Q2 2015 Investor Presentation Q3 2014 Investor Presentation Global - - PowerPoint PPT Presentation

Q3 2014 Investor Presentation

Global Partners LP (NYSE: GLP)

Q2 2015 Investor Presentation

2

Forward-Looking Statements

Some of the information contained in this presentation may contain forward-looking statements. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words “may,” “believe,” “should,” “could,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “continue,” “will likely result,” or

• ther similar expressions. In addition, any statement made by Global Partners LP’s management concerning future financial

performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects and possible actions by Global Partners LP or its subsidiaries are also forward-looking statements. Forward-looking statements are not guarantees of performance. Although Global Partners LP believes these forward-looking statements are based on reasonable assumptions, statements made regarding future results are subject to a number of

assumptions, uncertainties and risks, many of which are beyond Global Partners LP's control, which may cause future results to be materially different from the results stated or implied in this presentation. Estimates for Global Partners LP’s future EBITDA are based on assumptions regarding market conditions such as demand for petroleum products and renewable fuels, commodity prices, weather, credit markets, the regulatory and permitting environment, and the forward product pricing curve, which could influence quarterly financial results. Therefore, Global Partners LP can give no assurance that its future EBITDA will be as estimated.

For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global Partners LP describes in its forward-looking statements, please refer to Global Partners LP’s Annual Report on Form 10-K and subsequent filings the Partnership makes with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are

• made. Global Partners LP expressly disclaims any obligation or undertaking to update forward-looking statements to reflect any change

in its expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based,

• ther than as required by federal and state securities laws.

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. EBITDA Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP financial measure used as a supplemental financial measure by management and 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;
• operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution
• f refined petroleum products, renewable fuels and crude oil, without regard to financing methods and capital structure; and
• the viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.

EBITDA should not be considered as an alternative 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 excludes some, but not all, items that affect net income, and this measure may vary among other companies. Therefore, 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 Global Partners' limited partners since it serves as an indicator of the Partnership's success in providing a cash return on their investment. Distributable cash flow means the Partnership's 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. Specifically, this financial measure indicates to investors whether or not the Partnership has generated sufficient earnings on a current or historic level that can sustain or support an increase in its quarterly cash distribution. Distributable cash flow is a quantitative standard used by the investment community with respect to publicly traded partnerships. 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, Global Partners' distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

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

• Leader in the purchasing, selling and logistics of transporting domestic

and Canadian crude oil and other energy products by rail

• “Virtual pipeline” connecting producing regions to demand centers on

the East, West and Gulf Coasts (pending Kansas City Southern project in Port Arthur, TX)

5

Key Investment Considerations

Logistics and Infrastructure Serving Prolific But Constrained Markets Diverse Product and Asset Mix Strong Financial Profile & Increasing Distributable Cash Flow Experienced Management Team

6

Vision

“Leadership in gathering, storage, transportation and marketing of refined petroleum products, crude oil, renewable fuels, natural gas and NGLs.”

7

Global’s DNA: Sourcing, Logistics & Marketing

Origin Delivery Destination

“Virtual Pipeline”

Gathering Transportation Storage

Integrated Marketing

Retail Wholesale Distribution

Alltow photo

C-Store Operations

8

Uniquely Positioned in U.S. Energy Market Refined Petroleum Bulk Product Terminals Barrels of Storage Capacity Barrels of Product Sold Daily Gas Stations Owned, Leased or Supplied

25 12.2M 388K 1,600

*Included in the ~1,600 total gas stations

290*

Company-operated Convenience Stores

9

Global Meets the Northeast’s Daily Energy Needs

Gasoline* Diesel fuel Heating

• il

TTM as of 6/30/2015 *Total gasoline volume sold

785K 19K 48K

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

10

History of Growth

2007 2008 2009 2010 2011 2012

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

2013 2014

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

• il at Global Albany

Acquired Alliance Energy Getty Realty Agreement Completed 100,000 barrel 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 Agreement with KCS to develop terminal in Port Arthur, TX

