CrossAmerica Partners (CAPL) 8-K Lehigh Gas Partners LP Completes the Acquisition of 17 Sites in the Tri-Cities, Tennessee Region

Exhibit 99.2

2

Forward Looking and Cautionary Statements

This presentation and oral statements made regarding the subjects of this presentation may contain forward-looking statements, within

the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to,

statements regarding our plans, objectives, expectations and intentions and other statements that are not historical facts, including

statements identified by words such as "outlook," "intends," "plans," "estimates," "believes," "expects," "potential," "continues," "may,"

"will," "should," "seeks," "approximately," "predicts," "anticipates," "foresees," or the negative version of these words or other comparable

expressions.  All statements addressing operating performance, events, or developments that the Partnership expects or anticipates will

occur in the future, including statements relating to revenue growth and earnings or earnings per unit growth, as well as statements

expressing optimism or pessimism about future operating results,

are forward-looking statements within the meaning of the Reform Act.

The forward-looking statements are based upon our current views and assumptions regarding future events and operating performance

and

are

inherently

subject

to

significant

business,

economic

and

competitive

uncertainties

and

contingencies

and

changes

in

circumstances, many of which are beyond our control.  The statements in this presentation are made as of the date of this presentation,

even if subsequently made available by us on our website or otherwise.  We do not undertake any obligation to update or revise these

statements to reflect events or circumstances occurring after the date of this presentation.

Although the Partnership does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the

Partnership cannot guarantee their accuracy. Achieving the results described in these statements involves a number of risks,

uncertainties and other factors that could cause actual results to differ materially, including the factors discussed in this presentation and

those described in the “Risk Factors”

section of the Partnership’s Form 10-K filed on March 28, 2013, with the Securities and Exchange

Commission

as

well

as

in

the

Partnership’s

other

filings

with

the

Securities

and

Exchange

Commission.

No

undue

reliance

should

be

placed on any forward-looking statements.

•

Lehigh

Gas

Partners

LP

(“LGP”

or

“Lehigh

Gas”)

is

a leading wholesale distributor of motor fuels and

owner and lessee of real estate related to retail

fuel distribution. Its Predecessor was founded in

1992

and leasing sites primarily located in

metropolitan and urban areas

•

Completed a $138 million Initial Public Offering on

October 30, 2012

•

Equity market capitalization of $372 million and

enterprise value of $628 million as of 6/30/13

•

As of 6/30/2013, distribute to 713 locations

primarily in the Northeastern United States, Florida

and Ohio

sites

and

through

eight

sub-wholesalers

•

Distributed 310.4 million gallons of motor fuel in

the period ending six months June 30, 2013

Lehigh Gas Overview

Top

10

Distributor

for

(3)

:

(1)

Includes

$18

million

exercise

of

over-allotment.

(2)

As

of

June

30,

2013.

(3)

Based

on

2012

volume.

Focused on distributing fuels to and owning

210

owned

sites

and

294

leased

sites

(2)

Also distribute to 209 independent dealer

(2)

3

(1)

4

Lehigh Gas Portfolio Overview

)

Dunmore Acquisition

Express Lane Acquisition

LGP Supplied

(1)

As of June 30 2013.  Does not include the Rogers or Rocky Top portfolios.

5

Lehigh Gas Operations

Industry Value Chain

Non-Qualifying Income

Qualified MLP Income

Wholesale Distribution

Rental Income (Realty)

•

Stable cash flow

•

Margin per gallon

•

Limited commodity exposure

•

Multi-year contracts

•

Stable cash flow

•

Prime locations 

•

Multi-year contracts

Retail Distribution

Concessions

Rental Income (Personalty)

Pipeline / Storage

Wholesale Distributor

Gasoline Station

Investment Highlights

•

Stable Cash Flows from Rental Income

and Wholesale Fuel Distribution

•

Prime Real Estate Locations in Areas

with High Traffic

•

Long-Term Relationships with Major

Integrated Oil Companies and Refiners

•

Established History of Completing and

Integrating Acquisitions

•

Aligned Equity Ownership

•

Financial Flexibility to Pursue

Acquisitions and Expansion

Opportunities

BP Station 

Union Centre Blvd., West Chester, OH

(Metro Cincinnati)

6

7

•

Gasoline consumption in the U.S. has proven to be stable,

with

growth

in

52

of

the

last

66

years

•

Since 1985 gasoline consumption has increased from

2.5

to 3.2

billion barrels per year in 2012 (CAGR of 1%)

Down years driven by historical external shocks or

other unusual economic factors

Except for the energy crisis of the late 1970s,

declines were less than 3% in any given year

•

Since 1985, diesel consumption has increased from 0.4 to

0.9 billion barrels in 2011 (CAGR 2.9%)

U.S. Motor Fuel Consumption

(1)

(1)

Source: Energy Information Administration (EIA).

