Driving Distinctive Growth Goldman Sachs 2017 Global Energy Conference January 2017

Driving Distinctive Growth Goldman Sachs 2017 Global Energy Conference January 2017 2015 Tesoro Corporation. All Rights Reserved.

Forward Looking Statements On November 17, 2016, our sponsor, Tesoro Corporation, announced its plans to acquire Western Refining, Inc. This presentation primarily shows information about as a stand-alone company. This presentation does not contain, and we cannot discuss, any information about Tesoro or its proposed acquisition. This presentation (and oral statements made regarding the subjects of this presentation) includes forward-looking statements within the meaning of the federal securities laws, including without limitation statements concerning: our operational, financial and growth strategies, including significant business improvements, sustainable earnings growth, stable, fee-based business focus, existing asset base optimization, pursuit of organic expansion opportunities, strategic acquisitions, growth capital projects, and future drop downs; our ability to successfully effect those strategies and the expected timing and results thereof; our financial and operational outlook, and ability to fulfill that outlook; our financial position, liquidity and capital resources; our ability to maintain a balanced mixture of debt and equity, access the equity markets, achieve and maintain our leverage targets and achieve investment grade ratings; the quality, capacity and capabilities of our assets, and the expected benefits thereof; the benefits of Tesoro Corporation s strategy and competitive advantage on our business and growth prospects; the Northern California Terminalling and Storage and the North Dakota Gathering and Processing acquisitions, the capacities and capabilities of the assets acquired, and the expected benefits thereof, including the estimates of net earnings and annual EBITDA they are expected to contribute annually; our growth outlook, including expectations regarding our future net earnings and EBITDA, distribution growth rate, growth capital expenditures, and net maintenance capital; expectations regarding Tesoro s waiver of GP IDRs and continued drop downs; our continued focus on unitholder value, and the main drivers thereof; and other aspects of future performance. Although we believe the assumptions concerning future events are reasonable, a number of factors could cause results to differ materially from those projected. Our operations involve risks and uncertainties, many of which are outside of our control and could materially affect our results. For more information concerning factors that could affect these statements, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other SEC filings, available at http://www.tesorologistics.com. We undertake no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise. See the Appendix for reconciliations of the differences between the non-gaap financial measures used in this presentation, including various estimates of EBITDA, and their most directly comparable GAAP financial measures. 2

Competitive Advantage Leading provider of logistics services to oil and gas producers and refining and marketing companies within our strategic footprint Tesoro s strategy supports integration and drives high growth Clear path to reach $635 million of net earnings and $1 billion of EBITDA by 2017 Pursuing acquisitions that fit our integrated business model in proximity to Tesoro s strategic footprint 3

Asset Portfolio Provides Unique Platform for Growth Kenai, AK Anacortes, WA Robinson Lake, ND Dickinson, ND Mandan, ND Belfield, ND Crude oil, refined product and natural gas pipelines Key Metrics 4,000+ miles Martinez, CA Salt Lake City, UT Natural gas throughput capacity 2,900+ MMcf/d Los Angeles, CA Natural gas inlet processing capacity 1,500+ MMcf/d Crude oil gathering pipeline throughput capacity Marketing terminal capacity 215+ MBD 1,005+ MBD San Antonio, TX Marine terminal capacity 830 MBD Rail terminal capacity 50 MBD Dedicated storage capacity 25,800+ MBBLS 4

Track Record of Robust Value Creation Crude Oil Gathering 2011 $26 million net earnings $34 million EBITDA Terminalling & Transportation Distributions Per LP Unit ($ annualized) 3.50 2015 $270 million net earnings $601 million EBITDA Crude Oil Gathering 1.35 Natural Natural Gas Gas Gathering Gathering & & Processing Terminalling & Transportation 2Q11 IPO 2Q12 2Q13 2Q14 2Q15 2Q16 Through 2015, EBITDA growth of 1,668%; distribution growth of 131% 5

Tesoro s Competitive Advantage Our sponsor is the leading integrated refining, marketing and logistics company in its strategic footprint Driving significant business improvements and creating sustainable earnings growth Demonstrated track record of delivering results and achieving ambitions Well diversified earnings portfolio with strong growth opportunities Disciplined approach to capital allocation to create significant shareholder value 6

Strategic Framework to Drive Continued Growth Focus on Stable, Fee-Based Business Provide full-service logistics offering Minimal commodity price exposure Optimize Existing Asset Base Enhance operational efficiency and maximize asset utilization Capture Tesoro volumes moving through non-tllp assets Expand third party business Pursue Organic Expansion Opportunities Focus on low-risk, accretive growth projects Invest to support Tesoro value chain optimization Enhance and strengthen existing logistics system Grow through Strategic Acquisitions Attractive opportunities in geographic footprint Partner in Tesoro s strategic growth Capture full value of Tesoro s logistics assets 7

