EX-99.(C)(9) 10 d895435dex99c9.htm EX-99.(C)(9)

CONFIDENTIAL Exhibit (c)(9) October 3, 2024 Project Augusta Discussion Materials for the Conflicts Committee

EXECUTIVE SUMMARY 3 01 9 FINANCIAL ANALYSES 02 20 PREMIUMS PAID DATA 03 24 APPENDIX 04 25 Public Market Observations 31 Weighted Average Cost of Capital 36 Selected Benchmarking Data 45 DISCLAIMER 05

EXECUTIVE SUMMARY 01 01

Changes Since Materials Dated 7/30/24 FINANCIAL INFORMATION • The Company has provided revised projections, which have been summarized on the following pages • Company management has (i) revised the go forward estimate of the “Due from Affiliates” balance to ~$14.4 million (vs. $7.2 million previously) which has resulted in a net working capital balance increase of ~$6.7 million across the projection period and (ii) incorporated July 2024 results MARKET PRICING UPDATE • We have updated market pricing in the analysis to 10/1/24, compared to 7/26/24 in the previous materials • Certain selected companies have reported second quarter financial results SELECTED COMPANIES OBSERVATIONS AND ANALYSIS • Tier 1 selected companies average Adjusted EBITDA multiples increased ~0.3x and ~0.1x for CY 2024E and CY 2025E, respectively • Tier 2 selected companies average Adjusted EBITDA multiples increased ~0.1x for CY 2024E and remained unchanged for CY 2025E • All selected companies average Adjusted EBITDA multiples increased ~0.2x for CY 2024E and remained unchanged for CY 2025E • No changes have been made to the selected multiple range in the selected companies analysis DISCOUNTED CASH FLOW ANALYSIS • No changes have been made to the Terminal Multiple selected range • No changes have been made to the selected WACC range – The risk-free rate of return decreased to 4.19% from 4.53% in the previous materials – The selected unlevered beta increased to 0.59 from 0.55 in the previous materials – The computed weighted average cost of capital decreased 0.2% when excluding corporate taxes and decreased 0.2% when including corporate taxes compared to the previous materials 4

Comparison of Current Projections Versus Projections Dated 7/23/24 (dollars in millions) Prior Management Projections Dated 7/23/24 [A] Current Management Projections Dated 10/1/24 [B] Difference [B-A] Calendar Year Ending December 31, Calendar Year Ending December 31, Calendar Year Ending December 31, 2024E 2025E 2026E 2027E 2028E 2024E 2025E 2026E 2027E 2028E 2024E 2025E 2026E 2027E 2028E Total Revenue $763.0 $794.1 $789.3 $772.9 $784.9 $761.0 $794.1 $789.3 $772.9 $784.9 ($1.9) - - - - Growth % -8.5% 4.1% -0.6% -2.1% 1.6% -8.8% 4.3% -0.6% -2.1% 1.6% -0.2% 0.3% - - - Adjusted EBITDA [1][2] $117.3 $119.3 $119.1 $117.7 $119.5 $117.4 $119.3 $119.1 $117.7 $119.5 $0.0 - - - - Margin % 15.4% 15.0% 15.1% 15.2% 15.2% 15.4% 15.0% 15.1% 15.2% 15.2% 0.0% - - - - Growth % -0.2% 1.7% -0.2% -1.2% 1.5% -0.2% 1.7% -0.2% -1.2% 1.5% - - - - - Growth Capital Expenditures 22.5 5.9 10.8 12.6 15.1 22.5 5.9 10.8 12.6 15.1 - - - - - Maintenance Capital Expenditures 35.2 29.6 30.8 24.9 23.5 35.2 29.6 30.8 24.9 23.5 - - - - - Total Capital Expenditures $57.7 $35.5 $41.6 $37.5 $38.6 $57.7 $35.5 $41.6 $37.5 $38.6 - - - - - Net Debt $442.9 $413.0 $390.4 $367.3 $319.7 $455.0 $426.0 $404.3 $382.2 $335.7 $12.1 $13.0 $13.9 $14.9 $16.0 Net Working Capital [3] $53.6 $51.7 $51.8 $52.3 $52.8 $60.3 $58.4 $58.5 $59.0 $59.5 $6.8 $6.7 $6.7 $6.7 $6.7 1. Includes non-cash unit based compensation. 2. 2024 includes $2.0 million adjustment that represents $0.5 million related to the bridge allision and $1.5 million related to the crude oil spill from a crude pipeline connecting the Sandyland Terminal to the Smackover refinery. 3. Excludes working capital related to accrued interest. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items per Company management. E refers to Estimated. Source: Company management. 5

Revised for 9/30 financials and pricing as of 10/1/24 Implied Premiums and Valuation Metrics Dollars in millions, except per unit values Conflicts Conflicts Conflicts Committee Committee Committee MRMC MRMC counter counter counter counter counter Initial Merger proposal proposal proposal proposal proposal Offer 2 nd 1 th 1 nd 1 th 1 rd 1 Consideration (August 2 ) (July 10 ) (July 2 ) Price (July 5 ) (July 23 ) Illustrative Common Unit Price $3.05 $3.25 $3.70 $4.02 $4.25 $4.35 $4.75 Ref. Unit Price Implied Premium to Unaffected Unit Price [3] $3.00 1.7% 8.3% 23.3% 34.0% 41.7% 45.0% 58.3% Implied Premium to Current Unit Price [4] $3.67 -16.9% -11.4% 0.8% 9.5% 15.8% 18.5% 29.4% Implied Unaffected 15 Day VWAP [3][5] $2.95 3.3% 10.1% 25.3% 36.2% 43.9% 47.3% 60.9% Implied Unaffected 30 Day VWAP [3][5] $2.85 7.2% 14.2% 30.0% 41.3% 49.4% 52.9% 66.9% 52 Week High [4][5] $4.13 -26.2% -21.3% -10.4% -2.7% 2.9% 5.3% 15.0% 52 Week Low [4][5] $2.04 49.5% 59.3% 81.4% 97.1% 108.3% 113.2% 132.8% Implied Market Value of Equity $121.4 $129.3 $147.2 $160.0 $169.1 $173.1 $189.0 Debt and Capital Leases as of 9/30/24 [6] $486.5 $486.5 $486.5 $486.5 $486.5 $486.5 $486.5 Cash as of 9/30/24 [6] ($0.1) ($0.1) ($0.1) ($0.1) ($0.1) ($0.1) ($0.1) Implied Enterprise Value $607.8 $615.8 $633.7 $646.4 $655.6 $659.6 $675.5 Selected Implied Valuation Metrics I 9/30/24 Cash and Debt Balances 5.2x 5.2x 5.4x 5.5x 5.6x 5.6x 5.8x Implied EV/LTM EBITDA [7] Implied EV/2024E EBITDA 5.2x 5.2x 5.4x 5.5x 5.6x 5.6x 5.8x Implied EV/2025E EBITDA 5.1x 5.2x 5.3x 5.4x 5.5x 5.5x 5.7x Implied P/2024E DCF 5.2x 5.5x 6.3x 6.8x 7.2x 7.4x 8.1x Implied P/2025E DCF 3.6x 3.8x 4.3x 4.7x 5.0x 5.1x 5.5x Note: On May 24, 2024, the Company received a public proposal on behalf of Martin Resources Management Corporation ( MRMC ), the owner of Martin Midstream GP LLC (the General Partner ), for the acquisition of all of the outstanding common units of the Company not already owned by MRMC for $3.05 in cash per unit (the “Initial Offer”). 1. Refers to date counter proposal was communicated to opposing party. 2. Per the Agreement. 3. As of 5/23/24. 4. As of 10/1/24. 5. Per Capital IQ. 6. Per Company management. 7. Refers to the Company's publicly reported Adjusted EBITDA as of 6/30/24. Source: Company management and Capital IQ. 6

Revised for pricing as of 10/1/24 Unit Performance Since the Offer As of Oct. 1, 2024, the Merger Consideration of $4.02 reflected a premium of 9.5% relative to the unit price for the company. Closing Price and Daily Volume Since Offer Closing Unit Price ($) Daily Volume (millions) Current Unit Price [1]: $3.67 Unaffected Price [3]: $3.00 Merger Consideration [4]: $4.02 Initial Offer Price [2]: $3.05 1.4 $4.00 1.2 $3.75 1.0 $3.50 0.8 $3.25 0.6 $3.00 0.4 $2.75 0.2 $2.50 0.0 5/24/24 6/24/24 7/24/24 8/24/24 9/24/24 Daily Trading Volume Company Current Unit Price [1] Initial Offer Price [2] Unaffected Price [3] Merger Consideration [4] Trading Volume The Company’s average daily trading volume has increased ~60% since the announcement of the Offer relative to trading volume observed in the 1-month prior period, but remains low. 1-Month Before Offer Since Offer Average Daily Volume: 0.06 million Average Daily Volume: 0.09 million 1 1 VWAP : $2.89 VWAP : $3.52 74.8% 43.6% 20.7% 14.5% 19.1% 13.3% 4.4% 6.2% 3.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $2.60- $2.80- $3.00- $3.20- $3.40- $3.60- $3.80- $4.00- $2.60- $2.80- $3.00- $3.20- $3.40- $3.60- $3.80- $4.00- $2.80 $3.00 $3.20 $3.40 $3.60 $3.80 $4.00 $4.20 $2.80 $3.00 $3.20 $3.40 $3.60 $3.80 $4.00 $4.20 1. As of 10/1/24 close. 2. Per the Offer. 3. Represents closing unit price on 5/23/24, the last full day of trading prior to the announcement of the Offer. 4. Per the Agreement. Source: Agreement, Capital IQ, Bloomberg and Company press releases. 7

