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Page 1: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

(NYSE:TLP)

May 2018

Page 2: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

2

Forward Looking Statements

All statements contained herein and made by representatives of TransMontaigne Partners L.P. (the “Partnership”) during this presentation, other than statementsof historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-lookingstatements address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future. These forward-lookingstatements are based on certain assumptions made by the Partnership based on management’s experience and perception of historical trends, currentconditions, expected future developments and other factors it believes are appropriate in the circumstances.

Any forward-looking statements contained herein or made by representatives of the Partnership during this presentation are subject to risks and uncertainties,many of which are beyond the Partnership’s ability to control or predict. These risks include, among other things, (i) our ability to identify suitable growth projectsor acquisitions; (ii) our ability to complete identified projects timely and at expected costs, (iii) competition for acquisition opportunities, (iv) the successfulintegration and performance of acquired assets or businesses and the risks of operating assets or businesses that are distinct from our historical operations, and(v) the failure of the Partnership’s customers or vendors to satisfy or continue contractual obligations. Additional factors that could cause actual results differmaterially from management’s expectations are detailed in the Partnership’s filings with the Securities and Exchange Commission (the “SEC”) including thoseitems disclosed in “Item 1A. Risk Factors” in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2017. These filings are available tothe public over the internet at the SEC’s website (www.sec.gov) and at the Partnership’s website (www.transmontaignepartners.com). If one or more of risks oruncertainties materialize, or if underlying assumptions prove incorrect, then the Partnership’s actual results may differ materially from those implied or expressedby the forward-looking statements. As a result of these risks and uncertainties, investors should not place undue reliance on forward-looking statements.

The Partnership undertakes no obligation to update any forward-looking statements, whether as a result of new information or future events.

This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”). While management believessuch measures are useful for investors, they should not be used as a replacement for financial measures that are in accordance with GAAP. Please see theAppendix for reconciliations of those measures to comparable GAAP measures.

Page 3: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

3

Business Overview

Page 4: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

4

Organic Growth

TLP Business Highlights

Quality, Diversified Asset

Platform

Strong Financial Profile

Large asset and footprint spanning 6 key regions, 511 storage terminals and 3 product pipelines.

Asset system represents critical link in refined products distribution chain.

Diversified storage capabilities; refined products and other liquids.

Recent re-contracting success emphasizes the value of our assets.

Long term take-or-pay contracts with quality customers.

Highly contracted asset base; ~93% of capacity contracted as of 3/31/2018.

Excess coverage provides flexibility.

Track record of executing fully contracted growth opportunities with a conservative capital structure.

Primary avenues of growth – asset maximization and organic projects.

Collins Phase II construction of 870 thousand barrels is underway.

Executed contracts for the expansion of the Brownsville terminal and our Diamondback pipeline.

Strategic sponsor relationship with ArcLight.

Attractive business model creates strong value proposition

1 Owns and operates 49 storage terminals and also owns interests in two additional terminals through the Frontera and BOSTCO Joint Ventures.

Page 5: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

5

TLP Overview

6 regions

51 storage terminals 3

$$ $134 million LTM 3/31/2018 EBITDA 4

Own and operate refined petroleum product tank farms and pipelines.

Provide integrated terminaling, storage, transportation and related services.

Petroleum products, crude oil, chemicals, fertilizers and other liquid products.

Longstanding relationships with diversified customers in refined product distribution.

Operate in 6 distinct and strategic regions across the US: Southeast, Brownsville (TX), Midwest, West Coast, Gulf Coast and along the Mississippi and Ohio rivers.

Key Stats

We are a leading terminaling and transportation partnership

38 million barrels capacity

Partnership Metrics 1

1 Market data as of 5/11/2018. 2 EV does not include the GP value. ArcLight acquired the GP from NGL Energy Partners for $350mm in February, 2016. 3 Owns and operates 49 storage terminals and also owns interests in two additional terminals through the Frontera and BOSTCO Joint Ventures. 4Pro-forma for West Coast Terminals acquisition.

NYSE: TLP | EV 2: $1,196mm | Price: $37.84 | Market Cap: $614mm

Page 6: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

6

Ft. Lauderdale

Brownsville Complex

Bostco Investment

Sizable and Diversified Terminal Network

Notes: Black dots and dotted lines indicate third party terminals and pipelines. 1 Owns and operates 49 storage terminals and also owns interests in two additional terminals through the Frontera and BOSTCO Joint Ventures. 2 Brownsville complex is comprised of both the Frontera Joint Venture and TLP assets. Capacity includes ~1.5 MMBbl owned by FronteraJoint Venture. 3 Reflects total active storage capacity of Bostco. TLP owns a 42.5% interest. Information as of 3/31/2018.

