Q3 2014 Investor Presentation Q4 2014 Investor Presentation Global - - PowerPoint PPT Presentation

Q3 2014 Investor Presentation

Global Partners LP (NYSE: GLP)

Q4 2014 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. Although Global Partners LP believes these forward-looking statements are reasonable as and when made, there may be events in the future that Global Partners LP is not able to predict accurately or control, and there can be no assurance that future developments affecting Global Partners LP’s business will be those that it anticipates. Estimates for Global Partners LP’s future EBITDA are based

• n 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.

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

Critical 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 propane.”

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 Throughput Daily Gas Stations Owned, Leased or Supplied

25 11.7M 415K 1,500*

*Data as of January 2015 **Included in the 1,500 total gas stations

~270**

Company-owned Convenience Stores

9

Global Meets the Northeast’s Daily Energy Needs

Gasoline Diesel fuel Heating

• il

As of 12/31/2014 (prior to acquisition of Warren Equities)

874K 20K 45K

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

10

Growth in Bakken Oil Production Crude Moved by Rail From Williston Basin

Source: North Dakota Pipeline Authority Source: North Dakota Pipeline Authority

Refining Capacity by Region U.S. Oil and Liquid Fuels Production (mm bpd)

Source: Bloomberg, EIA

Global has the only single-line haul rail from the North Dakota Bakken region to both the East and West coasts – a “Virtual Pipeline” –

Region Refining Capacity (mm bpd) Imported Crude (mm bpd) Imports as a Percent of PADD PADD I 1.27 0.64 50.39% PADD II 3.80 2.22 58.42% PADD III 9.17 3.02 32.93% PADD IV 0.65 0.30 46.15% PADD V 2.91 1.03 35.40% Total 17.80 7.21 40.51% 100 200 300 400 500 600 700 800 900 1,000 1,100 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14

Daily Production (000 bbls per day)

5,000 10,000 15,000 20,000 25,000 30,000 35,000 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14

Average Rail Carloads per Month

Source: U.S. Energy Information Administration

Positioned to Benefit From Domestic Energy Resurgence

4 8 12 16 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16

Total production Production forecast

11

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 propane facility in Albany Signed pipeline connection agreements with Tesoro and Meadowlark Agreement with KCS to develop terminal in Port Arthur, TX

~$1.6 Billion in Acquisitions and Investments

2015

Acquired Warren Equities Acquired Boston Harbor Terminal

12

Diversified Business Mix

Wholesale 49% Gasoline Distribution and Station Operations 46% Commercial 5%

2014 Product Margin by Business Segment $604.0M

Wholesale 84% Commercial 16%

2005 Product Margin by Business Segment $93.4M

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

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

Wholesale and Commercial

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

15

Global has 10.8 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: 159K 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 9% Albany/Rensselaer, NY 9,558 1,402 15%

Riverhead, NY: 1,630K bbls Albany, NY: 24K bbls

16

Unique Origin-to-Destination Assets Form System’s Backbone

Basin Columbus, 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 in 2017)

Initial storage capacity = 1,050K barrels

17

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

18

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

19

Where We Source Barrels

=== Denotes CP and BNSF rail routes to GLP facilities

T

T T T

T

Port Arthur Terminal (expected in 2017) Edmonton, AB, Canada Kansas City, MO

=== Denotes KCS rail route to proposed GLP facility

Imports from Canada Imports from Europe

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

T

Imports from Other Countries Imports from U.S. Virgin Islands and

• ther Caribbean

Countries

20

Leveraging our Wholesale Segment to Drive Growth – Key Initiatives

• 1,050,000 barrels of initial storage capacity with expansion opportunities
• Approximate investments of $75 million to $125 million

Development of Gulf Coast petroleum products and renewable energy terminal

• Pursuing storage expansion from 200,000 barrels to 600,000 barrels; ability to run crude transload and

ethanol facility simultaneously

• Approximate investments of $75 million to $100 million
• Expanding crude oil gathering capabilities in Bakken through pipeline connections
• Ongoing construction of 176,000 barrels of additional storage capacity in Columbus, ND, which will

increase the total North Dakota 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 Columbus, ND (CP)

– Economically advantaged single-line long-haul to Albany – 270,000-barrel storage capacity with truck-and-rail off-loading rack – Construction of 176,000 barrels of additional storage expected to be completed in Q2 2015, which will increase total ND storage capacity to 726,000 barrels

• Basin Beulah, ND (BNSF)

– Direct long-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 Columbus to THPP – Basin Beulah to THPP – Connection to Columbus and Beulah provides customers with optionality to move product to either facility – Meadowlark Midstream Partners’ Divide Gathering System – Basin Columbus to the Divide Gathering System (to be commissioned in Q4 2015)

