Investor Presentation July 31, 2018 Global Partners LP (NYSE: GLP) - - PowerPoint PPT Presentation

SLIDE 1

Global Partners LP (NYSE: GLP) Investor Presentation July 31, 2018

SLIDE 2

Forward-Looking Statements

2

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 thePartnership’s projected results, please see Global Partners’filings with the SEC, including itsAnnual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form8-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 orotherwise. Global Partners has filed a registration statement (including a prospectus and prospectus supplement) with the Securities and Exchange Commission (“SEC”) for an offering of securities. You should read the prospectus in that registration statement and the prospectus supplement and other documents Global Partners has filed with the SEC for more complete information about Global Partners. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. This presentation is not a prospectus and is not an

• ffer to sell securities. A registration statement relating to the securities of Global Partners has been filed with, and declared effective by,

the SEC. Any offering of the securities is being made by means of a prospectus supplement only.

SLIDE 3

Use of Non-GAAP Financial Measures

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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. 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 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

• wned by others. Product costs include the cost of acquiring the refined petroleum products, renewable fuels, crude oil 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 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 gains or losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. 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 other 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

Business Overview

SLIDE 5

5

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*

*As of12/31/2017

SLIDE 6

Global by the Numbers

24 Petroleum Bulk Product Terminals* 10.1 Million Barrels of Storage Capacity* ~300K Barrels of Product Sold Daily ~1,500 Gas Stations Owned, Leased or Supplied 260 Company-operated Convenience Stores

* As of 12/31/2017

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SLIDE 7

7

Global’s History and Evolution

Company Origins – Distillates Wholesaler Investments in Transportation Fuels Acquisitions of Retail Gasoline Operations Expansion of Crude, Ethanol & Propane Distribution

• 2007: Acquired 5 terminals

from ExxonMobil – Provided transportation fuel distribution capability

• 2010: Acquired 3 additional

terminals in Newburgh, NY

• 2015: Acquired Revere

Terminal from GPC

• 2010: Acquired190 gas stations and supply rights from XOM
• 2012: Acquired Alliance Energy LLC; added 542 gas stations
• 2012: Entered into supply and service agreement with Getty

Realty for more than 200 stations and long-term lease for 90 of those stations

• 2015: Acquired Warren Equities, 148 convenience stores, 33

commission agent locations and ~ 330 dealers

• 2015: Acquired Capitol Petroleum Group, 97 Mobil & Exxon

branded stations and 7 dealer supply contracts. Expanded geography into Maryland/ Washington D.C.

• 2016: Acquired through long-term lease 22 gas stations in

Western Mass

• 2017: Acquired Honey Farms, Inc., 11 company-operated retail

sites with fuel and convenience stores and 22 stand-alone c-stores

• 2018: Acquired retail gas and c-store assets from Cheshire Oil

and Champlain Oil (including 47 convenience stores, 24 fuel sites and ~65 dealer supply contracts)

• 2011: Began transporting crude by rail

from mid-con to Albany terminal

• 2012: Expanded Albany terminal’s rail
• ffloading capacity for crude and

ethanol to 160,000 bbls/day

• 2013: Signed long-term crude

transportation and logistics contract with Phillips 66

• 2013: Acquired majority interest in

Basin Transload LLC, Oregon crude

• il and ethanol transloading and

ethanol manufacturing facility

• 2013: Opened propane storage and

distribution facility in Albany

• 1933: Founded as a retail heating
• il service company
• 1988: Partnered with Repsol/YPF
• 2003: Acquired company back
• 2005: : Completed initial public
• ffering on the NYSE as an MLP

– Operated largely as a distillates wholesaler until 2007

SLIDE 8

Key Acquisitions and Investments

Acquired 3 terminalsfrom ExxonMobil Acquired 2 terminals from ExxonMobil Organic terminal projects in Albany, NY Oyster Bay, NY Philadelphia Albany ethanol expansion project with CP Acquired Mobil stations Contracted to supply 150M gallons to Mobil distributors Acquired Alliance Energy GettyRealty Agreement Acquired Basin Transload Global Albany rail expansion

Acquired CPBR Facility

Acquired Boston Harbor Terminal Acquired NY/DC retail portfoliofrom Capitol Petroleum Added 22 leased retail sites in Western,Mass. Acquired Honey Farms, Inc. Completed Port of Acquired Providence terminal Warex project terminals

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 $1.9 Billion in Acquisitions and Investments

Acquired Warren Equities

8

Acquired retail gas and c-store assets from Champlain Oil Co. Acquired retail gas and c-store assets from Cheshire Oil Co.

