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Parkland Fuel Corp. - CST & Chevron Acquisition

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Parkland's acquisition from Chevron for $1.5B of western Canadian retail and wholesale distribution assets including a refinery in Burnaby, combined with the $965M acquisition from Alimentation Couche-Tard of their Canadian retail fuel facilities(CST) will approximately double assets. Prior to these two pending acquisitions Parkland's total assets were $2.5B. The acquisition from Chevron is expected to close by the end of Q2-2017 and the CST acquisition by the end of Q4-2017.

The acquisition from Alimentation Couche-Tard Inc. includes the majority of the Canadian business and assets of CST Brands, Inc. for $965M. Couch-Tard acquired CST and is selling the Canadian assets acquired to Parkland. The Canadian business and assets that Parkland will acquire will consist of: (i) 490 dealer and commissioned agents retail businesses, (ii) 72 commercial cardlock sites, (iii) approximately 27 commercial and home heating sites, (iv) a number of high quality company-operated stores to be determined following the competition Bureau of Canada's review of the Couche-Tard's acquisition of CST, and (v) a corporate presence in Montréal. The CST Brands Canada Acquisition is expected to extend Parkland's network coverage in Quebec and Atlantic Canada and enhance Parkland's presence in Ontario.

The acquisition from Chevron places important British Columbia infrastructure under experienced Canadian ownership. The businesses acquired consists of: i) 129 Chevron-branded retail service stations principally located in Metro Vancouver, which complement Parkland's existing 44 Chevron-branded sites in British Columbia, ii) 37 commercial cardlock and three marine fueling locations, iii) a complimentary refinery in Burnaby, terminals located in Burnaby, Hatch Point, and Port Hardy, British Columbia, and a wholesale business which includes aviation fuel sales to the Vancouver International Airport.

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