#1GLOBAL EPA HEIL Global Partners LP GRUBALY GLOBA STOP ALLTOWN fresh Fourth-Quarter 2023 Investor Presentation March 2024 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. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC). 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, goodwill and long-lived asset impairment charges and Global's proportionate share of EBITDA related to its Spring Partners Retail LLC joint venture, which is accounted for using the equity method. 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 and Adjusted 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 Global's success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership's partnership agreement (the "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 agreement also determines Global's ability to make cash distributions on its 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. Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of the Partnership's financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in the partnership agreement) further adjusted for Global's proportionate share of distributable cash flow related to its Spring Partners Retail LLC joint venture which is accounted for using the equity method. Adjusted distributable cash flow is not used in the partnership agreement to determine the Partnership's ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under the partnership agreement. Distributable cash flow and adjusted distributable cash flow should not be considered as alternatives to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, the Partnership's distributable cash flow and adjusted 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 largest independent owners, suppliers and operators of gasoline stations and convenience stores Expansive network of liquid energy terminals spanning from Maine to Florida and into the U.S. Gulf states Strategic rail and/or marine assets ALLTOWN (mean • • 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 10 GLOBAL ALDEN 4#5Recent Highlights • . · Completed acquisition of 25 refined product terminals from Motiva Enterprises for $313.2 million in cash, including inventory The assets are located on the Atlantic Coast, in the Southeast and in Texas and have an aggregate shell capacity of 8.4 million bbls. Acquisition underpinned by 25-year guaranteed take-or-pay throughput agreement with Motiva that includes minimum annual revenue commitments. Completed private offering of $450 million in aggregate principal amount of 8.250% senior unsecured notes due 2032 - Net proceeds used to repay a portion of the borrowings outstanding under credit agreement and for general corporate purposes. Expanded retail operations into Texas through Spring Partners Retail (SPR) joint venture with ExxonMobil GLOBAL SPR acquired a portfolio of 64 Houston-area convenience and fueling facilities Global invested $69.5 million in cash for a 49.99% interest in the joint venture 5#6Motiva Terminals are Strategically Located, Well-Maintained Assets, Providing Critical Midstream Infrastructure • • Diversifies Global into new geographies outside the Northeast, providing platforms for growth across all business lines Direct connections to key U.S. refined product pipelines Terminals Connected to Highly- Utilized Refined Product Pipelines Plantation Pipeline Colonial Pipeline Enterprise Pipeline Explorer Pipeline Magellan Pipeline SD WY MN VT N WI NY M MI IA NE • Flexibility to serve customer needs with multiple modes including ship, barge, pipeline, rail and truck GLOBAL 10 CO KS MO OK NM AR TX LA OH IL IN WV KY SC MS AL GA FL NC 6#7DNA 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 ORGANIC NATUREL UTEN FREE VON UNT NOW FRESH ARE YOU? Mobil Matx Sourcing and Logistics Origin and Transportation - Delivery and Storage GLOBAL Integrated Marketing Wholesale Distribution - Retail - C-Store Operations 7#8Our Network by