SLIDE 9

9

Transformation of Product Margin

Wholesale Crude 23%

FYE 2010 $182.3M

Wholesale Distillates & Residual 50% Wholesale Gasoline 30%

Commercial 8%

Gasoline Distribution 8% C-Store & Third-party Rent 5%

Wholesale 80% GDSO 13%

FYE 2017 $671.6M

Wholesale 22% GDSO 75% Commercial 3%

Gasoline Distribution 49% C-Store & Third-party Rent 26% Wholesale Distillates, Residual & Crude 10% Wholesale Gasoline 12% Commercial 3% Commercial 8%

SLIDE 10

10 10

Global’s DNA and Strategy

Integrated Marketing Wholesale Distribution C-Store Operations Origin and Transportation Delivery and Storage

10

Retail Sourcing and Logistics

Vertical Integration

We operate a uniquely integrated refined products distribution system through our terminal network, wholesale market presence and large portfolio of retail gasoline stations This integrated model drives product margin along each step of the value chain

SLIDE 11

Creating Value Through Growth Initiatives and Optimization

Recent Growth Initiatives

• Acquired retail fuel and c-store assets of Cheshire Oil Company
• 10 Company-operated sites with fuel and T-Bird branded c-stores
• Transaction closed in Q3 2018 and expected to be accretive in first full year of operations

Asset Optimization

• Ongoing divestiture of non-strategic retail sites
• Supply agreements retained at majority of sold sites

11

• Acquired retail fuel and c-store assets of Champlain Oil Company
• 37 Company-operated sites with fuel and Jiffy Mart-branded c-stores
• 24 owned or leased fuel sites; fuel supply agreements for ~65 gas stations
• Transaction closed in Q3 2018 and expected to be accretive in first full year of operations

SLIDE 12

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

12

• 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 – Gasolinejobbers – Retail customers

* Does not include Jiffy Mart- and T-Bird-branded convenience stores added as part of Cheshire and Champlain acquisitions in Q3 2018

SLIDE 13

Key Role in Northeast Energy Infrastructure

Gasoline* Diesel fuel Heating

• il

13 TTM as of 3/31/2018 *Total gasoline volumesold

730K 19K

Automobile tanks filled/day Diesel trucks filled/day

37K

Homes heated/day in winter

SLIDE 14

Gasoline Distribution & Station Operations Segment (GDSO)

SLIDE 15

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 11states

• Own or control ~760 sites;approximately

40% 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

• Honey Farms acquisition – October 2017

– Strong geographic fit – Expands footprint in Worcester, Mass. region – Benefits from economies of scale

Site Type Total CompanyOperated 260 CommissionedAgents 266 Dealer Leased 228 TOTAL 754 Dealer Contracts 691 TOTAL 1,445

15

SLIDE 16

GDSO Segment Competitive Strengths

• Annuity business: Rental income from

Dealer Leased and CommissionedAgents

• Vertical integration: Integration between

supply, terminaling and wholesale businesses and gas station sites

• Scale: ~1,500 sites with volume of 1.6

billion gallons*

StrategicAdvantages

• 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 25% MA 28% CT 22% PA 6% RI 5% MD 5% NH 5% ME 3% NJ < 1% VA <1% VT <1%

Multiple Brands

16 **As of12/31/2017 *TTM 3/31/2018

SLIDE 17

Q4 2017

• Expanded presence in Worcester,
• Mass. region
• 11 company-operated sites with

fuel and convenience stores

• 22 company-operated stand-alone

convenience stories

• Expected to be accretive in the

first full year of operations

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

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 presencein

two attractive markets

Capitol Petroleum Group Expanded Portfolioin Western Mass Honey Farms, Inc.

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• r

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• n

n n n n n n n n n n n n n n n n n n n n n n n n n n n 95 B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B B l l l l l l l l l l l l l l l l l l l l l l l l

