Parkland Fuel Corporation Enters Agreement to Acquire Pioneer Energy, Canada's Largest Private Independent Fuel Marketer - Seite 2

Including the Acquisition, since 2011 Parkland has successfully added six billion litres in petroleum volume, $115 million in annualized EBITDA through acquisitions and their associated synergies, and $11 million from the Give me Five! initiative. With the Acquisition, Parkland is expected to attain its goal to add $125 million in additional Adjusted EBITDA by 2015, a full year earlier than expected.

Acquisition Highlights:

Grow

• Adds 319 gas stations in Ontario and 74 gas stations in Manitoba, increasing Parkland's national footprint to more than 1,000 gas stations, or roughly 9 percent of the Canadian retail fuel market;
• Includes 148 Pioneer-branded and 228 Esso-branded gas stations, many of which are in prime urban locations;
• Increases distributable cash flow by $0.26 per share annually; and
• Achieves annual Adjusted EBITDA of $250 million by 2015.

Supply

• Adds scale and diversity to Parkland's central Canadian supply portfolio; and
• Generates material supply synergies.

Operate

• Integration of Pioneer operations is expected to occur over the course of 24 months;
• Pioneer's Network of 393 gas stations includes 152 company and 241 independent dealer stations; and
• Pioneer's commercial fuel business is similar to Parkland.

Founded in 1956 by the late Murray Hogarth, Pioneer has built a premier network of gas stations throughout Ontario and Manitoba, operating primarily under the Pioneer and Esso brands. Today, Pioneer distributes more than two billion litres of fuel annually through 393 gas stations and a recently acquired commercial operation in Ontario, New Brunswick and Nova Scotia. Pioneer currently distributes 5.1% of total retail fuel volumes across Canada and has a 12% share of the Ontario and Manitoba retail gas markets.

Pioneer founder Murray Hogarth commented before his recent passing, "It is extremely gratifying to me that the Pioneer team and brand will continue driving forward with Parkland along with our successful legacy that began in 1956."

"I want to thank everyone in the Pioneer family for their tremendous work and dedication over the years in making Pioneer a great success and one of Canada`s most respected independent fuel marketers," said Tim Hogarth, Chief Executive Officer and Executive Chairman of Pioneer. "The Pioneer Group chose to invest the majority of its proceeds in Parkland because of our long term industry commitment and belief in Parkland's ability to continue its aggressive growth path."