Corporate Overview Introduction to Cumberland Farms Snapshot

Company Overview Strong Financial Results (LTM 9/30/18)  Family-owned fuel retailer and operator with 563 locations across , , , , , , and  Total Revenue: $4.0 billion  Market leading position in the Northeast  Own ~88% of the store locations  Merchandise Sales: $1.2 billion  In early 2009, Cumberland Farms launched a long-term rebranding campaign under the Accelerate In-Store Mix (“AIM”) format featuring a food-centric concept, enhanced interior design and a new logo Fuel Gallons: 1.0 billion  Achieved significant Average Per Store Week (“APSW”) growth  from this initiative as well as closing / selling non-core locations

 The Company was founded in 1939 by the Haseotes family  Adjusted EBITDA: $149.4 million

New Store Design (AIM Format) Segment Breakdown (LTM 9/30/18)

Revenue Gross Profit

Merchandise Merchandise

31% Fuel 42%

58% Fuel 69%

Targeting +80% AIM formatted stores in next 2 years (70% today) Established Brand with a Long Operating History

Early 1980’s Late 2000’s Launched coffee Enhanced breakfast offering offering as a part of the AIM initiative 2014 2017 1939 1971 2005 2008 Opened the Culinary Center AIM next Founded by Vasilios Opened first Exercised its option Ari Haseotes at its generation and Aphrodite fuel station in to acquire all takes over Distribution launch Haseotes in Putnam, CT outstanding responsibilities Facility in Cumberland, RI shares of of division Westborough, LP MA

Mid 1950’s 1976 1986 Late 1990’s 2009 ~2012 2015 Began selling and Private label Acquired Expanded hot and Began investing in Introduced pizza Sold Gulf and producing ice cream beverage and bakery Northeast and cold beverage AIM concept stores offering as a part of Assured Dealer and dairy products commissary Mid-Atlantic offering to better serve the AIM initiative businesses marketing assets customers to ArcLight Capital of Gulf Oil Partners

Product introductions Recap of Recent Strategic Activity

Singularly Focused on Retail Sale of Gulf Oil and Assured Dealer Division Business With Four Key Tenets

1 Our Mission: Full Adoption of To deliver the friendliest, cleanest and most Mission, Vision and convenient customer experience by first  Two divisions divested on December 29, 2015 to Values based Culture ArcLight Capital Partners being the best place to work.

 Gulf Oil division was reported as a separate 2 AIM Investments Number of locations 348 384 entity 308 269 Continued Capital 222 182 170 134 172 67 104 Investment in Store 28 155 165 174 176 202  Assured Dealer division was historically Base 142 reported with the Retail segment in FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Cumberland Farms’ financial statements AIM Remodels Major Capital Projects 3 Grow Foodservice Sales  Cumberland entered into a fuel supply Pizza Coffee Breakfast agreement with the purchaser through 2019 Deployment of Food & Beverage Offerings  Divestitures have further streamlined Company operations and have resulted in a more focused C-store business 4 Net Promoter Score 43% 46% Focused Effort to 33% 37% 37% 35% 27% 27% 24% Enhance Guest and 16% 21% Team Member 7% Experience and Increase Efficiency FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 All CFI Shoppers AIM Shoppers Leading C-Store Retailer in the Northeast and Florida

Second highest brand equity according to the Nielsen’s 2017 Store Choice Driver Report

Northeast

 Company-operated convenience store network MEME VTVT

 Revenue from motor fuel sales, food sales, NHNH convenience merchandise and service sales NYNY Northeast MAMA  As of December 31, 2018, operated 563 stores Stores: 515

PAPA  NJNJ RIRI Approximately 88% owned stores CTCT

 Many new AIM stores anticipated to be over 5,000 Florida sq. ft., although now studying a more compact model

 Up to 20 fueling positions for new AIM stores Florida Stores:  48 560,000 sq. ft. owned manufacturing and distribution FLFL facility in Westborough, MA services all Northeast stores