• l

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• r

r r r r k k 95 478 278 A A A A A A A n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n a a a a a a a a a a a a a a a a a a a a a a a n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d a a a a a a a a a a a a a a a a a a a a a a a a l l l l l l l l l l l l l l l l l l l l l e e e e e l l l l e e e e e e e e e e e e e e e e e e e e e e A A A A A A A l l l l l l l l l l l l l l l l l l l l l l l l l l l e e e e e e x x x x x a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d r r r r r r r r r r r r r r r r r r r r r r r r i i i i i i i i i i i i i i i i i i i i i i i i i i a a a a a a a i i i i i a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a B B B B B B B B B B B B B B B B u u u u u u u u u u u u u u u u r r r r r r r r r r r r r r r r r r r r r r k k k k k k k k k k k k k k k k k k e e e e e e e e e e e e e e e398 Wh h h h h h h h h h h h h h h h h h h h h h h h h h h h h e e e e e e e e a a a a a a a t t t t t t t t t t t t t t t t t t t t t t t t t t t

• n

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n n n n n n n n n n n n n n n n n n n n n n n n t t t t t t t t t t t t t t t t t t t t t t t t t t t 97 W A A S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S H I I I I I I I I I I I I I I I I I I I I I I I I I I I I I N G T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T T O N , , , , , , , , , , , , , , , , , , , , , , , , , , , D . . . . . . . . . . . . . . . . . . . . . . . . . C . . . C C . . . . . . . . . . . . . . . . . . . . . . . . . A A A A A A A r r r r r r r r r r r r r r r r r r r r r r r r l l l l l l l l l l l l l l l l l l l l l l l l l i i i i l l l l i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g t t t t t t t t t t t t t t t t t t t t t t t t t t t

• n

n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n 498 S S u i t l a a n d

• S

i l v v e r r r r e e e e e e v v v v v v v v v v v v v v v v v v v v v v v v v v v v v v l l l l l l l l l l l l l l l l l l l l l l l l l l l i i i l l l i i i i i i i i i i i i i i i i i i i i i i i i i i i S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S

• d

d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d d n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a l l l l l l l l l l l l l l l l l l l l l l l l l l l l t t t t t t t t t t t t t t t t t t t t t t i i i i t t t t t i i i i i i i i i i i i i i i i i i i i i i i i u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u u S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S H i l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l i i i i i i i i i i i i i i i i i i i i i i i i i i i i i H P P P P P P P P P P P P P P P P P P P P P P

• t

t t t t t t t t t t t t t t t t t t t t t t t t t

• m

a a a a a a a a a a a a a a a a a a a a c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c 270

Warren Equities

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 strategicoptions

17

SLIDE 18

18

Q318 Acquisitions – Champlain Oil and Cheshire Oil

• Acquired 126 stations

– 37 company-operated gas stations and Jiffy Mart-branded convenience stores in Vermont and New Hampshire – ~24 owned or leased fuel sites, including lessee dealer and commission agent locations – Fuel supply agreements for 65 gas stations, primarily in Vt. And N.H. – Purchase price $134 million, excluding inventory (subject to post-closing adjustments) – Expected to be accretive in first full year of

• perations

Champlain Oil Cheshire Oil

• Acquired 10 company-operated gas

stations and T-Bird-branded convenience stores

– Nine stores in N.H.; one in Brattleboro, Vt. – Expected to be accretive in first full year of

• perations

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

19

SLIDE 20

Wholesale Segment

SLIDE 21

21

Global has 9.2 million bbls of terminal capacity in the Northeast (as of 12/31/2017)

Wholesale Terminals – Northeast

1 Based on terminal capacity (bbls in 000s)

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

Location

Estimated market share1

• Est. market capacity

GLPcapacity GLP % oftotal 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%

Key to TerminalType Distillate Ethanol Gasoline/Distillate/Ethanol Residual/Distillate Residual/Distillate/Biofuel Distillate/Biofuel Gasoline/Distillate/Ethanol/Crude Propane/Butane Crude

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 Inwood, NY: 322K bbls Glenwood Landing, NY: 98K bbls Bridgeport, CT: 110K bbls Macungie, PA: 170K bbls Staten Island, NY: 287K bbls Philadelphia, PA: 2 19K bbls Bayonne, NJ: 371Kbbls Burlington, VT: 419Kbbls Wethersfield, CT: 183K bbls Springfield, MA: 54K bbls Albany, NY: 24Kbbls

Location

• Est. market capacity

GLP capacity GLP % of total

SLIDE 22

Ethanol Transloading in Oregon

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

class vessels

• Expansion capabilities

22

SLIDE 23

Commercial Segment

SLIDE 24

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 variousterms

• Bunkering – marine vessel fueling

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

24

SLIDE 25

Financial Summary

SLIDE 26

26

Q1 2018 Financial Performance

*Please refer to Appendix for reconciliation of non-GAAP items $106.1 $52.1 $4.2 $113.7 $47.2 $5.2 GDSO Wholesale Commercial Q1’17 Q1’18 Q1’17 Q1’18 Q1’17 Q1’18

