Q3 2014 Investor Presentation

Global Partners LP (NYSE: GLP)

Q1 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 current expectations and beliefs

concerning future developments and their potential effect on Global Partners. While management believes that these forward-looking

statements are reasonable as and when made, there can be no assurance that future developments affecting Global Partners will be

those that it anticipates. All comments concerning Global Partners’ expectations for future revenues and operating results are based on

Global Partners’ forecasts for existing operations and do not include the potential impact of any future acquisitions. Global Partners’

forward-looking statements involve significant risks and uncertainties (some of which are beyond Global Partners’ control) and

assumptions that could cause actual results to differ materially from its historical experience and its present expectations or projections.

For additional information regarding known material factors that could cause Global Partners’ actual results to differ from its projected

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

and Current Reports on Form 8-K.

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

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

result of new information, future events or otherwise.

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 m ost directly comparable GAAP measures is available in the

Appendix to this presentation. For additional detail regarding selected items impacting comparability, please visit the Inve stor Relations section of Global Partners’ website at

www.globalp.com.

Product Margin

Global Partners views product margin as an important performance measure of the core profitability of its operations. The 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 unbranded and branded gasoline, distillates, residual oil,

renewable fuels, crude oil, natural gas and propane, as well as convenience store sales, gasoline station rental income and r evenue generated from the Partnership’s logistics activities when it

engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring th e refined petroleum products, renewable fuels, crude oil, natural

gas and propane and all associated costs including shipping and handling costs to bring such products to the point of sale, a s well as product costs related to convenience store items and

costs associated with the Partnership’s logistics activities. The Partnership also looks at product margin on a per unit basi s (product margin divided by volume). Product margin is a non-GAAP

financial measure used by management and external users of Global Partners’ consolidated financial statements to assess the P artnership’s business. Product margin should not be

considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial perfo rmance presented in accordance with GAAP. In addition, Global

Partners’ product margin may not be comparable to product margin or a similarly titled measure of other companies.

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are a 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, 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.

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 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

• Engaged in the transportation of crude oil and other products by rail

5

Strategy In Current Environment

Maintain Strong Balance Sheet

• Reduced capital spending

• Reduced expenses

• Q1 quarterly distribution of $0.4625 per unit

Optimize Assets

• Convert 200,000 barrels of storage capacity to ethanol transloading at Oregon terminal

• Use terminal storage capacity to capitalize on contango market

• Maximize value of real-estate portfolio through asset sales and converting mode of operation of certain stations

Pursue Growth Opportunities

• Expand dock in Oregon

• Development of new to industry sites/raze and rebuilds

6

Global’s DNA

Sourcing and Logistics

Integrated Marketing

Retail Wholesale Distribution C-Store Operations

Origin and Transportation Delivery and Storage

7

Global by the Numbers

Refined Petroleum Bulk Product Terminals

Barrels of Storage Capacity

Barrels of Product Sold Daily

Gas Stations Owned, Leased or Supplied

25

12.2M

348K

1,500

*Included in the ~1,500 total gas stations

274* Company-operated Convenience Stores

8

How Large is Global’s Refined Fuels Network?

Gasoline*

Diesel fuel

Heating oil

TTM as of 3/31/2016

*Total gasoline volume sold

698K

17K

37K

Automobile tanks filled/day

Diesel trucks filled/day

Homes heated/day in winter

9

Getty Realty

Agreement

Acquired

Alliance

Energy

Acquired

Mobil Stations

History of Growth

2007 2008 2009 2010 2011

Acquired three

terminals

from ExxonMobil

Acquired two

terminals

from ExxonMobil

Completed Port of

Providence

terminal project

Organic terminal

projects in

Albany, NY

Oyster Bay, NY

Philadelphia, PA

Launched offshore

bunkering

service

2012 2013

Albany Ethanol Expansion

Project with CP Railway

Acquired

Warex terminals

Contracted to supply

150M gallons to other

Mobil distributors

Receipt, storage and

distribution of Bakken crude

oil at Global Albany

Completed 100K bbl

storage tank in

Columbus, ND

Acquired

Basin Transload

Completed

Global Albany

rail expansion

Acquired

CPBR Facility

Opened NGL

facility in Albany

Signed pipeline connection agreements

with Tesoro and Meadowlark

~$1.7 Billion in Acquisitions and Investments

2014

Acquired

Warren Equities

Acquired Boston

Harbor Terminal

Completed 176K bbl storage

tank in Columbus, ND

2015 2016

Expanded retail portfolio

with the addition of 22 leased

sites in Western Mass.

