Mr. Steven Richardson reports

PARKLAND ANNOUNCES BOARD OF DIRECTORS CHANGES

Simpson Oil Ltd. nominees Michael Christiansen and Marc Halley have departed from Parkland Corp.'s board of directors, effective Dec. 31, 2023.

"We would like to thank Michael and Marc for their contributions to the board," stated Steven Richardson, the chair of Parkland's board of directors. "We have an independent board that has unwavering confidence in the company's strategy and the management team's capability to deliver shareholder value. The outstanding share performance of Parkland in 2023 is a clear expression of our shareholders' support of Parkland's direction and strategy."

Parkland is in discussions with Simpson about its shareholding in the company.

At its 2023 investor day, Parkland outlined its strategy to reduce debt, expand the business and increase shareholder returns. Driven by consistent operational execution, Parkland confirmed its 2024 adjusted earnings before interest, taxes, depreciation and amortization guidance of $2-billion, accelerating its previous guidance by a year. In addition, the company set a longer-term objective to double available cash flow per share by 2028.

In 2023, Parkland was a top performer on the Toronto Stock Exchange, achieving a total shareholder return of approximately 50 per cent. The company's board and management are focused on executing its strategy that will continue to create long-term value for all shareholders.

Mr. Christiansen and Mr. Halley were nominated for election to the board pursuant to the terms of the board nomination agreement between Simpson Oil and Parkland, dated March 21, 2023, and subsequently elected to the board at Parkland's annual general meeting on May 4, 2023. Simpson has provided notice of its waiver of its nomination rights under the board nomination agreement. In accordance with its terms, the board nomination agreement will terminate as of April 2, 2024.

Simpson remains subject to the standstill, voting and other obligations set forth in the governance agreement between Simpson and Parkland dated Jan. 8, 2019. Parkland will continue to enforce the terms of the governance agreement going forward. Copies of the board nomination agreement and the governance agreement are available on Parkland's SEDAR+ profile.

Supported by a leading global search firm, Parkland is committed to continuing board renewal, including identifying qualified professionals to replace today's departed board members.

About Parkland Corp.

Parkland is an international fuel distributor, marketer and convenience retailer with operations in 25 countries across the Americas. It serves over one million customers each day. Its vast retail network meets the fuel and convenience needs of everyday consumers. Its 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, it has developed supply, distribution and trading capabilities to accelerate growth and business performance.

In addition to meeting its customers' needs for essential fuels, it 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.

Its strategy is focused on developing its existing business in resilient markets, expanding its food, convenience and renewable energy businesses, and helping customers to decarbonize. Its business is underpinned by its people and its values of safety, integrity, community and respect, which are deeply embedded across the organization.

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