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Baird 2016 Global Industrial Conference Eric Slifka, President and CEO Q3 2014 Investor Presentation Daphne H. Foster, CFO Global Partners LP (NYSE: GLP) Forward-Looking Statements Certain statements and information in this presentation may

SLIDE 1

Q3 2014 Investor Presentation

Global Partners LP (NYSE: GLP)

Baird 2016 Global Industrial Conference

Eric Slifka, President and CEO Daphne H. Foster, CFO

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 current expectations and beliefs concerning future developments and their potential effect on Global Partners. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Global Partners will be those that it anticipates. All comments concerning Global Partners’ expectations for future revenues and operating results are based on Global Partners’ forecasts for existing operations and do not include the potential impact of any future acquisitions. Global Partners’ forward-looking statements involve significant risks and uncertainties (some of which are beyond Global Partners’ control) and assumptions that could cause actual results to differ materially from its historical experience and its present expectations or projections. For additional information regarding known material factors that could cause Global Partners’ actual results to differ from its projected results, please see Global Partners LP’s 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. Global Partners 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 the Partnership’s logistics activities when it 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 conven ience store items and costs associated with the Partnership’s 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 Global Partners’ consolidated financial statements to assess the Partnership’s 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, Global Partners’ product margin may not be comparable to product margin or a similarly titled measure of

ther 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, 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 adjusted for the gain or loss on the sale and disposition of assets and impairment charges. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income,

perating 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 other companies. Distributable Cash Flow Distributable cash flow is an important non-GAAP financial measure for our limited partners since it serves as an indicator of our success in providing a cash return on their investment. Distributable cash flow as defined by our 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 our general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow. Distributable cash flow as used in our partnership agreement determines our ability to make cash distributions on our incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in our 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. Our 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, our 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 terminal networks of petroleum products and

renewable fuels in the Northeast

One of the largest independent owners, suppliers and operators of

gasoline stations and convenience stores in the Northeast

Engaged in the transportation of petroleum and related products by rail

SLIDE 5

Year to Date Highlights

Optimize Assets

Sale-leaseback of certain New England gas station sites
Sale of non-strategic sites, including the Mirabito transaction
Ongoing divestiture of non-strategic sites through NRC Realty
Leverage storage capacity to capitalize on contango opportunities
Ethanol transloading and dock expansion in Oregon

Growth Initiatives

Signed long-term lease for 22 stations and c-stores in Western Mass.
Added leased sites as part of agreement with Getty Realty
New-to-industry retail and raze-and rebuild projects (ongoing)

SLIDE 6

Global’s DNA

Sourcing and Logistics Integrated Marketing

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

SLIDE 7

Global by the Numbers Refined Petroleum Bulk Product Terminals Barrels of Storage Capacity Barrels of Product Sold Daily Gas Stations Owned, Leased or Supplied

25 12.2M 337K 1,500

*Included in the ~1,500 total gas stations

257*

Company-operated Convenience Stores

SLIDE 8

How Large is Global’s Refined Fuels Network?

Gasoline* Diesel fuel Heating

TTM as of 9/30/2016 *Total gasoline volume sold

699K 18K 37K

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

SLIDE 9

Getty Realty Agreement Acquired Alliance Energy Acquired Mobil Stations

History of Growth

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 Launched offshore bunkering service

2012 2013

Albany Ethanol Expansion Project with CP Railway Acquired Warex terminals Contracted to supply 150M gallons to other Mobil distributors Receipt, storage and distribution of Bakken crude

il at Global Albany

Completed 100K bbl storage tank in Columbus, ND Acquired Basin Transload Completed Global Albany rail expansion Acquired CPBR Facility Opened NGL facility in Albany Signed pipeline connection agreements with Tesoro and Meadowlark

~$1.7 Billion in Acquisitions and Investments

2014

Acquired Warren Equities Acquired Boston Harbor Terminal Completed 176K bbl storage tank in Columbus, ND

2015 2016

Expanded retail portfolio with the addition of 22 leased sites in Western Mass.