(2)

Petroleum Administration for Defense Districts (PADD).

Historical Consumption of Gasoline in the U.S.

Motor Fuel Consumption by PADD

(2)

Wholesale Industry Overview

•

Lessee dealers

–

Wholesale distributor

owns or leases sites and leases or

subleases sites to the lessee dealer

•

Independent dealer

–

Sites are owned

by an independent dealer or leased by

an independent dealer from a third party

•

Sub-wholesalers

–

Wholesale

distributor sells to sub-wholesalers

•

Company

operated

stores

–

Wholesale distributor owns or leases

sites and conducts the retail operations

Classes of Trade

Wholesale Business

8

•

Wholesale motor fuel distribution

consists of sales of branded and

unbranded gasoline and diesel to retail

gas station operators and other

wholesale distributors

•

Wholesale

marketing

is

fragmented

and

local

•

Product

differentiation

is

achieved

through

branding

gasoline,

which

can

be

sold

at

a

premium

price

Exxon, Mobil, BP, Shell and Valero

are considered premium brands

•

SG&A costs are mostly fixed with a small

portion of variable costs

•

Wholesale

fuels

marketing

has

limited

commodity

exposure

•

Own or lease sites in prime

locations and seek to enhance

cash flow

•

Expand within and beyond core

geographic markets through

acquisitions

•

Serve as a preferred distributor

and dedicated supplier

•

Increase motor fuel distribution

business by expanding     

market share

•

Maintain strong relationships

with major integrated oil

companies and refiners

•

Manage risk and mitigate

exposure

to environmental

liabilities

Lehigh Gas Strategy

9

Shell Station

Route 17, Hasbrouck Heights, NJ 

10

Lehigh Gas Operating Model

(1)

Lehigh

Gas

–

Ohio,

LLC

(“LGO”).

Independent

Transportation

Contractors

Payment Terms /

Discounts

Payment for Fuel

Motor Fuels

Master Limited Partnership

Lessee

Dealer

Independent

Dealer

LGO

(1)

(affiliate of LGP)

Sub-

Wholesaler

Suppliers

Wholesale

Distribution and

Rental Income

Distribution / Rental

Agreement

Motor Fuels

11

Stable Cash Flows: Wholesale Distribution

(1)

Wholesale Distribution Margin Per Gallon represents revenues from fuel sales minus costs from fuel sales (including amounts to affiliates) divided by the gallons of motor fuel distributed.

(2)

YE (Year End) represents twelve months ended December 31 of the applicable year and 2012 PF (Pro Forma) represents 2012 pro forma as presented on Form 8-K filed with the SEC on March 28, 2013. 1H 2013 represents annualized

results for 1H 2013

(3)

Excludes gallons of motor fuel distributed to sites classified as discontinued operations with respect to the periods presented for our predecessor.

Stable cash flows from long-term wholesale motor fuel distribution contracts

•

Our supply agreements with independent dealers generally have 10-year terms

•

Lessee dealers generally have 3-year terms

•

LGO generally has a 15-year term

LGP

Predecessor

LGP

Predecessor

Average

$0.0534

$0.0600

$0.0722

$0.0662

$0.0700

$0.0710

$-

$0.0100

$0.0200

$0.0300

$0.0400

$0.0500

$0.0600

$0.0700

$0.0800

YE

2009

YE

2010

YE

2011

YE

2011

PF

2012

1H

2013

Average Margin: $0.0655

438

519

532

562

591

621

0

150

300

450

600

750

YE

2009

YE

2010

YE

2011

YE

2011

PF 2012

1H 2013

(2)(3)

(1)(2)

Whole Distribution Margin Per Gallon

Gallons of Motor Fuel Distributed

Number

of

Sites

Owned

and

Leased

(2)

Rental

Income

Per

Site

(1)(2)

Stable cash flows from rental income associated with long-term leases

•

Lease

agreements

with

lessee

dealers

generally

have

3-year

terms

and

had

an

average

of

2.8

years

remaining as of June 30, 2013

•

LGO

agreements

have

15-year

terms

and

had

an

average

of

14.4

years

remaining

as

of

June

30

2013

Stable Cash Flows: Rental Income

(1)

Rental income is rental income from lessee dealers and from affiliates.

(2)

YE

(Year

End)

represents

twelve

months

ended

December

31

of

the

applicable

year

and

PF

2012

Pro

Forma)

represents

2012

pro

forma

as

presented

on

Form

8-K

filed

with

the

SEC

on

March

28,

2013.

