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Global Partners Reports Financial Results For The Second Quarter Of 2013

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2013 were $37.0 million, compared with $40.8 million for the same period in 2012.

Distributable cash flow (DCF) for the second quarter of 2013 was $23.4 million, compared with $26.7 million for the second quarter of 2012.

Net product margin, EBITDA and DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under "Use of Non-GAAP Financial Measures." Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three months ended June 30, 2013 and 2012.

Sales for the second quarter of 2013 increased to $4.8 billion from $3.9 billion for the same period in 2012. Wholesale segment sales of $3.7 billion were up approximately 27% from $2.9 billion for the second quarter of 2012. Sales from the Gasoline Distribution and Station Operations segment were up approximately 3% to $870.4 million compared with $842.5 million for the same period in 2012. Commercial segment sales increased approximately 20% to $232.3 million from $193.4 million for the second quarter of 2012.

Wholesale segment volume was 1.4 billion gallons for the second quarter of 2013 compared with 1.0 billion gallons for the second quarter of 2012. Volume in the Gasoline Distribution and Station Operations segment was 264.2 million gallons for the second quarter of 2013, compared with 262.7 million gallons for the second quarter of 2012. Commercial segment volume was up 10% to 94.3 million gallons, compared with 85.5 million gallons for the second quarter of 2012.

Wholesale net product margin grew to $46.1 million for the second quarter of 2013, compared with $34.7 million for the same period in 2012. In the Gasoline Distribution and Station Operations segment, net product margin decreased 5% to $58.8 million from $62.3 million for the comparable period of 2012. Commercial segment net product margin increased 94% to $6.2 million for the second quarter of 2013 from $3.2 million in the same period in 2012.

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