#1NO GLOBAL EPA HEIL Global Partners LP GLOBAL GLOBA STOP ALLTOWN fresh Second-Quarter 2023 Investor Presentation August 2023 GLP LISTED NYSE#2Forward-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, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global's 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. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership's control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, 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's filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global 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. 10 GLOBAL 2#3Use 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 Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products 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, gasoline blendstocks, 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 also 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 historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. 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. GLOBAL 3#4Global at a Glance The Business • Master Limited Partnership (NYSE "GLP") . • • One of the region's largest independent owners, suppliers and operators of gasoline stations and convenience stores One of the largest terminal networks of petroleum products and renewable fuels in the Northeast Leading wholesale distributor of fuel products Investment Highlights • • • Successful history of acquiring, integrating and operating terminal and retail fuel assets Operational expertise and scale enable us to realize significant operational synergies and cost benefits Vertically integrated business model drives volume and margin enhancement Solid balance sheet GLOBAL 0 ALLTOWN 4#5Recent Highlights ● • Completed previously announced acquisition of 64 Houston-area convenience and fueling facilities under a joint venture agreement with ExxonMobil - Global is acting as the management company and operator of the facilities Signed agreement with Gulf Oil Limited Partnership to acquire five of Gulf's Northeast refined-products terminals for $273 million in cash - Aggregate storage capacity ~3.9 million bbls - Subject to customary closing conditions, including regulatory approval 10 GLOBAL 5#6DNA and Strategy Vertical Integration: We operate a uniquely integrated refined products distribution system through our terminal network, wholesale market presence and large portfolio of retail gasoline stations. This integrated model drives product margin along each step of the value chain. GLOBAL GLOB FRESH MADE TO ORDER MEALS ORGANG NATURELTEN FREE WOW YOUT FRESH ARE Wabil MaEx Sourcing and Logistics Origin and Transportation - Delivery and Storage GLOBAL Integrated Marketing Wholesale Distribution - Retail - C-Store Operations 6#7Our Network by the Numbers (as of June 30, 2023) 24 Bulk Petroleum Product Terminals 341 Company-Operated Convenience Stores CORMER MARKET FOOD CHOICES FRESH FROM 9.8M Barrels of Storage Capacity ~1,700 Gas Stations Owned, Leased or Supplied ~354K Barrels of Product Sold Daily GLOBAL 7#8Acting Thoughtfully and Sustainably for Our Stakeholders EMCENY CENTRE --- 8 $1.25M+ GLOBAL Raised and donated to causeses in our local communities OUR FIRST YEAR! GLOBAL For Good SUPPORTING OUR COMMUNITIES & THEIR PEOPLE EST. 2023 Fueling the Future • Years of experience in the sourcing and distribution of biofuels • • Concentrated efforts to expand EV charging access across current retail locations and making new locations EV ready Now offer renewable products at half of our 22 owned or controlled terminals Significant real estate assets position us to handle future energy sources GLOBAL Energy Efficiency and Conservation • • • Deploy advanced remote-energy monitoring