Antioco And Zine To Resign From Circle K

Business Wire, May 29, 1996

PHOENIX--(BUSINESS WIRE)--May 29, 1996--The Circle K Corporation (NYSE:CRK) announced today that John Antioco, Circle K's Chairman, President and Chief Executive Officer, and Larry Zine, Circle K's Executive Vice President and Chief Financial Officer, will resign their posts at the close of the Company's merger with Tosco Corporation (NYSE:TOS).

Circle K is scheduled to have its special shareholders meeting on May 30, 1996, and anticipates that the merger will close on that day.

Responsibility for the Circle K organization will be assumed by Robert Lavinia, Tosco's current Executive Vice President and President of Tosco Marketing Company. Antioco and Zine will continue to assist with the transition and will serve as consultants to Circle K following the transaction.

Antioco joined Circle K in 1991 and oversaw Circle K's dramatic improvement in operating results since that time. Circle K emerged from bankruptcy in July 1993 and went public in March 1995 at $16 per share. Zine came to Circle K in June of 1981. He was named Executive Vice President and Chief Financial Officer in 1988 and worked closely with Antioco through Circle K's bankruptcy, initial public offering and the recently announced merger with Tosco.

"Upon coming to Circle K, my mission was to restore the Company to profitability and position it to compete effectively in the future," said Antioco. "I'm convinced that Circle K has reached that point in its evolution. The merger with Tosco is the appropriate time for me to conclude my work at Circle K."

The Circle K Corporation is the largest operator of company-owned convenience stores and the largest independent retailer of gasoline in the United States. It operates or franchises over 2,500 stores in 28 states, primarily in the Sunbelt.

CONTACT: The Circle K Corporation

Ann Vry

602-530-5294

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Stacey Herschaft

212-850-5600

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