the Numbers (as of 12/31/2023) 49 Bulk Petroleum Product Terminals 341 Company-Operated, Convenience Stores CORMER MARKET FOOD CHOICES FREE FRESH FROM ~1,700 Gas Stations Owned, Leased or Supplied GLOBAL Mobi BAL 18.3M Barrels of Storage Capacity ~374K Barrels of Product Sold Daily 8#9Acting Thoughtfully and Sustainably for Our Stakeholders EMERGENCY CONTACTER 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 Offer renewable products at many of our 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 9 $1.25M+ GLOBAL Raised and donated to causes es in our local communities OUR FIRST YEAR! GLOBAL For Good SUPPORTING OUR COMMUNITIES & THEIR PEOPLE EST. 2023 • 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 Embracing differences and promoting an inclusive organization that values the diversity of employees, customers, suppliers, and community partners#10Segment Overview GLOBAL 10#11Business 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 11#12GDSO - One of the Largest Operators of Gasoline Stations and Convenience Stores in the Northeast • Large gasoline station and C-store portfolio • Supply 1,627 locations in 12 states • - Own or control 825 sites; ~47% owned New-to-industry and organic projects - Retail site development and expansion. - Merchandising and rebranding - Co-branding initiatives. O ME: 33 Locations O VT: 90 Locations NH: 97 Locations NY: 325 Locations MA: 384 Locations RI: 57 Locations CT: 336 Locations Site Type (as of 12/31/2023) Total NJ: 14 Locations Company operated(1) Lessee dealers 341 O Commissioned agents 302 PA: 128 Locations 182 TOTAL 825 MD: 68 Locations Contract dealers 802 VA: 93 Locations TOTAL 1,627 (1) Excludes 64 sites in Houston, Texas operated by the Partnership's joint venture, Spring Partners Retail LLC GLOBAL NC: 1 Location DC: 1 Location 12#13GDSO - Competitive Strengths • Strategic Advantages Vertical integration: Integration between supply, terminaling and wholesale businesses and gas station sites • Scale: 1,627 sites with volume of Multiple Brands bp Gulf SUNOCO • 1.6 billion gallons (TTM 12/31/2023) • 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 GLOBAL CITGO ALLTOWN fresh. all town CONVENIENCE STORES GLOBAL 10 13#14JV with ExxonMobil Expands Global's Reach into the Large and Growing Houston Market Houston is 4th largest city in the U.S., with approximately 7 million residents Over the past decade Houston has added 1.1 million new residents, making it the fastest- growing city among the 10 most populous U.S. metropolitan market JV further strengthens Global's long and successful alliance with leading energy brand B College Stat Breonam Madisonville Magnolia Sam Houston National Forest bake Jackson Sisbee Lumberton Beaumont Port Arthur Qringe Vintga GLOBAL 10 Spring Partners Retail LLC Houston Market Locations 14#15C-Store Market Remains Fragmented with Significant Opportunity for Consolidation 15 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 63% of Operators (95,906) 501+ Stores 21% of Operators (32,003) 201-500 Stores 4% of Operators (6,169) 51-200 Stores 6% of Operators (8,780) 70% of industry ≤ 50 store chains (1) National Association of Convenience Stores - 1H 2023 NACS/ NielsenIQ Convenience Industry Store Count 11-50 Stores 6% of Operators (9,204)#16Wholesale and Commercial Terminals Clatskanie, OR: 200K Stampede, ND: 452K Beulah, ND: 280K A Newburgh, NY: 429K Bayonne, NJ: 829K Burlington, VT: 419K Albany, NY: 1,402K Newburgh-Warex, NY (3): 956K Perth Amboy, NJ: 605K Wethersfield, CT: 183K Philadelphia, PA: 344K Macungie, PA: 170K Inwood, NY: 322K Dallas, TX: 574K Fort Worth, TX: 304K ~18.3 million Barrels of Storage Capacity(1) Capacity in barrels Terminal Waco, TX: 107K San Antonio, TX: 201K (1) As of December 31, 2023 Pasadena, TX: 189K CO COLO CO 000 Portland, ME: 665K Revere, MA: 608K Chelsea, MA: 685K Sandwich, MA: 99K Port of Providence, RI: 480K Glenwood Landing, NY: 98K