#1in Investor Presentation December 2012 mare Delek US#2Safe Harbor Provision Delek US Holdings is traded on the New York Stock Exchange in the United States under the symbol "DK" and, as such, is governed by the rules and regulations of the United States Securities and Exchange Commission. This presentation may contain forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties. Statements concerning our current estimates, expectations and projections about our future results, performance, prospects and opportunities and other statements, concerns, or matters that are not historical facts are "forward-looking statements," as that term is defined under United States securities laws. Investors are cautioned that the following important factors, among others, may affect these forward-looking statements. These factors include but are not limited to: risks and uncertainties with the respect to the quantities and costs of crude oil, the costs to acquire feedstocks and the price of the refined petroleum products we ultimately sell; management's ability to execute its strategy through acquisitions and transactional risks in acquisitions; our competitive position and the effects of competition; the projected growth of the industry in which we operate; changes in the scope, costs, and/or timing of capital projects; losses from derivative instruments; general economic and business conditions, particularly levels of spending relating to travel and tourism or conditions affecting the southeastern United States; potential conflicts of interest between our majority stockholder and other stockholders; and other risks contained in our filings with the United States Securities and Exchange Commission. Forward-looking statements should not be read as a guarantee of future performance or results and will not be accurate indications of the times at, or by which such performance or results will be achieved. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Delek US undertakes no obligation to update or revise any such forward-looking statements. 2#3Integrated Downstream Energy Company(A) Breadth of Exposure Across Refining, Wholesale Marketing and Retail Distribution Refining Segment Marketing Segment Retail Segment Operates 140,000 BPD of combined refined production capacity in Texas and Arkansas Owned crude/product terminals and pipeline assets in Texas, Arkansas and Tennessee Approximately 372 convenience stores -- primarily in Tennessee, Alabama and Georgia Strategically Located Refineries Allow For Broad Wholesale and Retail Product Distribution Opportunities Longview Crude Oil Hub Strategic crude oil supply point that allows our refining system access to domestic inland and Gulf Coast feedstock Marketing Abilene Terminal San Angelo Terminal (1) As of September 30, 2012 ☐ Retail 372 Stores Locations in 7 states El Dorado Refinery 80,000 BPD 9.0 complexity Tyler Refinery 60,000 BPD 9.4 complexity 3#4Recent Financial Performance Record First, Second & Third Quarter Profitability Net income of $214 mm through third quarter driven by growth in refining segment Continued reduction in net debt; $317.8 mm in cash as of 9/30/12 Reduced Net Debt, Improved Liquidity Substantial Growth In Net Income ($MM) (1,2) Generated Record Profitability in 2011 and through Sept 30, 2012 $158.3 2011 2012 Diluted EPS 9 Months Ending Sept 30, 2012: $3.62/sh 2011: $2.91/sh $164.3 Steady Decline In Net Debt ($MM) $214.3 $248.7 $246.7 $206.7 $205.4 Acquired Lion Oil, Two Pipelines, a Terminal and Paid Three Special Cash