1021 East Cary Street, Suite 1150Richmond,VA23219

THOMASE.KELSOManagingDirector&Principal

410.752.3833ext.1tkelso@matrixcmg.com

SPENCERCAVALIER,CFA,ASAManagingDirector410.752.3833ext.2

spcavalier@matrixcmg.com

100SouthCharlesStreet,Suite1350Baltimore,MD21201

www.matrixenergyandretail.com

CEDRICFORTEMPS,CFAManagingDirector804‐591‐2039

cfortemps@matrixcmg.com

M&ATrends–FactorsDrivingConsolidation

2

FactorsDrivingM&AActivity

MotorFuelsIndustryisMatureo Growthnowneedstocomefromnewstoredevelopmentoracquisitionso Needtospreadeverincreasingcostsoverawiderbaseo Abilitytogaingreaterleverageonsuppliers(fuelsandc‐store)

HigherOperatingCosts&NeedforCapitalSpendingo Costsgrowingfasterthangrossprofitso Increasinggovernmentregulationo Needsforinvestmentintechnology

AgeingPopulationofOwners/Shareholderso GenerationalChallengeso Needforliquidity

3

FactorsDrivingM&AActivity(cont.)

CompaniesCommittedtoIndustry&LookingtoGrowo Publicc‐storecompanieso Largeprivatelyheldc‐storechainso Regionalandmulti‐regionalmotorfuelsdistributorso MLP’s

HistoricallyLowInterestRateso Lowinterestratesreducecostofcapitalmakingitpossibletoachieve

hurdlereturnswithhighervaluationso Changeonthehorizon

AccesstoCapitalo Debt,mezzanineandequityallavailabletodayo Companiesaccessingthecapitalmarkets

• MLP’s• Debtcapitalmarkets

4

FactorsDrivingM&AActivity(cont.)

PotentialFutureIssues

o ActionsbyTheFederalReserve

o GrowthintheNumberofMLP’s

o FuturePerformanceofMLP’swithFuelsDistributionComponents

o RFS/RINIssuesandEffectsonMerchantRefiners

5

CumulativeReturnsAnalysis‐MLPandS&P500

‐50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

Cumulative R

eturn

MLP and S&P 500 Returns

Recession Alerian MLP Index S&P 500 Index

6

PubliclyTradedComparables

Publicly Traded Comparables (USD in millions, except per share data)Pure‐Play Convenience Retailers

10‐yrBusiness Segments Enterprise EV/ Dividend (2.69%)

Whole‐ Pipeline/ Price On  52 Week Range Market Total Cash &  Value Debt/ LTM LTM Last Yield YieldCompany (Ticker) Retail Sale Refining Terminals Logisitcs 11/5/13 Low High Cap Debt Equiv (EV) EV EBITDA EBITDA Dividend (DY) Spread

Alimentation Couche‐Tard Inc. (ATD.B x 67.95 43.23 68.72 12,812 3,419 622 15,648 21.8% 1,420 11.0x 0.08 0.5%  (2.2%)Casey's General Stores, Inc. (CASY) x 76.99 46.15 77.04 2,957 820 191 3,586 22.9% 358 10.0x 0.18 0.9%  (1.8%)CST Brands, Inc. (CST) x 33.27 27.01 35.00 2,515 1,048 424 3,139 33.4% 399 7.9x ‐ n.m.  n.m. Murphy USA Inc. (MUSA) x 41.06 36.12 41.97 1,918 1 60 1,860 0.1% 360 5.2x ‐ n.m.  n.m. The Pantry, Inc. (PTRY) x 13.64 10.99 14.94 321 948 44 1,225 77.4% 207 5.9x ‐ n.m.  n.m. Susser Holdings Corporation (SUSS) x 55.19 33.49 56.95 1,167 370 35 1,750 21.2% 173 10.1x ‐ n.m.  n.m. 

