTIVELY INTEGRATE ACQUISITIONS Successful integration is key to ensuring business continuity customers, employees, systems Scale Integrated Protect Customer Relationships Best of the Best Integrated Marketing Business Processes and Technology Organization Structure Executive Solution Cultural Integration Refining Scope Selective Separate Incentive to retain key management Harmonize at leadership level 16

Integration Focus PROVEN INTEGRATION CAPABILITIES - COMPLETED THE MAJOR BACK OFFICE PORTION OF THE CST INTEGRATION Successful track record of completing acquisitions and a proven framework for synergy realization Focused on strategic acquisitions with meaningful synergy upside that position the company for accelerated organic growth Proven Framework for Synergy Realization Strong management and execution team with significant experience in integrating acquisitions and maximizing synergies Integration planning for both the CST and CCL transactions are ahead of plan with marketing, refining and back office integration expected to be fully realized within 24 36 months post-close Supply (0 6 months) Operations (6 24 months) Back Office (1 3 years) CST ERP migration complete - exited CST TSA (5) in April CVX ERP Retail/Commercial migration complete exited CVX Marketing TSA (5) in June Proven Track Record of Synergy Realization Parkland has previously completed two marketing acquisitions with CCL in the past three years For (5) see Endnotes. 17

Integrate Effectively TWO SIGNIFICANT TRANSACTIONS DELIVERING SYNERGIES IN EXCESS OF 50% OF ACQUIRED ADJUSTED EBITDA BY 2020 ~112 ~180 $ millions 55 13 Expected 2018 Annual Synergies* Additional Annual Synergies to reach Initial Target* Incremental Targeted Annual Synergies by end of 2020* Total Targeted Synergies by end of 2020* * see Endnotes ** Parkland service station total as of Q1 2017 18

Financial Impact ~$800 million* Annualized Adjusted EBITDA (1) (Proforma) C$ millions PROJECTED 2020 PROFORMA EARNING POTENTIAL NOW $800 MILLION WITH INCREASE IN ESTIMATED RUN-RATE ANNUAL SYNERGIES AND ORGANIC GROWTH** 230 (4) 210 (3) ~800 (1,4) Current 2018 EBITDA Guidance $775 million ±5% ~250 (2) 110 (4) Base Business Pro Forma* Ultramar Acquisition Normalized Adjusted EBITDA* Chevron Acquisition Normalized Adjusted EBITDA* Run-Rate Annual Synergies and Organic Growth* Estimated 2020 Adjusted EBITDA Proforma the Acquisitions* *Based on management estimates of annual Adjusted EBITDA on a pro forma basis, at the time the Acquisitions were announced and assuming Acquisitions maintain historical performance and Parkland is able to implement synergies consistent with past performance. See also (1), (2), (3) and (4) from Endnotes on Slide 21. ** Assumes the absence of events that would materially impact outlook for Burnaby Refinery refining margins. 19

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Refined Product Demand Forecast PARKLAND CONTINUOUSLY MONITORS TRENDS IN PRODUCT DEMAND TO GUIDE ITS INVESTMENT Gasoline* Diesel* LPG* US -1.19% -0.27% +0.44% PADD 1 PADD 4 PADD 2 PADD 5 PADD 3 Canada -0.77% +0.37% +0.98% Eastern Canada Western Canada Parkland s Strategy: Invest in A sites. Monitor the macro trends. Grow diesel capability. Grow propane capability. * Source: Wood Mackenzie refined products demand forecasts. 20

Parkland Fuel Corporation to Acquire 75% of SOL, the Largest Independent Fuel Marketer in the Caribbean October 10, 2018 21

THE LARGEST MARKETER AND SUPPLIER OF PETROLEUM PRODUCTS IN THE CARIBBEAN OPERATING IN 23 MARKETS An integrated network of retail, commercial, and supply infrastructure assets across the region STRONG LOCAL MANAGEMENT TEAM AND WELL-KNOWN OWNERSHIP GROUP WITH SIGNIFICANT EXPERIENCE OPERATING IN THE REGION LARGE RETAIL PRESENCE: 526 Retail Gas Stations OPTIMIZED INFRASTRUCTURE ASSETS: 32 10 Import Terminals Charter Ships ROBUST COMMERCIAL PORTFOLIO: 13 Aviation 600 ML/year Facilities Commercial Fuel 1,800 ML/year LPG (Propane) Lubricants 47 ML/year 21 ML/year 22