New Haven, CT: 421K Bridgeport, CT: 110K Baltimore, MD (3): 1,364K Fairfax, VA: 421K Richmond, VA: 260K Doraville, GA (3): 657K 9 CO CO Bainbridge, GA: 261K 0 Greensboro, NC: 252K Apex, NC: 214K Fayetteville, NC: 215K Charlotte, NC (2): 488K Spartanburg, SC: 288K Beaumont, TX: 206K Hearne, TX: 6K Tampa, FL: 599K Port Everglades, FL (3): 1,864K 16#17Commercial 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 17#18Financial Overview GLOBAL 18#19Q4 2023 Financial Performance ($ in millions) Product margin (1) Gross profit Net income EBITDA(1) Adjusted EBITDA (1) Maintenance capex DCF(1) Adjusted DCF(1) (1) Please refer to Appendix for reconciliation of non-GAAP items. Q4 2023 Q4 2022 $305.7 $303.8 $280.4 $281.6 $55.3 $57.5 $110.9 $105.3 $112.1 $106.9 $25.4 $26.6 $59.4 $57.3 $58.8 $57.3 Q4 2023 Drivers vs. Q4 2022 ↑ Higher fuel margins in GDSO segment ↑ Higher operating income driven in part by lower operating expenses In Wholesale, less favorable market conditions in distillates, partially offset by more favorable market conditions in gasoline and residual oil ↓ ↓ In Commercial, less favorable market conditions in bunkering 0 GLOBAL ↑ Favorable variance ↓Unfavorable variance Product Margin Q4 2023 19 GDSO 80% Station Operations 22% Gasoline and Gasoline Blendstocks 8% Wholesale 17% Distillates & Other Oils 9% Gasoline Distribution 58% Commercial 3% Product Margin by Segment ($ in millions) $245.4 $223.2 $70.7 $51.9 $8.4 $9.9 Q4'23 Q4'22 Q4'23 Q4'22 Q4'23 Q4'22 GDSO Wholesale Commercial#20FY 2023 Financial Performance ($ in millions) Product margin (1) Gross profit Net income EBITDA(1) Adjusted EBITDA (1) Maintenance capex DCF(1) Adjusted DCF(1) (1) Please refer to Appendix for reconciliation of non-GAAP items. Product Margin FY 2023 20 20 GDSO 78% FY 2023 FY 2022 Operations 26% $1,068.2 $1,185.3 $973.6 $1,097.6 $152.5 $362.2 $356.4 $565.1 $356.3 $485.2 $60.8 $54.4 Gasoline Distribution $202.7 $413.4 Station C 52% Gasoline and Gasoline Blendstocks 10% Wholesale 19% Distillates & Other Oils 9% Commercial 3% $201.7 $413.4 FY 2023 Drivers vs. FY 2022 ↑ Increased convenience store activity in part due to the September 2022 acquisition of Tidewater Convenience ↓ Lower fuel margins in gasoline distribution compared to uniquely strong fuel margins in FY 2022 Less favorable market conditions in distillates and other oils in Wholesale segment and bunkering in Commercial segment vs. FY 2022, during which significant volatility in refined product prices positively impacted product margins Product Margin by Segment $834.6 $856.6 ($ in millions) $287.7 $201.9 $31.7 $41.0 FY'23 FY'22 FY'23 FY'22 FY'23 FY'22 0 GLOBAL ↑ Favorable variance ↓Unfavorable variance GDSO Wholesale Commercial#21Volume 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 21 24 ■C-Store & Sundry ■Rent Total ―Total CPG 40 $350.0 ($ in millions) $300.0 $267.9 $276.0 40 33 -Retail CPG* (Cents per gallon) 35.7 34.3 35 29.3 30 26.8 $250.0 $225.1 $233.9 23.4 23.1 $205.9 $200.0 25 20 21.7 20.6 $150.0 GN 18.4 18.3 18.2 18.6 14.6 14.3 14.1 14.5 14.4 15 12.8 12.3 12.5 12.6 11.5 9.5 $100.0 10 6.1 6.6 4.5 $50.0 5 0 $0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 GLOBAL *Retail excludes C-store margin and rent#22Balance Sheet Highlights as of December 31, 2023 • Liquid receivables and inventory comprising 27% of total assets Remaining assets are comprised primarily of $1.5B of conservatively valued fixed assets - Strategically located, non-replicable terminals and gas stations • $16.8M (1%) of total debt under working capital facility ● • • $1.1B (99%) 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 2.86x1 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 22 22#23Appendix GLOBAL 23#24Financial Reconciliations - Product Margin (In thousands) (Unaudited) Reconciliation of gross profit to product margin 2019 2020 Year Ended December 31, 2021 2022 2023 Three Months Ended December 31, 2022 2023 