High 11.0x 0.18 0.9%  (1.8%)Low 5.2x ‐ 0.5%  (2.2%)

Mean 8.4x 0.04 0.7%  (2.0%)Median 8.9x ‐ 0.7%  (2.0%)

Pure‐Play Wholesale MLPs10‐yr

Business Segments Enterprise EV/ Dividend (2.69%)Whole‐ Pipeline/ Price On  52 Week Range Market Total Cash &  Value Debt/ LTM LTM Last Yield Yield

Company (Ticker) Retail Sale Refining Terminals Logisitcs 11/5/13 Low High Cap Debt Equiv (EV) EV EBITDA EBITDA Dividend (DY) Spread

Lehigh Gas Partners LP (LGP) x 28.20 16.66 29.18 424 256 0 680 37.6% 47 14.6x 0.48 6.8%  4.1% Susser Petroleum Partners LP (SUSP) x 31.00 23.65 33.41 678 182 16 844 21.5% 42 20.3x 0.45 5.8%  3.2% 

High 20.3x 0.48 6.8%  4.1% Low 14.6x 0.45 5.8%  3.2% 

Mean 17.4x 0.47 6.3%  3.6% Median 17.4x 0.47 6.3%  3.6% 

7

PubliclyTradedComparables (cont.)

Publicly Traded Comparables (USD in millions, except per share data)Multi‐Segment

10‐yrBusiness Segments Enterprise EV/ Dividend (2.69%)

Whole‐ Pipeline/ Price On  52 Week Range Market Total Cash &  Value Debt/ LTM LTM Last Yield YieldCompany (Ticker) Retail Sale Refining Terminals Logisitcs 11/5/13 Low High Cap Debt Equiv (EV) EV EBITDA EBITDA Dividend (DY) Spread

Alon USA Partners, LP (ALDW) x 11.91 11.40 29.12 744 245 27 963 25.5% 459 2.1x 0.71 23.8%  21.2% Alon USA Energy, Inc. (ALJ) x x 11.58 8.55 21.24 731 530 134 1,202 44.1% 471 2.6x 0.06 2.1%  (0.6%)Global Partners LP (GLP) x x 37.15 21.93 40.99 1,018 779 10 1,828 42.6% 149 12.3x 0.59 6.3%  3.6% Northern Tier Energy LP (NTI) x x x x 22.96 17.83 33.24 2,114 282 99 2,298 12.3% 346 6.6x 0.68 11.8%  9.2% Delek US Holdings, Inc. (DK) x x x 25.27 19.83 41.47 1,518 298 450 1,549 19.2% 569 2.7x 0.15 2.4%  (0.3%)Marathon Petroleum Corporation (MPC x x x x x 70.72 52.65 92.73 22,141 3,410 ‐ 22,895 14.9% 4,745 4.8x 0.42 2.4%  (0.3%)

High 12.3x 0.71 23.8%  21.2% Low 2.1x 0.06 2.1%  (0.6%)

Mean 5.2x 0.43 8.1%  5.5% Median 3.8x 0.50 4.4%  1.7% 

8

MLPPerformanceand10‐YrTreasuryYields

0.00% 

1.00% 

2.00% 

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4.00% 

5.00% 

6.00% 

7.00% 

8.00% 

‐

100 

200 

300 

400 

500 

600 

Treasury Yield (%

)

Inde

x Price Le

vel

MLP Performance and 10‐Yr Treasury Yields

Recession Alerian MLP Index 10‐Yr. Treasury

9

MatrixConvenienceStore– MarketCapitalIndex

‐100%

‐50%

0%

50%

100%

150%

Dec‐06 Dec‐07 Dec‐08 Dec‐09 Dec‐10 Dec‐11 Dec‐12

Change

 in M

arket Capitalization

Matrix CS‐MC Index™Market Capitalization Index of Publicly Traded Convenience  Store Operators

Matrix's Market Capitalization Index™ S&P 500

See Note 1Jun‐ 13

Note1: Matrix'sMarketCapitalizationIndex®equallyweightsthequarterlychangesinmarketcapitalizationsforThePantryInc.,SusserHoldingsCorporation,Casey'sGeneralStores,Inc.&AlimentationCouche‐TardInc.Historical,dailystockpriceswereobtainedfromYahoo!Financeandweremultipliedbythenumberofoutstandingsharesreportedineachcompany'smostrecentquarterlyfilingasofquarterend.Thefollowingoutlinesthefiling datesofthemostrecentquarterlyfilingsasofthispublicationforeachcompany:

ThePantryInc.‐ 8/6/2013SusserHoldingsCorporation‐ 8/9/2013Casey'sGeneralStores,Inc.‐ 6/27/2013AlimentationCouche‐TardInc.‐ 7/10/2013

AlimentationCouche‐TardInc.’ssharesarelistedontheTorontoStockExchangeunderthetickersymbolsATD.AandATD.B.Couche‐TardInc.hastwoclassesofcommonshares:ClassAMultipleVotingSharesandClassBSubordinateVotingShares.ClassAislargelyheldbyincorporatorsandcertaininstitutionalinvestors.ClassBisnormallythemostnegotiatedclassasitisheldbyagreaternumberofshareholdersandisthereforeusedintheindexcomputation.