Total Stores: 563

In-Store Operations

Merchandise Mix Key Categories Sales Split  Lower margin item, but crucial traffic driver  Pricing driven by taxes in respective states  3% 3% Despite challenging regulatory environment, industry- 3% wide volume declines are mitigated as convenience 4% Cigarettes Cigarettes stores gain share due to decisions by some retail 5% Foodservice channels to exit the category 39% Other  Cigarettes represent 34.5% of merchandise sales when 11% Packaged Beverages Beer & Wine adjusted for the national state average excise taxes Other Tobacco Dairy 14% Candy  Key focus area is currently slightly below industry Salty Snacks average and represents a high margin opportunity 18%  Coffee offering is key traffic driver  “Chill Zone” (frozen / fountain beverage) Foodservice  Sandwich cases and fresh food / fresh bakery offering Representative Products  Opened Culinary Center in 2014 in order to supply stores with fresh sandwiches, pizza and other fresh Foodservice Offering Private Label Offering packaged products

 Represents 10% of in-store sales  Strong heritage in dairy products create logical and compelling brand extension possibilities Private Label  Important enhancement to overall store experience and brand strength  Expected to be key future margin driver Foodservice and Private Label Growth

Foodservice Private Label  Cumberland Farms has been driving higher margin foodservice  Private label products represent 10% of in-store sales sales (fountain drinks, coffee, frozen drinks and sandwiches)  Marketed under the Cumberland Farms, Farmhouse and  Coffee, one of the more popular offerings, is 7.1% of total Farmhouse Premium brands merchandise sales as of March 31, 2018  Base private label offering includes dairy products and other  Foodservice and dispensed beverage sales in AIM stores “everyday essentials” such as bread, water, sandwiches, juice, soda represent 21.8% of total merchandise sales vs. 9.9% in legacy and chips stores  Farmhouse brand has expanded to candy and salty and sweet snacks –also markets hot, iced and take-home coffee products  Cumberland has significantly closed the gap with NACS Top Quartile over the past few years as AIM store count increases  Private label products are a key driver of margins and enhance the overall in-store customer experience and brand strength  In fiscal 2007, foodservice comprised only 6.5% of merchandise sales in legacy stores  Above average penetration compared to national brands within competing product categories Foodservice and Dispensed Beverages as % of Total Merchandise Sales  Continued focus on developing more differentiated and unique 24.3% premium quality and priced products 21.8%

9.9%

Legacy Stores AIM Stores NACS Top Quartile Merchandise Distribution & Supply

Distribution and Supply Overview Competitive Advantage of a Closed-Loop

 Self-distribute three-fourths of merchandise (excluding motor fuel) System vs. Outsourced Model through Westborough, MA warehouse and distribution facility Cost Operating  560,000 sq. ft. facility on 4.1 million sq. ft. of land with Advantage Savings Efficiencies commissary and freezer capabilities

 Fleet of leased and owned trucks supplies 500+ convenience stores Controlled number of stock keeping and provides improved inventory management units (“SKUs”) at warehouse increases inventory turns    Distribution service agreement with wholesale distributor; primary distributor of food products and convenience merchandise to Florida stores Increases freshness of inventory at store level  Distribution center in the Northeast supplies this wholesale . Stores receive multiple  distributor weekly with foodservice and private label products deliveries per week

 Remaining one-fourth of the merchandise is delivered via direct store Vendor consolidation (ice cream, delivery (e.g. Coca-Cola, Pepsi / Frito Lay and beer) dairy, perishables, bakery, foodservice, private label) provides fewer deliveries to each individual   store

Increases speed-to-market on new items or product changes 

Provides clear line of sight to total delivered cost of goods  Fuel Operations

Cumberland Farms was rated the nation’s favorite fueling station in a study by Market Force in May 2018

Fuel Sales Overview

 Fuel represents 68% of revenues and 42% of gross profit  Cumberland Farms established its SmartPay program in 2013 to provide greater savings for customers and promote brand loyalty

 Payment program allows customers to save $0.10 on every gallon of fuel purchased and receive rewards for every 50 gallons of(1) fuel purchased  Fuel breakdown as a percentage of FY2017 gallons:  Unleaded: 85%  Unleaded Plus: 5%  Super Unleaded: 7%  Diesel: 3% Leading Position and Scale in Attractive Markets

