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<SEC-DOCUMENT>0000950134-09-009940.txt : 20090507
<SEC-HEADER>0000950134-09-009940.hdr.sgml : 20090507
<ACCEPTANCE-DATETIME>20090507171315
ACCESSION NUMBER:		0000950134-09-009940
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090507
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090507
DATE AS OF CHANGE:		20090507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARTIN MIDSTREAM PARTNERS LP
		CENTRAL INDEX KEY:			0001176334
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-PETROLEUM BULK STATIONS & TERMINALS [5171]
		IRS NUMBER:				050527861
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50056
		FILM NUMBER:		09806503

	BUSINESS ADDRESS:	
		STREET 1:		4200 STONE ROAD
		CITY:			KILGORE
		STATE:			TX
		ZIP:			75662
		BUSINESS PHONE:		9039836200
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d67636e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d)<BR>
of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of report (date of earliest event reported): May&nbsp;7, 2009</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>MARTIN MIDSTREAM PARTNERS L.P.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>DELAWARE</B><BR>
(State of incorporation <BR>
or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-50056</B><BR>
(Commission file number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>05-0527861</B><BR>
(I.R.S. employer identification number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>4200 STONE ROAD</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>KILGORE, TEXAS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>75662</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (903)&nbsp;983-6200</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Former name or former address, if changed since last report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (<I>see </I>General Instruction
A.2. below):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!--TOC-->
<!--/TOC-->




<!-- link1 "Item&nbsp;7.01 Regulation&nbsp;FD Disclosure" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7.01 Regulation&nbsp;FD Disclosure.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;7, 2009, Martin Midstream Partners L.P. (the &#147;Partnership&#148;) held an investors&#146;
conference call. Furnished as Exhibit&nbsp;99.1 is a copy of the transcript of the Partnership&#146;s
presentation during that call and the questions and answers following the presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item
7.01 and in the attached Exhibit is deemed to be &#147;furnished&#148; and shall not be deemed to be &#147;filed&#148;
for purposes of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements about the Partnership&#146;s outlook and all other statements contained in the Exhibit
other than historical facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements and all references to
financial estimates rely on a number of assumptions concerning future events and are subject to a
number of uncertainties and other factors, many of which are outside of the Partnership&#146;s control,
which could cause actual results to differ materially from such statements. While the Partnership
believes that the assumptions concerning future events are reasonable, it cautions that there are
inherent difficulties in anticipating or predicting certain important factors. A discussion of
these factors, including risks and uncertainties, is set forth in the Partnership&#146;s annual and
quarterly reports filed from time to time with the Securities and Exchange Commission. The
Partnership disclaims any intention or obligation to revise any forward-looking statements,
including financial estimates, whether as a result of new information, future events, or otherwise.
</DIV>
<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;</B><U><B>Exhibits</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction B.2 of Form 8-K, the information set forth in the
attached Exhibit is deemed to be &#147;furnished&#148; and shall not be deemed to be &#147;filed&#148; for purposes of
the Exchange Act.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">EXHIBIT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">NUMBER</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DESCRIPTION</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of the Investors&#146; Conference Call.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MARTIN MIDSTREAM PARTNERS L.P.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Martin Midstream GP LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: May&nbsp;7, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Robert D. Bondurant
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert D. Bondurant,
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and
Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "INDEX TO EXHIBITS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Transcript of the Investors&#146; Conference Call.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d67636exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
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<TITLE>exv99w1</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Martin Midstream Partners L.P.<BR>
Q1 2009 Earnings Conference Call<BR>
May&nbsp;7, 2009<BR>
9:00 a.m., Central Time</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MANAGEMENT DISCUSSION SECTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Operator</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good day and welcome to the Martin Midstream Partners First Quarter 2009 Conference Call. Today&#146;s
call is being recorded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At this time, I&#146;d like to turn the conference over to your host, Mr.&nbsp;Joe McCreery, Vice President
Finance and Head of Investor Relations. Please go ahead, sir.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Joe McCreery &#151; Vice President Finance and Head of Investor Relations</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you, Kelly. Let me start today by introducing the Martin team on the call with me. First
Ruben Martin, President, Chief Executive Officer and Director of the Company; second Bob Bondurant,
Chief Financial Officer; and Wes Martin, Vice President of Business Development.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Before we get started with my financial results, I need to make this disclaimer. Certain statements
