January 2013

PBF Energy Inc. Argus Americas Crude Summit

2

Legal Notice / Forward-Looking Statements

This presentation contains forward-looking statements made by PBF Energy Inc. (the “Company” or “PBF”) and

its management. Such statements are based on current expectations, forecasts and projections, including, but not

limited to, anticipated financial and operating results, plans, objectives, expectations and intentions that are not

historical in nature. Forward-looking statements should not be read as a guarantee of future performance or

results, and may not necessarily be accurate indications of the times at, or by which, such performance or results

will be achieved. Forward-looking statements are based on information available at the time, and are subject to

various risks and uncertainties that could cause the Company’s actual performance or results to differ materially

from those expressed in such statements. Factors that could impact such differences include, but are not limited

to, changes in general economic conditions; volatility of crude oil and other feedstock prices; fluctuations in the

prices of refined products; actions taken or non-performance by third parties, including suppliers, contractors,

operators, transporters and customers; adequacy, availability and cost of capital; work stoppages or other labor

interruptions; operating hazards, natural disasters, weather-related delays, casualty losses and other matters

beyond our control; inability to complete capital expenditures, or construction projects that exceed anticipated or

budgeted amounts; inability to successfully integrate acquired refineries or other acquired businesses or

operations; effects of existing and future laws and governmental regulations, including environmental, health and

safety regulations; effects of litigation; and, various other factors.

Forward-looking statements reflect information, facts and circumstances only as of the date they are made. The

Company assumes no responsibility or obligation to update forward-looking statements to reflect actual results,

changes in assumptions or changes in other factors affecting forward-looking information after such date.

Company Highlights

Delaware City Rail Facility

4

Our History: Key Events and Milestones

March 2011

Completed

acquisition

of Toledo

Refinery

December 2010

Completed

acquisition of

Paulsboro

Refinery

October 2011

Delaware City

Refinery

operational

2008

Blackstone and First

Reserve approach

Tom O’Malley

2008

O’Malley begins

recruiting industry

veterans - launches

PBF Energy

2008 2009 2010 2011 2012 2013

September 2012

Completed first

two phases of

East Coast rail

infrastructure

Q1 2013

Targeted

completion of

rail project at

Delaware City

Company Formation Acquisitions & Improvement Growth & Optimization

December 2012

Successful IPO

at $26/share

June 2010

Completed

acquisition of

Delaware

City Refinery

5

PBF owns three oil refineries located in Ohio,

Delaware and New Jersey

― Aggregate throughput capacity of

approximately 540,000 barrels per day

― Weighted average Nelson Complexity of 11.3

― Fifth largest U.S. independent refiner

― Recent rail infrastructure investment on East

Coast provides the entire system access to

WTI-based, cost advantaged crude supply

Summary Company Profile

Cushing

Toledo

Paulsboro

Delaware City

Region

Throughput

Capacity (bpd)

Date

Acquired

Nelson

Complexity

Replacement

Cost

Benchmark

Crack Spread

Mid-Continent 170,000 3/1/2011 9.2 $2.4 billion WTI (Chicago) 4-3-1

East Coast 370,000 2010 12.2 $5.8 billion Dated Brent (NYH) 2-1-1

Total 540,000 11.3 (1) $8.2 billion

(1) Represents weighted average Nelson Complexity for PBF’s three refineries

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DE Gov. Jack Markell and PBF’s Tom O’Malley worked together on the deal

― Governor acted as DE’s “realtor in chief”

• State’s economy was reeling from several plant shutdowns / recession

• Called Tom O’Malley after talks between Valero and PBF broke down

• Facilitated discussions between all involved parties…labor, regulating

community, State, and PBF

Reduced labor / maintenance expenses by ~$100 million / yr

Long-term agreement with DNREC on emissions limitations/capital requirements

$40 million grant money from State of Delaware

Blackstone / First Reserve agreed to fund refinery purchase / rebuild

Delaware City: “Art of the Possible”

7

Implementing crude-by-rail strategy on the East Coast via 110,000 bpd rail gateway at Delaware City

― Current capacity of ~40,000 bpd

― Incremental capacity of ~70,000 bpd online Q1 2013

Delivery of 2,400 rail cars from Q1-13 through Q2-14

― 1,600 coiled & insulated and 800 general purpose railcars

State-of-the-art rail facility capable of discharging 40,000 bpd of heavy, non-diluted crude (bitumen)

Opportunity to source WCS/Bitumen at very attractive discounts to Brent

Anticipated Crude-by-Rail Volume to Delaware City

96,000

80,00075,00070,000

30,000

0

25,000

50,000

75,000

100,000

4Q'12 1Q'13 2Q'13 3Q'13 4Q'13

PBF’s East Coast Rail Infrastructure

(bpd)

Volume Average PBF Leased Railcar Capacity

Note: Volumes based on current forecast and railcar delivery schedules (subject to change)

8

East Coast Rail Infrastructure: Delaware City

Industry Highlights

Delaware City Refinery

The New Frontier – Follow the Money

It is clear E&P companies have

moved their investments from

abroad back to North America

Majors Plays:

― Canadian Oil Sands

― Williston Basin

― Marcellus

― Utica Shale

― Permian Basin

― Eagle Ford

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Permian

Basin Eagle

Ford

Oil

Sands

Bakken

Utica

Marcellus

Source: EIA Data, company announcements

11

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2010 2015 2020 2025 2030

North American Crude Growth

Note: (2) Includes upgraded conventional

Source: CAPP

Actual & Estimated Canadian Crude Production

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2010 2015 2020 2025 2030

Pentanes / Condensate Conventional Hvy (2) Oil Sands Heavy Total Light and Medium

