Q1 2018 Investor Presentation

Global Partners LP (NYSE: GLP) 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 thePartnership’s projected results, please see Global Partners’filings with the SEC, including itsAnnual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form8-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 orotherwise.

2 Use of Non-GAAP Financial Measures

This presentation contains non-GAAP financial measures relating to Global Partners. A reconciliation of these measures to the most directly comparable GAAP measures is available in the Appendix to this presentation. For additional detail regarding selected items impacting comparability, please visit the Investor Relations section of Global Partners’ website at www.globalp.com.

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 and propane, as well as 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 products, renewable fuels, crude oil 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 similarly 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 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.

3 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 12/31/2017

4 Global’s DNA

Sourcing and Logistics Origin and Transportation Delivery and Storage

Integrated Marketing

Wholesale Distribution Retail C-Store Operations

5 Global by the Numbers

24 Petroleum Bulk Product Terminals*

10.1 Million Barrels of Storage Capacity*

~300K Barrels of Product Sold Daily

~1,500 Gas Stations Owned, Leased or Supplied

260 Company-operated Convenience Stores

* As of 12/31/2017

6 Key Role in Northeast Energy Infrastructure

Gasoline* 730K Automobile tanks filled/day

Diesel fuel 19K Diesel trucks filled/day

Heating oil 37K TTM as of 3/31/2018 Homes heated/day in winter *Total gasoline volumesold

7 Key Acquisitions and Investments

$1.8 Billion in Acquisitions and Investments Agreement to acquire retail gas Acquired 3 and c-store assets Acquired terminals from from Champlain Oil ExxonMobil Boston Harbor Terminal Albany ethanol expansion Co. project with CP Global Albany rail expansion Added 22 leased retail Completed Port of Acquired Providence terminal sites in Warex Getty Realty Acquired project Western, Mass. terminals Agreement Warren Equities

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Organic Acquired Acquired Acquired CPBR terminal Alliance Acquired Facility projects in stations Energy Honey Farms, Inc. Acquired 2 Albany, NY terminals Oyster Bay, NY Acquired Philadelphia from Contracted to Basin Transload Acquired ExxonMobil supply 150M NY/DC retail gallons to Mobil portfolio from distributors Capitol Petroleum

8 Creating Value Through Growth Initiatives and Optimization

Growth Initiatives

• Acquired retail fuel and c-store assets from Honey Farms – 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

• Announced signing of agreement to acquire retail fuel and c-store assets of Champlain Oil Company – May 2018 o 37 Company-operated sites with fuel and Jiffy Mart-branded c-stores o Approximately 85 fuel-only sites o Transaction expected to be accretive in first full year of operations

Asset Optimization

• Ongoing divestiture of non-strategic retail sites o Supply agreements retained at majority of sold sites

9 Business Overview Business Overview

Gasoline Distribution & Wholesale Commercial Station Operations • Bulk purchase, movement, • Sales and deliveries to end • Retail gasoline sales storage and sale of: user customers of: – Branded and unbranded – Gasoline and gasoline blendstocks – Unbranded gasoline • Rental income from: – Other oils and related products – Heating oil, kerosene, diesel – Dealers – Crude oil and residual fuel – Commissioned agents – Bunker fuel – Co-branding arrangements • Customers • Sales to retail customers of: – Branded and unbranded gasoline • Customers – Convenience store items distributors – Government agencies – Car wash services – Home heating oil retailers and – States, towns, municipalities – Fresh-made and prepared foods wholesale distributors – Large commercial clients • Alltown and Xtra Mart stores – Refiners – Shipping companies • Customers – Station operators – Gasoline jobbers – Retail customers

11 Wholesale Segment Wholesale Terminals – Northeast

Global has 9.2 million bbls of terminal capacity in the Northeast (as of 12/31/2017) Key to Terminal Type Burlington, VT: 419K bbls