technology to audit and optimize terminal and c-store electricity usage Purchase net metering credits to support the development of large-scale solar electricity projects In 2023, published our first corporate social responsibility report Social Responsibility • Global For Good, our charitable nonprofit supporting our communities; from larger giving programs fundraising events, to local-level fuel donations and community event sponsorships Donated $2 million to provide heating oil to families in need across the Northeast in 2022 Embracing differences and promoting an inclusive organization that values the diversity of employees, customers, suppliers, and community partners#9Segment Overview GLOBAL 9#10Business Overview by Segment • • • . • 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 - Freshly made and prepared foods Alltown, Alltown Fresh, Jiffy Mart, T-Bird, Honey Farms, Wheels, Miller's Neighborhood Market and Xtra Mart stores Customers – Station operators - - Gasoline jobbers ― Retail customers • Wholesale ⚫ Bulk purchase, movement, storage and sale of: - Gasoline and gasoline blendstocks - Distillates and other oils: Distillates, residual oil, propane and biofuel · Crude oil - Renewable diesel Renewable feedstocks Customers Branded and unbranded gasoline distributors - Home heating oil retailers and wholesale distributors - Integrated oil companies • . Commercial 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 GLOBAL 10#11GDSO - One of the Largest Operators of Gasoline Stations and Convenience Stores in the Northeast • • Large gasoline station and C-store portfolio • Supply ~1,700 locations in 12 states - Own or control 826 sites; ~46% owned New-to-industry and organic projects - Retail site development and expansion - Merchandising and rebranding - Co-branding initiatives. O о ME: 32 Locations O VT: 91 Locations NH: 97 Locations NY: 329 Locations MA: 386 Locations RI: 54 Locations CT: 351 Locations Site Type (as of 6/30/2023) Total NJ: 14 Locations Company operated(1) 341 O Commissioned agents 298 PA: 129 Locations Lessee dealers 187 TOTAL 826 MD: 68 Locations Contract dealers 820 VA: 93 Locations TOTAL 1,646 (1) Excludes 64 sites in Houston, Texas operated by the Partnership's joint venture, Spring Partners Retail LLC GLOBAL 10 NC: 1 Location DC: 1 Location 11#12GDSO - Competitive Strengths Strategic Advantages Multiple Brands bp • • Vertical integration: Integration between supply, terminaling and wholesale businesses and gas station sites Scale: 1,700 sites with volume of ~ 1.6 billion gallons (TTM 6/30/2023) • Preeminent locations: Portfolio of "best-in-class" • sites in Northeast and Mid-Atlantic Annuity-like business: Rental income from Dealer Leased and Commissioned Agents • Diversification: Flexible diversity of mode of operation, site geography and site brand ExxonMobil Xtramart Gulf SUNOCO GLOBAL CITGO. ALLTOWN fresh. all town CONVENIENCE STORES GLOBAL 10 12#13Expansion of Retail Footprint into Texas • • Transaction Details Joint venture agreement with ExxonMobil to acquire 64 convenience and fueling facilities in the great Houston area Global began operating and managing the sites in June 2023 . Attractive Market Houston is the 4th largest city in the US with approximately 7 million residents Over the last decade Houston has added 1.1 million new residents, an increase of 18.2% (~2.1% CAGR), making it the fastest growing city amongst the 10 most populous US metros GLOBAL 10 13#14C-Store Market Remains Fragmented with Significant Opportunity for Consolidation 14 • U.S. Convenience Store Composition By Chain Size(1) Strong track record of integrating . • acquisitions Fragmented market provides opportunity for low-risk growth 70% of industry comprised of operators