Q3 2014 Investor Presentation

Global Partners LP (NYSE: GLP)

Q3 2017 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 gains or losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. 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.

http://www.globalp.com/

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*

*As of 9/30/2017

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

319K Barrels of Product Sold Daily

~1,500 Gas Stations Owned, Leased or Supplied

234 Company-operated Convenience Stores*

Data as of 9/30/2017

7

Key Role in Northeast Energy Infrastructure

Gasoline*

Diesel fuel

Heating oil

TTM as of 9/30/2017

*Total gasoline volume sold

693K

20K

40K

Automobile tanks filled/day

Diesel trucks filled/day

Homes heated/day in winter

8

Key Acquisitions and Investments

Acquired 3

terminals from

ExxonMobil

Acquired 2

terminals

from

ExxonMobil

Completed Port of

Providence terminal

project

Organic

terminal

projects in

Albany, NY

Oyster Bay, NY

Philadelphia

Albany ethanol expansion

project with CP

Acquired

Warex

terminals

Acquired

Mobil

stations

Contracted to

supply 150M

gallons to Mobil

distributors

Acquired

Alliance

Energy

Getty Realty

Agreement

Acquired

Basin Transload

Global Albany rail

expansion

Acquired

CPBR

Facility

Acquired

Boston Harbor Terminal

Acquired

NY/DC retail

portfolio from

Capitol

Petroleum

Added 22

leased retail

sites in

Western, Mass.

Acquired

Honey Farms, Inc.

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

~$1.8 Billion in Acquisitions and Investments

Acquired

Warren Equities

9

Creating Value Through Growth Initiatives and Optimization

• Acquired retail fuel and c-store assets from Honey Farms in October 2017

o Company-operated sites with fuel and c-stores

o Company-operated stand-alone c-stores

o Transaction expected to be accretive in first full year of operations

Growth Initiatives

• Ongoing divestiture of non-strategic retail sites

o Supply agreements retained at majority of sold sites

Asset Optimization

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 11.2 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

Key to Terminal Type

Distillate

Ethanol

Gasoline/Distillate/Ethanol

Residual/Distillate

Residual/Distillate/Biofuel

Distillate/Biofuel

Gasoline/Distillate/Ethanol/Crude

Propane/Butane

Crude

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%

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

Macungie, PA: 170K bbls

Staten Island, NY: 287K bbls

Philadelphia, PA: 219K bbls

Bayonne, NJ: 371K bbls

Springfield, MA: 54K bbls

Riverhead, NY: 2,045K bbls

Albany, NY: 24K bbls

*As of 9/30/2017

14

Ethanol Transloading in Oregon

• 200,000 bbls of storage capacity

• Dock capable of handling Panamax-class vessels

• Expansion capabilities

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 ~740 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

• Honey Farms acquisition – October 2017

– Strong cultural and geographic fit

– Expands footprint in Worcester, Mass. region

– Achieves larger economies of scale

Site Type Total

Company Operated 234

Commissioned Agents 269

Dealer Leased 234

TOTAL 737

Dealer Contracts 698

TOTAL 1,435

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*

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

18

Q4 2017

• Expanded presence in Worcester,

Mass. region

• 11 company-operated sites with

fuel and convenience stores

• 22 company-operated stand-alone

convenience stories

• Expected to be accretive in the

first full year of operations

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

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

Capitol Petroleum GroupExpanded Portfolio in

Western MassHoney Farms, Inc.

NY0086JT: 646181_1

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NY0086JT: 646181_1

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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

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9580

278

95

478

278

398

66

97

498

270

Warren Equities

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

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 customers, 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

Q3 2017 Financial Performance

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

($ in millions) Q3 2016 Q3 2017

Product margin* $157.2 $172.3

Gross profit $132.6 $150.1

Net (loss) income attributable to GLP $(119.6) $14.9

EBITDA* $(67.8) $60.8

Adjusted EBITDA* $51.6 $63.8

Maintenance capex $8.7 $9.2

DCF* $(100.2) $32.3

DCF excluding non-cash charges* $19.3 $35.3

$136.8

$16.1$4.2

$130.7

$36.6

$5.0

GDSO Wholesale Commercial

Q2’16 Q2’17 Q2’16 Q2’17 Q2’16 Q2’17

Q3 Product Margin by Segment($ in millions)