New Page 1 Summary of Selected Transaction Terms OTHER PARTIES TO THE TRANSACTION: • Parent, its subsidiaries, and each of Senterfitt, Mr. Martin, and Mr. • Martin Resource Management Corporation, a Texas corporation Bondurant (collectively, the “Support Agreement Counterparties”), (“Parent”) will enter into a Support Agreement (the “Support Agreements”) concurrently with the execution of the Merger Agreement, • MRMC Merger Sub LLC, a Delaware limited liability company and pursuant to which, the Support Agreement Counterparties agree wholly owned Subsidiary of Parent (“Merger Sub”) to vote their respective common units in favor of the Merger • Martin Midstream Partners L.P., a Delaware limited partnership Agreement, the Merger, and the other transactions contemplated (the “Partnership”) by the Merger Agreement on the terms and subject to the conditions provided for in the Support Agreements • Martin Midstream GP LLC, a Delaware limited liability company and the general partner of the Partnership (the “General Partner”) • Outside Date: March 31, 2025 FORM OF CONSIDERATION: • Parent and the Partnership agree to each pay one-half of any filing fees and other costs and expenses relating to the preparation and • Cash filing of any filing with a governmental authority TRANSACTION CONSIDERATION: • Merger Consideration: $4.02 per Common Unit TERMINATION FEE & EXPENSES • Parent Termination Fee: $6.0 million • Partnership Termination Fee: $2.5 million • Parent Expense Reimbursement: up to $5.0 million • Partnership Expense Reimbursement: up to $5.0 million CERTAIN CLOSING CONDITIONS: (2) • Affirmative vote or consent of the holders of a Unit Majority at the Partnership Unitholder Meeting 1. This summary is intended only as an overview of selected terms and is not intended to cover all terms or details of the Transaction. 2. As defined in the Partnership Agreement. Source: Execution version of the Agreement and Plan of Merger (the “Agreement ). 8

FINANCIAL ANALYSES 02 02

New Page Summary of Transaction Value (dollars and unit in millions, except per unit values) Selected Transaction Information Merger Consideration [1] $4.02 Common Units Outstanding [2] 39.8 Fully-Diluted Units 39.8 Implied Transaction Equity Value $160.0 Total Debt and Capital Leases as of 9/30/24 [3] 486.5 Implied Transaction Total Enterprise Value $646.5 Cash and Cash Equivalents as of 9/30/24 [3] (0.1) Implied Transaction Enterprise Value $646.4 Selected Capitalized Indications and Implied Transaction Multiples Selected Market Approach Information Implied EV / Adjusted EBITDA Corresponding Implied Selected Companies Analysis Transaction Multiples Base Amount [3] Multiple Low High Median Mean CY 2024E $117.4 5.5x 3.4x 10.7x 4.8x 5.9x CY 2025E $119.3 5.4x 2.8x 8.5x 5.3x 5.3x Implied Premiums Corresponding Implied Implied Transaction Premia Base Amount Premium Unaffected Unit Price [4] $3.00 34.0% Unaffected 30 Day VWAP [4] $2.85 41.3% 1. Per the Agreement. 2. Represents ~39.0 million common units and ~0.8 million general partner units outstanding, per Company management. 3. Per Company management. 4. As of 5/23/24. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items. CY refers to Calendar Year. E refers to Estimated. EV refers to Enterprise Value. Sources: Company management and public filings. 10

Indicates change in implied per unit Financial Analyses Summary reference since 7/30/24 materials (dollars per unit in actuals) $(0.32) - $(0.31) $6.00 $(0.29) - $(0.29) $(0.33) - $(0.33) $5.22 $0.00 - $0.31 $(0.34) - $(0.34) $5.00 1 $4.49 Merger Consideration $4.23 $4.13 $4.02 $4.00 $4.00 $3.76 2 Current Unit Price $3.60 $3.67 3 Unaffected Unit Price $3.00 $3.00 $3.00 $2.33 $2.00 $2.04 $1.56 $1.00 $1.23 $0.71 $0.00 Selected Companies Selected Companies Discounted Cash Discounted Cash Pre-Announcement 52-Week Low to High Analysis Analysis Flow Analysis Flow Analysis Wall Street Analyst Target [Reference Only] CY 2024E CY 2025E Terminal Multiple Terminal Multiple Range [6] Adjusted EBITDA Adjusted EBITDA 4.25x - 5.25x 4.25x - 5.25x [Reference Only] 4.50x - 5.50x 4.25x - 5.25x WACC WACC [4] [5] 10.25% - 12.25% 9.50% - 11.50% 7 8 Excluding Corporate Taxes Including Corporate Taxes Note: Transaction approach not utilized due to insufficient transactions with available metrics and similarity to the Company and its operating segments. Note: No particular weight was attributed to any analysis. 1. Per the Agreement. 2. Reflects closing price per common unit as of 10/1/24. 3. Reflects closing price per common unit as of 5/23/24, the last trading day prior to publication of unsolicited non-binding proposal. 4. Per Sidoti & Company and Stifel research reports dated 4/22/24 and 4/18/24, respectively. 5. The $4.00 unit price target is rounded based on a calculated unit price of $3.60 derived from 4.0x FCF per unit estimated of $0.90, per Sidoti & Company report dated 4/22/24. 6. As of 10/1/24. 7. Per Company management, the Company only pays taxes for non-qualifying income associated with Martin Transport, which does not have any associated debt. 8. Corporate tax rate of 21.0% utilized for purpose of the analysis. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated. Sources: Company management, Capital IQ, public filings and Company press releases. 11 Implied Per Unit Reference Range

Revised for 9/30/24 financials Financial Analyses Summary (cont.) and Current Projections (dollars and units in millions, except per unit values) Excluding Corporate Taxes [1] Including Corporate Taxes [2] Selected Companies Selected Companies Discounted Cash Discounted Cash Analysis Analysis Flow Analysis Flow Analysis CY 2024E CY 2025E Terminal Multiple Terminal Multiple Adjusted EBITDA Adjusted EBITDA 4.25x -- 5.25x 4.25x -- 5.25x Discount Rate Discount Rate Corresponding Base Amount $117.4 $119.3 10.25% -- 12.25% 9.50% -- 11.50% Selected Multiples Range 4.50x -- 5.50x 4.25x -- 5.25x Implied Enterprise Value Reference Range $528.1 -- $645.4 $507.1 -- $626.5 $586.7 -- $699.5 $555.9 -- $670.6 Cash and Cash Equivalents as of 9/30/24 [3] 0.1 -- 0.1 0.1 -- 0.1 0.1 -- 0.1 0.1 -- 0.1 Implied Total Enterprise Value Reference Range $528.1 -- $645.5 $507.2 -- $626.5 $586.8 -- $699.6 $556.0 -- $670.7 Total Debt and Capital Leases as of 9/30/24 [3] ($486.5) -- ($486.5) ($486.5) -- ($486.5) ($486.5) -- ($486.5) ($486.5) -- ($486.5) Working Capital Adjustment [4] 15.0 -- 15.0 15.0 -- 15.0 0.0 -- 0.0 0.0 -- 0.0 Implied Total Equity Value Reference Range Pre-Contingent Liability $56.6 -- $174.0 $35.7 -- $155.0 $100.3 -- $213.1 $69.5 -- $184.2 Contingent Liability [5] (7.5) -- (5.5) (7.5) -- (5.5) (7.5) -- (5.5) (7.5) -- (5.5) Implied Total Equity Value Reference Range $49.1 -- $168.5 $28.2 -- $149.5 $92.8 -- $207.6 $62.0 -- $178.7 Units Outstanding [6] 39.8 -- 39.8 39.8 -- 39.8 39.8 -- 39.8 39.8 -- 39.8 Implied Per Unit Reference Range $1.23 -- $4.23 $0.71 -- $3.76 $2.33 -- $5.22 $1.56 -- $4.49 1. Per Company management, the Company only pays taxes for non-qualifying income associated with Martin Transport, which does not have any associated debt. 2. Corporate tax rate of 21.0% utilized for purpose of the analysis. 3. Per Company management. 4. The selected companies approach reflects the excess balance of Due from Affiliates as of 9/30/24 vs. the go forward estimate of ~$14.4 million per Company management. 5. Refers to the Company's potential financial exposure associated with certain litigation related matters and potential insurance claims related to the oil spill that occurred on 6/15/24 and Marine bridge incident that occurred on 5/15/24, per Company management. 6. Represents ~39.0 million common units and ~0.8 million units to account for the General Partner's 2% economic interest, per Company 10-Q dated 7/23/24. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items. CY refers to Calendar Year. E refers to Estimated. Source: Company management. 12