Q1 Product Margin by Segment

($ in millions) Commercial 3% Wholesale 28% GDSO 69%

Wholesale Distillates, Residual and Other 10%

Wholesale Gasoline 15%

Gasoline Distribution 43% C-Store & Third-party Rent 26%

$166.1M

Wholesale Crude 3%

Q1 2018 Product Margin

($ in millions)

Q1 2018 Q1 2017 Product margin* $166.1 $162.4 Gross profit $144.3 $140.0 Net income attributable to GLP $59.0 $22.9 EBITDA* $105.7 $71.9 Adjusted EBITDA* $107.6 $60.1 Maintenance capex $6.1 $5.3 DCF* $79.7 $44.2 Q1 2018 vs. Q1 2017 Drivers

Favorable variance Unfavorable variance

One-time non-cash gain of $52.6 million as a result of the extinguishment of a contingent liability related to a Volumetric Ethanol Excise Tax Credit Less favorable market conditions in distillates Honey Farms acquisition Higher fuel volume and fuel margin More favorable market conditions in gasoline blendstocks, primarily ethanol

SLIDE 27

27

FY 2017 Financial Performance

*Please refer to Appendix for reconciliation of non-GAAP items $473.1 $144.9 $24.0 $501.5 $152.2 $17.9 GDSO Wholesale Commercial FY16 FY17 FY16 FY17 FY16 FY17

FY 2017 Product Margin by Segment

($ in millions) Commercial 3% Wholesale 22% GDSO 75%

Wholesale Distillates & Residual 9%

Wholesale Gasoline 12%

Gasoline Distribution 49% C-Store & Third-party Rent 26%

$671.6M

Wholesale Crude 1%

FY 2017 Product Margin

($ in millions)

FY 2016 FY 2017 Product margin* $642.1 $671.6 Gross profit $546.5 $583.1 Net (loss) income attributable to GLP $(199.4) $58.8 EBITDA* $(4.9) $225.0 Adjusted EBITDA* $129.8 $224.2 Maintenance capex $33.0 $34.7 DCF* $(121.4) $108.3 DCF excluding non-cash charges* $93.9 $121.6 Favorable variance Unfavorable variance FY 2017 vs. FY 2016 Drivers

 Non-cash tax benefit of $22.2M related to

the remeasurement of certain tax assets and liabilities under the Tax Cuts and Jobs Act

 Higher fuel margins  Revenue related to the absence of logistics

nominations from one particular crude oil contract customer

 Lower railcar lease expense  Honey Farms acquisition  Loss on trustee taxes of $16.2M related to an audit

• f the Partnership’s fuel and sales tax returns for the

periods from December 2008 through August 2013

 Less favorable market conditions in other oils and

related products

 Sale of Drake retail gas sites  Sale of natural gas business

SLIDE 28

28

Volume and Margin

• Consistency

– 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 14.1 13.9 12.8 14.6 14.3 18.4 18.3 18.2 20.6 20.7

5 10 15 20

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM 3/31/18

Total CPG Retail CPG* $0.0 $50.0 $100.0 $150.0 $200.0

2013 2014 2015 2016 2017 TTM 3/31/18

Rent C-Store & Sundry

$78.8 $93.9 $178.5 $183.7 $175.0 $179.6

SLIDE 29

29

Balance Sheet at March 31, 2018

• Tangible and liquid with receivables and inventory comprising 34% 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 $1.0B of conservatively valued fixed

assets (strategically located, non-replicable terminals and gas stations)

• $352M (29%) of total debt at 3/31 related to inventory financing
• Borrowed under working capital facility
• $858M (71%) of total debt at 3/31 related to:
• Terminal 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 approximately 4.1x(1)