Q3 2017 Product Margin

Favorable variance Unfavorable variance

Commercial 3%

Wholesale 25%

GDSO 72%

Wholesale

Distillates

& Residual

8%

Wholesale

Gasoline

17%

Gasoline

Distribution

46%

C-Store &

Third-party Rent

26%

$172.3M

Q3 2017 vs. Q3 2016 Drivers

Weather-related supply disruptions in

Wholesale gasoline and gasoline

blendstocks and residual oil

Acceleration and termination of contractual obligation

related to Beulah, ND facility

Revenue from crude oil take-or-pay

contract

Sales of retail sites, including Mirabito, in August

2016

Lower railcar lease expenses

Increase in bunkering activity

24

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 12.513.7

12.814.6 14.3

18.4 18.3 18.2 18.9

0

5

10

15

20

25

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM9/30/17

Total CPG Retail CPG*

$8.9

$31.7

$67.0$78.8

$93.9

$178.5 $183.7 $171.4

$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 TTM9/30/17

Rent C-Store & Sundry

25

Balance Sheet Overview

Balance Sheet Highlights as of September 30, 2017

• Tangible and liquid with receivables and inventory comprising 28% of total assets

• 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 $1.0B of conservatively valued fixed assets (strategically

located, non-replicable terminals and gas stations)

• $139M (14%) of total debt at 9/30 related to inventory financing

– Borrowed under working capital facility

• $851M (86%) of total debt at 9/30 related to:

– Terminal operating infrastructure

– Acquisitions and capital expenditures

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

• Combined Total Leverage Ratio of approximately 3.7x(1)

Total Committed Facility: $1.3B

• $850M working capital revolver

• $450M acquisition/general corporate purpose revolver

• Credit Agreement matures 4/30/2020

(1)Combined Total Leverage Ratio (Funded Debt/EBITDA) as defined under the Partnership’s Credit Agreement.

Appendix

27

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 $ 21,529 $ 30,422 $ 83,654

Crude oil - 12,301 35,538 92,807 141,965 74,182 (13,098) (16,818) (8,405) 18,989

Other oils and related products 90,346 55,308 55,252 66,916 79,376 67,709 74,271 11,435 14,589 74,073

Total (1) 144,411 123,833 145,429 202,870 293,054 207,922 144,915 16,146 36,606 176,716

Gasoline Distribution and Station Operations segment:

Gasoline distribution 14,017 56,690 139,706 150,147 189,439 276,848 289,420 88,111 84,170 299,531

Station operations 8,885 31,713 67,011 78,833 93,939 178,487 183,708 48,729 46,492 171,416

Total 22,902 88,403 206,717 228,980 283,378 455,335 473,128 136,840 130,662 470,947

Commercial segment 15,033 21,975 18,652 28,359 29,716 29,201 24,018 4,176 5,022 20,787

Combined product margin (1) 182,346 234,211 370,798 460,209 606,148 692,458 642,061 157,162 172,290 668,450

Depreciation allocated to cost of sales (15,628) (24,391) (36,683) (55,653) (61,361) (94,789) (95,571) (24,551) (22,196) (88,489)

Gross profit (1) $ 166,718 $ 209,820 $ 334,115 $ 404,556 $ 544,787 $ 597,669 $ 546,490 $ 132,611 $ 150,094 $ 579,961

(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

Trailing

Twelve

Months Ended

September 30,

2016 2017 2017

Three Months Ended

September 30,

28

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) $ (156,583) $ 14,460

Net loss (income) attributable to noncontrolling interest - - 1,562 (2,271) 299 39,211 37,032 418

Net income (loss) attributable to Global Partners LP (1) 19,352 46,743 42,615 114,709 43,563 (199,412) (119,551) 14,878

Depreciation and amortization, excluding the impact of noncontrolling interest 30,359 45,458 70,423 78,888 110,670 108,189 27,391 25,998

Interest expense, excluding the impact of noncontrolling interest 35,932 42,021 43,537 47,719 73,329 86,319 21,197 20,626

Income tax expense (benefit) 68 1,577 819 963 (1,873) 53 3,138 (723)

EBITDA (1) 85,711 135,799 157,394 242,279 225,689 (4,851) (67,825) 60,779

Net loss (gain) on sale and disposition of assets 222 627 (1,273) 2,182 2,097 20,495 7,486 2,190

Goodwill and long-lived asset impairment - - - - - 149,972 147,817 809

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

Adjusted EBITDA (2) $ 85,933 $ 136,426 $ 156,121 $ 244,461 $ 227,786 $ 129,782 $ 51,644 $ 63,778

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) $ 74,143 $ 152,514

Net changes in operating assets and liabilities and certain non-cash items 67,068 (140,251) (136,960) (141,558) 88,609 (6,795) (202,201) (111,544)

Net cash from operating activities and changes in operating

assets and liabilities attributable to noncontrolling interest - - (5,149) (9,747) (4,882) 35,458 35,898 (94)

Interest expense, excluding the impact of noncontrolling interest 35,932 42,021 43,537 47,719 73,329 86,319 21,197 20,626

Income tax expense (benefit) 68 1,577 819 963 (1,873) 53 3,138 (723)

EBITDA (1) 85,711 135,799 157,394 242,279 225,689 (4,851) (67,825) 60,779

Net loss (gain) on sale and disposition of assets 222 627 (1,273) 2,182 2,097 20,495 7,486 2,190