10

MatrixConvenienceStore– EnterpriseValueMultiple

Matrix CS‐EVX Quarterly Multiples2008 2009 2010 2011 2012 2013

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2PTRY 6.5 5.0 4.5 4.9 5.2 6.6 6.5 5.6 6.6 6.7 6.2 6.3 5.7 5.7 5.9 6.2 6.5 5.8 5.8 5.9SUSS 7.1 6.0 5.9 5.8 6.1 6.4 6.6 5.8 5.8 5.4 5.1 4.8 4.7 4.4 5.4 6.3 7.7 7.0 8.7 9.7CASY 7.4 5.7 6.6 6.0 6.6 6.4 6.2 6.8 8.4 8.3 8.1 8.4 8.0 8.5 8.8 9.2 8.9 8.5 9.3 9.4ATD 5.8 4.8 3.9 4.1 4.7 5.0 5.1 4.3 5.0 5.6 5.2 5.6 5.1 6.2 6.5 7.8 12.1 9.6 8.7 8.7Matrix Multiple™

6.7 5.4 5.2 5.2 5.6 6.1 6.1 5.7 6.5 6.5 6.1 6.3 5.9 6.2 6.6 7.4 8.8 7.7 8.1 8.4

Note2: TheMatrixEV/EBITDAMultiple®wascalculatedforThePantryInc.,SusserHoldingsCorporation,Casey'sGeneralStores,Inc.&AlimentationCouche‐TardInc.bydividingeachcompany'senterprisevaluebycorporateEBITDA.MatrixutilizedthemarketcapitalizationdatadescribedinNote1aswellasinformationobtainedfromCapitalIQinthiscalculation.EnterpriseValuewasdefinedtobethecompany'smarketcapitalizationlessexcesscashplustotaldebtplusminorityinterest.Excesscashwasdeterminedtobetheadjustmentrequiredtoloweracompany'sworkingcapitalratioto1.0.Thischartisonlyupdatedthroughthesecondquarterof2013.

Presented to:

AppendixA:Matrix’sEMRGroup

Professionals

AppendixA:Matrix’sEMRGroup

Professionals

12

ThomasE.Kelso,ManagingDirector&PrincipalMr.KelsocreatedtheEnergyandMulti‐SiteRetail(EMR)GroupwithinMatrixtoprovidefinancialadvisoryservicestocompaniesengagedinthepetroleummarketingandconveniencestoreindustries. He managestheEMRGroupanddirectsMatrix'sBaltimoreoffice.Inaddition, hemanagesthefirm'sRestructuring,ReorganizationandBankruptcypractice.PriortojoiningMatrix, Mr.KelsowasaprincipalatKennilworthHoldings,Inc.,whereheconsultedwithclientsonmergersandacquisitions,corporaterestructuringsandprivateplacementofdebtandequity.Duringthattime,heworkedprimarilywithcompaniesengagedinthedistributionandretailingofmotorfuelsandheatingfuels,andinconveniencestoreoperations.

Mr.Kelsowastheco‐founder,50%stockholderandCFOofOceanPetroleumCompany,anindependentpetroleummarketerandbrandeddistributorforExxonUSA,SunocoandBPinMaryland,Delaware,PennsylvaniaandVirginia. PriortofoundingOcean,hewasemployedastheBusinessManageroftheEveningCollegeandSummerSession,oneofthesixdivisionsofJohnsHopkinsUniversity,andwastheCFOandadirectoroftheJohnsHopkinsFederalCreditUnion. HewaseducatedattheUniversityofBaltimoreandJohnsHopkinsUniversity.