~$1.7 Billion in Acquisitions and Investments

2015

Acquired Warren Equities Acquired Boston Harbor Terminal Acquired retail portfolio from Capitol Petroleum Completed 176,000 barrel storage tank in Columbus, ND

Business Overview

12

Wholesale, Commercial and GDSO

Business overview

• Bulk purchase, movement,

storage and sale of:

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

• Customers

– Unbranded gasoline distributors and transportation fuel resellers – Home heating oil retailers – Refiners

Commercial Wholesale

Business overview

• 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

Business overview

• Distribution of branded and

unbranded gasoline

• Rental income from dealers

and commission agents

• Sale of gasoline, convenience

items and car wash services to retail customers

• “Alltown” and “Xtra Mart”

convenience stores

• Customers

– Station operators – Gasoline jobbers – Retail customers

13

Vertical Integration

Crude Oil Refinery Tanker Barge Pipeline Truck Storage Facilities Truck Rail Refinery Wholesale “Rack” Retail

Consumer

Rail Gas station

Wholesale Commercial Gasoline Distribution & Station Operations

Commercial Industrial Barge

14

Diversified Business Mix

Wholesale 48% Gasoline Distribution and Station Operations 47% Commercial 5%

2014 Product Margin by Business Segment $606.1M

Wholesale 84% Commercial 16%

2005 Product Margin by Business Segment $93.4M

Wholesale Distillates 45% Wholesale Gasoline 15% Wholesale Residual Oil 24% Wholesale Crude 23% Wholesale Distillates & Residual Oil 13% Wholesale Gasoline 12% Gasoline Distribution 31% C-Store & Third- party Rent 16%

Wholesale Segment

16

Logistical Advantages

Our network of terminals is a gateway for the receipt, storage and distribution of refined petroleum products, renewable fuels and crude oil Our wholesale storage, terminaling, marketing and logistics serve refiners and other customers across the country Strategically located, intermodal terminals provide an efficient and a cost-effective mechanism to move product in and out of our system

Expansive Asset Network Built-in Market Clearing – Intermodal Options Optimization and Efficiency – Terminals & Stations Virtual Pipeline Solution

Efficiency of single line haul on Canadian Pacific and BNSF is a competitive differentiator in our shipment of crude oil and associated products

17

Global has 11.3 million bbls of terminal capacity in the Northeast Estimated market share1

Wholesale Terminals – Northeast

Source: OPIS/Stalsby Petroleum Terminal Encyclopedia, 2013, various marketing materials 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 2,755 1,385 50% Western Long Island, NY 769 554 72% Boston Harbor, MA 9,774 2,782 28% Vermont 430 419 97% Providence, RI 4,455 480 11% Albany/Rensselaer, NY 9,558 1,402 15%

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

18

Unique Origin-to-Destination Assets Form the Backbone

• f Rail Logistics

Basin Stampede, ND (CP) Clatskanie, OR Terminal Albany, NY Terminal Basin Beulah, ND (BNSF)

Storage capacity = 726K barrels Storage capacity = 200K barrels Storage capacity = 510K barrels

Port Arthur, TX Terminal

(expected phase 1 completion date in 2017)

Initial storage capacity = 1,250K barrels

19

Albany Terminal Critical Link in North American Infrastructure

• Albany terminal is gateway to efficient and cost-

effective receipt, storage and delivery of crude oil and other products

• Relationship with Canadian Pacific (CP) provides

significant routing flexibility

– Intermodal terminal linked via single line haul to CP – Enables two 120-car unit trains to be offloaded in a 24 hour period – Rail expansion more than tripled terminal intake capacity to approximately 160,000 bbls/day – Averaging just 4 to 5 days one-way per train shipment

• Established infrastructure links Global to energy

producing regions across North America

– Transload facility in North Dakota’s Bakken region – Product shipped by barge from Albany to East Coast refiners

20

Leveraging our Wholesale Segment to Drive Growth – Key Initiatives

• 1,250,000 barrels of initial storage capacity with expansion opportunities
• Approximate investments of $150 million to $160 million

