Delek Logistics Partners, LP Investor Presentation NAPTP MLP - PowerPoint PPT Presentation

Delek Logistics Partners, LP Investor Presentation NAPTP MLP Conference MAY 2014

Forward-Looking Statements These slides, any accompanying oral and written presentation contain forward-looking statements by Delek Logistics Partners, LP (defined as “we”, “our”) that are based upon our current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about our future results, performance, prospects and opportunities and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under United States securities laws. Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: our dependence on Delek US Holdings, Inc. (“Delek US ”) (NYSE: DK) for the substantial majority of our contribution margin, thereby subjecting us to Delek US Holdings' business risks; risks relating to the securities markets generally; risks relating to the age of our assets and operational hazards of our assets including, without limitation, releases, spills and other hazards inherent in transporting and storing crude oil and intermediate and finished petroleum products; the impact of adverse market conditions affecting the business of Delek Logistics; adverse changes in laws including with respect to tax and regulatory matters and other risks as disclosed in our annual report on Form 10-K, quarterly reports on Form 10-Q and other reports and filings with the United States Securities and Exchange Commission. There can be no assurance that actual results will not differ from those expected by management or described in forward-looking statements of Delek Logistics. Delek Logistics undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Delek Logistics becomes aware of, after the date hereof. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. We undertake no obligation to update or revise any such forward-looking statements. 2

Delek Logistics Partners, LP • Current Price: $32.64/unit (1) • Market Capitalization: $788 million (1) Overview (NYSE: DKL) • Distribution: $0.425/unit quarter; $1.70/unit annualized (2) • Current Yield: 5.2% • 1Q14 Distributable Cash Flow (DCF) coverage ratio of 1.6x Conservative Financial • $126 million credit availability at March 31, 2014 Position • 1Q14 DCF $17.0m and EBITDA $20.2m (3) • Traditional MLP assets/structure • Inflation-indexed fees for most contracts Stable Cash Flow Focused • Primarily long term fee-based contracts with minimum volume commitments • Four acquisitions during past year; including $20.6m initial Growth Oriented EBITDA from two drop downs • Est. $5-$10m of EBITDA from potential existing drop downs • Delek US (NYSE: DK) Sponsor • Currently owns 62%, incl. 2% GP (4) • Majority of DKL assets support DK refining system (1) Based on price per common limited unit as of trading on May 14, 2014. (2) Annualized distribution as of May 14, 2014. (3) For reconciliation please refer to page 26. (4) Approximately 3.4% of the ownership interest in the general partner is owned by three members of senior management of Delek US. The remaining ownership interest is held by a subsidiary 3 of Delek US.

Delek US – A Growth Oriented, Financially Strong Sponsor • 140,000 bpd of refining capacity in Texas and Arkansas • Operational Strength Access to crude / product terminals, pipeline and storage assets • 361 convenience stores (1) • $1.8 billion equity market value and $1.9 billion enterprise value (1)(2) • Financial Strength $263 million March 31, 2014 LTM EBITDA (1)(3) • $97 million net debt at March 31, 2014; $393 million in cash Strategically Located Refineries Provide Crude Oil Supply Flexibility and Broad Product Distribution (1) REFINING SEGMENT  140,000 BPD in total El Dorado, AR Tyler, TX  80,000 BPD  60,000 BPD  9.0 complexity  9.5 complexity RETAIL SEGMENT  361 Stores  Locations in 7 states  Primarily TN, AL, GA LOGISTICS SEGMENT  8 Terminals  Approx. 1,150 miles of pipelines  7.6 million bbls storage capacity (1) As of March 31, 2014 financial statements. (2) As of May 14, 2014. 4 (3) Non-GAAP measure. See pg. 28 for the reconciliation to GAAP.