 CFI convenience stores and fuel stations are generally situated on well-traveled thoroughfares or other easily accessible sites in the Northeast and Florida

 Population density, employment and personal income data are very favorable in the Northeast as compared to other regions of the U.S. (1)

 Northeast has second fewest number of convenience stores per capita in the U.S. (1)

 Lack of developable land combined with the regulatory and permitting considerations for fuel stations limit the threat of competition from new entrants

CFI’s Leading Position in Northeast Markets U.S. Convenience Stores per Capita (1)

Market Share by Store Count Stores per 10,000 People

Market (2) CFI (3) Market Market (4) State Sites Sites Share Efficiency 6.00 5.71

RI 509 46 9.0% 1.42 4.63 5.00 4.37 MA 3,392 207 6.1% 1.62

NH 900 47 5.2% 1.09 4.00 3.57 ME 1,028 43 4.2% 1.38 3.00 CT 1,695 71 4.2% 1.73 VT 592 19 3.2% 1.12 2.00 NY 8,570 82 1.0% 1.21 Northeast 16,686 515 3.1% 1.00 FL 9,930 48 0.5% 0.98 Total 26,616 563 2.1% 0.00 West Northeast Midwest South

______(1) Population from 2016 U.S. Census (as of July 1, 2017), Number of stores from NACS 2016 SOI Report. (2) NACS Report as of December 31, 2016. U.S. Average (3) Represents store count as of September 30, 2018. (4) Market efficiency defined as gas gallon market share divided by gas outlet share. Significant Brand Awareness and Customer Loyalty

Cumberland Farms Customer Loyalty Consumer Perceptions of Top Store Attributes 2018 Cumberland Farms has strong loyalty among customers – Cumberland Farms vs. Competition

(4) Legacy Store Model AIM Store Model CF Total AIM Competitors Loyalty Trends Loyalty Trends Is easy to get to 61% 77% 46% 82 83 82 My family has always shopped there 32% 43% 18% 70 70 54% 53% 55% 69 Is a place I would go out of my way to 26% 35% 14% shop at

Is a store I trust 58% 71% 39% 38% 35% 37% Is a newer store 52% 82% 24%

2015 2016 2017 2015 2016 2017 Has a good reputation 61% 73% 40%

Customer Loyalty Index Total Promoters Has food or snacks that I crave 52% 62% 38% The area where I make my coffee / get 50% 62% 31% Cumberland Farms Brand Awareness my fountain beverage is always clean The employees know me 20% 26% 14% Unaided and aided awareness is growing Their food is fresh 41% 51% 25%

Brand Awareness 46% Has a loyalty program that allows me 39% 53% 22% 43% to save money on gas or merchandise 38% 39% 39% 32% Is fast to get my hot food 38% 49% 25%

Restrooms are always clean 36% 47% 24%

Relative strength for CF (index >= 120)

2015 2016 2017 Performance of both Legacy and AIM stores is strong versus competitors

Unaided Aided SmartPay Introduction

Introduction of SmartPay Loyalty Program Fuel Volume Breakdown by Method of Payment  SmartPay program launched in 2013 to provide greater savings for customers and promote brand loyalty  Payment program allows customers to save $0.10 on every 13% gallon of fuel purchased 26%  Receive rewards for every 50 gallons of fuel purchased, plus free monthly product coupons on favorite items such as

Farmhouse Blend coffee and Hyper-Freeze beverages 33%  Pizza and breakfast sandwich loyalty clubs launched in FY ‘18 28%  Enables customers to activate fuel pump from mobile device as well as pay for in-store merchandise  SmartPay gallons have grown to ~26% of total gallons sold as of March 31, 2018 SmartPay Debit Credit Cash  Offers two mobile apps for personal and business uses SmartPay Platform Drives Volume and Value Awareness of SmartPay Continues to Grow Cumulative Number of SmartPay  The number of customers who are aware of CFI’s SmartPay loyalty program is higher in new stores Enrollments and Transactions Number of Enrollments (000’s) 100,000 800 700 58% 80,000 56% 57% 54% 600 500 60,000 37% 37% 38% 400 33% 40,000 300 200 20,000 100

Number of Transactions (000’s) 0 0 Jan-13 Feb-14 Mar-15 Mar-16 Apr-17 Apr-18 2014 2015 2016 2017

Number of Transactions Number of Enrollments All Stores New Stores But first, why SmartPay?