Development of Gulf Coast petroleum products terminal – Port Arthur, TX

• Permitted for storage expansion from 200,000 barrels to 600,000 barrels; ability to run crude transload

and ethanol manufacturing facility simultaneously

• Approximate capital expansion investments of $75 million to $100 million
• Expanding crude oil gathering capabilities in Bakken through pipeline connections
• Completed construction of 176,000 barrels of additional storage which increases total ND storage

capacity to 726,000 barrels

Build-out of Mid-Continent assets Expansion of West Coast terminal – CPBR

21

Mid-Continent Assets Form Core of ‘Virtual Pipeline’

• Basin Stampede, ND (CP)

– Economically advantaged single-line long-haul to Albany – 270,000-barrel storage capacity with truck-and-rail off-loading rack – Completed construction of 176,000 barrels of additional storage which increases total ND storage capacity to 726,000 barrels

• Basin Beulah, ND (BNSF)

– Single line haul service to West and Gulf Coasts – 280,000-barrel storage capacity with truck-and-rail off-loading system

• Pipeline Connections

– Tesoro High Plains Pipeline System (THPP) – Basin Stampede to THPP – Basin Beulah to THPP – Connection to Stampede and Beulah provides customers with optionality to move product to either facility – Meadowlark Midstream Partners’ Divide Gathering System – Basin Stampede to the Divide Gathering System (should be commissioned by Q4 2015)

22

West Coast Destination Asset: Clatskanie, Ore.

• Located on the Columbia River approximately

50 miles from open water

• Approximately 4 days transit by rail from

Edmonton

• Infrastructure

– Two 100,000 barrel tanks – Pipeline from offloading to tanks – Multiple unloading stations – Permitted for both crude transloading and ethanol manufacturing – Served by BNSF via connections with CP and CN – Capacity for handling 115-car unit trains – Planned dock modernization project will enable terminal to handle Panamax vessels

• Largest West Coast ethanol plant

– 120M gallons per year ethanol manufacturing capacity – Only U.S. ethanol facility located on deep-water port with direct-ocean access via deep-water river

23

Port Arthur Terminal Provides Access to Gulf Coast Capacity

• Global will design, build and operate unit train petroleum products and

renewable energy terminal

– Agreement with Kansas City Southern (KCS) – KCS connects with all other Class I railroads in North America – 1,250,000 barrels of initial storage capacity – Expansion capabilities for distillates, renewable fuels and NGLs – Designed to handle up to two unit trains per day with expansion capacity up to six unit trains per day – Dock capable of handling Aframax-size vessels – Potential to accommodate as much as eight million barrels of storage – Expected to be in service in 2017

Port Arthur

Gasoline Distribution & Station Operations Segment

25

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

• Large gasoline station and C-store portfolio

–Supply ~1,600 locations in 11 states –~290* company-operated fuel locations and C-stores –Brands include Mobil, CITGO Fuel, Shell, Gulf and Sunoco

• Major focus on 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

–Strengthens footprint on the East Coast –Deepens integration between midstream and downstream assets

*Included in the 1,600 total gas stations

26

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

286 282 296 673

Mobil Brand Fee Agreement

126*

*Certain locations included are classified above based on how station is operated by Global

27

GDSO Segment is Downstream Link in Vertically Integrated Supply Chain

Segment Profile

• Supply to ~1,600 stations in total
• Control ~860 properties through fee or lease

―Operate ~290 of these as company

• perated locations

Strategic Advantages

• Annuity business: Rental income from Dealer

Leased and Commission Agents

• Vertical integration: Integration between supply,

terminaling and wholesale businesses and gas station sites

• Scale: ~1,600 sites with volume of ~1.5 billion gallons
• Best in class locations: Preeminent locations in

Northeast

• Diversification: Flexible diversity of model, site

geography and site brand

Percentage of Sites by State

PA, 5.5% ME, 3.3% RI, 4.8% MA, 24.6% NY, 28.4% CT, 22.5% NH, 5.2% NJ, 0.5% MD, 4.6% VA, 0.3%

28

Growth Through Organic Initiatives

• Opened 7 Raze and Rebuilds on the

Connecticut Turnpike in ‘14

• Integrated 11 Commission Agent Mass.

