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T R AV E L C E N T E RS O F A M E R I C AQ 1 2 0 1 8

Refuel. Replenish. Refresh.

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W A R N I N G C O N C E R N I N G F O R W A R D L O O K I N G S T A T E M E N T S

THIS PRESENTATION CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE

PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. WHENEVER TA USES WORDS SUCH AS

"BELIEVE," "EXPECT," "ANTICIPATE," "INTEND," "PLAN," "ESTIMATE," "WILL," "MAY" AND NEGATIVES OR DERIVATIVES OF THESE OR

SIMILAR EXPRESSIONS, TA IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED

UPON TA'S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR

AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY TA'S FORWARD

LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING

STATEMENTS. EXCEPT AS REQUIRED BY LAW, TA DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENT

AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

THIS PRESENTATION INCLUDES EBITDA AMOUNTS FOR TA. TA CALCULATES EBITDA AS EARNINGS BEFORE INTEREST, TAXES,

DEPRECIATION AND AMORTIZATION. EBITDA IS NOT A MEASURE PRESCRIBED BY ACCOUNTING PRINCIPLES GENERALLY ACCEPTED

IN THE UNITED STATES, OR U.S. GAAP, AND THIS INFORMATION SHOULD NOT BE CONSIDERED AS AN ALTERNATIVE TO NET

INCOME, INCOME FROM CONTINUING OPERATIONS, OPERATING PROFIT, CASH FLOW FROM OPERATIONS OR ANY OTHER

OPERATING OR LIQUIDITY PERFORMANCE MEASURE PRESCRIBED BY U.S. GAAP.

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INVESTMENT HIGHLIGHTS

T R A V E L C E N T E R S O F A M E R I C A Q 1 2 0 1 8

Barriers to Entry

One of only three nationwide

operators of travel centers in the

United States.

Powerful Model

TA ‘s strategy has resulted

in increased nonfuel revenues

and site level operating leverage.

Right Strategy

Our full service approach is a

competitive advantage that

allows us to better address fleet

company and professional driver

challenges.

Improvement Plan

TA is focused on controlling costs

and managing capital expenditures

in 2018.

Commercial Opportunity

Trucking trends present an

opportunity for truck stop

companies with a full service

strategy. TA is positioned to help a

broader truck market.

Retail Opportunity

TA has identified operating

initiatives designed to ramp up

standalone convenience stores.

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ONE OF ONLY THREE NATIONWIDE OPERATORS OF TRAVEL CENTERS

IN THE UNITED STATES.


TA’s business includes 256 full service travel centers, 231 standalone convenience stores and 48 standalone restaurants.

TA’s non-fuel revenue comes from truck repair and maintenance, convenience and travel stores, casual dining restaurants, quick

service restaurants and a broad array of other amenities and services designed to appeal to the professional driver and other

highway travelers.

TA sells over-the-road diesel fuel, principally to long-haul truckers at TA’s truck stops (under the “TA” and “Petro Stopping Centers” brands) and

gasoline at both truck stops and convenience stores. TA’s convenience stores sell branded gasoline and the stores themselves are primarily operated

under TA’s “Minit Mart” brand name.

26%

74%

LTM Fuel Gross Margin

LTM Nonfuel Gross Margin

$496,289

$40,102

$9,314

Travel Center

Convenience Store

Corporate & Other

Unless otherwise noted, data reflected in this presentation is as of 3/31/18(1) Reflects Consolidated Site level gross margin in excess of operating expenses.

SEGMENT MARGIN MIX (1) FUEL AND NONFUEL GROSS MARGIN MIX

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THE TA FOOTPRINT


TA has the geographic footprint in place to support professional drivers and highway motorists.

More than 50% of TA’s travel centers are located in the 13 states with the highest concentration

of truck traffic.

(1) In addition to the 231 standalone Minit Mart locations, TA operates 256 convenience stores within the TravelCenters of America and Petro Stopping Centers travel center locations. 74 of these 256 convenience stores carry the “Minit Mart” brand name.