Distillate Wethersfield, CT: 183K bbls Ethanol Springfield, MA: 54K bbls

Gasoline/Distillate/Ethanol Portland, ME: 665K bbls Albany, NY: 1,402K bbls Residual/Distillate Revere, MA: 2,097K bbls Albany, NY: 24K bbls Residual/Distillate/Biofuel Chelsea, MA: 685K bbls Distillate/Biofuel Bridgeport, CT: 110K bbls Sandwich, MA: 99K bbls Gasoline/Distillate/Ethanol/Crude Newburgh, NY: 429K bbls Propane/Butane Newburgh-Warex, NY: 956K bbls Port of Providence, RI: 480K bbls

Macungie, PA: 170K bbls Crude Glenwood Landing, NY: 98K bbls

Bayonne, NJ: 371K bbls Commander/Oyster Bay, NY: 134K bbls

Staten Island, NY: 287K bbls

Philadelphia, PA: 2 19K bbls Inwood, NY: 322K bbls

Estimated market share1 Location Est. market capacity GLP capacity GLP % of total Location Est. market capacity GLPcapacity GLP % oftotal 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%

1 Based on terminal capacity (bbls in 000s) 13 Source: OPIS/Stalsby Petroleum Terminal Encyclopedia, 2015 and Company data Ethanol Transloading in Oregon

• 200,000 bbls of storage capacity • Dock capable of handling Panamax- class vessels • Expansion capabilities

14 Gasoline Distribution & Station Operations Segment 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 ~760 sites; approximately 40% 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 geographic fit Site Type Total – Expands footprint in Worcester, Mass. region Company Operated 260 – Benefits from economies of scale Commissioned Agents 266 Dealer Leased 228 TOTAL 754 Dealer Contracts 691 TOTAL 1,445

16 GDSO Segment Competitive Strengths

StrategicAdvantages • Annuity business: Rental income from • Preeminent locations: Portfolio of “best-in- Dealer Leased and Commissioned Agents class” sites in Northeast and Mid-Atlantic • Vertical integration: Integration between • Diversification: Flexible diversity of mode of supply, terminaling and wholesale operation, site geography and site brand businesses and gas station sites • Scale: ~1,500 sites with volume of 1.6 billion gallons* *TTM 3/31/2018 Multiple Brands Portfolio Percentage of Sites by State**

ME 3% NJ < 1% VA <1% RI 5% VT <1%

MD 5% NY 25% NH 5%

PA 6%

CT 22% MA 28%

**As of 12/31/2017 17 Agreement to acquire retail fuel and Jiffy Mart-branded c-store assets from Champlain Oil Company – May 2018

• 37 company-operated gas stations and Jiffy Mart-branded convenience stores in Vermont and New Hampshire • 24 primarily fuel-only sites either owned or leased • Fuel supply agreements for ~70 gas stations primarily in Vt. and N.H. • Major fuel brands • Expected to be accretive within the first full year of operations • Expected to close Q3 2018

Transaction leverages strategically integrated terminal and retail assets to drive supply and logistics efficiencies

18 Track Record of Acquisitive Growth

Expanded Portfolio in Warren Equities Capitol Petroleum Group Honey Farms, Inc. Western Mass

Q1 2015 Q2 2015 Q2 2016 Q4 2017 • Strengthened footprint across 10 • Added Mobil- and -branded • Expanded presence in Western • Expanded presence in Worcester, states in the Northeast with the owned and leased retail gas Massachusetts through long-term Mass. region majority of its stores primarily stations, as well as dealer supply leases for gas stations and c- • 11 company-operated sites with concentrated in MA, CT and NY contracts in NYC and MD stores fuel and convenience stores • Expanded scale while • Expanded Global’s presence in • Shell and Mobil fuel brands • 22 company-operated stand-alone providing significant operational two attractive markets convenience stories synergies and strategic options • Expected to be accretive in the first full year of operations

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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

20 Commercial Segment 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

22 Financial Summary Q1 2018 Financial Performance

($ in millions) Q1 2018 Q1 2017 Q1 2018 Product Margin Product margin* $166.1 $162.4 Wholesale Crude 3% C-Store & Wholesale Distillates, Gross profit $144.3 $140.0 GDSO 69% Third-party Rent Residual Net income attributable to GLP $59.0 $22.9 26% and Other 10% EBITDA* $105.7 $71.9 Wholesale 28% Adjusted EBITDA* $107.6 $60.1 $166.1M Wholesale Maintenance capex $6.1 $5.3 Gasoline 15% DCF* $79.7 $44.2 Gasoline *Please refer to Appendix for reconciliation of non-GAAP items Distribution 43% Commercial 3%

