ABOUT BUCKEYE PARTNERS, L.P.

INVESTMENT SUMMARY Predominantly fee-based cash flows from our transportation, terminal throughput, storage and processing activities Significant geographic and product diversity, including access to international logistics opportunities, broader product service capabilities and significant near-term growth projects Recent acquisition of 50% equity interest in VTTI B.V. establishes immediate worldwide presence in one of the largest independent global marine terminal businesses with attractive growth profile Lower cost of capital realized from elimination of GP IDRs

Important differentiation from many MLP peers Strong balance sheet supporting investment grade credit rating Exposure to counterparty non-performance is limited Empowered, commercially focused and team-oriented employees accountable and incentivized to deliver results Uninterrupted distributions to our unitholders each quarter for the past 30 years Expect to maintain consistent quarterly distribution growth

Unit Price(1) $67.44Market Capitalization(1) $9.5 billionDistribution per Unit $5.00 (Annualized) Yield 7.4%Credit Rating: Fitch BBB-/Stable Outlook Moody’s Baa3/Stable Outlook Standard & Poor’s BBB-/Stable Outlook

(1) As of May 3, 2017

PIPELINEANDTERMINAL SYSTEM MAP

Buckeye Owned and Operated Pipelines

Domestic Terminals

Global Marine Terminals

Contract Pipe Line Operations

Delivery Locations

VTTI B.V. Asset Footprint

Buckeye Texas Partners LLC

West Shore Pipe Line Company

Muskegon Pipeline LLC

South Portland Terminal LLC

Buckeye Partners, L.P. Footprint

Joint Ventures

BuenosAires,Argentina

PanamaCity,Panama

Sacramento

San Diego

Reno

El Paso

Houston

Tampa

Montgomery

Birmingham

Memphis

Louisville Richmond

Atlanta

Lake Charles

Green Bay

Indianapolis

St. Louis

Des MoinesChicago

Pittsburgh

Macungie

Lima

Albany

Chesapeake

Wilmington

Charleston

Jacksonville

Ft. Lauderdale

Syracuse

Corpus Christi

Eagle Ford

Miami

New York City

Detroit

Puerto Rico

Bahamas

St. Lucia

Cape Canaveral

Johore,Malaysia

Amsterdam, NetherlandsRotterdam, NetherlandsAntwerp, Belgium

Ventspils, Latvia

Kaliningrad, Russia

Vasiliko, Cyprus

Lagos,Nigeria

Cape Town,South Africa

Mombasa,Kenya

Fujairah, UAE

Ploce, Croatia

>Diverse portfolio of assets built through acquisitions and internal investments that deliver stable financial results despite volatile and depressed commodity price environment

BUCKEYE PARTNERS, L.P. (NYSE: BPL) is a publicly traded master limited partnership and owns and operates a diversified network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, and marketing of liquid petroleum products.

This fact sheet includes forward-looking statements that we believe to be reasonable as of May 10, 2017, the date of first use. Such statements are identified by use of the words referring to future events such as “near-term,” “expects,” “projects,” “should,” and similar expressions. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and that may be beyond our control. Among them are (i) changes in federal, state, local and foreign laws or regulations to which we are subject; (ii) terrorism and other security risks, including cyber risk, adverse weather conditions, including hurricanes, environmental releases and natural disasters; (iii) changes in the marketplace for our products or services; (iv) adverse regional, national, or international economic conditions, adverse capital market conditions and adverse political developments; (v) shutdowns or interruptions at our pipeline, terminalling, storage and processing assets or at the source points for the products we transport, store or sell; (vi) unanticipated capital expenditures in connection with the construction, repair or replacement of our assets; (vii) volatility in the price of liquid petroleum products; (viii) nonpayment or nonperformance by our customers; (ix) our ability to integrate acquired assets with our existing assets and to realize anticipated cost savings and other efficiencies and benefits; (x) our ability to realize the expected benefits of our investment in VTTI; and (xi) our ability to successfully complete our organic growth projects and to realize the anticipated financial benefits. You should read our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2016 and our Quarterly Report for the quarter ended March 31, 2017 for a more extensive list of factors that could affect results. We undertake no obligation to revise our forward-looking statements to reflect events or circumstances occurring after the date of first use.

