2020 INVESTOR DAY January 9, 2020 Safe harbor statements This presentation is dated as of January 9, 2020 and speaks as of that date. Forward-Looking Statements This presentation contains statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements relating to our possible or assumed future results of operations, business strategies, growth opportunities, and performance improvements at our stores. There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any future results expressed or implied by those forward-looking statements, including our ability to execute our strategic plan or to realize benefits therefrom, as well as other risks, uncertainties and factors which are described in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as filed with the Securities and Exchange Commission and available on our website. Any forward-looking statements contained in this presentation represent our current views as of the date of this presentation with respect to future events, and Casey's disclaims any intention or obligation to update this presentation or revise any forward-looking statements in this presentation whether as a result of new information, future events, or otherwise. Use of Non-GAAP Measures This presentation includes refers to "EBITDA," which we define as net income before net interest expense, depreciation and amortization, and income taxes. EBITDA is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). We believe EBITDA is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and it is regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, and assessing store performance. EBITDA is not a recognized term under GAAP and should not be considered a substitute for net income, cash flows from operating activities or other income or cash flow statement data. EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of this non-GAAP financial measure with those used by other companies. Reconciliations of EBITDA to GAAP net income for completed fiscal years can be found in our annual reports on Form 10-K, filed with the SEC and in Appendix A, attached hereto.

Darren rebelez President & Chief Executive Officer 4th largest convenience store, 5th largest pizza chain business in the United States1,2 $7.2B 2,181+ 665M+ 38,000+ Total Enterprise Value Locations in 16 States Guests Transactions per Year Total Team Members CASEY’S STORE FOOTPRINT: STORES BY POPULATION: 6% Less than 5,000 5,001-10,000 12% 10,001-20,000 20,001-100,000 Over 100,000 12% 56% 14% Note: Market data as of January 6, 2020. Number of locations, transactions, team members as of FY20 Q2 1 4th largest convenience store by number of stores in United States (Source: CSP Daily News) 2 5th largest pizza chain business by number of kitchens in United States

History of success + 50+ year legacy of serving midwestern communities + Successfully branded and easily recognizable chain of convenience stores + Significant growth to nearly 2,200 stores spanning 16 states + Part of the fabric of the communities we serve + Unique attributes have accelerated growth Evolution toward the future + Building on our proud heritage and distinct advantages to grow + Macro trends, retail shifts, and consumer habits are rapidly evolving + We are moving forward with a broadened set of performance drivers + Becoming more contemporary through new capabilities, technology, data, and processes

INDUSTRY PERSPECTIVE THE FARM ECONOMY REMAINS SLUGGISH US Agriculture Revenue, 2011 – 2019 % Change in Revenue Growth The Macro 201120122013 2014 2015 2016 2017 2018 2019 Economy 2013 - 2019 - 42% Net Farm Income -30% Net Cash Farm Income Source: IBIS World US Agriculture Industry Report

TECHNOLOGY IS DRIVING UNPRECEDENTED CHANGES 80M+ $220B >50% $31B projected 2023 projected 2023 US plan to use in- est. value of US mobile mobile payment store kiosks in interactive kiosk payment users transaction value the next year market by 2023 The Macro Projected US Restaurant Delivery Revenue ($B) Offline Digital Economy >40% of consumers have replaced a +12% CAGR dine-in meal with a delivery $55 meal in last 6 months $46 $38 $25 $31 $16 $20 30% $10 $12 of restaurant industry’s growth $21 $22 $23 $23 $23 $22 $22 $21 $21 is projected to be driven by delivery in next 5 yrs. 20142015 20162017 2018 20192020E 2021E 2022E Source: eMarketer; NPD Group; QSR Magazine CONSUMERS NOTION OF CONVENIENCE IS SHIFTING 50% >70% 16% of consumers are of consumers plan to use 2018-2019 growth in willing to pay extra for delivery or pickup convenience-related trips same- or next-day services in the next year across all channels vs. 2% delivery growth in general retail trips The Macro Demand for convenience provides opportunities for retailers to win through experience Economy Consumers’ top reasons to select a retailer 32% 28% 22% 18% Availability of productsConvenience to shop Quick and easy to find Easy checkout process products online and in store Source: US Census Bureau; eMarketer; Deloitte Consumer Change Survey, 2017-2018