Selected Historical and Projected Financial Information Revised for Current Projections Consolidated and July 2024 actuals Calendar Year Ended December 31, LTM Ended Calendar Year Ending December 31, CAGR 7/31/24 [1] 2022A [1] 2023A [1] 2024E 2025E 2026E 2027E 2028E 2023A to 2028E (dollars in millions, except per unit figures) Total Revenue $1,073.7 $834.3 $757.0 $761.0 $794.1 $789.3 $772.9 $784.9 -1.2% A Growth % 15.8% NMF -8.8% 4.3% -0.6% -2.1% 1.6% Total Cost of Products Sold (675.1) (423.1) (335.5) (345.9) (378.4) (367.2) (346.5) (353.9) Gross Profit $398.6 $411.1 $421.5 $415.1 $415.7 $422.0 $426.4 $431.0 Margin % 37.1% 49.3% 55.7% 54.5% 52.4% 53.5% 55.2% 54.9% Total Operating Expenses ($254.8) ($254.9) ($261.5) ($259.4) ($255.0) ($261.0) ($265.8) ($267.9) Total SG&A [2] (41.9) (40.9) (41.6) (40.4) (42.3) (43.2) (44.1) (44.9) Other Income (Expense) [3] (0.0) 0.1 0.0 0.0 0.9 1.3 1.3 1.3 Note: The Company is currently not Net loss associated with Butane optimization business 20.0 2.3 - - - - - - Bridge Allision and Crude Oil Spill Adjustment [4] - - 2.0 2.0 - - - - adjusting these items in its reported Adjusted EBITDA $121.9 $117.6 $120.4 $117.4 $119.3 $119.1 $117.7 $119.5 0.3% A Adjusted EBITDA or 2024 guidance Margin % 11.4% 14.1% 15.9% 15.4% 15.0% 15.1% 15.2% 15.2% Growth % 6.4% -3.5% -0.2% 1.7% -0.2% -1.2% 1.5% Other Adjustments [5] ($7.2) ($15.1) (2.0) - - - - Cash Interest ($50.5) ($54.1) ($52.4) ($50.5) ($48.6) ($34.7) ($28.9) Non-Cash Unit-Based Compensation $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 Cash Taxes ($2.2) ($1.7) ($4.5) ($5.2) ($5.3) ($5.1) ($5.1) Maintenance Capex ($24.3) ($29.1) ($35.2) ($29.6) ($30.8) ($24.9) ($23.5) Distributable Cash Flow $37.9 $17.7 $23.4 $34.1 $34.6 $53.2 $62.3 Other Adjustments [6] ($12.9) $2.6 - - - - - Phantom Stock - - ($2.0) $1.5 ($1.6) - - Working Capital ($17.4) $78.5 ($10.8) $2.0 ($0.1) ($12.7) ($0.5) Growth Capex ($6.9) ($11.0) ($22.5) ($5.9) ($10.8) ($12.6) ($15.1) B Proceeds from Asset Sales $7.8 $5.5 $1.8 $0.3 $0.3 $0.3 $0.6 Free Cash Flow Before Distributions $8.6 $93.2 ($10.1) $32.0 $22.4 $28.2 $47.3 C Distributions ($0.8) ($0.8) ($0.8) ($0.8) ($0.8) ($0.8) ($0.8) Free Cash Flow After Distributions $7.8 $92.5 ($10.9) $31.2 $21.6 $27.4 $46.5 Revolver Draw / (Paydown) ($6.8) ($131.1) $11.3 ($29.0) ($21.6) $177.9 ($46.5) High Yield Issuance (Redemptions) ($0.6) $54.9 - - - ($200.0) - D Other [7] ($0.3) ($16.2) $0.1 ($2.2) -- ($5.3) -- Free Cash Flow ($0.0) $0.0 $0.4 ($0.0) $0.0 $0.0 ($0.0) Additional Financial Information Net Income ($10.3) ($4.5) $7.1 $5.6 $16.2 $14.7 $25.4 $34.1 Total Capital Expenditures $31.1 $40.1 $57.1 $57.7 $35.5 $41.6 $37.5 $38.6 Decrease (Increase) in Net Working Capital [8] ($48.0) $75.7 ($12.0) $1.9 ($0.1) ($0.5) ($0.5) Annual Distributions per unit $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 $0.02 Net Debt $516.1 $442.4 $455.0 $426.0 $404.3 $382.2 $335.7 A B C D 2024 growth capital expenditures mainly related to Sulfur Services segment (ELSA JV $18 $400 mm High Yield Notes redeemed post expiration of See following page Distributions per unit mm and Seneca warehouse expansion $2 mm). 2025-2027 growth capital expenditures the call premium period in February 2027. Redemption for details and held constant across the ~80-90% attributable to Specialty Storage, with 2028 growth spend split between financed by a $177.9 mm new revolver drawdown and commentary. projection period. Specialty Storage and Land Transportation. $200 mm of new 8.5% notes. Note: Historical and projected revenue, costs and expenses exclude intercompany eliminations. 1. CY 2022A, CY 2023A, and LTM Adj. EBITDA shown proforma for Company's exit from the Butane optimization business. CY 2022A, CY 2023A, and LTM revenue not adjusted for the exit from the Butane optimization business. 2. Includes non-cash unit based compensation. 3. Includes (i) preferred distribution from ELSA JV of $0.9 million/year from 2025E to 2028E and (ii) excess common distributions of $0.4 million/year from 2026E to 2028E. 4. Represents $0.5 million related to the bridge allision in May 2024 and $1.5 million related to the crude oil spill from a crude pipeline connecting the Sandyland Terminal to the Smackover refinery in June 2024. 5. Includes net loss and non-cash adjustments related to the Butane optimization business, bridge allision, and crude oil spill from a crude pipeline connecting the Sandyland Terminal to the Smackover refinery. 6. Includes non-cash adjustments related to the Butane optimization business. In 2023, also includes early extinguishment of debt adjustment. 7. Includes certain debt securities related expenses. 8. Excludes accrued interest. A refers to Actual; Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items; CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; E refers to Estimated; LTM refers to Latest 12 Months; NA refers to not available; NMF refers to not meaningful figure. Source: Company management. 13

Selected Historical and Projected Financial Information (cont.) Revised for Current Projections Segment Level Detail Calendar Year Ending December 31, CAGR 2022A [1] 2023A [1] 2024E 2025E 2026E 2027E 2028E 2023A to 2028E (dollars in millions) Terminalling & Storage $229.9 $95.5 $97.1 $98.6 $100.9 $103.6 $106.3 2.2% E Growth % 22.9% -58.5% 1.7% 1.5% 2.4% 2.7% 2.6% Specialty Products 404.4 348.5 290.8 330.8 319.0 297.6 304.6 -2.7% F Growth % -3.7% NMF NMF 13.8% -3.6% -6.7% 2.4% Transportation Services 239.3 240.9 243.0 233.5 236.4 237.5 238.4 -0.2% G Growth % 48.5% 0.7% 0.8% -3.9% 1.3% 0.5% 0.4% Sulfur Services 200.0 149.4 130.2 131.3 132.9 134.2 135.6 -1.9% H Growth % 25.9% -25.3% -12.8% 0.8% 1.3% 1.0% 1.0% Total Revenue $1,073.7 $834.3 $761.0 $794.1 $789.3 $772.9 $784.9 -1.2% Growth % 15.8% NMF -8.8% 4.3% -0.6% -2.1% 1.6% Terminalling & Storage $47.4 $35.9 $34.9 $37.7 $38.1 $38.7 $39.9 2.1% E Growth % 8.9% -24.2% -2.9% 8.1% 1.1% 1.5% 3.1% Margin % 20.6% 37.6% 35.9% 38.3% 37.8% 37.3% 37.5% Specialty Products 18.7 9.9 21.9 23.0 22.8 22.5 22.7 18.0% F Growth % NMF NMF NMF 5.1% -0.7% -1.5% 0.7% Margin % 4.6% 2.8% 7.5% 7.0% 7.2% 7.6% 7.4% Transportation Services 54.9 46.8 45.9 40.9 39.6 37.9 38.1 -4.0% G Growth % 128.0% -14.7% -1.9% -10.9% -3.1% -4.3% 0.5% Margin % 22.9% 19.4% 18.9% 17.5% 16.8% 16.0% 16.0% Sulfur Services 30.7 28.1 28.1 35.0 36.1 36.5 36.8 5.6% H Growth % -10.3% -8.6% 0.1% 24.7% 3.1% 1.0% 1.0% Margin % 15.4% 18.8% 21.6% 26.7% 27.2% 27.2% 27.2% Unallocated SG&A [2] (16.9) (16.0) (15.4) (17.3) (17.6) (17.9) (18.0) LCM Adjustment & Other Non Cash Adjustments [3] (12.9) 12.9 - - - - - Bridge Allision and Crude Oil Spill Adjustment [4] - - 2.0 - - - - Total Adjusted EBITDA $121.9 $117.6 $117.4 $119.3 $119.1 $117.7 $119.5 0.3% E F G H Growth across projection period driven Grease and Lubricant business projected to maintain an Revenue and EBITDA decline in 2027 Revenue growth primarily driven by the by incremental growth capital EBITDA margin of 17% and 12% respectively. Propane and 2028 primarily due to the Brian ramp up of ELSA JV in October 2024 expenditures in 2025, 2026, 2027 and related contributions assumed relatively constant at $2.4 Hamilton tow boat being retired in June followed by subsequent throughput 2028 partially offset by assumed – $2.5 mm during the 2024 – 2028 period. NGL related 2027. Day rates for dirty and clean growth assumed in 2025. Additionally, volume decline related to Spindletop. contributions decrease from $1.0 mm in 2025 to $0.2 barges held constant at $10,500 and 2024-2025 EBITDA growth driven by Growth capex assumed to be invested mm in 2028 due to a projected decrease in volumes from $9,500 per day respectively across the assumed normalization of the EBITDA at 5.0x EBITDA multiple. 90.4 mm gallons in 2025 to 65.3 mm gallons in 2028. 2025-2028 period. margin related to the fertilizer business. Note: Historical and projected revenue, costs and expenses exclude intercompany eliminations. 1. CY 2022A and CY 2023A Adj. EBITDA shown proforma for Company's exit from the Butane optimization business. CY 2022A and CY 2023A revenue not adjusted for the exit from the Butane optimization business. 2. Includes non-cash unit-based compensation. 3. Non-cash adjustments related to the Butane optimization business. 4. Represents $0.5 million related to the bridge allision in May 2024 and $1.5 million related to the crude oil spill from a crude pipeline connecting the Sandyland Terminal to the Smackover refinery in June 2024. A refers to Actual; CAGR refers to Compound Annual Growth Rate; CY refers o Calendar Year; E refers to Estimated; LCM refers to Lower of Cost or Market; NMF refers to not meaningful figure. Source: Company management. 14