1H

2013

represents

annualized

results

for

the

period

ending

June

30,

2013

for

the

purposes of

average

rent

per

site.

$65.1

$57.5

$55.8

$68.7

$49.4

$81.5

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

YE 2009

YE 2010

YE 2011

YE 2011

PF 2012

1H 2013

LGP

Predecessor

320

332

368

311

511

504

0

90

180

270

360

450

540

YE 2009

YE 2010

YE 2011

YE 2011

PF 2012

1H 2013

LGP

Predecessor

12

13

Prime Real Estate Locations

•

We derive rental income from sites we own or lease that provide convenient fueling

locations primarily in areas that are densely populated

•

We

own

or

lease

sites

in

nine

states

(1)

•

Limited availability of undeveloped real estate in our current locations presents a high

barrier to entry for the development of competing sites

•

Due to prime locations, owned real estate sites have high alternate use values, which

provides additional risk mitigation

(1)

As of June 30, 2013.

(2)

Source EIA.

LGP Owned Sites by State

(1)

LGP Owned and Leased Sites by Area

(1)

Metropolitan /

Urban Areas

87%

Suburban / Rural

Areas

13%

Pennsylvania

35%

New Jersey

29%

Ohio

27%

Florida

4%

New York

2%

Massachusetts

2%

Kentucky

1%

Over

60%

of

US

gasoline

consumption

is

in

the

Midwest

and

Northeast

(2)

Long-Term Relationships

•

One of the ten largest independent distributors by

volume in the U.S. for Exxon, Mobil, and BP

branded fuels

Also distribute Shell, Valero, Sunoco,

Chevron and Gulf-branded motor fuels

•

Prompt payment history and good credit standing

with suppliers allow us to receive certain term

discounts on fuel purchases, which increases

wholesale profitability

•

Branded fuel is perceived by retail customers as

higher quality and commands a price premium

Brands Distributed

Supplier

% of

Total

Suppliers

Since:

ExxonMobil

42%

2002

BP

26%

2009

Shell

14%

2004

Valero

4%

2007

Chevron

5%

2012

Other Branded / Non-Branded

9%

n/a

Total

100%

14

ExxonMobil

42%

BP

26%

Shell

14%

Chevron

5%

Valero

4%

Other Branded /

Non-Branded

9%

LGP

Fuel

Distribution

by

Brand

(1)

(1)

For the Quarter ending June 30, 2013.  Relationships shown began with our Predecessor. 

Established History of Acquisitions

•

We have grown primarily through acquisitions

Since 2004, LGP and our Predecessor, have grown the business from 9 owned sites to 210 owned sites, as

of June 30, 2013

We have completed twelve acquisitions that included 10+ sites per transaction

•

Majority of our sites were purchased from major integrated oil companies

•

Established history of quickly financing and closing acquisitions

Wholesalers

sell

to

121,000

sites

across

the

US

(1)

~73%

of

convenience

store

operators

which

distributed

retail

fuel

own

50

or

fewer

sites

(1)

Major Acquisitions Since 1/1/2009

Recent Sellers

Convenience Store Operators with

Retail

Fuel

Distribution

Site

Count

(3)

(1)

Source: 2012 Association for Convenience & Fuel Retailing (NACS).

(2)

Motiva is a joint venture between Shell and Saudi Arabia Refining Company Inc.

(3)

Source: 2012 NACS Report.

(2)

201-500

Sites, 6.7%

51-200

Sites,

6.8%

11-50 Sites,

9.7%

1 Site, 58.2%

2-10 Sites,

5.1%

500+ Sites,

13.5%

15

Express Lane

2012

48

$45.4

Exxon/Chevron

FL

Dunmore Oil Company

2012

24

$29.0

Exxon/Valero

PA

Motiva Enterprises

(2)

2011

26

$30.4

Shell

30

NJ

BP Products North America

2009

85

$68.4

BP

2

OH & KY

Uni-Mart

2009

24

$12.1

BP

4

OH

States

Seller

Year

Sites

Acquired

Purchase

Price ($MM)

Brand

Wholesale

Supply

Agreements

•

Wholesale

marketing

is

fragmented

and

local,

providing

many

acquisition

opportunities

•

Announced two acquisitions during the third quarter of 2013

Rogers

Petroleum

(“Rogers”)

–

a

17

site

portfolio

in

Tri-Cities,

TN

Region

Rocky

Top

Markets,

LLC

(“Rocky

Top”)

