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Buckeye Partners: J.P. Morgan West Coast Energy Infrastructure/Mlp 1X1 Forum March 31, 2016

The following excerpt is from the company's SEC filing.

FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements that we believe to be reasonable as of the date of this presentation. These statements, which include any statement that does not relate strictly to historical facts, use terms such as anticipate, assume, believe, estimate, expect, forecast, intend, plan, position, potential, predict, project, or strategy or the negative connotation or other variations of such terms or other similar terminology. In particular, statements, express or implied, regarding future results of operations or ability to generate sales, income or cash flow, to make acquisitions, or to make distributions to unitholders are forward-looking statements. These forward-looking statements are based on managements current plans, expectations, estimates, assumptions and beliefs concerning future events impacting Buckeye Partners, L.P. (the Partnership or BPL) and therefore involve a number of risks and uncertainties, many of which are beyond managements control. Although the Partnership believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ materially from those expressed or implied in the forward-looking statements. The factors listed in the Risk Factors sections of, as well as any other cautionary language in, the Partnerships public filings with the Securities and Exchange Commission, provide examples of risks, uncertainties and events that may cause the Partnerships actual results to differ materially from the expectations it describes in its forward-looking statements. Each forward-looking statement speaks only as of the date of this presentation, and the Partnership undertakes no obligation to update or revise any forward-looking statement. 2

ORGANIZATIONAL OVERVIEW THREE BUSINESS OPERATING UNITS Domestic Pipelines & Terminals One of the largest independent liquid petroleum products pipeline operators in the United States with pipelines located primarily in the Northeast and Midwest and liquid petroleum products terminals located throughout the United States. Global Marine Terminals One of the largest integrated networks of marine terminals located primarily in the East Coast and Gulf Coast regions of the U.S. and in the Caribbean Merchant Services Markets liquid petroleum products in areas served by Domestic Pipelines & Terminals and Global Marine Terminals 3 Buckeye owns and operates a diversified network of integrated assets providing midstream logistic solutions generating stable and consistent cash flows 2015 Adjusted EBITDA - $868.1 million Market and Financial Highlights As of March 29, 2016. See Non-GAAP Reconciliation. Market Data (1) Unit Price $65.52 Market Capitalization $8.5 billion Yield 7.2% Financial Data (2) Adjusted EBITDA $868.1 million Distribution per Unit (Annualized) $4.75 Distribution Coverage Ratio 1.02x Leverage Ratio 4.80x

RECENT DEVELOPMENTS AND QUARTERLY HIGHLIGHTS 4 Domestic Pipelines & Terminals Continued strong performance across the asset platform despite volatile commodity price environment Organic growth projects and expanded service offerings continue to drive incremental contributions Global Marine Terminals Improved utilization and higher rates; boasting 98% utilization for available storage capacity Successful completion of recontracting of anchor tenants across the platform Buckeye Texas Partners project update - Refrigerated LPG storage in-service; splitter facility commissioning activities completed during fourth quarter Merchant Services Benefited from disciplined business strategy to improve inventory management Sixth consecutive quarter of strong results Demonstrated continued success of diversification strategy and quality of Buckeye commercial, technical, and operating teams Buckeye reported 2015 coverage of 1.02x BPL 2015 Unit Performance Relative to Alerian(1) Relative performance from December 31, 2014 through December 31, 2015. Linden Hub Buckeyes diversified platform delivered stronger performance than our MLP peers -50% -40% -30% -20% -10% 0% 10% 20% BPL: -12.8% AMZ: -36.9%

LOOKING FORWARD 5 Strong balance sheet with sufficient liquidity to fund capital needs without accessing capital markets Expected 2016 growth capital $325-375 million Available liquidity on revolver(1) $933.1 million Rating Agency leverage ratio(1) 4.80x No debt maturities in 2016 Buckeye has limited commodity exposure Well positioned compared to peers with gathering and processing or upstream exposure Exposure to commodity prices, primarily related to settlement and butane blending, is limited to approximately five percent of Adjusted EBITDA Domestic system is primarily demand-pull; limiting impact of supply disruptions Consistent and predictable fee-based cash flows across consolidated asset platform Strong demand for storage assets across our system High utilization of available capacity in GMT segment Strong demand for distillate storage across domestic assets Limited counterparty non-performance risk Stable utilization by credit-worthy counterparties Lien rights on storage inventory Credit enhancements, such as letters of credit, collateral, lien rights, and/or prepayments, utilized as necessary Expect to maintain consistent...


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