Q3 2014 Investor Presentation

Global Partners LP (NYSE: GLP)

Q4 2016 Investor Presentation

2

Forward-Looking Statements

Certain statements and information in this presentation may constitute “forward-looking statements.” The words “believe,” “expect,”

“anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking

statements, which are generally not historical in nature. These forward-looking statements are based on Global Partners’ current

expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that

these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the

Partnership will be those that it anticipates. All comments concerning the Partnership’s expectations for future revenues and operating

results are based on forecasts for its existing operations and do not include the potential impact of any future acquisitions. Forward-

looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) and assumptions that

could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected

results, please see Global Partners’ filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and

Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The

Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether

as a result of new information, future events or otherwise.

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 sec tion of Global Partners’ website at www.globalp.com.

Product Margin

Global Partners views product margin as an important performance measure of the core profitability of its operations. The Par tnership 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 unbrand ed and branded gasoline, distillates, residual oil, renewable fuels, crude oil,

natural gas and propane, as well as convenience store sales, gasoline station rental income and revenue generated from logist ics activities when the Partnership engages in the storage, transloading and

shipment of products owned by others. Product costs include the cost of acquiring the refined petroleum products, renewable f uels, crude oil, natural gas and propane and all associated costs including

shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks

at product margin on a per unit basis (product margin divided by volume). Product margin is a non GAAP financial measure used by management and external users of the Partnership’s consolidated

financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial

performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a simil arly 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;

• operating 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

oil, natural gas and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; and

• viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.

Adjusted EBITDA is EBITDA further adjusted for the gain or loss on the sale and disposition of assets and goodwill and long-lived asset impairment. EBITDA and Adjusted EBITDA should not be considered as

alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA

exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of

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.

4

Global Partners at a Glance

• Master limited partnership engaged in midstream logistics and marketing

• Leading wholesale distributor of petroleum products

• One of the largest independent owners, suppliers and operators of gasoline stations and

convenience stores in the Northeast

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

Retail Locations Northeast Terminal Locations

5

Global’s DNA

Sourcing and Logistics

Integrated Marketing

Retail Wholesale Distribution C-Store Operations

Origin and Transportation Delivery and Storage

6

Global by the Numbers

* Included in the ~1,500 total gas stations

25 Refined Petroleum Bulk Product Terminals

12.2 Million Barrels of Storage Capacity

335K Barrels of Product Sold Daily

~1,500 Gas Stations Owned, Leased or Supplied

248 Company-operated Convenience Stores*

Data as of 12/31/2016

7

Key Role in Northeast Energy Infrastructure

Gasoline*

Diesel fuel

Heating oil

TTM as of 12/31/2016

*Total gasoline volume sold

708K

19K

40K

Automobile tanks filled/day

Diesel trucks filled/day

Homes heated/day in winter

8

Getty Realty

Agreement

Acquired

Alliance

Energy

Acquired

Mobil Stations

Key Acquisitions and Investments

2007 2008 2009 2010 2011

Acquired three

terminals

from ExxonMobil

Acquired two

terminals

from ExxonMobil

Completed Port of

Providence

terminal project

Organic terminal

projects in

Albany, NY

Oyster Bay, NY

Philadelphia, PA

2012 2013

Albany Ethanol Expansion

Project with CP Railway

Acquired

Warex terminals

Acquired

Basin Transload

Completed

Global Albany

rail expansion

Acquired

CPBR Facility

~$1.7 Billion in Acquisitions and Investments

2014

Acquired

Warren Equities

Acquired Boston

Harbor Terminal

2015 2016

Acquired NY/DC

retail portfolio from

Capitol Petroleum

Expanded retail

portfolio with the

addition of 22 leased

sites in Western Mass.

