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

other 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

on assumptions regarding market conditions such as demand for petroleum products and renewable fuels, commodity prices,

weather, credit markets, the regulatory and permitting environment, and the forward product pricing curve, which could influence

quarterly financial results. Therefore, Global Partners LP can give no assurance that its future EBITDA will be as estimated.

For additional information about risks and uncertainties that could cause actual results to differ materially from the expectations Global

Partners LP describes in its forward-looking statements, please refer to Global Partners LP’s Annual Report on Form 10-K and

subsequent filings the Partnership makes with the Securities and Exchange Commission.

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

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

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

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 i mpacting comparability, please visit the Investor Relations section of Global Partners’ website at www.globalp.com.

EBITDAEarnings 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

of 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 FlowDistributable 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 oil

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%

0

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

Dai

ly P

rodu

ctio

n (0

00 b

bls

per

day)

0

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

Ave

rage

Rai

l Car

load

s pe

r M

onth

Source: U.S. Energy Information Administration

Positioned to Benefit From Domestic Energy Resurgence

0

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

oil 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

IndustrialBarge

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

CommercialWholesale

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

1 Based on terminal capacity (bbls in 000s)

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 TerminalBasin Beulah, ND (BNSF)

Storage capacity = 726K barrelsStorage 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 SolutionEfficiency 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

TPort 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 facilityT

Imports from

Other Countries

Imports from U.S.

Virgin Islands and

other 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

641Mobil Brand Fee Agreement129

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

operated 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 Brand Fee Agreement 129 129

TOTAL 1,012 519 1,531

Key Business Metrics* Global Warren Total

Motor Fuel Sales (million gallons) 1,001.6 497.1 1,498.7

*Metricsare basedon current run-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 3.74.7 5.0 4.5

6.1 6.6

9.5

12.814.6 14.3

18.4

0

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

21.035.0 42.9

62.273.0 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,

201320122009 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 20142013 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

20132009 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