Acquisition Metrics THE REMAINING 25% OF SOL S SHARES CAN BE SOLD TO PARKLAND AT A MULTIPLE OF 8.5X LTM ADJUSTED EBITDA AT EITHER PARTY S DISCRETION AFTER THE 2 ND ANNIVERSARY Total Consideration: C$1.57 B Cash Consideration: C$1.10 B Share Consideration: (9.9% of PKI) 12.2 M Acquired EBITDA: (Attributable to PKI) US$ 161 M EBITDA Multiple: (Excluding Working Capital) 7.5x Identified Synergies: 20% 23

SOL REPRESENTS A UNIQUE GROWTH OPPORTUNITY, SQUARELY WITHIN PARKLAND S STRATEGIC PILLARS Parkland s Strategy Strategic Rationale for the Parkland + SOL Combination 1 Acquire the largest integrated network of retail, commercial and supply assets in the Caribbean 2 Regionally relevant brands provide opportunity for continued organic growth 3 Owned demand outlets paired with key supply infrastructure (terminals, depots, ships) solidifies supply advantage ACQUIRE PRUDENTLY 4 5 Significant opportunities for synergies from supply optimization, LPG (propane) growth and non-fuel margin Potential for future tuck-in opportunities with SOL positioned as a regional operating center for Parkland 24

Adjusted EBITDA PARKLAND RUN-RATE ADJUSTED EBITDA OF OVER $1 BILLION WITH THIS COMBINATION Adj. EBITDA (C$ millions) 800 1 210 2 Acquired Base 0.32 42 3 Synergies 1.0B + 1. Calculated using midpoint of latest FY18 Adjusted EBITDA guidance (see press release dated Aug 2, 2018) and adjusting for management estimate of the run-rate Parkland Adjusted EBITDA assuming Parkland s previously announced acquisitions maintain historical performance and Parkland is able to implement synergies consistent with past performance. 2. SOL s Adjusted EBITDA reflects 75% of US$215 million converted at C$1.30=US$1.00. 3. SOL run-rate synergies equal to 20% of SOL s base Adjusted EBITDA and are adjusted for 75% ownership. 20% run-rate synergies assumes Parkland will be able to achieve synergies consistent with prior acquisitions. Note: analysis excludes the option to purchase the remaining 25% of SOL. 25

Financing FULLY UNDERWRITTEN DEBT FINANCING PACKAGE Financing structure ensures that Parkland will be in a strong position to continue to execute its US Northern Tier and Rocky Mountain growth strategy SOURCES OF FUNDS (C$ millions) 518 1 470 Senior Secured Bank Debt 325 New Term Loan 300 New Term Facility 2 1,613 Pro forma debt / Adj. EBITDA at closing 3.2x Equity Issued to Simpson Group Total Sources of Funds 1. Parkland will be issuing the Simpson Group shares of Parkland to bring their total ownership of Parkland to 9.9% of Parkland s issued and outstanding shares. 2. Parkland intends to replace the new term facility with alternative longer-term debt. Note: Uses of funds are C$1.57B of consideration plus approximately C$40MM of transaction costs and other adjustments. 26

Financial Impact TRANSACTION IS IMMEDIATELY ACCRETIVE TO CASH FLOW PER SHARE AND MAINTAINS PARKLAND S STRONG FINANCIAL KPIS Adjusted Distributable Cash Flow/Share Adjusted Payout Ratio Pro Forma Leverage Profile (Total Funded Debt/Adj. EBITDA) 3.02 3.52 3.75 39% 33% 31% 2.6x 3.2x 3.0x Target 3.5x Target 2.0x PKI LTM Jun-18 1 PKI LTM Jun-18 PKI LTM Jun-18 + SOL Base 2 + SOL Base + SOL Synergies 3 PKI LTM Jun-18 1 PKI LTM Jun-18 PKI LTM Jun-18 + SOL Base 2 + SOL Base + SOL Synergies 3 1. LTM Jun-18; see quarterly financial information section of Parkland s Q2 2018 MD&A. 2. LTM Jun-18 plus SOL base Adjusted EBITDA of US$215MM converted into Canadian Dollars at C$1.30 = US$1.00 and adjusted for Parkland s 75% ownership of SOL, taxes, transaction-related interest after tax, and maintenance capital. 3. LTM Jun-18 plus SOL base Adjusted EBITDA plus estimated synergies equal to 20% of SOL base Adjusted EBITDA by end of 2021, adjusted for 75% ownership of SOL and estimated taxes. 4. Calculated using midpoint of latest FY18 guidance (see press release dated Aug. 2, 2018) as Adjusted EBITDA ($775MM) and total funded debt as per Q2 2018 MD&A ($2,016MM). 5. PKI Q2 2018 as explained in note 4 above including Parkland s share of SOL Adjusted EBITDA as explained in note 2 above and incremental debt of C$1,095MM. 6. Calculated with figures from note 5 above and including estimated pre-tax synergies as described in note 3 above. Note: above analysis is for 75% ownership of SOL and excludes the minority purchase option of the remaining 25% of SOL; analysis includes the issuance of shares to the Simpson Group for SOL base and SOL base plus synergies cases. PKI Q2 2018 4 PKI Q2 2018 + SOL base 5 PKI Q2 2018 + SOL Base + SOL Synergies 6 27