THE CONVENIENCE INDUSTRY IS RESILIENT Number of US Convenience Stores (in 000s) 145 146 148 149 151 153 154 155 155 153 20102011 201220132014 2015 2016 2017 2018 2019 The Macro List of major convenience deals, 2009-2019 Buyer Seller Buyer Seller Economy 1 GPM VPS Convenience Stores (SE) 10 7-Eleven Sunoco C-Stores 2 Sunoco MACS 11 Couche-Tard Holiday 3 Speedway Hess 12 GPM E-Z Mart 4 CST Flash Floods 13 EG Group Kroger C-Stores 5 Couche-Tard The Pantry 14 Giant Eagle Rickers 6 GPM VPS Convenience Stores (MW) 15 EG Group Minit Mart 7 Sunoco Susser Holdings 16 BP & ArcLight Thorntons 8 Couche-Tard CST 17 EG Group Cumberland Farms 9 GPM Roadrunner 18 Yesway Allsups Source: NACS, US Convenience Store Count Casey’s is well-postured for success INDUSTRY CASEY’S HIGHLY FRAGMENTED INDUSTRY SCALE TO INVEST Smaller players have limited ability to invest in infrastructure and technology at the scale we can INDUSTRY CONSOLIDATION ABILITY TO ACQUIRE We have demonstrated a strong, disciplined acquisition approach that drives immediate value creation SHIFT TO FOOD SERVICE STRONG FOOD HERITAGE Casey’s is known for our food program, which is a strategic differentiator for our guests VULNERABILITY TO DECLINING CATEGORIES FAVORABLE PRODUCT MIX The diversity of our product mix makes us less susceptible to declining category head winds

Unique competitive advantages COMPANY DISTINCT FOOD HEART OF OWNED FOOTPRINT HERITAGE COMMUNITIES MODEL Our Competitive advantages drive industry- leading performance FOOD % OF INSIDE REVENUE CIGARETTES % OF INSIDE REVENUE INSIDE PROFIT MARGIN % Casey’s Industry average Casey’s Industry average Casey’s Industry average 41% 34% 33% 31% 23% 23% Source: NACS 2019 SOI Study

this Industry-leading performance has continued in the last 52 weeks SALES REVENUE % CHANGE (NIELSEN) Casey’s Remaining Midwest Convenience Total US Convenience 7.7% 7.1% 6.3% 3.8% 2.9% 2.0% 1.7% 1.3% 1.4% 52-Week 12-Week 4-Week % Change % Change % Change Source: Nielsen Scan Data as of December 7, 2019 +7.1% REVENUE CAGR +9.8% INSIDE SALES CAGR Casey’s annual revenue ($B), FY09-FY19 Casey’s inside sales – G&OM + PF&F ($B), FY09-FY19 $9.4 $8.4 $7.8 $7.8 $7.5 $7.0 $7.3 $7.1 $5.6 $4.7 $4.6 $3.2 $3.4 $2.9 $3.0 $2.6 $2.2 $1.9 $2.0 DEMONSTRATED $1.4 $1.4 $1.6 ABILITY TO 2009 20102011 20122013 20142015 2016 2017 2018 2019 2009 20102011 2012 20132014 2015 2016 2017 2018 2019 DELIVER +6.3% FUEL GALLONS CAGR +3.8% UNIT CAGR CONSISTENT Casey’s fuel gallons (B), FY09-FY19 Casey’s total units (#), fiscal year end, FY09-FY19 2.3 2,073 2,146 GROWTH 2.2 1,978 2.1 1,878 1,931 2.0 1,749 1,808 1.8 1,637 1,699 1.7 1,531 1.5 1,478 1.4 1.5 1.2 1.3 2009 2010201120122013 2014 2015 2016 2017 2018 2019 200920102011 20122013 2014 2015 2016 2017 2018 2019

+9.9% EBITDA CAGR Casey’s annual EBITDA ($M), FY09-FY191 $563M $365M $219M DEMONSTRATED 2009 2014 2019 ABILITY TO CASEY’S SHARE PRICE VS. S&P 500 DELIVER Average annual return, 2009 – 2019 CONSISTENT GROWTH 20% 13% Note: Returns based on CASY and S&P 500 Index close price annually on December 31 from 2009 to 2019 1 See Appendix A for reconciliations of EBITDA to GAAP net income for completed fiscal years EVOLVING OUR STRATEGY

OUR PURPOSE: To make life better for communities and guests every day Evolving our strategy Deliver top quintile EBITDA growth REINVENT THE Create capacity ACCELERATE GUEST EXPERIENCE through efficiencies UNIT GROWTH Contemporize our food proposition, Drive efficiencies to improve the Accelerate our new store builds optimize & localize assortment, and shape of the business and fund and acquisitions, including market deliver compelling experiences future growth and store format expansion Invest in our talent Create a culture that drives performance and exceeds guests’ expectations

S&P 500 and 400 Retail EBITDA Growth Benchmarking: 5th Quintile 4th Quintile 3rd Quintile 2nd Quintile 1st Quintile < (1.2%) (0.1%) – 3.0% 3.3% - 5.6% 6.0% - 7.4% > 7.7% Deliver top quintile EBITDA growth S&P 500RETAILERS400 AND Source: IBES as of December 20, 2019. Growth rates represent the FY1 to FY3 CAGR. Total S&P 500 and 400 Retail Index (35 peers). Retail peers exclude Amazon, eBay, Expedia, Booking Holdings, Etsy, Grubhub, and Pool Corporation. Reinvent the guest experience • Contemporized food proposition • Optimized, localized assortment • Modern, digitally-enabled experiences • Insight-driven engagement & loyalty • Advanced analytics to drive performance

