About Parkland Corporation

Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in 26 countries across the Americas. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers’ needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community and respect, which are embedded across our organization.

For Further Information: Investor Inquiries: 1-855-355-1051, Investor.Relations@parkland.ca

SHANGHAI, Aug. 20, 2025 /PRNewswire-HISPANIC PR WIRE/ — For years, an island around the Caribbean faced with some operational challenges. Power losses exceeded 20% in key areas. Manual meter reading proved highly inefficient and error-prone, while the island’s corrosive salt fog environment accelerated meter corrosion, driving up maintenance costs. These issues demanded a transformative solution.

CHINT’s Comprehensive Wi-SUN Solution

Based on these problems, CHINT reached a cooperation with the island and CHINT’s Wi-SUN Smart Metering Solution not only effectively solved these challenges, but also opened the era of intelligent remote meter reading. This Solution includes smart meter devices, the Power Easy AMI system, on-site technical support, installation guidance, and comprehensive system operation training — including software and the PowerEasy platform.

This Wi-SUN smart metering project covers over 3,000 households with CHA120 smart meters, CHG540 concentrators, and CHG590 repeaters for the island. Rolled out in phases, the project replaces traditional meters with a modern AMI system, enabling remote meter reading, real-time monitoring, and efficient grid management.

High Performance:

• 99.79% communication KPI, 99% on-demand remote operation rate
• 50% O&M efficiency improvement
• 35% reduction in manual labor costs
• 21% drop in total line loss

Smarter Grid:

• Remote meter reading & outage reporting
• Grid monitoring and data analysis
• Visualized, efficient operations

Safer & Reliable System:

• Theft detection & system alerts
• Durable devices (waterproof, dustproof, corrosion-resistant)
• Stable communication even in complex terrain

Digital Management:

• One-to-one meter-user match
• Centralized, digital archive system
• Scalable for broader Caribbean deployment

Opened Remote Meter Reading: Customer & Technician Validation

The staff of the electric company in the island said, “The Wi-SUN smart meter scheme allows remote reading, eliminating site visits for manual readings and significantly reducing labor costs.” They highlighted improved customer satisfaction, and end users enjoy instant remote reconnection after payment, saving them a trip. The staff also praised CHINT’s responsive support. The solution enables quick problem response, with solutions actively provided through collaboration with CHINT’s teams.

The local conditions are harsh and the terrain is complex, with hills and dense jungles. Local technicians of the island confirmed the excellent performance of CHINT’s equipment and maintained a very high success rate under local natural conditions. They attach importance to this ability: “CHINT’s solution allows us to judge the Wi-SUN signal strength at each point so that we can conduct independent field investigations in the future. Integrated systems, software and applications have greatly improved our work efficiency. ”

A Foundation for the Future

CHINT’s Wi-SUN solution successfully ended the local history of inefficient manual meter reading in the island. More than solving immediate challenges, it delivered a stable, secure, and intelligent power supply system. This project lays the essential foundation for smart city ambitions and provides a proven, replicable model for utilities across the Caribbean facing similar hurdles.

Photo – https://mma.prnewswire.com/media/2754304/image.jpg

Significant Early Progress Across the Grid

Since breaking ground, BGC crews have installed or replaced 80 overhead distribution poles, upgraded 56,000 feet of wire, and load-balanced more than 20 circuit miles of the primary voltage system. To support growing demand and improve grid resiliency, 3,800 feet of underground cable has been laid and 18 new service connections have been added. These early upgrades are directly benefiting approximately 6,000 customers and represent vital steps toward storm-hardening the island’s energy network.

On the transmission side, the company has installed 105 new steel poles and pulled over 83,000 feet of high-capacity conductor. BGC teams have also delivered more than 1,100 hours of emergency response support to help stabilize the grid and address urgent service needs.

“This is about building a stronger, smarter energy grid for The Bahamas,” said J. Eric Pike, Chairman of the Board at BGC. “Every pole we set and every line we upgrade brings us closer to making reliable power the standard—not the exception.”

Smart Grid Technology Delivering Real Results

In parallel with the infrastructure upgrades, BGC is rolling out cutting-edge smart grid technology to increase automation and responsiveness across the island. To date, 47 IntelliRupter^® PulseCloser Fault Interrupters have been installed at strategic locations throughout New Providence. These devices detect and isolate faults in real time, dramatically reducing outage duration and scale.

