2017 MLP Investor Conference Daphne H. Foster, Chief Financial - - PowerPoint PPT Presentation

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2017 MLP Investor Conference Daphne H. Foster, Chief Financial Officer Q3 2014 Investor Presentation Mark Romaine, Chief Operating Officer Global Partners LP (NYSE: GLP) Forward-Looking Statements Certain statements and information in this

SLIDE 1

Q3 2014 Investor Presentation

Global Partners LP (NYSE: GLP)

2017 MLP Investor Conference

Daphne H. Foster, Chief Financial Officer Mark Romaine, Chief Operating Officer

SLIDE 2

Forward-Looking Statements

Certain statements and information in this presentation may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on Global Partners’ current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. All comments concerning the Partnership’s expectations for future revenues and operating results are based on forecasts for its existing operations and do not include the potential impact of any future acquisitions. Forward- looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections. For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global Partners’ filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

SLIDE 3

Use of Non-GAAP Financial Measures

This presentation contains non-GAAP financial measures relating to Global Partners. A reconciliation of these measures to the most directly comparable GAAP measures is available in the Appendix to this

presentation. For additional detail regarding selected items impacting comparability, please visit the Investor Relations section of Global Partners’ website at www.globalp.com.

Product Margin Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels, crude oil, natural gas and propane, as well as convenience store sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring the refined petroleum products, renewable fuels, crude oil, natural gas and propane and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies. EBITDA and Adjusted EBITDA EBITDA and Adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners’ consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s:

compliance with certain financial covenants included in its debt agreements;
financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;
ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners;
perating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, renewable fuels, crude
il, natural gas and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; and
viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.

Adjusted EBITDA is EBITDA further adjusted for the gain or loss on the sale and disposition of assets and goodwill and long-lived asset impairment. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of

ther companies.

Distributable Cash Flow Distributable cash flow is an important non-GAAP financial measure for the Partnership’s limited partners since it serves as an indicator of success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s partnership agreement is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow. Distributable cash flow as used in the Partnership’s partnership agreement determines its ability to make cash distributions on incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in the partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historic level that can sustain or support an increase in quarterly cash distribution. The partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. Distributable cash flow should not be considered as an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

SLIDE 4

Global Partners at a Glance

Master limited partnership engaged in midstream logistics and marketing
Leading wholesale distributor of petroleum products
One of the largest independent owners, suppliers and operators of gasoline stations and

convenience stores in the Northeast

One of the largest terminal networks of petroleum products and renewable fuels in the Northeast

Retail Locations Northeast Terminal Locations

SLIDE 5

Global’s DNA

Sourcing and Logistics Integrated Marketing

Retail Wholesale Distribution C-Store Operations Origin and Transportation Delivery and Storage

SLIDE 6

Global by the Numbers

* Included in the ~1,500 total gas stations

25 Refined Petroleum Bulk Product Terminals 12.2 Million Barrels of Storage Capacity 333K Barrels of Product Sold Daily ~1,500 Gas Stations Owned, Leased or Supplied 243 Company-operated Convenience Stores*

Data as of 3/31/2017

SLIDE 7

Key Role in Northeast Energy Infrastructure

Gasoline* Diesel fuel Heating

TTM as of 3/31/2017 *Total gasoline volume sold

722K 20K 39K

Automobile tanks filled/day Diesel trucks filled/day Homes heated/day in winter

SLIDE 8

Getty Realty Agreement Acquired Alliance Energy Acquired Mobil Stations

Key Acquisitions and Investments

2007 2008 2009 2010 2011

Acquired three terminals from ExxonMobil Acquired two terminals from ExxonMobil Completed Port of Providence terminal project Organic terminal projects in Albany, NY Oyster Bay, NY Philadelphia, PA

2012 2013

Albany Ethanol Expansion Project with CP Railway Acquired Warex terminals Acquired Basin Transload Completed Global Albany rail expansion Acquired CPBR Facility

