Delek Logistics Partners LP : Investor Presentation December 2020

Investor Presentation

Delek Logistics Partners

December 2020

Disclaimers

Forward Looking Statements:

Delek US Holdings, Inc. ("Delek US") and Delek Logistics Partners, LP ("Delek Logistics"; and collectively with Delek US, "we" or "our") are traded on the New York Stock Exchange in the United States under the symbols "DK" and "DKL", respectively. These slides and any accompanying oral and written presentations contain forward-looking statements within the meaning of federal securities laws that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under the federal securities laws.

These forward-looking statements include, but are not limited to, the statements regarding the following: financial and operating guidance for future and uncompleted financial periods; financial strength and flexibility; potential for and projections of growth; return of cash to unitholders, unit repurchases and the payment of distributions, including the amount and timing thereof; stability of future revenue from minimum volume commitments ("MVCs"); projections of distribution coverage, leverage ratios, financial flexibility and borrowing capacity; crude oil throughput; crude oil market trends, including production, quality, pricing, demand, imports, exports and transportation costs; pipeline takeaway capacity and projects related thereto; the performance of our joint venture investments, including Red River and Wink to Webster, and the expected benefits, flexibility, returns and EBITDA therefrom; our ability to execute on the Big Spring Gathering System and trucking asset dropdowns, and the expected benefits, flexibility, returns and EBITDA therefrom; the potential for, and estimates of cost savings and other benefits from, acquisitions, divestitures, dropdowns and financing activities; midstream growth initiatives; execution of strategic initiatives and the benefits therefrom; and access to crude oil and the benefits therefrom. Words such as "may," "will," "should," "could," "would," "predicts," "potential," "continue," "expects," "commits," "anticipates," "future," "intends," "plans," "believes," "estimates," "appears," "projects" and similar expressions, as well as statements in future tense, identify forward-looking statements.

Investors are cautioned that the following important factors, among others, may affect these forward-looking statements: Delek Logistics' substantial dependence on Delek US, thereby subjecting Delek Logistics to Delek US' business risks; risks and costs relating to the age and operational hazards of our assets including, without limitation, costs, penalties, regulatory or legal actions and other effects related to 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 utilization of Delek Logistics' assets and business performance, including margins generated by its wholesale fuel business; uncertainty relating to the impact of the COVID-19 outbreak on the demand for crude oil, refined products and transportation and storage services; uncertainties regarding future decisions by OPEC regarding production and pricing disputes between OPEC members and Russia; an inability of Delek US to grow as expected as it relates to our potential future growth opportunities, including dropdowns and other potential benefits; risks related to Delek US' exposure to Permian Basin crude oil, such as supply, pricing, production and transportation capacity; gains and losses from derivative instruments; the results of our investments in joint ventures; the ability of the Wink to Webster joint venture to construct the long-haul pipeline; the ability of the Red River joint venture to expand the Red River pipeline; the ability to grow the Big Spring Gathering System; general economic and business conditions affecting the geographic areas in which we operate; adverse changes in laws including with respect to tax and regulatory matters; and other risks contained in Delek US' and Delek Logistics' filings with the United States Securities and Exchange Commission.

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. Neither Delek US nor Delek Logistics undertakes any obligation to update or revise any such forward-looking statements.

Non-GAAP Disclosures:

Delek US and Delek Logistics believe that the presentation of distributable cash flow ("DCF"), earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA provide useful information to investors in assessing their financial condition, results of operations and cash flow their business is generating. DCF, EBITDA and adjusted EBITDA should not be considered as alternatives to net income, operating income, cash from operations or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. DCF, EBITDA and adjusted EBITDA have important limitations as analytical tools because they exclude some, but not all, items that affect net cash provided by operating activities and net income. Additionally, because DCF, EBITDA and adjusted EBITDA may be defined differently by other companies in its industry, Delek US' and Delek Logistics' definitions may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Please see reconciliations of DCF, EBITDA and adjusted EBITDA to their most directly comparable financial measures calculated and presented in accordance with U.S. GAAP in the appendix.

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Investment Overview

Overview (NYSE: DKL)

3Q20 Highlights

Balance Sheet

Growth Provided by Red River

and Business Initiatives

• Current Distribution: $0.905/LP unit qtr.; $3.62/LP unit annualized (1); ~12% current yield (2)
• On-trackto deliver 5% distribution growth in 2020 over 2019 levels
• MVC's underpin ~64% of gross margins providing stability
• Net Income of $46.3 million, Net cash from operating activities $62.3 million
• Distributable Cash Flow $59.1 million; DCF coverage ratio 1.50x (3); already exceeded YE target range of 1.4 - 1.5x
• EBITDA of $67.8 million (3) increased 31.6% year-over-year
• Quarterly distribution increased by 2.8% year-over-year
• $89.3 million credit available at September 30, 2020
• Leverage ratio ~3.9x as of September 30, 2020 (targeting below 4.0x for YE20)
• Strategic focus on organic projects, supporting coverage and reducing leverage
• Red River joint venture with Plains completed pipeline expansion in second half 2020
• • Expected annualized adjusted EBITDA of $20.0 to $25.0 million post-expansion(3)
  • Supports additional crude flexibility in the Delek US refining system
• Jefferson Energy Agreement expands Paline pipeline's reach and visibility in supply

Recent Dropdowns of Big Spring Gathering and Trucking Assets

• DK dropped Big Spring Gathering System on March 31, 2020
• • Expected $30 - $32 million Annual EBITDA underpinned by MVC DK to DKL(3)
• DK dropped trucking assets to DKL effective May 1, 2020
• • Expected $8-9 million Annual EBITDA underpinned by MRC DK to DKL(3)

(1)	Annualized distribution based on quarterly distribution for quarter ended September 30, 2020 paid on November 12, 2020 to unitholders of record on November 6, 2020.
(2)	Pricing as of 12/4/2020.	4
(3)	For reconciliation to U.S. GAAP please refer to pages 23 for distributable cash flow ("DCF") coverage ratio, 24 for DKL EBITDA, 25 for Paline EBITDA, 26 for Red River, 27 for Big Spring Gathering, and 28 for Trucking Assets.

Simplified Organizational Structure

• Eliminated incentive distribution rights (IDRs)
• General partner (GP) converted to non-economic interest
• Transaction: 14 million newly issued DKL common limited partner units and $45 million in 3Q20

Public Unitholders	Delek US Holdings, Inc.
NYSE: DK	100%
				Non-economic
		80% interest	ownership interest
20% interest		(34.7 million units)
	Limited partner-common
(8.7 million units)
Limited partner-common

Delek Logistics GP, LLC

(the General Partner)

Delek Logistics Partners, LP

NYSE: DKL

(the Partnership)

Operating Subsidiaries

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