2013 Expenses in $ MM $140 $116 $120

$100

$80

$60 $51

$40 $25 $20

$- Payroll Benefits Credit Card Fees

 Card Processing Fees growing at an unsustainable rate – prior to launch, CAGR was ~17%, and the second largest category of expense overall

 Through SmartPay, we believed we could:

 Solve what was/is known to be a major pain point for consumers (gasoline prices)

 Remove friction from the transaction/create a novel way to transact with Cumberland Farms

 Insulate Cumberland Farms from rising cost of processing SmartPay Consumer Rating Metrics

Q13. Please rate how well each of the following statements describes the following convenience stores using a six point scale.

New CF Stores –vs.– Competition Competitive Comparison of Attribute Scores Top Tier – the things that are most CF Total CF New Store All Others 7-Eleven Hess Stewarts Speed-way important* 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Base: Total respondents (unweighted) 2004 2001 821 806 1981 1973 227 249 150 160 204 163 86 53 147 148 Base: Total respondents (weighted) 2004 2001 915 924 1978 1972 258 248 147 147 222 175 73 39 141 159 Is easy to get to 61% 57% 77% 70% 46% 44% 50% 44% 37% 41% 51% 54% 58% 72% 49% 46% My family has always shopped there 32% 30% 43% 42% 18% 18% 25% 17% 9% 23% 21% 18% 31% 45% 18% 22% Is a newer store 52% 51% 82% 81% 24% 23% 21% 18% 12% 28% 30% 26% 37% 42% 31% 36% Has a loyalty program that allows me to save 39% 38% 53% 54% 22% 23% 14% 20% 22% 35% 29% 27% 26% 30% 35% 34% money on gas or merchandise Is a store I trust 58% 52% 71% 67% 39% 37% 37% 30% 35% 39% 48% 47% 65% 73% 45% 40% Is a place I would go out of my way to shop 26% 25% 35% 37% 14% 16% 13% 12% 10% 27% 16% 16% 27% 30% 13% 16% at Has a good reputation 61% 59% 73% 72% 40% 41% 41% 37% 33% 44% 41% 48% 60% 69% 38% 43% Has foods or snacks that I crave 52% 50% 62% 61% 38% 40% 41% 41% 34% 48% 43% 44% 51% 53% 41% 39% The area where I make my coffee or get my 50% 62% 31% 29% 27% 41% 43% 37% fountain beverage is always clean The employees know me 20% 21% 26% 28% 14% 13% 11% 13% 8% 10% 23% 13% 24% 25% 17% 14% Restrooms are always clean 36% 36% 47% 49% 24% 25% 22% 16% 17% 23% 30% 29% 35% 49% 28% 26% Is fast to get my hot food 38% 49% 24% 18% 17% 25% 39% 26% Their food is fresh 41% 41% 51% 51% 25% 26% 25% 24% 21% 30% 28% 29% 40% 56% 24% 30%

*Derived importance from Key Drivers Analysis Relative weakness for CF (index <=80) Relative strength for CF (index >= 120) Index calculated by dividing Total CF score by competitive score and multiplying by 100 SmartPay Consumer Rating Metrics SmartPay Consumer Rating Metrics SmartPay Financial Metrics

Adjusted CC Fees % of Total Revenue

1.32% 1.31%

1.30% 1.30%

1.28% 1.27% 1.26% 1.26% 1.25%

1.24%

1.22% 1.21%

1.20%

1.18%

1.16%

1.14% FY13 FY14 FY15 FY16 FY17 FY18 SmartPay Financial Metrics

Historical DTC & DTLC 0.2

0.15

0.1

0.05

0

-0.05

-0.1

DTC DTLC Linear (DTC) Linear (DTLC) SmartPay Roadmap

Mobile Strategy & Enhancements Given our strong performance to date with SmartPay, leveraging the current platform as the foundation for future innovations is critical to our mobile strategy A 12-month roadmap was designed to enhance the mobile offering and meet changing customer needs

