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's activity report 2022

Circle K Treasury Operations Europe AS (CKTOE AS) is a 100% subsidiary of the international group Circle K AS, which in turn has been part of the global retail group Alimentation Couche-Tard Inc (Couche-Tard) since the summer of 2012.

The main activities of Circle K Treasury Operations Europe AS are to provide financial asset management, liquidity management, centralized financial asset accounting and bank settlement solutions to group companies. The company also operates the group's payment system, which is responsible for file exchange with settlement banks.

Circle K Treasury Operations Europe operated from October 2010 until April 2016

AS part of the fuel retail company Circle K Estonia AS. Circle K Treasury Operations Europe

AS (company registration no. 14042031) was registered as a separate company in the business register on May 2, 2016, when the company was split off from Circle K Estonia AS.

High inflation has had an impact on the operating costs of Circle K Treasury Operations Europe AS, including additional pressure on wage costs.

The most important projects and focus areas for the past financial year in the Treasury area were the continued development of the FX strategy and cash flow forecasting; development of a new European fuel procurement company's (registered in Switzerland) banking and payment solution and management of currency positions and the resulting revaluation risk; supporting various projects from a banking perspective (New Card Platform, Navision Sunset); additional automation of interest posting in Oracle JDE; changing the segmentation logic of bank accounts outside the group account in Oracle JDE.; responding to the ever-increasing KYC requirements of banks. Due to the tightened AML rules of banks, cases are increasing where additional explanations have to be given about payment recipients (including salary payments to group employees).

The goal of the currency risk management strategy is to reduce the impact of currency volatility on the company's financial results using derivatives. CKTOE AS's credit risk exposure is low thanks to counterparties' strong credit rating, almost 100% of funds are located in a bank with an AA rating, which is one of the highest among European commercial banks. The group follows a conservative counterparty credit risk policy, which is reflected in the high credit quality of CKTOE's counterparties and the company's low exposure to counterparty risk. CKTOE AS maintains a low liquidity risk profile, cash balances make up 100% of the company's liquidity reserve.

The company has the option to use money market loans, overdrafts and also loans from the parent company to cover short-term liquidity needs.

The members of the company's supervisory board are Mathieu Brunet, Jerry Carlsson and Joachim Røberg-Larsen.

The members of the company's management board are Mari Jõgila and David Pellerin.

Alimentation Couche-Tard Inc

Couche-Tard is a Canadian convenience store company. They are leading in the convenience store sector in America and in Europe (Norway, Sweden, Denmark, Estonia, Latvia, Lithuania, Ireland,

Poland) in both the convenience store and motor fuel sales and electric charger network sectors.

Globally, they employ approximately 122,000 people in 24 different countries.

On March 16, 2023, a planned purchase transaction in Europe was announced, with the intention to buy a network of convenience stores and fuel stations from the Total Energies group in four countries - Germany,

The Netherlands, Belgium and Luxembourg. The authorities' response to the transaction should come during the summer.