Alimentation Couche-Tard Inc....Couche-Tard Inc.’s (“Couche -Tard”) control, may cause actual results to differ materially from the expectations expressed in its forward-looking

INVESTORPRESENTATION

July 2019Alimentation Couche-Tard

FORWARD-LOOKING STATEMENTS

2

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 28, 2019. 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 28, 2019 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.

Note: All figures include contribution from CAPL unless otherwise noted.

INVESTMENT HIGHLIGHTS

3

Size and Scale

Capital Allocation

Strong Culture

Attractive Channel

Organic Growth

M&A Expertise

• Global rebrand initiative permits better leverage of broad scale.• More flexibility to compete compared to small-size operators.

• Strong cash flow generation supports capex and growth plans.• Dividend increased more than 7-fold since 2011 (~28% CAGR).

• Decentralized model drives accountability and entrepreneurship.• Cost discipline and lean operations are a major part of our DNA.

• We sell time and convenience (~65% of products consumed within hour of purchase) and have close proximity to customers.

• Solid pipeline of current initiatives, with many opportunities around customer journey, innovation, and deployment of retail capabilities.

• Long track record of successful integrations and synergy capture.• Significant runway remains globally, with a focus on U.S. and Asia.

CONTENT

4

1 32Company Highlights

U.S. Industry Overview

Competitive Advantages

4 5Our AmbitionIncreasing

ShareholderValue

COMPANY HIGHLIGHTS

5

• 2nd largest company in Canada by revenues, 13th largest by market capitalization1.

• Coast-to-coast presence in Canada and located in 48 of 50 U.S. states.

• Leading market share across many markets in Europe.

• EBITDA CAGR of ~22% since 2011 and profitable since IPO in 1986.

• Track record of generating shareholder value with average ROCE of 15.4% since 2011.

• Investment grade rating (BBB, Baa2) and significant balance sheet flexibility.

TSX: ATD.A | ATD.B

Ticker Symbol

1 as at July 8, 2019.

GLOBAL LEADER IN FUEL & CONVENIENCE RETAIL

6

26incl. int’l licensees

Countries

~750,000per day

Cups of Coffee Sold

~130,000per day

Vehicles Washed

~133,000globally

People

~9 millionper day

Customers Served

~1.7 millionper day

Polar Pop Sold

16,041incl. CAPL sites

Store Count

~43 millionper day (excl. CAPL)

Fuel Gallons Sold

~490,000per day

Hot Dogs Sold

Note: All figures based on results for fiscal year ended April 28, 2019.

69%

19%

12%

United States Europe Canada

REVENUE AND GROSS PROFIT MIX

7


69%

19%

12%

54%43%

3%

Merchandise and Service Fuel Other

25%

73%

2%

Gross Profit

Revenue

~65% of transactions are convenience only, while 25% are fuel only, and 10% are a mix of both.

Geo

grap

hic

Mix

Prod

uct M

ix

SNAPSHOT OF KEY BUSINESS METRICS

8

Q4

FY19

+3.4%Merch. SSS – US1

1 For company-operated stores only.2 Excluding CAPL.3 Free cash flow calculated as EBITDA less net capital expenditures, less cash dividends paid, cash interest expense, and cash taxes paid.

+4.2%Merch. SSS - Canada1

+4.7%Merch. SSS - Europe

+0.3%SS Volume - US1

-0.4%SS Volume - Canada1

-1.8%SS Volume - Europe

-8%EBITDA Growth Y/Y

2.29Adj. Leverage Ratio

-12%Adj. EPS Growth Y/Y

$3.32Adj. EPS

14.1%Adj. ROCE

$1.8 billionFree Cash Flow3

$14.5 billionMerch. & Service Sales

$3.6 billionEBITDA

15.6 billionFuel Gallons Sold2

OUR VISION AND MISSION

9

Our Vision

Our Mission

To become the world’s preferred destination for fuel and convenience.

To make our customers’ lives a little easierevery day.

CONTENT

10





ShareholderValue

SNAPSHOT OF U.S. FUEL & CONVENIENCE INDUSTRY

11

Source: NACS State of the Industry Report of 2018 Data.

