#1ALLTOWN ALLTOWN fresh Mobil Mobil GLOBAL Global Partners LP Q4 2020 Investor Presentation Global Partners LP (NYSE: GLP)#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. 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 and otherwise 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) including, without limitation, the impact and duration of the COVID-19 pandemic, 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 we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership's historical experience and present expectations or projections. For additional information regarding known material factors that could cause actual results to differ from the Partnership's projected results, please see Global Partners' filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10- Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. 2 GLOBAL#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, crude oil and propane, as well as convenience store 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 historic 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. 3 GLOBAL#4Global Partners at a Glance 4 ➤ Master Limited Partnership (NYSE "GLP") ➤ One of the region's largest independent owners, wners, 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 petroleum 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 and DCF coverage GLOBAL#5Recent Highlights • • • Announced agreement to acquire retail fuel and convenience store assets of Consumers Petroleum of Connecticut, Inc. - - 27 company-operated retail gas stations with Wheels-branded convenience stores in Conn. Fuel supply agreements for ~25 stations in Conn. and N.Y. - Transaction expected to close in Q2 2021, subject to regulatory approvals and other customary closing conditions Expanded our presence in Greater Philadelphia with the addition of retail assets that complement our wholesale unbranded business Began receiving renewable diesel at our rail and waterborne terminal in Oregon under a long-term contract with a leading downstream energy company Secured U.S. Department of Agriculture grant to upgrade and expand 5 of our liquid energy terminals in the Northeast to handle larger volumes of biofuel 5 GLOBAL#6Project Carbon Freedom . . Launched in March 2021 Platform providing a cross-industry climate initiative by liquid energy and agriculture sectors in the U.S. Seeks to advance clean energy legislation that supports the deployment of renewable liquid heating fuel as an alternative to policy-driven electrification Aims to advance a commonsense strategy to efficiently, affordably and equitably decarbonize the residential heating sector across the northeastern U.S. project CARBONFREEDOM Transitioning the entire northeastern liquid heating fuel market to a B20 blend would displace more than 913 million gallons per year of conventional heating oil and 6 7.4 million metric tons of CO2 emissions.1 1 NORA Biofuel Report to Congress; National Biodiesel Board, Bioheat Emissions Reductions Findings, January 26, 2017 GLOBAL#7COVID-19 Response 7 Prioritizing the health and safety of our employees, guests, customers and suppliers Providing essential products and services across our stores, stations and terminals We believe that our integrated business model, diversified product portfolio and versatile asset base provide us with operating and financial flexibility GLOBAL#8Global's DNA 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 8 Sourcing and Logistics Origin and Transportation Delivery and Storage Wholesale Distribution Integrated Marketing Retail Mobi GLOBAL C-Store Operations FRESH MADE TO ORDER MEALS ORGANIC NATURAL GLUTEN FREE HOW FRESH ARE YOUT GLOBAL#9Global by the Numbers (as of December 31, 2020) 9 25 Petroleum Bulk Product Terminals 11.8M Barrels of Storage Capacity ~361K Barrels of Product Sold Daily ~1,550 Gas Stations Owned, Leased or Supplied 四 中 277 277 Company-operated Convenience Stores GLOBAL#10Leading Role in Northeast Energy Infrastructure Gasoline* 907,000 automobile Diesel Fuel tanks filled per day 23,000 diesel trucks filled per day 10 TTM as of 12/31/2020 *Total gasoline volume sold Heating Oil 32,000 homes heated every