~$1.8 Billion in Acquisitions and Investments

2014

Acquired Warren Equities Acquired Boston Harbor Terminal

2015 2016

Contracted to supply 150M gallons to other Mobil distributors Expanded retail portfolio with the addition of 22 leased sites in Western Mass. Acquired NY/DC retail portfolio from Capitol Petroleum

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Creating Value Through Optimization and Growth Initiatives

Sale-leaseback of certain New England gas station sites
Ongoing divestiture of non-strategic sites
Ethanol transloading in Oregon
Sale of natural gas marketing and electricity brokerage businesses
Early termination of railcar sublease

Asset Optimization Growth Initiatives

Signed long-term lease for 22 stations and c-stores in Western Massachusetts
Added leased sites as part of agreement with Getty Realty
Pursuit of new-to-industry retail and raze-and rebuild projects

SLIDE 10

Business Overview

SLIDE 11

Business Overview

Bulk purchase, movement,

storage and sale of:

– Gasoline and gasoline blendstocks – Other oils and related products – Crude oil

Customers

– Branded and unbranded gasoline distributors – Home heating oil retailers and wholesale distributors – Refiners

Commercial Wholesale

Sales and deliveries to end

user customers of:

– Unbranded gasoline – Heating oil, kerosene, diesel and residual fuel – Bunker fuel

Customers

– Government agencies – States, towns, municipalities – Large commercial clients – Shipping companies

Gasoline Distribution & Station Operations

Retail gasoline sales

– Branded and unbranded

Rental income from:

– Dealers – Commissioned agents – Co-branding arrangements

Sales to retail customers of:

– Convenience store items – Car wash services – Fresh-made and prepared foods

Alltown and Xtra Mart stores
Customers

– Station operators – Gasoline jobbers – Retail customers

SLIDE 12

Wholesale Segment

SLIDE 13

Global has 11.2 million bbls of terminal capacity in the Northeast Estimated market share1

Wholesale Terminals – Northeast

1 Based on terminal capacity (bbls in 000s)

Source: OPIS/Stalsby Petroleum Terminal Encyclopedia, 2015 and Company data

Key to Terminal Type Distillate Ethanol Gasoline/Distillate/Ethanol Residual/Distillate Residual/Distillate/Biofuel Distillate/Biofuel Gasoline/Distillate/Ethanol/Crude Propane/Butane Crude

Location

Est. market capacity

GLP capacity GLP % of total Newburgh, NY 2,847 1,385 49% Western Long Island, NY 776 554 71% Boston Harbor, MA 9,995 2,782 28% Vermont 427 419 98% Providence, RI 4,631 480 10% Albany/Rensselaer, NY 9,387 1,402 15%

Newburgh, NY: 429K bbls Albany, NY: 1,402K bbls Newburgh-Warex, NY: 956K bbls Commander/Oyster Bay, NY: 134K bbls Port of Providence, RI: 480K bbls Sandwich, MA: 99K bbls Chelsea, MA: 685K bbls Revere, MA: 2,097K bbls Portland, ME: 665K bbls Burlington, VT: 419K bbls Inwood, NY: 322K bbls Glenwood Landing, NY: 98K bbls Wethersfield, CT: 183K bbls Bridgeport, CT: 110K bbls Macungie, PA: 170K bbls Staten Island, NY: 287K bbls Philadelphia, PA: 219K bbls Bayonne, NJ: 371K bbls Springfield, MA: 54K bbls Riverhead, NY: 2,045K bbls Albany, NY: 24K bbls

SLIDE 14

Ethanol Transloading in Oregon

200,000 bbls of storage capacity
Dock capable of handling Panamax-

class vessels

Working to finalize permits needed to

expand storage capacity at facility for ethanol/crude oil transloading

SLIDE 15

Gasoline Distribution & Station Operations Segment

SLIDE 16

One of the Largest Operators of Gasoline Stations and Convenience Stores in the Northeast