Dividends $100.3 $85.3 $67.8 $62.1 $46.2 $16.9 $54.8 FY 2011 Q1 22 Q2 Q3 83 YTD YE 2009 YE 2010 YE 2011 9/30/2011 9/30/2012 (1) Represents net income from continuing operations; YTD as of September 30 (2) Delek US assumed operational control of the El Dorado refinery and related assets through the acquisition of a majority equity interest in Lion Oil on April 29, 2011 4#5Delek US Refining Segment Operational Update#6Longview and Rail Support Crude Slate Flexibility for Refining System Focused On Increasing Refining System Access to Cost-Advantaged Feedstocks Abilene Midland San Angelo nn Cushing Oklahoma City Seaway Red River -E Fort Worth Dallas Sunoco West Texas Gulf Tyler Waco Seaway nn Nashville Knoxville Brentwood Memphis n Little Rock Sala Gathering System n El Dorado n Sunoco Mid Valley Shreveport Monroe Introduced rail into El Dorado Capacity up to 18,000 bpd Millenium Paline ExxonMobil North Line New Orleans St. James Beaumont Freeport Product Terminal (DKL) Product Tank Farm (DKL) Product Pipeline (DKL) Longview, TX Corporate Headquarters Crude Tank Farm (DKL) Crude Pipeline (DKL) Third-Party Pipeline (Crude) Enterprise Pipeline (Product) III Delek US Refinery (DK) 6#7Year-over-Year Improvement in Refining Economics Lion Oil Acquisition More Than Doubled Throughput Volumes (1) 60,000 bpd Tyler Refinery (and) 80,000 bpd El Dorado Refinery 60,000 bpd Tyler Refinery Only 127,784 54,407 60,032 47,452 55,317 58,461 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 145,878 146,190 134,017 127,097 130,346 3Q11 4Q11 1Q12 2Q12 3Q12 Tracking the HSD 5-3-2 Gulf Coast Crack Spread Per Barrel (2) 2011 2012 $35.00 $30.80 $29.96 $30.23 $31.02 $30.00 $25.42 $23.87 $25.00 $23.14 $20.00 $17.54 $15.00 $10.00 $5.00 $0.00 Q1 Q2 22 Q3 03 $17.94 +$2.86/bbl on a y/y basis $26.20 $26.84 $23.98 October November YTD (1) Delek US operated the El Dorado refinery for 247 days in 2011, following our acquisition of majority ownership (2) Source: Platts; YTD data is thru November 27 7#8Favorable Refining Economics Continue Into 4Q12(a) Elevated Refined Product Margins and Discounted WTI-Linked Feedstock Favor Delek US $40.00 Brent-WTI Spread Per Barrel (1) 1Q10 2Q10 WTI 5-3-2 Gulf Coast Crack Spread Per Barrel (2) 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2Q12 LLS 5-3-2 Gulf Coast Crack Spread Per Barrel (2) 1Q12 3Q12 4Q12 $30.00 $20.00 $10.00 $0.00 ($10.00) ($20.00) ($30.00) Jan-10 Feb-10 -------------- וי Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 (1) Source: Platts; November 2012 data is as of November 27, 2012 (2) Crack Spreads: (+/-) Contango/Backwardation Apr-11 May-11 Jun-11 Jul-11 --------- Aug-11 Sep-11 Oct-11 Nov-11 -------- Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 80#9Crude Slate Transition at El Dorado Underway We Anticipate El Dorado's Crude Slate Will Be Weighted Toward WTI-linked Crude In Early 2013 El Dorado Has A Diverse Crude Slate Supplying More WTI-Linked Barrels Focus Is On First Half of 2013 Historically processed local Arkansas, domestic offshore and foreign crude oils Ability to displace expensive foreign and GC crudes with discounted local, inland crudes Targeting 80,000 bpd of non-Gulf Coast crude deliveries to El Dorado El Dorado Refinery Crude Slate (3012) (1) Receiving More WTI-Linked Barrels (BPD) (2) Midland Crude, 14% Rail, 24% Other Crude, 35% Local Crude, 27% Local Arkansas Crude WTI/WTS - Midland Rail Rail ~27k bpd 28k bpdˆ‍ ~28k bpd 35k bpd ~25k bpd ~25k bpd ~21k bpd 18k bpd T June-11 3Q11 4Q11 1Q12 2Q12 3Q12 1H13 (1) The El Dorado