Corporate Overview Introduction to Cumberland Farms Cumberland Farms Snapshot Company Overview Strong Financial Results (LTM 9/30/18) Family-owned fuel retailer and convenience store operator with 563 locations across Connecticut, Rhode Island, Massachusetts, Vermont, New Hampshire, Maine, New York and Florida 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 retail division Westborough, Gulf Oil 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.