(2) Source: Bureau of Transportation Statistics 2012 Commodity Flows Survey. Freight activity is ranked by dollar value of total shipment.

More than 50% of TA’s travel centers are located in the 13 states with the highest concentration

of truck traffic.

State(2)

Texas 1 23

California 2 13

Illinois 3 11

Ohio 4 15

Pennsylvania 5 11

NY, NJ, FL, MI,

GA, IN, NC, LA 6-13 59

Total 132

U.S. Freight

Activity Rank

# of TA /

Petro Sites

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LARGE SITES

-A typical site includes ~200 truck parking spaces on ~26 acres that provides more parking, showers, laundry, business center services, fitness and entertainment options than primary competitors.

STORE

-Fresh Food Offerings.-Premium Coffee.-Tobacco.-Lottery.-Driver & Cab Retail Items.-Scales.

TRUCK SERVICE

-Nationwide Truck Maintenance & Repair.-Roadsquad: Roadside Emergency Service & Call Center Services.

-OnSITE: TA Truck Service on site.-Commercial Tire Network: Independent Tire Dealer.

FOOD SERVICE

-247 Casual Dining Restaurant.-689 Quick Service Restaurant(s) "QSR“.-Grab N Go options.-Two proprietary casual dining brands Iron Skillet & Country Pride, fast casual offerings like Bob Evans and Fuddruckers.-49 QSR Brands.

ABOVE THE COMPETITION


For 45 years, TA has been focused on full service due to the value it brings customers and TA. Our two competitors recognize this and they are trying to catch up.

SMALLER SITESA typical site includes ~80 truck parking spaces on ~9-13 acres with fewer services and food service choices.

C O M P E T I T O R S I T E S

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SOLID LONG TERM INDUSTRY OUTLOOK


In absolute terms, while trucks' share of total tonnage is projected to decline, its total volume transported is projected to increase substantially more than any other transportation mode.

TA’s primary focus has been to provide fuel and nonfuel products and services to long haul truck drivers.

3.6MIL ARE CLASS 8 TRUCKS

Of which

~ 1 MIL ARE LONG HAUL TRUCKS

31 MIL COMMERCIAL TRUCKS

Of which

TRUCKLOAD (“TL”) VOLUME (1)

TRUCKS’ SHARE OF TOTAL TONNAGE (1)

Truckload tonnage growth reflects the anticipated performance of key commodities and freight-market

segments.

70.7%

67.9%

67.1%

2017 2023 2028

TRUCKS SHARE OF TOTAL FREIGHT REVENUE (1)

EstimatedAverage Annual Expansion.

(1) American Trucking Associations: The U.S. Freight Transportation Forecast.

American Trucking Associations & TA estimates.

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In many cases, fleets are looking for solutions like TA to help them maximize driver retention.


DRIVER SHORTAGE

2011 2016 2017

Overall Best Truck Stop Experience 3 to 1 5 to 1 6 to 1

Most Comprehensive Driver Services 4 to 1 5 to 1 7 to 1

Parking Lots Largest 3 to 1 7 to 1 8 to 1

Easiest to Maneuver 3 to 1 6 to 1 7 to 1

Restaurants Best Overall Experience - 5 to 1 8 to 1

Best Overall Food 4 to 1 6 to 1 7 to 1

Truck Repair & Best Overall Maintenance Shops 4 to 1 4 to 1 4 to 1

Maintenance Most Complete Services 5 to 1 7 to 1 8 to 1

Best Roadside Assistance - 4 to 1 4 to 1

Most Skilled and Best Equipped for New Truck Technologies - 6 to 1 7 to 1

Driver Preference for TA and Petro vs.

Next Closest Truck Stop Brand

Area Category

(1) American Trucking Associations:.