Create capacity through efficiencies • Business optimization and cost reduction • Execution excellence to deliver consistent, compelling experiences • New capabilities for enterprise-wide efficiency • Capacity to reinvest in future growth Accelerate unit growth • Expansion within addressable market • Profitable unit growth • Optimized network plans • Broadened scope of formats and markets • Value capture from acquisitions

Invest in our talent • Strengthened, diverse team • Capabilities to drive business performance • Focused development programs • Increased engagement to make life better for guests and communities Creating long-term shareholder value Deliver Top Quintile EBITDA Growth Same-Store Sales Gross Margin Operational Accelerate Growth ++Expansion Efficiencies + Unit Growth

Reinvent the guest experienceexperience Chris jones SVP & Chief Marketing Officer

Evolving our strategy Deliver top quintile EBITDA growth REINVENT THE Create capacity ACCELERATE GUEST EXPERIENCE through efficiencies UNIT GROWTH Contemporize our food proposition, Drive efficiencies to improve the Accelerate our new store builds optimize & localize assortment, and shape of the business and fund and acquisitions, including market deliver compelling experiences future growth and store format expansion Invest in our talent Create a culture that drives performance and exceeds guests’ expectations Digital Connectivity Compelling Store Experience Exceeding OUR GUESTS’ Delicious Food & Beverage On- expectations the-Go Affordable Choices Favorite & New Items Always Available

Digital Connectivity Compelling Store Experience Exceeding OUR GUESTS’ Delicious Food & Beverage On- expectations the-Go Affordable Choices Favorite & New Items Always Available Hours spent per day, by device Other Connected Devices Desktop/Laptop Mobile 2008 0.2 2.2 0.3 2013 0.3 2.3 2.3 2018 0.7 2.0 3.5 DIGITAL CONNECTIVITY >20% >70% growth of restaurant projected percent of digital orders since 2015 restaurant revenue driven by digital by 2022 Source: eMarketer, LEK, NPD Group, Cowen & Company

47% 7x will abandon a brand or lift in consumers’ purchase retailer due to a poor or intent following a positive, impersonal experience emotional brand experience Compelling store experience STORE #2 driver ENVIRONMENT dominates the top rated “I feel like their stores are convenience attributes part of my community” is the #2 driver of choice Source: MarketingDive; Interbrand; Casey’s target consumer survey Growing guest relevance ENHANCING THE DRIVING INDUSTRY-LEADING CASEY’S BRAND DIGITAL ENGAGEMENT POWERED BY INSIGHTS & ANALYTICS

Growing guest relevance ENHANCING THE DRIVING INDUSTRY-LEADING CASEY’S BRAND DIGITAL ENGAGEMENT POWERED BY INSIGHTS & ANALYTICS CASEY’S • Community • Genuine Friendliness • Warmth, Caring • Food “cooked” Convenience • Emotional Drivers of Choice COMPETITORS • Engineered friendliness • Functional benefits • Corporate • Easily Replicated Source: Casey’s target consumer survey

Rank Fits into the community Prepared food items 1 Casey’s General Stores Casey’s General Stores Casey’s is a clear leader in our 2Hy-Vee Gas QuikTrip geographic 3 QuikTrip Kwik Star/ Kwik Trip Thornton’s (tie) 4 Hy-Vee Gas footprint Kwik Star/ Kwik Trip (tie) 5Holiday Holiday Source: Casey’s target consumer survey Casey’s is at the heart of every community we’re in.

Good Products: Meeting Needs Creating Here meaning for For Good guests Here for the Doing Good in Long Run the Community

Activation across touchpoints

Playing a Unique role in communities 4444

Growing guest relevance ENHANCING THE DRIVING INDUSTRY-LEADING CASEY’S BRAND DIGITAL ENGAGEMENT POWERED BY INSIGHTS & ANALYTICS Digital horizons Future Growth Guest Engagement Enterprise Foundation

Enterprise foundation Guest Database & Web & Mobile Commerce Mobile App Order Management System Marketing Automation Built on robust technology stack: Enterprise foundation • eCommerce • Customer Record • Marketing Automation • Services Layer >4.9M 1.3M+ Total guest records Guest email subscribers Note: As of Q2 FY20

Guest engagement • Casey’s Rewards • Promotional Activation • Segmentation and Targeted Experiences • Guest Acquisition Deepening loyalty with Casey's rewards • 1:1 Engagement • One-of-a-kind Guest Engagement • Guest insights to drive enterprise • Food-forward • A program that will evolve