Terminalling and Transportation Overview Asset Overview: 32 refined product and storage terminals with over 1,000 MBD throughput capacity Six marine terminals with 830 MBD throughput capacity 760 mile Northwest Products System pipeline Over 100 miles of crude oil and refined products pipeline in Southern California distribution system Dedicated storage capacity of over 25 million barrels 8

Terminalling and Transportation Overview Terminalling Throughput MBD Kenai, AK Anacortes, WA 943 911 918 913 964 943 907 997 1,023 Mandan, ND 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Martinez, CA Salt Lake City, UT Pipeline Transportation Throughput MBD Los Angeles, CA 800 814 818 801 838 841 824 867 908 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 9

Terminalling and Transportation Market Drivers 18.3 18.1 17.9 17.7 17.5 17.3 17.1 California Employment Millions of People 16.9 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 Source: US Bureau of Labor Statistics 1,700 1,600 1,500 PADD V Gasoline Demand MBD 1,400 5 Yr Range 2016 1,300 2015 5 Yr Avg. Jan Apr Jul Oct Source: Energy Information Administration 100% 95% 90% 85% 80% 75% PADD IV & V Refinery Utilization PADD IV PADD V 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Source: Energy Information Administration 1,800 1,700 1,600 1,500 1,400 1,300 PADD V Vehicle Miles Travelled Million VMT/Day 1,200 5 Yr Range 2016 1,100 2015 5 Yr Avg. Jan Apr Jul Oct Source: Energy Information Administration 10

Gathering and Processing Overview Crude Oil Gathering: Over 1,000 miles of crude oil gathering and trunkline pipeline High Plains Pipeline throughput capacity over 250 MBD Bakken Area Storage Hub storage capacity over 1 million barrels Natural Gas Gathering and Processing: Approximately 2,650 miles of natural gas gathering pipeline Natural gas gathering capacity of over 2,900 MMcf/d Six natural gas processing complexes and one fractionation facility Over 1,500 MMcf/d of processing capacity and over 15 MBD of fractionation capacity Operations in Pinedale, Vermillion, Uinta and Williston basins 11

Gathering and Processing Overview Gathering Throughput Crude Oil Gathering (MBD) Gas Gathering (MMBtu/d) 1,020 1,071 1,115 1,102 903 854 887 Robinson Lake, ND 156 187 199 205 216 208 206 Mandan, ND Belfield, ND 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Salt Lake City, UT Gas Processing Throughput Fee-Based (MMBtu/d) NGLs (MBD) 689 6.9 7.8 7.8 7.8 8.1 7.4 768 767 748 675 645 625 6.7 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 12

Gathering and Processing Market Drivers North Dakota Rig Count North Dakota Well Completions 181 183 0 31 29 27 28 31 32 34 34 0 81 71 64 66 41 45 45 44 59 Rockies Natural Gas Rig Count Rockies Natural Gas Well Completions 21 59 14 11 6 5 5 5 5 5 6 8 8 23 14 22 28 15 9 20 12 23 26 Source: North Dakota Department of Mineral Rights, North Dakota Pipeline Authority, Baker Hughes & State websites for Sublette, Uinta, Lincoln, Sweetwater counties in WY; Moffat county in CO; Uintah county in UT 13

Growth Capital Projects Bakken Gathering & Processing Expand High Plains Pipeline in Bakken to capture core production to aggregate volumes for take-away pipelines Completed increase in storage capacity at Bakken Area Storage Hub (BASH) Rockies Completed Walker Hollow compression project; supports Uinta deep gas drilling and brings new committed volumes to system Terminalling & Transportation Terminalling Capture growth from expansion of Mandan, Stockton, Pasco and Anacortes product terminals New Kenai, Alaska asphalt terminal Crude storage expansion in Southern California under development Transportation Pipelines Expand Northwest Product System capacity and services Los Angeles Refinery Interconnect Pipeline project under development 14 14

Future Drop Downs to Capture Additional Value Existing Assets Marine and rail terminals Crude oil pipelines Refinery tank terminals Petroleum coke handling Refined products distribution terminals New Business Investments Bakken pipeline & rail Mixed xylenes logistics infrastructure Vancouver Energy Distribution expansion in support of Marketing growth Refined products pipelines Rail and truck unloading terminals Wholesale distribution system Growing inventory of drop downs drives at least $500 million of new growth 15 15

Northern California Terminalling and Storage Acquisition Marine Terminal Martinez Refinery Marine Terminal Martinez Storage Martinez Truck Rack and Rail Loading Martinez Refinery Asset Description 5.8 million barrels of crude oil, feedstock and refined product storage capacity Marine terminal with 35,000 BPD of feedstock and refined product throughput Strategic Highlights Strategically located assets integrated with TLLP and TSO current operations Expect 10% 15% improvement in asset utilization over next several years Additional organic growth opportunities Financial Highlights Total consideration of $400 million Expected annual net earnings of $28 $33 million; annual EBITDA of $45 $50 million Initial 10 year, fee-based contract for storage capacity and terminalling throughput 16