day in winter GLOBAL#11Acquisitions and Investments ~$2.0 Billion in Acquisitions and Investments Acquired 3 terminals from ExxonMobil Albany ethanol expansion project with CP Completed Port of Providence terminal project Global Albany rail expansion Acquired Boston Harbor Terminal Acquired retail gas and c- store assets from Champlain Oil Co. Acquired Warex terminals Getty Realty Agreement Acquired Warren Equities Added 22 leased retail sites in Western, Mass 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Acquired 2 terminals from ExxonMobil Organic terminal projects in Albany, NY Oyster Bay, NY Philadelphia Acquired Mobil Stations Acquired Alliance Energy Acquired CPBR Facility Acquired NY/DC retail portfolio from Capitol Petroleum Retail acquisitions/leases/supply contracts Organic and expansion projects Terminal acquisitions 11 Contracted to supply 150M gallons to Mobil distributors Acquired Basin Transload Acquired retail gas and c-store assets from Cheshire Oil Co. Acquired retail gas and c-store assets from Honey Farms, Inc. GLOBAL#12Global's Environmental and Social Practices At Global, we act thoughtfully and sustainably for all our stakeholders. We operate our business in a safe and environmentally sound manner. We support our local communities and we work to advance sustainability throughout the company. In all our activities, our core values, quality, customer focus, and community involvement, drive our work. Fueling the Future Years of expertise in the sourcing and distribution of biofuels, including biodiesel, ethanol, renewable diesel, and BioheatⓇ. These fuels are renewable, burn cleaner, and reduce greenhouse gas emissions Positioned to handle the fuels of the future Secured long-term contract to provide terminal services for renewable diesel in Oregon Continue to introduce modifications to our terminal infrastructure to increase the ability to supply, receive, store and deliver renewables Engaged in opportunities to increase our terminal portfolio of renewable fuels Electrification Partnered with a leader in EV charging to provide charging stations at select retail sites Supporting regulation designed to increase the adoption of bio and renewable fuels Energy Efficiency and Conservation Energy Efficiency • • • Using advanced remote-energy monitoring technology to audit and optimize our terminal and convenience store electricity usage Supporting the development of large-scale solar electricity projects by purchasing net metering credits Exploring the installation of solar panels at select terminals and retail locations. Conducting energy audits at our terminals and pursuing efficient energy solutions Conservation • • Our construction standards for retail locations include the use of environmentally responsible materials Replacing traditional lighting with LED lighting at retail locations Social Responsibility Wherever Global operates we are committed to serving the community and being a good neighbor . • We support charitable causes in two ways – through direct contributions and through ongoing fundraising in our retail stores We support local schools, foodbanks, first responders and other organizations At the heart of our corporate charitable effort is the CF & MS Fund Foundation. The CFMS Fund provides funding for research and helps to meet the needs of those impacted by cystic fibrosis or multiple sclerosis At our terminal locations we donate fuel and make donations to keep families warm through the winter 12 GLOBAL#1313 Business Overview by Segment GLOBAL#14• Business Overview by Segment Wholesale Bulk purchase, movement, storage and sale of: · Gasoline and gasoline blendstocks · Other oils and related products: - – Distillates, residual oil, propane and biofuel - Crude oil - Renewable diesel Customers - Branded and unbranded gasoline distributors Home heating oil retailers and wholesale distributors - Integrated oil companies Gasoline Distribution & Station Operations • Retail gasoline sales - Branded and unbranded Rental income from: - Dealers Commissioned agents - Co-branding arrangements • Sales to retail customers of: - Convenience store items • • - Car wash services · Fresh-made and prepared foods Alltown, Alltown Fresh, Jiffy Mart, T-Bird and Xtra Mart stores Customers - Station operators - Gasoline jobbers • 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 14 - Retail customers GLOBAL#15Wholesale - Northeast Terminals 10.8 million bbls of terminal capacity in the Northeast (as of 12/31/2020) Albany, NY: 1,426K Newburgh, NY: 429K Newburgh-Warex, NY: 956K Macungie, PA: 170K Philadelphia, PA: 344K Location Newburgh, NY Western Long Island, NY Boston Harbor, MA Vermont Carteret, NJ: 637K Burlington, VT: 419K Portland, ME: 665K Revere, MA: 2,097K Chelsea, MA: 685K Sandwich, MA: 99K Wethersfield, CT: 183K Port of Providence, RI: 480K New Haven, CT: 596K Bridgeport, CT: 110K Glenwood Landing, NY: 98K Commander/Oyster Bay, NY: 134K Bayonne, NJ: 740K Perth Amboy, NJ 265K Inwood, NY: 322K Estimated market share¹ Est. market capacity 2,847 (Amounts in barrels) GLP capacity GLP % of total 1,385 49% 776 11,119 554 71% 2,782 25% 427 419 98% 5,634 480 9% 9,162 1,402 15% Providence, RI Albany/Rensselaer, NY 1 Based on terminal capacity (bbls in 000s) 15 Source: OPIS/Stalsby Petroleum Terminal Encyclopedia, 2018 and Company data GLOBAL#16West Coast Terminal - Port of Columbia County, Oregon 16 FUJI GALAXY MAJURO Long-term agreement with leading downstream energy company to use our facility to throughput renewable diesel Rail and waterborne terminal features 200,000 barrels of storage capacity and dock capable of handling Panamax-class vessels#17GDSO - One of the Largest Operators of Gasoline Stations and Convenience Stores in the Northeast • • Large gasoline station and C-store portfolio - Supply ~1,550 locations in 11 states · Own or control 758 sites; ~45% owned New-to-industry and organic projects - Retail site development and expansion – Merchandising and rebranding - Co-branding initiatives Huntsville 400 Orillia Kawartha Lakes 12 41 148 Ottawa 417 Peterborough Belleville Kingston 115 Prince Edward 400 407 401 404 ramptono Toronto er Mississauga Hamilton Lake Ontario Rochester 417 416 31 Watertown 50 Terrebonne Montreal Cornwall 416 403 Niagara Falls Buffalo 390 Syracuse NEW YORK Ithaca Sherbrooke 10 55 MONT NEW Sarat a Springs MASSA Site Type (as of 12/31/2020) Total Company operated 277 Commissioned agents 273 Pittsburgh Lessee dealers 208 TOTAL 758 Morgantown Contract dealers 790 TOTAL 1,548 17 30 PENNSYLVANIA Harrisonburg Scranton Hershe Harrisburg 1 Philadelphia MARYLAND NEW JERSEY Atlantic City Washion DELAWARE MAINE Bangun GLOBAL#18GDSO - Competitive Strengths Strategic Advantages Portfolio Percentage of Sites by State • Annuity business: Rental income from Dealer Leased and Commissioned Agents As of 12/31/2020 • Vertical integration: Integration between supply, . • terminaling and wholesale businesses and gas station sites Scale: 1,550 sites with volume of 1.4 billion gallons. (TTM 12/31/20) Preeminent locations: Portfolio of "best-in-class" sites in Northeast and Mid-Atlantic Diversification: Flexible diversity of mode of operation, site geography and site brand Getty bp Shell Multiple Brands GLOBAL all town SUNOCO Mobil ALLTOWN fresh. VALERO (Gulf Xtramart CONVENIENCE STORES 18 CITGO. ME 2% VT 6% NH 6% NY 22% MA 27% CT 21% RI 4% PA 6% NJ <1% MD 5% VA <1% GLOBAL#19GDSO-C-Store Market Remains Fragmented with Significant Opportunity for Consolidation Strong track-record of integrating acquisitions . Fragmented market provides opportunity for low-risk growth • ⚫ 73% of industry comprised of operators with less than 50 stores U.S. Convenience Store Composition By Chain Size(1) Fragmented Industry of > 150,000 Convenience Stores 1-10 Stores 66% of Operators (~100,400) 500+ Stores 19% of Operators (~29,500) 201-500 Stores 3% of Operators (~5,300) 51-200 Stores 5% of Operators (~7,700) 11-50 Stores 7% of Operators (~10,300) 73% of industry < 50 store chains 19 (1) National Association of Convenience Stores ("NACS") 2018 NACS State of the Industry Report. GLOBAL#20Commercial - 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 20 20 GLOBAL#21Financial Summary GLOBAL 21 24#22Q4 2020 Financial Performance ($ in millions) Q4 2020 Q4 2019 Product margin (1) $186.2 $172.8 Gross profit $166.2 $151.0 GDSO 77% Net income (loss) attributable to GLP(2) $4.4 $(0.8) EBITDA (1) (2) $50.2 $47.3 Adjusted EBITDA (1) (2) $49.9 $46.2 Maintenance capex $22.2 $16.6 $7.3 $9.4 Product Margin – Q4 2020 - C-Store & Third-party Rent 27% $186.2M Gasoline Distribution 50% Wholesale 21% Distillates & Residual 13% Wholesale Crude Oil (1%) Wholesale Gasoline and Gasoline Blendstocks 9% Commercial 2% DCF(1) (2) (1) Please refer to Appendix for reconciliation of non-GAAP items. (2) Q4 2020 includes a $7.2 million loss on the early extinguishment of debt related to the October 2020 redemption of the 7% senior notes due 2023. Q4 2020 Drivers vs. Q4 2019 ↑ Higher fuel margins (cents per gallon) in the GDSO segment ↑ More favorable market conditions in Wholesale gasoline and other oils and related products ☑ Decline in gasoline volume in the GDSO segment, primarily due to COVID-19 ↓ Less convenience store activity, primarily due to COVID-19 Decline in bunkering activity in the Commercial segment, primarily due to COVID-19 Product Margin by Segment - Q4 2019/Q4 2020 ($ in millions) $147.1 $143.6 $39.1 $15.4 $10.3 $3.4 Q4'19 Q420 Q4'19 Q4'20 Q4'19 Q4'20 GDSO Wholesale Commercial ↑ Favorable variance ↓ Unfavorable variance 22 GLOBAL#23FY 2020 Financial Performance ($ in millions) FY 2020 FY 2019 Product Margin – FY 2020 - Product margin (1) $802.3 $750.7 GDSO 75% Gross profit $721.1 $662.7 C-Store & Third-party Rent 26% Distillates & Residual 10% Net income attributable to GLP(2) $102.2 $35.9 EBITDA (1) (2) $285.5 $234.4 Wholesale 23% Adjusted EBITDA (1) (2) $802.3M $287.7 $233.7 Maintenance capex $47.0 $49.9 $156.4 $95.7 Wholesale Gasoline and Gasoline Blendstocks 13% DCF(1) (2) (1)Please refer to Appendix for reconciliation of non-GAAP items. (2) FY 2020 includes a $7.2 million loss on the early extinguishment of debt related to the October 2020 redemption of the 7% senior notes due 2023. FY 2019 includes a $13.1 million loss from early extinguishment of debt related to the repurchase of the 6.25% senior notes due 2022. FY 2020 Drivers vs. FY 2019 Extreme contango market structure and dramatic shift in forward product pricing curve positively impacted margins in the Wholesale segment in 2020 Gasoline Distribution 49% Commercial 2% Product Margin by Segment - FY 2019/FY 2020 ($ in millions) $603.9 $599.6 ↑ Higher fuel margins (cents per gallon) in the GDSO segment ↓ Less convenience store activity, primarily due to COVID-19 $183.1 $122.5 ↓ Decline in bunkering activity in the Commercial segment, primarily due to COVID-19 $28.6 $15.2 FY'19 FY'20 FY'19 FY'20 FY'19 FY'20 ↓ Decline in gasoline volume in the GDSO segment, primarily due to COVID-19 GDSO Wholesale Commercial ↑ Favorable variance ↓Unfavorable variance 23 GLOBAL#24Volume and Margin Consistency - Driving cars & trucks – Heating buildings and homes - - Term contracts - Rental income and C-Store sales Station Operations Margin ($M) ■Rent ■C-Store & Sundry ● Variability - · Market and economic conditions - Weather - Seasonality - COVID-19 Product Margin (cents per gallon) $250.0 $203.1 $200.0 $183.7 $175.0 $150.0 -Total CPG 30 30 $225.1 $205.9 25 25 20 20 15 $100.0 10 $50.0 4.6 4.0 5 $0.0 0 2016 2017 2018 2019 2020 24 37 4.7 22 3.7 Retail CPG* 29.3 23.4 23.1 20.6 18.4 18.3 18.2 14.6 14.3 14.1 14.5 12.8 12.3 12.5 12.6 11.5 9.5 6.1 6.6 5.0 4.5 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 * Retail excludes C-store margin and rent GLOBAL#25Balance Sheet Overview Balance Sheet Highlights as of December 31, 2020 · Liquid receivables and inventory comprising 24% of total assets • • • Remaining assets are comprised primarily of $1.1B of conservatively valued fixed assets (strategically located, non-replicable terminals and gas stations) $184.4M (18%) of total debt related to inventory financing - - Borrowed under working capital facility $859.6M (82%) 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 3.1x1 • 2,760,000 9.75% Series A preferred equity units 1 Combined Total Leverage Ratio (Funded Debt/EBITDA) as defined under the Partnership's Credit Agreement 25 25 GLOBAL#26Appendix GLOBAL 26 26#27Financial Reconciliations: Product Margin (In thousands) (Unaudited) Reconciliation of gross profit to product margin Three Months Ended Year Ended December 31, December 31, 2016 2017 2018 2019 2020 2019 2020 Wholesale segment: Gasoline and gasoline blendstocks Crude oil Other oils and related products Total $ 83,742 $ (13,098) 82,124 7,279 $ 76,741 7,159 $ 83,982 (13,047) $ 100,818 $ 7,414 $ 17,577 (672) (3,004) (2,676) 74,271 62,799 53,389 51,584 82,999 11,018 24,235 144,915 152,202 137,289 122,519 183,145 15,428 39,136 Gasoline Distribution and Station Operations segment: Gasoline distribution 289,420 326,536 373,303 374,550 398,016 91,631 92,611 Station operations 183,708 174,986 203,098 225,078 205,926 55,457 51,022 Total Commercial segment 473,128 501,522 576,401 599,628 603,942 147,088 143,633 24,018 17,858 23,611 28,540 15,195 10,323 3,422 Combined product margin Depreciation allocated to cost of sales 642,061 (95,571) 671,582 (88,530) 737,301 (86,892) 750,687 (87,930) 802,282 (81,144) 172,839 (21,838) 186,191 (19,979) Gross profit $ 546,490 $ 583,052 $ 650,409 $ 662,757 $ 721,138 $ 151,001 $ 166,212 27 GLOBAL#28Financial Reconciliations: EBITDA and Adjusted EBITDA (In thousands) (Unaudited) Reconciliation of net (loss) income to EBITDA Net (loss) income Net loss attributable to noncontrolling interest Net (loss) income attributable to Global Partners LP Depreciation and amortization, excluding the impact of noncontrolling interest Interest expense, excluding the impact of noncontrolling interest Income tax expense (benefit) EBITDA Net loss (gain) on sale and disposition of assets Goodwill and long-lived asset impairment Goodwill and long-lived asset impairment attributable to noncontrolling interest Adjusted EBITDA 2016 (1) 2017 Year Ended December 31, 2018 (2) Three Months Ended December 31, 2019 (3) 2020 (4) 2019 2020 (4) $ (238,623) $ 57,117 $ 102,403 $ 39,211 (199,412) 1,635 1,502 35,178 689 $ 101,682 528 $ (880) $ 4,442 52 58,752 103,905 35,867 102,210 (828) 4,442 108,189 103,601 105,639 107,557 99,899 26,535 24,707 86,319 86,230 89,145 89,856 83,539 21,743 20,995 53 (23,563) 5,623 1,094 (119) (181) 86 (4,851) 20,495 149,972 225,020 (1,624) 809 304,312 5,880 414 234,374 (2,730) 2,022 285,529 47,269 50,230 275 (2,478) (348) 1,927 1,379 $ (35,834) 129,782 $ 224,205 $ 310,606 $ 233,666 $ 287,731 $ 46,170 $ 49,882 Reconciliation of net cash (used in) provided by operating activities to EBITDA Net cash (used in) provided by operating activities Net changes in operating assets and liabilities and certain non-cash items Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest Interest expense, excluding the impact of noncontrolling interest Income tax expense (benefit) EBITDA Net loss (gain) on sale and disposition of assets Goodwill and long-lived asset impairment $ (119,886) (6,795) $ 348,442 (185,673) $ 168,856 $ 94,402 40,385 48,968 $ 312,526 (110,709) $ (15,123) $ 62,237 40,891 (33,088) 35,458 86,319 (416) 86,230 53 (4,851) 20,495 Goodwill and long-lived asset impairment attributable to noncontrolling interest Adjusted EBITDA 149,972 (35,834) (23,563) 225,020 (1,624) 809 303 89,145 5,623 304,312 5,880 414 54 89,856 1,094 234,374 (2,730) 2,022 292 83,539 (119) 285,529 275 1,927 (61) 21,743 20,995 (181) 86 47,269 (2,478) 50,230 (348) 1,379 $ 129,782 $ 224,205 $ 310,606 $ 233,666 $ 287,731 $ 46,170 $ 49,882 (1) 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. Excluding these expenses, Adjusted EBITDA would have been $210.4 million for 2016. (2) 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 exist and termination gain. (3) 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. (4) EBITDA and Adjusted EBITDA for the quarter and year ended December 31, 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. 