Thanks to these installations, BGC has prevented 182 potential outages this year, which would have caused over 170,000 service interruptions among the 48,000 customers living along the affected circuits. In terms of percentages, the IntelliRupters have led to a 73% reduction in total outages and an 86% reduction in potential power interruptions for customers in 2025.

“We are implementing more than a standard grid upgrade—it’s a long-term investment in our communities,” said Mei Shibata, CEO at BGC. “We’re proactively building a system that has the ability to self-mitigate issues, so that every household and business in New Providence can count on consistent, dependable power.”

A Stronger Future for The Bahamas

The $130 million investment represents a once-in-a-generation opportunity to transform New Providence’s grid into a modern, resilient, and affordable energy system. BGC will continue to share regular updates on its progress and welcomes public engagement as the work continues.

Website: https://bahamasgrid.net/

Photo – https://mma.prnewswire.com/media/2730518/Island_Grid_BGC.jpg
Logo – https://mma.prnewswire.com/media/2652249/Island_Grid_Logo.jpg

Encourages Shareholders to Continue Voting ONLY on the BLUE Proxy

CALGARY, AB, April 21, 2025 /PRNewswire/ — Parkland Corporation (”Parkland” or the “Company”) (TSX: PKI) today announced that it has published a presentation, available for download here that comprehensively refutes the claims being advanced by Simpson Oil Limited (”Simpson”) and demonstrates Parkland’s refreshed, experienced, and independent Board is the right team to lead the Company through its ongoing Strategic Review process.

“This is a clear attempt by a minority shareholder to seize full control of Parkland without offering a control premium to its fellow shareholders—and without the experience or qualifications required to oversee a complex strategic review,” said Michael Jennings, Executive Chair of Parkland. “The hand-picked Simpson dissident slate lacks independence, expertise, and credibility. In contrast, Parkland’s Board is highly independent, has significant and relevant expertise, and is committed to advancing a thorough process that delivers value for all shareholders—not just one.”

Shareholders should have all the key facts ahead of the upcoming Annual General Meeting. These points make clear why Parkland’s independent and experienced Board is best positioned to lead the Strategic Review and to deliver long-term value for ALL shareholders—and why it deserves your full support.

1. Simpson has Nominated an Unqualified, Inexperienced, and Unfit Slate of Directors

In nearly two years of agitation, the Simpson family has failed to put forward a qualified alternative to Parkland’s current Board, a credible CEO candidate, or serious alternative plan. Contrary to Simpson’s claims, their proposed slate lacks independence, public company experience, and relevant industry expertise.

Their nominees include:

• Two family office employees with no meaningful public company or industry experience
• A banker from Parkland’s lead bank, clearly conflicted—his decision to join the dissident slate reflects poor judgment and exemplifies Simpson’s approach to doing business
• A failed small-cap CEO as an interim CEO candidate
• A local Cayman real estate broker, with no observable public company experience

This slate lacks independence, credibility, and the expertise required to steward a company like Parkland. It has been assembled for one purpose: to give the Simpson family unchecked control of the Company.

Michael Jennings’ new role as Executive Chair strengthens Parkland by bringing his track record of performance to operate the Company and his unparalleled experience in the industry and capital markets to drive a credible and thorough Strategic Review process.

2. Simpson Wants Full Control — Without Paying Shareholders a Premium

Let’s be clear: this is not about representation—it’s about total control.

Despite owning just under 20% of Parkland, the Simpson family is seeking full control of the Company without paying a control premium to other shareholders. Over the past 12 months, Parkland’s Board and management have engaged in numerous meetings and calls with the Simpson family, during which they made one thing unequivocally clear: they would accept nothing short of complete control of Parkland. Their goal is to advance their personal financial interests at the expense of other shareholders.

The Simpson family now claims publicly that their slate of nine nominees is “independent,” but their private communications reveal otherwise. They explicitly rejected Parkland’s offer to jointly vet and appoint truly independent directors—including highly qualified candidates identified through an impartial third-party search firm, Sue Gove and Felipe Bayon—solely because these candidates were outside the Simpsons’ personal control.