–

a

34

site

portfolio

in

Knoxville,

TN

Region

•

Rogers portfolio purchase price of $21.1 million

Portfolio sold 18.7 million gallons of fuel in 2012

Primarily unbranded sites

•

Rocky Top portfolio purchase price of $36.9 million

Portfolio sold 34.1 million gallons of fuel in 2012

31 of 34 sites are Shell branded

•

Portfolios are geographically adjacent to each other

Provides economies of scale in region and a platform to expand

•

The Partnership will lease the sites to LGO and supply fuel to the sites for a 15-year initial period

•

Since IPO, the Partnership has announced acquisitions of $132 million

Overview of Rogers and Rocky Top Acquisitions

16

•

Liability on portfolio at IPO retained by predecessor entities

•

Rigorous diligence process to identify any issues prior to acquisition

•

Escrow funds at closing for identified liabilities

•

Purchase insurance to protect against cost overruns for known

liabilities and to protect against unknown conditions

•

Participate in state programs that provide funds to assist in

remediation

Risk Management Overview

Environmental

Commodity

Credit

Transportation

•

Purchase and deliver fuel on the same day

•

No overnight ownership of inventory

•

Daily collection and settlement procedures

•

Dealer credit card transactions routed through an LGP

subsidiary

•

Outsource delivery of fuel to independent third party haulers

•

Lowers capital and labor needs and reduces liability

exposure

17

Topper Group / LGC Common vs.

Subordinated

Unit

Ownership

Topper Group / LGC vs. Public

Ownership

Aligned Equity Ownership

•

Topper

Group

and

LGC

(1)

retain

approximately

54.1%

ownership

in

LGP

92.3%

of

units

owned

by

Topper

Group

and

LGC

(1)

are

subordinated

•

Lehigh Gas GP (the general partner) has a non-economic general partner interest in Lehigh

•

45.9% of LGP held by public

18

Topper

Group /

LGC

54.1%

Public

45.9%

Common Unit

Ownership

7.7%

Subordinated

Unit

Ownership

92.3%

(1)

(1)

(1)

Lehigh Gas Corporation (LGC) is an entity in which Joe Topper holds a 100% ownership interest.  

Historical Performance

Revenue

(1)

EBITDA

(1)(2)

Fuel

Gross

Profit

(1)

19

$-

$10.0

$20.0

$30.0

$40.0

$50.0

2009

2010

2011

2011 PF

PF 2012

$27.9

$26.9

$34.4

$42.7

$45.6

LGP

Predecessor

LGP

Predecessor

LGP

Predecessor

(1)

Based on the December 31, 2012 pro forma as presented on Form 8-K filed with the SEC on March 28, 2013.

(2)

PF 2012 EBITDA excludes approximately $7.7 million in expenses in selling, general, and administrative expenses related to our initial public offering and formation transactions and the two transactions closed at year end.  See the 8-K filed with the

SEC on March 25, 2013 for additional detail. 

Second Quarter Overview

•

Distributed 160.7 million gallons, a 4.4%

increase relative to 2012

•

Generated gross profit from fuel sales of $12

million, a 12.1% increase relative to 2012

•

Generated adjusted EBITDA of $14.9 million, a

34.1% increase relative to 2012

•

Distributable Cash Flow of $11.2 million or

$0.75 per common unit

•

Increased the distribution 5.5% to $1.91 / unit

on an annual basis

Since IPO, distribution has increased a

total of 9.1%

•

On May 13, increased credit facility by $75

million to $324 million

$126 million in pro forma availability

Amended certain financial covenants and

other terms to provide greater flexibility

for acquisitions

•

Committed to prudent acquisition strategy with

conservative financial management

Summary Second Quarter Metrics

(Dollars in thousands, except as noted)

Fuel Gross Profit

11,986

$

Gallons Distributed (millions)

160.7

Margin per Gallon ($)

0.075

$  

Net Rental Income (revenue less expenses)

6,365

$  

EBITDA

14,071

$

Non-Cash Equity Incentive Comp Expense

838

Adjusted EBITDA

14,897

$

Distributable Cash Flow (DCF)

11,224

$

DCF per Unit ($)

0.75

$    

Distribution per Unit ($)

0.4775

$

Coverage (DCF / Distribution)

1.6x

Distribution Increase Over Previous Quarter

5.5%

20

21

Investment Highlights

•

Stable Cash Flows from Rental Income

and Wholesale Fuel Distribution

•

Prime Real Estate Locations in Areas

with High Traffic

•

Long-Term Relationships with Major

Integrated Oil Companies and Refiners

•

Established History of Completing and

Integrating Acquisitions

•

Aligned Equity Ownership

•

Financial Flexibility to Pursue

Acquisitions and Expansion

Opportunities

BP Station

Main Street, Lebanon, OH