made during this call may be forward-looking statements relating to financial forecasts, future
performance or our ability to make distributions to our unit holders. The words anticipate,
estimate, expect and similar expressions are intended to be among the statements to identify
forward-looking statements during this call.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We report our financial results in accordance with Generally Accepted Accounting Principles, and
use certain non-GAAP financial measures within the meanings of SEC Regulation&nbsp;G such as
distributable cash flow and EBITDA. We use these measures, because we believe it provides the users
of our financial information meaningful comparisons between the current results and prior reported
results. It can be a meaningful measure of the partnership&#146;s cash availability to pay
distributions. Distributable cash flow should not be considered an alternative to cash flow from
operating activities. Furthermore, distributable cash flow is not a measure of financial
performance or liquidity under GAAP, and should not be considered in isolation as an indicator of
our performance. We included in our press release yesterday, a reconciliation of distributable cash
flow to the most comparable GAAP financial measure. Both our earnings press release and our first
quarter 10-Q are available at our website at www.martinmidstream.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With that out of the way, I&#146;d like to hand the call over to Bob Bondurant to discuss our first
quarter financial performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Robert Bondurant &#151; Martin Midstream Partners &#151; CFO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you, Joe. For the first quarter, we had net income of $4.9&nbsp;million or $0.28 per limited
partner unit. In the first quarter because of certain commodity and interest rate hedges, it did
not qualify for hedge accounting, our net earnings were negatively impacted by $1.1&nbsp;million or
$0.08
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">per limited partner unit. So without this negative net non-cash impact on financials, our earnings
would have been approximately $6&nbsp;million or $0.36 per limited partner unit. As with other MLPs, the
most important measure of our performance is distributable cash flow. Our distributable cash flow
for the first quarter was $13.9&nbsp;million, a distribution coverage of 1.17 times.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to continued weakness in the financial markets and the corresponding lack of access to new
capital, we are continuing to keep our distribution flat at $0.75 per unit per quarter. Based upon
our current $0.75 quarterly distribution and yesterday&#146;s close price of $19.82, our LP units are
currently yielding 15.1%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now, I would like to discuss our first quarter performance by segment, comparing that performance
to the fourth quarter. First, in our Terminalling segment, our cash flow, which is defined as
operating income plus depreciation and amortization was $5.1&nbsp;million in the first quarter compared
to $6.7&nbsp;million in the fourth quarter of 2008. We experienced an $800,000 decrease in our
lubricant cash flow as sales prices fell in the first quarter, negatively impacting margins as we
reduced our higher priced lubricant inventories against those sales. Also beginning in the second
quarter, we sold our terminal lubricants inventory at our full service in lubricant terminals to
Martin Resource Management for $4.9&nbsp;million, the carrying value of the inventory the date of
transfer. The purpose of this transaction is to transfer products that generate non-qualifying
revenue to Martin Midstream Partners and replace them with qualifying throughput service revenue.
As a result, this transfer will be cash flow neutral to the partnership on an operating basis, but
the partnership will gain an additional $4.9&nbsp;million of liquidity. Lubricant sales related to our
June&nbsp;2007 acquisition of Mega Lubricants will remain in the financial statements due to their
qualifying nature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also at March&nbsp;31, 2009, we have a receivable from our insurance carrier for $4.6&nbsp;million for
terminal property losses we have paid that were experienced during Hurricane Ike. We will be
receiving $2.5&nbsp;million of this insurance receivable in the second quarter and the balance later in
the year. Looking forward to the second quarter, we continue to see stability in our Terminalling
segment and anticipate our cash flow to be similar to our first quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our Natural Gas Services segment, we had operating income of $2.5&nbsp;million in the first quarter,
compared to $1.2&nbsp;million in the fourth quarter. In the first quarter, we had a $300,000 non-cash
mark to market loss compared to a $3.4&nbsp;million non-cash mark to market benefit in the fourth
quarter. Complementing our natural gas services is our cash flow from our unconsolidated entities,
which is primarily our 50% owned Waskom Gas Processing Plant. For the first quarter, our cash flow
generated from these unconsolidated entities was $3.1&nbsp;million, compared to $2.6&nbsp;million in the
fourth quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">So without the impact of non-cash market-to-market adjustments plus our distributions from our
unconsolidated entities, our natural gas services cash flow for the first quarter was $6.9&nbsp;million
compared to $1.4&nbsp;million in the fourth quarter. The increase was driven by improved margins in our
wholesale propane business. Due to generally accepted accounting principles, we were forced to
write down inventory to lower of cost or market, negatively impacting the fourth quarter by $2.7
million. As a result of that lower cost inventory, we realized average margins of $0.06 per gallon
in our wholesale propane business in the first quarter. As a result of our
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">wholesale propane business, cash flow improved $5&nbsp;million in the first quarter compared to the
fourth quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such on the natural gas processing side of our NGL segment, Waskom&#146;s current contract mix is 45%
