Shai Even

Senior Vice President & Chief Financial Officer

Citi One-on-One MLP/Midstream Infrastructure Conference - August 2014

Forward-Looking Statements

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All statements contained in or made in connection with this presentation that are not statements of historical fact are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 or the Securities Exchange Act of 1934. The words “believe”, “intend”, “plan”, “expect”, “should”, “estimate”, “anticipate”, “potential”, “future”, “will” and similar terms and phrases identify forward-looking statements. Forward-looking statements reflect the current expectations of the management of Alon USA Partners, LP (“Alon”) regarding future events, results or outcomes. These expectations may or may not be realized and actual results could differ materially from those projected in forward-looking statements. Alon’s businesses and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in the expectations reflected in forward-looking statements not being realized or which may otherwise affect Alon’s financial condition, results of operations and cash flows. These risks and uncertainties include, among other things, changes in price or demand for our products; changes in the availability or cost of crude oil and other feedstocks; changes in market conditions; actions by governments, competitors, suppliers and customers; operating hazards, natural disasters or other disruptions at our or third-party facilities; and the costs and effects of compliance with current and future state and federal regulations. For more information concerning factors that could cause actual results to differ from those expressed in forward-looking statements, see Alon’s most recently filed Form 10-Q which has been filed with the Securities and Exchange Commission and is available on the company’s web site at www.alonpartners.com. Alon undertakes no obligation to update or publicly release the results of any revisions to any forward-looking statements that may be made to reflect events or circumstances that occur, or that we become aware of, after the date of this presentation or to reflect the occurrence of unanticipated events.

Alon USA Energy Overview

Alon USA Energy, Inc. (NYSE: ALJ) owns 81.6% of the limited partner interests in Alon USA Partners, LP (NYSE: ALDW), which owns a crude oil refinery in Big Spring, TX. Alon USA Energy is composed of three segments: refining and marketing, asphalt and retail.

Corporate Structure Alon USA Energy Asset Base

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100% GP 81.6% LP

Alon USA Partners

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The 73,000 bpd Big Spring refinery processes oil from the Permian Basin into finished products such as gasoline, diesel, jet fuel and petrochemicals, which are marketed primarily in West Texas, Central Texas, Oklahoma, New Mexico and Arizona through its wholesale distribution network to both Alon USA Energy’s

retail convenience stores and other third-party distributors.

Our Strategic Advantages

» Strategically located refinery in the heart of the prolific Permian Basin

» High quality asset with low operating costs

» Physically integrated refining and marketing system

» Strong liquidity position and flexibility provided by supply & offtake agreement at the refinery

» Focus on operational excellence and organic growth opportunities

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Sustainable Feedstock Advantage

» Crude spreads influence crack spreads, and ultimately, profitability

» WTI-based crudes are expected to trade at a discount to Brent over the next few years, providing a sustainable feedstock advantage for Mid-Continent refineries like Big Spring

» Based on analysts' estimates, the Brent-WTI spread should widen in 2015-17 relative to 2014, providing an improved margin environment

» Discounts in Midland-priced WTI and WTS relative to WTI Cushing provide an incremental uplift for ALDW

› The WTI Cushing to WTI Midland differentials that will favorably affect Big Spring’s cost of crude for July and August averaged $8.59/bbl

› Based on the forward curve for 2015, the WTI Cushing to WTI Midland differential is $4.52/bbl1

Brent-WTI Cushing Spread Analyst Forecasts2

1 Pricing as of August 12, 2014. Source: CME ClearPort 2 Source: Wells Fargo Securities, LLC, Credit Suisse and Barclays. Estimates as of August 12, 2014. 2014 estimates rounded. 6

Wells Fargo Credit Suisse Barclays

» Simmons expects Permian crude production to grow by ~250 MBpd in 2014 and 20151

» 560 active rigs in the Permian in August 2014 vs. the average of less than 300 rigs in 20102

» Big Spring is located in Howard County, where 21 oil rigs were operating in August2

› Athlon Energy’s second horizontal Wolfcamp A well in Howard County achieved a peak 30-day rate of 1,234 Boe/d (82% oil) and is performing better than the company’s relevant type curve3

¹ Source: Simmons & Company 2 Source: Baker Hughes, RigData; Rig information as of August 8, 2014 3 Source: Athlon Energy