Contracted to supply

150M gallons to other

Mobil distributors

9

Creating Value Through Optimization and Growth Initiatives

• Sale-leaseback of certain New England gas station sites

• Sale of non-strategic sites

• Ongoing divestiture of non-strategic sites

• Ethanol transloading in Oregon

• Sale of natural gas marketing and electricity brokerage businesses

• Early termination of railcar sublease

• Engaged an advisor to solicit proposals for the potential sale of six refined petroleum

products terminals located in New England, New York and Pennsylvania

Asset Optimization

Growth Initiatives

• Signed long-term lease for 22 stations and c-stores in Western Massachusetts

• Added leased sites as part of agreement with Getty Realty

• New-to-industry retail and raze-and rebuild projects (ongoing)

Business Overview

11

Business Overview

• Bulk purchase, movement,

storage and sale of:

– Gasoline and gasoline blendstocks

– Other oils and related products

– Crude oil

• Customers

– Branded and unbranded gasoline

distributors

– Home heating oil retailers and

wholesale distributors

– Refiners

CommercialWholesale

• Sales and deliveries to end

user customers of:

– Unbranded gasoline

– Heating oil, kerosene, diesel

and residual fuel

– Bunker fuel

• Customers

– Government agencies

– States, towns, municipalities

– Large commercial clients

– Shipping companies

Gasoline Distribution &

Station Operations• Retail gasoline sales

– Branded and unbranded

• Rental income from:

– Dealers

– Commissioned agents

– Co-branding arrangements

• Sales to retail customers of:

– Convenience store items

– Car wash services

– Fresh-made and prepared foods

• Alltown and Xtra Mart stores

• Customers

– Station operators

– Gasoline jobbers

– Retail customers

Wholesale Segment

13

Global has 11.3 million bbls of terminal capacity in the Northeast

Estimated market share1

Wholesale Terminals – Northeast

1 Based on terminal capacity (bbls in 000s)

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

Newburgh, NY: 429K bbls

Albany, NY: 1,402K bbls

Newburgh-Warex, NY: 956K bbls

Commander/Oyster Bay, NY: 134K bbls

Port of Providence, RI: 480K bbls

Sandwich, MA: 99K bbls

Chelsea, MA: 685K bbls

Revere, MA: 2,097K bbls

Portland, ME: 665K bbls

Burlington, VT: 419K bbls

Inwood, NY: 322K bbls

Glenwood Landing, NY: 98K bbls

Wethersfield, CT: 183K bbls

Bridgeport, CT: 110K bbls

Key to Terminal Type

Distillate

Ethanol

Gasoline/Distillate/Ethanol

Residual/Distillate

Residual/Distillate/Biofuel

Distillate/Biofuel

Gasoline/Distillate/Ethanol/Crude

Propane/Butane

Crude Macungie, PA: 170K bbls

Staten Island, NY: 287K bbls

Philadelphia, PA: 260K bbls

Bayonne, NJ: 371K bbls

Springfield, MA: 54K bbls

Location Est. market capacity GLP capacity GLP % of total

Newburgh, NY 2,847 1,385 49%

Western Long Island, NY 776 554 71%

Boston Harbor, MA 9,995 2,782 28%

Vermont 427 419 98%

Providence, RI 4,631 480 10%

Albany/Rensselaer, NY 9,387 1,402 15%

Riverhead, NY: 2,045K bbls

Albany, NY: 24K bbls

14

Ethanol Transloading in Oregon

• 200,000 bbls of storage capacity

• Dock capable of handling Panamax-class vessels

• Working to finalize permits needed to expand facility

Gasoline Distribution & Station

Operations Segment

16

One of the Largest Operators of Gasoline Stations and

Convenience Stores in the Northeast• Large gasoline station and C-store portfolio