89,9

57

90,6

83

89,5

67

90,0

49

91,8

15

93,2

09

93,8

19

95,0

56

96,3

18

97,3

59

97,5

04

97,6

43

95,4

45

55,1

62

55,6

11

55,3

08

54,4

92

54,5

26

54,9

17

55,4

01

56,2

26

56,4

76

56,8

36

57,0

31

57,3

15

57,7

92

0

25,000

50,000

75,000

100,000

125,000

150,000

175,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Population of U.S. Convenience StoresSingle Stores Chain Stores

2006145,119totalstores

2018153,237

totalstores

Fuel80%

Non-Fuel20%

Store Type

Single62%

2-103%

11-10010%

101-5006% 500+

19%

Chain Size

Couche-Tard’s market share at ~6% in the U.S.; high fragmentation leaves ample room for consolidation.

ATTRACTIVE CHANNEL WITHIN BROADER RETAIL…

12

Source: NACS State of the Industry Report of 2018 Data.

Industry inside sales grew for the 16th consecutive year.

$116

.2

$132

.1

$151

.1

$163

.6

$168

.5

$173

.9

$182

.4

$190

.4

$195

.0

$199

.3

$204

.0

$213

.5

$225

.8

$233

.0

$237

.0

$242

.2

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Industry Inside Sales(in billions)

CAGR 5.0%

$4.0 $5

.0 $5.9

$4.8

$3.5

$5.2

$4.8

$6.5 $7

.0

$7.2

$7.1

$10.

4

$10.

6

$10.

2

$10.

4

$11.

0

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Pretax Income(in billions)

CAGR 6.9%

… AND RECESSION RESILIENT

13

Convenience sales grew during the last two recessions.

$99.

8

$104

.1

$112

.0

$109

.3

$116

.2

$132

.1

$151

.1

$163

.6

$168

.5

$173

.9

$182

.4

$190

.4

$195

.0

$199

.3

$204

.0

$213

.5

$225

.8

$233

.0

$237

.0

$242

.2

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Industry Inside Sales(in billions)

Source: NACS State of the Industry Report of 2018 Data;Wikipedia (https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States).

Dot-Com Bubble Great Recession

+5% +8%

https://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States

EXPERT IN SALE OF AGE-RESTRICTED PRODUCTS

14

Source: Nielsen Convenience Track.Note: Walmart excluded from Mass Merchandise figures, except for cigarettes.

Age-restricted categories are expected to contribute nicely to c-store traffic in the future.

95%

4%

1% 0%

89%

6% 4%

0%

56%

38%

4%

1%

44% 49

%

4% 3%

36%

37%

18%

9%

33%

58%

4% 4%

0%10%20%30%40%50%60%70%80%90%

100%

Convenience Food Drug Mass Merchandise

Product Category Share by Channel

OTP Cigarettes Beer Packaged Beverages Candy Salty Snacks

Convenience store channel is the clear leader in sales of age-restricted products

U.S. NATIONAL FUEL MARGIN TRENDING HIGHER

15

Source: OPIS Retail Year in Review.

Rising breakeven point for single-store and small-chain operators is contributing to higher overall fuel margin.

13.1

16.3

18.5 18.419.0

22.4

20.4 19.9

21.8

24.0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

cent

s pe

r ga

llon 2008 - 2012 average: 17.1 cpg

2013 - 2017 average: 21.7 cpg

CAGR 2.1%

Industry breakeven increased ~10% y/y in 2018. More importantly, the bottom 50% operators would be losing money below a margin of ~16 cpg and the

bottom 25% would be at a loss below ~21.5 cpg.

COST HEADWINDS FAVOUR LARGER CHAINS

16

Source: NACS (LHS), NACS State of the Industry Compensation Report of 2018 Data (RHS).

Scale and geographic diversification provides Couche-Tard with flexibility to offset industry headwinds.

$3.2 $3

.8$5

.4 $6.6 $7

.6 $8.4

$7.4

$9.0

$11.

1$1

1.2

$11.

2$1

1.4

$10.

0$9

.5$1

0.1 $11.