22

West Coast Destination Asset: Clatskanie, OR

• 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 – Pipeline from tanks to dock loading – 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

• Largest West Coast ethanol plant

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

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 – Terminal will initially handle heavy crude from Canada – 1,050,000 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 nine million barrels of storage – Expected to be in service in 2017

Port Arthur

24

Organization of GDSO Segment Company Operated Stores Commission Agents Dealer Leased Contract Dealers

273 272 216 641

Mobil Brand Fee Agreement

129

Data as of January 2015

25

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

• Large gasoline station and C-store portfolio*

–~1,500 locations in 10 states –~270 company-operated locations –Brands include Mobil, CITGO, Shell, Gulf and Sunoco

• Major focus on new-to-industry and organic

projects

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

• Acquisition of Warren Equities, Inc.

–Strengthens footprint in the Northeast –Expands presence to Mid-Atlantic

*Data as of January 2015

26

Growth Through Organic Initiatives

• Opened 7 R&Rs on the Connecticut Turnpike
• Integrated 11 Mass. Turnpike locations

Raze and Rebuild (R&R) Projects in 2014

• Optimizing store mix
• Leveraging our vendor relationships

and related buying power

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

Merchandising Programs

27

GDSO Segment is Downstream Link in Vertically Integrated Supply Chain

• Supply to ~1,500 stations in total
• Control ~760 properties through fee or lease

―Operate ~270 of these as company

• perated locations

NH, 9.4% PA, 5.7% ME, 3.7% RI, 5% NJ, 0.4%; VA, 0.3%; VT, 0.1% MA, 26% NY, 27% CT, 24% **Source NPN Magazine Market Facts 2013 and Company data

• 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
• Best in class locations: Preeminent locations in

Northeast

• Diversification: Flexible diversity of model, site

geography and site brand

Percentage of Sites by State** Strategic Advantages Segment Profile*

MD, 1.7% *Data as of January 2015

28

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 U.S. with the majority of its stores primarily

concentrated in MA, CT and NY

• Operates 147 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

29

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

30

Retail Footprint with Warren Equities

Site Type Global Warren Total Company Operated 126 147 273 CommissionAgents 219 53 272 Dealer Leased 196 20 216 TOTAL 541 220 761 Contract Dealers 342 299 641 Mobil BrandFee Agreement 129 129 TOTAL 1,012 519 1,531 KeyBusinessMetrics* Global Warren Total Motor Fuel Sales (million gallons) 1,001.6 497.1 1,498.7

*Metricsarebasedoncurrentrun-rate

Existing Global locations Warren locations

Data as of January 2015

Financial Summary

32

2014 Financial Performance

($ in millions, except per unit data) Q4 2013 Q4 2014 FY 2013 FY 2014 Gross profit $134.9 $141.5 $405.8 $542.6 Net income attributable to GLP $34.0 $27.9 $42.6 $114.7 Net income per limited partner unit $1.20 $0.93 $1.42 $3.95 EBITDA $64.9 $61.9 $157.4 $242.3 Maintenance capex $1.8 $5.6 $11.0 $34.1 DCF $52.5 $44.4 $105.2 $161.2

Please refer to Appendix for reconciliation of non-GAAP items

Full-year 2015 EBITDA guidance of $205M to $225M (as of 3/12/2015) 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

33

Strong Financial Profile & Increasing Distributable Cash Flow

• Track record of growth and profitability with increasing EBITDA and DCF
• 37 consecutive quarterly cash distributions since IPO in October 2005
• Current distribution of $0.6650 per unit ($2.66 per unit annualized)

+169%

FY 2014

Net Income $114.7

+54%

EBITDA $242.3

+53%

DCF $161.2

+31%

Product Margin $604.0

($ in millions) Denotes % change from FY 2013

Please refer to Appendix for reconciliation of non-GAAP items

34

Diversified Product Margin

Product Margin by Business Segment

FY 2014 $604.0M Wholesale 49% Gasoline Distribution & Station Operations 46% Commercial 5%

Wholesale Crude 24% Wholesale Distillates & Residual 13% Wholesale Gasoline 12% Gasoline Distribution 31% Rent & C-Store 15%

Please refer to Appendix for reconciliation of non-GAAP items

35

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

$0.020 $0.020 $0.016 $0.022 $0.023 $0.038 2009 2010 2011 2012 2013 2014

$161 $182 $234 $370 $461 $604

$0.047 $0.050 $0.045 $0.061 $0.066 $0.095 2009 2010 2011 2012 2013 2014

Please refer to Appendix for reconciliation of non-GAAP items

Product Margin ($ in millions, except cents per gallon) EBITDA ($ in millions, except cents per gallon)