Guest value paths CURRENT GUEST TYPE… …EVOLVES TO Fuel-Only Merch and Food Weekday Pizza Slice Friday Whole Pizza Access to manufacturer Tobacco-centric discounts

Future growth 3rd party delivery • Third Party Delivery Bulk delivery • Accelerate customized Food • New Convenience • New Services … enabled and accelerated by Casey’s Enterprise Digital Foundation Curbside, rapid pick-up In-store kiosk Digital horizons Future Growth • Third Party Delivery • Curbside/Rapid Pick-Up Guest Engagement • Bulk goods delivery to • Rewards Guests • Targeted Experiences Enterprise Foundation • Segmentation • eCommerce • Optimized promotion • Customer Record • Marketing Automation • Services Layer

Growing guest relevance ENHANCING THE DRIVING INDUSTRY-LEADING CASEY’S BRAND DIGITAL ENGAGEMENT POWERED BY INSIGHTS & ANALYTICS Guest insights Proprietary Guest Insights: • Food • Buying Behaviors Exponential increase in behavioral data: • eCommerce • Casey’s Rewards

Enterprise analytics Scaling Impact • Promotion optimization Core Business Enhancement • Store network and site selection • Digital platform • Assortment • Fuel pricing • Guest programs • Price optimization • Predictive tools for products & services • Store performance Driving performance Deliver Top Quintile EBITDA Growth Same-Store Sales Gross Margin Operational Accelerate Growth Expansion Efficiencies Unit Growth • Casey’s Rewards • eCommerce • Tobacco offers • Guest analytics • Targeted offers • Targeted offers • Third party delivery • New digital services

Tom brennan SVP & Chief Merchandising Officer Digital Connectivity Compelling Store Experience Exceeding OUR GUESTS’ Delicious Food & Beverage On- expectations the-Go Affordable Choices Favorite & New Items Always Available

Non-fuel trips, by mission driver % of total trips YoY trip growth 23% 17% 14% 13% 11% 10% 9% 3% Food Tobacco Pick- Refreshment Services Snacks Future Fill-in Service Me-Up Consumption DELICIOUS FOOD & BEVERAGE ON- THE-GO 56% 68%+ of Americans purchase of c-store consumers stop prepared food from c- in for a beverage stores at least 1x per compared to 65% who stop month for fuel Source: Casey’s in-store transaction analysis; RetailDive, CSP Daily Casey’s ranked # 1 in prepared food: #1 #2 #3 #4 #5 Equity of FOOD % OF INSIDE REVENUE: INSIDE MARGIN % Casey’s Industry Average Casey’s Industry Average Casey’s food PROGRAM 41% 33% 34% 23% Source: Casey’s target consumer survey; NACS 2019 SOI Study

Top 3 Most 1. Packaged cold drinks Important 2. Fountain & frozen beverages Categories 3. High quality hot beverages DISPENSED Guest beverage conversion rate (%) BEVERAGE OPPORTUNITY Casey’s 67% Industry 74% Leader Source: Casey’s target consumer survey; Coca-Cola iShop data RESTAURANT MINDSET FOR INNOVATION, QUALITY & CONSISTENCY • Experienced restaurant talent to lead food service team • Culinary innovation process & pipeline • Refreshed, expanded dispensed beverage program

CULINARY INNOVATION PROCESS 18 MONTHS Discovery Development Testing & Validation Launch ƒ Guest insights ƒ Processes and ƒ Trial production ƒ Steady-state ƒ QSR / c-store gap metrics ƒ Key market tests innovation analysis ƒ New tools and pipeline assets ƒ New & impactful ƒ Menu renovation menu items & innovation REFRESHED DISPENSED BEVERAGE PROGRAM • Breadth & quality of offer • Consistent execution • Increased beverage incidence with prepared food

Casey’s has been able to sustain a price differential vs. competitors: avg. pizza price vs. $5.99 - $8.99 $9.99 - $11.99 A wider assortment of affordable choices will improve our value proposition for more guests: Affordable 1/3 of Casey’s guests have incomes choices below $50K/year -16% Low-income households have Discretionary income declining discretionary income decrease 2007 - 2016 Source: CMV Brand Study, Casey’s target consumer survey 75% 10%+ of consumers feel private increase in Millennial brands are good alternative adoption of private label to name brands brands from 2018-2019 PRIVATE BRANDS Private brand penetration, % merchandise sales OPPORTUNITY 57% 22% 21% 19% 16% 2% Value GroceryMass Conventional Drug Stores Dollar Stores Casey’s Merchandise Grocery Source: Grocery Dive; IRI; Statistica, US Private Label Market