Goodwill and long-lived asset impairment - - - - - 149,972 147,817 809

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

Adjusted EBITDA (2) $ 85,933 $ 136,426 $ 156,121 $ 244,461 $ 227,786 $ 129,782 $ 51,644 $ 63,778

(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 the twelve months ended December 31, 2016. Excluding

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

2016 2017

September 30,

Three Months Ended

2014 2016

Year Ended December 31,

20132012 2015

29

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) $ (156,583) $ 14,460

Net loss (income) attributable to noncontrolling interest - - 1,562 (2,271) 299 39,211 37,032 418

Net income (loss) attributable to Global Partners LP (1) 19,352 46,743 42,615 114,709 43,563 (199,412) (119,551) 14,878

Depreciation and amortization, excluding the impact of noncontrolling interest 30,359 45,458 70,423 78,888 110,670 108,189 27,391 25,998

Amortization of deferred financing fees and senior notes discount 4,723 5,753 7,265 6,186 6,988 7,412 1,868 1,703

Amortization of routine bank refinancing fees (3,467) (4,073) (4,072) (4,444) (4,516) (4,580) (1,168) (1,019)

Maintenance capital expenditures, excluding the impact of noncontrolling interest (4,226) (13,112) (10,977) (34,115) (29,850) (32,989) (8,742) (9,258)

Distributable cash flow (2)(3)(4) $ 46,741 $ 80,769 $ 105,254 $ 161,224 $ 126,855 $ (121,380) $ (100,202) $ 32,302

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) $ 74,143 $ 152,514

Net changes in operating assets and liabilities and certain non-cash items 67,068 (140,251) (136,960) (141,558) 88,609 (6,795) (202,201) (111,544)

Net cash from operating activities and changes in operating

assets and liabilities attributable to noncontrolling interest - - (5,149) (9,747) (4,882) 35,458 35,898 (94)

Amortization of deferred financing fees and senior notes discount 4,723 5,753 7,265 6,186 6,988 7,412 1,868 1,703

Amortization of routine bank refinancing fees (3,467) (4,073) (4,072) (4,444) (4,516) (4,580) (1,168) (1,019)

Maintenance capital expenditures, excluding the impact of noncontrolling interest (4,226) (13,112) (10,977) (34,115) (29,850) (32,989) (8,742) (9,258)

Distributable cash flow (2)(3)(4) $ 46,741 $ 80,769 $ 105,254 $ 161,224 $ 126,855 $ (121,380) $ (100,202) $ 32,302

(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) 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.

(3)

(4) Distributable cash flow includes a net loss on sale and disposition of assets of $7.5 million and $2.2 million for the three months ended September 30, 2016 and 2017, respectively. Distributable cash flow also includes a net goodwill and long-

lived asset impairment of $112.0 million ($147.8 million attributed to the Partnership, offset by $35.8 million attributed to the noncontrolling interest) and $0.8 million for the three months ended September 30, 2016 and 2017, respectively.

Excluding these non-cash charges, distributable cash flow would have been $19.3 million and $35.3 million for the three months ended September 30, 2016 and 2017, respectively.

2016

Year Ended December 31,

2013 20152014

Distributable cash flow includes for the year ended December 31, 2016 includes a net loss on sale and disposition of assets of $20.5 million, lease exit and termination expenses of $80.7 million and 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, distributable cash flow would have been $93.9 million for the year ended

December 31, 2016.

2016 2017

September 30,

Three Months Ended

2011 2012

30

Balance Sheet at September 30, 2017

(In thousands)

(Unaudited)

Assets:

Current assets:

Cash and cash equivalents $ 10,855

Accounts receivable, net 330,939

Accounts receivable - affiliates 5,647

Inventories 280,510

Brokerage margin deposits 12,454

Derivative assets 5,350

Prepaid expenses and other current assets 77,175

Total current assets 722,930

Property and equipment, net 1,038,231

Intangible assets, net 57,670

Goodwill 291,455

Other assets 37,892

Total assets $ 2,148,178

Liabilities and partners' equity

Current liabilities:

Accounts payable $ 241,724

Working capital revolving credit facility - current

portion 39,200

Environmental liabilities - current portion 5,329

Trustee taxes payable 97,857

Accrued expenses and other current liabilities 81,383

Derivative liabilities 11,109

Total current liabilities 476,602

Working capital revolving credit facility - less current

portion 100,000

Revolving credit facility 190,000

Senior notes 661,109

Environmental liabilities - less current portion 52,712

Financing obligations 152,463

Deferred tax liabilities 64,181

Other long-term liabilities 59,343

Total liabilities 1,756,410

Partners' equity

Global Partners LP equity 388,010

Noncontrolling interest 3,758

Total partners' equity 391,768

Total liabilities and partners' equity $ 2,148,178