Wholesale segment: Gasoline and gasoline blendstocks Distillates and other oils Total $ 86,661 40,337 126,998 $ 101,806 84,255 186,061 $ 86,289 $ 106,982 52,584 180,715 138,873 287,697 $ 105,165 96,747 201,912 $ 13,973 $ 25,366 56,731 70,704 26,521 51,887 Gasoline Distribution and Station Operations segment: Gasoline distribution 374,550 398,016 413,756 588,676 558,516 155,944 177,817 Station operations 225,078 205,926 233,881 267,941 276,040 Total Commercial segment 599,628 603,942 647,637 856,617 834,556 67,222 223,166 67,584 245,401 24,061 12,279 15,604 40,973 31,722 9,931 8,412 Combined product margin 750,687 Depreciation allocated to cost of sales (87,930) 802,282 (81,144) 802,114 (82,851) 1,185,287 (87,638) 1,068,190 Gross profit $ 662,757 $ 721,138 $ 719,263 $ 1,097,649 $ (94,550) 973,640 $ 281,556 303,801 (22,245) 305,700 (25,303) $ 280,397 GLOBAL 10 24#25Financial Reconciliations - EBITDA and Adjusted EBITDA (In thousands) (Unaudited) Reconciliation of net income to EBITDA and adjusted 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 (gain) loss on sale and disposition of assets Long-lived asset impairment Income from equity method investments (1) EBITDA related to equity method investments (1) Adjusted EBITDA Reconciliation of net cash provided by (used in) operating activities to EBITDA and adjusted EBITDA GLOBAL 2019 (2) 2020 (3) Year Ended December 31, 2021 (4) 2022 2023 Three Months Ended December 31, 2022 2023 $ 35,178 689 35,867 $ 101,682 528 102,210 $ 60,796 $ 362,207 $ 152,506 $ 57,476 $ 55,278 107,557 99,899 60,796 102,241 362,207 152,506 57,476 55,278 104,796 110,090 26,224 29,138 89,856 83,539 80,086 81,259 85,631 19,682 20,668 1,094 234,374 (119) 285,529 1,336 244,459 16,822 8,136 1,884 5,785 565,084 356,363 (2,730) 2,022 275 1,927 (506) 380 (79,873) (2,626) 105,266 1,595 110,869 (485) (2,503) 5,030 (119) 1,870 $ 233,666 $ 287,731 $ 244,333 $ 485,211 $ 356,264 $ 106,861 $ 112,135 Net cash provided by (used in) operating activities $ Net changes in operating assets and liabilities and certain non-cash items 94,402 48,968 $ 312,526 (110,709) $ 50,218 112,819 $ 479,996 (12,993) $ 512,441 (249,845) $ (96,910) 180,610 $ 169,416 (85,000) Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest Interest expense Income tax expense (benefit) EBITDA Net (gain) loss on sale and disposition of assets Long-lived asset impairment Income from equity method investments (1) 54 89,856 1,094 292 83,539 (119) 234,374 (2,730) 2,022 285,529 275 1,927 80,086 1,336 244,459 (506) 380 81,259 16,822 565,084 (79,873) 85,631 8,136 356,363 (2,626) 19,682 1,884 105,266 1,595 20,668 5,785 110,869 (485) (2,503) (119) EBITDA related to equity method investments (1) Adjusted EBITDA 5,030 1,870 $ 233,666 $ 287,731 $ 244,333 $ 485,211 $ 356,264 $ 106,861 $ 112,135 (1) Represents the Partnership's proportionate share of income and EBITDA, as applicable, related to the Partnership's 49.99% interest in its Spring Partners Retail LLC joint venture formed in June 2023. (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. 25 25#26Financial Reconciliations - Distributable Cash Flow 26 GLOBAL (In thousands) (Unaudited) Reconciliation of net income to distributable cash flow and Three Months Ended December 31, 2019 (4) Year Ended December 31, 2020 (5) 2021 (6) 2022 (7) 2023 2022 2023 adjusted distributable cash flow Net income Net loss attributable to noncontrolling interest $ 35,178 689 $ Net income attributable to Global Partners LP 35,867 101,682 528 102,210 $ 60,796 $ 362,207 $ 152,506 $ 57,476 $ 55,278 Depreciation and amortization, excluding the impact of noncontrolling interest 107,557 99,899 60,796 102,241 362,207 152,506 57,476 55,278 104,796 110,090 26,224 29,138 Amortization of deferred financing fees and senior notes discount 5,940 5,241 5,031 5,432 5,651 1,348 1,517 Amortization of routine bank refinancing fees (3,754) (3,970) (4,064) (4,596) (4,700) (1,139) (1,193) Maintenance