Private brands expansion • Renewed private brand strategy • Expanded breadth and depth • Improved quality • Affordable price points • Enhanced margins Assortment is a key driver of consumer choice: 70% 1 in 4 of c-store trips are non- cite minimal product fuel related selection as a key barrier to c-store consideration Favorite & new items always 67% 50% available of convenience say “better-for-you” consumers are willing options are important to try new items when choosing a c-store Source: Casey’s target consumer survey; Nielsen; CSNews

Best-in-class merchandising team STRATEGY PROCESS DATA & INSIGHTS ORG & TALENT TECHNOLOGY Driving performance Deliver Top Quintile EBITDA Growth Same-Store Sales Gross Margin Operational Accelerate Growth Expansion Efficiencies Unit Growth • Culinary innovation • Private brands • Rationalized menu pipeline • Simplified kitchen • Dispensed beverage • Assortment breadth & depth

Create capacity through efficiencies Jay soupene Senior VP, Operations

Evolving our strategy Deliver top quintile EBITDA growth REINVENT THE Create capacity ACCELERATE GUEST EXPERIENCE through efficiencies UNIT GROWTH Contemporize our food proposition, Drive efficiencies to improve the Accelerate our new store builds optimize & localize assortment, and shape of the business and fund and acquisitions, including market deliver compelling experiences future growth and store format expansion Invest in our talent Create a culture that drives performance and exceeds guests’ expectations Create capacity through efficiencies TRANSFORMING DRIVING OPTIMIZING THE DRIVING PROCESS OUR FUEL PROCUREMENT SUPPLY CHAIN IMPROVEMENT AND CAPABILITIES EXCELLENCE STORE-LEVEL EFFICIENCY

Transforming our fuel capabilities • Fuel Price Optimization • Commercial Fuel Expansion • Fuel Procurement • Fuel Transportation Optimization CASEY’S FUEL BY THE NUMBERS: GALLONS SOLD FUEL DELIVERIES 6.5M 2.4B 1.2K 75% per day per year per day owned fleet Transforming our CASEY’S FLEET FUEL SUPPLIERS 295 110+ 55 180 fuel capabilities drivers trucks suppliers terminals GALLONS UNDER CONTRACT 4% 37% 50% FY19 FY20 Q2 FY21+ EST.

Transforming our fuel capabilities PROMISING RESULTS: Fleet Gallon Growth Product Mix Optimization Daily Price Optimization • 2.5K new accounts • 194 Unleaded88 locations • 3.6M surveys per year • 2.8M new Casey’s Card • 710 locations converted • 2.1M pricing decisions gallons to BioDiesel per year • 8.1M fleet gallons in FY201 1 As of FY20 Q2 Transforming our fuel capabilities IMPACT ON PERFORMANCE: SAME STORE GALLONS AVERAGE MARGIN FUEL GROSS PROFIT Same-store fuel gallons, % change Average fuel margin, CPG YoY change in fuel gross profit, $000s and % $86,719 20% 2.1% 2.3% 22.1 20.3 $59,296 18.4 18.5 15% $28,464 8% (1.7%) (1%) (2.9%) (3,312) FY17 FY18 FY19 LTM1 FY17 FY18 FY19 LTM1 FY17 FY18 FY19 LTM1 1 Last 12 months ended October 31, 2019

Transforming our fuel capabilities FROM… TO… • Decentralized pricing program • Centralized price optimization • Single pronged fuel buying • Diversified supply strategy • Constrained processes • Dynamic org & capabilities KEY SPEND CATEGORIES Illustrative depiction of relative spend Capital Expenditure Store Construction & Maintenance Information Technology Fleet & Light Duty Vehicles Cost of Goods Sold Driving Grocery & Other Merchandise Procurement Food Ingredients Excellence Food & Packaging Operating Expenses Health Insurance Utilities Marketing

Driving Procurement Excellence CURRENT-STATE: FUTURE-STATE: • $2.7B spend across COGS, CapEx, OpEx • Centralized processes and leveraged scale • Decentralized processes • Contemporary, strategic negotiation practices • Under-leverage of Casey’s size and scale • Sourcing and spend analytics • Tools and technologies to enable automation CASEY’S DISTRIBUTION BY THE NUMBERS: DISTRIBUTION CENTERS FLEET IA IN 140+ 180+ Ankeny Terre Haute trucks drivers DISTRIBUTION & DELIVERIES DC3 400+ 11K 1.8M 14 team routes per mileage # of ramp-up OPTIMIZING THE members year savings per yr. months Supply chain IMPACT ON PERFORMANCE: Distribution cost per pound $0.110 $0.104 $0.105 $0.110 FY16 FY17 FY18 FY19