Financial Growth with Consistent Profitability

36

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)

4.6 4.0 3.7 4.7 5.0 4.5 6.1 6.6 9.5 12.8 14.6 14.3 18.4 5 10 15 20 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total CPG Retail CPG*

Crude logistics and retail have driven margin expansion

37

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

DCF Coverage

($ in millions)

Conservative Distribution Policy

Global has generated $216.9 million in Excess DCF since the IPO with an average DCF coverage ratio of 1.5x 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 2006 2007 2008 2009 2010 2011 2012 2013 2014

38

$0.4875 $0.50 $0.50 $0.57 $0.6125 $0.6650 $1.95 $2.00 $2.00 $2.28 $2.45 $2.66 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014

Quarterly Distribution Annualized Rate

Q4 2014 distribution of $0.6650 represents 8.57% annual increase

Selected Distribution History

39

Balance Sheet at December 31, 2014

• Tangible and liquid with receivables and inventory comprising 39% of total

assets at 12/31/14

• 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 $825M of conservatively valued

fixed assets

• $100M (17%) of total debt at 12/31/14 related to inventory financing

– Borrowed under working capital facility

• $502M (83%) 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

Balance sheet figures

(In thousands) (Unaudited) Assets Current assets: Cash and cash equivalents $ 5,238 Accounts receivable, net 457,730 Accounts receivable - affiliates 3,903 Inventories 336,813 Brokerage margin deposits 17,198 Derivative assets 83,826 Prepaid expenses and other current assets 56,515 Total current assets 961,223 Property and equipment, net 825,051 Intangible assets, net 48,902 Goodwill 154,078 Other assets 50,723 Total assets $ 2,039,977 Liabilities and partners' equity Current liabilities: Accounts payable $ 456,619 Line of credit 700 Environmental liabilities - current portion 3,101 Trustee taxes payable 105,744 Accrued expenses and other current liabilities 82,820 Derivative liabilities 58,507 Total current liabilities 707,491 Working capital revolving credit facility - less current portion 100,000 Revolving credit facility 133,800 Senior notes 368,136 Environmental liabilities - less current portion 34,462 Other long-term liabilities 59,932 Total liabilities 1,403,821 Partners' equity Global Partners LP equity 586,942 Noncontrolling interest 49,214 Total partners' equity 636,156 Total liabilities and partners' equity $ 2,039,977

40

Improved Balance Sheet Efficiency

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

$422 $641

$300 $205 $422 $585 $509

$0 $50 $100 $150 $200 $250 $300 $0 $200 $400 $600 $800 $1,000 2010 2011 2012 2013 2014

$787 $794 $847 $912 $609 $72 $86 $136 $157 $242 4.2x 2.4x 3.1x 3.7x 2.1x

27.4% EBITDA CAGR from 2010 to 2014 while keeping debt relatively flat

• Disciplined Growth Initiatives
• Working Capital Management
• Reinvestment of Excess Cash Flows

Debt Excl. W/C Facility EBITDA Total Debt

41

$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 $387 million, including working capital

($ in millions)

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

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

Fuel Delivery

42

Key Investment Considerations

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

Appendix

44

Appendix – Financial Reconciliations

(In thousands) (Unaudited)

2011 Reconciliation of net income to EBITDA Net income (1) $ 34,134 $ 27,038 $ 19,352 $ 46,743 $ 41,053 $ 116,980 $ 33,029 $ 28,482 Net loss (income) attributable to noncontrolling interest

• 1,562

(2,271) 1,013 (572) Net income attributable to Global Partners LP (1) 34,134 27,038 19,352 46,743 42,615 114,709 34,042 27,910 Depreciation and amortization, excluding the impact of noncontrolling interest 14,740 20,082 30,359 45,458 70,423 78,888 19,424 21,635 Interest expense, excluding the impact of noncontrolling interest 16,357 25,317 35,932 42,021 43,537 47,719 11,424 12,084 Income tax expense (benefit) 1,429

• 68

1,577 819 963 (33) 303 EBITDA (1) $ 66,660 $ 72,437 $ 85,711 $ 135,799 $ 157,394 $ 242,279 $ 64,857 $ 61,932 Reconciliation of net cash (used in) provided by operating activities to EBITDA Net cash (used in) provided by operating activities (1) $ (61,129) $ (87,194) $ (17,357) $ 232,452 $ 255,147 $ 344,902 $ 1,035 $ 150,901 Net changes in operating assets and liabilities and certain non-cash items 110,003 134,314 67,068 (140,251) (136,960) (141,558) 53,594 (98,808) Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest

• (5,149)

(9,747) (1,163) (2,548) Interest expense, excluding the impact of noncontrolling interest 16,357 25,317 35,932 42,021 43,537 47,719 11,424 12,084 Income tax expense (benefit) 1,429

• 68

1,577 819 963 (33) 303 EBITDA (1) $ 66,660 $ 72,437 $ 85,711 $ 135,799 $ 157,394 $ 242,279 $ 64,857 $ 61,932 (1) Results for the three and twelve months ended December 31, 2013 include non-cash adjustments of $9.9 million and ($19.3 million), respectively, related to the Partnership's RIN RVO and loss on fixed forward commitments. 2014 Year Ended December 31, 2013 2012 2009 2010 2013 2014 December 31, Three Months Ended

45

Appendix – Financial Reconciliations

(In thousands) (Unaudited)

Reconciliation of net income to distributable cash flow Net income (1) $ 33,029 $ 28,482 $ 41,053 $ 116,980 Net loss (income) attributable to noncontrolling interest 1,013 (572) 1,562 (2,271) Net income attributable to Global Partners LP (1) 34,042 27,910 42,615 114,709 Depreciation and amortization, excluding the impact of noncontrolling interest 19,424 21,635 70,423 78,888 Amortization of deferred financing fees 1,835 1,440 6,897 5,627 Amortization of senior notes discount 105 124 368 559 Amortization of routine bank refinancing fees (1,117) (1,102) (4,072) (4,444) Maintenance capital expenditures (1,785) (5,648) (10,977) (34,115) Distributable cash flow (1) $ 52,504 $ 44,359 $ 105,254 $ 161,224 Reconciliation of net cash provided by (used in) operating activities to distributable cash flow Net cash provided by (used in) operating activities (1) $ 1,035 $ 150,901 $ 255,147 $ 344,902 Net changes in operating assets and liabilities and certain non-cash items 53,594 (98,808) (136,960) (141,558) Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest (1,163) (2,548) (5,149) (9,747) Amortization of deferred financing fees 1,835 1,440 6,897 5,627 Amortization of senior notes discount 105 124 368 559 Amortization of routine bank refinancing fees (1,117) (1,102) (4,072) (4,444) Maintenance capital expenditures (1,785) (5,648) (10,977) (34,115) Distributable cash flow (1) $ 52,504 $ 44,359 $ 105,254 $ 161,224 (1) Results for the three and twelve months ended December 31, 2013 include non-cash adjustments of $9.9 million and ($19.3 million), respectively, related to the Partnership's RIN RVO and loss on fixed forward commitments. Twelve Months Ended December 31, 2013 2014 2013 2014 December 31, Three Months Ended

46

Appendix – Financial Reconciliations

(In thousands) (Unaudited) (1) Results for the three and twelve months ended December 31, 2013 include non-cash adjustments of $9.9 million and ($19.3 million), respectively, related to the Partnership's RIN RVO and loss on fixed forward commitments.

Reconciliation of gross profit to product margin Wholesale segment: Gasoline and gasoline blendstocks (1) $ 13,974 $ 40,706 $ 54,065 $ 56,224 $ 54,639 $ 43,147 $ 71,713 $ 38,361 $ 754 Crude oil

• 12,301

35,538 92,807 141,965 22,304 43,709 Other oils and related products 64,835 104,528 90,346 55,308 55,252 66,916 79,376 21,653 21,412 Total (1) 78,809 145,234 144,411 123,833 145,429 202,870 293,054 82,318 65,875 Gasoline Distribution and Station Operations segment: Gasoline distribution

• 14,017

56,690 139,706 150,147 189,439 39,614 62,810 Station operations

• 8,885

31,491 66,384 80,106 91,757 21,044 23,148 Total

• 22,902

88,181 206,090 230,253 281,196 60,658 85,958 Commercial segment 14,570 15,410 15,033 21,975 18,652 28,359 29,716 7,019 6,421 Combined product margin (1) 93,379 160,644 182,346 233,989 370,171 461,482 603,966 149,995 158,254 Depreciation allocated to cost of sales (1,662) (10,816) (15,628) (24,391) (36,683) (55,653) (61,361) (15,128) (16,733) Gross profit (1) $ 91,717 $ 149,828 $ 166,718 $ 209,598 $ 333,488 $ 405,829 $ 542,605 $ 134,867 $ 141,521 2013 2009 2010 2011 2012 2014 Year Ended December 31, 2013 2014 Three Months Ended December 31, 2005

47

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