Large gasoline station and C-store portfolio

– Supply ~1,500 locations in 11 states

Own or control ~750 sites; approximately

45% owned – Brands include Mobil, CITGO, Shell, Gulf and Sunoco

New-to-industry and organic projects

– Retail site development and expansion – Merchandising and rebranding – Co-branding initiatives

Warren Equities and Capitol Petroleum portfolios

– Strengthen footprint on East Coast – Expand presence to mid-Atlantic – Integration between midstream and downstream assets

Site Type Total Company Operated 243 Commissioned Agents 268 Dealer Leased 242 TOTAL 753 Dealer Contracts 692 TOTAL 1,445

SLIDE 17

GDSO Segment Competitive Strengths

Annuity business: Rental income from

Dealer Leased and Commissioned Agents

Vertical integration: Integration between

supply, terminaling and wholesale businesses and gas station sites

Scale: ~1,500 sites with volume of 1.6

billion gallons in 2016

Strategic Advantages

Preeminent locations: Portfolio of “best-in-

class” sites in Northeast and Mid-Atlantic

Diversification: Flexible diversity of mode of
peration, site geography and site brand

Portfolio Percentage of Sites by State

NY 26% MA 26% CT 23% PA 6% NH 5% MD 5% RI 5% ME 3% NJ 1% VA <1% VT <1%

Multiple Brands

As of 12/31/2016

SLIDE 18

Track Record of Acquisitive Growth

Q2 2016
Expanded presence in Western

Massachusetts through long-term leases for gas stations and c-stores

Shell and Mobil fuel brands
Q1 2015
Strengthened footprint across 10

states in the Northeast with the majority of its stores primarily concentrated in MA, CT and NY

Expanded scale while

providing significant operational synergies and strategic options

Q2 2015
Added Mobil- and Exxon-branded
wned and leased retail gas stations,

as well as dealer supply contracts in NYC and MD

Expanded Global’s presence in two

attractive markets

Warren Equities Capitol Petroleum Group Expanded Portfolio in Western Mass

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Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Newark Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union Union West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West New York West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange West Orange East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow East Meadow Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Freeport Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hempstead Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvil Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Hicksvi Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Long Beach Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Oceanside Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream Valley Stream 678 95 80 278 95 478 278 398 66 97 498 270

SLIDE 19

GDSO Segment - Growth Through Organic and M&A Initiatives

Organic Projects:

Raze and rebuilds
New-to-industry sites

Real Estate Strategy:

Optimize real-estate portfolio through asset sales
Convert mode of operation of certain stations to

maximize value

Merchandising Focus:

Store mix
Vendor relationships and related buying power
Co-branding alliances

M&A:

Transactions that provide strategic and operational

advantages

SLIDE 20

Commercial Segment

SLIDE 21

Commercial Segment Overview

Delivered fuels business – commercial and industrial customers, as well as federal

agencies, states, towns and municipalities

– Through competitive bidding process or through contracts of various terms

Bunkering – marine vessel fueling

– Custom blending and delivered by barge or from a terminal dock to ships

SLIDE 22

Financial Summary

SLIDE 23

Q1 2017 Financial Performance

*Please refer to Appendix for reconciliation of non-GAAP items

($ in millions)

Q1 2016 Q1 2017 Product margin $154.5 $162.4 Gross profit $130.1 $140.0 Net (loss) income attributable to GLP $(7.0) $22.9 EBITDA* $42.6 $71.9 Adjusted EBITDA* $48.7 $60.1 Maintenance capex $4.8 $5.3 DCF* $16.4 $44.2 DCF* excluding net loss on sale of assets $22.5 $46.5

$108.3 $39.2 $6.9 $106.1 $52.1 $4.2 GDSO Wholesale Commercial Q1’16 Q1’17 Q1’16 Q1’17 Q1’16 Q1’17

Q1 Product Margin by Segment

($ in millions)