– Supply ~1,500 locations in 11 states

• Own or control ~775 sites; approximately

45% owned

– Brands include Mobil, CITGO, Shell, Gulf and

Sunoco

• New-to-industry and organic projects

– Retail site development and expansion

– Merchandising and rebranding

– Co-branding initiatives

• Warren Equities and Capitol Petroleum

portfolios

– Strengthen footprint on East Coast

– Expand presence to mid-Atlantic

– Deepen integration between midstream and

downstream assets

Site Type Total

Company Operated 248

Commissioned Agents 281

Dealer Leased 246

TOTAL 775

Dealer Contracts 683

TOTAL 1,458

17

GDSO Segment Competitive Strengths

• Annuity business: Rental income from

Dealer Leased and Commissioned Agents

• Vertical integration: Integration between

supply, terminaling and wholesale

businesses and gas station sites

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

billion gallons in 2016

Strategic Advantages

• Preeminent locations: Portfolio of “best-in-

class” sites in Northeast and Mid-Atlantic

• Diversification: Flexible diversity of mode of

operation, site geography and site brand

Portfolio Percentage of Sites by State

NY26%

MA 26%

CT23%

PA 6%

NH 5%

MD 5%

RI 5%

ME 3% NJ 1% VA <1%VT <1%

Multiple Brands

As of 12/31/2016

18

Track Record of Acquisitive Growth

• Q2 2016

• Expanded presence in Western

Massachusetts through long-term

leases for gas stations and c-stores

• Shell and Mobil fuel brands

• Q1 2015

• Strengthened footprint across 10

states in the Northeast with the

majority of its stores primarily

concentrated in MA, CT and NY

• Expanded scale while

providing significant operational

synergies and strategic options

• Q2 2015

• Added Mobil- and Exxon-branded

owned and leased retail gas stations,

as well as dealer supply contracts in

NYC and MD

• Expanded Global’s presence in two

attractive markets

Warren Equities Capitol Petroleum GroupExpanded Portfolio in

Western Mass

NY0086JT: 646181_1

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AnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolisAnnapolis

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GaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburgGaithersburg

Oxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-GlassmanorOxon Hill-Glassmanor

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Wheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-GlenmontWheaton-Glenmont

AlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAlexandriaAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandaleAnnandale

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NY0086JT: 646181_1

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BloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfieldBloomfield

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Fort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort LeeFort Lee

HackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensackHackensack

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LindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLindenLinden

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Perth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth AmboyPerth Amboy

UnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnionUnion

West New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest New YorkWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest OrangeWest Orange

East MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast MeadowEast Meadow

FreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeportFreeport

HempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempsteadHempstead

HicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksvilleHicksville

Long BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong BeachLong Beach

OceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceansideOceanside

Valley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley StreamValley Stream

678

9580

278

95

478

278

398

66

97

498

270

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

Commercial Segment

21

Commercial Segment Overview

• Delivered fuels business – commercial and industrial, as well as federal agencies, states,

towns and municipalities

– Through competitive bidding process or through contracts of various terms

• Bunkering – marine vessel fueling

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

Financial Summary

23

Q4 2016 Financial Performance

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

($ in millions) Q4 2015 Q4 2016

Product margin $157.4 $175.9

Gross profit $132.6 $154.5

Net loss attributable to GLP $(2.3) $(65.5)

EBITDA* $45.8 $(20.9)

Adjusted EBITDA* $46.6 $(14.4)

Adjusted EBITDA* excluding lease termination expense $46.6 $66.3

Maintenance capex $9.7 $12.1

DCF* $17.3 $(51.8)

DCF* excluding lease termination expense and net loss

on sale of assets$18.1 $35.4

$121.3

$31.6

$4.5

$111.7

$56.8

$7.5

GDSO Wholesale Commercial

Q4’15 Q4’16 Q4’15 Q4’16 Q4’15 Q4’16

Q4 Product Margin by Segment($ in millions)

Q4 2016 vs. Q4 2015 Drivers

Expansion of leased retail portfolio Railcar lease exit and termination

expenses

Favorable wholesale gasoline and

gasoline blendstocks market Rising wholesale gasoline prices

Colder weather Sale of non-strategic retail sites

Increased revenue from a crude

take-or-pay contract

Commercial 4%

Wholesale 32%

GDSO 64%Wholesale

Distillates

& Residual

12%

Wholesale

Gasoline

11%

Gasoline

Distribution

39%

C-Store &

Third-party Rent

25%

$175.9M

Wholesale

Crude 9%

Total Q4 2016 Product Margin

24

FY 2016 Financial Performance

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

($ in millions) FY 2015 FY 2016

Product margin $692.5 $642.1

Gross profit $597.7 $546.5

Net income (loss) attributable to GLP $43.6 $(199.4)