SOL HAS A PRESENCE IN 23 MARKETS With leading regional retail brands BRAND SITE COUNT 93 197 163 1 1. 73 of SOL s retail sites are unbranded or independent. 28

Strong Supply INTEGRATED NETWORK OF OWNED SUPPLY INFRASTRUCTURE ASSETS AND OWNED DEMAND OUTLETS Creates unique supply security and optionality 29

SOL ENHANCES AND EXTENDS PARKLAND S CORE BUSINESS SEGMENTS Parkland Pro Forma the SOL Combination 1 1 Retail Service Stations Corporate 2 604 Dealer 1,251 Total 1,855 266 260 526 % change 870 +44% 1,511 +21% 2,381 +28% Commercial Cardlocks and Branches 300 Marine Service Stations - 300 Supply and Wholesale Refining 3 Terminal Operations Bulk Fuel Sales Aviation Fuel Sales Combined Annual Fuel Volume Annual Fuel Volume (BL) 17.1 4.8 21.9 +28% 30

Volume (Billions of Litres) Acquire Prudently 15 BILLION LITRES IN ANNUALIZED VOLUME ADDED SINCE 2013 20 15 21.9 billion Litres annually (pro forma) 10 5 Parkland USA 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Pro Forma 2019 Pro Forma Note: Pro forma reflects 100% of SOL volume and is not adjusted for Parkland s 75% ownership of SOL. See forward looking statements and information in Parkland s most recent MD&A as well as risk factors in Parkland s most recent Annual Information Form. 31

2018 Third Quarter Results November 2, 2018 32

Parkland Continues to Post Record Results Q3 Volume Q3 Adjusted EBITDA 1 YTD Volume YTD Adjusted EBITDA 1 +18% 4.2 Billion Litres +108% $200 Million +42% 12.6 Billion Litres +174% $602 Million *For (1) see Endnotes on slide 11 All dollar amounts are stated in Canadian dollars unless otherwise specified. 3 33

Q3 2018 Financial & Operations Overview DELIVERED RECORD ADJUSTED EBITDA OF $200 MILLION GROW 2018 ADJUSTED EBITDA (1) 108% growth in Adj. EBITDA (1) 48% growth in delivered fuel volumes 6.7% Retail Company C-Store SSSG (c) GUIDANCE $775 million ± 5% SUPPLY Burnaby Refinery achieved refinery utilization of 97.7% 384% increase in Supply Adj. EBITDA to $121 million ACQUIRE $1.6 Billion Sol Transaction (4, 7) ~$65 million of Annual Synergies (3) for 2018 *For (1), (3), (4), (5) (7) see Endnotes on slide 11. For (c) see KPI Endnotes on slide 12. All dollar amounts are stated in Canadian dollars unless otherwise specified. 34 34

Q3 2018 vs Q3 2017 Highlights *For more information about Adjusted EBITDA see Endnotes on slide 11 35 35

YTD 2018 vs YTD 2017 Highlights *For more information about Adjusted EBITDA see Endnotes on slide 11 36