1

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Card Costs to Industry(in billions)

$7.9

5 $8.3

7

$8.2

7

$8.4

6

$8.5

6

$8.5

1 $8.7

6 $9.0

2 $9.4

4

$9.9

9

$10.

19

$10.

74

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Average Associate Wage(in dollars per hour)

CONTENT

17





ShareholderValue

COMPETITIVE ADVANTAGES

18

• Significant scale and buying power through broad footprint and global brand.

• Strong leadership team and decentralized business model.

• Long-standing cost discipline embedded in our company culture and DNA.

• Proven ability to integrate acquisitions.

• Well positioned with Norway laboratory.

• Solid balance sheet and capacity to invest.

GLOBAL FOOTPRINT WITH LOTS OF WHITE SPACE

19

Note: Store count as at fiscal year ended April 28, 2019.1 U.S. store count includes 1,285 CAPL sites.2 Europe store count includes 981 automats; presence in Russia (33 stores) is not shown on map.

Europe2

2,709stores

United States1

8,989stores

Int’l

2,181stores

Core networkInternational licensees

Canada

2,162stores

GOING GLOBAL WITH CIRCLE K BRAND

20

~75% of stores1 in the U.S. are operating under the Circle K banner, 81% in Canada, and close to 100% in Europe.

Higher brand awareness and loyalty

Private label and product innovation

Unified corporate culture

Greater purchasing power

Rollout of national promotions

Exclusive product launches

Note: Completion percentages as at April 29, 2019.1 Coporate stores and franchisees.

HIGHLY EXPERIENCED EXECUTIVE TEAM

21

For more information on ACT’s company officers, please visit https://corpo.couche-tard.com/en/our-company/management-team/

Brian HannaschPresident & Chief ExecutiveOfficer

• 18 yrs with ACT• 30 yrs in Oil & Gas / Retail

Claude TessierChief Financial Officer

• 3 years with ACT• 27 yrs in Retail

Deborah Hall LefevreTechnology

• 2 yrs with ACT• 15 yrs with global QSR

Kevin A. LewisMarketing

• 2 yrs with ACT• 15 yrs in senior/CMO roles

Ina StrandHuman Resources


Hans-Olav HøidahlOperations, Europe

• 7 yrs with ACT• 20 yrs with Statoil F&R

Alex MillerCommercial Optimization


Darrell DavisOperations, North America

• 17 yrs with ACT• 30 yrs in Retail

https://corpo.couche-tard.com/en/our-company/management-team/

LONG-STANDING COST DISCIPLINE

22

Though wage pressures are having a current impact, cost containment is part of Couche-Tard’s DNA.

Lean corporate structure

Automation and robotics

Decentralized business units

Procurement efficiency

Continuous benchmarking

Cost efficient systems

1.7% 1.9%

-0.9%

0.2%0.8%

1.5%2.1%

2.0%

3.7%

1.4% average

2011

2012

2013

2014

2015

2016

2017

2018

2019

SG&A Expense Growth Y/Y

PROVEN ABILITY TO INTEGRATE ACQUISITIONS

23

Winners

Pump N Shop

Sterling Stores

Compac Food

Stores

Garvin Oil

Stores

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

1,706 45 75 421 46 107 70 47 326 2,506 166 1,660 515 442 2,055

2 3 4 8 1 4 5 2 7 7 4 3 4 3 3Deals

Rev

enue

s

Since 2004, Couche-Tard successfully completed a total of 60 deals, adding ~10,200 store globally.

NORWAY LABORATORY IS A SIGNIFICANT ADVANTAGE

24

Well positioned to claim the EV customer

E-mob platform and internal capabilities established

• Full time dedicated team.

• Technical platform for E-mobility operations acquired, including app and webshop.

260+ fast chargers now installed in Norway, in total 400 chargers in EUR

• 133 new fast chargers installed in Norway (40 branded Circle K).

• 56 new fast chargers in other EUR countries, in total 138 installed.

• 400 additional chargers planned for 2020 in EUR and pilots to start in North America.

Home and workplace charging launched in Norway

• Product tested and ready.

• Full Market launch was done at the beginning of May 2019.