Revised for market pricing and updated Selected Companies Analysis Company financials where available Enterprise Value [1] to (dollars in millions, except per share values) Share Equity Market Enterprise Adjusted EBITDA Tier 1 Price [2] Value [2] [3] Value [2] [3] CY 2024E [4] CY 2025E [4] Adams Resources & Energy, Inc. $27.39 $73.9 $73.6 3.4x [5] 2.8x [5] Ardmore Shipping Corporation $18.09 $772.3 $806.1 4.1x 5.4x Genesis Energy, L.P. $13.50 $1,653.3 [6] $6,796.9 10.7x 8.5x Navios Maritime Partners L.P. $62.29 $1,918.9 [7] $3,567.8 4.4x 3.8x NGL Energy Partners LP $4.50 $596.3 [8] $4,484.2 7.0x 6.4x Tsakos Energy Navigation Limited $25.00 $737.6 $2,054.1 4.8x 3.9x Low 3.4x 2.8x High 10.7x 8.5x Median 4.6x 4.7x Mean 5.7x 5.1x Tier 2 Delek Logistics Partners, LP $43.80 $2,069.4 [6][9] $3,860.6 9.2x 8.2x Mullen Group Ltd. $10.45 $1,008.2 [10] $1,344.8 5.6x 5.3x Oil States International, Inc. $4.64 $306.9 $406.7 4.8x 3.9x Ranger Energy Services, Inc. $12.15 $276.0 $278.5 3.8x 2.8x RPC, Inc. $6.61 $1,444.6 $1,187.6 4.7x 4.1x Suburban Propane Partners, L.P. $18.27 $1,191.2 [6] $2,388.8 8.9x 8.1x World Kinect Corporation $30.79 $1,825.8 $2,185.5 6.0x 5.3x Low 3.8x 2.8x High 9.2x 8.2x Median 5.6x 5.3x Mean 6.1x 5.4x All Selected Companies Low 3.4x 2.8x High 10.7x 8.5x Median 4.8x 5.3x Mean 5.9x 5.3x Current Company | Consensus Estimates [11] $3.67 $146.1 $632.5 5.4x 5.3x $3.67 $146.1 $632.5 5.4x 5.3x Company | Management Projections [12] Unaffected [13] $3.00 $119.4 $581.3 5.0x 4.9x Company | Consensus Estimates [11] $3.00 $119.4 $581.3 5.0x 4.9x Company | Management Projections [12] Note: No company used in this analysis for comparative purposes is identical to Company. 1. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. 2. Based on closing prices as of 10/1/24. 3. Based on diluted shares. 4. Multiples based on forward looking financial information have been calendarized to Company’s fiscal year end of December 31st. 5. Represents Adjusted EBITDA estimates per Capital IQ. 6. General partner interest is non-economic. 7. Includes ~2% general partner interest. 8. Includes 0.1% general partner interest. 9. Enterprise Value is shown pro forma for Delek's acquisition of H2O Midstream, closed 9/12/24. 10. Shown pro forma for private notes placement closed 7/10/24. 11. Adjusted EBITDA for forward periods reflects consensus analyst estimates excludes stock-based compensation expense addback. 12. Adjusted EBITDA for forward periods reflects Company projections. 13. Represents figures as of 5/23/24, the last full day of trading prior to the announcement of the Initial Offer. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated; FY refers to Fiscal Year. Sources: Bloomberg, Capital IQ, and public filings. 15

Revised for current projections Selected Companies Analysis and Benchmarking and consensus estimates Enterprise Value [1] to CY 2024E Adjusted EBITDA 12.0x 10.7x 10.0x 9.2x 8.0x Median: Median: 6.0x 2 Company 4.6x 5.6x 5.4x 4.0x 3.8x 3.4x 2.0x 0.0x Tier 1 [3] Tier 2 [3] CY 2023 to CY 2025E Adjusted EBITDA CAGR (LTM Adj. EBITDA - Int. Expense - Capex) / LTM Adj. EBITDA 6.5% 46.1% 4.1% 16.7% 9.3% 0.7% Company Tier 1 Median Tier 2 Median Company Tier 1 Median Tier 2 Median 1. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. 2. Adjusted EBITDA for forward periods reflects consensus analyst estimates excludes stock-based compensation expense addback. 3. Low and high multiples per range shown on the Selected Companies Analysis page. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items. CAGR refers to Compound Annual Growth Rate; Capex refers to Capital Expenditures; CY refers to Calendar Year; E refers to Estimated; Int. Expense refers to Interest Expense; LTM refers to Latest 12 Months. Sources: Bloomberg, Capital IQ, Company management and public filings. 16

Revised for Current Projections Discounted Cash Flow Analysis Excluding Corporate Taxes (dollars in millions, except per unit values) Projected Calendar Year Ending December 31, 2024E [1] 2025E 2026E 2027E 2028E Total Revenue $189.6 $794.1 $789.3 $772.9 $784.9 Growth % 4.3% -0.6% -2.1% 1.6% Total Cost of Products Sold (88.2) (378.4) (367.2) (346.5) (353.9) Total Operating Expenses (64.0) (255.0) (261.0) (265.8) (267.9) Total SG&A [2] (9.9) (42.3) (43.2) (44.1) (44.9) Other Income (Expense) [3] 0.0 0.9 1.3 1.3 1.3 Adjusted EBITDA $27.5 $119.3 $119.1 $117.7 $119.5 Margin % 14.5% 15.0% 15.1% 15.2% 15.2% Total Depreciation & Amortization (10.9) (42.5) (45.7) (48.1) (49.5) Adjusted EBIT $16.6 $76.8 $73.4 $69.6 $70.0 Taxes [4] (1.0) (5.2) (5.3) (5.1) (5.1) Unlevered Earnings $15.6 $71.6 $68.2 $64.5 $64.9 Total Depreciation & Amortization 10.9 42.5 45.7 48.1 49.5 Proceeds from sale of assets 0.5 0.3 0.3 0.3 0.6 Phantom Stock 0.5 1.5 (1.6) 0.0 0.0 Total Capital Expenditures (5.4) (35.5) (41.6) (37.5) (38.6) Decrease (Increase) in Net Working Capital [5] 17.0 1.9 (0.1) (0.5) (0.5) Unlevered Free Cash Flows $39.2 $82.3 $70.9 $74.9 $76.0 Present Value PV of Terminal Value PV of Terminal Value of Cash Flows as a Multiple of Implied Enterprise Value as a % of Enterprise Value (2024 - 2028) 2028 Adjusted EBITDA Discount Rate 4.25x 4.75x 5.25x 4.25x 4.75x 5.25x Discount Rate 4.25x 4.75x 5.25x 10.25% $285.0 $335.6 $375.1 $414.5 $620.6 $660.1 $699.5 10.25% 54.1% 56.8% 59.3% 10.75% $282.7 $329.2 $367.9 $406.6 $611.8 $650.6 $689.3 10.75% 53.8% 56.6% 59.0% 11.25% $280.3 $322.9 $360.9 $398.9 $603.3 $641.3 $679.3 11.25% 53.5% 56.3% 58.7% + = 11.75% $278.1 $316.9 $354.1 $391.4 $594.9 $632.2 $669.5 11.75% 53.3% 56.0% 58.5% 12.25% $275.8 $310.9 $347.5 $384.1 $586.7 $623.3 $659.9 12.25% 53.0% 55.7% 58.2% Note: Present values as of 10/1/24; mid-year convention applied. Refer to WACC calculation for derivation of discount rate. 1. Represents projections from October to December 2024. 2. Includes non-cash unit-based compensation. 3. Includes (i) preferred distribution from ELSA JV of $0.9 million/year from 2025E to 2028E and (ii) excess common distributions of $0.4 million/year from 2026E to 2028E. 4. Cash Taxes related to Martin Transport, per Company management. 5. Excludes working capital related to accrued interest. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items. Adjusted EBIT refers to Earnings Before Interest and Taxes, adjusted for certain non-recurring items. E refers to Estimated. PV refers to Present Value. Source: Company management. 17

Revised for Current Projections Discounted Cash Flow Analysis (cont.) Including Corporate Taxes (dollars in millions, except per unit values) Projected Calendar Year Ending December 31, 2024E [1] 2025E 2026E 2027E 2028E Total Revenue $189.6 $794.1 $789.3 $772.9 $784.9 Growth % 4.3% -0.6% -2.1% 1.6% Total Cost of Products Sold (88.2) (378.4) (367.2) (346.5) (353.9) Total Operating Expenses (64.0) (255.0) (261.0) (265.8) (267.9) Total SG&A [2] (9.9) (42.3) (43.2) (44.1) (44.9) Other Income (Expense) [3] 0.0 0.9 1.3 1.3 1.3 Adjusted EBITDA $27.5 $119.3 $119.1 $117.7 $119.5 Margin % 14.5% 15.0% 15.1% 15.2% 15.2% Total Depreciation & Amortization (10.9) (42.5) (45.7) (48.1) (49.5) Adjusted EBIT $16.6 $76.8 $73.4 $69.6 $70.0 Taxes [4] (4.0) (18.6) (18.1) (17.4) (17.3) Unlevered Earnings $12.7 $58.2 $55.3 $52.2 $52.7 Total Depreciation & Amortization 10.9 42.5 45.7 48.1 49.5 Proceeds from sale of assets 0.5 0.3 0.3 0.3 0.6 Phantom Stock 0.5 1.5 (1.6) 0.0 0.0 Total Capital Expenditures (5.4) (35.5) (41.6) (37.5) (38.6) Decrease (Increase) in Net Working Capital [5] 17.0 1.9 (0.1) (0.5) (0.5) Unlevered Free Cash Flows $36.3 $68.9 $58.0 $62.6 $63.8 Present Value PV of Terminal Value PV of Terminal Value of Cash Flows as a Multiple of Implied Enterprise Value as a % of Enterprise Value (2024 - 2028) 2028 Adjusted EBITDA Discount Rate 4.25x 4.75x 5.25x 4.25x 4.75x 5.25x Discount Rate 4.25x 4.75x 5.25x 9.50% $243.9 $345.5 $386.1 $426.7 $589.4 $630.0 $670.6 9.50% 58.6% 61.3% 63.6% 10.00% $241.9 $338.8 $378.7 $418.6 $580.7 $620.6 $660.4 10.00% 58.3% 61.0% 63.4% 10.50% $239.9 $332.4 $371.5 $410.6 $572.3 $611.4 $650.5 10.50% 58.1% 60.8% 63.1% + = 11.00% $238.0 $326.1 $364.4 $402.8 $564.0 $602.4 $640.7 11.00% 57.8% 60.5% 62.9% 11.50% $236.1 $319.9 $357.5 $395.1 $555.9 $593.6 $631.2 11.50% 57.5% 60.2% 62.6% Note: Present values as of 10/1/24; mid-year convention applied. Refer to WACC calculation for derivation of discount rate. 1. Represents projections from October to December 2024. 2. Includes non-cash unit-based compensation. 3. Includes (i) preferred distribution from ELSA JV of $0.9 million/year from 2025E to 2028E and (ii) excess common distributions of $0.4 million/year from 2026E to 2028E. 4. Cash Taxes related to Martin Transport, per Company management, plus 21% Corporate Tax on pretax income not attributed to Martin Transport. Terminal period taxes based on 2028E effective rate. 5. Excludes working capital related to accrued interest. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items. Adjusted EBIT refers to Earnings Before Interest and Taxes, adjusted for certain non-recurring items. E refers to Estimated. PV refers to Present Value. Source: Company management. 18

