January 2013

PBF Energy Inc. AON Energy Symposium

2

Legal Notice / Forward-Looking Statements

This presentation contains forward-looking statements made by PBF Energy Inc. (the “Company” or “PBF”) and

its management. Such statements are based on current expectations, forecasts and projections, including, but not

limited to, anticipated financial and operating results, plans, objectives, expectations and intentions that are not

historical in nature. Forward-looking statements should not be read as a guarantee of future performance or

results, and may not necessarily be accurate indications of the times at, or by which, such performance or results

will be achieved. Forward-looking statements are based on information available at the time, and are subject to

various risks and uncertainties that could cause the Company’s actual performance or results to differ materially

from those expressed in such statements. Factors that could impact such differences include, but are not limited

to, changes in general economic conditions; volatility of crude oil and other feedstock prices; fluctuations in the

prices of refined products; actions taken or non-performance by third parties, including suppliers, contractors,

operators, transporters and customers; adequacy, availability and cost of capital; work stoppages or other labor

interruptions; operating hazards, natural disasters, weather-related delays, casualty losses and other matters

beyond our control; inability to complete capital expenditures, or construction projects that exceed anticipated or

budgeted amounts; inability to successfully integrate acquired refineries or other acquired businesses or

operations; effects of existing and future laws and governmental regulations, including environmental, health and

safety regulations; effects of litigation; and, various other factors.

Forward-looking statements reflect information, facts and circumstances only as of the date they are made. The

Company assumes no responsibility or obligation to update forward-looking statements to reflect actual results,

changes in assumptions or changes in other factors affecting forward-looking information after such date.

Company Highlights

Delaware City Rail Facility

4

PBF owns three oil refineries located in Ohio,

Delaware and New Jersey

― Aggregate throughput capacity of

approximately 540,000 barrels per day

― Weighted average Nelson Complexity of 11.3

― Fifth largest U.S. independent refiner

― Recent rail infrastructure investment on East

Coast provides the entire system access to

WTI-based, cost advantaged crude supply

Summary Company Profile

Cushing

Toledo

Paulsboro

Delaware City

Region

Throughput

Capacity (bpd)

Date

Acquired

Nelson

Complexity

Replacement

Cost

Benchmark

Crack Spread

Mid-Continent 170,000 3/1/2011 9.2 $2.4 billion WTI (Chicago) 4-3-1

East Coast 370,000 2010 12.2 $5.8 billion Dated Brent (NYH) 2-1-1

Total 540,000 11.3 (1) $8.2 billion

(1) Represents weighted average Nelson Complexity for PBF’s three refineries

5

Our History: Key Events and Milestones

March 2011

Completed

acquisition

of Toledo

Refinery

December 2010

Completed

acquisition of

Paulsboro

Refinery

October 2011

Delaware City

Refinery

operational

June 2010

Completed

acquisition of

Delaware

City Refinery

2008

O’Malley and

team form PBF

Energy

2008 2009 2010 2011 2012 2013

September 2012

Completed first

two phases of

East Coast rail

infrastructure

Q1 2013

Targeted

completion of

rail project at

Delaware City

Company Formation Acquisitions & Improvement Growth & Optimization

December 2012

Successful IPO

at $26/share

6

2,5402,231

540 443210 185 151 140 74

VLO PSX MPC TSO PBF HFC ALJ CVI WNR DK NTI

High quality refining assets with weighted-average Nelson Complexity of 11.3

― Exposure to Mid-Continent and East Coast economics

― Two most complex refineries on East Coast with 100% of operating coking capacity

Scalable opportunity with management track record of growth by acquisition

― Hypothetical 150,000 bpd refinery acquisition increases the size of the company

by >25%

PBF’s Industry Position

Total Throughput Capacity

Refinery Region Capacity (bpd)

Delaware City East Coast 190,000

Paulsboro East Coast 180,000

Toledo Mid-Continent 170,000

Combined 540,000

(Kbpd)

Average Complexity:

12.4 11.0 11.7 10.2 11.3 12.1 11.5 9.5 9.5 8.5 11.5

Source: Company filings and presentations, 2012 Oil & Gas Journal Annual Refining Survey and PBF estimates Note: (1) Pro forma for MPC’s pending acquisition of BP’s Texas City Refinery (Nelson Complexity Index of 15.3, and Total Throughput Capacity of 451 Kbpd) (2) Pro forma for TSO’s pending acquisition of BP’s Carson Refinery (Nelson Complexity Index of 12.1, and Total Throughput Capacity of 253 Kbpd)

(1) (2)

1,644

917

7

766

635

2,135561

128

734

73

762

-

1,000

2,000

3,000

Cumulative Capital Expenditures 2006 – YTD 9/30/12

($MM)