Acquired NY/DC

retail portfolio from

Capitol Petroleum

10

Growth Strategy

• Enhance cash flow through product and market

diversification

• Invest in terminaling and logistics in constrained

markets

• Attract new customers through superior service and

product availability

• Optimize assets and enhance supply and logistical

efficiencies

Organic Growth Initiatives Strategic Acquisitions

• Consolidate markets and leverage scale to

achieve efficiencies

• Achieve significant operational synergies and

cost savings while increasing returns

• Create opportunities to deliver value-added

products and services

• Increase cash flow stability while enhancing

real estate portfolio

Conservative Financial

Approach and

Strong Capitalization

Business Overview

12

Business Overview

• Bulk purchase, movement,

storage and sale of:

– Gasoline and gasoline blendstocks

– Crude oil

– Other oils and related products

• Customers

– Branded and unbranded gasoline

distributors

– Home heating oil retailers and

wholesale distributors

– Refiners

CommercialWholesale

• Sales and deliveries to end

user customers of:

– Unbranded gasoline

– Heating oil, kerosene, diesel

and residual fuel

– Natural gas

– Bunker fuel

• Customers

– Government agencies

– States, towns, municipalities

– Large commercial clients

– Shipping companies

Gasoline Distribution &

Station Operations• Retail gasoline sales

– Branded and unbranded

• Rental income from:

– Dealers

– Commission agents

– Co-branding arrangements

• Sale 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

13

Vertical Integration

Tanker

Barge

Pipeline

Truck

Storage Facilities

Truck

Rail

Refinery

Wholesale “Rack”

Retail

Consumer

Rail

Gas station

Wholesale Commercial Gasoline Distribution & Station Operations

Commercial

IndustrialBarge

Wholesale Segment

15

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

16

Rail Logistics

Basin Stampede, ND

Clatskanie, OR Terminal

Albany, NY TerminalBasin Beulah, ND

17

Albany Terminal Critical Link in North American Infrastructure

• Receipt, storage and delivery of

multiple petroleum products

–Gasoline

–Ethanol

–Heating oil

–Crude oil

• Significant intermodal flexibility

–Rail

–Barge

–Truck

18

Initiatives Underway at Oregon Terminal

• Infrastructure projects

–Upgrading terminal dock to handle Panamax-

class vessels

–Converting facility’s 200,000 bbls of storage to

ethanol transloading

–Projects expected to be completed in Q3 2016

Gasoline Distribution & Station

Operations Segment

20

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 ~830 sites; approximately 50% owned

–Brands include Mobil, CITGO, Shell, Gulf and Sunoco

• New-to-industry and organic projects –Retail site development and expansion

–Merchandising and rebranding

–Co-branding initiatives

• Acquisitions of Warren Equities and Capitol Petroleum portfolio –Strengthen footprint on East Coast

–Expand presence to mid-Atlantic

–Deepen integration between midstream and downstream assets

21

GDSO Segment is Downstream Link in Vertically Integrated

Supply Chain

Legacy Global locations

Warren locations

Capitol Petroleum locations

• Annuity business: Rental income from

Dealer Leased and Commission Agents

• Vertical integration: Integration between

supply, terminaling and wholesale

businesses and gas station sites

• Scale: ~1,500 sites with volume of 1.5

billion gallons in 2015

• Preeminent locations: Portfolio of “best-in-

class” sites in Northeast and Mid-Atlantic

• Diversification: Flexible diversity of mode of

operation, site geography and site brand

Strategic Advantages

22

Organization of GDSO Segment

Company Operated Stores

Commission Agents

Lessee Dealers

Contract Dealers

274

283

274

667Data as of 3/31/2016

23

Warren Equities: A Transformative Acquisition

for Global’s Retail Platform

• Completed in January 2015 (included 148 convenience stores, 33 commission agent locations and

approximately 330 dealers)