• 30+ offers delivered to apartment market prior to launch.

FY18 FY19 FY20

Circle K Grønn Kontakt Tesla Ionity

500+133

129

262

SOLID BALANCE SHEET AND CAPACITY TO INVEST

25

Announced NCIB for 4% of our Class B sub voting shares float (~17 million shares), to be used opportunistically.

BBB / Baa2S&P / Moody’s

Investment Grade Credit Rating

2.29below 2.50 target

Adj. Leverage Ratio

~$4-6 billionACT estimate

Balance Sheet Capacity

4.18

2.97

2.48

3.15 3.19 2.88

2.67

2.10 2.07

3.60

3.05

2.44 2.17

1.98 2.02

3.13

2.29

2004 2005 2006 2007 2008 2009 2010 2011 2012 Proforma

2013 2014 2015⁽¹⁾ 2016⁽¹⁾ 2017⁽¹⁾ 2018⁽¹⁾ 2019

Rapid deleveraging after transformational acquisition

Circle K No transformational acquisition Statoil Fuel & Retail,The Pantry

SFR acquisition leverage lower than at Circle KStrong credit metrics for several years

1,017 stores acquired2,453 stores acquired 3,847 stores acquired

Topaz, IOL, CST, Cracker Barrel, Holiday, Jet Pep

2,666 stores acquired

$840M

$3.6B

$1.7B $570M $1.3B

$6.5BTarget threshold of 2.50

Note: Pro forma ratios based on inclusion of acquisitions in full year results; transaction values include assumed debt.

IMPRESSIVE EBITDA-TO-FCF CONVERSION

26

Converted 36% of EBITDA to free cash flow since 2011.

Note: Free cash flow calculated as EBITDA less net capital expenditures, less other (cash dividends paid, cash interest expense, and cash taxes paid).

1/3of total capex

New to Industry

1/3of total capex

Commercial Programs

1/3of total capex

Maintenance & Improvements73

4 841

1,37

6 1,64

0

1,87

6 2,33

1

2,39

6 2,98

0

3,58

3

193

289 457

459

563 80

7

899

1,03

7

93015

8

148 30

5

315 42

8 540 60

8 673

809

383 404

614 86

6 884

984 88

9 1,26

9 1,84

4

30% 38% 39% 32% 34% 39% 41% 39% 32%

2011 2012 2013 2014 2015 2016 2017 2018 2019

in U

S$ m

illion

s

EBITDA Net Capex Other Free Cash Flow Capex (as % of EBITDA)

Aiming to deploy ~40% of EBITDAtowards capital expenditures

EFFICIENT STRUCTURE BELOW EBITDA LINE

27

Low cost of debt and global corporate structure permits higher conversion of EBITDA to net earnings.


Net earnings

Income taxes

Net financial expenses

D&A

EBITDA

Rent

EBITDAR 112%

51%

12%

10%

9%

30%

100%

MEANINGFUL CONTROL OVER OPERATING ASSETS

28

~82% of land and buildings in our overall network are either owned or leased through long-term agreements.

Note: All figures as at fiscal year ended April 29, 2018, excluding CAPL assets. Percentage referencing total network also excludes international licensee assets.

2,300 2,300

5,723 4,353

4,717 6,087

Land Buildings

Total Network

Owned Leased Third-Party Control

Substantial intrinsic value embedded in our

real estate portfolio

Control over our real estate provides us with the flexibility needed to

operate efficiently

CONTENT

29





ShareholderValue

OUR AMBITION

30

DOUBLE AGAINby making our customers’ lives

a little easier every day!

Double the business again, driven by our value creation equation and a focus on organic growth.

PRINCIPLES FOR PROFITABLE GROWTH

31

ROCE

Adj.Leverage Ratio

Capital Expenditures

Aim to deliver an EBIT-based return on capital employed of more than 15%.

Aim to keep our adjusted net debt-to-EBITDAR ratio below 2.50, allowing for flexibility following significant acquisitions.

Aim to maintain a level of capex spending at ~40% of EBITDA.