Q1 2017 Adjusted EBITDA Drivers



Favorable wholesale distillates market



Expansion of leased retail portfolio



Lower railcar lease expenses



Revenue from a crude take-or-pay contract



Lower operating expenses Commercial 3% Wholesale 32% GDSO 65%

Wholesale Distillates & Residual 18% Wholesale Gasoline 10% Gasoline Distribution 41% C-Store & Third-party Rent 24%

$162.4M

Wholesale Crude 4%

Q1 2017 Product Margin

SLIDE 24

Volume and Margin

Consistency/Repeatability

– Driving cars & trucks – Heating buildings and homes – Term contracts – Rental income and C-Store sales

Variability

– Market and economic conditions – Weather – Seasonality

* Retail excludes C-store margin and rent

Product Margin (cents per gallon) Station Operations Margin ($M)

4.6 4.0 3.7 4.7 5.0 4.5 6.1 6.6 9.5 12.3 12.5 12.7 12.8 14.6 14.3 18.4 18.3 18.2 18.3 5 10 15 20

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM 3/31/17

Total CPG Retail CPG* $8.9 $31.7 $67.0 $78.8 $93.9 $178.5 $183.7 $179.7 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 2010 2011 2012 2013 2014 2015 2016 TTM 3/31/17 Rent C-Store & Sundry

SLIDE 25

Balance Sheet Overview

Partnership entered into Amended and Restated Credit Agreement as of April 25, 2017(1)

Total committed facility: $1.3B

– $850M working capital revolver – $450M acquisition/general corporate purpose revolver – Credit Agreement matures 4/30/2020 – Credit Agreement provides GLP with lower pricing as well as increased flexibility with the addition or expansion of certain baskets

Balance Sheet Highlights as of March 31, 2017

Tangible and liquid with receivables and inventory comprising 32% of total assets
Receivables diversified over a large customer base and turn within 10 to 20 days; write-offs have averaged

0.01% of sales per year over the past five years

Inventory represents about 10 to 20 days of sales
Remaining assets are comprised primarily of $1.1B of conservatively valued fixed assets (strategically located,

non-replicable terminals and gas stations)

$327M (28%) of total debt at 3/31 related to inventory financing

– Borrowed under working capital facility

$860M (72%) of total debt at 3/31 related to:

– Terminal operating infrastructure – Acquisitions and capital expenditures

Issued $375M 6.25% senior notes due 2022 and $300M 7.00% senior notes due 2023
Combined Total Leverage Ratio of approximately 4.0x(2)

(1)Prior credit agreement consisted of total committed facility of $1.475B ($900M working capital revolver and

$575M acquisition/general corporate purpose revolver).

(2)Combined Total Leverage Ratio (Funded Debt/EBITDA) as defined under the Partnership’s Credit Agreement.

SLIDE 26

Appendix

SLIDE 27

Financial Reconciliations: Product Margin

(In thousands) (Unaudited) Reconciliation of gross profit to product margin Wholesale segment: Gasoline and gasoline blendstocks (1) $ 54,065 $ 56,224 $ 54,639 $ 43,147 $ 71,713 $ 66,031 $ 83,742 $ 16,362 $ 15,385 Crude oil

12,301

35,538 92,807 141,965 74,182 (13,098) (2,373) 6,892 Other oils and related products 90,346 55,308 55,252 66,916 79,376 67,709 74,271 25,249 29,873 Total (1) 144,411 123,833 145,429 202,870 293,054 207,922 144,915 39,238 52,150 Gasoline Distribution and Station Operations segment: Gasoline distribution 14,017 56,690 139,706 150,147 189,439 276,848 289,420 65,387 67,155 Station operations 8,885 31,713 67,011 78,833 93,939 178,487 183,708 42,925 38,895 Total 22,902 88,403 206,717 228,980 283,378 455,335 473,128 108,312 106,050 Commercial segment 15,033 21,975 18,652 28,359 29,716 29,201 24,018 6,910 4,189 Combined product margin (1) 182,346 234,211 370,798 460,209 606,148 692,458 642,061 154,460 162,389 Depreciation allocated to cost of sales (15,628) (24,391) (36,683) (55,653) (61,361) (94,789) (95,571) (24,401) (22,362) Gross profit (1) $ 166,718 $ 209,820 $ 334,115 $ 404,556 $ 544,787 $ 597,669 $ 546,490 $ 130,059 $ 140,027 (1) Results for the year ended December 31, 2013 include a non-cash adjustment of ($19.3 million) related to the Partnership's RIN RVO and loss on fixed forward commitments. 2016 Year Ended December 31, 2015 2013 2010 2011 2012 2014 2016 2017 Three Months Ended March 31,