Strategic Approach to Acquisitions Pursuing opportunities that provide Tesoro access to advantaged feedstocks and new markets Principally focused on Tesoro s strategic footprint Expanding acquisition horizon to include adjacent geographies Participating in Tesoro-driven acquisitions that include embedded logistics assets Continuing to reduce Tesoro s third party logistics costs Continuing to diversify revenue from third parties 17

North Dakota Gathering and Processing Acquisition Asset Description Over 650 miles of crude oil, natural gas and produced water gathering pipeline Two processing facilities with 170 MMcf/d of processing capacity with 18,700 barrels per day fractionation capacity Strategic Highlights Attractive purchase multiple expected to drive immediate accretion to unitholders Significant growth potential from drilling locations in core Bakken producing zones Highly utilized assets at current production levels Complements existing North Dakota footprint Financial Highlights Total consideration of $700 million Expected annual net earnings of $79 $89 million; annual EBITDA of $100 $110 million Revenues are approximately 90% fee-based and supported by existing production BASH Facility TSO Fryburg Rail Terminal High Plains Pipeline TSO BakkenLink Pipeline Billings Belfield Gathering & Processing Robinson Lake Gathering & Processing 18 Dunn Mountrail Stark

Balanced Portfolio with Minimal Commodity Exposure Resulting portfolio remains balanced with 50% 55% of expected EBITDA from Terminalling and Transportation 2017E Projected 1 TLLP EBITDA Profile Maintaining key revenue targets: Strong, fee-based business Approximately 50% third-party Approximately 1% direct commodity exposure Terminalling & Transportation 50%-55% Gathering 25%-30% Processing 15%-20% 1) Including projected earnings from the North Dakota Gathering and Processing Assets and the Northern California Terminalling and Storage Assets acquisitions 19

Flexible Capital Structure Prudent Funding and Ample Liquidity Pursue growth through a balanced mixture of debt and equity Active ATM program allows access to cost efficient equity capital $1.6 billion credit facilities maturing in 2021 Pursue Balanced Capital Structure Proven track record of strengthening credit profile Leverage target of 4x Net Debt / EBITDA Commitment to achieve investment grade ratings at TSO and TLLP Supportive Sponsor Strategically linked to TLLP TSO is the largest unit holder 34% TLLP LP unit ownership Supportive in dropdowns and acquisitions over $1 billion in equity taken to date Attractive and improving credit profile Maintain Flexibility to Achieve Growth Objectives 20

Financial Flexibility $ in millions Current Metrics As of 9/30/16 Total Assets 5,319 Net Debt 1 2,885 Total Equity 1,663 Pro-forma Net Debt 1 -to-ebitda Ratio 2 4.0x Trailing 12-Month Distribution Coverage Ratio 1.10x Remaining Capacity on Revolving Credit Facility 600 Remaining Capacity on Dropdown Credit Facility 600 1) Net debt calculated as total debt of $3,428 million, net of unamortized issuance costs of $46 million and net of cash of $497 million 2) Pro-forma net debt-to-ebitda ratio calculated using total debt, net of unamortized issuance costs and net of cash, and run rate EBITDA based on annualized 3Q 2016 metrics of $87 million of net earnings and $181 million of EBITDA 21

Growth Outlook On target to achieve $635 million of net earnings and $1 billion of EBITDA in 2017 Expect 2017 annual distribution growth of 12% 15% Expect 2017 growth capital expenditures of $230 million and net maintenance capital of $65 million Tesoro to waive $100 million of GP IDRs over the next two years; supports balanced growth of GP and LP interests Continuing execution of drop down portfolio; at least $500 million of annual earnings remain available 22

Continuing to Drive Unitholder Value Attractive, Visible Growth Opportunities Well-Positioned Assets Strong Sponsorship Stable, Fee-Based Cash Flow Experienced Management Team 23 23

Appendix 2015 Tesoro Corporation. All Rights Reserved.