Delek Logistics Partners, LP Overview

Stable Asset Base Positioned for Growth Growing logistics assets support crude sourcing and product marketing Pipelines/Transportation Segment  ~400 miles of crude transportation pipelines, includes the 195 mile crude oil pipeline from Longview to Nederland, TX  ~ 600 mile crude oil gathering system in AR  Storage facilities with 6.6 million barrels of active shell capacity Wholesale/ Terminalling Segment  Wholesale and marketing business in Texas  8 light product terminals: TX, TN,AR  Approx. 1.0 million barrels of active shell capacity 6

Continued Increase in SALA Gathering System • Provides access to local Arkansas, east Texas and north Louisiana crudes to Delek US’s El Dorado refinery. • 600 mile crude oil gathering system, primarily within a 60-mile radius of the El Dorado refinery. • Positioned to benefit from development in Brown Dense area. 30,000 25,000 23,113 22,152 22,130 20,747 20,000 Barrels per day 17,676 15,813 15,900 15,000 10,000 5,000 - 2009 2010 2011 2012 2013 1Q13 1Q14 Crude Volume (bpd) (1) (1) Delek US acquired majority ownership of Lion Oil in April 2011. Volumes in 2011 are based on 247 days of operations following the acquisition. Amounts in 2009 and 2010 are based on 7 previous ownership data.

Lion Pipeline System – Potential Throughput Increase • Provides non- gathered crude oil to Delek US’ El Dorado refinery. • Connects refinery to Enterprise TE Products Pipeline. • Throughput may benefit from improvements at Delek US’ El Dorado refinery completed in 1Q14 turnaround that increased light crude capability by 10,000 bpd. 65,000 60,000 55,000 57,442 50,000 49,694 45,000 El Dorado refinery 46,027 46,515 45,337 45,220 45,018 completed turnaround Barrels per day 43,359 40,000 In 1Q14 35,000 30,000 31,773 25,000 24,644 20,000 15,000 10,000 5,000 - 2011 2012 2013 1Q13 1Q14 Crude Volume (bpd) (1) Refined product (bpd) (1) (1) Delek US acquired majority ownership of Lion Oil in April 2011. Volumes in 2011 are based on 247 days of operations following the acquisition. 8

West Texas Wholesale Business – Margins Remain Strong • Achieved record volume in 2013. • Operates in an area around the Permian Basin; benefiting from robust economic activity. • Purchases refined products from third parties for resale at owned and third party terminals in west Texas. 19,000 $4.00 $3.69 $3.57 $3.50 18,000 $3.00 17,000 $2.56 Barrels per day Margin, $/bbl $2.50 $2.12 16,555 16,000 $2.00 15,999 $1.46 $1.50 18,156 $1.48 15,000 16,523 $1.50 15,493 14,000 $1.00 14,353 13,000 13,377 $0.50 12,000 $- 2009 2010 2011 2012 2013 (1) 1Q13 (2) 1Q14 (3) Volume (bpd) Gross margin per bbl (1) 2013 west Texas gross margin per barrel includes $0.99/bbl associated with approximately $6.4 million of gross margin related to ethanol RINs sold during the period. 9 (2) 1Q13 west Texas gross margin per barrel includes $1.18/bbl associated with approximately $1.8 million of gross margin related to ethanol RINs sold during the period. (3) 1Q14 west Texas gross margin per barrel includes $0.75/bbl associated with approximately $1.1 million of gross margin related to ethanol RINs sold during the period.

East Texas Marketing Volume Continues to Increase • Volumes have been increasing as Delek US’ Tyler refinery utilization improves; 1Q2014 volume 37% above 2009 level. • Exclusive rights to market 100% of the refined products output of Delek US’ Tyler refinery (1) . • Fee paid to Delek Logistics of $0.6065 per barrel of product sold plus 50% of margin above agreed base level generated on the sale. 62,432 63,000 60,000 58,773 Barrels per day (1) 57,000 53,086 54,000 52,087 51,568 51,000 48,000 45,500 45,393 45,000 42,000 2009 2010 2011 2012 2013 1Q13 1Q14 (1) East Texas marketing volumes exclude jet fuel and coke, which are not marketed by DKL. 10