Slide 1: Sunoco LP Acquisition of Parkland Corporation
Sunoco LP Acquisition of Parkland Corporation _ May 5, 2025 Son, S oe es ; : : - * ge
Slide 2: Forward-Looking Statements
Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. In this c
Slide 3: Additional Information and Where to Find It
Additional Information and Where to Find It In connection with the potential transaction between Sunoco and Parkland, SUNCorp intends to file any relevant materials with the U.S. Securities and Exchange Commission (“SEC”), which may include a registration statement on Form S-4 and/or Form S-1, which
Slide 4: Transaction Overview
Transaction Overview Key Terms of the Transaction SUNCorp Equity • Will acquire 100% of the outstanding PKI • PKI shareholders to receive equity portion of shares in a cash and equity transaction consideration in the form of a new publicly traded vehicle – SUNCorp • Each PKI share will be exchanged
Slide 5: Strategic Rationale
Strategic Rationale Strong Industrial Logic • Creates largest independent fuel distributor in the Americas • Vast scale provides optionality and cost advantages • Diversifies portfolio; optimized for stability with upside Compelling Financial Benefits • 10%+ accretive to DCF(1) per Common Unit by Ye
Slide 6: Critical Energy Infrastructure Operator and Premier Fuel Distributor
Critical Energy Infrastructure Operator and Premier Fuel Distributor Europe(1) Hawaii Fuel Distribution Terminals Pipelines Transmix Facilities Burnaby Refinery 6 (1) Includes pending acquisition with an anticipated close in the second half of 2025
Slide 7: Combined Scale in the Americas Will Deliver Commercial Synergies
Combined Scale in the Americas Will Deliver Commercial Synergies Top Independent Global Fuel Distributors Pro-Forma Company Will Be the Largest Independent Fuel Distributor in the Americas with Over 15 Billion Gallons Distributed Annually Global Global Global Global Pro-Forma Global Global Global Gl
Slide 8: Leverage SUN's Proven History of Expense Management and Asset Optimization
Leverage SUN’s Proven History of Expense Management and Asset Optimization $2.5 $2.0 $ in Billions $1.5 $1.0 $0.5 $0.0 2019 2020 2021 2022 2023 2024 2025E Adjusted EBITDA(1) Total Operating Expenses (2) SUN’s Demonstrated Track Record of Expense Discipline • EBITDA(1) and DCF(1) growth have consiste
Slide 9: Industry Leading Scale and Greater Diversification
Industry Leading Scale and Greater Diversification + SUN SUN + PKI PKI • ~14,000 miles of pipeline U.S. Fuel Distribution • ~4,000 locations and 124 terminals Terminals • Operations in 26 countries • Geographic and commodity Pipelines • Unique, well-positioned and diversity Canada Fuel Distribution
Slide 10: Compelling Financial Benefits
Compelling Financial Benefits Delivers 10%+ Accretion to DCF(1) per Common Unit by Year 3 • Immediately accretive in Year 1 • At least $250 million in run rate synergies by Year 3 • Acquisition economics reflect below mid-cycle refinery income – provides conservative floor with periodic upside Impro
Slide 11: Growth of Cash Flow Enhances Financial Flexibility
Growth of Cash Flow Enhances Financial Flexibility Since 2017, SUN Has Materially Grown Pro-Forma Company Expects to Generate DCF(1) per Common Unit >$1 Billion of Run-Rate Free Cash Flow(2) $6.00 • Expands landscape of investment $5.50 7% CAGR in DCF(1) opportunities across the U.S., Canada, per Co
Slide 12: Combination Benefits All Stakeholders of SUN and PKI
Combination Benefits All Stakeholders of SUN and PKI Delivers 10%+ Accretion Increases Stability Strengthens Financial Foundation Enhances Growth 12
Slide 13: Appendix 1: Sunoco Overview
Appendix 1: Sunoco Overview - B/E aa Oe XN om - = > ™ aad
Slide 14: North America's Largest Independent Fuel Distributor and Leading Operator of Critical Energy Infrastructure
North America’s Largest Independent Fuel Distributor and Leading Operator of Critical Energy Infrastructure ~9 billion ~7,400 ~800 124 4 ~14,000 Gallons Branded Real Estate Terminals Transmix Miles of Distributed Locations Assets Facilities Pipeline 14