Key Customer Overview Total Revenue Breakdown Tesoro 58% High Yield and Not Rated 25% Investment Grade 17% Approximately 75% of revenues are generated from Tesoro or Investment Grade customers Note: Customer credit rating are S&P credit ratings as of 9/30/2016. Revenues are YTD as of 9/30/2016 25

Commercial Agreements with Tesoro Description of Contract Initiation Date Term (Years) Renewals Fixed Minimum Volume Commitment Tariff/Fee Escalators Termination Provisions Refinery Shutdown Force Majeure Transportation Agreement (High Plains System) Apr-11 10 2x5 Years 49 MBD FERC Index 12-Month Notice 1 TLLP Unilateral Second Amended and Restated Master Terminalling Agreement Apr-11 10 2x5 Years 108 MBD CPI 12-Month Notice 1 TLLP Unilateral Stockton Minimum Throughput Commitment (MTA supplement) Apr-11 10 2x5 Years 14 MBD CPI 12-Month Notice 1 TLLP Unilateral Salt Lake City Storage Agreement Apr-11 10 2x5 Years 878,000 BBL CPI 12-Month Notice 1 TLLP Unilateral Amorco Terminal Use and Throughput Agreement (Martinez Marine) Apr-12 10 2x5 Years 65 MBD CPI 12-Month Notice 1 TLLP Unilateral Amended Anacortes Track Use and Throughput Agreement Nov-12 10 2x5 Years 40 MBD CPI N/A TLLP Unilateral Agreement - Southern California Terminalling Services Jun-13 10 2x5 Years 154 BPD CPI N/A TLLP Unilateral Carson Storage Services Agreement Amended Jun-13 10 2x5 Years 1,920,000 BBL CPI N/A TLLP Unilateral Agreement - Southern California Dedicated Storage Jun-13 10 2x5 Years 2,927,143 BBL CPI N/A TLLP Unilateral Long Beach Storage Services Agreement Dec-13 10 2x5 Years 1,995,000 BBL CPI N/A TLLP Unilateral Carson Coke Handling Service Agreement Dec-13 10 2x5 Years 2,212 M Tons CPI N/A TLLP Unilateral Long Beach Throughput Agreement Dec-13 10 2x5 Years 325 MBD CPI N/A TLLP Unilateral Transportation Services Agreement (SoCal Pipelines) Dec-13 10 2x5 Years 500 MBD CPI N/A TLLP Unilateral BASH Storage - TRMC Tanks Apr-14 5 2x5 Years 360,000 BBL CPI N/A TLLP Unilateral Terminalling Services Agreement - Martinez Jul-14 10 2x5 Years 25 MBD CPI N/A TLLP Unilateral Terminalling Services Agreement - Nikiski Jul-14 10 2x5 Years 3 MBD CPI N/A TLLP Unilateral Storage Services Agreement - Anacortes Jul-14 10 2x5 Years 1,542,000 BBL CPI N/A TLLP Unilateral Martinez Dedicated LPG Storage Agreement Jul-14 10 2x5 Years 10,900 BBL CPI N/A TLLP Unilateral THPP Reversal Open Season Northbound Commitment Sep-14 7 None 30 MBD FERC Index N/A TLLP Unilateral Tesoro Alaska Pipeline Throughput Agreement Sep-14 10 2x5 Years 31 MBD RCA N/A TLLP Unilateral Keep Whole Commodity Fee Arrangement Dec-14 5 1 Year Auto Renewal N/A 2 Annual Renegotiation 90 days prior to expiration Bilateral Terminalling Services Agreement - Anacortes Rack Nov-15 10 2x5 Years 9 MBD CPI N/A TLLP Unilateral Carson Tank Farm Storage Agreement Nov-15 10 2x5 Years 6,653,000 BBL CPI N/A TLLP Unilateral Kenai Storage Services Agreement Jul-16 10 2x5 Years 3,500,000 BBL CPI N/A TLLP Unilateral Alaska Terminalling Services Agreement Sep-16 10 2x5 Years 21 MBD CPI N/A TLLP Unilateral Martinez Storage Services Agreement Nov-16 10 2X5 Years 5,644,833 BBL CPI N/A TLLP Unilateral 1) Fixed minimum volumes remain in effect during routine turnarounds 2) Tesoro is required to purchase all Natural Gas Liquids produced under keep whole processing agreements. No associated MVC 26

Non-GAAP Financial Measures LP EBITDA Reconciliation (in millions) 2011 2015 3Q 2016 Net Earnings $ 26 $ 270 $ 87 Add: Depreciation and Amortization Expense 6 180 45 Add: Interest and Financing Costs, Net 2 150 49 Add: Income Tax Expense - 1 - EBITDA $ 34 $ 601 $ 181 Projected EBITDA Reconciliation North Northern Tesoro Dakota California Logistics LP Gathering and Terminalling Net Debt Tesoro Processing and Storage Reconciliation Logistics LP Assets Assets September 30, (in millions) 2017E Acquisition Acquisition (in millions) 2016 Projected Net Earnings $ 635 $ 79-89 $ 28-33 Total Debt $ 3,428 Add: Depreciation and Amortization Expense 180 6 8 Unamortized Issuance Costs (46) Add: Interest and Financing Costs, Net 185 2 9 Cash (497) Projected EBITDA $ 1,000 $ 100-110 $ 45-50 Net Debt $ 2,885 27

Non-GAAP Financial Measures 28