• 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

• Projected EBITDA:

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

24

Acquired Retail Portfolio from Capitol Petroleum Group

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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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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

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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

95

80

278

95

478

278

398

66

97

498

270

Lessee Dealer Commissioned Agent Dealer – Supply Only

• 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 of fuel in 2014

• Expected to be accretive in the first full year of operations

25

Expanded Retail Portfolio in Western Massachusetts

• 22 gas stations and convenience stores in Pittsfield and Springfield regions

• Added through long-term leases

• Shell and Mobil fuel brands

26

GDSO Segment - Growth Through Organic and M&A Initiatives

Organic Projects:

• Raze and rebuilds

• New-to-industry sites

Real Estate Focus:

• Optimize real-estate portfolio through asset sales

• Convert mode of operation of certain stations to

maximize value

Merchandising Focus:

• Store mix

• Vendor relationships and related buying power

• Co-branding alliances

M&A:

• Transactions that provide strategic and operational

advantages

Commercial Segment

28

Commercial Segment Overview

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

towns and municipalities

– Through competitive bidding process or through contracts of various terms

• Bunkering – marine vessel fueling

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

• Natural gas marketing

29

Expertise and Competitive Strengths

• Expertise –Marketing, logistics and transportation

• Competitive strengths –Reliability

– Terminal locations

–Customer base

Representative Customers

Financial Summary

31

Q1 2016 Financial Performance

($ in millions) Q1 2015 Q1 2016

Product margin $190.1 $154.5

Gross profit $168.6 $130.1

Net income (loss) attributable to GLP $30.4 $(7.0)

EBITDA $71.8 $42.6

Adjusted EBITDA $72.3 $48.7

Maintenance capex $3.7 $4.8

DCF(1) $53.7 $16.4

Please refer to Appendix for reconciliation of non-GAAP items

• Q1 2016 GDSO product margin increased by $9.9M, or 10%, YOY to $108.3M, driven by the acquisition of the retail portfolio from

Capitol Petroleum. Fuel margin negatively impacted by rising wholesale gasoline prices.

• Q1 2016 Wholesale product margin decreased by $40.9M, or 51%, YOY to $39.2M, reflecting 1) tighter differentials in the crude oil

market and the negative impact of fixed costs including railcar leases; 2) favorable market conditions in Q1 2015 in wholesale

gasoline that did not occur in the first quarter of this year; and 3) warmer weather.

• Q1 2016 Commercial product margin decreased by $4.7M, or 40%, YOY to $6.9M, primarily reflecting the effect of warmer

temperatures

(1) Includes a loss on sale and disposition of assets and impairment charges of $6.1 million and $0.4 million for the three months ended March 31, 2016 and

2015, respectively. Excluding these items, DCF would have been $22.5 million for the three months ended 3/31/2016 and $54.1 million for the three months

ended 3/31/2015.

32

Financial Profile

Product Margin EBITDA

($ in millions) ($ in millions)

DCF

($ in millions)

*Includes $5.5 million impairment charge related to assets classified as held for sale and $2.3 million loss on the sale of gasoline stations. Excluding these charges, for the

trailing 12 months ended 3/31/16 Adjusted EBITDA and DCF would have been $204.2 million and $97.3 million, respectively.

33

Product Margin by Business Segment

Wholesale

Crude

23%

Q1 2016

$154.5M

Wholesale Distillates

& Residual 16%

Wholesale

Gasoline 11%

Commercial 4%

Gasoline

Distribution

42%

C-Store &

Third-party Rent

27%

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

Please refer to Appendix for reconciliation of non-GAAP items

Wholesale 27%

GDSO 69%

TTM 3/31/2016

$656.8M

Wholesale 26%

GDSO 70%Commercial 4%

Wholesale

Crude 9%

Gasoline

Distribution

42%

C-Store &

Third-party Rent

28%

Wholesale Distillates

& Residual 9%

Wholesale

Gasoline 8%

34

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)

35

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

2015 1.4x

TTM 3/31/16 1.1x

DCF Coverage

($ in millions)

Conservative Distribution Policy

Global has generated $252.2 million in Excess DCF since its 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