Consumer Needs & Expectations

Technology Cumberland / Digital Farms Trends Strategy SmartPay Roadmap

Mobile Checkout With increasing consumer interest in mobile scan & pay, functionality was added to our existing platform to deliver an accelerated experience for the coffee drinker

• Customer is able to select their desired item, add to their mobile cart, purchase, and leave the store without interacting with an associate or waiting in a queue

• During the first three weeks of the soft launch, the usage increased by 2.8x amongst the 68% of users who shopped the brand for 3+ years

• 83% of participants reported an “excellent experience” with the functionality, citing speed as the main driver of rating SmartPay Roadmap

AdditionalEnhancements for PlannedMay 2019 launch Enhancements are designed to accomplish three critical goals, positioning the mobile platform as a key strategic benefit and differentiator for the brand

Lower the Barrier to Entry • Additional Payment Options: Expanding beyond ACH with credit, debit, Venmo, PayPal • Integration with mobile banking to expedite the enrollment process for ACH accounts

Drive Transactions • Exclusive pricing and offers • Mobile checkout to drive peak daypart coffee purchases • Sub-accounts: allow user to set up an account for another individual from the same funding source (children, spouse, etc.)

Enhance Speed • Integrated barcode: applies selected coupons and payment method into a single register-scan • Mobile checkout to drive peak daypart coffee purchases without register interaction

Future Considerations & Functionality: mobile order ahead, delivery, curbside / at pump pick up Growth Strategy Multi-Pronged Growth Strategy

Growth Strategy

Shifting merchandise mix towards higher-margin, differentiated items (e.g., private label and foodservice items such as coffee, frozen and fountain drinks, Enhance Sales and pizza, fresh sandwiches and bakery) Profitability of Existing Stores Focusing intensively upon brand development, consumer research and understanding and product innovation

Investing in technologies to drive efficiency and allow for more rapid, profitable and accurate decision making (i.e. fuel pricing software to optimize gross profit / volume dynamic and a supply chain management system) Remodeling Existing Locations & Building New Locations in Investing in technologies to drive customer loyalty and drive down credit card AIM Format processing fees (i.e. SmartPay)

Utilizing AIM Concept stores to grow sales (APSW) and increase store productivity

Aggressively managing general & administrative expenses to enhance Manage Expenses & productivity and streamline business model Improve Cost Structure Investing in Team Members – recruiting, compensation / benefits, talent development and engagement Overview of AIM Concept

AIM Conversion AIM Capital Project Count by Year (# of Stores)  Cumberland Farms began investing in AIM stores in 2009 and 70 has rapidly increased the AIM site count since then to 384 66 AIM stores

 Multi-year initiative features an expanded focus on 60 5 foodservice and an enhanced in-store experience through 69% re-imaging and improved brand management 53 62%  AIM stores are outperforming their legacy counterparts in all 50 47 of the major merchandise categories and have also seen 46 15 55% 43 improved loyalty among customers 4 41 3 20  40 39 The investment in AIM stores has been financed with internal 2 48% 37 cash flow from operations, the proceeds from the sale of 41% stores in non-strategic locations and minimal debt 8 5 13 20 11 30 Example of AIM Store Transformation 58

Before After 30% 19 6 8 7 20 42

21% 30 11 9 12 19 10 7 1 10% 14 10 9 5 7 2% 2 0 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 APSW Merchandise $21K APSW Merchandise $48K AIM % of Total New Stores Offset Raze & Rebuild AIM Conversion APSW Gallons 13K APSW Gallons 42K Store Count Overview of AIM Concept

Examples of AIM Store Transformation

Before After Retail-Focused Strategy Continues to Produce Strong Results

Merchandise & Gallon APSW

Merchandise Gallons $43,000 $42,809 40,000 Merchandise CAGR: 5.6% $40,776

Gallon CAGR: 37,478 4.7% $38,928 $38,750 36,676 35,556 35,000 $36,649 33,829

$34,500 $32,575

$31,475 31,598 30,000 (2) $30,473 30,164 $30,250

$29,196 27,627 27,193

$26,000 25,000 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

Merchandise APSW Gallon APSW Operations Strategy Overview of Operations Strategy