Acquired NY/DC retail portfolio from Capitol Petroleum

SLIDE 10

Business Overview

SLIDE 11

Business Overview

Bulk purchase, movement,

storage and sale of:

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

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 – Natural gas – 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 – Commission 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

Vertical Integration

Truck Pipeline Barge Tanker Storage Facilities Retail Gas Station Truck Commercial Barge Truck Industrial Rail Wholesale Rack Refinery Rail Barge

Consumer

Wholesale Commercial Gasoline Distribution & Station Operations

SLIDE 13

Wholesale Segment

SLIDE 14

Global has 11.3 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 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

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

Macungie, PA: 170K bbls Staten Island, NY: 287K bbls Philadelphia, PA: 260K bbls Bayonne, NJ: 371K bbls Springfield, MA: 54K bbls

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%

Riverhead, NY: 2,045K bbls Albany, NY: 24K bbls

SLIDE 15

Albany Terminal Critical Link in North American Infrastructure

Receipt, storage and delivery of

multiple petroleum products

–Gasoline –Ethanol –Heating oil –Crude oil

Significant intermodal flexibility

–Rail –Barge –Truck

SLIDE 16

Ethanol Transloading in Oregon

Infrastructure projects

–Converted facility’s 200,000 bbls of storage capacity from crude to ethanol –Expansion of terminal dock to handle Panamax-class vessels –Began to receive, store and sell ethanol in Q3 2016

SLIDE 17

Gasoline Distribution & Station Operations Segment

SLIDE 18

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 ~800 sites; approximately 50% 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

Acquisitions of Warren Equities and

Capitol Petroleum portfolio

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

SLIDE 19

GDSO Segment is Downstream Link in Vertically Integrated Supply Chain

Legacy Global locations Warren locations Capitol Petroleum locations

Annuity business: Rental income from

Dealer Leased and Commission Agents

Vertical integration: Integration between

supply, terminaling and wholesale businesses and gas station sites

Scale: ~1,500 sites with volume of 1.5

billion gallons in 2015

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

Strategic Advantages

SLIDE 20

Organization of GDSO Segment Company Operated Stores Commission Agents Lessee Dealers Contract Dealers

257 285 260 670

Data as of 9/30/2016

SLIDE 21

Track Record of Acquisitive Growth

Completed in April 2016
22 gas stations and convenience stores in

Pittsfield and Springfield regions

Added through long-term leases
Shell and Mobil fuel brands
Completed in January 2015
148 convenience stores, 33 commission

agent locations and approximately 330 dealers

Strong footprint across 10 states in the

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

Projected EBITDA:

‒ Second full year of operations: $50 million to $60 million

Meaningfully expands scale while

providing significant operational synergies and strategic options

Completed in June 2015
Portfolio primarily of 97 Mobil- and Exxon-

branded owned or leased retail gas stations and seven dealer supply contracts in NYC and Prince George’s County, MD

51 retail locations and seven dealer supply

accounts in NYC and 46 retail sites in Maryland/Washington, D.C. market

Sites sold a total of ~125 million gallons
f fuel in 2014
Expands Global’s presence in two

attractive markets

Warren Equities Capitol Petroleum Group Expanded Portfolio in Western Mass

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Irvington Irvington Irvington Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Jersey City Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden Linden 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 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 22

GDSO Segment - Growth Through Organic and M&A Initiatives

Organic Projects:

Raze and rebuilds
New-to-industry sites

Real Estate Focus:

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 23

Commercial Segment

SLIDE 24

Commercial Segment Overview

Delivered fuels business – commercial and industrial, 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

Natural gas marketing

SLIDE 25

Financial Summary

SLIDE 26

Q3 2016 Financial Performance

Please refer to Appendix for reconciliation of non-GAAP items

($ in millions) Q3 2015 Q3 2016

Product margin $178.7 $157.2 Gross profit $152.3 $132.6 Net income (loss) attributable to GLP(2) $8.2 $(119.6) EBITDA $59.3 $(67.8) Adjusted EBITDA $60.0 $51.6 Maintenance capex $9.0 $8.7 DCF(1)(2) $29.6 $(100.2)

GDSO Wholesale Commercial Q3’15 Q3’16 Q3’15 Q3’16 Q3’15 Q3’16

Q3 Product Margin by Segment

($ in millions)

Q3 2016 vs. Q3 2015 Drivers

Strong GDSO segment Non-cash goodwill impairment related to Wholesale segment Expansion of leased retail portfolio Absence of logistics nominations from one customer Favorable market conditions in wholesale gasoline Tight crude oil differentials Impact of crude-related fixed costs Favorable variance Unfavorable variance

(1) As defined by our 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. (2) Includes a non-cash net goodwill and long-lived asset impairment of $0 and $112.0 million ($147.8 million attributed to us offset by $35.8 million attributed to the noncontrolling interest). Also includes a net loss on sale and disposition of assets of $0.7 million and $7.5 million for the three months ended September 30, 2015 and 2016, respectively. Excluding these items, distributable cash flow would have been $30.3 million and $19.3 million for the three months ended September 30, 2015 and 2016, respectively.