36

Balance Sheet at March 31, 2016

• Tangible and liquid with receivables and inventory comprising 27% of total

assets at 3/31/16

• 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 $1.2B of conservatively valued

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

• $335 (26%) of total debt at 3/31/16 related to inventory financing

– Borrowed under working capital facility

• $932M (74%) 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 $ 17,069

Accounts receivable, net 308,359

Accounts receivable - affiliates 3,482

Inventories 402,872

Brokerage margin deposits 38,855

Derivative assets 43,397

Prepaid expenses and other current assets 73,467

Total current assets 887,501

Property and equipment, net 1,217,659

Intangible assets, net 72,871

Goodwill 435,369

Other assets 42,038

Total assets $ 2,655,438

Liabilities and partners' equity

Current liabilities:

Accounts payable $ 255,798

Working capital revolving credit facility - current portion 185,200

Environmental liabilities - current portion 5,345

Trustee taxes payable 88,005

Accrued expenses and other current liabilities 44,584

Derivative liabilities 25,923

Total current liabilities 604,855

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

Revolving credit facility 275,100

Senior notes 657,213

Environmental liabilities - less current portion 66,795

Financing obligation 89,845

Deferred tax liabilities 83,280

Other long-term liabilities 56,665

Total liabilities 1,983,753

Partners' equity

Global Partners LP equity 626,539

Noncontrolling interest 45,146

Total partners' equity 671,685

Total liabilities and partners' equity $ 2,655,438

37

Planned Capital Investments for 2016

Maintenance capex of approximately $35M

• >$30M related to expenses associated with retail sites and GDSO

• Balance for terminals and IT infrastructure

Expansion capex of $30-35M

• Raze-and-rebuilds

• Completion of dock expansion and related project infrastructure in Oregon

• IT projects

Appendix

39

Appendix – Financial Reconciliations: Net Income to EBITDA

GLOBAL PARTNERS LP

FINANCIAL RECONCILIATIONS - 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 $ 30,409 $ (7,835) $ 5,020

Net loss (income) attributable to noncontrolling interest - - 1,562 (2,271) 299 6 811 1,104

Net income (loss) attributable to Global Partners LP (1) 19,352 46,743 42,615 114,709 43,563 30,415 (7,024) 6,124

Depreciation and amortization, excluding the impact of noncontrolling interest 30,359 45,458 70,423 78,888 110,670 26,499 27,536 111,707

Interest expense, excluding the impact of noncontrolling interest 35,932 42,021 43,537 47,719 73,329 13,961 22,980 82,348

Income tax expense (benefit) 68 1,577 819 963 (1,873) 966 (920) (3,759)

EBITDA (1) $ 85,711 $ 135,799 $ 157,394 $ 242,279 $ 225,689 $ 71,841 $ 42,572 $ 196,420

Loss on sale and disposition of assets and impairment charges 437 6,105 7,765

Adjusted EBITDA $ 72,278 $ 48,677 $ 204,185

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 $ (113,915) $ (53,516) $ 122,905

Net changes in operating assets and liabilities and certain non-cash items 67,068 (140,251) (136,960) (141,558) 88,609 172,796 74,350 (1,837)

Net cash from operating activities and changes in operating

assets and liabilities attributable to noncontrolling interest - - (5,149) (9,747) (4,882) (1,967) (322) (3,237)

Interest expense, excluding the impact of noncontrolling interest 35,932 42,021 43,537 47,719 73,329 13,961 22,980 82,348

Income tax expense (benefit) 68 1,577 819 963 (1,873) 966 (920) (3,759)

EBITDA (1) $ 85,711 $ 135,799 $ 157,394 $ 242,279 $ 225,689 $ 71,841 $ 42,572 $ 196,420

Loss on sale and disposition of assets and impairment charges 437 6,105 7,765

Adjusted EBITDA $ 72,278 $ 48,677 $ 204,185

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

Trailing

2015 2016

March 31,

Three Months Ended

2016.2014

Twelve

Months Ended

March 31,

20132012 2015

Year Ended December 31,

40

Appendix – Financial Reconciliations: Net Income to DCF

GLOBAL PARTNERS LP

FINANCIAL RECONCILIATIONS - DISTRIBUTABLE CASH FLOW

(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 $ 30,409 $ (7,835) $ 5,020