There is a driver shortage in the for-hire truckload industry(1). Increasing federal regulation and restrictions are contributing to the shortage and affecting driver/fleet profitability:

DRIVER HOURS OF SERVICE

ELECTRONIC LOGGING DEVICES

PENALTIES FOR PARKING ILLEGALLY+ +

= Fleets Are Looking For Solutions To Increase Driver Satisfaction + Driver EfficiencyWhich Can Help Retain Drivers.

SAFETY REGULATION ENFORCEMENT +

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Average Annual Expansion.

LESS-THAN-TRUCKLOAD-VOLUME (“LTL”)

THE CHANGING LANDSCAPE


The maturation of online spending continues and this is contributing to how goods are trucked. It is expected there will be more trucks delivering more packages via shorter hauls. These deliveries are occurring through LTL, TL with LTL capabilities and private truck companies at the expense of certain

long hauls. (1) But TL carriers are expected to remain significant.

GROWTH IN LESS-THAN-TRUCKLOAD (“LTL”) TONNAGE (2)

2018 2023 2028

153.4million

179.1million

206.9million

50% 50% 50%

49% 49% 48%

1% 1% 2%

0%

20%

40%

60%

80%

100%

120%

2018 2023 2028

TRUCKLOAD TONNAGE (2)

Less-than-Truckload

Truckload

Private Truck

(1) Stifel Nicolaus(2) American Trucking Associations: The U.S. Freight Transportation Forecast.

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NEW SOLUTIONS. NEW CUSTOMERS.


TA is investing in truck service to (1) meet the expanding needs of TA’s traditional customers as they participate in long haul and LTL deliveries and

(2) to expand the universe of customers TA is able to serve.

TRADITIONAL CUSTOMERS: SOLUTIONS FOR CLASS 8 TRUCKS AT TERMINALS AND TRAILER

YARDS.

TRADITIONAL CUSTOMERS: EXPAND CUSTOMER COVERAGE TO INCLUDE CLASS 4-7 TRUCKS.

NONTRADITIONAL CUSTOMERS: PRIVATE, FOR-HIRE FLEETS AND SMALL-TO-MEDIUM BUSINESSES

WITH CLASS 4-7 TRUCKS.

TA Truck Service, Commercial Tire Network, OnSITE and RoadSquad provide traditional and nontraditional

customers with a single source, nationwide solution for tires, quality parts, maintenance and repair services without

limitation to where or when the service is performed.

Commercial Strategy: Diesel Fuel and Truck Service

These initiatives as well as TA’s retail and restaurant initiatives should lead to higher growth rates for 2018 versus

2017 for our consolidated nonfuel revenues and our site level gross margin in excess of operating expenses in the

travel center segment and the convenience store segment than the growth rates experienced in 2017 compared to

2016.

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Services by Address

Locat ion Informat ion

Service

OnSit e

TRUCK SERVICE: ONSITE


Extend maintenance, repair and inspection solutions beyond TA’s truck bays with TA vehicles going to the customer.


Service Locations

Truck & Trailer Maintenance, ELD Installations, Trailer Rebranding, Trailer Repairs,

GPS Installation, DOT inspection, Certifications.

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Services by Address


Service

Commercial Tire Net work

OnSit e

TRUCK SERVICE: COMMERCIAL TIRE NETWORK


Provide brands and capabilities of a tire dealer at customer locations.


Service Locations

Independent Tire Dealer, Multiple Tire and Retread Brands, Location Deliveries, Casing Program Management.



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Services by Address


Service

Commercial Tire Net work

OnSit e

RoadSquad

TRUCK SERVICE: ROADSQUAD


Provide emergency service call center support and tire and roadside truck repair service 24/7/365.


Independent Tire Dealer, Multiple Tire and Retread Brands, Location Deliveries, Casing Program Management.

Service Locations



RoadSide Assistance, Call Center, Tire & Repair, Shift Support, Maintenance Centralization

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PROFILE


Servicing fleet trailers at distribution centers of largest online retailer to ensure they are “road ready” for Amazon freight hauls where on

time deliveries are essential.

