Parkland Announces Competition Bureau Clearance of its Acquisition of the Majority of CST’s Canadian Assets

CALGARY, Alberta–(BUSINESS WIRE)–Parkland Fuel Corporation (“Parkland”) (TSX:PKI):

Not for distribution to U.S. news wire services or dissemination in the
United States

(All amounts in Canadian dollars unless specified otherwise)

Parkland Fuel Corporation (“Parkland”) (TSX:PKI), Canada’s
largest and one of North America’s fastest growing independent marketers
of fuel and petroleum products, announced that it has received all
customary third party consents and regulatory approvals, including
approval from the Competition Bureau of Canada (the “Bureau”),
for its acquisition (the “Acquisition“) of the majority of
the Canadian business and assets of CST Brands, Inc. from Couche-Tard
Inc..

Following the Bureau’s review, Parkland has agreed to sell nine dealer
and commissioned agent retail fuel contracts in Ontario. In addition,
Parkland divested two company owned and operated retail sites and four
dealer and commissioned agent retail fuel contracts in two other markets
prior to entering into the consent agreement with the Bureau.

Parkland expects the closing of the Acquisition to occur on June 28,
2017.

Parkland is expected to acquire the following assets for an adjusted
purchase price of approximately $985M:

• 495 dealer and commissioned agent retail fuel sites;
• 73 commercial cardlock sites;
• 30 commercial and home heating sites;
• 159 company-operated retail fuel sites representing approximately 45%
  of the expected company-operated retail fuel EBITDA; and
• a French speaking corporate presence in Montréal.

Certain information included herein is forward-looking. Many of these
forward looking statements can be identified by words such as “expects”,
“expected”, “will”, “anticipate”, or similar words and include, but are
not limited to, the expected completion of the Acquisition. 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. 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: failure to complete the Acquisition in a timely manner or at all,
the failure to achieve the anticipated benefits (including, but not
limited to, the expected EBITDA); general economic, market and business
conditions; industry capacity; competitive action by other companies;
refining and marketing margins; the ability of suppliers to meet
commitments; actions by governmental authorities including increases in
taxes; changes in environmental and other regulations; and other
factors, many of which are beyond the control of Parkland.

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 press release are expressly qualified by this
cautionary statement.

Parkland Fuel Corporation delivers gasoline, diesel, propane,
lubricants, heating oil and other high-quality petroleum products to
motorists, businesses, households and wholesale customers in Canada and
the United States. Our mission is to be the partner of choice for our
customers and suppliers, and we do this by building lasting
relationships through outstanding service, reliability, safety and
professionalism.

We are unique in our ability to provide customers with dependable access
to fuel and petroleum products, utilizing a portfolio of supply
relationships, storage infrastructure, and third-party rail and highway
carriers to rapidly respond to supply disruptions in order to protect
our customers.

To sign up for Parkland news alerts, please go to http://bit.ly/PKI-Alert
or visit www.parkland.ca.

Contacts

Parkland Fuel Corporation
Investor Inquiries
Ben
Brooks, 403-567-2534
Vice President, Treasury & Investor Relations
[email protected]
or
Media
Inquiries
Annie Cuerrier, 403-567-2579
Director, Corporate
Communications
[email protected]