Revised for pricing as of 10/1/24 Selected Companies Historical Trading Multiples Enterprise Value to NFY Adjusted EBITDA (2022 – Current) YTD One Year Two Year Total Average Average Average Average Company 4.8x 4.9x 5.1x 5.3x Tier 1 [1] 4.2x 4.3x 4.3x 4.9x 9.0x Tier 2 [2] 5.3x 5.5x 5.9x 6.3x 8.0x 7.0x 6.0x 5.0x 4.0x 3.0x 2.0x 1.0x 0.0x Jan-22 Mar-22 May-22 Jul-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Tier 1 [1] Tier 2 [2] Company Note: Multiples shown above are sourced from Capital IQ; as such, certain multiples may differ slightly from figures shown on other pages. Multiples less than 0.0x or greater than 30.0x deemed not meaningful. 1. Selected Companies in Tier 1 include Adams Resources & Energy, Inc., Ardmore Shipping Corporation, Genesis Energy, L.P., Navios Maritime Partners L.P., NGL Energy Partners LP, and Tsakos Energy Navigation Limited. 2. Selected Companies in Tier 2 include Delek Logistics Partners, LP, Mullen Group Ltd., Oil States International, Inc., Ranger Energy Services, Inc., RPC, Inc., Suburban Propane Partners, L.P., and World Kinect Corporation. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items. YTD refers to Year to Date. Source: Capital IQ as of 10/1/24. 19

PREMIUMS PAID DATA 03 04

Premiums Paid Data Initial Premium Final Premium Definitive to Unaffected Date Price [3] to Unaffected Date Price [4] Agreement Announcement Unaffected Form of 30 Day 30 Day Date [1] Date [2] Buyer Target Consideration 1 Day VWAP 1 Day VWAP 9/18/23 5/3/23 Green Plains Inc. Green Plains Partners LP Cash and Stock 0% 1% 20% 21% 8/16/23 5/3/23 HF Sinclair Corporation Holly Energy Partners, L.P. Cash and Stock -2% -9% 36% 28% 8/16/23 8/15/23 Energy Transfer LP Crestwood Equity Partners LP [5] 100% Stock NA NA -1% -6% 4/6/23 1/24/23 GasLog Ltd. GasLog Partners LP 100% Cash 10% 16% 24% 30% 2/1/23 7/5/22 Sisecam Chemicals Resources Sisecam Resources 100% Cash 0% 2% 39% 42% 1/6/23 8/17/22 Phillips 66 DCP Midstream 100% Cash 0% 4% 20% 25% 7/28/22 6/23/22 PBF Energy PBF Logistics Cash and Stock NA NA 33% 13% 7/25/22 2/10/22 Shell Shell Midstream 100% Cash 0% 0% 23% 23% 6/2/22 1/10/22 Hartree Partners Sprague Resources LP 100% Cash 11% 22% 27% 41% 5/16/22 5/13/22 Diamondback Energy Rattler Midstream 100% Stock NA NA 17% 10% 4/22/22 10/8/21 Ergon Blue Knight 100% Cash 8% 6% 51% 49% 12/20/21 8/5/21 BP BP Midstream 100% Stock -1% -7% 16% 10% 10/27/21 10/26/21 Phillips 66 Phillips 66 Partners 100% Stock NA NA 5% 7% 10/4/21 10/1/21 Stonepeak Partners LP; Stonepeak Teekay LNG Partners L.P. [5] 100% Cash NA NA 8% 7% Infrastructure Fund IV LP 8/23/21 5/14/21 Landmark Dividend LLC Landmark Infrastructure Partners LP 100% Cash 9% 6% 38% 35% 3/5/21 2/4/21 Chevron Corporation Noble Midstream Partners LP 100% Stock 0% 3% 17% 20% 12/15/20 10/2/20 TC Energy Corporation TC PipeLines, LP 100% Stock 5% -1% 19% 12% 7/27/20 7/26/20 CNX Resources Corporation CNX Midstream Partners LP 100% Stock NA NA 28% 30% 12/16/19 8/27/19 Blackstone Infrastructure Partners, L.P. Tallgrass Energy, LP 100% Cash 36% 16% 56% 33% 10/1/19 5/16/19 Brookfield Business Partners L.P. Teekay Offshore Partners L.P. 100% Cash -13% -22% 28% 15% 5/10/19 5/9/2019 IFM Investors Pty Ltd Buckeye Partners, L.P. [5] 100% Cash NA NA 27% 24% Continued on Following Page Note: Premium paid data based on (i) closing price as of the unaffected date and (ii) final transaction consideration. 1. Represents the date of announcement of the execution of a definitive agreement. 2. Represents the day prior to either (i) the announcement of receipt of proposal or (ii) the announcement of agreement of merger, or (iii) the announcement of the target companies considering strategic alternatives. 3. Reflects implied premium based on initial proposal vs. unaffected date price, as applicable. 4. Reflects implied premium based on announcement of the execution of the definitive agreement vs. unaffected date price. 5. Transaction reflects target not acquired by affiliate or GP. Source: Public filings, press releases, and Capital IQ. 21

Premiums Paid Data (cont.) Initial Premium Final Premium Definitive to Unaffected Date Price [3] to Unaffected Date Price [4] Agreement Announcement Unaffected Form of 30 Day 30 Day Date [1] Date [2] Buyer Target Consideration 1 Day VWAP 1 Day VWAP 5/8/19 5/7/2019 MPLX LP Andeavor Logistics LP [5] 100% Stock NA NA 2% 1% 4/2/19 4/1/19 UGI Corporation AmeriGas Partners, L.P. Cash and Stock NA NA 13% 23% 11/26/18 7/9/18 ArcLight Energy Partners TransMontaigne Partners L.P. 100% Cash 5% 2% 14% 10% 11/26/18 9/18/18 Dominion Energy, Inc. Dominion Energy Midstream Partners, LP 100% Stock 0% 5% 3% 8% 11/8/18 11/7/18 Western Gas Equity Partners, LP Western Gas Partners, LP 100% Stock NA NA 8% 14% 10/22/18 10/19/18 EnLink Midstream, LLC EnLink Midstream Partners, LP 100% Stock NA NA 1% 0% 10/18/18 10/17/18 Valero Energy Corporation Valero Energy Partners LP 100% Cash NA NA 7% 12% 10/9/18 2/25/18 Antero Midstream GP LP Antero Midstream Partners LP Cash and Stock NA NA 19% [6] 9% [6] 9/18/18 5/16/18 Enbridge Inc. Enbridge Energy Partners, L.P. 100% Stock 0% 0% 14% 15% 8/24/18 5/16/18 Enbridge Inc. Spectra Energy Partners, LP 100% Stock 0% -3% 21% 18% 8/1/18 7/31/18 Energy Transfer Equity LP Energy Transfer Partners, L.P. 100% Stock NA NA 11% 18% 7/4/18 6/1/18 OCI N.V. OCI Partners LP 100% Cash 10% 10% 15% 15% 5/17/18 5/16/18 The Williams Companies, Inc. Williams Partners L.P. 100% Stock NA NA 6% 12% 3/27/18 3/26/18 Tallgrass Energy GP, LP Tallgrass Energy Partners, LP 100% Stock NA NA 1% -8% All Transactions Low -13% -22% -1% -8% Count: 30 High 36% 22% 56% 49% Median 0% 2% 17% 15% Mean 4% 3% 19% 18% 100% Cash Transactions Low -13% -22% 7% 7% Count: 11 High 36% 22% 56% 49% Median 7% 5% 24% 24% Mean 7% 6% 27% 26% Note: Premium paid data based on (i) closing price as of the unaffected date and (ii) final transaction consideration. 1. Represents the date of announcement of the execution of a definitive agreement. 2. Represents the day prior to either (i) the announcement of receipt of proposal or (ii) the announcement of agreement of merger, or (iii) the announcement of the target companies considering strategic alternatives. 3. Reflects implied premium based on initial proposal vs. unaffected date price, as applicable. 4. Reflects implied premium based on announcement of the execution of the definitive agreement vs. unaffected date price. 5. Transaction reflects target not acquired by affiliate or GP. 6. Reflects the premium received by the public shareholders. Transaction included lower consideration for units owned by Antero Resources. Source: Public filings, press releases, and Capital IQ. 22