3.6MIL ARE CLASS 8 TRUCKS

Of which

~ 1 MIL ARE LONG HAUL TRUCKS

31 MIL COMMERCIAL TRUCKS

Of which

A company responsible for thousands of utility trucks utilize terminals across the country to service their boom and lift equipment. They are pleased to meet a coast

to coast provider that can perform traditional chassis work. Altec also needs help debranding and inspecting vehicles being turned in from leasing programs.

Combining services like fuel, roadside emergency repair and call center support so a fleet can devote resources to its

core business.

C U S T O M E R

C U S T O M E R

C U S T O M E R

Commercial Strategy: Diesel, Fuel and Truck Service

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R E S E R V E I T

Expand Reserve It! Parking at truck stops.

E X P E R I E N C E

Optimizing Store Layouts.

RETAIL OPERATIONS


Roll out Minit Mart Rewards program 1H 2018.

These initiatives as well as TA’s restaurant and truck service initiatives should lead to higher growth rates for 2018 versus 2017 for our consolidated nonfuel revenues and our site level gross margin in excess of operating expenses in the travel center segment and the convenience store segment than

the growth rates experienced in 2017 compared to 2016.

L O YA LT Y M E R C H A N D I S E

Match Products to Market by Volume and Demographic.

Retail Strategy: Gas, Retail Operations and Restaurants

In addition to the things we do every day to manage retail operations at our travel centers and standalone convenience stores, TA is focused on a

number of initiatives to drive growth and improvement in 2018.

Expand and improve gaming operations in states in which we

operate gaming terminals.

V I D E O G A M I N G

Partner with Community and increase online sales (pizza

programs etc).

O N L I N E

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RESTAURANTS


F U L L S E R V I C E R E S TA U R A N T S

Replace Casual Dining Restaurant Brand with better known Consumer Brand.

Optimize Operating Hours and Labor Costs.

P R O C E S S I M P R O V E M E N T

Add QSR restaurants at Travel Centers.

Replace QSR brand at Convenience Stores.

Q U I C K S E R V I C E R E S TA U R A N T S


TA ‘s Restaurant Group is focused on attracting more consumers and managing costs.

Utilize new technology to better manage food and labor costs.

These initiatives as well as TA’s truck service and retail initiatives should lead to higher growth rates for 2018 versus 2017 for our consolidated nonfuel

revenues and our site level gross margin in excess of operating expenses in the travel center segment and the convenience store segment than the

growth rates experienced in 2017 compared to 2016.

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STRATEGY IN ACTION


Case Study:Travel Centers

Attract more local motorists.

Petro Travel CenterBucksville, AL

By June 2016Refaced exterior to better highlight quick service brands.

Rebranded Foodmart to Minit Mart.

Last Twelve Months ended Q2 2017 vs Last Twelve MonthsEnded Q2 2016:

Gasoline sales volume increased ~14%

Site Gross Margin in Excess of Site Level Operating Expenses increased ~13%

E F F I C I E N C YH E A D W I N D S

Case Study:Standalone Convenience Stores

Match products to market. Standardize Stores.

59 Minit MartsKansas City, MO

By August 2017Added "Kick Back" loyalty program.

By November 2017Adjusted sales to space by volume and demographic.

Created consistent shopping experience across locations.