Permian Basin Activity Overview 2

Oil Rig

Big Spring: In the Heart of the Permian Basin

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Big Spring

Big Spring Refinery Overview

» Big Spring refinery:

› 73,000 bpd (~26 MMbbl/year) sour crude cracking refinery

› 10.5 Nelson Complexity

» Integrated wholesale fuels marketing business supplies ~640 branded sites, including substantially all of Alon’s retail sites

› In 2013, 60% of gasoline and 28% of diesel produced at Big Spring was transferred to our branded marketing business

› In 2013, Alon’s retail gasoline and diesel sales represented 28% and 9%, respectively, of Big Spring’s gasoline and diesel production

» Closest refinery to robust West Texas crude oil production (Permian Basin), which provides a significant crude cost advantage

» Processes 100% Midland-priced crude

» In addition to ALDW’s $240 million revolving credit facility, ALDW entered into a supply and offtake agreement in March 2011, which substantially improves liquidity without the constraints of a traditional revolving credit facility when crude prices rise

Refinery Operating Margin1

Refinery Throughput (bpd)1

Refinery Product Yield1

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n Big Spring Operating Margin – – – Gulf Coast 321 Crack Spread

n WTS crude n WTI crude n Blendstocks

n Gasoline n Diesel/jet n Asphalt n Other

63,614 68,946 67,103 56,050

99.8% 99.8% 99.8% 99.8%

1 Refinery Operating Margin, Refinery Throughput and Refinery Product Yield for YTD 2Q 2014 were negatively impacted by the major turnaround at Big Spring in 2Q 2014

How Big Spring Made Money YTD 2Q 2014

¹ Refining Operating Margin represents liquid recovery of 99.83%. Graph is based on YTD 2Q 2014. Some numbers may not add due to rounding. “Wholesale & Other” includes costs relating to pipeline fees, supply related costs and other raw materials purchased at the refinery. Note: Refinery operating margin and product yield were negatively impacted by the major turnaround at Big Spring in 2Q 2014. Charts are not to scale.

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Product Yields Crude / Blendstocks Refining Operating Margin1

Per bbl Per bbl Per bbl

Gasoline

$18.65

Gasoline Sour

48.0% Crude

42.7%

Jet

$28.59

Jet

4.0% Diesel

$26.61

Diesel Sweet

28.9% Crude

52.9% Wholesale and Other

(2.95)$

Asphalt

4.5%

Other Asphalt

14.5% Blendstock (38.77)$

4.4%

$111.64 $95.68 $15.56

$56.75

(1.75)$

$92.57

$114.17

8.94$

1.08$

8.28$

$122.13

$124.11

(0.99)$

Highly Efficient Operations – Solomon Results

Source: Solomon Associates. Rankings only available every other year. 1 Rank is out of 14 refineries with kEDC of 800 – 1,399. Big Spring’s kEDC is 816. 2 Rank is out of 9 refineries in the Lower Mid-Continent.

U.S.

81 refineries

Capacity Peer Group1

14 refineries

Regional Peer Group2

9 refineries

Refinery Utilization 6 2 2

Maintenance Cost Efficiency 5 1 1

Net Cash Margin (Spot Pricing) 8 5 2

2012 Solomon Rankings

Utilized EDC%

Mechanical Availability %

Maintenance Index $/EDC

» Big Spring has achieved strong utilization rates and high mechanical availability while maintaining capital discipline

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Business Opportunities

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» Capitalizing on crude slate flexibility by running lowest cost inputs/ highest margin outputs

» Continuing to debottleneck refinery and implement relatively low-cost projects that enhance gross margin

» Leveraging integrated wholesale marketing business to expand product deliveries in Texas and Arizona

» Evaluating project to increase refinery’s ability to process light crudes

» Evaluating potential for significant expansion of the refinery

» Evaluating the potential acquisition of the Krotz Springs refinery from Alon USA Energy

Organic Growth Opportunities at Big Spring

Short-term low-cost projects will drive meaningful returns at Big Spring

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» Evaluating low-risk projects with payback periods of less than two years to enhance the refinery’s gross margin, focused on:

› LPG recovery

› Increased aromatics recovery

› Producing chemical-grade propylene

› Increasing ability to process WTI Midland crude, which has recently traded below WTS