Significant footprint of assets; 511 terminals across 6 distinct regions

• Terminals: 22

• Capacity: 11.9 MMBbl

• % Contracted: 100%

Southeast

• Terminals: 8

• Capacity: 6.9 MMBbl

• % Contracted: 97%

Gulf Coast

• Terminals: 12

• Capacity: 2.7 MMBbl

• % Contracted: 54%

River

• Terminals: 4

• Capacity: 1.6 MMBbl

• % Contracted: 100%

Midwest

• Terminals: 2

• Capacity: 5.0 MMBbl

• % Contracted: 81%

West Coast

• Terminals: 1

• Capacity: 7.1 MMBbl

• % Contracted: 100%

Bostco JV 3

• Terminals: 1

• Capacity: 0.9 MMBbl

• % Contracted: 89%

Brownsville 2

4.3%

4.0%

2.4%

7.2%

13.3%

18.3%

18.9%

31.6%

Midwest

Frontera JV

Brownsville

River

West Coast

Gulf Coast

Bostco JV

Southeast

% of Total Capacity

2

3

Oklahoma City

Cushing

Cape Canaveral

Miami

Pensacola

Port Manatee

Tampa

Jacksonville

East Liverpool

Greater Cincinnati

New AlbanyLouisville

OwensboroEvansville

HendersonPaducah

Mt. Vernon

Rogers

Cape Giradeau

Baton Rouge Dock

Arkansas City

Greenville

Matamoros

Fairfax

Richmond

NorfolkMontvale

Greensboro Selma

Charlotte

SpartanburgBelton

Athens

Lookout Mtn.

Rome DoravilleGriffinMacon

AmericusAlbany

Bainbridge

BirminghamMeridian

Purvis

Collins

Martinez

RichmondDenver

• Terminals: 1

• Capacity: 1.5 MMBbl

• % Contracted: 100%

Frontera JV 2

Frontera Investment

2

Monterrey

Page 7: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

7

Strategic Advantages Across Regions

Quality assets and strategic geographies establish our advantage

Note: 1 Comprised of TLP Terminal and Frontera Joint Venture.

Southeast

Gulf Coast

Midwest

River

Brownsville1

Bostco JV

West Coast

Located along the Colonial and Plantation pipeline systems. Most efficient path to Southeast, Mid-Atlantic and Northeast U.S. markets. Collins: only independent terminal capable of storing and redelivering product to, from and between Colonial

and Plantation pipelines.

Largest terminal network in Florida. Region is without major product supply pipelines and refineries. Fort Lauderdale, Miami and Cape Canaveral ports are among the busiest cruise ship ports in the nation.

Products pipeline from Missouri to Arkansas. Terminal locations in Oklahoma, Arkansas and Missouri. Rogers facility: only refined products terminal located in Northwest Arkansas.

Largest independent terminal network along the Mississippi and Ohio Rivers. Spans river locations from Ohio through Louisiana. Baton Rouge dock: only direct waterborne connection between Colonial Pipeline and Mississippi River

waterborne transportation.

Facilitates product movements between the Gulf of Mexico, Northern Mexico and the U.S. Long-term growth opportunities with new and existing customers provided by recent energy deregulation in

Mexico.

Advantageous location in the Houston Ship Channel. Provides access to expansive refinery complex and export markets. Refineries in this region account for more than 25% of total U.S. refining capacity. Positioned to meet increasing demand for global export capacity.

Strategically located within the San Francisco Bay Area Refining Complex. Located in close proximity to three of the San Francisco Bay refineries and the origin of the North California

products pipeline distribution system. Bay Area Refining Complex accounts for nearly one-third of total PADD V refining capacity.

Page 9: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

9

Multi-Year Contracts with Firm Commitments

16%

33%45%

6%

< 1 Year

>= 1 Year, < 3 Years

>= 3 Years, < 5 Years

>= 5 Years

Remaining Duration of Contracts1

~70% of Revenues from Firm Commitments

Our fee-for-service business model is underpinned by multi-year take-or-pay contracts with minimum volume commitments, providing significant stability.

Approximately 84% of our current firm commitment contracts are 1-5+ years in remaining duration; with ~51% of contracts at least 3 years in remaining duration.

75% of our revenues are generated from terminaling service fees under multi year take-or-pay minimum volume commitments.

The majority of the remaining revenue stems from ancillary services including heating and mixing of stored products, product transfer, pipeline tariffs , railcar handling, butane blending, wharfage and vapor recovery.

