ALIMENTATION COUCHE-TARD RENEWS SHARE REPURCHASE PROGRAM

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Apr 29, 2024, 08:00 ET

LAVAL, QC, April 29, 2024 /PRNewswire/ - Alimentation Couche-Tard Inc. ("Couche–Tard") (TSX: ATD) announced today that the Toronto Stock Exchange ("TSX") has approved the renewal of its share repurchase program (the "Program"), authorizing Couche–Tard to repurchase up to 78,083,521 Common Shares (the "Shares"), representing 10% of the 780,835,217 Shares comprising Couche-Tard's "public float" (as such term is defined in the TSX Company Manual) as at April 18, 2024. Based on the current share price the completion of the Program in full would represent a total investment of approximately US $4.3 billion or CDN $5.9 billion.

The average daily trading volume for the six-month period preceding March 31, 2024 represents 1,183,634 Shares. In accordance with TSX requirements, Couche-Tard is entitled to purchase, on any trading day, up to a total of 295,908 Shares representing 25% of this average daily trading volume.

Couche-Tard believes that the purchase of up to 78,083,521 Shares under the Program is an appropriate use of its funds and a desirable investment for Couche-Tard and, therefore, would be in the best interests of Couche-Tard. By making such repurchases, the number of Shares in circulation will be reduced and the proportionate interest of all remaining shareholders in the share capital of Couche-Tard will be increased on a pro rata basis.

Under the terms of the Program, Couche-Tard may repurchase up to 78,083,521 Shares on the open market through the facilities of the TSX and through alternative trading systems in Canada, as well as outside the facilities of the TSX pursuant to exemption orders issued by securities regulators, over the course of twelve months commencing May 1, 2024 and ending at the latest on April 30, 2025. All Shares will be purchased at their market price at the time of acquisition, except for purchases effected outside the facilities of the TSX pursuant to exemption orders issued by securities regulators which will be at a discount to the market price as provided in such exemption orders.

The actual number of Shares purchased under the Program, the timing of purchases and the price at which the Shares are bought will depend upon management discretion based on factors such as market conditions. All Shares repurchased under the Program will be cancelled upon their repurchase.

Couche-Tard's previous Program will expire on May 1, 2024, and authorized Couche-Tard to repurchase for cancellation up to 49,066,629 Shares. During the current period of the Program until April 18, 2024, Couche-Tard repurchased for cancellation a total of 25,317,137 Shares under its previous Program through the facilities of the TSX and alternative Canadian trading systems for an approximate total cost of US $1.3 billion and at a weighted average price paid per share of approximately US $50.88 or CA $68.77.

In connection with the Program, Couche-Tard has established an automatic securities purchase plan with a designated broker whereby Shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackout periods. Under the automatic securities purchase plan, before entering a self-imposed blackout period, Couche-Tard may, but is not required to, ask the designated broker to make purchases under the Program. Such purchases will be made at the discretion of the designated broker, within parameters established by Couche-Tard prior to the blackout periods. Outside the blackout periods, purchases will be made at the discretion of Couche-Tard's management. The automatic securities purchase plan will constitute an "automatic plan" for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.

About Alimentation Couche-Tard Inc.

Couche-Tard is a global leader in convenience and mobility, operating in 29 countries and territories, with more than 16,700 stores, of which approximately 13,100 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of the People's Republic of China and has recently expanded to Belgium, Germany, Luxembourg and The Netherlands. More than 150,000 people are employed throughout its network.

For more information on Alimentation Couche-Tard Inc., or to consult its audited annual Consolidated Financial Statements, unaudited interim condensed consolidated financial statements and Management's Discussion and Analysis, please visit: https://corpo.couche-tard.com.

Forward-Looking Statements

Certain statements in this press release may constitute forward looking statements within the meaning of securities legislation, including those with respect to the Program. Positive or negative verbs such as "believe", "can", "shall", "intend", "expect", "estimate", "assume" and other related expressions are used to identify such statements. Such statements are based upon the current beliefs and expectations of Couche-Tard and are subject to significant risks and uncertainties outside of Couche-Tard's control. Couche-Tard would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated in or underlying these statements, or could have an impact on the degree of realization of a particular projection. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of the release.

SOURCE Alimentation Couche-Tard Inc.