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Buckeye Partners: Investor Presentation Houston, Tx November 10, 2015

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 t o 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. © Copyright 2015 Buckeye Partners, L.P. 2

ORGANIZATIONAL OVERVIEW AND HIGHLIGHTS 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 An integrated network of marine terminals located primarily in the East Coast and Gulf Coast regions of the U.S. and in the Caribbean Buckeye Services Merchant Services Markets liquid petroleum products in areas served by Domestic Pipelines & Terminals and Global Marine Terminals Development & Logistics Operates or maintains pipelines and performs engineering and construction management services for third parties © Copyright 2015 Buckeye Partners, L.P. 3 Buckeye owns and operates a diversified network of integrated assets providing midstream logistic solutions as well as stable and sustainable cash distribution to our unitholders LTM(1) Adjusted EBITDA - $847.1 million Market and Financial Highlights LTM through September 30, 2015. See Non-GAAP Reconciliation. As of November 9, 2015. Market Data (2) Unit Price $66.32 Market Capitalization $8.6 billion Yield 7.1% Financial Data (1) Adjusted EBITDA $847.1 million Distribution per Unit (Annualized) $4.70 Distribution Coverage Ratio 1.00x Leverage Ratio 3.98x $503.2 $306.8 $18.3 $18.8

RECENT DEVELOPMENTS © Copyright 2015 Buckeye Partners, L.P. 4 Buckeye reported 3Q trailing twelve months coverage of 1.00x Buckeye has generated solid quarterly financial performance despite declining price environment Buckeye benefits from certainty of cash flows despite uncertainty in crude oil markets Domestic crude oil business benefits from long-term contracts 100% of field gathering terminals, splitter and associated storage under long-term take or pay contracts with Trafigura Upside to lower crude and refined product prices Contango markets, particularly Brent crude oil Increased demand for storage services across our assets Adverse impact from lower crude and refined product prices Settlement and butane blending revenues QUARTERLY HIGHLIGHTS STABILITY OFFSETS PRICING IMPACT Demonstrated continued success of diversification strategy and quality of Buckeye commercial, technical and operating teams Domestic Pipelines & Terminals Strong performance across domestic terminal business; offset by seasonal weakness & one-time items Organic growth projects and expanded service offerings continue to drive incremental contributions Global Marine Terminals Improved utilization and higher rates; boasting 97% 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 nearing completion of commissioning activities Buckeye Services BMS Managing the business in disciplined manner; increased overall contributions to the assets BDL Potential opportunities as companies look to outsource logistics activities due to market volatility

GEOGRAPHIC DIVERSIFICATION SYSTEM MAP © Copyright 2015 Buckeye Partners, L.P. 5 Geographically Diversified Four Buckeye Hubs Chicago Complex Gulf Coast Caribbean NY Harbor

TRANSFORMATION SINCE 2010 © Copyright 2015 Buckeye Partners, L.P. 6 New Global Marine Terminals Segment Provides Significant Diversification in Adjusted EBITDA(1) Invested Nearly $7 Billion in Acquisitions and Internal...