Their claim of independence is contradicted by their own statements and actions. Shareholders should recognize this slate for what it is: an attempt to seize control without paying a control premium, through hand-picked nominees who are neither independent nor qualified.

3. Simpson has Demonstrated a Pattern of Disregard for Fiduciary Duties to all Shareholders

The Simpson family has demonstrated, repeatedly, a troubling pattern of behaviour that is fundamentally incompatible with the fiduciary duties required of a public company board.

Their previously nominated directors circumvented Parkland’s established Board and Special Committee processes to privately solicit an offer from a bidder. These discussions prioritized the Simpson family’s personal financial interests over the broader shareholder base, negatively impacting Parkland’s ability to negotiate a full and fair price on behalf of all other shareholders—an act that flies in the face of good governance and transparency. Regrettably, this is not an isolated incident; similar behaviour occurred several years ago during Parkland’s negotiations to acquire Canadian retail assets.

If the Simpson family succeeds in installing their chosen slate, shareholders can have no confidence they will act in the interests of anyone other than themselves. Their actions to date strongly indicate that future decisions would be designed to enrich the Simpson family—not maximize value for all shareholders.

4. A Credible and Thorough Strategic Review Is Underway — Designed for All Shareholders, Not Just Simpson

The current Board is conducting a robust and independent Strategic Review, led by a refreshed, highly qualified Board composed of a supermajority of independent directors with deep expertise in energy, capital markets, and corporate governance.

Guided by the singular objective of maximizing value for all shareholders, Parkland’s Strategic Review is already attracting significant interest and is overseen by a Special Committee of independent, highly qualified directors—including former CEOs and senior executives—with support from Goldman Sachs Canada and BofA Securities.

In contrast to Simpson’s agenda, which prioritizes their personal financial gains and unique tax circumstances, Parkland’s Strategic Review is rooted in rigorous governance and accountability, thoroughly evaluating all opportunities to unlock the Company’s full value.

5. Parkland’s Current Board is Truly Independent — Refreshed, Experienced, and Accountable to All Shareholders

Over the past two years, Parkland has made significant changes to its Board, appointing six new independent directors with exceptional track records across energy, governance, and M&A, chosen through multiple independent global search firms and our independent committee structure. These individuals bring deep operational and strategic expertise—precisely what is required to oversee a company of Parkland’s size and complexity, and to steward a successful Strategic Review process.

The choice facing shareholders is clear: an experienced, diverse, and independent Board acting in the best interest of all shareholders—or an unqualified, conflicted slate chosen by a single shareholder with a narrow financial agenda.

Shareholders Are Urged to Vote the BLUE Proxy for Parkland’s Director Nominees

The management information circular and related proxy materials, including the Chairman’s letter to shareholders and a BLUE form of proxy or voting instruction form (”BLUE Proxy“), have been mailed to shareholders of Parkland, available via SEDAR+ at www.sedarplus.com, and on the Company’s website.

The Company strongly recommends registered shareholders (who require a 15-digit control number) and beneficial shareholders (who require a 16-digit control number) to vote ONLY on the BLUE Proxy FOR the Parkland Nominees.

For the latest information, please visit ourparkland.ca.

How to Vote on the BLUE Proxy:

Online:

• Registered Shareholders: www.investorvote.com
• Beneficial Shareholders: www.proxyvote.com

By Telephone:

• Registered Shareholders:
  • North America: 1-866-732-8683
  • International: 1-312-588-4290
• Beneficial Shareholders:
  • Canada: 1-800-474-7493 (English) / 1-800-474-7501 (French)
  • U.S.: 1-800-454-8683

Questions? Need Help Voting?

• Contact Kingsdale Advisors:
  • 1-888-518-6832 (Toll-free in North America)
  • 1-647-251-9740 (International – call or text)
  • Email: contactus@kingsdaleadvisors.com

About Parkland Corporation

Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers’ needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are embedded across our organization.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking information and statements (collectively, “forward looking statements”). When used in this news release, the words “aim”, “continue”, “expect”, “will”, “would” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: the objectives of the Parkland Board; the objective of the Simpson family; Parkland’s AGM; the distribution of proxy materials in connection with the AGM and the expected timing thereof.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; Parkland’s ability to execute its business strategy; action by other persons or companies; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s current Annual Information Form, and under the headings “Forward-Looking Information” and “Risk Factors” in Parkland’s Management’s Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Appoints Brad Monaco as permanent Chief Financial Officer, effective immediately

CALGARY, AB, April 7, 2025 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company” or “our”) (TSX: PKI) will today file a management information circular and accompanying materials in connection with its upcoming annual general meeting of shareholders (”AGM”), scheduled to take place at 9:00 a.m. (MT) on May 6, 2025, in-person, in Calgary, Canada.

