CORE-MARK 2018

Core-Mark Holding
Company, Inc.
ICR 2018 Consumer Conference

January 9, 2018

Page 2
 Safe Harbor & SEC Regulation G

S afe H ar bor –
Statements made in the course of this presentation that state the company’s or management’s hopes, beliefs,
expectations or predictions of the future are forward-looking statements made pursuant to the safe-harbor provisions
of the Private Securities Litigation Reform Act of 1995. Actual results and performance could differ materially from those
set forth in the forward-looking statements. Additional information about forward-looking statements and risk and
uncertainties that could cause or contribute to actual results differing materially from those in the forward-looking
statements is contained in our filings with the Securities and Exchange Commission (SEC), including our Annual Report
on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We undertake no obligation
to publicly update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise.

No n-GAAP I nformation -
This presentation includes non-GAAP financial measures, including net sales less excise taxes, remaining gross profit,
free cash flow and adjusted earnings, before interest, taxes, depreciation and amortization (EBITDA) after certain items.
These measures are classified as non-GAAP financial measures by the SEC and may be different from non-GAAP
measures used by other companies. We believe these non-GAAP financial measures provide meaningful supplemental
information for investors regarding the performance of our business and allow investors to view results in a manner
similar to the method used by our management. EBITDA is also among the primary measures used externally by our
investors, analysts and peers in our industry for purposes of valuation and comparing our results to other companies in
our industry. Our management uses net sales less excise taxes and remaining gross profit to separate changes in sales
and profitability due to actual sales and other changes in core operations from the effects of increases in excise taxes,
LIFO accounting, inventory holding profits and certain other items. Our presentation of this information is not intended
to be considered in isolation, and these non-GAAP measures should be considered as a supplement to, and not as a
substitute for, or superior to, financial measures calculated in accordance with GAAP. Reconciliations of these non-
GAAP financial measures to the most comparable measures prepared in accordance with GAAP are included in the
appendix to this presentation.

Page 3
 Agenda
Value Proposition

Mission Statement &

Values

Industry Overview

Leveraging Efficiencies &

Growth

Financial Profile

Page 4
 Core-Mark’s Value Proposition

Market Leader in a Highly

Fragmented Industry.

Large Growth Opportunity – 6%

of Convenience Market Share.

Industry Leader in Fresh, Dairy &

Other High Margin Products.

Experienced & Proven

Management Team.

Long Track Record of Sustained

Page 5 Financial Performance.
 Living Our Mission Statement & Values

“Our Mission is to Be the Most Valued

Marketer of FRESH and Broad-line Supply
Solutions to the Convenience Retail Industry.”

Page 6
 Core-Mark – An Industry Leader

Core-Mark C-Store Industry (North America)

~$289
Billion
in North
American Sales
~ $200 ~45% of
Billion Products
At Come from
Wholesale Wholesale
~182
Thousand
Convenience
Stores
~ 67% 34%
Of All Retail
Single Outlets
Store
Operators

Page 7
 Partnering w/ Best in Class Retailers

Page 8
 CM Plays a Significant Role In The Industry

140 Million Cubic ft./yr. Through 32 distribution …to over 46K retail
750 Million Pieces/yr. centers, 1,300 tractors and locations across 50
80,000 SKU’s 1,700 tri-temperature trailers… states and 5 Canadian
2,500 Vendors Provinces

Core-Mark plays a critical role in

delivering FRESH and consumer packaged
goods to convenience retailers.
Page 9
“Our Core Strategies
Have Supported
27-Consecutive
Quarters of Same
Store Sales Growth”

CORE
STRATEGIES
 Leverage Operating Expenses

Reduction In Leverage Improved

Cost Per Warehouse Workforce
Delivery Throughput Management

~250K Routes & ~730M Pieces/Yr. ~9,000 Employees

2.8M Stops/Yr.
One Unit of 1% Reduction in
Reduction In Total Throughput Turnover Is Worth
Routes Is Worth Improvement Is ~$1,000,000/yr.
$1,000/route Worth ~$1,000,000

Page 11
 Grow Our Business Profitably

Pursuit of our vision to create an efficient supply chain

for our customers through VENDOR CONSOLIDATION.