Over $2.8 billion of capital invested in PBF

refining system since 2006

― Minimizing near term capital needs

― PBF has invested more than $750 million

since completing the acquisitions of

Delaware City, Paulsboro and Toledo

Recent expansion and upgrade of the

Delaware City rail infrastructure allows for

utilization of cost advantaged, WTI-based

crude in East Coast system

― Estimated cost $57 million

Estimated 2013 capital expenditures in line

with 2012

Previous

Owner

Previous

Owner

Previous

Owner

Total PBF PBF PBF

Delaware City Paulsboro Toledo

2,897

Note: YTD represents 1/1/2012 – 9/30/2012

Significant Recent Capital Expenditures

8

Over $500 million invested in turnaround, restart and

discretionary projects

― Complete turnaround on FCC unit

Gasifier shut down, eliminating chronic reliability

issues

Reliable steam production from cogen transition

Operating Expense &

Capital

Strong relationship with Delaware authorities

― ~$45 million support via grants from State of

Delaware

― Long-term agreement on emissions limitations

― Avoidance of state mandated capital spending

State of Delaware

Reliability

Reduced workforce and selected organized labor by

performance, not seniority. Labor / maintenance

expense reduction ~$100 million / yr

Expense reduction associated with gasifier

~$15 million / yr

Reduced energy and other costs ~$55 million / yr

Strategic investments include cogen transition,

hydrocracker corrosion control and others

Refining Margins

Improved refining margins

Improving outlook on margins

Differentials

Renewed value associated with ability to process

“challenged” crudes (i.e. Western Canadian heavy)

Co

ntr

ollab

le Im

pro

vem

en

ts

Mark

et

Dyn

am

ics

Operating Expense Improvements

($ / bbl)

Labor and

Maintenance

Expense

Reductions

Reduced

Energy

Costs

& Other

Incremental

Operating

Expense

Savings

4.00

(0.50)

(0.40)

(0.84)

(0.23)(1.53)

7.50

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Estimated

Predecessor

Opex / bbl

Gasifier

Expense

Reduction

Reliability

Improvements

PBF

Targeted

Opex / bbl

Delaware City: Restructuring Success Story

9

East Coast Rail Infrastructure: Delaware City

10

0

1,000

2,000

3,000

4,000

4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14

Implementing crude-by-rail strategy on the East Coast via 110,000 bpd rail gateway at Delaware City

― Current capacity of ~40,000 bpd

― Incremental capacity of ~70,000 bpd online Q1 2013

― Additional ladder track storage for 300 cars

Replacing ~700 railcars currently on short-term leases with 2,400 low-cost, long-term leased railcars

― Deliveries scheduled from Q1 2013 through Q2 2014

1,600 coiled & insulated and 800 general purpose railcars

State-of-the-art rail facility capable of discharging 40,000 bpd of heavy, non-diluted crude (bitumen)

Double loop track will hold two unit trains (>200 railcars)

― Capable of fully unloading one unit train in 12-14 hours

Recent term deal with Western Canadian producer highlights benefit of strategy

― Using YTD 2012 price set, Western Canadian crude lands into East Coast >$17 per barrel below Dated Brent

Anticipated Crude-by-Rail Volume to Delaware City

96,000

80,00075,00070,000

30,000

0

25,000

50,000

75,000

100,000

4Q'12 1Q'13 2Q'13 3Q'13 4Q'13

East Coast Rail Infrastructure

Anticipated PBF Leased Railcar Delivery Schedule

(bpd)

New Coiled and Insulated Existing New General Purpose

Volume Average PBF Leased Railcar Capacity

Third Party Cars

Note: Volumes based on current forecast and railcar delivery schedules (subject to change)

Note: Based on current third party railcar manufacturer delivery schedules (subject to change)

Industry Highlights

Delaware City Refinery

12

U.S. Refining Industry Strengths

Inexpensive

Natural Gas

Growth in supply driving decline in U.S. natural gas pricing

― U.S. natural gas currently priced more than 60% below Europe

― ~$0.10 / bbl benefit to domestic refiners for every $1 / MMBtu

difference in natural gas price

North American

Crude

Oil Production

Secular growth in North American crude oil production

― Favorable price dislocations between North American crude

and rest of world

Complex

Refineries

U.S. average refinery Nelson Complexity of 10.9 versus Western

European average refinery Nelson Complexity of 7.8

Product

Exports

Cost and technological advantages have spurred export

opportunities

― East Coast to Europe, West Africa, and Latin America

Why will the U.S. refining industry prosper for the next 5 years?

Delaware City Refinery