SLIDE 28

Financial Reconciliations: EBITDA and Adjusted EBITDA

(In thousands) (Unaudited) 2011 Reconciliation of net income (loss) to EBITDA Net income (loss) (1) $ 19,352 $ 46,743 $ 41,053 $ 116,980 $ 43,264 $ (238,623) $ (7,835) $ 22,505 Net loss (income) attributable to noncontrolling interest

1,562

149,972
Goodwill and long-lived asset impairment attributable to noncontrolling interest
(35,834)
Adjusted EBITDA (2)

$ 85,933 $ 136,426 $ 156,121 $ 244,461 $ 227,786 $ 129,782 $ 48,677 $ 60,058 Reconciliation of net cash (used in) provided by operating activities to EBITDA Net cash (used in) provided by operating activities (1) $ (17,357) $ 232,452 $ 255,147 $ 344,902 $ 70,506 $ (119,886) $ (53,516) $ 117,565 Net changes in operating assets and liabilities and certain non-cash items 67,068 (140,251) (136,960) (141,558) 88,609 (6,795) 74,350 (68,696) Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest

(5,149)

(9,747) (4,882) 35,458 (322) (72) Interest expense, excluding the impact of noncontrolling interest 35,932 42,021 43,537 47,719 73,329 86,319 22,980 23,287 Income tax expense (benefit) 68 1,577 819 963 (1,873) 53 (920) (164) EBITDA (1) 85,711 135,799 157,394 242,279 225,689 (4,851) 42,572 71,920 Net loss (gain) on sale and disposition of assets 222 627 (1,273) 2,182 2,097 20,495 6,105 (11,862) Goodwill and long-lived asset impairment

149,972
Goodwill and long-lived asset impairment attributable to noncontrolling interest
(35,834)
Adjusted EBITDA (2)

$ 85,933 $ 136,426 $ 156,121 $ 244,461 $ 227,786 $ 129,782 $ 48,677 $ 60,058 (1) Results for the year ended December 31, 2013 include a non-cash adjustment of ($19.3 million) related to the Partnership's RIN RVO and loss on fixed forward commitments. (2) In December 2016, the Partnership voluntarily terminated early a sublease for 1,610 railcars and, as a result, recorded lease exit and termination expenses of $80.7 million for the twelve months ended December 31, 2016. Excluding these expenses, Adjusted EBITDA would have been $210.4 million for the twelve months ended December 31, 2016. 2016 2017 March 31, Three Months Ended 2014 2016 Year Ended December 31, 2013 2012 2015

SLIDE 29

Financial Reconciliations: DCF

(In thousands) (Unaudited) Reconciliation of net income (loss) to distributable cash flow Net income (loss) (1) $ 19,352 $ 46,743 $ 41,053 $ 116,980 $ 43,264 $ (238,623) $ (7,835) $ 22,505 Net loss (income) attributable to noncontrolling interest