OPTIMIZING THE Supply chain • Fully integrated grocery supply chain • Continuous improvement and optimization to support growth • Right product, right time, right place, as safely and efficiently as possible CASEY’S STORE OPERATIONS Leadership by the numbers: • 7 regional managers DRIVING process • 40+ district managers improvement and • 215+ area supervisors store-level efficiency • Tenured and successful teams • Execute a variety of initiatives to drive performance • Complexities for the business continue to grow

DRIVING process improvement and store- level efficiency Elevate In-Store Execution Enhance Workforce Efficiencies Expand Asset Protection Cross-functional teams, Optimized workforce based Enhanced framework for analytics and automation to on demand execution and efficiency gains drive performance Driving performance Deliver Top Quintile EBITDA Growth Same-Store Sales Gross Margin Operational Accelerate Growth Expansion Efficiencies Unit Growth • Fuel capability • Centralized procurement enhancement • Supply chain efficiency • Centralized procurement • Process improvement • Supply chain efficiency

Accelerate unit growth BRIAN JOHNSON Senior VP, Store Development

Evolving our strategy Deliver top quintile EBITDA growth REINVENT THE Create capacity ACCELERATE GUEST EXPERIENCE through efficiencies UNIT GROWTH Contemporize our food proposition, Drive efficiencies to improve the Accelerate our new store builds optimize & localize assortment, and shape of the business and fund and acquisitions, including market deliver compelling experiences future growth and store format expansion Invest in our talent Create a culture that drives performance and exceeds guests’ expectations OUR IMPERATIVE: BE WHERE our GUEST IS #1 MOST VALUABLE #1 BARRIER TO NON-FUEL MISSIONS: C-STORE ATTRIBUTE: SHOPPING AT CASEY’S: “Well-located store” “Casey’s doesn’t have stores 70% of trip missions are conveniently located near me” non-fuel Source: Casey’s target consumer survey

Network Growth # of units by fiscal year New Acquisitions Store Count 2,146 1,978 2,073 1,878 1,931 1,749 1,808 1,637 1,699 1,478 1,531 Track record of consistent 26 89 24 growth 36 22 28 5 35 26 85 37 56 16 44 45 51 48 30 31 16 18 20 20092010 2011 2012 2013 2014 2015 2016 2017 2018 2019 New units deliver strong performance FUEL GALLONS INSIDE SALES ROIC%1 Annual average per store; in millions Annual average per store; $ in millions Annual average per store +42% +43% +900 bps 1.7 $2.0 15.5% 1.2 $1.4 6.5% YR1 STEADY YR1 STEADY YR1 STEADY STATE2 STATE2 STATE2 1Return on investment is defined as store-level EBITDA / Total Investment. Total investment includes cost of land. 2Steady state assumed to reflect maturity of individual store’s operating life Note: 377 convenience stores included; based on stores with full 12 months of operations (FY11 and newer)

Construction Focused on cost efficiencies RURAL STORE UBRAN STORE Avg. total construction cost ($M) Avg. total construction cost ($M) $4.7 $4.0 $3.7 $3.3 NACS Casey’s NACS Casey’s Note: Includes cost of land and construction; excludes car wash and inventory Proven Track record Annual M&A activity, fiscal year end 89 37 35 36 26 28 26 22 24 Targeted 16 expansion 5 via M&A 20092010 20112012 2013 2014 2015 20162017 2018 2019 Accelerating from 2016-2019 trend via… • Dedicated M&A team • More proactive outreach • Over 400 small operators, 2,500 stores in chains under 100 identified in our addressable market

stores acquired in last 10 years at significantly lower ~345 trading multiples than recently announced deals Pre-synergy multiples Casey’s Synergy Seller’s trailing EBITDA1 EV:EBITDA Multiple Targeted expansion 6x – 9x 11X via M&A Immediate Value Creation Casey’s Targets Casey’s Synergies • Less sophisticated smaller chains • Best-in-class food offering • Low quality food service • Self-distribution programs – if any • Fuel procurement • Lower integration risk • Digital platform 1Based on seller provided financials prior to transaction; pre-Casey’s synergies Expansion Powered by predictive analytics • Machine-learning, predictive modeling • Analyzes demographic data tied to store performance • Forecasted on consumer segmentation, behavior indices, competitive analyses • User-friendly platform used by real estate associates in the field • Enables network plans for larger markets

Targeting mid-markets • Demonstrated success • Reasonable real estate investment costs <to insert relevant image> • Synergies with field leadership • Efficient maintenance operations • Effective media spend TERRE HAUTE, IN Illustrative Town of 60,000+ population CURRENT- STATE Existing location

TERRE HAUTE, IN Illustrative Town of 60,000+ population Organic growth Existing location New Store Location TERRE HAUTE, IN Illustrative Town of 60,000+ population Targeted acquisitions Existing location New Store Location M&A Target