Leader in FRESH & FOODSERVICE products, programs

and supply chain to capitalize on emerging trends.

Transformative marketing and CATEGORY MANAGEMENT

for convenience retailers.

EXPAND OUR GEOGRAPHIC FOOTPRINT in developed

convenience retail markets.
Page 12
 Vendor Consolidation Initiative
Vendor Consolidation targets inefficiencies in the C-Store supply chain
by putting more Direct Store Delivery (DSD) items on our trucks.

24%
31%
45%
Current Target Future

Broad-Line Distributor Target DSD Items Future DSD Items

• Cigarettes/Tobacco/Candy/ • Dairy/Bread/Snacks/ • Frito-Lay/Chips
Snacks/Grocery/Beverage/ General Merchandise/ • Coca-Cola/Pepsi
General Merchandise/Fresh Food Service • Beer/Wine

Core-Mark’s VCI and FRESH incremental sales were greater

than $750M over the last 7 years.

Page 13
 THE BUSINESS CASE
FOR FRESH

91%
U.S. convenience store
produce
sales reached

of Americans
snack daily.

Health is an important Convenience stores are a place

Consideration on to get fresh food items

56%
of snacking occasions.
43%
of consumers
50%
of Millennials
agree. agree.

Page 14 (Source: NACS ‘State of the Industry’ Report)

 Roadmap To FRESH

Good-For-You Products Fresh Sandwiches Expanded Healthy Options

Immediate Consumption Prepared Foods Made to Order Fresh
Less Frequent Deliveries Milk & Dairy Products Foods

Longer Shelf Life More Frequent Home Meal Replacement

Coffee Deliveries More Frequent Deliveries

Shorter Shelf Life Shorter Shelf Life

Page 15
 Focused Marketing Initiative (FMI)
Customized Cover Page Retail Survey Analysis
Store’s current store-front Store’s current retails versus
photo, address and the competition, highlighting
account number. profit opportunities.

Demographics Analysis Space Rationalization

Consumer profile Analysis of the annual
analytics providing $-per-linear foot for
critical insights. key categories.

Vendor Consolidation Fresh Programs

Insights on optimizing Fresh item &
their supply chain. program solutions.

Product Mix Optimization Enhance The Consumer Offer

Ensuring our customer is Key marketing programs that
stocking the top-selling fit the store’s consumer
items. purchase behavior.

Page 16
 Focused Marketing Performance Metrics

~4,500 MARKETING PLANS

completed in 2017.

The average PROFIT OPPORTUNITY

for an FMI store is $30,000.

CUSTOMER ACCEPTANCE RATE

is greater than 60%.

Stores experienced a $325/month lift in

NON-CIGARETTE SALES.

Page 17
 Sales Performance (in Millions)

 2017 Guidance $15.7B

 2018 Guidance $16.6B-16.8B

$18,000
$16,000 $15,700
$14,529
$14,000
$12,000 $11,069
$9,767 $10,280
$10,000 $8,892
$8,000
$6,000
$4,000
$2,000
$-
2012 2013 2014 2015 2016 2017
Guidance
Excise Tax Net Sales Less Excise Taxes
Page 18 *Revised sales & EBITDA guidance released 1/5/18
 EBITDA Performance (in Millions)

 2017 Guidance $136M-$141M

 2018 Guidance $157M-167M

$160 $152.3 $136M-$141M*

$135.2
$122.7
$120
$109.5
$100.8

$80

$40

$0
2012 2013 2014 2015 2016 2017
Guidance
Adjusted EBTIDA ex holding gains Cigarette holding gains Non-cigarette holding gains
Page 19 *Revised sales & EBITDA guidance released 1/5/18
 Core-Mark’s Value Proposition

Market Leader in a Highly

Fragmented Industry.

Large Growth Opportunity – 6%

of Convenience Market Share.

Industry Leader in Fresh, Dairy &

Other High Margin Products.

Experienced & Proven

Management Team.

Long Track Record of Sustained

Page 20 Financial Performance.
 THANK YOU
MS. MILTON DRAPER
DIRECTOR OF INVESTOR
RELATIONS
(650) 589.9445
MDRAPER@CORE-MARK.COM