Turnpike locations in ‘14

• 3 additional openings on CT Turnpike in ‘15

2014 and 2015 Projects Include:

• Optimizing store mix
• Leveraging our vendor relationships

and related buying power

• Introducing new healthy food options
• Strengthening co-branding alliances

Merchandising Programs

29

Warren Equities is Transformative Acquisition for Global’s Retail Platform

• Completed in January 2015
• Meaningfully expands scale while providing significant operational synergies and strategic options
• Strong footprint across 10 states in the Northeast with the majority of its stores primarily

concentrated in MA, CT and NY

• Operates 148 retail gasoline sites and Xtra Mart convenience stores, markets fuel through 53

commission agent locations and supplies fuel to ~320 dealers

• Sells ~500 million gallons of fuel annually through ~520 retail locations
• Projected EBITDA:

– Accretive in first full year of operations – Second full year of operations: $50 million to $60 million

30

Key Benefits of Warren Transaction

Strategic and geographic fit Increased scale and operating synergies Strong real estate portfolio Regionally recognized C-store and multi-branded fuel supplier Quick-service restaurant presence at 37 locations Expands geographic presence to Mid-Atlantic Leverage supply opportunities

31

Acquired Retail Portfolio from Capitol Petroleum Group

• n
• n
• n
• n
• n
• n
• n
• n
• n
• n
• n
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• Completed in June 2015
• Expands Global’s presence in two

attractive markets

• 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
• Expected to be accretive in the first full

year of operations

32

GDSO Footprint

Site Type Total Company Operated 286 Commission Agents 282 Lessee Dealer 296 TOTAL 864 Contract Dealers 673 TOTAL 1,537* KeyBusinessMetrics – Volume** Total Motor Fuel Sales (million gallons) 1,507.5

**Annualized Q2 2015 volume includes June 2015 acquisition of Capitol Petroleum portfolio

Existing Global locations Warren locations

*Does not include certain Mobil Brand Fee Agreement sites

Capitol Petroleum locations

Commercial Segment

34

Commercial Segment Overview

• Delivered fuels business – commercial and industrial, as well as 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

35

Expertise and Competitive Strengths

• Expertise

– Marketing, logistics and transportation

• Competitive strengths

– Reliability – Terminal locations – Customer base Representative Customers

Financial Summary

37

Q2 2015 Financial Performance Reflects our Diverse Business

($ in millions) Q2 2014 Q2 2015 1H 2014 1H 2015 Gross profit $87.7 $144.2 $246.7 $312.7 Net (loss) income attributable to GLP $(12.7) $7.2 $44.3 $37.6 EBITDA $19.1 $48.7 $105.6 $120.6 Maintenance capex $11.4 $7.5 $17.3 $11.2 DCF $(4.2) $26.2 $65.4 $79.9

Please refer to Appendix for reconciliation of non-GAAP items

Full-year 2015 EBITDA guidance of $214M to $234M* (as of 8/6/2015)

• Q2 2015 GDSO product margin of $98.3M increased 56% YOY driven by the acquisition of Warren Equities
• Q2 2015 Wholesale product margin increased 76% YOY to $60.9M reflecting a more normal gasoline

blendstocks market

• Q2 2015 Commercial product margin increased 23% YOY to $7.0M

*To account for the acquisition of the Capitol Petroleum portfolio, Global updated its full-year 2015 EBTIDA guidance from a previously announced range of $205 million to $225 million.