TERRE HAUTE, IN Illustrative Town of 60,000+ population NON-FUEL LOCATIONS Existing location New Store Location M&A Target Potential Non-Fuel STRONG returns today will CONTINUE TO IMPROVE • Predictive analytics to reduce under-performers • Reduced construction costs • New indirect spend procurement capabilities • Digital guest engagement efforts • Merchandising & food service enhancements • Fuel profitability improvements • Store operations efficiencies

3rd Dist. center– Joplin, MO Expanding our Plans to immediately service 500 stores Footprint • 4,785+ cities within 400 miles of a distribution center do not have a Casey’s • 1,150 of those communities have a population greater than 10K • Competitive advantages position us to win in these markets Expanding our Footprint • Casey’s business model is not unique to the Midwest • Our unique advantages can be replicated coast to coast

Accelerating unit growth pace TOTAL UNIT GROWTH Estimated annual unit growth, fiscal year end New store builds Acquisitions 130 120 40 95 40 85 30 25 90 80 60 65 FY20E FY21E FY22E FY23E Driving performance Deliver Top Quintile EBITDA Growth Same-Store Sales Gross Margin Operational Accelerate Growth Expansion Efficiencies Unit Growth • Optimized network plans • Mid-sized markets • Accelerated maturation • Accelerated maturation curve curve • Non-fuel formats • Dedicated M&A Team

Financial long-term outlook Bill walljasper SVP & Chief Financial Officer

Casey’s Strong Track Record Compelling financial of Financial Strategic Plan Performance performance and long-term outlook Attractive Forward Shareholder Return Outlook Principles Strong track record of performance 10% 16% LONG-TERM EBITDA CAGR1 IMPRESSIVE EBITDA 19 GROWTH IN FY 2019 CONSECUTIVE YEARS OF 4% DIVIDEND INCREASES LONG-TERM STORE COUNT CAGR1 45% DILUTED EPS 18 GROWTH IN FY 20192 CONSECUTIVE YEARS OF POSITIVE INSIDE SAME-STORE SALES 1 Represents FY09 – FY19 CAGR. See Appendix A for reconciliations of EBITDA to GAAP net income for completed fiscal years 2 FY18 Diluted EPS excludes re-measurement of net deferred tax liabilities

Consistent growth across all categories GROCERY & OTHER MERCH. REVENUE PREPARED FOOD & FOUNTAIN REVENUE FUEL GALLONS In billions of $ In billions of $ In billions of gallons +9% CAGR $2.4 +6% CAGR 2.3 +12% CAGR $1.1 $1.0 1.2 $0.3 2009 2019 2009 2019 2009 2019 Compelling Strategic Plan Deliver Top Quintile EBITDA Growth Same-Store Sales Gross Margin Operational Accelerate Growth Expansion Efficiencies Unit Growth • Digital engagement ++• Fuel procurement • Centralized procurement + • 4% - 6% organic growth • Casey’s Rewards • Centralized procurement • Loss prevention • Accelerated M&A • Menu innovation • Price optimization • Process improvement • Merchandise assortment (Fuel + Inside) • Supply chain efficiency • Private brands • Rationalized menu • Supply chain efficiency • Optimized network plans

our strategy impact will evolve over time IMPACT OF PORTFOLIO OVER TIME1,2 100% 90% 80% Growth & Innovation 70% 60% 50% 40% Savings/Efficiency 30% 20% 10% Capability-Building FY20-FY21 FY22 FY23 1 Impact measured by % total EBITDA $ contribution by project across 3-year phased roadmap 2 Growth & Innovation denote projects that will accelerate top-line growth across PF&F, G&OM, and Fuel; Savings/Efficiency projects denote cost savings and waste reduction efforts aimed at improving margin and freeing up investment capacity; Capability-building refers to projects investing in core talent, systems, processes, etc. to enable future growth Casey’s growth model focused on driving results for shareholders Management Guidance EBITDA % GROWTH 8% to 10% CAGR through FY2023 STORE GROWTH ~350 additional new and acquired stores by FY2023 Fuel gallons: flat-to-low single digit SAME-STORE SALES Inside sales: low-to-mid single digit GROSS PROFIT MARGIN % Margin expansion inside and outside the store OPERATIONAL EFFICIENCIES Operating expense % growth below EBITDA % growth Cash flows from operating activities greater than CASH FLOWS capital expenditures