Parkland KPIs Q3 2018 KPI Q3 2018 YoY Change NUOC (TTM) (CPL) (a) 3.32 48% Volume SSSG (b) (0.8)% (0.2p.p) Company C-Store SSSG (c) 6.7% 2.6p.p RETAIL Average Volume per Active Site - Company (TTM) (ML) (d) 5.2 (4)% Average Volume per Active Site - Dealer (TTM) (ML) (d) 3.1 11% Volume - Gas & Diesel (ML) 635 22% Volume - Propane (ML) 65 (3)% COMMERCIAL TTM Operating Ratio (e) 71.5% (2.9p.p.) Refinery Utilization 97.7% n.a. Refinery Turnaround (TAR) Expenditure ($ millions) $2 n.a. * NOTE: All KPI metrics are for Q3 2018 unless otherwise noted. See Parkland s most current MD&A for reconciliation. Superscript letters refer to KPI Endnotes on slide 12. All cent amounts are stated in Canadian cents unless otherwise specified. 37 37

Parkland KPIs Q3 2018 KPI Q3 2018 YoY Change Wholesale Volume (ML) 235 7% PARKLAND USA Retail Volume (ML) 40 8% TTM Operating Ratio 72.0% (2.5p.p.) Corporate MG&A (f) as a % of Consolidated Adjusted Gross Profit 5.6% 0.1p.p. Dividend Payout Ratio (g) 35% (48)% Adjusted Dividend Payout Ratio (h) 28% (31)% CORPORATE Distributable Cash Flow Per Share (i) ($) 0.84 0.49 Total Funded Debt to Credit Facility EBITDA Ratio (TTM) (j) 2.62 n/a LTIF (TTM) (k) 0.28 (0.01) * NOTE: All KPI metrics are for Q1 2018 unless otherwise noted. See Parkland s most current MD&A for reconciliation. Superscript letters refer to KPI Endnotes on slide 12. All dollar amounts are stated in Canadian dollars unless otherwise specified. 38 38

Crack Spread 5-3-1-1 GENERIC VANCOUVER CRACK: ESTIMATED ACTUAL INDEXED VS. 3-YEAR AVERAGE 100% = TRAILING 3-YEAR AVERAGE - A "RELATIVE" INDICATOR TO BE USED IN CONJUNCTION WITH OPERATIONAL METRICS Source: Internal Company Analysis Proxy for generic Vancouver Crack Spread based on Supply of 5 barrels of crude (WTI plus transportation costs); Products are Vancouver Rack pricing for 3 barrels of gasoline and 1 barrel of diesel plus 1 barrel of Jet fuel (L.A.) 39 39

Appendix 40 40

Performance Driven Culture CULTURE INCENTS ADHERENCE TO PARKLAND S VALUES AND ACHIEVEMENT OF KEY PERFORMANCE OBJECTIVES Management s Discussion and Analysis Safety Key Performance Indicators Profitability (EBITDA) Operational Productivity Employee Annual Incentive Plan Operational & Safety targets Financial, Performance, & Productivity targets Customer Service targets Reported Key Performance Indicators (KPIs) Customer Service Capital Productivity Employee Compensation Strong linkage between Shareholder Interest, Corporate Performance and Employee Compensation 41

Refinery Supply Advantage PARKLAND S SUPPLY ADVANTAGE A KEY DIFFERENTIATOR Create advantaged supply Capture market inefficiencies Partner of choice to refiners Refining & storage assets Rail Demand planning Balance sheet Balanced barrel Volume growth Optionality Scale 42

CST Acquisition ULTRAMAR BRAND ADDED MEANINGFUL SCALE AND A COMPETITIVE OPERATIONAL PLATFORM IN QUÉBEC Acquisition Metrics: Closed (2) : June 2017 Corporate Retail Sites: 159 Dealer Retail Sites: 495 Cardlock Sites: 73 Commercial Sites: 30 Purchase Price: C$978 M Estimated Annual Volume * : 3.5 BL Acquired EBITDA (1) : $110 M * See the forward looking statements and information in Parkland s most recent MD&A as well as risk factors in Parkland s most recent Annual Information Form. For (1) and (2) see Endnotes. 43

Chevron Acquisition ADDING SUPPLY STRENGTH AND THE PREMIER B.C. RETAIL GASOLINE BRAND WITH 20% PREMIUM SALES Acquisition Metrics: Closed (2) : Oct 2017 Owned Real Estate (sites): 91% Corporate Retail Sites: 129 Card-lock Sites: 37 55mbbl/d Refinery: Yes Premium Terminals: 3 Purchase Price: $1.7 B Estimated Annual Volume * : 2.5 BL Acquired EBITDA (1) : $230 M * See the forward looking statements and information in Parkland s most recent MD&A as well as risk factors in Parkland s most recent Annual Information Form. For (1) and (2) see Endnotes. 44

