NYSE: MMP www.magellanlp.com

San Antonio, Texas

Sept. 15-17, 2014

Robb Barnes Senior Vice President, Commercial Crude Oil

Forward-Looking Statements

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Portions of this document constitute forward-looking statements as defined by federal law. Although management

believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will

not be materially different. Among the key risk factors that may have a direct impact on the partnership’s results of

operations and financial condition are: (1) its ability to identify growth projects or to complete identified projects on

time and at expected costs; (2) price fluctuations and changes in demand for refined petroleum products, crude oil

and natural gas liquids, or changes in demand for transportation or storage of those commodities through its existing

or planned facilities; (3) changes in the partnership’s tariff rates or other terms imposed by state or federal regulatory

agencies; (4) shut-downs or cutbacks at major refineries, petrochemical plants, ammonia production facilities or

other businesses that use or supply the partnership’s services; (5) changes in the throughput or interruption in

service on pipelines owned and operated by third parties and connected to the partnership’s terminals or pipelines;

(6) the occurrence of an operational hazard or unforeseen interruption; (7) the treatment of the partnership as a

corporation for federal or state income tax purposes or if the partnership becomes subject to significant forms of

other taxation; (8) an increase in the competition the partnership’s operations encounter; (9) disruption in the debt

and equity markets that negatively impacts the partnership’s ability to finance its capital spending and (10) failure of

customers to meet or continue contractual obligations to the partnership. Additional information about issues that

could lead to material changes in performance is contained in the partnership's filings with the Securities and

Exchange Commission, including the partnership’s Annual Report on Form 10-K for the fiscal year ended Dec. 31,

2013 and subsequent reports on Forms 8-K and 10-Q. The partnership undertakes no obligation to revise its

forward-looking statements to reflect events or circumstances occurring after today's date.

Magellan’s Asset Portfolio

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• Key petroleum infrastructure

• 11,700 miles of pipeline, including the nation’s longest refined products pipeline system

• More than 90MM barrels of storage

Magellan’s Crude Oil Infrastructure

• 1,100 miles of active crude oil pipelines

• 18MM barrels of total crude oil storage

• Significant storage provider in Houston and Cushing

• Magellan’s focus has been on pipeline expansion in the Eagle Ford and Permian Basins

• Looking at new growth opportunities in other unconventional basins

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Magellan’s Service Objective

What Makes Magellan Different?

• Independent Service Provider

‒ We do not compete with our customers

• Pipeline objective is to maintain same quality of crude from origin to destination

• Volume and quality information kept confidential

• We are always exploring new opportunities to meet the growing needs of our customers

‒ Partnering to construct new pipeline or rail infrastructure

‒ Building new truck unloading facilities

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Significant Future Growth from Crude Oil

• While refined products assets generate the largest portion of our financial results, Magellan’s growing crude oil asset profile continues to provide springboard for additional crude oil opportunities

22%

Current Operating Margin ytd 2Q14

Refinedproducts

Crude oil

75%

Current Expansion Spending 2014 - 2016 estimate: $1.2 billion

Refinedproducts

Crude oil

25%

25%

75%

Potential Expansion Projects > $500mm

Refinedproducts

Crude oil

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NYSE: MMP www.magellanlp.com

Magellan’s Eagle Ford Projects

Eagle Ford Pipeline – Double Eagle

Joint Venture Pipeline with Kinder Morgan • Fully operational batched system capable

of transporting distinct condensate qualities to final destination

• 195-mile, 100k bpd Double Eagle pipeline

• Delivers to Magellan’s Corpus Christi

terminal

• Expansion project to construct a 10-mile pipeline to connect to KMCC’s 24” pipeline for delivery to the Houston Ship Channel. Expected completion early ‘15

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Houston

Magellan’s Corpus Christi Terminal

Today’s Terminal Infrastructure

• Landing spot for Double Eagle condensate pipeline

• Location of new condensate splitter

• Current condensate storage 1.2MM bbls

• Permitted for 250k bbls more storage

• Permitting an additional 1.8MM bbls

• Crude/condensate truck offloading in operation as well as expansion capabilities

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Corpus Area

Terminal Logistics

• Existing Connections to:

— Lyondell

— Citgo

— Valero

— Flint Hills

— Celanese

— Trafigura (under construction)

• Vessel Access:

— 3 ship docks

— 1 barge dock

— Plans for additional dock capacity

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Condensate Splitter • With restrictions on crude oil exports,

investments in condensate splitters on the Gulf Coast are needed to handle the influx of Eagle Ford production

‒ Even with recent private letter rulings on lightly processed condensate, Magellan believes some level of domestic splitter capacity will be needed

• Splitters are a simplified process, similar to a fractionator

• Product output varies based on condensate gravity and desired mix

• Domestic processing allows optimization of end-use markets for finished products

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LPG

LightNaphtha

HeavyNaphtha

Jet

Diesel

Gasoil

Condensate

NGL Market

Replacement for Natural Gasoline or

Used as a Diluent

Petrochem or Refinery Reformer

Feedstock

Commercial Jet Fuel Market

High Sulfur Diesel Market (Latin Am.)