Delivering Organic Growth at Big Spring

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Initial Goals of Vacuum Tower Project

• Increase distillate production by 2,000 bpd •Enhance energy efficiency

¹ $22 million annual EBITDA uplift based on $10/bbl spread between diesel and gasoline, natural gas price of $3.80/MMBtu, and a Gulf Coast WTI-Based 3-2-1 benchmark crack spread of $16.90/bbl. * Includes $6 million of sustaining capital

Actual Results Exceeded Expectations

• Increased distillate production by over 3,000 bpd • $1.5 million in energy savings

Vacuum tower project yielding better than expected results

» Post turnaround and vacuum tower project, Big Spring is capable of processing 73,000 barrels per day of crude throughput and is expected to generate $22 million in incremental EBITDA 1

» The vacuum tower project cost less than $30 million, resulting in attractive returns*

» Alon USA Partners will pay $4.2 million annually to Alon USA Energy under a lease agreement for the vacuum tower project, making it immediately accretive to distributions

Financial Summary

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Pricing and Operating Statistics

Note: Adjusted EBITDA per 10-K filing and 2Q 2014 10-Q filing. See page 27 for a reconciliation of Adjusted EBITDA to Net Income under GAAP. 1 Results and operations for YTD 2Q 2014 were negatively impacted by the major turnaround at the Big Spring refinery in 2Q 2014 15

2011 2012 2013 YTD 2Q 2014 1

Pricing Statistics: Gulf Coast 3-2-1 $23.37 $27.43 $19.16 $16.61

WTI Cushing less WTI Midland $0.53 $2.88 $2.59 $5.96 WTI Cushing less WTS $2.19 $4.09 $3.72 $5.79 Brent less WTI Cushing $17.10 $18.35 $11.63 $10.25

Operating Statistics:

Throughput (bpd) 63,614 68,946 67,103 56,050 Refining operating margin/bbl $20.89 $23.50 $14.59 $15.56 Refinery direct operating expense/bbl $4.23 $4.00 $4.53 $5.33

Adjusted EBITDA (in millions) $371 $469 $224 $93

Key Financial Metrics

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Capital Expenditures1

Net Debt

» Increase in capital expenditures in 2014 mainly relates to major five-year turnaround, which took place in 2Q 2014.

» Net debt increased mainly due to the turnaround. ALDW purchased less crude during June 2014, resulting in reduced crude payables and a decrease in the cash balance at quarter end.

1 Capital expenditures include growth/profit improvement, sustaining maintenance, regulatory and chemical catalyst and turnaround spending

Distributions 2013 - Current

17 1 Results for 2Q 2014 were negatively impacted by the major turnaround at the Big Spring refinery

(dollars in thousands, except per unit data) 1Q 2013 2Q 2013 3Q 2013 4Q 2013 2013 1Q 2014 2Q 20141

Net income $ 93,525 $ 45,321 $ (16,120 ) $ 13,496 $ 42,241 $ 7,802

Interest expense 9,392 8,970 12,127 9,985 11,324 11,569

State income tax expense 900 473 61 570 485 240

Depreciation and amortization 12,064 11,243 10,975 11,047 10,067 9,508

Loss on disposition of assets — — 21 — — —

Adjusted EBITDA $ 115,881 $ 66,007 $ 7,064 $ 35,098 $ 64,117 $ 29,119

less: Maintenance/growth capital expenditures 2,941 6,216 7,477 6,756 4,162 7,277

less: Major and non-major turnaround and catalyst replacement capital expenditures 3,778 1,041 205 1,212 14,465 10,982

add: Major turnaround and catalyst replacement capital expenditures previously reserved — — — — (11,989 ) (11,011 )

less: Major turnaround reserve for future years 1,150 1,150 1,150 1,150 1,150 1,500

less: Principal payments 625 625 625 625 625 625

less: State income tax expense 900 473 61 570 485 240

less: Interest paid in cash 9,616 8,296 11,626 9,269 12,097 11,106

Cash available for distribution before special expenses 96,871 48,206 (14,080 ) 15,516 160,593 43,122 8,400

less: Special turnaround reserve 4,104 4,104 4,104 4,104 12,312 — —

Cash available for distribution $ 92,767 $ 44,102 $ (18,184 ) $ 11,412 $ 148,281 $ 43,122 $ 8,400