Quarter Ending December 31, 2017 vs Quarter Ending December 31, 2016:

Nonfuel Gross Margin increased 6.1%

Site Gross Margin in Excess of Site Level Operating Expenses Increased 29.5%

C O M P E T I T I O N


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52.0%

54.0%

56.0%

58.0%

60.0%

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

(Mill

ion

s)

Consolidated Same Site Nonfuel Revenue As Reported Consolidated Same Site Nonfuel Margin As Reported

$1,698 (0.1%)$1,679

+5%

$1,482 +4%

$1,354 +3%$1,289

+3%

POWERFUL MODEL


Focused on Expanding TA’s Full Service Strategy

Consolidated Same Site Nonfuel Revenue As Reported

55.5%

55.0%

55.6%55.3%

56.4%

56.4%

$1,836 - %

55.9%

19

22.0

26.0

30.0

34.0

38.0

42.0

46.0

50.0

54.0

Nonfuel Gross Margin Cents per Gallon ("NF CPG")(Cents)

POWERFUL MODEL


TA’s growth programs and sales strategies have helped nonfuel gross margin per gallon profitability increase over time.

53.2

36.3

CAGR3.6%

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OPERATING LEVERAGE


Growing Core Full Service Business Faster than We’re Spending.

51.8%

51.4%

50.1%50.0% 50.4%

52.7%

51.8%

$400

$800

$1,200

$1,600

$2,000

$2,400

2013 2014 2015 2016 2017 Q12017

Q12018

Consolidated Nonfuel Revenue (Same Site) Consolidated Site Level Operating Expenses as a Percentage of Nonfuel Revenue (Same Site)

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IMPROVEMENT PLAN


C O N T R O L C O S T S2 0 1 8

Site Level Operating Expense:- Ctuit implementation

- IT/Automation -Site level labor efficiencies

Depreciation and Amortization Expense:- Project & capital expenditure completions

M A N A G E S P E N D I N G2 0 1 8

Opportunistic Travel Center Acquisitions.

Estimate Sustaining Capital Amounts of ~$55 million.

Expect improvement sales at leased HPT sites of ~$50 million.

Maintain net Capital Expenditure amounts (Sustaining Capital + Internal Growth Capital – HPT improvement sales) similar to

2017.

As programs to drive nonfuel revenues and control costs progress, TA believes site level operating expenses as a percentage of nonfuel revenues may decrease.

While TA positions itself to compete in a broader market, the company is focused on managing costs and expenditures.

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Exhibits

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EXHIBIT A

(1) See Exhibit B for a reconciliation of EBITDA to net income.

2018 2017

($ in thousands)

Revenues:

Fuel 1,100,127$ 922,874$

Non fuel 480,397 464,168

Rent and royalties 4,163 4,630

Total revenues 1,584,687 1,391,672

Gross margin:

Fuel 93,559 73,163

Non fuel 282,402 267,797

Rent and royalties 4,163 4,630

Total gross margin 380,124 345,590

Site level operating expense 249,560 245,915

Selling, general & administrative 38,035 41,303

Rent expense 70,812 67,999

Loss (Income) from equity investees 1,285 (278)

Acquisition costs - 140

EBITDA (1) 20,432$ (9,489)$

Net income (loss) attributable to common (10,112)$ (29,398)$

shareholders

Net income (loss) per share (0.25)$ (0.74)$

Consolidated Statements of Operations

Three Months Ended

March 31,

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EXHIBIT B

($ in thousands) 2018 2017

Net Loss $ (10,078) $ (29,375)

Add: (Benefit) for income taxes (4,626) (19,298)

Add: Depreciation and amortization 27,548 31,800

Add: Interest expense, net 7,588 7,384

EBITDA $ 20,432 $ (9,489)

Add: Federal biodiesel tax credit(1)

(23,251) -

Add: Comdata legal expenses(2)

78 6,372

Add: Comdata excess transaction fee(3)

- 1,813

Add: Incremental share based compensation expense(4)

1,027 173

EBITDA net of discreet items $ (1,714) $ (1,131)

Calculation of EBITDA:

Consolidated Calculation of EBITDA

Three Months Ended

March 31,

(1) Federal biodiesel tax credit. On February 8, 2018, legislation was passed that retroactively reinstated the 2017 federal biodiesel tax credit. The federal biodiesel tax credit for 2017 was $23.3 million and was

recognized in the three months ended March 31, 2018.

