www.magellanlp.com

NYSE: MMP

National Association ofPublicly Traded Partnerships

MLP Investor Conference

Stamford, ConnecticutMay 2013

2 NYSE: MMP

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 for which the partnership is not adequately insured; (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, 2012 and subsequent reports on Forms 10-Q and 8-K. The partnership undertakes no obligation to revise its forward-looking statements to reflect events or circumstances occurring after today's date.

Forward-Looking Statements

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Overview of Magellan• MLP focused on providing pipeline and storage services in the refined

petroleum products and crude oil space

• One of the top 10 largest MLPs, with an enterprise value ~$14 billion

• Experienced management team with proven track record

• Investment grade rating, supported by strong credit metrics and solid underlying business

• Proven history of distribution growth with 44 quarterly distribution increases since IPO and a 12% CAGR

• Strong projected growth in 2013 and 2014, driven by investment in crude oil pipeline projects– Projected annual distribution growth of at least 10% in 2013 and 2014

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Outperformance, Disciplined Management• Most MLPs have benefited from low interest rate environment, with

investors searching for yield

• Magellan’s conservative acquisition philosophy and robust development opportunities have led to significant market outperformance

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12/31/07 12/31/08 12/31/09 12/31/10 12/30/11 12/31/12 3/28/13

Magellan Midstream Partners, L.P. Alerian MLP Index S&P 500

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Structure = Competitive Advantage• Investment grade MLP with no incentive distribution rights

– Provides MMP a competitive advantage with one of the lowest costs of capital in the MLP space

Refined Products – 75%*

100%LP

Marine Storage –13%*

Crude Oil –12%*

Magellan Midstream Partners, L.P. (NYSE: MMP)

Public

* Percentage of 2012 operating margin, updated for new segments

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Refined Products• Longest refined products pipeline system at 8,800 miles, primarily

transporting gasoline and diesel fuel• Profit driven by throughput volume and tariffs

– Tariff increases directly related to Producer Price Index; increased tariffs by 8.6% on July 1, 2012; expect mid-’13 increase of ~4.6%

• Competitive position = breadth of system (access > 40% of refining capacity) + independent service provider model

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Marine Storage• 5 storage facilities with 26mm barrels of aggregate storage • Profit driven by storage leased• Highly utilized (90%+ leased) supported by long-term agreements

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Crude Oil• 800 miles of crude oil pipelines substantially backed by long-term throughput

commitments• 15mm barrels of aggregate storage supported by customer commitments,

including one of the largest storage providers in Cushing, OK• Significant source of growth for Magellan with recent Permian basin pipeline

projects

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Primarily Fee-Based Business

Transportation47%

Commodity-related activities19%

Terminal delivery fees4%

Fee-based ancillary services11%

Leased storage19%

* Operating margin represents operating profit before depreciation & amortization and general & administrative costs;includes $13mm of commodity-related adjustments

Expect Future Fee-Based, Low Risk Activitiesto Comprise ~85% or More of Operating Margin

2012 Results*

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• Over the last nine years, Magellan has invested $2.9 billion in acquisitions and organic growth projects

• $1 billion of expansion projects currently underway and $190 million of pending acquisitions

• Many opportunities exist for continued growth– Future acquisitions are difficult to predict but quality assets remain

“on the market”– Continue to assess > $500mm of potential expansion projects as well– Management committed to disciplined approach for future growth

Growth in Expansion Capital Spending

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E$0

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Organic Growth Acquisitions Pending Acquisitions

$ in

Mill

ions

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Future Growth Opportunities• Magellan’s growing crude oil asset profile provides springboard for additional

crude oil opportunities

Current Operating Margin2012

Refined productsCrude oil

12%

75%

Current Expansion Spending2013-2014 estimate

Refined productsCrude oil

25%

20%

80%

Potential Expansion Projects> $500mm

Refined productsCrude oil

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Colorado City

Crane

Houston

New Mexico

Texas

OklahomaArkansas

LouisianaPermian Basin

• BridgeTex JV with Occidental Petroleum – 300k bpd capacity– Expect to be operational mid-2014– $600mm capital spending (MMP share)– 8x EBITDA multiple on committed

volume with upside potential

Permian Crude Oil Pipelines• Longhorn Pipeline reversal

– 225k bpd capacity, fully committed– Began shipments at partial capacity

mid-April; ramping to full capacity 3Q13– $375mm capital spending– 3x EBITDA multiple– Evaluating potential 50k bpd expansion

Longhorn PipelineBridgeTex Pipeline

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Permian a Key Focus Area for Magellan

• Incremental pipeline capacity also expected to handle displaced Cushing barrels

– Currently, ~750k bpd of Permian crude oil moves to Cushing and Midwest refineries via Centurion, Basin and West Texas Gulf pipelines

– As Canadian crude pushes into Cushing and Northern markets, some of this crude oil will be pushed south

Magellan Playing a Material Role in Permian Solution

2011 – 2022 Growth:

+1,162k bpd

PermianIncremental pipeline capacity (000 bpd) 50 Plains Basin to Cushing 110 Sunoco West Texas Gulf 150 Sunoco Permian Express I 200 Plains Cactus 225 Longhorn pipeline 300 BridgeTex pipeline= 1,035k bpd incremental pipeline capacity

(Source: Industry reports and Magellan estimates)

Aug. 2012

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Houston Connectivity

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

• Plan to have access to all domestic inbound crude production and all Houston and Texas City refineries

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Eagle Ford Joint Venture• JV with Kinder Morgan (formerly Copano Energy) to transport chemical-

grade condensate from the Eagle Ford shale– 100k bpd capacity, 140-mile pipeline– 500k bbls condensate storage at Corpus Christi terminal (MMP owned)– Partially operational now, expect full capabilities 3Q13 – $100mm capital spending (MMP share)

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Regional Refined Products Opportunities

• Strengthening Mid-Continent refineries are maintaining high crude runs and seeking new outlets for their production, providing regional refined products opportunities

• Recently completed bi-directional pipeline project between OK and TX• Considering connectivity between Magellan’s Ft. Smith and Little Rock,

AR terminals

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Pending Pipeline Acquisition

• Agreed to acquire 800 miles of refined petroleum products pipeline for $190mm– Rocky Mountain pipeline system

• 550 miles of pipeline• 4 terminals with 1.7mm bbls

storage– New Mexico pipeline system

• 250 miles of pipeline– Awaiting regulatory approvals

following second information request from FTC

– Finance with cash on hand or revolving credit facility

– 10x EBITDA multiple expected, with potential upside from long-haul shipments

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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 ytd 1q13

$0.56

$2.03

(per MMP unit)

12% CAGR

Distribution Growth Trend

• Proven history of distribution growth with 44 quarterly increases

• Targeting at least 10% annual distribution growth for 2013 and 2014

NYSE: MMP

Conservative Financial Profile• Committed to maintaining solid investment grade rating

• Targeting ~$75 million of annual excess cash (at least 1.1x coverage)

• Long-term leverage ratio of < 4x– History of maintaining sector-leading credit metrics– Intention to fund current slate of expansion projects with debt financing– $800mm revolving credit facility with zero borrowings outstanding

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1Q04 1Q05 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

Leverage ratio, as defined by credit agreement

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Magellan Investment Highlights

• Straight-forward, low risk, stable business model

• No general partner incentive distribution rights

• Attractive growth projects under construction and accretive acquisition pending

• Proven history of distribution growth

• Forecasted record distributable cash flow generation with strong distribution coverage

• Strong investment-grade balance sheet and liquidity position = low cost of capital

• History of exceptional total returns