Assets Current assets: Cash and cash equivalents $ 11,693 Accounts receivable, net 417,657 Accounts receivable - affiliates 3,691 Inventories 392,950 Brokerage margin deposits 14,291 Derivative assets 9,823 Prepaid expenses and other current assets 86,075 Total current assets 936,180 Property and equipment, net 1,019,513 Intangible assets, net 53,968 Goodwill 312,258 Other assets 33,265 Total assets $ 2,355,184 Liabilities and partners' equity Current liabilities: Accounts payable $ 271,798 Working capital revolving credit facility - current portion 251,700 Environmental liabilities - current portion 5,006 Trustee taxes payable 37,960 Accrued expenses and other current liabilities 83,678 Derivative liabilities 12,498 Total current liabilities 662,640 Working capital revolving credit facility - less current portion 100,000 Revolving credit facility 196,000 Senior notes 662,444 Environmental liabilities - less current portion 51,514 Financing obligations 150,283 Deferred tax liabilities 38,948 Other long-term liabilities 54,961 Total liabilities 1,916,790 Partners' equity Global Partners LP equity 435,396 Noncontrolling interest 2,998 Total partners' equity 438,394 Total liabilities and partners' equity $ 2,355,184 (1)Combined Total Leverage Ratio (Funded Debt/EBITDA) as defined under the Partnership’s CreditAgreement.

(In thousands)

SLIDE 30

Appendix

SLIDE 31

Financial Reconciliations: Product Margin

31

(In thousands) (Unaudited) Reconciliation of gross profit to product margin Wholesale segment: Gasoline and gasoline blendstocks (1) $ 43,147 $ 71,713 $ 66,031 $ 83,742 $ 82,124 $ 15,385 $ 25,387 $ 92,126 Crude oil 92,807 141,965 74,182 (13,098) 7,279 6,892 5,073 5,460 Other oils and related products 66,916 79,376 67,709 74,271 62,799 29,873 16,687 49,613 Total (1) 202,870 293,054 207,922 144,915 152,202 52,150 47,147 147,199 Gasoline Distribution and Station Operations segment: Gasoline distribution 150,147 189,439 276,848 289,420 326,536 67,155 70,145 329,526 Station operations 78,833 93,939 178,487 183,708 174,986 38,895 43,534 179,625 Total 228,980 283,378 455,335 473,128 501,522 106,050 113,679 509,151 Commercial segment 28,359 29,716 29,201 24,018 17,858 4,189 5,237 18,906 Combined product margin (1) 460,209 606,148 692,458 642,061 671,582 162,389 166,063 675,256 Depreciation allocated to cost of sales (55,653) (61,361) (94,789) (95,571) (88,530) (22,362) (21,733) (87,901) Gross profit (1) $ 404,556 $ 544,787 $ 597,669 $ 546,490 $ 583,052 $ 140,027 $ 144,330 $ 587,355 (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. Trailing Twelve Months Ended March 31, 2017 2018 2018 Three Months Ended March 31, Year Ended December 31, 2015 2013 2014 2017 2016

SLIDE 32

Financial Reconciliations: EBITDA and Adjusted EBITDA

32

(In thousands) (Unaudited) Reconciliation of net income (loss) to EBITDA Net income (loss) (1) $ 41,053 $ 116,980 $ 43,264 $ (238,623) $ 57,117 $ 22,505 $ 58,675 Net loss (income) attributable to noncontrolling interest 1,562 (2,271) 299 39,211 1,635 441 367 Net income (loss) attributable to Global Partners LP (1) 42,615 114,709 43,563 (199,412) 58,752 22,946 59,042 Depreciation and amortization, excluding the impact of noncontrolling interest 70,423 78,888 110,670 108,189 103,601 25,851 26,119 Interest expense, excluding the impact of noncontrolling interest 43,537 47,719 73,329 86,319 86,230 23,287 21,445 Income tax expense (benefit) 819 963 (1,873) 53 (23,563) (164) (913) EBITDA (1) 157,394 242,279 225,689 (4,851) 225,020 71,920 105,693 Net (gain) loss on sale and disposition of assets (1,273) 2,182 2,097 20,495 (1,624) (11,862) 1,867 Goodwill and long-lived asset impairment

• 149,972

809

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

$ 156,121 $ 244,461 $ 227,786 $ 129,782 $ 224,205 $ 60,058 $ 107,560 Reconciliation of net cash provided by (used in) operating activities to EBITDA Net cash provided by (used in) operating activities (1) $ 255,147 $ 344,902 $ 62,506 $ (119,886) $ 348,442 $ 121,893 $ (103,714) Net changes in operating assets and liabilities and certain non-cash items (136,960) (141,558) 96,609 (6,795) (185,673) (73,024) 188,871 Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest (5,149) (9,747) (4,882) 35,458 (416) (72) 4 Interest expense, excluding the impact of noncontrolling interest 43,537 47,719 73,329 86,319 86,230 23,287 21,445 Income tax expense (benefit) 819 963 (1,873) 53 (23,563) (164) (913) EBITDA (1) 157,394 242,279 225,689 (4,851) 225,020 71,920 105,693 Net (gain) loss on sale and disposition of assets (1,273) 2,182 2,097 20,495 (1,624) (11,862) 1,867 Goodwill and long-lived asset impairment