Mr.KelsohasadvisedmanyoftheleadingcompaniesinthepetroleummarketingandconveniencestoreindustriesincludingR.R.Morrison&Son,EMAC,RPFOilCompany,WilliamsonOilCompany,DelekU.S.Holdings,AngusI.Hines,Inc.,CarrollIndependentFuels,PeterboroughOil,Company,Inc.,HerndonOilCorporation,LehighGasCorporationandmanyothers. HehasbeenemployedasaprofessionalinthirteenChapter11bankruptcycasesincludingSuwanneeSwiftyStores,Inc,FasMart,AcmePetroleum&FuelCo.,Inc.,DBCompanies,Inc.,andUni‐MartsLLC.

Mr.Kelsohaswrittenand/orcontributedtoanumberofarticlesonthetopicsofmergersandacquisitions,accesstocapital,strategicplanningandvaluationsforpetroleummarketersandconveniencestorecompanies. HeisamemberoftheSocietyofIndependentGasolineMarketersofAmerica(SIGMA),theNationalAssociationofConvenienceStores(NACS),thePetroleumMarketersAssociationofAmerica(PMAA),theAmericanBankruptcyInstitute(ABI)andtheTurnaroundManagementAssociation(TMA).

Mr.KelsoisChairmanoftheBoardofDirectorsofTheMarylandPublicPolicyInstitute,anonpartisanpublicpolicyresearchandeducationorganizationthatfocusesonstatepolicyissues. HeisalsoaformertrusteeandChairmanoftheBoardofTheJohnCarrollSchool,aCatholicindependenthighschoolinBelAir,MD. HecurrentlyservesasChairmanoftheschool’sAdvancedGiftsPhaseoftheCapitalCampaign. HeisalsoqualifiedasaFINRAGeneralSecuritiesPrincipal(Series24),InvestmentBankingRepresentative(Series79),OperationsProfessional(Series99)andUniformSecuritiesAgent(Series63).

MatrixProfessionals

13

SpencerP.Cavalier,CFA,ASA,Managing Director

Mr.CavalierisamemberoftheEnergy&Multi‐SiteRetailTeam.Heisresponsibleforclientdevelopmentandco‐managingallaspectsoftransactionsincludingpreparingsellingmemorandaandprovidingvaluationandcorporatefinanceexpertise.PriortojoiningMatrix,hewasaseniorbusinessvaluationconsultantwithEllin&Tucker,Chartered,anationallyrecognizedbusinessvaluation,consultingandaccountingfirmandacommerciallenderwithNationsBank(nowBankofAmerica).

AsaholderoftheCharteredFinancialAnalystdesignation,heisamemberoftheCFAInstituteandisalsorecognizedasanAccreditedSeniorAppraiserinBusinessValuationbytheAmericanSocietyofAppraisers.Mr.CavalierholdsaB.S.degree(withhonors)fromWestVirginiaUniversityandanM.B.A.fromBaylorUniversity. HeisactivelyinvolvedwithTheBennettInstitute’sPhysicallyChallengedSportsProgramatKennedyKriegerandpreviouslyservedontheBoardofVisitorsforUniversityofMaryland'sHospitalforChildrenandtheBoardofDirectorsforTheCollegeBoundFoundation.SpencerisalsoqualifiedasaFINRAGeneralSecuritiesRepresentative(Series7),UniformSecuritiesAgent(Series63)andInvestmentBankingRepresentative(Series79).

CedricC.Fortemps,CFA,Managing DirectorMr.FortempsisamemberoftheEnergy&Multi‐SiteRetailTeamandisresponsibleforco‐managingmiddlemarketclientsontransactionsincludingexclusivesales,divestitures,acquisitions,recapitalizations,restructurings,distressedassetsales,valuations,andstrategicplanning. Cedrichasspecificexpertiseadvisingdownstreampetroleumandmulti‐siteretailbusinesses,havingadvisedover50companiesonvarioustransactions,withthemajorityofthosecompaniesbeingpetroleummarketersandconveniencestorechains. Cedrichasalsoadvisedhospitality,manufacturing,distribution,consumerservices,andbusinessservicescompanies.

