exhibit99

exhibit99_2.htm

William Blair & Company
30th Annual Growth Stock Conference

Terrance M. Marks, President and CEO
Frank G. Paci, EVP and CFO
June 17, 2010

Safe Harbor Statement

Some of the statements in this presentation constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than those of historical facts included herein,
including those related to the company’s financial outlook, goals, business
strategy, projected plans and objectives of management for future operations
and liquidity, are forward-looking statements. These forward-looking
statements are based on the company’s plans and expectations and involve a
number of risks and uncertainties that could cause actual results to vary
materially from the results and events anticipated or implied by such forward-
looking statements. Please refer to the company’s Annual Report on Form 10-
K and its other filings with the SEC for a discussion of significant risk factors
applicable to the company. In addition, the forward-looking statements
included in this presentation are based on the company’s estimates and plans
as of the date of this presentation. While the company may elect to update
these forward-looking statements at some point in the future, it specifically
disclaims any obligation to do so.

Leading Convenience Store Retailer Concentrated in the
Southeastern United States

_____________________

Note: Map is illustrative

1,642 Stores Located in Eleven Southeastern States as of June 15, 2010

Key Investment Highlights

Strong cash flow generation allows for investment to grow the
business and to de-lever the balance sheet

n Attractive sector consolidation potential

n Strong cash flow generation

n Investing in food service and information initiatives to drive
growth

High Degree of Fragmentation Provides Continued
Consolidation Opportunities

More than 50% of the stores in key markets are single store operators

Florida

(7,280 stores)

North Carolina

(5,359 stores)

South Carolina

(2,905 stores)

Markets Fragmentation(1)(2)

(3,628 stores)

(2,482 stores)

Alabama

(3,704 stores)

(2) Pantry store counts as of June 15, 2010.

2-50 Store
Operators

Strong Track Record of Growth…

Merchandise Revenue

Fiscal Year

Retail Gas Gallons Sold

Fiscal Year

($ in mm)

(Gallons in mm)

…Substantial EBITDA Generation…

Gross Profit

Fiscal Year

Reported EBITDA

Fiscal Year

’04-’09

CAGR

13.7%

6.7%

($ in mm)

…And Significant Operating Cash Flow

($ in mm)

Fiscal Year

Operating Cash Flow

Though Oil Price Changes Drive Volatility in Quarterly
Retail Gasoline Margins…

FY2006

FY2007

FY2008

FY2009

Source: Energy Information Administration. Data represents daily average futures contract price per barrel of light sweet crude (contract 1) and CPG is net of credit card fees and repairs and
maintenance.

FY2010

21.2¢

11.1¢

14.1¢

17.4¢

8.7¢

11.5¢

12.8¢

10.5¢

10.6¢

9.0¢

10.7¢

19.2¢

25.8¢

11.2¢

9.3¢

14.0¢

11.0¢

14.0¢

$15

$30

$45

$60

$75

$90

$105

$120

$135

$150

CPG

OIL

… Annual CPG Tends to Remain Relatively Stable

Fiscal Year

_____________________

Note: Shaded area represents average historical CPG range and CPG is net of credit card fees and repairs and maintenance.

Annual Net CPG Margins Typically Range from 12.0¢ to 13.5¢

13.4¢

10.4¢

14.3¢

15.9¢

15.0¢

0¢

2¢

4¢

6¢

8¢

10¢

12¢

14¢

16¢

18¢

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Merchandise Margin is the Primary Contributor of Our
Gross Profit

Fiscal 2009 Gross Profit Mix

Fiscal 2009 Merchandise Sales Mix2

_____________________

(1) 2009 CPG (net of credit card fees and repairs and maintenance) was $0.150.

(2) Category sales mix estimates based on merchandise purchase and sales information.

(3) Includes Other Tobacco Products and Cigarettes.

