1. National Association of Publicly Traded Partnerships MLP Investor Conference Stamford, Connecticut May 2013

2. Forward-Looking Statements
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.

3. 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

4. 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

5. 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
Public
100% LP
Magellan Midstream Partners, L.P. (NYSE: MMP)
Refined Products – 75%*
Marine Storage –
13%*
Crude Oil – 12%*
* Percentage of 2012 operating margin, updated for new segments

6. 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

7. 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

8. 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

9. Primarily Fee-Based Business
Expect Future Fee-Based, Low Risk Activities to Comprise ~85% or More of Operating Margin Results*
* Operating margin represents operating profit before depreciation & amortization and general & administrative costs; includes $13mm of commodity-related adjustments

10. Growth in Expansion Capital Spending
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

11. Future Growth Opportunities
Magellan’s growing crude oil asset profile provides springboard for additional crude oil opportunities
12%

12. 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
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
Colorado City
Crane
Houston
New Mexico
Texas
Oklahoma
Arkansas
Louisiana
Permian Basin
Longhorn Pipeline
BridgeTex Pipeline

13. Permian a Key Focus Area for Magellan
Incremental 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)
Permian
2011 – 2022 Growth:
+1,162k bpd
Aug. 2012
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

14. 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

15. 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)

16. 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

17. 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

18. Distribution Growth Trend
Proven history of distribution growth with 44 quarterly increases
Targeting at least 10% annual distribution growth for 2013 and 2014

19. 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

20. 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