2030 Production:

6.2 MMbpd

(MMbpd)

Note: (1) Includes production from the Barnett, Brown Dense, Granite Wash, Mississippi Lime, Monterey, Niobrara, Tuscaloosa Marine, Uinta, Utica, and Woodford formations

Source: PIRA

2030 Production:

5.8 MMbpd

Actual & Estimated U.S. Shale Crude Production

Permian Basin Shales Bakken Eagle Ford Other (1)

(MMbpd)

U.S. light, sweet production increase

― Pushes barrels South (via water, pipeline), East and West (primarily by rail)

― Ultimately displaces USGC imports

― Distressed sweet crude opportunities may emerge

― USGC refiners processing lighter crudes

Western Canadian heavy, sour production increase

― Bitumen by rail advantaged versus pipeline transportation of diluted crudes

Recent trends point to increasing waterborne heavy crude supply and expanding light-heavy differentials

Competitive Landscape

SECTION 3

Delaware City Refinery

13

U.S. Refining Industry Strengths

Inexpensive

Natural Gas

Growth in supply driving decline in U.S. natural gas pricing

― U.S. natural gas currently priced more than 60% below Europe

― ~$0.10 / bbl benefit to domestic refiners for every $1 / MMBtu

difference in natural gas price

North American

Crude

Oil Production

Secular growth in North American crude oil production

― Favorable price dislocations between North American crude

and rest of world

Complex

Refineries

U.S. average refinery Nelson Complexity of 10.9 versus Western

European average refinery Nelson Complexity of 7.8

Product

Exports

Cost and technological advantages have spurred export

opportunities

― East Coast to Europe, West Africa, and Latin America

Why will the U.S. refining industry prosper for the next 5 years?

14

Atlantic Basin Refining Balance

Refinery Closures / Expected Closures Since 2009

Since 2009, ~2.6 million bpd of Atlantic Basin refining capacity shutdown, idled or converted to terminals

Complex, high-conversion refineries in the Atlantic Basin will prevail

Company Refinery Location Capacity

North America

Hovensa Hovensa St. Croix, Virgin Islands 500,000

Valero Aruba Aruba 235,000

Sunoco Marcus Hook Marcus Hook, PA 175,000

Sunoco Eagle Point Westville, NJ 145,000

Shell Montreal East Montreal, Quebec 130,000

Western Refining Yorktown Yorktown, VA 66,300

North American total 1,251,300

Europe

ConocoPhillips Wilhelmshaven Wilhelmshaven, Germany 260,000

Petroplus Coryton Essex, England 175,000

Petroplus Petit Couronne Petit Couronne, France 162,000

Total Dunkirk Dunkirk, France 137,000

Petroplus Teeside Teeside, UK 117,000

Petroplus Belgium Antwerp, Belgium 110,000

Shell Hamburg Hamburg, Germany 110,000

LyondellBasell Berre Berre L'Etang, France 105,000

Tamoil Cremona Cremona, Italy 95,000

Petroplus Reichstett Reichstett, France 85,000

European total 1,356,000

Total capacity 2,607,300

Source: company announcements

15

Reached inflection point with domestic growth of crude and natural gas in 2010 – 2011

― Favorable price dislocations have emerged

Secular growth in North American crude production

― Flat production of ~11.5 million bpd from 1995 to 2008

― Actual and projected annual growth >850,000 bpd from ~13 million bpd in 2010 to >22 million bpd in 2020 (1)

― Reduced dependence on imported crude

Low cost natural gas vs. Europe

Strong Fundamentals for Industry and PBF

Source: PIRA Note: (1) Based on PIRA estimates (2) Condensate defined as all segregated oil lighter than 45 API excluding LPGs

Source: Platts; market data through 10/20/12

Actual & Estimated North American Crude Production

(MMbpd)

0

5

10

15

20

25

1995 2000 2005 2010 2015 2020

Condensates (2) Crudes Biofuels, Other NGLs

1.0% CAGR

0

2

4

6

8

10

12

14

16

Jan-08 Sep-08 May-09 Jan-10 Sep-10 Jun-11 Feb-12 Oct-12

Henry Hub vs. ICE Natural Gas Since 2008

($/MMBtu)

$3.49

$10.25

Henry Hub ICE

16

Source: PIRA Note: (1) Net inter-regional imports / (exports)

Macro events combined with technological

advances created inflection point for U.S. refiners in

recent years

― North American crude oil production growth

― Natural gas pricing dislocation vs. rest of world

― Competitive international advantage

Complex domestic refineries

Atlantic Basin refinery rationalization

Combination of these factors will lead to U.S.

becoming exporter of clean products

― Europe

― West Africa

― Latin America

Source: PIRA

Macro Fundamentals Created Inflection Point

Product Imports Into Europe, Latin America

and Africa Continue to Grow (MMbpd)

Africa Latin America Europe

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2010 2015 2020

United States Light Product Trade (1)

(2.5)

(2.0)

(1.5)

(1.0)

(0.5)

0.0

0.5

1.0

1.5

1995 2000 2005 2010 2015 2020

Imports

Exports

Gasoline/

Blendstock Imports

Jet/Kero

Net Exports

Diesel/Gasoil

Net Export

Gasoline

Exports

Net Light

Products

(MMbpd)

Questions?

17

January 2013

PBF Energy Inc. Argus Americas Crude Summit