refinery's total throughput in October 2012 is in line with 3Q12 rates. (2) Includes local Arkansas barrels collected via the Company's 600 mile crude gathering system, in addition to west Texas crude oils delivered to the refinery 9#10Improved Access to Rail Supplied Crude to El Dorado Rail capabilities improve access to more economical types of crude Access to addition types of crude Expected increase in Q4 total throughput Flexibility to process wider range Including Bakken, Canada, Eagle Ford, and Cushing Allows increased throughput to above 70,000 bpd at the El Dorado Refinery Allows for the potential of heavier crude in 2013 Actual Crude Delivered Via Rail (BPD) 2012 Rail Unloading Capability (BPD) (1) Light to Medium Sour Crude Heavy Crude 13,636 11,905 9,405 2,816 1,038 May Jun Jul Aug Sep (1) Heavy Crude capability has the option of up to 10k bpd of heavy crude or up to 32k bpd of light crude 10,000 18,000 18,000 2011 3Q 2012 1Q 2013 10 10#11Access To Lower Cost Crude at Tyler Refinery Tyler Refinery Enjoys An Advantaged Crude Slate - Anticipate More Lower Cost Crude in Early 2013 Processes primarily West Texas Intermediate and East Texas crude oils Access to Cost-Advantaged Crude Tyler Crude Costs Near Parity with WTI Seek to Further Reduce Crude Costs On a blended basis, Tyler is purchasing crude at $2.37/bbl above WTI in 3Q12 In early 2013, intend to supply Tyler with increased volumes of advantaged crude Tyler Refinery Crude Slate (3Q12)(1) Tyler Refinery Crude Slate (3Q12)(2) East Texas Crude, 20% WTI, 80% 3Q12 Purchasing crude at $2.37/bbl above WTI at Tyler Early 2013 Anticipate crude costs at Tyler will decline to levels at or below WTI (assuming Midland discount) (1) Includes crude oil received at the Tyler refinery in third quarter 2012 (2) Anticipate that by early 2013, additional volumes of crude will be supplied to the Tyler refinery priced at Midland. Midland WTI currently sells at a discount to Cushing WTI. 11 =1#12Identified "Quick-Hit" Capital Projects Completed Low-Cost, High-Return Capital Projects at Tyler and El Dorado LSR/Sat Gas Project (LSR) -El Dorado Scope: Improve liquid recovery of Butane & Propane at El Dorado Cost: $14.5 million Anticipated Return: $15-18 million contribution margin annually (1) Vacuum Tower Bottoms Project (VTB) -Tyler Scope: Convert El Dorado asphalt to light product via Coker at Tyler Cost: $5.7 million Anticipated Return: $10 million contribution margin annually (1) New Quick-Hit Capital Projects Identified DHT Revamp -Phases I & II -El Dorado Alky Refrigeration Compressor El Dorado Anticipated Benefit (Phase I): $6 million contribution margin annually (1) Anticipated Benefit (Phase II): $2 million contribution margin annually (1) Anticipated Cost: $2.5 million (Phases I & II) Timing: First Quarter 2013 (1) and 2014 (II) Anticipated Benefit: $4 million contribution margin annually (1) Anticipated Cost: $3.5 million Timing: Third Quarter 2013 (1) Subject to market pricing economics 12#13Delek US Retail Segment Operational Update#14Growth In Same-Store Sales Key Factors That Drive Same-Store Sales Same-Store Merchandise Sales Same-Store Gallons Sold Relevant Factors: Location, size, appeal, offering, affordability, people Relevant Factors: Commodity prices, weather, employment, supply disruptions Consistent Growth In Same-Store Merchandise Sales 5.0% 4Q09 1.2% 1Q10 6.3% 4.6% 4.4% 4.0% 2Q10 3Q10 4Q10 Recovery In Same-Store Fuel Gallons Sold 4.2% 5.2% 3.4% 2.4% 2.0% 0.6% 7.6% 4.3% 0.5% 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4.3% 