Q1 2018 vs. Q1 2017 Drivers Q1 Product Margin by Segment One-time non-cash gain of $52.6 million as a Less favorable market conditions in ($ in millions) $113.7 result of the extinguishment of a contingent distillates $106.1 liability related to a Volumetric Ethanol Excise Tax Credit

Honey Farms acquisition $52.1 $47.2 Higher fuel volume and fuel margin

More favorable market conditions in gasoline blendstocks, primarily ethanol $4.2 $5.2 Q1’17 Q1’18 Q1’17 Q1’18 Q1’17 Q1’18 Favorable variance Unfavorable variance GDSO Wholesale Commercial

24 Volume and Margin

• Consistency • Variability – Driving cars & trucks – Market and economic conditions – Heating buildings and homes – Weather – Term contracts – Seasonality – Rental income and C-Store sales

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

Rent C-Store & Sundry Total CPG Retail CPG* 20.6 20.7 $200.0 $183.7 20 18.4 18.3 18.2 $178.5 $175.0 $179.6

14.6 14.3 14.1 $150.0 15 $13.9 12.8 12.3 12.5

$100.0 $93.9 9.5 $78.8 10 6.1 6.6 4.7 5.0 4.6 4.0 4.5 $50.0 5 3.7

$0.0 0 2013 2014 2015 2016 2017 TTM 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TTM 3/31/18 3/31/18 * Retail excludes C-store margin and rent

25 Balance Sheet Overview

Total Committed Facility: $1.3B • $850M working capital revolver • $450M acquisition/general corporate purpose revolver • Credit Agreement matures 4/30/2020

Balance Sheet Highlights as of March 31, 2018 • Tangible and liquid with receivables and inventory comprising 34% 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) • $352M (29%) of total debt at 3/31 related to inventory financing – Borrowed under working capital facility • $858M (71%) of total debt at 3/31 related to: – Terminal 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 approximately 4.1x(1)

(1)Combined Total Leverage Ratio (Funded Debt/EBITDA) as defined under the Partnership’s CreditAgreement. 26 Appendix Financial Reconciliations: Product Margin

(In thousands) (Unaudited)

Trailing Twelve Three Months Ended Months Ended Year Ended December 31, March 31, March 31, 2013 2014 2015 2016 2017 2017 2018 2018 Reconciliation of gross profit to product margin Wholesale segment: Gasoline and gasoline blendstocks (1) $ 43,147 $ 71,713 $ 66,031 $ 83,742 $ 82,124 $ 15,385 $ 25,387 $ 92,126 Crude oil 92,807 141,965 74,182 (13,098) 7,279 6,892 5,073 5,460 Other oils and related products 66,916 79,376 67,709 74,271 62,799 29,873 16,687 49,613 Total (1) 202,870 293,054 207,922 144,915 152,202 52,150 47,147 147,199

Gasoline Distribution and Station Operations segment: Gasoline distribution 150,147 189,439 276,848 289,420 326,536 67,155 70,145 329,526 Station operations 78,833 93,939 178,487 183,708 174,986 38,895 43,534 179,625 Total 228,980 283,378 455,335 473,128 501,522 106,050 113,679 509,151

Commercial segment 28,359 29,716 29,201 24,018 17,858 4,189 5,237 18,906

Combined product margin (1) 460,209 606,148 692,458 642,061 671,582 162,389 166,063 675,256 Depreciation allocated to cost of sales (55,653) (61,361) (94,789) (95,571) (88,530) (22,362) (21,733) (87,901) Gross profit (1) $ 404,556 $ 544,787 $ 597,669 $ 546,490 $ 583,052 $ 140,027 $ 144,330 $ 587,355

(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.