Slide 15: Strong Financial Foundation
Strong Financial Foundation Sunoco LP (NYSE:SUN) Balanced Senior Note Maturity Profile • Market capitalization: ~$8 billion(1) Total outstanding: ~$7 billion 2,000 • Enterprise value: ~$15 billion(1) WAVG tenor: ~5 years WAVG interest rate: ~6% • 2024 Revenue: ~$22 billion 1,600 • 2025E Adjusted EBI
Slide 16: Delivered Significant Returns
Delivered Significant Returns SUN +406%(1) 425% (22% annual return) In 2017, SUN announced a new strategic direction focusing on fuel distribution and 325% critical energy infrastructure S&P 500 +168%(1) 225% (13% annual return) Total Return1 125% AMZI +50%(1) (5% annual return) 25% (75%) 2017 2018
Slide 17: Diverse and Stable Business Segments
Diverse and Stable Business Segments Pipeline Systems Terminals Fuel Distribution • Wholesale margins have normalized higher • Higher breakeven margins expected to remain • Scale and proprietary brand enable higher margin capture • Portfolio optimized for stability and upside 17
Slide 18: Diverse and Stable Business Segments
Diverse and Stable Business Segments Fuel Distribution Pipeline Systems Terminals • Terminals will remain high-value, critical infrastructure for decades • Terminal portfolio delivers long-term income stability • Vertical integration maximizes the value of terminals 18
Slide 19: Diverse and Stable Business Segments
Diverse and Stable Business Segments Terminals Fuel Distribution Pipeline Systems • Pipeline systems will remain high-value, critical infrastructure for decades • Pipeline systems provide long-term income stability • Permian Basin joint venture with Energy Transfer • Mid-continent refined products s
Slide 20: Compelling Long-Term Investment
Compelling Long-Term Investment Strong Accretive Secure and Growing Balance Sheet Growth Distribution • Positive credit trajectory • Only AMZI constituent to grow • One of only six AMZI resulted in multiple credit rating DCF(2) per Common Unit for the constituents to not reduce upgrades since 2018 -
Slide 21: Appendix 2: Parkland Overview
Appendix 2: Parkland Overview - B/E aa Oe XN om - = > ™ aad
Slide 22: Parkland Corporation
Parkland Corporation A Leading Distributor of Fuel and Convenience Products C$11.9 Billion C$5.7 Billion 4.3% ~3% CAGR Enterprise Value Market Capitalization Dividend Yield Dividend per Share $1.44 7 26 ~25 Billion Outstanding bonds Countries of Operations Litres of Product Sold (TTM) $1.02 (3 CAD,
Slide 23: Resilient Business Model
Resilient Business Model Customer and Supply Advantages are Competitive Differentiators Customer Advantage Supply Advantage Logistics Assets Retail Capabilities Commercial One Parkland Team Scale Loyal Customers Lowest cost to serve 23
Slide 24: Resilient Business Model
Resilient Business Model Diversified Products and Geographies Refining Refining Other2 11% 11% 17% USA 10% Canada Retail Gasoline 42% 51% 49% Diesel 34% Commercial International 38% 37% Segment1 Contribution Line of Business1 Contribution Product Contribution ~C$1.7 billion ~25 billion litres Adjust
Slide 25: Resilient Business Model
Resilient Business Model Approximate Adjusted EBITDA Contribution • High-volume company owned sites Gasoline • Retailer and company operated Company (60%) • Integrated fuel and convenience margins Retail (60%) • Parkland controlled branded offer: fuel, convenience, food and Convenience loyalty (50%)
Slide 26: Resilient Business Model
Resilient Business Model Strategic Geographies Underpinned By Supply Advantage In $C millions unless otherwise noted 2023 20241 Canada 713 753 International 678 654 USA 186 168 Refining 441 198 Corporate (105) (83) Adjusted EBITDA 1,913 1,690 Net earnings (loss) 471 127 Net earnings (loss) per share
Slide 27: Platform For Growth
Platform For Growth Executing on Accretive Organic Initiatives Retail Commercial Supply Grow ON the RUN with Grow fuel volumes through Leverage scale to grow differentiated food offer multi-product offer purchasing power Meet customer energy needs Provide safe and reliable delivery Optimize logistic