percent of liquids, 39% fee-based, 16% percent of proceeds, and less than 1% keep-whole. We
currently have 47% of our 2009 volumes hedged and 21% of our 2010 volumes hedged. When factoring
in our hedge volumes for 2009, a $1 change in natural gas pricing affects our cash flow $50,000 per
month and a $10 change in oil pricing changes our cash flow $90,000 per month. Looking forward to
the second quarter, our cash flow from this segment will decrease as a result of reduced propane
volume sales in our wholesale marketing business. Also, we will experience some scheduled downtime
in our Waskom plant in the second quarter. This downtime will correspond with two of our major
customers, who plan to be down in the second quarter for scheduled maintenance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Currently, we are averaging 250&nbsp;million cubic feet per day through our Waskom plant and see that
volume remaining stable other than our scheduled downtime. Also, regarding our competitive
position in the East Texas gas processing market, we continue to operate the only gas plant in our
market area that has full fractionation capability, giving us competitive advantage to other gas
plants in the area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our marine transportation segment, we had cash flow of $5&nbsp;million in the first quarter compared
to $4.9&nbsp;million in the fourth quarter. Although the cash flow between periods was approximately
same for both periods, we experienced a decrease in cash flow in our offshore side of the business
offset by a large decrease in SG&#038;A when compared to the fourth quarter. This decrease in SG&#038;A was
a result of a $1.3&nbsp;million bad debt that occurred in the fourth quarter and was non-recurring. In
the first quarter offshore cash flow was down $1.9&nbsp;million, as a result of decreased utilization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One offshore tow, which works in the spot market, had a 68% decrease in revenue, driven by reduced
demand for services. A second offshore tow, which is under a long-term contract, went into its
scheduled ABS dry-dock inspection in March. This vessel came back on charter at the end of April.
The market demand for our one spot offshore tow continues to remain soft in the second quarter.
Our inland portion of the marine business continues to remain stable. Our continued progressive
movements in newer inland equipment has helped stabilize this portion of our business through
longer term contracts and reduced maintenance expense. We continue to see the inland side of the
business stable as all of our operating barges remain under day rate contracts. Of our current 40
inland barges, 33 are under contract, five are laid up single-skin and two are working in the spot
market. We are looking at alternative service such as fertilizer hauling for our laid up
single-skin equipment. Fertilizer related products are not subjected to the double-skin regulatory
mandate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our Sulfur Services segment, our cash flow was $3.4&nbsp;million in the first quarter compared to
$16.7&nbsp;million in the fourth quarter. As we discussed in our fourth quarter earnings call, the
fourth quarter was a very unusual situation as the prices fell $467 per ton that quarter. And due
to the contract structure with our largest customer, we experienced extraordinary margins in the
fourth quarter. In reviewing the first quarter compared to our internal forecast, our sulfur buys
were below expectations. This was driven by reduced demand for sulfur by the large U.S.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">fertilizer producers in the first quarter as a result of the softer economy. Additionally, in our
own downstream sulfur fertilizer business, we saw reduced demand from our customers. This reduced
demand was driven more by wet weather conditions, which delayed volume demand from the first
quarter to the second quarter. As a result, we anticipate improved cash flow from our Sulfur
Services segment in the second quarter when compared to first quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now I&#146;d like to discuss our liquidity and capital resources. At March&nbsp;31, 2009, we had $301.7
million drawn against our $325&nbsp;million credit facility. Our debt to total capitalization at the end
of March was 57% and our bank facility rolling 12&nbsp;months leverage ratio, defined as total debt to
EBITDA was 3.36 to 1. Based on that leverage ratio, our interest rate is LIBOR plus 200. Currently
regarding our total debt outstanding, we have fixed $235&nbsp;million of our bank facility through
interest rate hedges at an average interest rate of 4.15%. When added to the applicable margin of
200 basis points, our hedge rate is 6.15%. The balance of our debt is borrowed under one month
LIBOR plus 200 basis points, making its average rate approximately 2.5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As many of you may have noticed from our Monday press release, we closed the sale of our railcar
and unloading terminal to Enterprise Products Operating LLC for $23.1&nbsp;million. This facility had
negligible cash flow for MMLP and was not strategic to our Terminalling segment. As a result of
liquidity generated by this transaction, our debt level as of today is $285&nbsp;million. We are
continuing to pursue other non-core asset sales in 2009 that will help reserve and strengthen our
liquidity position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our maintenance capital expenditures for the first quarter were $1.7&nbsp;million. Looking for the
remainder of the year, we still anticipate total maintenance capital expenditures to be $9&nbsp;million
to $10&nbsp;million. Please note that these maintenance capital expenditures will be a bit lumpy by
quarter. The second quarter forecast is to be approximately $3.6&nbsp;million. This is due to the larger
expenditure surrounding our offshore tow that came of the shipyard in late April. Looking to the
remainder of 2009, we have approximately a net of $20&nbsp;million of growth capital forecast. These
growth capital expenditures are spread between all four of our segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Now, this concludes my formal comments. Kelly, can you please open the phone lines for questions?