Continued focus on growing the business Funding accelerated store growth $500M - $750M through EBITDA enhancement Disciplined 19 consecutive years of dividend increases approach to 32¢ per share Board approved quarterly dividend capital increase at June 2019 meeting allocation Share repurchase authorization through Fiscal 2020 Completed initial $300M $300M authorization in May 2018 Strong balance sheet WITH ACCESS TO LOW COST FINANCING Access to low cost financing Senior Notes Outstanding 5.22% debt to be Principal Interest $569M refinanced in near-term Issuance (in $M) Rate Due 2006 (Series B) 7.5 5.72% Mar 2020 2010 569 5.22% Aug 2020 LTM Net Debt|EBITDA ratio 2013 (Series A) 150 3.67% Jun 2028 2013 (Series B) 50 3.75% Dec 2028 Historically 2016 (Series C) 50 3.65% May 2031 2.1x ~2.0x – 2.5x 2016 (Series D) 50 3.72% Oct 2031 2017 (Series E) 150 3.51% Jun 2025 LTM Additional Debt Capacity 2017 (Series F) 250 3.77% Aug 2028 Growing capacity provides $300M Revolving Credit Facility $798M significant flexibility Note: Net Debt | EBITDA and additional capacity shown as LTM metrics as of 10/31/2019; additional debt capacity based on current 3.5x covenant as set forth in the Company’s current Senior Notes

Key Takeaways • Consistent track record of profitable growth • Multiple levers to sustain and accelerate performance • Clear strategy for next period with cross-functional alignment • Numerous avenues for continued growth including robust innovation • Commitment to efficient capital allocation Conclusion

Darren rebelez President & Chief Executive Officer Evolving our strategy Deliver top quintile EBITDA growth REINVENT THE Create capacity ACCELERATE GUEST EXPERIENCE through efficiencies UNIT GROWTH Contemporize our food proposition, Drive efficiencies to improve the Accelerate our new store builds optimize & localize assortment, and shape of the business and fund and acquisitions, including market deliver compelling experiences future growth and store format expansion Invest in our talent Create a culture that drives performance and exceeds guests’ expectations

A Blend of deep casey’s experience and relevant industry expertise Relevant Convenience, QSR, Retail and CPG experiences… Darren Rebelez Bill Walljasper Tom Brennan Chad Frazell Julie Jackowski Brian Johnson President & Chief SVP, Chief SVP, Chief SVP, Chief Human SVP, Corporate SVP, Store Executive Officer Financial Officer Merchandising Officer Resources Officer General Counsel Development Chris Jones Jay Soupene Chris Boling Hal Brown Megan Elfers Deb Grimes SVP, Chief SVP, Operations VP, Store VP, Support VP, Marketing VP, Fuel Procurement Marketing Officer Operations Services & Delivery Kirk Haworth Sam James James Pistillo Rich Schappert Art Sebastian Ed Vaske VP, Real Estate VP, Finance VP, Accounting & VP, Information VP, Digital Customer VP, Transportation Treasurer Technology Experience & Distribution New to Casey’s Diversity in our board of directors Experienced board with a strong track record… Darren Rebelez H. Lynn Horak Diane Bridgewater Donald Frieson Cara Heiden President & CEO of Board Chair, Past EVP, Chief Financial and EVP Supply Chain, Retired Co-President of Casey’s General Stores Regional Chairman with Administrative Officer Lowe’s Companies Wells Fargo Home Wells Fargo Regional of LCS Mortgage Banking David Lenhardt Larree Renda Judy Schmeling Allison Wing Former President and Retired Executive Vice Former COO of HSN, Inc. Chief Consumer Officer CEO of PetSmart, Inc. President of Safeway, Inc. and former President of of Bright Health Cornerstone Brands New to Casey’s BOD

Evolving our strategy Deliver top quintile EBITDA growth REINVENT THE Create capacity ACCELERATE GUEST EXPERIENCE through efficiencies UNIT GROWTH • Contemporized food program • Enhanced fuel capabilities • Profitable unit growth • Optimized, localized assortment • Supply chain optimization • Optimized network plans • Modern, digital experiences • Store & process efficiency • Broadened formats & markets • Insights & analytics • Procurement excellence • Acquisition value capture • Strengthened team & capabilities Invest in our talent • Culture of performance BUILDING ON LEGACY STRENGTHS GROUNDED IN GUEST INSIGHTS CONFIDENCE IN OUR BREADTH OF VALUE LEVERS EXECUTION ABILITY SIZEABLE ADDRESSABLE MARKET POSITIVE CONTROL

Q&A Appendix A: Reconciliation of Net income to EBITDA Reconciliation of Net income to EBITDA (in thousands) Years ended April 30, 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Net income $85,690 $116,962 $94,623 $114,694 $103,814 $126,820 $180,628 $225,982 $177,485 $317,903 $203,886 Interest, net 10,626 10,933 28,497 35,192 35,265 39,915 41,225 40,173 41,536 50,940 55,656 Federal and state 53,425 64,620 56,614 65,276 59,802 66,824 101,397 122,724 92,183 -103,466 59,516 income taxes Depreciation and 69,406 73,546 82,355 96,552 111,823 131,160 156,111 170,937 197,629 220,970 244,387 amortization EBITDA $219,147 $266,061 $262,089 $311,714 $310,704 $364,719 $479,361 $559,816 $508,833 $486,347 $563,445