with 50 or fewer convenience stores (1) 10 GLOBAL 1-10 Stores 64% of Operators (93,994) 501+ Stores 21% of Operators (30,890) 70% of industry ≤ 50 store chains (1) National Association of Convenience Stores - 2022 NACS/ NielsenIQ Convenience Industry Store Count 201-500 Stores 4% of Operators (5,795) 51-200 Stores 5% of Operators (8,051) 11-50 Stores 6% of Operators (9,296)#15Wholesale and Commercial - Northeast Terminals ~8.9 million bbls of terminal capacity in the Northeast as of 6/30/23 Burlington, VT: 419K Albany, NY: 1,426K Additional terminal capacity outside the Northeast Stampede, ND: 452K Beulah, ND: 280K Newburgh, NY: 429K Newburgh-Warex, NY: 956K Macungie, PA: 170K Philadelphia, PA: 344K Clatskanie, OR: 200K 10 GLOBAL Amounts in barrels Baltimore, MD: 115K Perth Amboy, NJ 505K Bayonne, NJ: 829K Portland, ME: 665K Revere, MA: 608K Chelsea, MA: 685K Sandwich, MA: 99K Wethersfield, CT: 183K Port of Providence, RI: 480K New Haven, CT: 421K Bridgeport, CT: 110K Glenwood Landing, NY: 98K Inwood, NY: 322K 15#16Commercial Segment • Delivered fuel business - Commercial and industrial customers as well as federal agencies, states 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 GLOBAL 10 OHIO 6 16#17Financial Overview GLOBAL 17#18Q2 2023 Financial Performance ($ in millions) Product margin (1) Gross profit Net income (2) EBITDA (1) (2) Adjusted EBITDA(1) Maintenance capex DCF(1) (2) (1) Please refer to Appendix for reconciliation of non-GAAP items. Product Margin Q2 2023 GDSO 75% $265.6 Q2 2023 Q2 2022 $301.9 $242.7 $281.5 $41.4 $162.8 $90.7 $211.8 $91.6 $134.9 $13.6 $9.8 $54.8 $178.2 (2) Includes a net gain on sale and disposition of assets of $76.8M for Q-2 2022, primarily related to the sale of the Partnership's terminal in Revere, Mass. Station Operations 27% Gasoline and Gasoline Blendstocks 15% Wholesale 23% Gasoline Distribution 48% Distillates & Other Oils 8% Commercial 2% Product Margin by Segment ($ in millions) ↑ ↓ Q2 2023 Drivers vs. Q2 2022 An increase in convenience store activity, including the 2022 acquisition of Tidewater Convenience Less favorable market conditions in the Wholesale and Commercial bunkering segments vs. Q2 2022, during which significant volatility in refined product prices positively impacted product margins Increased SG&A expenses, primarily due to costs related to the sale of the Revere Terminal $199.1 $198.9 0 GLOBAL ↑ Favorable variance ↓Unfavorable variance $90.5 $59.7 $6.8 $12.5 Q2'23 Q2'22 Q2'23 Q2'22 Q2'23 Q2'22 GDSO Wholesale Commercial 18#19Volume and Margin History Consistency • Driving cars & trucks Heating buildings and homes Term contracts Rental income and C-Store sales Variability • Market and economic conditions • Weather • Seasonality C-Store & Sundry Rent Total ―Total CPG $350.0 ($ in millions) $300.0 450 40 -Retail CPG* (Cents per gallon) 35.7 36.0 35 $267.9 $274.8 29.3 30 $250.0 $225.1 $233.9 26.8 $205.9 23.4 23.1 $203.1 25 21.7 21.5 $200.0 20.6 20 20 18.4 18.3 18.2 $150.0 14.6 14.3 14.1 14.5 14.4 15 12.8 12.3 12.5 12.6 11.5 $100.0 9.5 10 6.1 6.6 $50.0 4.5 5 $0.0 0 2018 2019 2020 2021 2022 6/30/23 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 6/30/23 TTM TTM GLOBAL *Retail excludes C-store margin and rent 19#20Balance Sheet Highlights as of June 30, 2023 • ● Liquid receivables and inventory comprising 26% of total assets Remaining assets are comprised primarily of $1.2B of conservatively valued fixed assets - Strategically located, non-replicable terminals and gas stations • $89.4M (9%) of total debt under working capital facility • • $860.9M (91%) of total debt related to: - Terminal operating infrastructure - Acquisitions and capital expenditures $400M 7.00% senior notes due 2027 and $350M 6.875% senior notes due 2029 • Combined Total Leverage Ratio approximately 1.94x1 • 2,760,000 Series A preferred equity units • 3,000,000 9.50% Series B preferred equity units 1 Combined Total Leverage Ratio (Funded Debt/EBITDA) as defined under the Partnership's Credit Agreement 10 GLOBAL 20 20#21Appendix GLOBAL 21 24#22Financial Reconciliations - Product Margin (In thousands) (Unaudited) Reconciliation of gross profit to product margin Year Ended December 31, 2018 2019 2020 2021 2022 Three Months Ended June 30, Six Months Ended June 30, 2022 2023 2022 2023 Trailing Twelve Months Ended June 30, 2023 22 22 Wholesale segment: Gasoline and gasoline blendstocks Distillates and other oils Total $ 76,741 60,548 137,289 $ 86,661 40,337 126,998 $ 101,806 $ 86,289 84,255 $ 106,982 $ 52,584 180,715 186,061 138,873 287,697 41,034 $ 39,023 49,541 20,699 90,575 $ 38,749 98,914 59,722 137,663 $ 59,409 53,446 112,855 $ 127,642 135,247 262,889 Gasoline Distribution and Station Operations segment: Gasoline distribution 373,303 374,550 398,016 413,756 588,676 129,852 127,883 244,738 248,699 592,637 Station operations Total Commercial segment 203,098 225,078 205,926 233,881 267,941 69,008 71,196 127,105 133,926 274,762 576,401 599,628 603,942 647,637 856,617 198,860 199,079 371,843 382,625 867,399 23,611 24,061 12,279 15,604 40,973 12,512 6,757 20,653 14,884 35,204 Combined product margin Depreciation allocated to cost of sales 737,301 (86,892) 750,687 802,282 802,114 1,185,287 (87,930) (81,144) (82,851) (87,638) 301,947 (20,471) 265,558 (22,899) 530,159 510,364 1,165,492 (42,445) (45,641) (90,834) Gross profit $ 650,409 $ 662,757 $ 721,138 $ 719,263 $ 1,097,649 $ 281,476 $ 242,659 $ 487,714 $ 464,723 $ 1,074,658 GLOBAL 10#23Financial Reconciliations - EBITDA and Adjusted EBITDA (In thousands) (Unaudited) Reconciliation of net income to EBITDA Net income Net loss attributable to noncontrolling interest Net income attributable to Global Partners LP Depreciation and amortization, excluding the impact of noncontrolling interest Interest expense Income tax expense (benefit) EBITDA Net loss (gain) on sale and disposition of assets Long-lived asset impairment Adjusted EBITDA 2018 (1) 2019 (2) Year Ended December 31, 2020 (3) Three Months Ended June 30, Six Months Ended June 30, 2021 (4) 2022 2022 2023 2022 2023 $ 102,403 1,502 103,905 $ 35,178 689 35,867 $ 101,682 528 102,210 $ 60,796 $ 362,207 $ 162,807 $ 41,389 $ 193,292 $ 70,420 60,796 362,207 162,807 41,389 193,292 70,420 105,639 107,557 99,899 102,241 104,796 24,951 26,797 51,652 53,445 89,145 89,856 83,539 80,086 81,259 21,056 21,806 42,530 43,874 5,623 1,094 (119) 1,336 16,822 2,950 $ 304,312 5,880 414 310,606 $ 234,374 (2,730) 2,022 233,666 285,529 275 1,927 $ 287,731 $ 244,459 (506) 380 244,333 565,084 (79,873) 211,764 (76,849) 691 90,683 884 4,127 1,091 $ 291,601 (81,760) $ 168,830 (1,244) $ 485,211 $ 134,915 $ 91,567 $ 209,841 $ 167,586 Reconciliation of net cash provided by (used in) operating activities to EBITDA Net cash provided by (used in) operating activities $ Net changes in operating assets and liabilities and certain non-cash items 168,856 $ 40,385 94,402 48,968 $ 312,526 $ (110,709) 50,218 112,819 $ 479,996 (12,993) $ 362,565 (174,807) $ 265,262 $ 385,193 $ (197,076) (140,249) 245,937 (122,072) Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest Interest expense Income tax expense (benefit) 303 54 89,145 89,856 5,623 EBITDA Net loss (gain) on sale and disposition of assets Long-lived asset impairment Adjusted EBITDA 304,312 $ 5,880 414 310,606 $ 1,094 234,374 (2,730) 2,022 233,666 292 83,539 (119) 285,529 80,086 1,336 244,459 81,259 16,822 565,084 275 (506) (79,873) 21,056 2,950 211,764 (76,849) 21,806 42,530 43,874 691 90,683 884 $ 4,127 291,601 (81,760) 1,091 $ 168,830 (1,244) 