Is the operator there?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>QUESTION AND ANSWER SECTION</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Operator</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yes, I apologize. The question-and-answer session will be conducted electronically. &#091;Operator
Instructions&#093;. Okay, and we will take our first question from Ronald Londe with Wachovia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ronald Londe with Wachovia</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you. Could you give us some perspective on where you see the NGL volumes going over the next
couple of quarters, and also the gas volumes in your area and what you are seeing with regard to
drilling &#151; lack of drilling in that area?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Ruben Martin &#151; Martin Midstream Partners &#151; CEO</B></U>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah, Ron, this is Ruben. So far, we&#146;ve been able to maintain our volumes pretty good there in East
Texas. A lot of the old heritage; the old Cotton Valley production is still running through the
plant and being processed. And like I said, as Bob said in his deal, when you have the fractionator
there, we have the best mouse trap in East Texas, not having the pipeline everything to Mont
Belvieu for fractionation. So we see that has been fairly steady in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ronald Londe with Wachovia</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Do you think next quarter is going to be similar to this quarter or do you see the improvement?
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Robert Bondurant &#151; Martin Midstream Partners &#151; CFO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The volumes of 250&nbsp;million a day. Now when we take our plant down for turnaround to correspond with
our two major customers&#146; turnaround, we&#146;ll have to bypass some of those volumes. So the same volume
is going to be running through, but the removal of the liquids will be less in the second quarter.
And then they&#146;ll come online back in June, and those volumes will remain 250 to 260&nbsp;million a day
going forward. Like Ruben hinted at, old Cotton Valley production is a lot of it, and so that tends
to be stable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ronald Londe with Wachovia</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. In the Marine Transport business, can you give us a feel for what the day rates are doing now
and how are you reacting to the volumes that in volume volatility on the refining sector?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Robert Bondurant &#151; Martin Midstream Partners &#151; CFO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, the day rates obviously we get out of our 35 barge, inland barges operating, 33 under
contract. And we have three tows, which means six barges coming up in October&nbsp;2009 for renewal. We
are in negotiations for that.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">They&#146;ll probably be down approximately, those turnover rates, maybe 10% or so, but we feel
confident that will extended. Fortunately for us that&#146;s the only barges coming up in 2009. We took
a strategic up plan when the market was really tight to really go all under contract and go for
longer term. So fortunately for us, we are tied up for a good while as far as under contract. So we
see that as a lower risk for our inland business, and the next set of contract churns don&#146;t happen
in 2010. And so when those contracts start rolling over, we feel like demand should be improved
from where it is today in the spot market and feel comfortable that those will roll over at maybe
the same numbers or just a slight discount. What we&#146;ve seen actual movement of volumes, we&#146;ve seen
a definite improvement here in the last month or so. I think you&#146;ve seen companies that are
producing products, kind of destocking has happened and they&#146;re now needing the restock and so we
just sensed that it&#146;s getting a little firmer. So, that was a long winded answer to your question,
but that&#146;s kind of our situation as of today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ronald Londe with Wachovia</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. From the standpoint of fun and games in the sulfur business, can you give us a feel for your
situation within sulfur and how your priller is doing and your expansion there. I know you
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">had an expansion there, I think, and what you see going forward with regard to sulfur volumes and
price?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ruben Martin &#151; Martin Midstream Partners &#151; CEO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah. Ron, this is Ruben again. We&#146;ve have seen of course domestically our customers are back
online and running good. They are anticipating a reasonably good fertilizer season, although it is
a little bit delayed. The future for the priller, though, is very good; our second priller is
online. We have capacities of around 4,000 tons per day now. Above that, we&#146;ve already on the books
and looking at another priller that we hope to be online by the end of the year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There&#146;s a lot of activity there. We&#146;ve been prilling a lot; the prices are good internationally.