On Friday, April 4, 2025, Parkland received notice from Simpson Oil Limited (”Simpson”), which owns approximately 19.8% of Parkland’s outstanding common shares, of their intention to nominate nine directors for election at the AGM. This is a self-interested attempt by Simpson, a minority shareholder, to seize full control of Parkland without paying a control premium.

We have welcomed Simpson representatives to rejoin the Board numerous times and have invited them to participate on the Special Committee overseeing the strategic review. It is disappointing that Simpson have chosen this adversarial approach, despite Parkland’s Board and management’s repeated, good faith efforts, to engage constructively and reach a resolution that appropriately recognizes their minority shareholding.

“Many members of the Simpson slate lack credibility and relevant experience to meet the standards required to govern a public company of Parkland’s scale and complexity,” said Michael Jennings, Chair of Parkland’s Board. “However, in the interest of resolution and collaboration with Simpson, Parkland has selected three of Simpson’s nominees who meet Parkland’s governance standards and propose to include one of the Simpson nominees on the special committee overseeing the strategic review. Simpson nominees Brian Gibson and Karen Stuckey bring skills that are expected to be additive to our Board. Michael Christiansen brings valuable perspective, as he works for Simpson directly and was previously a nominee of Simpson on the Parkland Board.

“We are committed to maximizing value for all shareholders. We are confident that Parkland’s proposed Board, including three of Simpson’s nominees, is the best choice to oversee the strategic review process, protect the interest of all shareholders and find a resolution with Simpson while ensuring day-to-day operations remain on track.”

Parkland’s nominees for election at the AGM are: Felipe Bayon, Nora Duke, Bob Espey, Sue Gove, Tim Hogarth, Richard Hookway, Angela John, Michael Jennings, James Neate, Mariame McIntosh Robinson, Karen Stuckey, Brian Gibson, and Michael Christiansen.

Parkland’s Board is proposing a slate of thirteen directors, that will best serve shareholders as an experienced and diversely skilled Board. Lisa Colnett is not standing for re-election as she has reached her ten-year term limit. The Company thanks Lisa for her significant contributions and her dedicated stewardship to Parkland. As part of the Board’s ongoing refreshment of longer tenured directors, the Board expects to reduce the size of its membership to 11 before the 2026 annual general meeting of shareholders.

Since 2023, Parkland has added six highly experienced independent directors to the Board. These appointments reinforce our focus on strong corporate governance and demonstrate the Company’s commitment to rigorous, ongoing board renewal. Supporting Parkland’s recommended Board ensures stable, qualified leadership equipped with deep industry knowledge, public company governance, and transactional expertise – qualities essential for executing a successful strategic review and for ensuring the day-to-day operations of the business remain on track.

Parkland has also appointed Brad Monaco as permanent Chief Financial Officer of the Company, effective immediately. Brad has held progressively senior leadership roles within Parkland’s capital markets and Canadian business segment and has served as Interim Chief Financial Officer since January 1, 2025. He has demonstrated strong financial, business, and strategic acumen, and exceptional leadership capabilities within the organization and to Parkland’s stakeholders.

The management information circular and related proxy materials, including the Chairman’s letter to shareholders and a BLUE form of proxy or voting instruction form (”BLUE Proxy”), will be mailed to shareholders of Parkland, available via SEDAR+ at www.sedarplus.com, and on the Company’s website. The Company strongly recommends shareholders vote ONLY ON the BLUE proxy FOR the Parkland Nominees.