SLIDE 27

Financial Profile

Product Margin EBITDA

($ in millions) ($ in millions)

DCF

($ in millions)

(3) DCF (4) DCF excluding net impairment charges of $114.1 million and losses on the sale of assets of $14.7 million. (1) EBITDA (2) Adjusted EBITDA excludes net impairment charges of $114.1 million and losses on the sale of assets of $14.7 million. Please refer to Appendix for reconciliation of non-GAAP items.

SLIDE 28

Product Margin by Business Segment

Wholesale Crude 23%

Total Q3 2016 Product Margin

Commercial 2%

Please refer to Appendix for reconciliation of non-GAAP items

Wholesale 19% GDSO 79%

Wholesale Distillates & Residual 7% Wholesale Gasoline 12% Gasoline Distribution 51% C-Store & Third-party Rent 28%

Totals may not add due to rounding

GDSO Product Margin ($M) Wholesale Product Margin ($M) Commercial Product Margin ($M)

$157.2M

SLIDE 29

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)

SLIDE 30

Balance Sheet at September 30, 2016

Tangible and liquid with receivables and inventory comprising 30% of total

assets at 9/30/16

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)

$318M (27%) of total debt at 9/30/16 related to inventory financing

– Borrowed under working capital facility

$839M (73%) is debt related to:

– Terminal operating infrastructure – Acquisitions and capital expenditures

Total committed facility of $1.475B*:

– $900M working capital revolver – $575M acquisition/general corporate purpose revolver – Credit agreement matures 4/30/2018

Issued $375M 6.25% senior notes due 2022 and $300M 7.00% senior notes due 2023

Balance sheet figures

(In thousands) Assets Current assets: Cash and cash equivalents $ 14,943 Accounts receivable, net 281,008 Accounts receivable - affiliates 2,335 Inventories 438,254 Brokerage margin deposits 18,681 Derivative assets 24,563 Prepaid expenses and other current assets 73,665 Total current assets 853,449 Property and equipment, net 1,128,765 Intangible assets, net 67,586 Goodwill 299,057 Other assets 35,663 Total assets $ 2,384,520 Liabilities and partners' equity Current liabilities: Accounts payable $ 231,241 Working capital revolving credit facility - current portion 168,000 Environmental liabilities - current portion 5,329 Trustee taxes payable 83,883 Accrued expenses and other current liabilities 63,107 Derivative liabilities 24,491 Total current liabilities 576,051 Working capital revolving credit facility - less current portion 150,000 Revolving credit facility 180,800 Senior notes 658,497 Environmental liabilities - less current portion 60,552 Financing obligations 152,378 Deferred tax liabilities 72,907 Other long-term liabilities 55,850 Total liabilities 1,907,035 Partners' equity Global Partners LP equity 472,164 Noncontrolling interest 5,321 Total partners' equity 477,485 Total liabilities and partners' equity $ 2,384,520

SLIDE 31

Appendix

SLIDE 32

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 $ 7,157 $ 21,529 $ 75,840 Crude oil

12,301

35,538 92,807 141,965 74,182 15,719 (16,818) (22,461) Other oils and related products 90,346 55,308 55,252 66,916 79,376 67,709 12,389 11,435 66,396 Total (1) 144,411 123,833 145,429 202,870 293,054 207,922 35,265 16,146 119,775 Gasoline Distribution and Station Operations segment: Gasoline distribution 14,017 56,690 139,706 150,147 189,439 276,848 88,297 88,111 294,140 Station operations 8,885 31,713 67,011 78,833 93,939 178,487 49,047 48,729 188,572 Total 22,902 88,403 206,717 228,980 283,378 455,335 137,344 136,840 482,712 Commercial segment 15,033 21,975 18,652 28,359 29,716 29,201 6,088 4,176 21,098 Combined product margin (1) 182,346 234,211 370,798 460,209 606,148 692,458 178,697 157,162 623,585 Depreciation allocated to cost of sales (15,628) (24,391) (36,683) (55,653) (61,361) (94,789) (26,398) (24,551) (98,949) Gross profit (1) $ 166,718 $ 209,820 $ 334,115 $ 404,556 $ 544,787 $ 597,669 $ 152,299 $ 132,611 $ 524,636 (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. Year Ended December 31, Trailing Twelve Months Ended September 30, 2015 2016 2016 Three Months Ended September 30, 2015 2013 2010 2011 2012 2014