Premiums Paid Data (cont.) Revised for Merger Consideration Transaction Implied Premium Comparison 41% 34% 27% 26% 24% 24% 19% 18% 17% 15% Closing Price 30-Day VWAP Mean | All Transactions Median | All Transactions Mean | Cash-Only Transactions Median | Cash-Only Transactions Company [1] 1. Implied based on respective VWAP metrics as of 5/23/24 per Capital IQ and Merger Consideration of $4.02 per unit. Sources: Capital IQ, public filings and press releases. 23

APPENDIX 04 06

APPENDIX Public Market Observations 04 03

Revised for pricing and metrics as of 10/1/24 Public Market Trading Overview (units outstanding and dollars in millions, except per unit values and where otherwise noted) Public Market Enterprise Value Derivation Selected Market Information as of October 1, 2024 Closing Unit Price October 1, 2024 [1] $3.67 1-Month Average [6] $3.58 Common and General Partner Units Outstanding [2] [3] 39.8 3-Month Average [6] $3.60 Dilutive Units [2] [4] 0.0 6-Month Average [6] $3.28 Fully Diluted Units 39.8 52-Week High as of 7/30/24 [6] $4.13 Market Value of Equity $146.1 52-Week Low as of 2/05/24 [6] $2.04 Debt [2] [5] 458.1 Total Cash [2] (0.1) 90-Day Average Daily Trading Volume (in millions) [6] 0.1 Public Market Enterprise Value $604.1 % of Total Units Outstanding 0.1% 90-Day Average Daily Trading Value (in millions) [6] $0.1 % of Market Value of Equity 0.1% Number of Analysts Covering the Company [7] 2 Total Public Float [8] [9] 28.2 % of Total Units Outstanding 70.9% Implied Multiples LTM (6/30/24) [8] [10] CY 2024E [11] CY 2025E [11] CY 2025E [11] Enterprise Value / Adjusted EBITDA 5.1x 5.2x 5.1x #VALUE! 1. As of 10/1/24. 2. Per Company's Form 10-Q for the period ended 6/30/24. 3. General Partners Units implied based on 2% partnership interest. 4. Excludes ~0.2 non-vested restricted units as of 6/30/24. 5. Reflects total principal amount, gross of unamortized debt insurance costs. 6. Per Capital IQ. 7. Per Bloomberg. 8. Per public filings. 9. Represents common units outstanding. Does not reflect unit acquisitions or disposals not publicly disclosed as of 6/27/24. 10. Reflects Adjusted EBITDA as reported by Company management. 11. Reflects consensus analyst estimates per Capital IQ. Adjusted EBITDA refers to Earnings before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items. CY refers to Calendar Year. E refers to Estimated. LTM refers to the most recently completed 12-month period for which financial information has been made public. Sources: Public filings, Capital IQ and Bloomberg. 26

Revised for current pricing and events since 5/24/24 Timeline and Unit Trading History Closing Unit Price ($) Daily Volume (millions) $7.00 1.4 D $6.00 1.2 Current Unit Price [1]: $3.67 E F $5.00 1.0 R O P A B C G H I J K L N M $4.00 0.8 $3.00 0.6 Q $2.00 0.4 $1.00 0.2 $0.00 0.0 9/19/21 12/19/21 3/19/22 6/19/22 9/19/22 12/19/22 3/19/23 6/19/23 9/19/23 12/19/23 3/19/24 6/19/24 9/19/24 Daily Trading Volume Company Current Unit Price [1] Selected Events Event Date Comment Event Date Comment The Company announced certain debt refinancing-related events, including (i) a cash tender offer for Q3-21 Earnings: Quarterly revenue and Adj. EBITDA of $211.3 mm (38% YoY) and $21.5 mm (-5% A 10/20/21 its 10.0% senior secured 1.5 lien notes due 2024 and 11.5% senior secured second lien notes due YoY). I 1/30/23 2025, (ii) a proposed offering of $400 mm in principal amount 11.5% senior secured second lien MRMC and Ruben S. Martin III acquired the remaining 49% voting interest in Martin Midstream notes due 2028 and (iii) certain amendments to its revolving credit facility. B 11/29/21 GP LLC ( GP ) from Alinda Capital Partners through Senterfitt Holdings Inc., bringing MRMC and Q4-22 Earnings: Quarterly revenue and Adj. EBITDA of $243.4 mm (-15% YoY) and $17.8 mm (-55% Ruben S. Martin III's voting and economic ownership in the GP to 100%. (3) J 2/15/23 YoY). Annual revenue and Adj. EBITDA of $1,018.9 mm (15% YoY) and $114.9 mm (0% YoY). (2) Company releases FY 23 Adj. EBITDA guidance of $115.3. Q4-21 Earnings: Quarterly revenue and Adj. EBITDA of $285.9 mm (59% YoY) and $39.7 mm (2) C 2/16/22 (128% YoY). Annual revenue and Adj. EBITDA of $882.4 mm (31% YoY) and $114.5 mm (21% Q1-23 Earnings: Quarterly revenue and Adj. EBITDA of $244.5 mm (-12% YoY) and $30.6 mm (-11% K 4/19/23 YoY). Company releases FY 22 Adj. EBITDA guidance of $100 mm to $110 mm. YoY). (2) Q2-23 Earnings: Quarterly revenue and Adj. EBITDA of $195.6 mm (-27% YoY) and $31.8 mm (-18% Q1-22 Earnings: Quarterly revenue and Adj. EBITDA of $279.2 mm (39% YoY) and $40.0 mm (29% L 7/19/23 YoY). D 4/20/22 YoY). The Company increased FY 22 Adj. EBITDA guidance to $110 mm to $120 mm from $100 (2) mm to $110 mm previously. Q3-23 Earnings: Quarterly revenue and Adj. EBITDA of $176.7 mm (-23% YoY) and $26.2 mm (28% M 10/18/23 YoY). The Company filed a prospectus related to a shelf registration of (i) common units representing (2) LP interests in Company and (ii) debt securities of the Company and Martin Midstream Finance Q4-23 Earnings: Quarterly revenue and Adj. EBITDA of $181.1 mm (-26% YoY) and $29.2 mm (2% E 6/8/22 (2) Corp. N 2/14/24 YoY). Annual revenue and Adj. EBITDA of $798.0 mm (-22% YoY) and $117.7 mm (-4% YoY). (2) Company releases FY 24 Adj. EBITDA guidance of $116.1 mm. Q2-22 Earnings: Quarterly revenue and Adj. EBITDA of $267.0 mm (45% YoY) and $38.3 mm (70% (2) Q1-24 Earnings: Quarterly revenue and Adj. EBITDA of $180.8 mm (-26% YoY) and $30.4 mm (-1% F 7/20/22 YoY). The Company increased FY 22 Adj. EBITDA guidance to $126 mm to $135 mm from $110 O 4/17/24 YoY). mm to $120 mm previously. The Company announced receipt of a proposal from Martin Resource Management Corporation to Q3-22 Earnings: Quarterly revenue and Adj. EBITDA of $229.3 mm (9% YoY) and $18.8 mm (-12% G 11/2/22 P 5/24/24 acquire all the outstanding Common Units not already owned by Martin Resource Management YoY). Corporation at a cash purchase price of $3.05 per Common Unit. The Company announced its intention to exit the butane optimization business during Q2-23, The Company issued a statement regarding a pipeline spill of ~2,000 barrels of crude oil originating which Company management estimated to have contributed ($10.7) mm in Adj. EBITDA in Q4- Q 6/24/24 from the Company’s transfer pipeline connecting it’s Sandyland Terminal to the Smackover Refinery H 1/25/23 22. Company released preliminary estimated Q4-22 Adj. EBITDA of between $17.0 mm and $19.0 in Smackover, Arkansas. mm. (2) Q2-24 Earnings: Quarterly revenue and Adjusted EBITDA of $184.5 mm (-6% YoY) and $31.7 mm R 7/17/24 (0% YoY). 1. Represents closing stock price on 10/1/24. 2. Represents Adj. EBITDA after giving effect to the exit of the butane optimization business as reported by Company. 3. The decline in Adj. EBITDA is primarily attributed to the butane optimization and sulfur businesses. GP refers to general partner. LP refers to Limited Partnership. Q refers to Quarter. YoY refers to year-over-year. Sources: Capital IQ and public filings. 27

Revised for metrics as of 10/1/24 Common Units Ownership Summary (units in millions) Holder Units % Outstanding Martin Resource Management Corporation 6.1 [1] 15.7% Ruben S. Martin III (Chairman of the Board of Directors of Martin Midstream GP LLC) 3.9 10.0% Other Current / Former Directors and Executive Officers 0.8 2.0% Total Insiders 10.8 27.7% Invesco Ltd. 7.2 18.5% Goldman Sachs Group, Investment Banking and Securities Investments 2.9 7.4% Barclays PLC Private Banking & Investment Banking Investment 1.5 3.8% Harvest Fund Advisors LLC 1.0 2.6% JPMorgan Chase & Co, Brokerage and Securities Investments 0.6 1.5% Raymond James Financial Inc., Asset Management Arm 0.4 1.1% Other 14.6 37.4% Total 39.0 [1] [2] 100.0% Invesco Ltd. : 18.5% Ruben S. Martin III (Chairman of the Board of Directors of Martin Midstream GP LLC): 10.0% Martin Resource Management Corporation: 15.7% Goldman Sachs Group, Investment Banking and Securities Investments: 7.4% Barclays PLC Private Banking & Investment Banking Investment: 3.8% 39.0 million Harvest Fund Advisors LLC: 2.6% units [1] [2] JPMorgan Chase & Co, Brokerage and Securities Investments: 1.5% Raymond James Financial Inc., Asset Management Arm: 1.1% Other Current / Former Directors and Executive Officers: 2.0% Other: 37.4% Note: Ownership represents data as of 10/1/24. 1. Excludes General Partner Units. 2. Reflects common units outstanding per Form 10-Q as of 7/23/24. Sources: Capital IQ and public filings. 28