1,562

(2,271) 299 39,211 811 441 Net income (loss) attributable to Global Partners LP (1) 19,352 46,743 42,615 114,709 43,563 (199,412) (7,024) 22,946 Depreciation and amortization, excluding the impact of noncontrolling interest 30,359 45,458 70,423 78,888 110,670 108,189 27,536 25,851 Amortization of deferred financing fees and senior notes discount 4,723 5,753 7,265 6,186 6,988 7,412 1,772 1,891 Amortization of routine bank refinancing fees (3,467) (4,073) (4,072) (4,444) (4,516) (4,580) (1,077) (1,167) Maintenance capital expenditures, excluding the impact of noncontrolling interest (4,226) (13,112) (10,977) (34,115) (29,850) (32,989) (4,826) (5,347) Distributable cash flow (2)(3)(4) $ 46,741 $ 80,769 $ 105,254 $ 161,224 $ 126,855 $ (121,380) $ 16,381 $ 44,174 Reconciliation of net cash (used in) provided by operating activities to distributable cash flow Net cash (used in) provided by operating activities (1) $ (17,357) $ 232,452 $ 255,147 $ 344,902 $ 70,506 $ (119,886) $ (53,516) $ 117,565 Net changes in operating assets and liabilities and certain non-cash items 67,068 (140,251) (136,960) (141,558) 88,609 (6,795) 74,350 (68,696) Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest

(5,149)

(9,747) (4,882) 35,458 (322) (72) Amortization of deferred financing fees and senior notes discount 4,723 5,753 7,265 6,186 6,988 7,412 1,772 1,891 Amortization of routine bank refinancing fees (3,467) (4,073) (4,072) (4,444) (4,516) (4,580) (1,077) (1,167) Maintenance capital expenditures, excluding the impact of noncontrolling interest (4,226) (13,112) (10,977) (34,115) (29,850) (32,989) (4,826) (5,347) Distributable cash flow (2)(3)(4) $ 46,741 $ 80,769 $ 105,254 $ 161,224 $ 126,855 $ (121,380) $ 16,381 $ 44,174 (1) Results for the year ended December 31, 2013 include a non-cash adjustment of ($19.3 million) related to the Partnership's RIN RVO and loss on fixed forward commitments. (2) As defined by the Partnership's partnership agreement, distributable cash flow is not adjusted for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. (3) (4) Distributable cash flow for the three months ended March 31, 2016 and 2017 includes a net loss on sale and disposition of assets of $6.1 million and $2.3 million, respectively. Excluding these net losses, distributable cash flow would have been $22.5 million and $46.5 million for the three months ended March 31, 2016 and 2017, respectively. 2016 Year Ended December 31, 2013 2015 2014 Distributable cash flow includes for the year ended December 31, 2016 includes a net loss on sale and disposition of assets of $20.5 million, lease exit and termination expenses of $80.7 million and a net goodwill and long-lived asset impairment of $114.1 million ($149.9 million attributed to the Partnership, offset by $35.8 million attributed to the noncontrolling interest). Excluding these charges, distributable cash flow would have been $93.9 million for the year ended December 31, 2016. 2016 2017 March 31, Three Months Ended 2011 2012

SLIDE 30

Balance Sheet at March 31, 2017

(In thousands) Assets Current assets: Cash and cash equivalents $ 14,126 Accounts receivable, net 312,314 Accounts receivable - affiliates 2,957 Inventories 433,952 Brokerage margin deposits 18,886 Derivative assets 2,720 Prepaid expenses and other current assets 71,110 Total current assets 856,065 Property and equipment, net 1,074,465 Intangible assets, net 62,443 Goodwill 292,773 Other assets 42,583 Total assets $ 2,328,329 Liabilities and partners' equity Current liabilities: Accounts payable $ 232,125 Working capital revolving credit facility - current portion 176,900 Environmental liabilities - current portion 5,339 Trustee taxes payable 98,955 Accrued expenses and other current liabilities 59,171 Derivative liabilities 4,986 Total current liabilities 577,476 Working capital revolving credit facility - less current portion 150,000 Revolving credit facility 200,700 Senior notes 659,805 Environmental liabilities - less current portion 55,105 Financing obligations 152,466 Deferred tax liabilities 65,296 Other long-term liabilities 62,173 Total liabilities 1,923,021 Partners' equity Global Partners LP equity 400,563 Noncontrolling interest 4,745 Total partners' equity 405,308 Total liabilities and partners' equity $ 2,328,329