Chevron Acquisition (Strategic Rationale) ACQUIRING CHEVRON S DOWNSTREAM ASSETS IS HIGHLY ALIGNED WITH PARKLAND S STRATEGY 1 Refinery Supply Matches Marketing Demand Local Refining Supply Secures supply 4 85% of production sold through proprietary channels Important Source of Premium Gasoline Reinforces High Quality Chevron Brand Drives high throughput volumes 2 Self-source 94 Octane in BC 3 1 2 3 Strategic Rationale for the Chevron Transaction Acquire the strongest Retail, Commercial and Wholesale businesses in BC with exclusive use of the Chevron brand * to facilitate continued organic growth Acquire the premier Supply assets in the BC market, which are ideally matched with the Retail, Commercial, and Wholesale businesses 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 * Exclusivity does not include lubricants 45

Keystone Chevron Acquisition (Supply & Distribution) CHEVRON S SUPPLY AND WHOLESALE ASSETS ARE UNIQUE AND HIGHLY VALUABLE Supply and Wholesale Chevron Supply Assets in western Canada 55mbbl/d Burnaby Refinery ideally located in Metro Vancouver Main Crude Oil Pipelines Other Crude Oil Pipelines Zama Rainbow Lake Strong stewardship history under Chevron since 1935 Trans Mountain Pipeline Taylor Fort McMurray Low complexity refinery with long track record of high reliability and operational excellence CCL Crude Line from Burnaby Terminal Trans Mountain Jet Fuel Pipeline Prince George Access to cost advantaged crude (Trans Mountain Pipeline) >90% of output = high-value products (gasoline, diesel and jet) Burnaby Refinery KM Westridge Marine Terminal Vancouver International Airport KM Burnaby Terminal Port Hardy Vancouver Hatch Point Burnaby Anacortes Edmonton Sundre Kamloops Dedicated fuel supply to support existing Chevron-branded network and future organic growth Cutbank Only source of 94 octane gasoline sold in BC Integrated with distribution terminals (Burnaby, Hatch Point, and Port Hardy) and Retail, Commercial, and Wholesale businesses 46

Low Carbon Strategy POSITIONING PARKLAND FOR SUCCESSFUL TRANSITION TO A LOW CARBON FUTURE Strategic Objective Low-Carbon Gross Profit* Integrated approach to profitably positioning Parkland for a transition to a lower carbon future (C$ millions) +26 % 205 6 Strategy Initiatives Expand non-fuel (C-store) contribution Grow propane (low carbon intensity transition fuel) business Trader of Bio-Diesel, Ethanol and RINs Active in Carbon Offsets and Carbon Allowances under Cap-in-Trade Program 103 12 72 117 7 73 163 7 100 103 96 Co-processing pilots at Burnaby Refinery Pilot partnerships with Tesla and Hydro-Québec to test electric quick-charge stations at select retail locations Facilitating third-party used motor oil re-refining facility at Bowden including marketing rights to finished products 56 20 36 2014 2015 2016 2017 Retail non-fuel Propane Trading * Trading Gross Profit consists of Biodiesel, Ethanol, and Carbon Trading Gross Profit by Elbow River Marketing. 47

Total Shareholder Return 600% 500% 400% 300% 434% 200% 100% 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017-100% PKI TSR TSX TSR Source: S&P Capital IQ data as at August 31, 2018 48

Thank You! 49 49

Endnotes (1) Adj. EBITDA (Adjusted EBITDA) is a measure of segment profit and is considered to be forward-looking information. See Section 12 of the Q1 2018 MD&A and Note 14 of the Interim Condensed Consolidated Financial Statements for a reconciliation of this measure of segment profit. Investors are encouraged to evaluate each adjustment and the reasons Parkland considers it appropriate for supplemental analysis. (2) Base Business refers to Parkland's existing business prior to the closing of the Acquisitions (see Endnote (4)). (3) Annual Synergies is an annualized measure of synergies related to the Acquisitions (see Endnote (4)) and is considered to be forward-looking information. See Section 12 and Section 14 of the MD&A (4) On June 28, 2017, Parkland acquired the majority of the Canadian business and assets of CST Brands, Inc. (the "Ultramar Acquisition"); on October 1, 2017, Parkland acquired all outstanding shares of Chevron Canada R & M ULC (the "Chevron Acquisition"); on August 27, 2018, Parkland acquired all of the issued and outstanding equity interests of Rhinehart Oil Co., Inc. and its affiliates (collectively, Rhinehart ) (the Rhinehart Acquisition ); and on October 9, 2018 Parkland entered into an agreement to acquire 75% of the issued and outstanding shares in the capital of Sol Investments Limited and its subsidiaries (collectively, Sol ) (the Sol Transaction ). (5) Transitional Services Agreement ("TSA") (6) (7) Refinery Utilization for full year 2018 and Normalized Utilization are considered to be forward looking information. See risks and uncertainties described in Forward-Looking Statements and Risk Factors included in Parkland s Annual Information Form dated March 9, 2018 and in Forward-Looking Statements and Risk Factors in the Q1 2018 MD&A, each as filed on SEDAR and available on the Parkland website at www.parkland.ca. Sol transaction purchase price translated using exchange rate of US$1.0 = C$1.3. The preliminary purchase price of US$1,209 million plus customary post-closing adjustments is subject to change and will be finalized upon completion of customary post-closing activities. TSX: PKI 50 50