SLIDE 33

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 $ 8,146 $ (156,583) $ (175,866) Net loss (income) attributable to noncontrolling interest

1,562

147,817

149,972 Goodwill and long-lived asset impairment attributable to noncontrolling interest

(35,834)

(35,834) Adjusted EBITDA $ 60,001 $ 51,644 $ 190,736 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 $ 51,840 $ 74,143 $ 82,058 Net changes in operating assets and liabilities and certain non-cash items 67,068 (140,251) (136,960) (141,558) 88,609 (12,885) (202,201) (141,648) Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest

(5,149)

(9,747) (4,882) (999) 35,898 35,163 Interest expense, excluding the impact of noncontrolling interest 35,932 42,021 43,537 47,719 73,329 20,643 21,197 87,466 Income tax expense (benefit) 68 1,577 819 963 (1,873) 722 3,138 (1,174) EBITDA (1) $ 85,711 $ 135,799 $ 157,394 $ 242,279 $ 225,689 59,321 (67,825) 61,865 Loss on sale and disposition of assets 680 7,486 14,733 Goodwill and long-lived asset impairment

147,817

149,972 Goodwill and long-lived asset impairment attributable to noncontrolling interest

(35,834)

(35,834) Adjusted EBITDA $ 60,001 $ 51,644 $ 190,736 (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. 2014 Twelve Months Ended September 30, 2013 2012 2015 Year Ended December 31, Trailing 2015 2016 September 30, Three Months Ended 2016

SLIDE 34

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 $ 8,146 $ (156,583) $ (175,866) Net loss (income) attributable to noncontrolling interest

1,562

(2,271) 299 66 37,032 39,699 Net income (loss) attributable to Global Partners LP (1) 19,352 46,743 42,615 114,709 43,563 8,212 (119,551) (136,167) Depreciation and amortization, excluding the impact of noncontrolling interest 30,359 45,458 70,423 78,888 110,670 29,744 27,391 111,740 Amortization of deferred financing fees and senior notes discount 4,723 5,753 7,265 6,186 6,988 1,824 1,868 7,332 Amortization of routine bank refinancing fees (3,467) (4,073) (4,072) (4,444) (4,516) (1,134) (1,168) (4,548) Maintenance capital expenditures, excluding the impact of noncontrolling interest (4,226) (13,112) (10,977) (34,115) (29,850) (9,009) (8,742) (30,594) Distributable cash flow (2) $ 46,741 $ 80,769 $ 105,254 $ 161,224 $ 126,855 $ 29,637 $ (100,202) $ (52,237) 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 $ 51,840 $ 74,143 $ 82,058 Net changes in operating assets and liabilities and certain non-cash items 67,068 (140,251) (136,960) (141,558) 88,609 (12,885) (202,201) (141,648) Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest

(5,149)

(9,747) (4,882) (999) 35,898 35,163 Amortization of deferred financing fees and senior notes discount 4,723 5,753 7,265 6,186 6,988 1,824 1,868 7,332 Amortization of routine bank refinancing fees (3,467) (4,073) (4,072) (4,444) (4,516) (1,134) (1,168) (4,548) Maintenance capital expenditures, excluding the impact of noncontrolling interest (4,226) (13,112) (10,977) (34,115) (29,850) (9,009) (8,742) (30,594) Distributable cash flow (2) $ 46,741 $ 80,769 $ 105,254 $ 161,224 $ 126,855 $ 29,637 $ (100,202) $ (52,237) (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) Distributable cash flow includes a net loss on sale and disposition of assets of $0.7 million and $7.5 million for the three months ended September 30, 2015 and 2016, respectively, and $14.7 million for the trailing twelve months ended September 30, 2016. Distributable cash flow also includes a net goodwill and long-lived asset impairment of $0 and $112.0 million ($147.8 million attributed to the Partnership offset by $35.8 million attributed to the noncontrolling interest) for the three months ended September 30, 2015 and 2016, respectively, and $114.1 million ($150.0 million attributed to the Partnership offset by $35.8 million attributed to the noncontrolling interest) for the trailing twelve months ended September 30, 2016. Excluding the net loss on sale and disposition of assets and the net goodwill and long-lived asset impairment, distributable cash flow would have been $30.3 million and $19.3 million for the three months ended September 30, 2015 and 2016, respectively, and $76.6 million for the trailing twelve months ended September 30, 2016. Year Ended December 31, 2011 2012 2016 (3) Months Ended September 30, September 30, Three Months Ended 2013 2015 2014 Trailing Twelve 2016 (3) 2015 (3)