Parkland encourages registered shareholders (who require a 15-digit control number) and non-registered shareholders (who require a 16-digit control number) to carefully review the management information circular and vote their common shares in advance of the AGM using the provided methods:

Vote Online:

Registered Shareholders: www.investorvote.com
Beneficial Shareholders: www.proxyvote.com

Vote by Telephone:

Registered Shareholders: Call toll-free at 1-866-732-8683 (in North America) or 1-312-588-4290 (in countries outside of North America)
Beneficial Shareholders: Canada (1-800-474-7493 for English and 1-800-474-7501 for French) and United States (1-800-454-8683)

Questions? Need Help Voting?
Contact Kingsdale Advisors: 1-888-518-6832 (Toll-free in North America) or 1-647-251-9740 (text and call enabled outside North America), or by email at contactus@kingsdaleadvisors.com.

To obtain current information about voting your Parkland common shares, please visit www.ourparkland.ca.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking information and statements (collectively, “forward looking statements”). When used in this news release, the words “aim”, “continue”, “expect”, “will”, “would” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: the timing of the AGM; the Board, and the composition and attributes thereof; the expected reduction in size of the Board; and the mailing of proxy materials in connection with the AGM and the expected timing thereof.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; Parkland’s ability to execute its business strategy; action by other persons or companies; and other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s current Annual Information Form, and under the headings “Forward-Looking Information” and “Risk Factors” in Parkland’s Management’s Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

“Felipe and Sue are accomplished executives with expertise in industries and sectors that align with Parkland’s business,” said Michael Jennings, Chair of the Board. “Felipe’s deep energy industry experience in Parkland’s broader international region combined with Sue’s extensive retail experience and governance expertise, will be invaluable as the Company explores all options to maximize value for all shareholders.”

Mr. Bayon brings more than 30 years of leadership experience in the global energy sector. He previously held senior operational roles with BP plc and served as President and Chief Executive Officer of Ecopetrol S.A. (”Ecopetrol”), Colombia’s largest integrated energy company and one of the largest and most influential corporations in Parkland’s international region. While at Ecopetrol, Mr. Bayon spearheaded the company’s transformation into a diversified energy group, delivered record safety and financial performance and strengthened corporate governance.

Ms. Gove has extensive experience in the retail sector, including holding positions as Chief Executive Officer, Chief Financial Officer and Chief Operating Officer. In addition to a deep understanding of consumer behaviour, Ms. Gove has led multiple strategic transformations and brings extensive public and private company board experience including a 12-year tenure at AutoZone Inc., where she spent 8 years as Chair of the Nominating and Governance Committee. Ms. Gove currently serves on the board of directors of LKQ Corporation.

These appointments mark the latest step in Parkland’s ongoing commitment to strong governance and a rigorous, ongoing board renewal process, which has prioritized recruiting directors with deep industry and executive expertise. Additionally, as Parkland undergoes its previously announced strategic review, Mr. Bayon and Ms. Gove’s expertise will provide valuable perspective in evaluating opportunities to maximize value for all shareholders.

With today’s announcement, Parkland has added six highly experienced Independent Directors to the Board over the past two years to ensure a governance structure that blends relevant expertise with fresh perspectives and organizational continuity.

Parkland’s Annual General Meeting of Shareholders is scheduled to take place on May 6, 2025. The Company continues to openly invite Simpson Oil to rejoin the Board and participate on the Special Committee which is leading the Company’s previously announced strategic review.

About Parkland Corporation

Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in 26 countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers’ needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are embedded across our organization.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking information and statements (collectively, “forward-looking statements”). When used the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: Parkland’s commitment to strong corporate governance and its board renewal process; expectations relating to the newly appointed directors as well as those appointed over the past two years; Parkland’s strategic review and expectations relating thereto, including maximizing value for all shareholders; and Parkland’s Annual General Meeting of Shareholders and the date thereof.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; micro and macroeconomic trends and conditions, including increases in interest rates, inflation, imposition of tariffs and fluctuating commodity prices; Parkland’s ability to execute its business strategy, including its board renewal process and its strategic review, and realizing benefits resulting therefrom; Parkland’s Annual General Meeting of Shareholders and the date thereof; and any other factors, many of which are beyond the control of Parkland. See also the risks and uncertainties described under the headings “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” in Parkland’s current Annual Information Form, and under the headings “Forward-Looking Information” and “Risk Factors” in Parkland’s Management’s Discussion and Analysis for the most recently completed financial period, each as filed on SEDAR+ and available on Parkland’s website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

CALGARY, AB, Feb. 10, 2025 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland” “we” the “Company” or “our”) acknowledges the Ontario Superior Court of Justice’s decision which found that Simpson Oil Limited (”Simpson Oil”) is no longer bound by the voting and standstill restrictions in the Governance Agreement.