1,927 $ 287,731 $ 380 244,333 $ 485,211 $ 134,915 $ 91,567 $ 209,841 $ 167,586 (1) EBITDA and Adjusted EBITDA for 2018 include a one-time gain of approximately $52.6 million as a result of the extinguishment of a contingent liability related to a Volumetric Ethanol Excise Tax Credit and a $3.5 million lease exit and termination gain. (2) EBITDA and Adjusted EBITDA for 2019 include a $13.1 million loss on the early extinguishment of debt related to the Partnership's repurchase of its 6.25% senior notes recorded in the third quarter. (3) EBITDA and Adjusted EBITDA for 2020 include a $7.2 million loss on the early extinguishment of debt related to the Partnership's redemption of its 7.00% senior notes recorded in the fourth quarter. (4) EBITDA and Adjusted EBITDA for 2021 include a $6.6 million expense for compensation and benefits resulting from the passing of the Partnership's general counsel in May of 2021 and a $3.1 million expense for compensation resulting from the retirement of the Partnership's former chief financial officer in August of 2021. The $6.6 million expense relates to contractual commitments including the acceleration of grants previously awarded as well as a discretionary award in recognition of service. GLOBAL 10 23 23#24Financial Reconciliations - Distributable Cash Flow (In thousands) (Unaudited) 2018 (3) 2019 (4) Year Ended December 31, 2020 (5) Three Months Ended June 30, Six Months Ended June 30, 2021 (6) 2022 (7) 2022 (8) 2023 2022 (8) 2023 Reconciliation of net income to distributable cash flow Net income Net loss attributable to noncontrolling interest $ Net income attributable to Global Partners LP Depreciation and amortization, excluding the impact of noncontrolling interest Amortization of deferred financing fees and senior notes discount Amortization of routine bank refinancing fees 102,403 1,502 103,905 $ 35,178 689 35,867 $ 101,682 528 102,210 $ 60,796 $ 362,207 $ 162,807 $ 41,389 $ 193,292 $ 70,420 60,796 362,207 162,807 41,389 193,292 70,420 105,639 107,557 99,899 102,241 104,796 24,951 26,797 51,652 53,445 6,873 5,940 5,241 5,031 5,432 1,347 1,364 2,737 2,711 (4,088) (3,754) (3,970) (4,064) (4,596) (1,138) (1,155) (2,319) (2,293) Maintenance capital expenditures Distributable cash flow (1) Distributions to preferred unitholders (2) (38,641) (49,897) (46,988) 173,688 95,713 156,392 Distributable cash flow after distributions to preferred unitholders $ (2,691) 170,997 (6,728) (6,728) (43,254) 120,750 (12,209) (54,444) (9,778) (13,595) (17,296) (23,155) 413,395 178,189 54,800 228,066 101,128 (13,852) (3,463) (3,463) (6,926) (6,926) $ 88,985 $ 149,664 $ 108,541 $ 399,543 $ 174,726 $ 51,337 $ 221,140 $ 94,202 Reconciliation of net cash provided by (used in) operating activities to distributable cash flow Net cash provided by (used in) operating activities $ Net changes in operating assets and liabilities and certain non-cash items Net cash from operating activities and changes in operating 168,856 40,385 $ 94,402 48,968 $ 312,526 $ 50,218 (110,709) 112,819 $ 479,996 (12,993) $ 362,565 (174,807) $ 265,262 (197,076) $ 385,193 (140,249) $ 245,937 (122,072) assets and liabilities attributable to noncontrolling interest Amortization of deferred financing fees and senior notes discount 303 6,873 54 5,940 292 5,241 Amortization of routine bank refinancing fees (4,088) (3,754) Maintenance capital expenditures (38,641) (49,897) (3,970) (46,988) 5,031 (4,064) 5,432 (4,596) 1,347 (1,138) 1,364 (1,155) 2,737 (2,319) 2,711 (2,293) (43,254) (54,444) (9,778) (13,595) (17,296) (23,155) Distributable cash flow (1) Distributions to preferred unitholders (2) Distributable cash flow after distributions to preferred unitholders 173,688 95,713 156,392 120,750 413,395 178,189 54,800 