28 Financial Reconciliations: EBITDA and Adjusted EBITDA

(In thousands) (Unaudited)

Three Months Ended Year Ended December 31, March 31, 2013 2014 2015 2016 (2) 2017 2017 2018 (3) Reconciliation of net income (loss) to EBITDA Net income (loss) (1) $ 41,053 $ 116,980 $ 43,264 $ (238,623) $ 57,117 $ 22,505 $ 58,675 Net loss (income) attributable to noncontrolling interest 1,562 (2,271) 299 39,211 1,635 441 367 Net income (loss) attributable to Global Partners LP (1) 42,615 114,709 43,563 (199,412) 58,752 22,946 59,042 Depreciation and amortization, excluding the impact of noncontrolling interest 70,423 78,888 110,670 108,189 103,601 25,851 26,119 Interest expense, excluding the impact of noncontrolling interest 43,537 47,719 73,329 86,319 86,230 23,287 21,445 Income tax expense (benefit) 819 963 (1,873) 53 (23,563) (164) (913) EBITDA (1) 157,394 242,279 225,689 (4,851) 225,020 71,920 105,693 Net (gain) loss on sale and disposition of assets (1,273) 2,182 2,097 20,495 (1,624) (11,862) 1,867 Goodwill and long-lived asset impairment - - - 149,972 809 - - Goodwill and long-lived asset impairment attributable to noncontrolling interest - - - (35,834) - - - Adjusted EBITDA $ 156,121 $ 244,461 $ 227,786 $ 129,782 $ 224,205 $ 60,058 $ 107,560

Reconciliation of net cash provided by (used in) operating activities to EBITDA Net cash provided by (used in) operating activities (1) $ 255,147 $ 344,902 $ 70,506 $ (119,886) $ 348,442 $ 121,893 $ (103,714) Net changes in operating assets and liabilities and certain non-cash items (136,960) (141,558) 88,609 (6,795) (185,673) (73,024) 188,871 Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest (5,149) (9,747) (4,882) 35,458 (416) (72) 4 Interest expense, excluding the impact of noncontrolling interest 43,537 47,719 73,329 86,319 86,230 23,287 21,445 Income tax expense (benefit) 819 963 (1,873) 53 (23,563) (164) (913) EBITDA (1) 157,394 242,279 225,689 (4,851) 225,020 71,920 105,693 Net (gain) loss on sale and disposition of assets (1,273) 2,182 2,097 20,495 (1,624) (11,862) 1,867 Goodwill and long-lived asset impairment - - - 149,972 809 - - Goodwill and long-lived asset impairment attributable to noncontrolling interest - - - (35,834) - - - Adjusted EBITDA $ 156,121 $ 244,461 $ 227,786 $ 129,782 $ 224,205 $ 60,058 $ 107,560

(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.

(3) Adjusted EBITDA for the three months ended March 31, 2018 includes a one-time non-cash gain of approximately $52.6 million as a result of the extinguishment of a contingent liability related to a Volumetric Ethanol Excise Tax Credit.

29 Financial Reconciliations: DCF

(In thousands) (Unaudited)

Three Months Ended Year Ended December 31, March 2013 2014 2015 2016 (3) 2017 (4) 2017 (5) 2018 (5) Reconciliation of net income (loss) to distributable cash flow Net income (loss) (1) $ 41,053 $ 116,980 $ 43,264 $ (238,623) $ 57,117 $ 22,505 $ 58,675 Net loss (income) attributable to noncontrolling interest 1,562 (2,271) 299 39,211 1,635 441 367 Net income (loss) attributable to Global Partners LP (1) 42,615 114,709 43,563 (199,412) 58,752 22,946 59,042 Depreciation and amortization, excluding the impact of noncontrolling interest 70,423 78,888 110,670 108,189 103,601 25,851 26,119 Amortization of deferred financing fees and senior notes discount 7,265 6,186 6,988 7,412 7,089 1,891 1,713 Amortization of routine bank refinancing fees (4,072) (4,444) (4,516) (4,580) (4,277) (1,167) (1,022) Non-cash tax reform benefit - - - - (22,183) - - Maintenance capital expenditures, excluding the impact of noncontrolling interest (10,977) (34,115) (29,850) (32,989) (34,718) (5,347) (6,082) Distributable cash flow (2) $ 105,254 $ 161,224 $ 126,855 $ (121,380) $ 108,264 $ 44,174 $ 79,770