Both Simpson Oil and Parkland freely entered into the Governance Agreement in 2019 which was designed to protect the interests of Parkland’s other shareholders. Simpson Oil commenced this court proceeding for a declaration that it was no longer bound by its terms.

Parkland has always been open to representation from Simpson Oil on its Board. This decision does not change that.

Parkland remains focused on acting in the best interests of all shareholders to maximize value and executing its long-term strategy. The Company will continue to engage with shareholders and focus on the strong operational foundation that supports Parkland’s success.

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in twenty-six countries across the Americas. We serve over one million customers each day. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include renewable fuels sourcing, manufacturing, and blending, carbon and renewables trading, solar power, and ultra-fast EV charging. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers, cultivating their loyalty through proprietary brands, differentiated offers, our extensive network, competitive pricing, reliable service, and our compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

Reaffirm 2028 Adjusted EBITDA and Available cash flow per share ambitions

CALGARY, AB, Nov. 26, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), announced today its 2025 guidance and reaffirmed its 2028 ambitions, demonstrating conviction in its strategy and business model.

“We enter 2025 confident in our strategy and plan to achieve our 2028 growth ambitions,” said Bob Espey, President and Chief Executive Officer. “Next year, despite anticipating lower than mid-cycle refining margins, Adjusted EBITDA from our retail and commercial businesses are expected to increase by approximately five percent, in line with our growth commitments. The Parkland team will continue to focus on growing our customer volumes while achieving the synergies and efficiencies from previous acquisitions.”

2025 Guidance²

• Adjusted EBITDA of $1,800 million to $2,100 million, which includes Refining Adjusted EBITDA of approximately $300 million. This assumes:
  • Refinery composite utilization of 90 to 95 percent. We have deferred the previously planned major turnaround to 2026 following the completion of maintenance activities in 2024.
  • Refining adjusted gross margin of $32 to $33 per barrel. This reflects industry dynamics that are currently below mid-cycle.
• Capital expenditures¹ of between $475 million to $525 million.
• Available cash flow of $5.00 to $6.00 per share¹.
• Leverage Ratio¹ at the low end of our 2 to 3 times target range by year-end 2025.
• Completion of the previously announced divestment program, which we expect to exceed $500 million.

Reaffirming 2028 Ambitions²

• Adjusted EBITDA¹ of $2.5 billion, driven by organic growth, supply optimization, cost efficiencies and returning to mid-cycle refining margins.
• Available cash flow of $8.50 per share¹.
• Return on Invested Capital (ROIC)¹ of more than 12 percent.

Disciplined Capital Allocation

We anticipate generating approximately $5 billion in cumulative Available cash flow from 2025 to 2028 and are positioned to deliver sustainable growth while enhancing shareholder returns and strengthening our balance sheet. The Company’s capital allocation framework remains in place with 25 percent of Available cash flow directed toward dividends, 25 percent toward organic growth initiatives, and the remaining 50 percent toward opportunities that generate the greatest returns, including share buybacks and inorganic growth opportunities.

To support organic growth initiatives, we expect to allocate approximately $1.3 billion of growth capital expenditures from 2025 to 2028 as follows:

• Approximately 50 percent to strengthen our retail customer advantage, focused on growing market share and loyalty, while enhancing brand recognition through:
  • Building scale and density with more than 100 new to industry sites, raze and rebuilds or tuck-ins;
  • Completing more than 175 ON the RUN conversions with differentiated food offers; and
  • Installing approximately 1,800 additional EV charging ports.
• Approximately 20 percent to strengthen our commercial customer advantage, focused on growing volumes through cardlock expansion, multi-product offers and tailored customer solutions.
• Approximately 30 percent to strengthen our supply advantage, focused on building scale and purchasing power through strategic infrastructure investments, including increasing co-processing capacity to 7,500 barrels per day by 2028.

For further information, please see the latest investor presentation available on the Parkland website at www.parkland.ca.