EBITDA* $225.7 $(4.9)

Adjusted EBITDA* $227.8 $129.7

Adjusted EBITDA* excluding lease termination expense $227.8 $210.4

Maintenance capex $30.0 $33.0

DCF* $126.9 $(121.4)

DCF* excluding lease termination expense, net loss on

sale of assets and non-cash impairment charges$128.9 $93.9

$455.3

$207.9

$29.2

$473.1

$144.9

$24.0

GDSO Wholesale Commercial

FY’15 FY’16 FY’15 FY’16 FY’15 FY’16

FY Product Margin by Segment($ in millions)

FY 2016 vs. FY 2015 Drivers

Expansion of leased retail portfolio

and full year of Capitol acquisition Railcar lease exit and termination

expenses

Favorable wholesale gasoline and

gasoline blendstocks market Non-cash goodwill impairment related

to Wholesale segment

Reduced expenses Sale of non-strategic retail sites

Tight crude differentials

Commercial 4%

Wholesale 24%

GDSO 72%

Wholesale

Distillates

& Residual

11% Wholesale

Gasoline

13%

Gasoline

Distribution

44%

C-Store &

Third-party Rent

28%

$642.1M

Total FY 2016 Product Margin

25

Volume and Margin

• Consistency/Repeatability– Driving cars & trucks

– Heating buildings and homes

– Term contracts

– Rental income and C-Store sales

• Variability– Market and economic conditions

– Weather

– Seasonality

* Retail excludes C-store margin and rent

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

4.6 4.0 3.74.7 5.0 4.5

6.1 6.6

9.5

12.3 12.512.814.6 14.3

18.4 18.3 18.2

0

5

10

15

20

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Total CPG Retail CPG*

$8.9

$31.7

$67.0$78.8

$93.9

$178.5$183.7

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

$200.0

2010 2011 2012 2013 2014 2015 2016

Rent C-Store & Sundry

26

Balance Sheet at December 31, 2016

• Tangible and liquid with receivables and inventory comprising 37% of total

assets at 12/31/16

• Receivables diversified over a large customer base and turn within 10 to 20

days; write-offs have averaged 0.01% of sales per year over the past five

years

• Inventory represents about 10 to 20 days of sales

• Remaining assets are comprised primarily of $1.1B of conservatively valued

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

• $424M (33%) of total debt at 12/31/16 related to inventory financing

– Borrowed under working capital facility

• $876M (67%) is debt related to:

– Terminal operating infrastructure

– Acquisitions and capital expenditures

• Total committed facility of $1.475B*:

– $900M working capital revolver

– $575M acquisition/general corporate purpose revolver

– Credit agreement matures 4/30/2018

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

Balance sheet figures(In thousands)

Assets

Current assets:

Cash and cash equivalents $ 10,028

Accounts receivable, net 421,360

Accounts receivable - affiliates 3,143

Inventories 521,878

Brokerage margin deposits 27,653

Derivative assets 21,382

Prepaid expenses and other current assets 70,022

Total current assets 1,075,466

Property and equipment, net 1,099,899

Intangible assets, net 65,013

Goodwill 294,768

Other assets 28,874

Total assets $ 2,564,020

Liabilities and partners' equity

Current liabilities:

Accounts payable $ 320,262

Working capital revolving credit facility - current portion 274,600

Environmental liabilities - current portion 5,341

Trustee taxes payable 101,166

Accrued expenses and other current liabilities 70,443

Derivative liabilities 27,413

Total current liabilities 799,225

Working capital revolving credit facility - less current portion 150,000

Revolving credit facility 216,700

Senior notes 659,150

Environmental liabilities - less current portion 57,724

Financing obligations 152,444

Deferred tax liabilities 66,054

Other long-term liabilities 64,882

Total liabilities 2,166,179

Partners' equity

Global Partners LP equity 392,655

Noncontrolling interest 5,186

Total partners' equity 397,841

Total liabilities and partners' equity $ 2,564,020

Appendix

28

Financial Reconciliations: Product Margin

(In thousands)

(Unaudited)

Reconciliation of gross profit to product margin

Wholesale segment:

Gasoline and gasoline blendstocks (1) $ 54,065 $ 56,224 $ 54,639 $ 43,147 $ 71,713 $ 66,031 $ 83,742 $ 11,337 $ 19,239

Crude oil - 12,301 35,538 92,807 141,965 74,182 (13,098) 6,378 15,741

Other oils and related products 90,346 55,308 55,252 66,916 79,376 67,709 74,271 13,908 21,783

Total (1) 144,411 123,833 145,429 202,870 293,054 207,922 144,915 31,623 56,763

Gasoline Distribution and Station Operations segment:

Gasoline distribution 14,017 56,690 139,706 150,147 189,439 276,848 289,420 73,643 68,923

Station operations 8,885 31,713 67,011 78,833 93,939 178,487 183,708 47,651 42,787

Total 22,902 88,403 206,717 228,980 283,378 455,335 473,128 121,294 111,710

Commercial segment 15,033 21,975 18,652 28,359 29,716 29,201 24,018 4,532 7,452

Combined product margin (1) 182,346 234,211 370,798 460,209 606,148 692,458 642,061 157,449 175,925

Depreciation allocated to cost of sales (15,628) (24,391) (36,683) (55,653) (61,361) (94,789) (95,571) (24,825) (21,447)

Gross profit (1) $ 166,718 $ 209,820 $ 334,115 $ 404,556 $ 544,787 $ 597,669 $ 546,490 $ 132,624 $ 154,478

(1) Results for the year ended December 31, 2013 include a non-cash adjustment of ($19.3 million) related to the Partnership's RIN RVO and loss on fixed forward commitments.

2016

Year Ended December 31,

201520132010 2011 2012 2014 2015 2016

Three Months Ended

December 31,

29

Financial Reconciliations: EBITDA and Adjusted EBITDA

(In thousands)

(Unaudited)

2011

Reconciliation of net income (loss) to EBITDA

Net income (loss) (1) $ 19,352 $ 46,743 $ 41,053 $ 116,980 $ 43,264 $ (238,623) $ (2,905) $ (65,662)

Net loss (income) attributable to noncontrolling interest - - 1,562 (2,271) 299 39,211 623 135

Net income (loss) attributable to Global Partners LP (1) 19,352 46,743 42,615 114,709 43,563 (199,412) (2,282) (65,527)

Depreciation and amortization, excluding the impact of noncontrolling interest 30,359 45,458 70,423 78,888 110,670 108,189 28,667 25,116

Interest expense, excluding the impact of noncontrolling interest 35,932 42,021 43,537 47,719 73,329 86,319 22,274 21,127

Income tax expense (benefit) 68 1,577 819 963 (1,873) 53 (2,842) (1,615)

EBITDA (1) 85,711 135,799 157,394 242,279 225,689 (4,851) 45,817 (20,899)

Net loss on sale and disposition of assets 222 627 (1,273) 2,182 2,097 20,495 767 6,529

Goodwill and long-lived asset impairment - - - - - 149,972 - -

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

Adjusted EBITDA (2) $ 85,933 $ 136,426 $ 156,121 $ 244,461 $ 227,786 $ 129,782 $ 46,584 $ (14,370)

Reconciliation of net cash (used in) provided by operating activities to EBITDA

Net cash (used in) provided by operating activities (1) $ (17,357) $ 232,452 $ 255,147 $ 344,902 $ 70,506 $ (119,886) $ 67,898 $ (134,046)

Net changes in operating assets and liabilities and certain non-cash items 67,068 (140,251) (136,960) (141,558) 88,609 (6,795) (41,001) 93,852

Net cash from operating activities and changes in operating

assets and liabilities attributable to noncontrolling interest - - (5,149) (9,747) (4,882) 35,458 (512) (217)

Interest expense, excluding the impact of noncontrolling interest 35,932 42,021 43,537 47,719 73,329 86,319 22,274 21,127

Income tax expense (benefit) 68 1,577 819 963 (1,873) 53 (2,842) (1,615)

EBITDA (1) 85,711 135,799 157,394 242,279 225,689 (4,851) 45,817 (20,899)

Net loss on sale and disposition of assets 222 627 (1,273) 2,182 2,097 20,495 767 6,529

Goodwill and long-lived asset impairment - - - - - 149,972 - -

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

Adjusted EBITDA (2) $ 85,933 $ 136,426 $ 156,121 $ 244,461 $ 227,786 $ 129,782 $ 46,584 $ (14,370)

(1) Results for the year ended December 31, 2013 include a non-cash adjustment of ($19.3 million) related to the Partnership's RIN RVO and loss on fixed forward commitments.