ABOUT BUCKEYE PARTNERS, L.P.

Adjusted EBITDA LTM(1) — $1.1 billion(In millions)

DOMESTIC PIPELINES & TERMINALS ~6,000 miles of pipeline with ~110 delivery locations 115 liquid petroleum product terminals ~56 million barrels of liquid petroleum product storage capacity Stable fee-based cash flows derived from throughput volumes, tariffs and terminalling and storage fees Primarily demand-pull system; limiting impact of supply disruptions Operates and/or maintains third-party pipelines and performs certain engineering and construction management services for its customers

MERCHANT SERVICES Markets liquid petroleum products in areas served by Domestic Pipelines & Terminals and Global Marine Terminals

GLOBAL MARINE TERMINALS Seven liquid petroleum product terminals in: the Caribbean, including The Bahamas, St. Lucia and Puerto Rico; New York Harbor, including Perth Amboy, Port Reading and Raritan Bay; and South Texas ~62 million barrels of liquid petroleum product storage capacity Deep water capability to handle ULCCs and VLCCs in The Bahamas and St. Lucia Ship, barge, truck rack, rail and pipeline transportation in the New York Harbor Condensate splitters and connectivity through truck, pipeline, and marine handling capabilities in South Texas Revenue supported by take or pay contracts 50% equity interest in VTTI B.V., which owns and operates 14 terminals located in key global energy hubs including Northwest Europe, the United Emirates and Singapore

$323.9

$22.0

$522.2

$323.9

$522.2

$22.0

0

100

200

300

400

500

600

$451.2

$30.3

$579.4

ORGANIZATIONAL OVERVIEW

FINANCIAL PERFORMANCE

Non-GAAP Reconciliation (In millions) 2013 2014 2015 2016 LTM

Net income(2) $351.6 $334.5 $438.4 $ 548.7 $ 540.0Less: Net income attributable to noncontrolling interests (4.2) (1.9) (0.3) (13.1) (11.9)Net income attributable to Buckeye Partners, L.P. 347.4 332.6 438.1 535.6 528.1Add: Interest and debt expense 130.9 171.2 171.3 194.9 203.0

Income tax expense 1.1 0.5 0.9 1.5 1.1 Depreciation and amortization 147.6 196.4 221.3 254.7 258.7 Non-cash unit-based compensation expense 21.0 21.0 29.3 33.3 35.7 Acquisition and transition expense 11.8 13.0 3.1 8.2 9.1 Litigation contingency accrual — 40.0 15.2 — — Hurricane-related costs — — — 16.8 19.2 Proportionate share of Adjusted EBITDA for the equity method — — — — 28.6

Less: Amortization of unfavorable storage contracts (11.0) (11.1) (11.1) (6.0) (3.2) Gains on property damage recoveries — — — (5.7) (5.7) Gain on sale of ammonia pipeline — — — (5.3) (5.3) Earnings from the equity method investment in VTTI — — — — (8.4)Adjusted EBITDA from continuing operations $648.8 $763.6 $868.1 $1,028.0 $1,060.9

(1) LTM through March 31, 2017. See Non-GAAP Reconciliation. (2) Net income in 2013, 2014 and 2015 excludes losses from discontinued operations.

Adjusted EBITDA(1)

(In millions)

$648.8

$763.6

$868.1

$1,028.0$1,060.9

0

200

400

600

800

1000

1200

$4.275$4.475

$4.675$4.875

0

1

2

3

4

5

20162015 LTM

$4.925

20162015 LTM

Cash Distributions per Unit—Declared

Buckeye Partners, L.P. One Greenway Plaza, Suite 600Houston, TX 77046

Toll Free:1.800.422.2825www.buckeye.com

Investor Relations Contacts Kevin Goodwin, Vice President and Treasurerirelations@buckeye.com

investment in VTTI