The Pantry recommends against board nominees

Cary, N.C. – The Pantry has confirmed that JCP Investment Management, LLC, and Lone Star Value Management, LLC (“the dissident group”) submitted a notice of intent to nominate director candidates to stand for election to The Pantry’s board of directors at the company's 2014 annual meeting of stockholders.

After discussions between the company (management and selected directors) and the dissident group, the company’s corporate governance and nominating committee reviewed several individuals put forward by the dissident group and determined that they should not be nominated by The Pantry to serve on the board of directors.

After carefully evaluating several individuals put forward by the dissident group, we have determined that they do not possess the particular experience and expertise that the company is seeking in director candidates at this time,” said the Pantry in a written statement. “Our board is currently composed of 10 highly qualified directors, nine of whom are independent, who together possess significant retail, convenience store, consumer packaged goods, foodservice and financial experience that is highly relevant and critical to our business.”

The Pantry has had its current leadership team in place since March 2012 and will submit its board nominees in a proxy statement with the SEC prior to its March 2014 annual meetings.

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