MORE BALANCED GROWTH GOING FORWARD

32

Organic30%

M&A70%

Historically

Organic50%

M&A50%

Projected

Greater focus on the offering and customer journey is expected to drive higher share of organic growth.

KEY FOCUS AREAS

33

• Succeed with food• Capture new opportunities• Further develop our retail

capabilities and data access to optimize the local store offering.

• Continue to grow market share in the U.S.

• Expand to new growth markets.

Offering Network

Foundational Elements

• Deliver first-class, retail-level recruiting and engaging training for our store and field employees.

Investments inOur People

• Make it easy for our ~133,000 people by leveraging our agile operating model.• Further increase our competitive advantage as a disciplined operator in the

industry.

• Be recognized by our customersfor a differentiated experience, in the way we deliver and continuously improve as weinnovate the customer journey.

Optimization of Business Systems

Customer Journey

• Making Circle K the conveniencebrand of choice

• Customer journey innovation• Customer loyalty• Operational excellence• Brand differentiation

CORE INITIATIVES

34

Customer Journey

• Food at scale• Merchandise pricing, promotion,

and assortment• Age-restricted products• Fuel pricing• Claim the EV customer in specific

markets

• U.S. expansion• Profitable ramp-up of new stores• Profitable remodels• Convenience-only in high foot

traffic locations• Disciplined entry into Asia Pacific

Offering Network

Foundational Elements

• Sustain investments in learning and development• Attract and hire people along core company values• Improve HR support and costs through digitalization

Investments inOur People

• Processes, technology and data• Cost base• Supply chain

Optimization of Business Systems

CONTENT

35





ShareholderValue

INCREASING SHAREHOLDER VALUE

36

• Long track record of delivering solid results.

• Increasing free cash flow generation.

• Rewarding shareholders through a steadily increasing dividend.

• Strong focus on reinvesting profitably in our operations and improving the ROCE.

DELIVERING STRONG RESULTS…

37

4,19

5

4,61

3 6,94

5

7,62

6

8,13

5 10,5

02

11,7

93 14,5

25

15,6

26

2011

2012

2013

2014

2015

2016

2017

2018

2019

in m

illio

ns o

f gal

lons

Fuel Volume Sold

CAGR 17.9%

673

787 1,

664

1,88

8

2,12

9

2,44

0

2,58

7 3,38

7 3,94

9

2011

2012

2013

2014

2015

2016

2017

2018

2019

in U

S$

mill

ions

Fuel Gross Profit

CAGR 24.8%

6,18

4

6,59

9

7,60

2

7,95

3

8,27

6

10,0

72

10,7

24 12,9

76 14,5

05

2011

2012

2013

2014

2015

2016

2017

2018

2019

in U

S$

mill

ions

Merchandise and Service Revenues

CAGR 11.2%

2,07

3

2,18

2

2,59

6

2,69

9

2,80

6 3,43

1

3,68

2 4,46

9 5,00

6

2011

2012

2013

2014

2015

2016

2017

2018

2019

in U

S$

mill

ions

Merchandise and Service Gross Profit

CAGR 11.7%

… AND REWARDING SHAREHOLDERS ACCORDINGLY

38

0.06

0.09 0.10 0.

14 0.19

0.27

0.35 0.

37

0.45

2011

2012

2013

2014

2015

2016

2017

2018

2019

in C

$ pe

r sh

are

Dividend per Share

CAGR 27.8%

Increased quarterly dividend by 25% in Q3 2019 to an annualized payment of 50¢ per share.

STRONG ORGANIC GROWTH DRIVING RETURNS

39

Moving towards goal of 15%+ ROCE, driven primarily by organic growth initiatives.

We have repeatedly proven our ability to increase our ROCE

following the integration of large acquisitions

18.1

%

19.0

%

11.0

% 13.3

% 16.2

%

19.2

%

15.8

%

12.0

% 14.1

%

2011

2012

2013

2014

2015

2016

2017

2018

2019

Return on Capital Employed

avg. 15.4%

RELATIVE STOCK PERFORMANCE

40

Source: FactSet, based on the closing prices at the end of July 8, 2019 trading day.