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the Americas. We serve over one million customers each day. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include renewable fuels sourcing, manufacturing and blending, carbon and renewables trading, solar power, and ultra-fast EV charging. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers, cultivating their loyalty through proprietary brands, differentiated offers, our extensive network, competitive pricing, reliable service, and our compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking information and statements (collectively, “forward-looking statements”). When used the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: business strategies, objectives and initiatives; expected market trends; expected refining margins; Parkland’s expected increase of approximately 5% in its 2025 Adjusted EBITDA from its retail and commercial lines of business; Parkland’s 2025 Adjusted EBITDA Guidance, including Refining Adjusted EBITDA of approximately $300 million, 2025 Capital Expenditure Guidance, 2025 Available cash flow per share Guidance, 2025 Leverage Ratio Guidance, 2028 Adjusted EBITDA Ambition, 2028 Available cash flow per share Ambition, 2028 ROIC Ambition; Parkland’s divestment program, the completion and timing thereof and the amount relating thereto; Parkland’s disciplined capital allocation; Parkland’s expectation to generate $5 billion in cumulative Available cash flow from 2025 and 2028, and expected uses for such under Parkland’s capital allocation program, including directing approximately 25 percent toward organic growth initiatives and expected allocation of funds to specific initiatives; Parkland’s expectation to allocate approximately $1.3 billion in growth capital expenditures from 2025 to 2028, including with respect to 50% (approximately $650 million) allocated to retail customer advantage initiatives including building more than 100 new to industry sites, raze and rebuilds or tuck-ins, completing more than 175 On the Run conversions and installing approximately 1,800 EV charging ports, which will generate approximately $110 million of incremental Adjusted EBITDA, 20% (approximately $260 million) to commercial customer advantage initiatives including through cardlock expansion, multi-product offers and tailored customer solutions, which will generate approximately $45 million of incremental Adjusted EBITDA, and 30% (approximately $390 million) to supply advantage initiatives through strategic infrastructure investments, including increasing co-processing capacity to 7,500 barrel per day by 2028, which will generate approximately $70 million of incremental Adjusted EBITDA.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligation to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to: general economic, market and business conditions; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; customer preferences and trends; Parkland’s competitive advantages, including key products and brands, proprietary infrastructure and supply advantage, and ability to maintain such advantages; Parkland’s ability to retain key employees; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s ability to identify buyers and complete divestments, if any, on terms reasonable to Parkland and in a timely manner; Parkland’s ability to execute on accretive organic initiatives and grow to meet its 2025 Guidance and 2028 Ambitions and expected outcomes; Parkland’s management systems and programs and risk management strategy; Parkland’s ability to pay future dividends and complete share buybacks; competitive environment of our industry; retail pricing, margins and refining crack spreads; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; expectations with respect to debt repayment and non-cash working capital; and other factors, many of which are beyond the control of Parkland. In addition, the 2025 Adjusted EBITDA Guidance reflects higher Refinery composite utilization ($100 million), ongoing synergies and cost optimization ($50 million) and strategic organic growth initiatives ($75 million), resulting in an increase in Retail and Commercial Adjusted EBITDA of approximately five percent, as compared to the midpoint of 2024 Adjusted EBITDA Guidance, and the key material assumptions include: Refining adjusted gross margin of $32 to $33 per barrel (reflecting current industry dynamics that are currently below mid-cycle); average Burnaby Refinery utilization of 90 percent to 95 percent based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day (and deferral of the previously planned turnaround to 2026 following the completion of maintenance activities in 2024); and ongoing cost reductions across the business. The 2025 Adjusted EBITDA Guidance range reflects Parkland’s sensitivity of approximately $18 million of Adjusted EBITDA for every $1 per barrel of Refining adjusted gross margin. The 2025 Available cash flow per share Guidance assumes increasing cash flow through continued integration of acquired businesses, ongoing cost optimization and organic growth, while maintaining or decreasing the number of outstanding common shares. 2025 Capital Expenditure Guidance assumes no material changes to underlying operations and no planned major turnaround at the Burnaby Refinery. The 2025 Leverage Ratio Guidance assumes increasing the amount of Available cash flow while maintaining or decreasing debt levels. The 2028 Adjusted EBITDA Ambition reflects higher Refinery adjusted gross margins ($125 million), supply optimization ($75 million), cost optimization ($75 million), strategic organic growth initiatives set out in this release ($225 million), and offsets to lost Adjusted EBITDA associated with planned divestments ($50 million), as compared to the midpoint of 2025 Adjusted EBITDA Guidance. 2028 Ambitions reflect continued organic growth from growth capital expenditures in line with historical returns, supply optimization, identified cost efficiencies, potential acquisitions (not identified, but reflective of expected market returns and similar to expected returns from organic growth initiatives), disciplined inorganic growth opportunities in line with our capital allocation framework, mid-cycle Refining adjusted gross margin of approximately $38 to $40 per barrel, a major planned Burnaby Refinery turnaround in 2026, interest rates on long term bank debt and corporate bonds as set out in the Interim Consolidated Financial Statements for the three and nine months ended September 30, 2024 (”Q3 2024 MD&A”), with any maturing debts set to retire in the interim periods extended at current prevailing market rates, income taxes at expected corporate income tax rates, including the impact of Pilar II legislation, and the key material assumptions and risks include: ongoing operations without any material economic, legal, environmental or income tax changes and per share metrics impacted by share buybacks, with the assumption that the outstanding common shares do not change materially. See also the risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recently filed Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” in the Q3 2024 MD&A, each as filed on the System for Electronic Data Analysis and Retrieval+ (”SEDAR+”) and available on the Parkland website at www.parkland.ca.