They are actually better internationally than they are domestically. So we are seeing good
utilization for the priller. We are seeing good utilization for our sales using our own equipment.
So it&#146;s back to normal, and it&#146;s a lot of good volume, and we&#146;ve got a lot of good things going on
in the sulfur business from the standpoint of expansion and so forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ronald Londe with Wachovia</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Do you expect the first quarter to be the worst quarter or what kind of sequential improvement do
you see?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ruben Martin &#151; Martin Midstream Partners &#151; CEO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yeah, we expect, I think, first quarter will probably be the worst quarter in that segment. Of
course as you get through the fertilizer portion of it into the third quarter, the fertilizer will
slow down and then you get into the fall, field season, it will pick it back up. So, if you look
purely at the sulfur side, first quarter was our worst quarter. If you look at the fertilizer side,
it could be third quarter. It depends a lot on the delays of the farmers, and so forth and how the
fall field works. But right now, we anticipate that to be a good segment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Robert Bondurant &#151; Martin Midstream Partners &#151; CFO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">And I will comment, too, on the third quarter the fertilizer when it is traditionally soft. We have
a one-time run that happens every year for industrial, a retail fertilizer demand that&#146;s foreign,
that has a very good margin. So that somewhat offsets that slower third quarter in the fertilizer
business that we traditionally experience.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ronald Londe with Wachovia</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, thank you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Robert Bondurant &#151; Martin Midstream Partners &#151; CFO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You&#146;re welcome.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Operator</B></U>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Operator Instructions&#093;. And we&#146;ll take our next question from Emily Wayne with Raymond James.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Emily Wayne with Raymond James</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hi, good morning guys.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Robert Bondurant &#151; Martin Midstream Partners &#151; CFO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good morning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Emily Wayne with Raymond James</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good morning. My first question was about some of the potential asset sales that you guys are
looking at. I know a couple of conference calls ago, you guys were talking about selling some of
those offshore tows; how&#146;s that been tracking?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Robert Bondurant &#151; Martin Midstream Partners &#151; CFO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are in negotiations on selling one of those offshore tows. Best case, it would close in June,
but nothing&#146;s for certain. So, I would like to not to comment beyond that. The second offshore tow
that we had marketed actually, we actually had an inquiry yesterday on it. It&#146;s a soft market for
asset sales, but I feel fairly confident about one and the other one is not as confident.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Emily Wayne with Raymond James</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ok. Switching gears, when you guys sold off the rack facility to Enterprise, I know that you said
that the annual EBITDA was minimal. Approximately how much was that generating for you guys each
year?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Robert Bondurant &#151; Martin Midstream Partners &#151; CFO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rolling 12&nbsp;months from March was less than $50,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Emily Wayne with Raymond James</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay. And then my final question was just regarding your credit facility. I see that it&#146;s due next
November&nbsp;2010. First of all, have you guys started negotiations with your creditors? And if so,
what sort of LIBOR spreads they&#146;ve been talking about?
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Unidentified Member of Management</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have commenced conversations with the lenders and the bank group, kind of pulling them to see
where they are in our name. And I can&#146;t give you any sort of feelings with respect to the pricing.
I think it&#146;s fair to say that&#146;s obviously going to be going up with mark to market debt facility,
but I won&#146;t comment beyond that.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Emily Wayne with Raymond James</B></U>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Okay, great. Thank you so much.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Operator</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Operator Instructions&#093;. Okay. At this time, there are no further questions in queue. I&#146;d like to
go ahead and turn the conference back over to Mr.&nbsp;Ruben Martin, President of Martin Midstream
Partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Ruben Martin &#151; Martin Midstream Partners &#151; CEO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Well, thanks guys, appreciate everybody calling in and interest in our company. I think that you
have seen that the NGL segment had good margins and the terminalling, and natural gas did offset
that softness in those particular markets. But as you can see, our diversity has really been a
strong asset of ours and the benefit that we realized from that is a little bit more stable. And
going forward, our liquidity looks good at least through the years or so; and we feel very
comfortable about the company. We are very pleased with our coverage in the first quarter and our
trailing 12&nbsp;months coverage is very good. So we appreciate your continued support. Thanks again.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Operator</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">That does conclude today&#146;s conference. We thank you for your participation.
</DIV>


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