capital expenditures (49,897) (46,988) Distributable cash flow (1) 95,713 156,392 (43,254) 120,750 (54,444) (60,838) (26,600) (25,388) 413,395 202,709 57,309 59,352 Income from equity method investments (2) (2,503) (119) Distributable cash flow from equity method investments (2) Adjusted distributable cash flow Distributions to preferred unitholders (3) Adjusted distributable cash flow after distributions to preferred unitholders 1,509 (432) 95,713 (6,728) 156,392 (6,728) 120,750 413,395 201,715 57,309 58,801 (12,209) (13,852) (14,559) (3,463) (3,921) $ 88,985 $ 149,664 $ 108,541 $ 399,543 $ 187,156 $ 53,846 $ 54,880 Reconciliation of net cash provided by (used in) operating activities to distributable cash flow and adjusted 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 $ 94,402 48,968 $ 312,526 (110,709) $ 50,218 112,819 $ 479,996 (12,993) $ 512,441 (249,845) $ (96,910) 180,610 $ 169,416 (85,000) assets and liabilities attributable to noncontrolling interest Amortization of deferred financing fees and senior notes discount Amortization of routine bank refinancing fees 54 5,940 (3,754) Maintenance capital expenditures Distributable cash flow (1) (49,897) 95,713 292 5,241 (3,970) (46,988) 156,392 5,031 (4,064) (43,254) 120,750 5,432 (4,596) 5,651 (4,700) 1,348 (1,139) 1,517 (1,193) (54,444) (60,838) (26,600) (25,388) 413,395 202,709 57,309 59,352 Income from equity method investments (2) (2,503) (119) Distributable cash flow from equity method investments (2) 1,509 (432) Adjusted distributable cash flow 95,713 Distributions to preferred unitholders (3) (6,728) 156,392 (6,728) 120,750 413,395 201,715 57,309 58,801 Adjusted distributable cash flow after distributions to preferred unitholders $ 88,985 $ 149,664 $ (12,209) 108,541 (13,852) $ 399,543 $ (14,559) 187,156 (3,463) (3,921) $ 53,846 $ 54,880 10 (1) As defined by the Partnership's partnership agreement, distributable cash flow ("DCF") is not adjusted for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill (2) Represents the Partnership's proportionate share of income and distributable cash flow, as applicable, related to the Partnership's 49.99% interest in its Spring Partners Retail LLC joint venture formed in June 2023. (3) 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. (4) DCF 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) DCF 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) DCF 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 (7) DCF 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.#27Balance Sheet as of December 31, 2023 (In thousands) (Unaudited) 27 27 Assets Current assets: Cash and cash equivalents Accounts receivable, net Accounts receivable - affiliates Liabilities and partners' equity $ SA 19,642 551,764 Current liabilities: Accounts payable $ 648,717 Working capital revolving credit facility - current portion 16,800 8,142 Lease liability - current portion 59,944 Inventories 397,314 Environmental liabilities - current portion 5,057 Brokerage margin deposits 12,779 Trustee taxes payable 67,398 Derivative assets 17,656 Accrued expenses and other current liabilities 179,887 Prepaid expenses and other current assets 90,531 Derivative liabilities 4,987 Total current assets 1,097,828 Total current liabilities 982,790 Property and equipment, net 1,513,545 Working capital revolving credit facility - less current portion Right of use assets, net 252,849 Revolving credit facility 380,000 Intangible assets, net Goodwill Equity method investments Other assets 20,718 Senior notes 742,720 429,215 Lease liability - less current portion 200,195 94,354 37,502 Environmental liabilities - less current portion 71,092 Financing obligations 138,485 Deferred tax liabilities Total assets $ 3,446,011 Other long-term liabilities Total liabilities 68,909 61,160 2,645,351 Partners' equity 800,660 Total liabilities and partners' equity $ 3,446,011 GLOBAL 10