Net loss (income) attributable to noncontrolling interest - - 1,562 (2,271) 299 6 811 1,104

Net income (loss) attributable to Global Partners LP (1) 19,352 46,743 42,615 114,709 43,563 30,415 (7,024) 6,124

Depreciation and amortization, excluding the impact of noncontrolling interest 30,359 45,458 70,423 78,888 110,670 26,499 27,536 111,707

Amortization of deferred financing fees and senior notes discount 4,723 5,753 7,265 6,186 6,988 1,638 1,772 7,122

Amortization of routine bank refinancing fees (3,467) (4,073) (4,072) (4,444) (4,516) (1,121) (1,077) (4,472)

Maintenance capital expenditures, excluding the impact of noncontrolling interest (4,226) (13,112) (10,977) (34,115) (29,850) (3,721) (4,826) (30,955)

Distributable cash flow (1) $ 46,741 $ 80,769 $ 105,254 $ 161,224 $ 126,855 $ 53,710 $ 16,381 $ 89,526

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 $ (113,915) $ (53,516) $ 122,905

Net changes in operating assets and liabilities and certain non-cash items 67,068 (140,251) (136,960) (141,558) 88,609 172,796 74,350 (1,837)

Net cash from operating activities and changes in operating -

assets and liabilities attributable to noncontrolling interest - - (5,149) (9,747) (4,882) (1,967) (322) (3,237)

Amortization of deferred financing fees and senior notes discount 4,723 5,753 7,265 6,186 6,988 1,638 1,772 7,122

Amortization of routine bank refinancing fees (3,467) (4,073) (4,072) (4,444) (4,516) (1,121) (1,077) (4,472)

Maintenance capital expenditures, excluding the impact of noncontrolling interest (4,226) (13,112) (10,977) (34,115) (29,850) (3,721) (4,826) (30,955)

Distributable cash flow (1) $ 46,741 $ 80,769 $ 105,254 $ 161,224 $ 126,855 $ 53,710 $ 16,381 $ 89,526

(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) Distributable cash flow includes a loss on sale and disposition of assets and impairment charges of $0.4 million and $6.1 million for the quarters ended March 31, 2015 and 2016, respectively. Excluding the loss on sale and

disposition of assets and impairment charges, distributable cash flow would have been $54.1 million and $22.5 million for the quarters ended March 31, 2015 and 2016, respectively.

20142013 2015

Trailing

Twelve

20162015 (2) 2016 (2)

Months Ended

March 31, March 31,

Three Months Ended

Year Ended December 31,

2011 2012

41

Appendix – Financial Reconciliations: Gross Profit to Product Margin

GLOBAL PARTNERS LP

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 $ 29,829 $ 16,362 $ 52,564

Crude oil - 12,301 35,538 92,807 141,965 74,182 15,257 (2,373) 56,552

Other oils and related products 90,346 55,308 55,252 66,916 79,376 67,709 35,007 25,249 57,951

Total (1) 144,411 123,833 145,429 202,870 293,054 207,922 80,093 39,238 167,067

Gasoline Distribution and Station Operations segment:

Gasoline distribution 14,017 56,690 139,706 150,147 189,439 276,848 61,699 65,387 280,536

Station operations 8,885 31,713 67,011 78,833 93,939 178,487 36,723 42,925 184,689

Total 22,902 88,403 206,717 228,980 283,378 455,335 98,422 108,312 465,225

Commercial segment 15,033 21,975 18,652 28,359 29,716 29,201 11,558 6,910 24,553

Combined product margin (1) 182,346 234,211 370,798 460,209 606,148 692,458 190,073 154,460 656,845

Depreciation allocated to cost of sales (15,628) (24,391) (36,683) (55,653) (61,361) (94,789) (21,515) (24,401) (97,675)

Gross profit (1) $ 166,718 $ 209,820 $ 334,115 $ 404,556 $ 544,787 $ 597,669 $ 168,558 $ 130,059 $ 559,170

(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.

201520132010 2011 2012 2014 2015 2016 2016

Three Months Ended

March 31,Year Ended December 31,

Trailing

Twelve

Months Ended

March 31,