Specified Financial Measures

This news release refers to certain non-GAAP financial measures and ratios and supplementary financial measures (collectively “specified financial measures”). Available cash flow is a non-GAAP measure; Available cash flow per share Guidance, Available cash flow per share Ambition, ROIC and ROIC Ambition are non-GAAP financial ratios; and Adjusted EBITDA Guidance, Adjusted EBITDA Ambition, Leverage Ratio Guidance and Capital Expenditure Guidance are supplementary financial measures, all of which do not have standardized meanings prescribed by International Financial Reporting Standards (”IFRS Accounting Standards”) and may not be comparable to similar financial measures used by other issuers who may calculate these measures differently. See below for further information on these specified financial measures. See Section 16 of the Q3 2024 MD&A for a discussion of Adjusted EBITDA Guidance, Leverage Ratio Guidance, Capital Expenditure Guidance and Available cash flow per share Guidance, including an explanation of their composition, and, where applicable, their reconciliations to the nearest IFRS measures, which is hereby incorporated by reference into this presentation. Investors are cautioned that these measures should not be construed as an alternative to net earnings, cash generated from (used in) operating activities, or other directly comparable financial measures determined in accordance with IFRS as an indication of Parkland’s performance.

Available cash flow and Available cash flow per share are a non-GAAP financial measure and a non-GAAP financial ratio, respectively.

Available cash flow is calculated as cash generated from (used in) operating activities, the most directly comparable financial measure, adjusted for items such as (i) net change in (a) non-cash working capital and (b) other assets and other liabilities, (ii) maintenance capital expenditures, (iii) dividends received from investments in associates and joint ventures, (iv) interest on leases and long-term debt, and (v) payments on principal amount on leases. We use this non-GAAP financial measure to monitor Parkland’s ability to generate cash flow for capital allocation, including distributions to shareholders, investment in the growth of the business, and deleveraging.

Available cash flow per share is a non-GAAP financial ratio calculated by dividing Available cash flow by the weighted average number of outstanding common shares. Available cash flow per share Guidance and Available cash flow per share Ambition represent the forward-looking metric of Available cash flow per share.

ROIC is a non-GAAP financial ratio. The measure is calculated as a ratio of Net operating profit after tax (”NOPAT”) divided by average invested capital. NOPAT describes the profitability of Parkland’s base operations, excluding the impact of leverage and certain other items of income and expenditure that are not considered representative of Parkland’s underlying core operating performance. NOPAT is based on Adjusted EBITDA, defined in Section 16A of the Q3 2024 MD&A, less depreciation expense and the estimated tax expense using the expected average tax rate estimated using statutory tax rates in each jurisdiction where Parkland operates. Average invested capital is the amount of capital deployed by Parkland that represents the average of opening and closing debt and shareholder’s equity, including equity reserves, net of cash and cash equivalents. We use this non-GAAP measure to assess Parkland’s efficiency in investing capital. ROIC Ambition represents the forward-looking metric of ROIC.