Recent Trading Activity Revised for metrics as of 10/1/24 Top Common Unit Holders (units in millions and dollars in actuals) Net Common Units Added / (Deducted) by Quarter Latest Common % of Holder Unit Holdings Public Float Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Martin Resource Management Corporation 6.115 21.7% 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 % of Holdings Traded 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Ruben S. Martin III 3.886 13.8% 0.002 1.321 0.794 0.358 0.101 0.001 0.135 0.001 0.002 0.463 0.241 0.002 0.001 0.000 % of Holdings Traded 0.4% 284.7% 44.5% 13.9% 3.5% 0.0% 4.5% 0.0% 0.1% 14.6% 6.6% 0.0% 0.0% 0.0% Invesco Ltd. 7.213 25.6% 0.000 (1.000) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 (0.004) 0.000 0.000 0.000 0.000 % of Holdings Traded 0.0% (12.2%) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% (0.1%) 0.0% 0.0% 0.0% 0.0% Goldman Sachs Group 2.882 10.2% 0.000 0.000 (0.000) 0.002 (0.002) 0.000 0.936 0.491 0.092 (0.212) 0.066 (0.062) 1.131 0.000 % of Holdings Traded 0.0% 0.0% (0.0%) 0.5% (0.5%) 0.0% 212.6% 35.7% 4.9% (10.8%) 3.8% (3.4%) 64.6% 0.0% Barclays PLC 1.500 5.3% 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 % of Holdings Traded 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Harvest Fund Advisors LLC 1.018 3.6% 0.910 0.571 (0.020) 0.022 (0.066) 0.071 (0.022) (0.018) (0.003) (0.497) (0.143) (0.145) (0.050) 0.000 223.6% 43.4% (1.0%) 1.2% (3.5%) 3.9% (1.2%) (1.0%) (0.1%) (26.8%) (10.5%) (12.0%) (4.7%) 0.0% % of Holdings Traded JPMorgan Chase & Co 0.584 2.1% (0.022) (0.056) (0.158) (0.030) 0.002 0.098 (0.207) (0.030) 0.008 0.055 0.183 (0.089) (0.123) 0.000 % of Holdings Traded (2.3%) (6.0%) (18.0%) (4.2%) 0.4% 14.2% (26.3%) (5.2%) 1.4% 9.8% 29.9% (11.2%) (17.4%) 0.0% Raymond James Financial Inc. 0.440 1.6% 0.011 0.001 0.081 0.325 0.027 0.122 (0.024) 0.030 0.014 0.019 (0.023) (0.044) (0.100) 0.000 % of Holdings Traded New Position 6.6% 713.9% 351.9% 6.5% 27.5% (4.2%) 5.5% 2.5% 3.3% (3.8%) (7.6%) (18.5%) 0.0% VWAP During Quarter $2.58 $3.00 $2.96 $4.18 $4.19 $3.65 $3.10 $2.64 $2.25 $2.74 $2.46 $2.51 $3.40 $3.62 High Closing Stock Price During Quarter $3.28 $3.50 $3.52 $4.73 $5.74 $4.59 $3.70 $3.35 $2.95 $3.25 $2.68 $2.65 $3.36 $4.05 Low Closing Stock Price During Quarter $2.12 $2.60 $2.59 $2.87 $3.63 $3.24 $2.81 $2.46 $2.05 $2.04 $2.27 $2.08 $2.47 $3.18 Sources: Capital IQ, Bloomberg and public filings as of 10/1/24. 29

Comparison of Management Projections vs. Wall Street Analyst Estimates Revised for current 1 Total Revenue Comparison (FY 2024 – FY 2026) projections (dollars in millions) $1,000.0 $794.1 $781.2 $781.2 $789.3 $761.0 $732.4 $732.4 $800.0 $600.0 $400.0 $200.0 NA NA NA NA NA $0.0 FY 2024 FY 2025 FY 2026 2 Adjusted EBITDA Comparison (FY 2024 – FY 2026) (dollars in millions) $150.0 $120.3 $120.3 $119.3 $119.4 $119.7 $119.1 $119.1 $117.4 $116.3 $116.4 $116.1 $100.0 $50.0 NA $0.0 FY 2024 FY 2025 FY 2026 Distributable Cash Flow Comparison (FY 2024 – FY 2026) (dollars in millions) $50.0 $38.7 $34.1 $34.6 $34.6 $34.6 $40.0 $33.2 $27.8 $27.0 $30.0 $23.4 $23.4 $19.8 $20.0 $10.0 NA $0.0 FY 2024 FY 2025 FY 2026 Management Projections Stifel Wall Street Estimates Sidoti & Company, LLC 1. Stifel estimates not available for revenue. 2. Adjusted EBITDA shown does not include add-back for stock-based compensation expense. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for unit-based compensation expense. FY refers to Fiscal Year. Source: Company management and Wall Street Research. 30

APPENDIX Weighted Average Cost of Capital 04 06

Revised for market pricing and updated Weighted Average Cost of Calculation Company financials where available Total Debt to Dd to Dnd to Total Debt to Dd to Equity Dnd to Equity Pfd. Stock to Equity Market Pfd. Stock to Total Cap Total Cap Total Cap Equity Market Market Value Market Value Total Cap Value to Total Equity Market Value [5] [6] Tier 1 [1] [2] [1] [3] [1] [4] Value [2] [5] [3] [5] [4] [5] [1] [6] Cap [1] [5] Adams Resources & Energy, Inc. 34.1% 0.0% 34.1% 51.8% 0.0% 51.8% 0.0% 65.9% 0.0% Ardmore Shipping Corporation 5.2% 5.2% 0.0% 5.7% 5.7% 0.0% 4.3% 90.5% 4.8% Genesis Energy, L.P. 61.6% 23.5% 38.1% 238.9% 91.2% 147.7% 12.7% 25.8% 49.2% Navios Maritime Partners L.P. 50.6% 49.0% 1.6% 102.5% 99.3% 3.2% 0.0% 49.4% 0.0% NGL Energy Partners LP 66.9% 22.6% 44.3% 507.5% 171.4% 336.1% 19.9% 13.2% 150.8% Tsakos Energy Navigation Limited 70.4% 49.6% 20.8% 241.5% 170.2% 71.3% 0.5% 29.1% 1.6% Median 56.1% 23.1% 27.5% 170.7% 95.2% 61.6% 2.4% 39.3% 3.2% Mean 48.1% 25.0% 23.1% 191.3% 89.6% 101.7% 6.2% 45.6% 34.4% Tier 2 Delek Logistics Partners, LP [7] 45.2% 35.8% 9.4% 85.4% 67.6% 17.8% 1.8% 53.0% 3.4% Mullen Group Ltd. [8] 38.7% 38.7% 0.0% 63.2% 63.2% 0.0% 0.0% 61.3% 0.0% Oil States International, Inc. 28.9% 28.9% 0.0% 40.7% 40.7% 0.0% 0.0% 71.1% 0.0% Ranger Energy Services, Inc. 3.9% 3.9% 0.0% 4.1% 4.1% 0.0% 0.0% 96.1% 0.0% RPC, Inc. 0.3% 0.3% 0.0% 0.3% 0.3% 0.0% 0.0% 99.7% 0.0% Suburban Propane Partners, L.P. 50.2% 41.4% 8.9% 101.0% 83.1% 17.8% 0.0% 49.8% 0.0% World Kinect Corporation 32.5% 32.5% 0.0% 48.2% 48.2% 0.0% 0.0% 67.5% 0.0% Median 32.5% 32.5% 0.0% 48.2% 48.2% 0.0% 0.0% 67.5% 0.0% Mean 28.5% 25.9% 2.6% 49.0% 43.9% 5.1% 0.3% 71.2% 0.5% All Selected Companies Median 38.7% 28.9% 1.6% 63.2% 63.2% 3.2% 0.0% 61.3% 0.0% Mean 37.6% 25.5% 12.1% 114.7% 65.0% 49.7% 3.0% 59.4% 16.1% Company | Excluding Corporate Taxes [9] [10] 79.3% 43.2% 36.1% 384.0% 209.3% 174.7% 0.0% 20.7% 0.0% Company | Including Corporate Taxes [9] [11] 79.3% 43.2% 36.1% 384.0% 209.3% 174.7% 0.0% 20.7% 0.0% Note: No company used in this calculation for comparative purposes is identical to Company. 1. Total Cap refers to total capitalization, which equals Equity Market Value + Total Debt + Pfd. Stock. 2. Total Debt refers to total debt amount based on most recent public filings as of 10/1/24. 3. Dd refers to Implied Tax-Deductible Debt, which equals the lesser of (a) 30% of Adjusted Taxable Income/Cost of Debt, or (b) Total Debt. LTM Adjusted EBIT, based on most recent public filings as of 10/1/24, is assumed to be a valid proxy for Adjusted Taxable Income for the selected companies. 4. Dnd refers to Implied Non-Tax-Deductible Debt, which equals Total Debt minus Dd. 5. Equity Market Value based on closing price on 10/1/24 and on diluted shares as of 10/1/24. 6. Pfd. Stock refers to preferred stock, which is the amount as stated in most recent public filings as of 10/1/24. 7. Delek Logistics Partners, LP shown pro forma for their acquisition of H2O Midstream, closed 9/12/24. 8. Metrics for Mullen Group Ltd. shown pro forma for private notes placement closed 7/10/24. 9. Represents figures as of 5/23/24, the last full day of trading prior to the announcement of the Initial Offer. 10. Per Company management, the Company only pays taxes for non-qualifying income associated with Martin Transport, which does not have any associated debt. 11. Corporate tax rate of 21.0% utilized for purpose of the analysis. Sources: Bloomberg and Capital IQ. 32

