An anonymous director reports

PARKLAND ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has accepted Parkland Corp.'s notice of intention to implement a normal course issuer bid (NCIB).

Under the NCIB, the company may purchase for cancellation a maximum of 14,056,984 common shares of the company, representing 10 per cent of the public float (as defined by the TSX) as of Nov. 20, 2023. On Nov. 20, 2023, Parkland had 176,113,112 shares issued and outstanding. The NCIB will commence on Dec. 1, 2023, and will terminate upon the earliest of: (i) Nov. 30, 2024; (ii) the company purchasing the maximum of 14,056,984 shares; and (iii) the company terminating the NCIB.

The NCIB is intended to augment Parkland's continuing return of capital to shareholders through dividends. Parkland believes that the market price of the shares may not, from time to time, accurately reflect their underlying value. Accordingly, purchasing the shares for cancellation under the NCIB may represent an attractive investment opportunity to enhance shareholder value.

Purchases under the NCIB will be made through the facilities of the TSX or alternative trading systems in Canada at the prevailing market price at the time of purchase. In accordance with the rules of the TSX, any daily repurchases (other than pursuant to a block purchase exception as defined by the TSX) under the NCIB will be limited to a maximum of 103,818 shares, which represents 25 per cent of the average daily trading volume on the TSX of 415,273 for the six months ended Oct. 31, 2023.

In connection with the NCIB, the company has entered into an automatic share purchase plan (ASPP) with its designated broker to allow for the purchase of shares during certain pre-determined blackout periods during which the company would ordinarily not be permitted to purchase shares. Purchases under the ASPP will be determined by the designated broker in its sole discretion based on purchasing parameters set by Parkland in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP has been precleared by the TSX and will become effective Dec. 1, 2023, concurrently with the commencement of the NCIB. Outside of blackout periods, shares may be purchased under the NCIB based on management's discretion, in compliance with the rules of the TSX and applicable securities laws. All purchases made under the ASPP will be included in computing the number of shares purchased under the NCIB.

The NCIB continues the company's existing NCIB. Pursuant to the existing NCIB, the company has approval from the TSX to repurchase up to 13,992,412 shares from Dec. 1, 2022, to Nov. 30, 2023. Under the existing NCIB, the company has purchased 1,040,363 shares on the open market at a weighted average purchase price of $34.9697 per share.

There can be no assurance as to the precise number of shares that will be purchased under the NCIB, if any. Parkland may discontinue purchases under the NCIB at any time, subject to compliance with applicable regulatory requirements.

About Parkland Corp.

Parkland is an international fuel distributor, marketer and convenience retailer with operations in 25 countries across the Americas. Parkland serves over one million customers each day. Its vast retail network meets the fuel and convenience needs of everyday consumers. The company's commercial operations provide businesses with industrial fuels so that they can better serve their customers.

With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, Parkland has developed supply, distribution and trading capabilities to accelerate growth and business performance.

In addition to meeting customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast electric-vehicle charging.

Parkland's proven business model is centred around organic growth and its supply advantage, and is driven by scale, its integrated refinery and supply infrastructure and focus on acquiring prudently and integrating successfully.

Parkland's strategy is focused on: developing its existing business in resilient markets; growing its food, convenience and renewable-energy businesses; and helping customers to decarbonize. The company's business is underpinned by its people and its values of safety, integrity, community and respect, which are deeply embedded across its organization.

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