Q3 2014 Investor Presentation Q4 2014 Investor Presentation Global - PowerPoint PPT Presentation

Q3 2014 Investor Presentation Q4 2014 Investor Presentation Global Partners LP (NYSE: GLP)

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,” “wil l l ikely 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. 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. EBITDA Earnings 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 Flow Distributable cash flow is an important non-GAAP financial measure for Global Partners' limited partners since it serves as an indicator of the Partnership's success in providing a cash return on their investment. Distributable cash flow means the Partnership's net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the Board of Directors of the Partnership's general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow. Specifically, this financial measure indicates to investors whether or not the Partnership has generated sufficient earnings on a current or historic level that can sustain or support an increase in its quarterly cash distribution. Distributable cash flow is a quantitative standard used by the investment community with respect to publicly traded partnerships. Distributable cash flow should not be considered as an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, Global Partners' distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies. 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 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) 4

Key Investment Considerations Critical Logistics and Infrastructure Serving Diverse Product Prolific But and Asset Mix Constrained Markets Strong Financial Experienced Profile & Increasing Management Team Distributable Cash Flow 5

Vision “Leadership in gathering, storage, transportation and marketing of refined petroleum products, crude oil, renewable fuels, natural gas and propane.” 6

Global’s DNA: Sourcing, Logistics & Marketing “Virtual Pipeline” Gathering Transportation Storage Origin Delivery Destination Integrated Marketing Wholesale Distribution Retail C-Store Operations Alltow photo 7

Uniquely Positioned in U.S. Energy Market 25 Refined Petroleum Bulk Product Terminals 11.7M Barrels of Storage Capacity 415K Barrels of Product Throughput Daily  1,500 * Gas Stations Owned, Leased or Supplied ~270 ** Company-owned Convenience Stores *Data as of January 2015 8 **Included in the 1,500 total gas stations

Global Meets the Northeast’s Daily Energy Needs 874K Gasoline Automobile tanks filled/day 20K Diesel fuel Diesel trucks filled/day 45K Heating oil Homes heated/day in winter As of 12/31/2014 (prior to acquisition of Warren Equities) 9

Positioned to Benefit From Domestic Energy Resurgence Refining Capacity by Region U.S. Oil and Liquid Fuels Production (mm bpd) Refining Capacity Imported Crude Imports as a 16 Region (mm bpd) (mm bpd) Percent of PADD PADD I 1.27 0.64 50.39% 12 PADD II 3.80 2.22 58.42% 8 PADD III 9.17 3.02 32.93% PADD IV 0.65 0.30 46.15% 4 PADD V 2.91 1.03 35.40% Total 17.80 7.21 40.51% 0 Source: Bloomberg, EIA Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Global has the only single-line haul rail from the North Total production Production forecast Dakota Bakken region to both the East and West coasts – a “Virtual Pipeline” – Source: U.S. Energy Information Administration Growth in Bakken Oil Production Crude Moved by Rail From Williston Basin 1,100 35,000 1,000 30,000 900 Daily Production (000 bbls per day) Average Rail Carloads per Month 800 25,000 700 20,000 600 500 15,000 400 10,000 300 200 5,000 100 0 0 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Source: North Dakota Pipeline Authority Source: North Dakota Pipeline Authority 10