3.2% 2.2% 0.8% -0.3% -0.8% -0.8% -1.3% -2.3% 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 14#15Store Reimaging & New Construction Initiatives (a) Reimaging and Construction Update Multi-Year Store Enhancement Initiative Approximately 182 stores have been built or reimaged since 2006 Multi-Year New Store Construction Plan Long-term target of at least 8-12 new large-format builds per annum Reimaging at least 20 sites in 2012 Accelerating Store Reimaging Plan Expanding Market Footprint Create a retail presence in markets capable of being supplied by El Dorado 50% of Store Base Has Been Reimaged or Newly Constructed During The Past Five Years(1) Total Number of Stores (End of Period) Reimages/Prototypes as % of Total Store Base 600 60% Total Number of Stores (End of Period) 497 482 500 50% 442 412 394 377 372 400 40% 300 30% 200 20% 100 10% 0 0% 2006 2007 2008 2009 2010 2011 YTD 2012 (1) YTD as of September 30, 2012 Total Remodeled Stores as % of Total Number of Stores 15#16Delek US Marketing Segment Operational Update#17Midstream Assets Generate Consistent Results Wholesale Marketing In West Texas Product Marketing Terminals Consistent Contribution Margin Owned (San Angelo, Abilene, Tyler); Third-Party (Aledo, Odessa, Big Springs, Frost) Positive contribution margin every quarter since 2006 Total Sales Volumes (Barrels Per Day) (1) Consistent Contribution Margin ($MM) (1) 16,557 2008 15,595 15,546 14,354 13,378 $26.2 21,573 $24.8 $23.3 $23.7 $20.2 $25.3 2008 2009 2010 2011 YTD 2011 YTD 2012 2009 2010 2011 YTD 2011 YTD 2012 (1) YTD as of September 30, 2012 17#18Completed IPO of Logistics Assets on November 7, 2012 Initial Assets Included in the MLP: . • Approximately 200 miles of transportation pipelines and a 600 mile crude oil gathering system, in addition to associated storage facilities with 1.4 million barrels of active shell capacity supporting Delek US' El Dorado and Tyler Refineries (1) The Paline pipeline, a 185 mile crude oil pipeline from Longview to • Nederland, Texas Delek US' wholesale marketing business in Texas Five light product terminals: Texas - Abilene, Big Sandy, San Angelo Tennessee - Nashville and Memphis San Angelo (1) Tyler, TX and El Dorado, AR refineries are not be included in the MLP Nashvillenn Knoxville Brentwood Memphis n Little Rock SALA GATHERING SYSTEM El Dorado El Dorado Dallas Fort Worth Shreveport Abilene Magnolia 111 Tyler Monroe AR Waco EAST TEXAS CRUDE LOGISTICS SYSTEM AND BIG SANDY TERMINAL nn Big Sandy Beaumont Longview Tyler Kilgore Henderson LA New Orleans DELEK LOGISTICS (DKL) Product Terminal Product Tank Farm Product Pipeline Corporate Headquarters Crude Tank Farm Crude Pipeline THIRD-PARTY ASSETS Enterprise Pipeline (Product) III Delek US Refinery 18#19Delek US Appendix Additional Data#20WTI Midland vs. WTI Cushing Differential Between Midland and Cushing Sourced WTI $0.00 1Q11 2Q11 ($1.00) 3Q11 4Q11 1Q12 ($2.00) 2Q12 3Q12 4Q12 ($3.00) ($4.00) ($5.00) ($6.00) ($7.00) ($8.00) Jan-11 Feb-11 Mar-11 Apr-11 (1) Source: Argus May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 20 20#21Historical and Projected Capital Spending 2010: $56.8 mm $14.5 Refining ■Retail, Marketing and Other 2012 (E): $133.1 mm 2011: $81.0 mm $45.0 $42.3 $36.0 $50.4 $82.7 Estimate includes a full- year of capital spending at Lion Oil Company 2012 (E) 2011 (A) 2010 (A) 21 221#22Delek US DK LISTED NYSE Investor Relations Contact: Assi Ginzburg Executive Vice President 615-224-1158 Keith Johnson Vice President of Investor Relations 615-435-1366