Note: 1 As of 3/31/2018

$27 $26 $28 $27 $28 $29 $29 $30 $32 $34 $34 $36$42

$11 $11 $10 $13 $12 $13 $11$13 $13 $12 $12 $12

$14

70% 69%74%

68% 70% 69%72% 71% 71%

74% 75% 75% 75%

0%

10%

20%

30%

40%

50%

60%

70%

80%

$0

$10

$20

$30

$40

$50

$60

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

Firm

ly C

om

mit

ted

Re

ven

ue

$mm

Firm Commitments Variable Commitments % Firm

Our revenue structure allows for predictable cash flows

Page 10: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

10

ArcLight Relationship Enhances Company Profile

We are backed by a highly experienced and aligned general partner Strategic and Aligned General Partner

In February 2016, ArcLight Energy Partners Fund VI indirectly acquired 100% of our general partner from NGL Energy Partners (NGL) for $350 million. TLP’s GP holds 2% GP interest and 100% of IDRs.

Represented ArcLight’s fourth major refined product terminal acquisition in a 10 month time frame.

TLP stock price is up ~45% since acquisition announcement.

On April 1, 2016, affiliates of ArcLight acquired approximately 3.2 million of our common units (20% interest) from NGL.

ArcLight has granted TLP a ROFO on its 51% interest in two terminals in Portland and Seattle which TransMontaigne operates today under a separate agreement with ArcLight. In addition, TLP has a ROFO on ArcLight’s 30% ownership interest in the Olympic Pipeline.

About ArcLight Capital Partners

Leading private equity firm focused on energy infrastructure investments.

Based in Boston; founded in 2001.

Targets midstream, power and production.

Significant track record and deep bench of experience owning and operating midstream assets.

ArcLight has invested more than $19 billion in over 100 transactions since inception.

Experienced and knowledgeable GP - owns and controls over approximately 45 million barrels of complementary refined product storage capacity on the U.S. East Coast and in the Caribbean.

Page 11: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

11

Growth Projects

Page 12: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

12

1 Collins storage terminal expansionPhase I expansion added 2 million barrels of capacity. Developing Phase II expansion. Have signed contracts for Collins Phase IIA construction for 870 thousand barrels.

2 Brownsville expansionSigned contracts for the expansion of Brownsville tankage and the recommissioning of our Diamondback pipeline.

3 Enhance various existing assetsOpportunity to fill available storage capacity at our terminals. Potential to develop additional butane blending capabilities at various terminal locations. Executing and exploring smaller scale projects at various locations throughout our system, including building tankage and refurbishing tanks at the West Coast Terminals.

Identified Growth Opportunities

Significant inventory of identified growth opportunities

Page 13: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

13

Collins Storage Terminal Expansion

PHASE I

PHASE II• Phase I: Have placed in service all 2 million barrels of capacity (fully contracted). $75 million capex with return in high teens. Customers include credit worthy parties with 5-

year contracts.• Phase II: Contracted and in construction.

Phase IIA - Constructing 870 thousand barrels (fully contracted) of new capacity for a major oil company.

Significant demand for additional bulk storage at Collins

Page 14: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

14

Brownsville Storage and Pipeline Expansion

• Diamondback Pipeline Expansion: Signed contracts for gasoline and diesel use of both of the Diamondback pipelines, which run from the terminal to the U.S./Mexico boarder. 8” pipeline previously transported propane, 6” has never been used. Pipelines expected to be in service by end of 2019.

• Additional Tankage: Signed contracts for new gasoline and diesel storage. Transportation options out of the terminal include by truck or the

Diamondback pipelines. Completed at various stages between the end of 2018 and 2019. Tankage may be in Frontera, due to the JV’s ROFR.

• $56 Million in Capex

Significant demand for Brownsville with the opening of Mexican oil markets

Page 15: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

15

WCF Acquisition: Martinez and Richmond Terminals

Martinez Terminal

Richmond Terminal

Map of West Coast Facilities

36 above ground storage tanks.

4.5 MMBbl of storage capacity.

o Includes 2.5 MMBbl of clean product capacity and 2.0 MMBbl of crude oil capacity.

o All clean product tanks are multi-product permitted.

Connectivity includes:o Deepwater dock capable of

handling tankers up to 150,000 deadweight tons (DWT) and 950’ in length.

o Pipeline connectivity to Bay Area refiners and domestic crude and refined products markets.

Products handled include crude oil, gasoline, diesel, jet fuel, gasoline blend stocks and fuel oil.

Connectivity includes:o Deepwater dock capable of

handling tankers and oceangoing barges up to 89,000 DWT and 700’ in length.

o Truck loading capabilities.o Rail unloading facilities.