Mr.FortempsgraduatedcumlaudewithaB.S.B.A.withaconcentrationinFinancefromtheUniversityofRichmond.HeisaCFACharterholderandmemberoftheCFAInstitute.Heis qualifiedasaFINRAGeneralSecuritiesRepresentative(Series7),UniformSecuritiesAgent(Series63)andInvestmentBankingRepresentative(Series79). HealsoservesontheAdvisoryBoardfortheUniversityofRichmond’sStudentManagedInvestmentFundandhasbeenaguestlecturerfortheUniversity’sMBAProgram.

MatrixProfessionals

R.H.Butler,Jr.,VicePresidentofBusinessDevelopmentMr.ButlerisamemberoftheEnergy&Multi‐SiteRetailTeamandisresponsibleforallaspectsofnewbusinessdevelopmentandassistingintransactionmanagement.BeforejoiningMatrixTodservedasanacquisitionadvisorwithPetroleumRealtyInvestmentPartners,L.P.,andastheMid‐ContinentRegionalDirectorofRealEstateforGettyRealtyCorp.(NYSE:GTY). Previously,hewasashareholderinMid‐StatesPetroleum,Inc.,alargemid‐westerndistributorofwholesalepetroleumproducts,whereheservedaspresidentandCEO.Hebringsover45yearsofpetroleummarketingandtransactionexperiencetoMatrix.

Mr.ButlerisaformerpresidentandchairmanoftheexecutivecommitteefortheSocietyofIndependentGasolineMarketersofAmericaandamemberoftheprestigious25YearClubofThePetroleumIndustry.HehasaBachelorsofScienceinAccountingfromFerrisStateUniversity. HeisalsoqualifiedasaFINRAUniformSecuritiesAgent(Series63)andInvestmentBankingRepresentative(Series79).

JohnJ.Underwood,VicePresidentMr.Underwoodisresponsiblefornewclientdevelopmentandco‐managingallaspectsofclienttransactionsincludingtotalcompanysales,assetdivestitures,acquisitions,recapitalizations,valuationsandstrategicplanning. Hebringsover30yearsofmajorintegratedoilcompanyexperiencetotheMatrixteam. PriortojoiningMatrix,Mr.UnderwoodwastheRetailPortfolioManagerforBPandwasresponsibleformanagingBP’sretailstationdivestmentprogramintheUnitedStateseastoftheRockies. Heoversawover50transactionsinasixyearperiodtotalingover$1billionandmanagedthetransitionofBP’sretailassetsfromdirectsupplytojobbersupply. Mr.Underwoodhasworkedinvirtuallyallfacetsofretailmarketing,andhassubstantialexperienceinproductdistribution,logistics,productsupplyandsupplyplanning. InadditiontohisU.S.experience,hehasworkedinoverseasdownstreamoperationsinRomania,PolandandEngland.

Mr.UnderwoodholdsaB.S.degreeinAccountingfromIndianaUniversity,andanM.B.A.fromtheUniversityofColoradoandholdstheCertifiedPublicAccountantdesignation. HeisactivelyinvolvedincoachingyouthsportsactivitiesinthewesternChicagosuburbs. HeisqualifiedasanUniformSecuritiesAgent(Series63)andInvestmentBankingRepresentative(Series79).

14

MatrixProfessionals

15

M.VanceSaunders,CPA,VicePresidentMr.Saunders isamemberoftheEnergy&Multi‐SiteRetailTeamandisresponsibleforconductingfinancial,industry,andbuyerresearch,creatingvaluationandfinancingmodels,andpreparingsellingandprivateplacementmemoranda.PriortojoiningMatrixin2006, VanceworkedintheBusinessAssuranceandAdvisoryServicesGroupforthepublicaccountingfirmofKeiter,Stephens,Hurst,Gary&ShreavesinGlenAllen,Virginia,wherehisexperienceincludedavarietyofassuranceengagements.

Mr.Saunders alsoheldaseniorassociatepositionintheTreasurygroupofCapitalOneFinancialCorporation. VancereceivedaB.S.B.A.withconcentrationsinFinanceandAccountingfromLongwoodUniversityandanM.B.A.fromVirginiaCommonwealthUniversity.HeholdstheCertifiedPublicAccountantdesignation.HeisalsoqualifiedasaFINRAGeneralSecuritiesRepresentative(Series7),UniformSecuritiesAgent(Series63)andInvestmentBankingRepresentative(Series79).