FINANCIAL HIGHLIGHTS

41

Notes: Fiscal years 2012 and 2107 consist of 53-week periods.1 Free cash flow calculated as EBITDA less net capital expenditures, less cash dividends paid, cash interest expense, and cash taxes paid.

in US$ millions, unless otherwise noted 2011 2012 2013 2014 2015 2016 2017 2018 2019 CAGR

Total revenues 18,543 22,980 35,549 37,962 34,530 34,145 37,905 51,394 59,118 16%Gross profit 2,752 2,975 4,607 4,988 5,268 6,082 6,482 8,112 9,195 16%EBITDA 734 841 1,376 1,640 1,876 2,331 2,396 2,980 3,583 22%Operating income 503 580 839 1,034 1,320 1,668 1,698 2,037 2,489 22%Adj. diluted EPS $0.67 $0.81 $1.11 $1.35 $1.79 $2.08 $2.21 $2.60 $3.32 22%

Merchandise SSS - United States 4.2% 2.7% 1.0% 3.8% 3.9% 4.6% 2.0% 0.8% 4.1%Merchandise SSS - Europe n/a n/a n/a 1.6% 2.0% 2.8% 3.5% 2.7% 4.8%Merchandise SSS - Canada 1.8% 2.8% 2.0% 1.9% 3.4% 2.9% 0.1% 0.4% 5.2%

SS Fuel Volume - United States 0.7% 0.1% 0.6% 1.7% 3.4% 6.6% 2.6% -0.4% 0.7%SS Fuel Volume - Europe n/a n/a n/a 2.5% 2.4% 2.6% 1.0% 0.0% -0.9%SS Fuel Volume - Canada 3.9% -0.9% 0.0% 1.3% -0.1% 0.9% -0.3% -1.4% -1.6%

Fuel Margin - United States (in US$ cents per gallon) 15.54 16.99 18.77 18.11 21.74 20.15 18.56 19.39 23.60 5%Fuel Margin - Europe (in US$ cents per litre) n/a n/a 9.88 10.94 10.33 8.82 8.22 8.72 8.61 -2%Fuel Margin - Canada (in C$ cents per litre) 5.38 5.45 5.84 5.98 6.35 6.41 7.66 8.84 8.38 6%

Cash flow from operations 608 764 1,161 1,429 1,715 1,888 1,926 2,163 3,084 22%Free cash flow1 383 404 614 866 884 984 889 1,269 1,844 22%

Dividends per share 0.06 0.09 0.10 0.14 0.19 0.27 0.35 0.37 0.45 28%

Adj. debt-to-EBITDA ratio (x) 0.26 0.43 1.99 1.32 1.18 0.95 1.09 2.46 1.61Adj. debt-to-EBITDAR ratio (x) 2.09 2.11 3.06 2.44 2.17 1.93 2.02 3.13 2.29ROCE (%) 18.1% 19.0% 11.0% 13.3% 16.2% 19.2% 15.8% 12.0% 14.1%

INVESTMENT HIGHLIGHTS

42

Size and Scale

Capital Allocation

Strong Culture

Attractive Channel

Organic Growth

M&A Expertise

• Global rebrand initiative permits better leverage of broad scale.• More flexibility to compete compared to small-size operators.

• Strong cash flow generation supports capex and growth plans.• Dividend increased more than 7-fold since 2011 (~28% CAGR).

• Decentralized model drives accountability and entrepreneurship.• Cost discipline and lean operations are a major part of our DNA.

• We sell time and convenience (~65% of products consumed within hour of purchase) and have close proximity to customers.

• Solid pipeline of current initiatives, with many opportunities around customer journey, innovation, and deployment of retail capabilities.

• Long track record of successful integrations and synergy capture.• Significant runway remains globally, with a focus on U.S. and Asia.

INVESTOR RELATIONS CONTACTS

43

Karinne BouchardSenior Director, Investor Relations and [email protected] x. 4736

Jean Marc AyasManager, Investor [email protected] x. 4619

Documents

Alimentation Couche-Tard Inc....Couche-Tard Inc.’s (“Couche -Tard”) control, may cause actual results to differ materially from the expectations expressed in its forward-looking