28 GLOBAL#29Financial Reconciliations: DCF (In thousands) (Unaudited) 2016 (3) 2017 (4) Year Ended December 31, 2018 (5) Three Months Ended December 31, 2019 (6) 2020 (7) 2019 (6) 2020 (7) $ (238,623) $ 39,211 57,117 1,635 (199,412) 58,752 $ 102,403 1,502 103,905 $ 35,178 689 35,867 $ 101,682 528 $ (880) 52 $ 4,442 108,189 103,601 105,639 107,557 102,210 99,899 (828) 4,442 26,535 24,707 7,412 7,089 6,873 5,940 5,241 1,261 1,345 (4,580) (4,277) (4,088) (3,754) (3,970) (940) (1,037) (22,183) (32,989) (121,380) (34,718) 108,264 (38,641) 173,688 (49,897) (46,988) (16,596) (22,199) 95,713 156,392 9,432 7,258 (2,691) (6,728) (6,728) 170,997 $ 88,985 $ 149,664 $ (1,682) 7,750 (1,682) $ 5,576 Reconciliation of net (loss) income to distributable cash flow Net (loss) income Net loss attributable to noncontrolling interest Net (loss) 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 Non-cash tax reform benefit Maintenance capital expenditures, excluding the impact of noncontrolling interest Distributable cash flow (1) Distributions to Series A preferred unitholders (2) Distributable cash flow after distributions to Series A preferred unitholders Reconciliation of net cash (used in) provided by operating activities to distributable cash flow Net cash (used in) provided by operating activities $ (121,380) $ 108,264 $ $ (119,886) Net changes in operating assets and liabilities and certain non-cash items (6,795) $ 348,442 (185,673) $ 168,856 40,385 $ 94,402 48,968 $ 312,526 (110,709) $ (15,123) $ 40,891 62,237 (33,088) Net cash from operating activities and changes in operating assets and liabilities attributable to noncontrolling interest Amortization of deferred financing fees and senior notes discount 35,458 (416) 303 54 292 (61) 7,412 7,089 6,873 5,940 5,241 1,261 1,345 Amortization of routine bank refinancing fees (4,580) (4,277) (4,088) (3,754) (3,970) (940) (1,037) Non-cash tax reform benefit (22,183) Maintenance capital expenditures, excluding the impact of noncontrolling interest Distributable cash flow (1) (32,989) (121,380) (34,718) 108,264 (38,641) (49,897) (46,988) (16,596) 173,688 95,713 156,392 9,432 (22,199) 7,258 Distributions to Series A preferred unitholders (2) (2,691) (6,728) (6,728) (1,682) (1,682) Distributable cash flow after distributions to Series A preferred unitholders $ (121,380) $ 108,264 $ 170,997 $ 88,985 $ 149,664 $ 7,750 $ 5,576 29 20 (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 Series A preferred unitholders represent the distributions earned by the preferred unitholders during the period. Distributions on the Series A Preferred Units are cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on November 15, 2018. (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, 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 and a net goodwill and long-lived asset impairment of $13.3 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 for 2018 includes a net loss on sale and disposition of assets and a net goodwill 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. (6) 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. (7) Distributable cash flow for the quarter and year ended December 31, 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. GLOBAL#30Balance Sheet as of December 31, 2020 (In thousands) (Unaudited) Assets Current assets: Cash and cash equivalents Accounts receivable, net Accounts receivable - affiliates Liabilities and partners' equity Current liabilities: Accounts payable $ 207,873 $ 9,714 227,317 - Working capital revolving credit facility - current portion Lease liability current portion 34,400 75,376 2,410 Environmental liabilities - current portion 4,455 Inventories 384,432 Trustee taxes payable 36,598 Brokerage margin deposits 21,661 Accrued expenses and other current liabilities 126,774 Derivative assets 16,556 Derivative liabilities 12,055 Prepaid expenses and other current assets 119,340 Total current liabilities 497,531 Total current assets 781,430 Working capital revolving credit facility - less current portion 150,000 Revolving credit facility 122,000 Property and equipment, net 1,082,486 Senior notes 737,605 Right of use assets, net 290,506 Intangible assets, net 35,925 Long-term lease liability - less current portion Environmental liabilities - less current portion 226,648 49,166 Goodwill Other assets 323,565 Financing obligations 146,535 26,588 Total assets $ 2,540,500 Deferred tax liabilities Other long-term liabilities Total liabilities Partners' equity 56,218 59,298 2,045,001 495,499 30 30 Total liabilities and partners' equity $ 2,540,500 GLOBAL