KPI Endnotes a b c d e f g h i j k Net Unit Operating Cost (NUOC) TTM: This metric represents the fuel gross margin required (per litre) for the Retail business unit to break-even. It is calculated using data specific to the Retail business unit: (Operating Cost + MG&A Non-Fuel Margin) / Fuel Volume on a trailing-twelve- month basis. Volume Same Store Sales Growth (SSSG): Derived by comparing the current year volume of active sites to the prior year volume of comparable sites. See Section 12 of Parkland s most current MD&A for more information. Company C-Store Same Store Sales Growth (SSSG): Derived from comparing the current year Point-of-Sale ( POS, i.e. cash register) of active sites to the prior year POS sales of comparable sites. See Section 12 of Parkland s most current MD&A for more information. Excludes results of sites acquired under the Chevron Acquisition Average Volume per Active Site - Company (TTM) & Average Volume per Active Site - Dealer (TTM): The metrics are calculated using the TTM volume divided by the weighted average number of sites for that respective period and excludes the sites acquired under the Chevron Acquisition. See Section 4 of Parkland s most current MD&A for reconciliation. TTM Operating Ratio: This metric represents expenses as a percentage of gross profit for the business segment. It is calculated as: (Operating Cost + MG&A) / (Gross Profit) on a trailing-twelve-month basis. Corporate MG&A: Represents Parkland s Marketing, General and Administration expenses. Dividend Payout Ratio: The dividend payout ratio is calculated as dividends divided by distributable cash flow. See Section 6 of Parkland s most current MD&A for reconciliation. Adjusted Dividend Payout Ratio: The adjusted dividend payout ratio is calculated as dividends divided by adjusted distributable cash flow. See Section 6 of Parkland s most current MD&A for reconciliation. Distributable Cash Flow Per Share: The distributable cash flow per share is calculated as distributable cash flow divided by the weighted average number of common shares. See Section 6 of Parkland s most current MD&A for reconciliation. Total Funded Debt to Credit Facility EBITDA Ratio: This metric represents the total funded debt as a percentage of Credit Facility EBITDA. It is calculated using the TTM results as follows: (Senior funded debt + Senior unsecured notes) / Credit Facility EBITDA. See Section 12 of Parkland s most current MD&A. Consolidated Lost Time Injury Frequency (LTIF): This metric represents the number of people for every 100 employees who have been injured to an extent that they cannot perform any work for a minimum of one day, post-injury. It is calculated by multiplying the number of lost time incidents by 200,000 divided by the total number of employee hours worked. TSX: PKI 51 51

Additional Notes 1. See the Additional Guidance Considerations section of Parkland s press release dated November 2, 2017 2. Includes Q3 2017 TTM volumes for Parkland Fuel Corporation. 3. Acquisition of all the shares of Chevron Canada R&M ULC from Chevron Canada Limited ( CCL ) closed October 1, 2017. Acquisition of the majority of the Canadian business and assets of CST Brands, Inc. from Couche-Tarde Inc. closed on June 28, 2017. 4. 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. All EBITDA references, or when EBITDA is used in a calculation are to Adjusted EBITDA. Please refer to our most recent MD&A for more information. 6. The Total Funded Debt to Credit Facility EBITDA Ratio is a non-gaap financial measure. Please refer to our most recent MD&A for more information 7. Non tobacco & lottery SKUs 8. Adjusted Distributable Cash Flow per Share and Payout Ratio based on management estimate of Normalized EBITDA for the CCL Transaction 52 52