Products handled include gasoline, diesel, jet fuel, gasoline blend stocks, fuel oil, Avgas, renewable diesel and neat and denatured ethanol.

29 above ground storage tanks.

0.5 MMBbl of storage capacity.

Page 16: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

16

Financial Summary

Page 17: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

17

1Q18 TLP Update

Achieved record levels of revenue and Consolidated EBITDA

Reported 1Q18 revenue of $56.4 million compared to $44.9 million in the prior year (PY) 1Q.

Reported 1Q18 Consolidated EBITDA of $32.9 million compared to $27.3 million in the PY 1Q.

Continued to maintain a healthy balance sheet

Reported 1Q18 distribution coverage of 1.39x and leverage of 4.35x.

Increased quarterly distribution from $0.77 to $0.785 – tenth consecutive quarterly increase and an 8.3% increase over PY 1Q.

$560 million of available capacity on revolving credit facility.

• Closed acquisition of the West Coast Facilities

Total purchase price of $277 million, financed with revolving credit facility.

Closed acquisition December 15, 2017.

Page 18: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

18

2.5x2.9x 2.7x

1.8x 1.7x

2.6x3.0x

3.4x

2.8x 3.0x

4.4x 4.4x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q18

Debt/ LTM EBITDA

1

Stable Cash Flows and Conservative Balance Sheet

Consistent and Growing EBITDA Conservative Leverage Profile 3

A track record of cash flow growth and financial stability

$290

$560

Outstanding Borrowings Available Capacity As of 3/31/2018, $560 million of unused capacity

on revolving credit facility.

Credit facility availability enhances balance sheet flexibility.

Track record of delivering growth while maintaining conservative leverage.

Revolving Credit Facility 2

$53 $58 $60 $69 $69 $72 $71 $75$90 $96

$108

$134

$0$20$40$60$80

$100$120$140$160

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 PFLTM1Q18

$MM

1

Notes: 1 Pro forma for West Coast Terminals acquisition. 2 Availability subject to covenant compliance under the Revolving Credit Facility as of 3/31/2018. 3 Figures prior to 2017 not pro forma for West Coast Facilities acquisition.

1

Page 19: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

19

13 Years of Distribution Stability and Growth

$0

.43

$0

.59

$0

.60 $

0.6

4

$0

.66

5

$0

.67

$0

.78

5$0.20

$0.25

$0.30

$0.35

$0.40

$0.45

$0.50

$0.55

$0.60

$0.65

$0.70

$0.75

$0.80

$0.85

Jun

-05

De

c-0

5

Jun

-06

De

c-0

6

Jun

-07

De

c-0

7

Jun

-08

De

c-0

8

Jun

-09

De

c-0

9

Jun

-10

De

c-1

0

Jun

-11

De

c-1

1

Jun

-12

De

c-1

2

Jun

-13

De

c-1

3

Jun

-14

De

c-1

4

Jun

-15

De

c-1

5

Jun

-16

De

c-1

6

Jun

-17

De

c-1

7

$/unit

Increased quarterly distribution from $0.77 to $0.785 for the quarter ended 3/31/18.

Tenth consecutive distribution increase.

Annual distribution growth of 8.3% over PY 1st quarter.

Long-term history of maintaining and growing cash flows and distribution.

96% increase in distribution per LP unit since our IPO on May 27, 2005.

+96%1

Note: 1 Distribution increase 6/30/05 vs. 3/31/18. IPO May 27, 2005.

We have a long-term track record of creating and building value

Page 20: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

20

$12.5 $12.6 $12.6 $12.6 $12.6 $12.6 $12.6 $12.8 $13.1 $13.4 $13.8 $14.1 $14.6 $15.1 $15.6 $16.1 $16.6$4.1$5.9

$3.1 $2.2

$5.5$4.1 $4.7

$5.7 $6.0$4.6

$5.7 $5.2

$8.9$9.4

$6.0

$3.0

$6.4

1.33x 1.47x1.25x 1.18x

1.43x 1.32x 1.37x 1.45x 1.46x 1.34x 1.41x 1.37x1.61x 1.62x

1.39x1.19x

1.39x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

$mm

Conservative coverage position provides significant cash cushion – historical average of 1.4x

Significant Distribution Coverage

Actual Distribution vs. Coverage

b FY15 coverage: 1.39x

DCF: $70.7mm

Distributions: $50.7mm

Cushion: $20.0mm

a FY14 coverage: 1.31x

DCF: $65.7mm

Distributions: $50.3mm

Cushion: $15.3mm

Coverage

c FY16 coverage: 1.40x

DCF: $75.9mm

Distributions: $54.4mm

Cushion: $21.5mm

Distribution Cushion Coverage

1

a b c d

d FY17 coverage: 1.45x

DCF: $88.7mm

Distributions: $61.4mm

Cushion: $27.3mm

Cash Retention

Page 21: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

21

Appendix

Page 22: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

22

Current Ownership Structure

100%

ArcLight affiliates

TransMontaigne GP L.L.C.(the General Partner)