Common units outstanding (in 000’s) 62,501 62,502 62,502 62,502 62,502 62,502 62,507

Cash available for distribution per unit $ 1.48 $ 0.71 $ — $ 0.18 $ 2.37 $ 0.69 $ 0.13

2013 and YTD 2Q 2014 Financial Highlights

1 Results for YTD 2Q 2014 were negatively impacted by the major turnaround at the Big Spring refinery in 2Q 2014

2 See page 27 for a reconciliation of Adjusted EBITDA to Net Income under GAAP 18

(in millions, except per bbl numbers) 2013 YTD 2Q 20141

Revenue $3,430 $1,582

Refinery operating margin per throughput bbl $14.59 $15.56

Refinery direct operating expense per throughput bbl $4.53 $5.33

Adjusted EBITDA2 $224 $93

Net cash provided by operating activities $216 $45

Capital expenditures $(30) $(37)

Net debt at year end and quarter end $191 $262

Stacey Hudson, CFA Investor Relations Manager

972-367-3808 Stacey.Hudson@alonusa.com

Investor Relations Contact

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Appendix

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Statement of Operations

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(In $000's, except per unit data) For the Three Months Ended

(ALL INFORMATION IS UNAUDITED) June 30, 2014 June 30, 2013

STATEMENT OF OPERATIONS DATA:

Net sales $ 725,852 $ 865,694

Operating costs and expenses:

Cost of sales 665,398 767,322

Direct operating expenses 25,152 27,314

Selling, general and administrative expenses 6,784 5,065

Depreciation and amortization 9,508 11,243

Total operating costs and expenses 706,842 810,944

Operating income 19,010 54,750

Interest expense (11,569 ) (8,970 )

Other income, net 601 14

Income before state income tax expense 8,042 45,794

State income tax expense 240 473

Net Income 7,802 45,321

Earnings per unit $ 0.12 $ 0.73

Weighted average common units outstanding (in thousands) 62,504 62,502

Cash distribution per unit $ 0.69 $ 1.48

Balance Sheet

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(In $000's) June 30 December 31

(2014 INFORMATION IS UNAUDITED) 2014 2013

ASSETS

Current assets:

Cash and cash equivalents $ 81,099 $ 153,583

Accounts and other receivables, net 86,173 123,781

Accounts and other receivables, net - related parties 15,642 14,621

Inventories 70,446 49,146

Prepaid expenses and other current assets 15,675 4,642

Total current assets 269,035 345,773

Property, plant, and equipment, net 460,097 472,885

Other assets 83,191 31,266

Total assets $ 812,323 $ 849,924

LIABILITIES AND PARTNERS’ EQUITY

Current liabilities:

Accounts payable $ 236,857 $ 280,774

Accrued liabilities 47,024 44,492

Current portion of long-term debt 2,500 2,500

Total current liabilities 286,381 327,766

Other non-current liabilities 43,953 34,894

Long-term debt 340,844 341,822

Total liabilities 671,178 704,482

Common unitholders - 62,506,550 and 62,502,467 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively 141,145 145,442

Total partners’ equity 141,145 145,442

Total liabilities and partners' equity $ 812,323 $ 849,924

Statement of Cash Flows

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(In $000's) For the Six Months Ended (ALL INFORMATION IS UNAUDITED) June 30, 2014 June 30, 2013 Cash flows from operating activities: Net income $ 50,043 $ 138,846 Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization 19,575 23,307 Amortization of debt issuance costs 1,018 990 Amortization of original issuance discount 272 251

Changes in operating assets and liabilities: Accounts and other receivables, net 37,608 (25,211 ) Accounts and other receivables, net - related parties (1,021 ) 1,586 Inventories (21,300 ) 3,028 Prepaid expenses and other current assets (11,033 ) 4,219 Other assets, net (1,053 ) 553 Accounts payable (26,977 ) 2,335 Accrued liabilities (10,959 ) 1,401 Other non-current liabilities 9,059 1,938

Net cash provided by operating activities 45,232 153,243 Cash flows from investing activities:

Capital expenditures (11,439 ) (9,157 ) Capital expenditures for turnarounds and catalysts (25,447 ) (4,819 )

Net cash used in investing activities (36,886 ) (13,976 ) Cash flows from financing activities:

Revolving credit facility, net — (49,000 ) Distributions paid to unitholders - Alon Energy (44,370 ) (104,550 ) Distributions paid to unitholders (10,010 ) (23,579 ) Payments on long-term debt (1,250 ) (1,250 ) Inventory agreement transactions (25,200) — Deferred debt issuance costs — (205 )

Net cash used in financing activities (80,830 ) (178,584 ) Net decrease in cash and cash equivalents (72,484 ) (39,317 ) Cash and cash equivalents, beginning of period 153,583 66,001 Cash and cash equivalents, end of period $ 81,099 $ 26,684

Guidance and RINs

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» Total throughput at Big Spring is expected to average 74,000 bpd in 3Q 2014 and 75,000 bpd in 4Q 2014

» Full-year 2014 RINs cost expected to be approximately $8 million based on a weighted average RINs price of $0.53/RIN

› Full-year 2013 RINs costs were $14.9 million; average purchase price was $0.85/RIN

› In 1H 2014, RINs costs were $2.2 million; lower production during the turnaround resulted in a RINs credit of $0.8 million in 2Q 2014

Crude Types Driving Big Spring’s Profitability

» Brent – The global crude benchmark, which largely determines global product pricing

» West Texas Intermediate (“WTI”) – The benchmark light sweet crude for the U.S., priced in Cushing, Oklahoma. An additional pricing point for WTI is Midland, TX, approximately 40 miles from the Big Spring refinery

» West Texas Sour (“WTS”) – Priced in Midland, TX, it contains higher sulfur content compared to WTI (the sulfur content is what makes it a sour crude)

› Big Spring processed 42.7% WTS in the first half of 2014, with the balance of crude being WTI Midland

› WTS has historically priced below WTI in Midland due to its lower quality

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Crude Differentials & Crack Spread Trends

26 ¹ 5 Year Average of 2009 to 2013 2 Trade-month differentials impact refinery operating margin in the following month. June differentials impact July refinery operating margin. * All prices and differentials above are based on trade-month pricing. YTD data is YTD as of 2Q 2014.

Trade Month2 WTI Cushing – WTS WTI Cushing – WTI Midland

June $5.95/bbl $6.60/bbl

July $9.92/bbl $10.53/bbl

Brent

West Texas

Intermediate - Cushing

("WTI")

West Texas Sour ("WTS") WTI Midland

WTI 5 Year Average¹--$85.68

2013 ---$97.97 YTD 2014---$100.86 Q2 2014---$103.04

GC321 5 Year Average --$17.08

2013 ---$19.16 YTD 2014 ---$16.61 Q2 2014---$16.42

GC321(Brent) 5 Year Average --$7.90

2013 ---$7.53 YTD 2014 ---$6.36 Q2 2014---$8.86

WTI Cushing - WTS 5 Year Average --$2.75

2013 ---$3.72YTD 2014 ---$5.79Q2 2014 ---$7.88

WTI Cushing - WTI Midland 5 Year Average --$1.32

2013 ---$2.59 YTD 2014 ---$5.96 Q2 2014 ---$8.37

Brent - WTI Cushing 5 Year Average --$9.25

2013 ---$12.40 YTD 2014 ---$10.25

Q2 2014 ---$7.56

Adjusted EBITDA Reconciliation

1 Results for YTD 2Q 2014 were negatively impacted by the major turnaround at the Big Spring refinery in 2Q 2014 Note: Annual adjusted EBITDA per 10-K filing; adjusted EBITDA for YTD 2Q 2014 per 10-Q filing 27

(in $ 000's) 2011 2012 2013 YTD 2Q 2013 YTD 2Q 20141

Net income 294,427 381,898 136,222 138,846 50,043

State income tax expense 2,597 3,536 2,004 1,373 725

Interest expense 16,719 22,235 40,474 18,362 22,893

Interest expense - related party 17,067 15,691 — — —

Depreciation and amortization 40,448 46,009 45,329 23,307 19,575

Loss on disposition of assets — — 21 — —

Adjusted EBITDA 371,258 469,369 224,050 181,888 93,236