Gas1

35%

Merchandise

65%

Tobacco products3

34.2%

Packaged

beverages

16.4%

Beer & wine

16.0%

Grocery

20.9%

Capturing the Food Service Opportunity

_____________________

(1) Pantry Food Service includes Fast Food Service, Self-Service Fast Foods and Beverages and is for FY2009.

(2) Industry Data is for Calendar Year 2008 and Industry source is NACS.

Industry2

Pantry1

Food Service Mix of Total Inside Sales

17%

Key Initiative -Revitalizing Food Service Offering

Lunch

Breakfast

Snacks

Expansion Opportunities

n Re-Image Stores

n Day Part Focus

} Breakfast, Lunch and Snacks

n Fresh and Healthier Offerings

Coffee Relaunch Overview

“Fast - Friendly - Clean” Brand Stand

Product

Execution
Excellence

Customizable

Variety of
Offering

New Cups

Placement

Convenient

High visibility

Flow thru

Clean, Neat

Price

99¢ Value

89¢ Refills

Optimized Cup
Sizing

Promotion

Advertising to
Generate
Awareness &
Trial

Deal them in

Trade them up

Bring them back

People

Readiness

Hospitality
Associate

Brewing
Fundamentals

ITM Execution

Fresh Operating Platform

Service Optimized Merchandising

Bean Street Coffee Company™

Hot, Fresh, Convenient, Customizable

Branded

Fusion

Thermal

Cup

Specialty
Coffee

Condiments
Station

Opening Price Per
Unit

Hospitality
Associate

First Initiative - New Coffee Program

Brewed Coffee

“Fresh” Program

n Expected to contribute 2-3 point s of merchandise growth in roll out stores

n Expected to lift rollout store merchandise sales by 2-3%

n Foods service margins are accretive

n Builds foundation for Food Service Culture

n Average investment per store projected $30-35K

n Anticipate coordinating maintenance cap ex upgrades with “Fresh” upgrade

n Expected to increase in annual capital spending by $10 million

n Initial market rollout in Raleigh will be complete by mid July

n Approximately 100 stores will receive complete “Fresh” Program by year end
2010

n Complete “Fresh” Program will be applied 25% of stores by year end 2011

Return

Investment

Roll Out Schedule

Key Systems Initiatives should provide improved performance

n System objective is to be more efficient and effective in pricing gasoline

n Every 1/10 of a cent gained is $2M in margin a year

n Roll out will begin in Q4 and be completed by Q2 2011

n Recently completed POS upgrade

n Will provide more flexibility to do customer promotions

n Will provide better market basket level data

n Multi-stage project targeted to improve operating efficiency and customer
service

n Current stage focused on eliminating non-value added tasks

n Pilot will be in Q4 with company wide launch in Q1 2011

KSS Gas Pricing

Point of Sale

Workforce
Management

Financial Flexibility

n Meaningful liquidity

} $179 million in cash-on-hand

} $225 million revolver - $0 drawn, approximately $140 million
available after LOCs

n Long-term debt profile; earliest maturity is the convertible debt in
November 2012

n Covenant-light bank facility(1)

} 6.25x Adj. Net Debt / EBITDAR Leverage - Currently 5.89x

} 2.25x Interest Coverage - Currently 2.57x

_____________________

Note: Balance Sheet data as of March 25, 2010.

(1) Per credit facility covenant calculations (8x rent methodology) for TTM as of March 25, 2010.

Key Investment Highlights

Strong cash flow generation allows for investment to grow the
business and to de-lever the balance sheet

n Leading market positions in attractive Southeastern markets

n Significant scale advantages versus primary competitors

n Attractive sector consolidation potential

n Strong cash flow generation

n Investing in food service and information initiatives to drive
growth

Reconciliation of Non-GAAP Measures

Adjusted EBITDA & EBITDA Reconciled to Net Income

Reconciliation of Non-GAAP Measures

Adjusted EBITDA & EBITDA Reconciled to Cash Flows