(2) In December 2016, the Partnership voluntarily terminated early a sublease for 1,610 railcars and, as a result, recorded lease exit and termination expenses of $80.7 million for each of the three and twelve

months ended December 31, 2016. Excluding these expenses, Adjusted EBITDA would have been $66.3 million and $210.4 million for the three and twelve months ended December 31, 2016, respectively.

2015 2016

December 31,

Three Months Ended

2014 2016

Year Ended December 31,

20132012 2015

30

Financial Reconciliations: DCF

(In thousands)

(Unaudited)

Reconciliation of net income (loss) to distributable cash flow

Net income (loss) (1) $ 19,352 $ 46,743 $ 41,053 $ 116,980 $ 43,264 $ (238,623) $ (2,905) $ (65,662)

Net loss (income) attributable to noncontrolling interest - - 1,562 (2,271) 299 39,211 623 135

Net income (loss) attributable to Global Partners LP (1) 19,352 46,743 42,615 114,709 43,563 (199,412) (2,282) (65,527)

Depreciation and amortization, excluding the impact of noncontrolling interest 30,359 45,458 70,423 78,888 110,670 108,189 28,667 25,116

Amortization of deferred financing fees and senior notes discount 4,723 5,753 7,265 6,186 6,988 7,412 1,826 1,906

Amortization of routine bank refinancing fees (3,467) (4,073) (4,072) (4,444) (4,516) (4,580) (1,135) (1,167)

Maintenance capital expenditures, excluding the impact of noncontrolling interest (4,226) (13,112) (10,977) (34,115) (29,850) (32,989) (9,740) (12,135)

Distributable cash flow (2) $ 46,741 $ 80,769 $ 105,254 $ 161,224 $ 126,855 $ (121,380) $ 17,336 $ (51,807)

Reconciliation of net cash (used in) provided by operating activities to

distributable cash flow

Net cash (used in) provided by operating activities (1) $ (17,357) $ 232,452 $ 255,147 $ 344,902 $ 70,506 $ (119,886) $ 67,898 $ (134,046)

Net changes in operating assets and liabilities and certain non-cash items 67,068 (140,251) (136,960) (141,558) 88,609 (6,795) (41,001) 93,852

Net cash from operating activities and changes in operating

assets and liabilities attributable to noncontrolling interest - - (5,149) (9,747) (4,882) 35,458 (512) (217)

Amortization of deferred financing fees and senior notes discount 4,723 5,753 7,265 6,186 6,988 7,412 1,826 1,906

Amortization of routine bank refinancing fees (3,467) (4,073) (4,072) (4,444) (4,516) (4,580) (1,135) (1,167)

Maintenance capital expenditures, excluding the impact of noncontrolling interest (4,226) (13,112) (10,977) (34,115) (29,850) (32,989) (9,740) (12,135)

Distributable cash flow (2) $ 46,741 $ 80,769 $ 105,254 $ 161,224 $ 126,855 $ (121,380) $ 17,336 $ (51,807)

(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)

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.

2016 (3)

Year Ended December 31,

2013 20152014 2015 2016 (3)

December 31,

Three Months Ended

Distributable cash flow ("DCF") includes a net loss on sale and disposition of assets of $6.5 million and $20.5 million for the three and twelve months ended December 31, 2016, respectively, and

lease exit and termination expenses of $80.7 million for each of the three and twelve months ended December 31, 2016. For the twelve months ended December 31, 2016, DCF 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, DCF

would have been $35.4 million and $93.9 million for the three and twelve months ended December 31, 2016, respectively.

2011 2012