Public Unitholders

Limited Partner Interest 78.8%

Gulf TLP Holdings, LLC(No other assets)

Limited Partner Interest 14.3%

2% General Partner Interest

TransMontaigne Partners L.P.(NYSE:TLP)

Operating Subsidiaries Joint Ventures

TLP Management Services LLC(Employees)

100%

100%

Limited Partner Interest 4.9%

Page 23: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

23

Financial Summary (continued)

$ in thousands, except per unit amounts

                        

Revenue $ 44,850 $ 45,364 $ 45,449 $ 47,609 $ 56,444

Direct operating costs and expenses (16,511) (15,984) (17,719) (17,486) (20,145)

General and administrative expenses (3,971) (4,080) (5,247) (6,135) (4,981)

Insurance expenses (1,006) (1,002) (999) (1,057) (1,246)

Equity-based compensation expense (1,817) (352) (544) (286) (2,017)

Depreciation and amortization (8,705) (8,792) (8,882) (9,581) (11,808)

Earnings from unconsolidated affiliates 2,560 2,120 1,884 507 2,889

Operating income 15,400 17,274 13,942 13,571 19,136

Interest expense (2,152) (2,525) (2,656) (3,140) (6,461)

Amortization of deferred issuance costs (294) (271) (320) (336) (501)

Net earnings $ 12,954 $ 14,478 $ 10,966 $ 10,095 $ 12,174

Net earnings per limited partner unit—basic $ 0.62 $ 0.70 $ 0.47 $ 0.41 $ 0.52

                        

Balance Sheet Data

Property, plant and equipment $ 419,995 $ 425,875 $ 426,467 $ 655,053 $ 650,037

Investments in unconsolidated affiliates 241,304 239,023 236,706 233,181 234,030

Goodwill 8,485 8,485 8,485 9,428 9,428

Customer relationships 287 236 186 47,136 46,389

Total assets 696,530 700,947 701,895 987,003 975,618

Long-term debt 292,500 302,000 302,000 593,200 582,377

Partners’ equity 373,058 373,273 369,409 364,217 362,022

March 31,  June 30,  September 30,  December 31,  March 31, 

20182017

March 31, 

2017 2017 2017

June 30,  September 30,  December 31,  March 31, 

2017 2017 2017 2017 2018

Page 24: PowerPoint Presentation - MLPA · 05.05.2018  · This presentation includes financial measures that are not in accordance with generally accepted accounting principles (“GAAP”)

24

Financial Summary

$ in thousands

Net earnings $ 12,954 $ 14,478 $ 10,966 $ 10,095 $ 12,174

Depreciation and amortization 8,705 8,792 8,882 9,581 11,808

Earnings from unconsolidated affiliates (2,560) (2,120) (1,884) (507) (2,889)

Distributions from unconsolidated affiliates 4,349 4,546 4,201 4,032 3,190

Equity-based compensation expense 1,817 352 544 286 2,017

Settlement of tax withholdings on equity-based compensation (382) (25) (304) - (341)

Interest expense 2,152 2,525 2,656 3,140 6,461

Amortization of deferred issuance costs 294 271 320 336 501

“Consolidated EBITDA” 27,329 28,819 25,381 26,963 32,921

Interest expense (2,152) (2,525) (2,656) (3,140) (6,461)

Unrealized loss (gain) on derivative instruments (258) 38 65 (77) 42

Amortization of deferred issuance costs (294) (271) (320) (336) (501)

Amounts due under long-term terminaling services agreements, net (98) (227) 772 3 28

Project amortization of deferred revenue under GAAP (51) (104) (332) (278) (187)

Project amortization of deferred revenue for DCF 452 503 717 670 582

Capitalized maintenance (1,462) (1,783) (1,992) (4,698) (3,389)

“Distributable cash flow”, or DCF, generated during the period $ 23,466 $ 24,450 $ 21,635 $ 19,107 $ 23,035

Actual distribution for the period on all common units and the general partner

interest including incentive distribution rights$ 14,592 $ 15,077 $ 15,571 $ 16,063 $ 16,571

Distribution coverage ratio 1.61x 1.62x 1.39x 1.19x 1.39x

Three months ended

March 31, June 30, September 30, December 31, March 31,

2017 2017 20182017 2017