228,066 101,128 $ (2,691) 170,997 (6,728) $ 88,985 $ (6,728) 149,664 (12,209) (13,852) (3,463) (3,463) (6,926) (6,926) $ 108,541 $ 399,543 $ 174,726 $ 51,337 $ 221,140 $ 94,202 (1) 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. (2) Distributions to preferred unitholders represent the distributions payable to the Series A preferred unitholders and the Series B preferred unitholders earned during the period. Distributions on the Series A preferred units and the Series B preferred units are cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year. (3) Distributable cash flow for 2018 includes a net loss on sale and disposition of assets and long-lived asset impairment of $6.3 million. Excluding these charges, distributable cash flow would have been $180.0 million for 2018. Distributable cash flow also includes a one-time gain of approximately $52.6 million as a result of the extinguishment of a contingent liability related to a Volumetric Ethanol Excise Tax Credit. (4) Distributable cash flow for 2019 includes a $13.1 million loss on the early extinguishment of debt related to the Partnership's repurchase of its 6.25% senior notes recorded in the third quarter. (5) Distributable cash flow for 2020 includes a $7.2 million loss on the early extinguishment of debt related to the Partnership's redemption of its 7.00% senior notes recorded in the fourth quarter. (6) Distributable cash flow for 2021 includes a $6.6 million expense for compensation and benefits resulting from the passing of the Partnership's general counsel in May of 2021 and a $3.1 million expense for compensation resulting from the retirement of the Partnership's former chief financial officer in August of 2021. The $6.6 million expense relates to contractual commitments including the acceleration of grants previously awarded as well as a discretionary award in recognition of service. (7) Distributable cash flow for 2022 includes a net gain on sale and disposition of assets of $79.9 million, primarily related to the sale of the Partnership's terminal in Revere, Massachusetts in June of 2022. (8) Distributable cash flow for the three and six months ended June 30, 2022 includes a net gain on sale and disposition of assets of $76.8 million and $81.7 million, respectively, primarily related to the sale of the Partnership's terminal in Revere, Massachusetts in June of 2022. GLOBAL 24#25Balance Sheet as of June 30, 2023 (In thousands) (Unaudited) 25 25 Assets Current assets: Cash and cash equivalents Accounts receivable, net Accounts receivable - affiliates Liabilities and partners' equity Current liabilities: $ 11,044 Accounts payable $ 398,648 430,792 10,745 Working capital revolving credit facility - current portion Lease liability current portion 89,400 60,102 Inventories 343,866 Environmental liabilities - current portion 4,941 Brokerage margin deposits 15,647 Trustee taxes payable 55,992 Derivative assets 16,539 Accrued expenses and other current liabilities 140,236 Prepaid expenses and other current assets 72,354 Derivative liabilities 5,027 Total current assets 900,987 Total current liabilities 754,346 Property and equipment, net Right of use assets, net 1,199,986 271,051 Working capital revolving credit facility - less current portion Revolving credit facility 119,000 Intangible assets, net Goodwill Equity method investment Other assets Total assets 22,753 Senior notes 741,867 427,715 Long-term lease liability - less current portion 218,879 70,686 43,732 Financing obligations $ 2,936,910 Environmental liabilities - less current portion Deferred tax liabilities Other long-term liabilities Total liabilities Partners' equity 62,419 140,235 66,159 58,473 2,161,378 775,532 Total liabilities and partners' equity $ 2,936,910 GLOBAL 10