• 149,972

809

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

$ 156,121 $ 244,461 $ 227,786 $ 129,782 $ 224,205 $ 60,058 $ 107,560 (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) (3) Adjusted EBITDA for the three months ended March 31, 2018 includes a one-time non-cash gain of approximately $52.6 million as a result of the extinguishment of a contingent liability related to a Volumetric Ethanol Excise Tax Credit. 2015 2013 Year Ended December 31, 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. 2014 2017 2016 (2) 2017 2018 (3) March 31, Three Months Ended

SLIDE 33

Financial Reconciliations: DCF

33

(In thousands) (Unaudited) Reconciliation of net income (loss) to distributable cash flow Net income (loss) (1) $ 41,053 $ 116,980 $ 43,264 $ (238,623) $ 57,117 $ 22,505 $ 58,675 Net loss (income) attributable to noncontrolling interest 1,562 (2,271) 299 39,211 1,635 441 367 Net income (loss) attributable to Global Partners LP (1) 42,615 114,709 43,563 (199,412) 58,752 22,946 59,042 Depreciation and amortization, excluding the impact of noncontrolling interest 70,423 78,888 110,670 108,189 103,601 25,851 26,119 Amortization of deferred financing fees and senior notes discount 7,265 6,186 6,988 7,412 7,089 1,891 1,713 Amortization of routine bank refinancing fees (4,072) (4,444) (4,516) (4,580) (4,277) (1,167) (1,022) Non-cash tax reform benefit

• (22,183)
• Maintenance capital expenditures, excluding the impact of noncontrolling interest

(10,977) (34,115) (29,850) (32,989) (34,718) (5,347) (6,082) Distributable cash flow (2) $ 105,254 $ 161,224 $ 126,855 $ (121,380) $ 108,264 $ 44,174 $ 79,770 Reconciliation of net cash provided by (used in) operating activities to distributable cash flow Net cash provided by (used in) operating activities (1) $ 255,147 $ 344,902 $ 62,506 $ (119,886) $ 348,442 $ 121,893 $ (103,714) Net changes in operating assets and liabilities and certain non-cash items (136,960) (141,558) 96,609 (6,795) (185,673) (73,024) 188,871 Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest (5,149) (9,747) (4,882) 35,458 (416) (72) 4 Amortization of deferred financing fees and senior notes discount 7,265 6,186 6,988 7,412 7,089 1,891 1,713 Amortization of routine bank refinancing fees (4,072) (4,444) (4,516) (4,580) (4,277) (1,167) (1,022) Non-cash tax reform benefit

• (22,183)
• Maintenance capital expenditures, excluding the impact of noncontrolling interest

(10,977) (34,115) (29,850) (32,989) (34,718) (5,347) (6,082) Distributable cash flow (2) $ 105,254 $ 161,224 $ 126,855 $ (121,380) $ 108,264 $ 44,174 $ 79,770 (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) (3) (4) (5) 2014 2017 (5) 2018 (5) March Three Months Ended Distributable cash flow includes a net loss on sale and disposition of assets of $2.3 million and $1.9 million for the three months ended March 31, 2017 and 2018, respectively. Excluding the loss on sale and disposition of assets, distributable cash flow would have been $46.5 million and $81.6 million for the three months ended March 31, 2017 and 2018, respectively. For the three months ended March 31, 2017, distributable cash flow also includes a $14.2 million gain on the sale of the Partnership's natural gas marketing and electricity brokerage businesses in February 2017. For the three months ended March 31, 2018, distributable cash flow also includes a one-time non-cash gain of approximately $52.6 million as a result of the extinguishment of a contingent liability related to a Volumetric Ethanol Excise Tax Credit. 2017 (4) Distributable cash flow for 2017 includes a net loss on sale and disposition of assets of $12.5 million and a net goodwill and long-lived asset impairment of $0.8 million. Excluding these charges, distributable cash flow would have been $121.6 million for 2017. Distributable cash flow also includes a $14.2 million gain on the sale of the Partnership's natural gas marketing and electricity brokerage businesses in February 2017. Year Ended December 31, 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. Distributable cash flow for 2016 includes a net loss on sale and disposition of assets of $20.5 million and lease exit and termination expenses of $80.7 million. Distributable cash flow also includes 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 2016. 2016 (3) 2013 2015