SeanDooley,CFA,ASA,SeniorAssociate

Mr.DooleyisamemberoftheEnergy&Multi‐SiteRetailTeamandisresponsibleforconductingfinancial,industry,andbuyerresearch,creatingvaluationandfinancingmodels,andpreparingsellingandprivateplacementmemoranda.PriortojoiningMatrixin2010, SeanwasanassociateintheForensicandValuationServicesGroupforthepublicaccountingfirmofEllin&Tucker,CharteredinBaltimore,Maryland,wherehisexperienceincludedavarietyofvaluationengagements.HealsoheldananalystpositionintheFederalSystemsGroupofUnisysCorporation.

SeanreceivedaB.S.B.A.withaconcentrationinFinancefromEastCarolinaUniversity.HeisaCFACharterholderandmemberoftheCFAInstitute,andisalsorecognizedasanAccreditedSeniorAppraiserinBusinessValuationbytheAmericanSocietyofAppraisers. HeisalsoqualifiedasaFINRAUniformSecuritiesAgent(Series63)andInvestmentBankingRepresentative(Series79).

MatrixProfessionals

16

AndrewA.LoPresti,CPA,SeniorAnalyst

AndrewisamemberoftheEnergy&Multi‐SiteRetailTeamandisresponsibleforfinancial,industry,andbuyerresearch,creatingvaluationandfinancingmodels,andpreparingsellingandprivateplacememoranda.AndrewisaDecember,2006graduateoftheJosephA.Sellinger,S.J.SchoolofBusinessManagementatLoyolaUniversityMarylandwithaBachelorofBusinessAdministrationDegreeinAccountingandaminorinBiology.

PriortojoiningMatrix,Mr.LoPrestiwasanExperiencedAuditAssociatewithDeloitte&Touche,LLPandCliftonGunderson,LLP,aSeniorAnalystatGreystoneAdvisoryGroup,LLCandanAnalystfortheOfficeoftheSpecialInspectorGeneralfortheTroubledAssetReliefProgram("TARP")attheU.S.DepartmentoftheTreasury.HeholdstheCertifiedPublicAccountantdesignationandisaCFALevelIIcandidate.HeisalsoqualifiedasaFINRAUniformSecuritiesAgent(Series63)andInvestmentBankingRepresentative(Series79).

StephenC.Lynch,CPA,Associate

Stephen isamemberoftheEnergy&Multi‐SiteRetailTeamandisresponsibleforconductingfinancial,industry,andbuyerresearch,creatingvaluationandfinancingmodels,andpreparingsellingandprivateplacementmemoranda. PriortojoiningMatrixin2011, StephenwasanAuditSenioratDeloitte&ToucheLLP,wherehegainedsubstantialexperienceperformingfinancialstatementauditsandinternalcontrolattestationsacrossabroadrangeofcompanies. Inaddition,hehasexperiencewithlimitedpartnerinvestmentsinprivateequityandventurecapitalfunds.

StephenreceivedbothaB.S.inFinanceandaB.S.inAccounting&InformationSystemsfromVirginiaPolytechnicInstitute. HeholdstheCertifiedPublicAccountantdesignationandisaCFALevelIIIcandidate.HeisalsoqualifiedasaFINRAUniformSecuritiesAgent(Series63)andInvestmentBankingRepresentative(Series79).

MatrixProfessionals

17

StevenJ.Smith,CPA,SeniorAnalyst

StevenisamemberoftheEnergy&Multi‐SiteRetailTeamandisresponsibleforconductingfinancial,industry,andbuyerresearch,creatingvaluationandfinancialmodels,andpreparingsellingandprivateplacementmemoranda.PriortojoiningMatrixin2013,StevenwasaCorporateBankingAnalystwithSunTrustRobinsonHumphrey.StevenwasalsoanExperiencedAuditAssociatewithDeloitte&Touche,LLP,wherehegainedsubstantialexperienceperformingfinancialstatementauditsandinternalcontrolattestationswithintheenergyindustry.Inaddition,Stevenhasexperiencewithcommodityderivatives,nucleardecommissioningtrustinvestments,anddeferredtaxes.

StevenreceivedaB.S.B.AinAccountingfromtheUniversityofRichmondandisaCertifiedPublicAccountant.

MatrixProfessionals