Refinery Feedstock

API Gravity 50-60

CondensateSplitter

Typical Splitter production = LPG: 3 - 7%, total Naphtha: 25 - 50%, Jet & Diesel Fuel: 30 - 40% and Gasoil: 10 - 35%

Splitter Project Rational • Fully supported by a fee-based, long term contract with

Trafigura

• Believe there are long term domestic and international markets for the off-take products

• Majority of investment is allocated to improvements to our Corpus Christi terminal including storage, dock modifications and piping

• As a result of expanded federal rulings on exports causing increased condensate production, we expect to see additional movements on the Double Eagle pipeline system

• With our terminal’s multiple ship berths to accommodate large vessels, we are positioned to serve the export market as it develops

Storage20%

Splitter35%

Terminal and dock improvements

45%

Breakdown of Capital Expenditures

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Condensate Splitter Key Milestones

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• Magellan has signed a throughput agreement with Trafigura to construct a splitter and associated tankage and docks

• Permit includes a second 50k bpd splitter

• Key milestones:

– Preliminary design complete and air permits submitted

– Late 2014: complete final design

– Early 2015: receive air permit and begin construction

– Second half of 2016: complete construction and begin operations

Available 2nd Splitter Project • Advantaged Location

– Existing infrastructure at the site will reduce capital investment

– Supply

• Direct access to Double Eagle pipeline

• Other pipelines nearby

• Truck offloading available

– Products

• Local demand for intermediate products

• MMP’s terminal is integrated into the local refineries

• Multiple pipelines adjacent to the terminal

• 3 ship berths and 1 barge berth for access to international markets

• Processing Capacity

– Phase 2: 50,000 bpd

• Condensate Feedstock

– Designed to run 50 to 60 degree API condensate

• Anticipated Products

– Butane

– Propane

– Light Naphtha

– Heavy Naphtha

– Jet Fuel

– Diesel

– Residual Fuel

• Storage

– Phase 2: Add’l 1.5MM barrels

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NYSE: MMP www.magellanlp.com

Longhorn and BridgeTex

Magellan Permian Pipelines

Incremental pipeline capacity (000 bpd) 110 Sunoco West Texas Gulf 150 Sunoco Permian Express I 200 Sunoco Permian Express II 250 Plains Cactus 275 Longhorn pipeline 300 BridgeTex pipeline =1,285k bpd incremental pipeline capacity

(Source: Industry reports and Magellan estimates)

Permian a Key Focus Area for Magellan

• Incremental pipeline capacity also expected to handle displaced Cushing barrels – Historically, ~750k bpd of Permian crude oil moved to Cushing and Midwest refineries via Centurion, Basin

and West Texas Gulf pipelines – As Canadian and Northern tier crude moves into Cushing, some of this crude oil will be pushed to the Gulf

Coast region

Magellan Playing a Material Role in Permian Solution

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2012 – 2019 Growth:

+1,117k bpd

Permian

Aug. 2014

Longhorn

• Current pipeline capacity of 275k bpd

• Pipeline fully subscribed with 10% reserved for Spot Shippers

BridgeTex Pipeline

• 50/50 joint venture with Occidental Petroleum

• 300k bpd pipeline capacity – Expansion Capabilities

Longhorn & BridgeTex Pipeline

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Crane

Barnhart

• •

Longhorn and BridgeTex Pipeline

Longhorn

BridgeTex

Key Milestones for BridgeTex

• Pipeline construction began Oct. 2013

• Initial line fill began June 2014

• Construction Complete to most destinations

and pipeline movements begin Late Sept 2014

• Destinations available at startup include:

– Houston Refineries:

Valero, Houston Refining, PRSI, Shell Deer Park, ExxonMobil Baytown

– Houston Assets – Magellan East Houston, Hofti, OTI, Echo, HoHo Pipeline

• Monthly spot movements are available

• Exploring BridgeTex expansion capabilities

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Houston Crude Oil Connectivity

• Magellan’s Houston distribution network is the most comprehensive system to deliver crude oil to the Houston Gulf Coast area

• Access to all domestic inbound crude production

• Delivery capabilities to all Houston and Shell Ho-Ho pipeline

• All Texas City refineries connected upon full completion of BridgeTex pipeline

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NYSE: MMP www.magellanlp.com

Questions?