Reconciliation of net cash provided by (used in) operating activities to distributable cash flow Net cash provided by (used in) operating activities (1) $ 255,147 $ 344,902 $ 70,506 $ (119,886) $ 348,442 $ 121,893 $ (103,714) Net changes in operating assets and liabilities and certain non-cash items (136,960) (141,558) 88,609 (6,795) (185,673) (73,024) 188,871 Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest (5,149) (9,747) (4,882) 35,458 (416) (72) 4 Amortization of deferred financing fees and senior notes discount 7,265 6,186 6,988 7,412 7,089 1,891 1,713 Amortization of routine bank refinancing fees (4,072) (4,444) (4,516) (4,580) (4,277) (1,167) (1,022) Non-cash tax reform benefit - - - - (22,183) - - Maintenance capital expenditures, excluding the impact of noncontrolling interest (10,977) (34,115) (29,850) (32,989) (34,718) (5,347) (6,082) Distributable cash flow (2) $ 105,254 $ 161,224 $ 126,855 $ (121,380) $ 108,264 $ 44,174 $ 79,770

(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) Distributable cash flow for 2016 includes a net loss on sale and disposition of assets of $20.5 million and lease exit and termination expenses of $80.7 million. Distributable cash flow also includes a net goodwill and long-lived asset impairment of $114.1 million ($149.9 million attributed to the Partnership, offset by $35.8 million attributed to the noncontrolling interest). Excluding these charges, distributable cash flow would have been $93.9 million for 2016.

(4) Distributable cash flow for 2017 includes a net loss on sale and disposition of assets of $12.5 million and a net goodwill and long-lived asset impairment of $0.8 million. Excluding these charges, distributable cash flow would have been $121.6 million for 2017. Distributable cash flow also includes a $14.2 million gain on the sale of the Partnership's natural gas marketing and electricity brokerage businesses in February 2017.

(5) Distributable cash flow includes a net loss on sale and disposition of assets of $2.3 million and $1.9 million for the three months ended March 31, 2017 and 2018, respectively. Excluding the loss on sale and disposition of assets, distributable cash flow would have been $46.5 million and $81.6 million for the three months ended March 31, 2017 and 2018, respectively. For the three months ended March 31, 2017, distributable cash flow also includes a $14.2 million gain on the sale of the Partnership's natural gas marketing and electricity brokerage businesses in February 2017. For the three months ended March 31, 2018, distributable cash flow also includes a one-time non-cash gain of approximately $52.6 million as a result of the extinguishment of a contingent liability related to a Volumetric Ethanol Excise Tax Credit.

30 Balance Sheet at March 31, 2018

(In thousands) (Unaudited)

Assets Liabilities and partners' equity Current assets: Current liabilities: Cash and cash equivalents $ 11,693 Accounts payable $ 271,798 Accounts receivable, net 417,657 Working capital revolving credit facility - current portion 251,700 Environmental liabilities - current portion 5,006 Accounts receivable - affiliates 3,691 Trustee taxes payable 37,960 Inventories 392,950 Accrued expenses and other current liabilities 83,678 Brokerage margin deposits 14,291 Derivative liabilities 12,498 Derivative assets 9,823 Total current liabilities 662,640 Prepaid expenses and other current assets 86,075 Total current assets 936,180 Working capital revolving credit facility - less current portion 100,000 Revolving credit facility 196,000 Property and equipment, net 1,019,513 Senior notes 662,444 Intangible assets, net 53,968 Environmental liabilities - less current portion 51,514 Goodwill 312,258 Financing obligations 150,283 Other assets 33,265 Deferred tax liabilities 38,948 Other long-term liabilities 54,961 Total liabilities 1,916,790 Total assets $ 2,355,184

Partners' equity Global Partners LP equity 435,396 Noncontrolling interest 2,998 Total partners' equity 438,394

Total liabilities and partners' equity $ 2,355,184

31