(2) Comdata legal expenses. During the three months ended March 31, 2018 and 2017, TA incurred $0.1 million and $6.4 million, respectively, of legal fees in its litigation with Comdata. TA's attorneys' fees and costs

related to this matter totaled $10.6 million through March 31, 2018. On April 9, 2018, the Court of Chancery of the State of Delaware, or the Court, entered its final order and judgment, or the Order. Pursuant to the

Order, Comdata is required to, among other things, reimburse TA for attorneys' fees and costs, together with interest, in the amount of $10.7 million, which TA collected in April 2018. Comdata has 30 days from the

date of the Order to file a notice of appeal. If Comdata does not appeal, TA believes legal fees that it may incur for this matter during the remainder of 2018 will not be material.

(3) Comdata excess transaction fees. From February 1, 2017, until mid-September 2017, Comdata unilaterally withheld increased fees from the transaction settlement payments due to TA under an agreement between

TA and Comdata under which TA agreed to accept Comdata issued fuel cards through January 2, 2022, for certain purchases by TA's customers in exchange for fees payable by TA to Comdata, or the Merchant

Agreement. During the three months ended March 31, 2017, TA incurred $1.8 million of excess transaction fees. On September 11, 2017, the Court issued its post-trial Memorandum Opinion. The Court found that TA

was entitled to, among other things, an order requiring Comdata to specifically perform under the Merchant Agreement, and awarded damages to TA and against Comdata for the difference between the higher

transaction fees paid to Comdata since February 1, 2017, and what TA would have paid during this period under the fee structure in the Merchant Agreement. In November 2017, TA recovered $6.9 million for the

amount of excess transaction fees.

(4) Incremental share based compensation expense. As part of TA's retirement agreements with certain former officers, TA agreed to accelerate the vesting of previously granted share awards. For the three months

ended March 31, 2018 and 2017, this acceleration resulted in $1.0 million and $0.2 million, respectively, of incremental share based compensation expense as compared to what TA would have expensed in the

absence of these retirement agreements.

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EXHIBIT C

Change from Change from

Q1 2018 Q1 2017 Q1 2018 Q1 2017

($ in thousands) $ % $ %

Revenues:

Fuel 966,026$ 20% 115,002$ 11%

Non fuel 414,376 5% 58,412 (4%)

Rent and royalties 3,128 (8%) 53 (2%)

Gross margin: 341,579$ 12% 32,271$ (0%)

Site level operating expenses 217,560$ 2% 27,360$ 1%

124,019$ 34% 4,911$ (8%)

Travel Centers Business Segment Convenience Stores Business Segment

Site level gross margin in excess of

site level operating expenses

Segment Operating Statements: First Quarter 2018

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EXHIBIT D

($ in thousands)

Assets

Cash and Cash equivalents 52,139$ 36,082$

Accounts receivable, net 153,488 125,501

Inventory 207,686 209,640

Other current assets 24,652 27,295

Total current assets 437,965 398,518

Property and equipment, net 984,396 1,001,090

Goodwill & other intangible assets, net 127,536 128,242

Other noncurrent assets 93,468 90,004

Total assets 1,643,365$ 1,617,854$

Liabilities and Shareholders' Equity

Accounts payable 166,886$ 155,581$

Current HPT Leases liabilities 41,706 41,389

Other curent liabilities 155,657 130,140

Total current liabilities 364,249 327,110

Long Term debt 319,853 319,634

Noncurrent HPT Leases liabilities 365,122 368,782

Other noncurrent liabilities 35,861 35,029

Total liabilities 1,085,085 1,050,555

558,280 567,299

Total liabilities and shareholders' equity 1,643,365$ 1,617,854$

March 31,

2018

December 31,

2017

Shareholders' equity (40,000 and 39,984 common shares outstanding

at Marchr 31, 2018 and Decemeber 31, 2017, respectively)

Consolidated Balance Sheet

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