38

Recent Annual Financial Performance

($ in millions, except per unit data) FY 2013 FY 2014 Gross profit $404.6 $544.8 Net income attributable to GLP $42.6 $114.7 Net income per limited partner unit $1.42 $3.95 EBITDA $157.4 $242.3 Maintenance capex $11.0 $34.1 DCF $105.2 $161.2

Please refer to Appendix for reconciliation of non-GAAP items

Record full year net income, EBITDA, and DCF driven in part by:

• Unusually favorable market conditions in gasoline blendstocks in Q1 2014
• Cold weather
• Rapidly declining gasoline prices in 2H 2014

39

Volume and Sales

$5.8 $7.8 $14.8 $17.6 $19.6 $17.3 $13.2 2009 2010 2011 2012 2013 2014 TTM 6/30/15

Sales

3.4 3.7 5.2 6.1 7.0 6.4 6.0

2009 2010 2011 2012 2013 2014 TTM 6/30/15

Sales Volume

(Gallons in billions) ($ in billions)

40

$161 $182 $234 $371 $460 $606 $686

2009 2010 2011 2012 2013 2014 TTM 6/30/15

Please refer to Appendix for reconciliation of non-GAAP items

Financial Growth with Consistent Profitability

$67 $72 $86 $136 $157 $242 $257

2009 2010 2011 2012 2013 2014 TTM 6/30/15

Product Margin EBITDA

($ in millions) ($ in millions)

DCF

($ in millions)

$45 $46 $47 $81 $105 $161 $176

2009 2010 2011 2012 2013 2014 TTM 6/30/15

41

$22 $19 $28 $30 $30 2011 2012 2013 2014 TTM 6/30/15

Product Margin by Business Segment

FY 2014 $606.1M

Wholesale 48% GDSO 47% Commercial 5%

Wholesale Crude 23% Wholesale Distillates & Residual 13% Wholesale Gasoline 12% Gasoline Distribution 31%

Q2 2015 $166.2M

Wholesale Crude 22% Wholesale Distillates & Residual 4% Wholesale Gasoline 11%

Commercial 4%

Gasoline Distribution 32% C-Store & Third-party Rent 27% C-Store & Third-party Rent 16%

$88 $207 $229 $283 $364 2011 2012 2013 2014 TTM 6/30/15 $124 $145 $203 $293 $292 2011 2012 2013 2014 TTM 6/30/15

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

Please refer to Appendix for reconciliation of non-GAAP items

Wholesale 37% GDSO 59%

42

4.6 4.0 3.7 4.7 5.0 4.5 6.1 6.6 9.5 11.5 12.8 14.6 14.3 18.4 18.6 5 10 15 20 Total CPG Retail CPG*

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)

$8.9 $31.7 $67.0 $78.8 $93.9 $132.0 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 2010 2011 2012 2013 2014 TTM 6/30/15

43

Period DCF Coverage 2006 1.8x 2007 1.5x 2008 1.3x 2009 1.7x 2010 1.3x 2011 1.1x 2012 1.4x 2013 1.5x 2014 2.0x TTM 6/30/15 1.9x

DCF Coverage

($ in millions)

Conservative Distribution Policy

Global has generated $247.2 million in Excess DCF since its IPO with an average DCF coverage ratio of 1.6x since 2006

Note: Global went public on 10/4/2005

Cumulative Excess Cash Flow Reinvested in GLP

21.0 35.0 42.9 62.2 73.0 75.7 98.2 134.4 216.9 247.2

2006 2007 2008 2009 2010 2011 2012 2013 2014 Through 6/30/15

44

Increasing Distributions

• 39 consecutive quarterly cash distributions since IPO in October 2005
• Current distribution of $0.6925 per unit ($2.77 per unit annualized)

$0.4875 $0.50 $0.525 $0.5875 $0.6375 $0.6925 $1.95 $2.00 $2.10 $2.35 $2.55 $2.77 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015

Selected Cash Distribution History

Quarterly Distribution Annualized Rate

Q2 2015 distribution of $0.6925 represents 8.6% annual increase

45

Balance Sheet at June 30, 2015

• Tangible and liquid with receivables and inventory comprising 29% of total

assets at 6/30/15

• 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 $1.2B of conservatively valued

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

• $268M (22%) of total debt at 6/30/15 related to inventory financing

– Borrowed under working capital facility

• $932M (78%) is debt related to:

– Terminal operating infrastructure – Acquisitions and capital expenditures

• Total committed facility of $1.775B:

– $1,000M working capital revolver – $775M 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) (Unaudited) Assets Current assets: Cash and cash equivalents $ 11,187 Accounts receivable, net 375,573 Accounts receivable - affiliates 5,275 Inventories 429,039 Brokerage margin deposits 18,990 Derivative assets 47,153 Prepaid expenses and other current assets 80,716 Total current assets 967,933 Property and equipment, net 1,240,539 Intangible assets, net 79,883 Goodwill 443,414 Other assets 49,941 Total assets $ 2,781,710 Liabilities and partners' equity Current liabilities: Accounts payable $ 332,412 Working capital revolving credit facility - current portion 118,200 Environmental liabilities - current portion 3,067 Trustee taxes payable 94,057 Accrued expenses and other current liabilities 60,709 Derivative liabilities 46,066 Total current liabilities 654,511 Working capital revolving credit facility - less current portion 150,000 Revolving credit facility 268,000 Senior notes 663,673 Environmental liabilities - less current portion 71,938 Financing obligation 89,613 Other long-term liabilities 146,399 Total liabilities 2,044,134 Partners' equity Global Partners LP equity 689,692 Noncontrolling interest 47,884 Total partners' equity 737,576 Total liabilities and partners' equity $ 2,781,710

46

Improved Balance Sheet Efficiency

Total Debt (With & Without W/C Facility) to EBITDA

$422 $641

$300 $205 $422 $585 $943

$0 $100 $200 $300 $400 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2010 2011 2012 2013 TTM 6/30/2015

$787 $794 $847 $912 $72 $86 $136 $157

>300% EBITDA growth since 2010 with declining leverage

• Disciplined Growth Initiatives
• Diversified Product Lines and Businesses
• Working Capital Management
• Reinvestment of Excess Cash Flows

Debt Excl. W/C Facility EBITDA Total Debt

$1,211 $257

47

$20 $50 - $60

$0 $10 $20 $30 $40 $50 $60 $70 2014 Adj. EBITDA* Year 2 Proj. EBITDA

Warren Equities: Acquisition Multiples and Growth Drivers

EBITDA Multiples (Total Consideration / Net of Notes) 19.1x / 17.8x 6.4x / 6.0x Acquisition price of approximately $381 million

($ in millions)

C-Store Margin Fuel Procurement OpEx Savings Synergies Warren EBITDA Growth Drivers

*Warren Equities audited fiscal 2014 financials as of May 31, 2014 adjusted for interest income and gain on sale of sites

Fuel Delivery

48

Key Investment Considerations

Logistics and Infrastructure Serving Prolific But Constrained Markets Diverse Product and Asset Mix Strong Financial Profile & Increasing Distributable Cash Flow Experienced Management Team

Appendix

50

Appendix – Financial Reconciliations

(In thousands) (Unaudited)

• 1,562

• 68

• (5,149)

• 68

51

Appendix – Financial Reconciliations

(In thousands) (Unaudited)

• 1,562

• 4,723

• (3,467)

• (5,149)

• 4,723

• (3,467)

52

Appendix – Financial Reconciliations

(In thousands) (Unaudited)

• 12,301

• 14,017

• 8,885

• 22,902

53

Appendix – Financial Reconciliations Warren Equities, Inc.

(In thousands) (Unaudited) Reconciliation of net income to EBITDA Net income $ 7,231 Depreciation and amortization 11,545 Interest expense 51 Income tax expense 4,824 EBITDA 23,651 Gain on sale of property, plant and equipment (2,284) Interest and dividend income (1,306) Adjusted EBITDA $ 20,061 Reconciliation of net cash provided by operating activities to EBITDA Net cash provided by operating activities $ 20,764 Net changes in operating assets and liabilities and certain non-cash items (1,988) Interest expense 51 Income tax expense 4,824 EBITDA 23,651 Gain on sale of property, plant and equipment (2,284) Interest and dividend income (1,306) Adjusted EBITDA $ 20,061 Year Ended May 31, 2014