Revised for market pricing and updated Weighted Average Cost of Calculation (cont.) Company financials where available Levered Unlevered Equity Risk Size Cost of Cost of Cost of Pfd. Tier 1 Beta [1] Beta [2] Premium [3] Premium [4] Equity [5] Debt [6] Stock [7] WACC Adams Resources & Energy, Inc. 0.89 0.59 5.75% 4.70% 14.0% 6.4% NA 11.4% Ardmore Shipping Corporation 0.79 0.72 5.75% 1.14% 9.9% 7.9% 8.5% 9.7% Genesis Energy, L.P. 1.36 0.35 5.75% 1.39% 13.4% 11.2% 9.4% 7.4% [8] Navios Maritime Partners L.P. 1.35 0.67 5.75% 1.21% 13.2% 7.1% NA 10.1% NGL Energy Partners LP 0.98 0.13 5.75% 1.14% 10.9% 8.6% 10.2% 9.3% Tsakos Energy Navigation Limited 1.10 0.32 5.75% 1.14% 11.7% 6.7% 9.4% 8.1% Median 1.04 0.47 12.4% 7.3% 9.8% 9.6% Mean 1.08 0.46 12.2% 7.4% 9.8% 9.7% Tier 2 Delek Logistics Partners, LP [8] 0.95 0.50 5.75% 1.21% 10.9% 0.0% 8.7% 6.4% [8] Mullen Group Ltd. [9] 0.96 0.65 5.75% 1.14% 10.9% 5.1% NA 8.6% Oil States International, Inc. 1.60 1.14 5.75% 1.99% 15.4% 5.9% NA 12.6% Ranger Energy Services, Inc. 0.51 0.50 5.75% 1.99% 9.1% 6.4% NA 9.0% RPC, Inc. 0.72 0.72 5.75% 1.39% 9.7% 8.4% NA 9.7% Suburban Propane Partners, L.P. 0.78 0.39 5.75% 1.39% 10.1% 5.6% NA 7.8% World Kinect Corporation 0.87 0.63 5.75% 1.39% 10.6% 4.4% NA 8.5% Median 0.87 0.63 10.6% 5.9% NA 8.7% Mean 0.91 0.65 10.9% 6.0% NA 9.3% All Selected Companies Median 0.95 0.59 10.9% 6.4% 9.4% 9.3% Mean 0.99 0.56 11.5% 6.6% 7.9% 9.5% Company | Excluding Corporate Taxes [11] [12] 0.73 0.15 5.75% 4.70% 13.6% 8.4% [10] NA 9.5% Company | Including Corporate Taxes [11] [13] 0.73 0.17 5.75% 4.70% 13.6% 8.4% [10] NA 8.7% Note: No company used in this calculation for comparative purposes is identical to Company. 1. Based on actual levered beta per Bloomberg 5-year weekly as of 10/1/24. 2. Unlevered Beta = Levered Beta/(1 + ((1 – tax rate) * Dd to Equity Market Value) + (Dnd to Equity Market Value) + (Pfd. Stock to Equity Market Value)). 3. Based on review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply-side and demand-side models and other materials. 4. Kroll Cost of Capital Navigator ( Navigator ). 5. Cost of Equity = Risk-Free Rate of Return + (Levered Beta * Equity Risk Premium) + Size Premium. Risk-Free Rate of Return as of 10/1/24, based on 20-year U.S. Treasury Bond Yield. 6. Based on selected company weighted average interest rate per most recent public filings as of 10/1/24. 7. Based on selected company weighted average preferred dividend per most recent public filings 10/1/24. 8. Delek Logistics Partners, LP shown pro forma for their acquisition of H2O Midstream, closed 9/12/24. 9. Metrics for Mullen Group Ltd. shown pro forma for private notes placement closed 7/10/24. 10. Cost of debt incorporated market based yield for certain securities. 11. Represents figures as of 5/23/24, the last full day of trading prior to the announcement of the Initial Offer. 12. Per Company management, the Company only pays taxes for non-qualifying income associated with Martin Transport, which does not have any associated debt. 13. Corporate tax rate of 21.0% utilized for purpose of the analysis. NA refers to not available. Sources: Bloomberg and Capital IQ. 33

Weighted Average Cost of Calculation (cont.) Revised for market pricing and updated Excluding Corporate Taxes Company financials where available (dollars in millions) Market Capital Structure Cost of Equity for Assumptions Assumptions Computed WACC Risk-Free Rate of Return [1] 4.19% Company Adjusted Taxable Income [5] $120.4 Selected Unlevered Beta [11] 0.59 Equity Risk Premium [2] 5.75% Company Total Debt [6] $486.5 Computed Levered Beta [12] 0.95 Size Premium [3] 4.70% Company Dd [7] $486.5 Cost of Equity [13] 14.4% Tax Rate [4] 0.00% Company Dnd [8] $0.0 Total Debt to Total Capitalization [9] 38.7% Dd to Total Capitalization [10] 38.7% Dnd to Total Capitalization [10] 0.0% Total Debt to Equity Market Value 63.2% Dd to Equity Market Value [10] 63.2% Dnd to Equity Market Value [10] 0.0% Preferred Stock to Total Capitalization [9] 0.0% Equity Market Value to Total Capitalization [9] 61.3% Preferred Stock to Equity Market Value 0.0% Cost of Debt [9] 6.4% Cost of Preferred Stock [9] 0.0% Computed Weighted Average Cost of Capital 11.3% Selected Weighted Average Cost of Capital Range - Excluding Corporate Taxes 10.25% -- 12.25% 1. Risk-Free Rate of Return as of 10/1/24, based on 20-year U.S. Treasury Bond Yield. 2. Based on a review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply side and demand side models and other materials. 3. Navigator. 4. Per Company management, the Company only pays taxes for non-qualifying income associated with Martin Transport, which does not have any associated debt. 5. Company LTM Adjusted EBITDA is assumed to be a valid proxy for Company Adjusted Taxable Income. 6. Company Total Debt refers to total debt amount of Company as of 5/31/24. 7. Company Dd refers to Implied Tax-Deductible Debt of Company, which equals the lesser of (a) 30% of Company Adjusted Taxable Income/Cost of Debt, or (b) Company Total Debt. Based on Capital Structure Assumptions. 8. Company Dnd refers to Implied Non-Tax-Deductible Debt of Company, which equals Company Total Debt minus Company Dd. 9. Based on review of corresponding metrics of selected companies listed on pages 25 and 26. 10. Based on Company's Dd and Dnd and the Capital Structure Assumptions regarding Total Debt to Total Capitalization and Equity Market Value to Total Capitalization. 11. Based on review of selected companies’ unlevered betas listed on Weighted Average Cost of Capital Calculation page. 12. Computed Levered Beta = Selected Unlevered Beta * (1 + ((1 – Tax Rate) * Dd to Equity Market Value) + (Dnd to Equity Market Value) + (Preferred Stock to Equity Market Value)). Based on Market and Capital Structure Assumptions. 13. Cost of Equity = Risk-Free Rate of Return + (Computed Levered Beta * Equity Risk Premium) + Size Premium. Based on Market Assumptions. Sources: Bloomberg and Capital IQ. 34

Weighted Average Cost of Calculation (cont.) Revised for market pricing and updated Including Corporate Taxes Company financials where available (dollars in millions) Market Capital Structure Cost of Equity for Assumptions Assumptions Computed WACC Risk-Free Rate of Return [1] 4.19% Company Adjusted Taxable Income [5] $120.4 Selected Unlevered Beta [11] 0.59 Equity Risk Premium [2] 5.75% Company Total Debt [6] $486.5 Computed Levered Beta [12] 0.88 Size Premium [3] 4.70% Company Dd [7] $486.5 Cost of Equity [13] 13.9% Tax Rate [4] 21.00% Company Dnd [8] $0.0 Total Debt to Total Capitalization [9] 38.7% Dd to Total Capitalization [10] 38.7% Dnd to Total Capitalization [10] 0.0% Total Debt to Equity Market Value 63.2% Dd to Equity Market Value [10] 63.2% Dnd to Equity Market Value [10] 0.0% Preferred Stock to Total Capitalization [9] 0.0% Equity Market Value to Total Capitalization [9] 61.3% Preferred Stock to Equity Market Value 0.0% Cost of Debt [9] 6.4% Cost of Preferred Stock [9] 0.0% Computed Weighted Average Cost of Capital 10.5% Selected Weighted Average Cost of Capital Range - Including Corporate Taxes 9.50% -- 11.50% 1. Risk-Free Rate of Return as of 10/1/24, based on 20-year U.S. Treasury Bond Yield. 2. Based on a review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply side and demand side models and other materials. 3. Navigator. 4. Corporate tax rate of 21.0% utilized for purpose of the analysis. 5. Company LTM Adjusted EBITDA is assumed to be a valid proxy for Company Adjusted Taxable Income. 6. Company Total Debt refers to total debt amount of Company as of 5/31/24. 7. Company Dd refers to Implied Tax-Deductible Debt of Company, which equals the lesser of (a) 30% of Company Adjusted Taxable Income/Cost of Debt, or (b) Company Total Debt. Based on Capital Structure Assumptions. 8. Company Dnd refers to Implied Non-Tax-Deductible Debt of Company, which equals Company Total Debt minus Company Dd. 9. Based on review of corresponding metrics of selected companies listed on pages 25 and 26. 10. Based on Company's Dd and Dnd and the Capital Structure Assumptions regarding Total Debt to Total Capitalization and Equity Market Value to Total Capitalization. 11. Based on review of selected companies’ unlevered betas listed on Weighted Average Cost of Capital Calculation page. 12. Computed Levered Beta = Selected Unlevered Beta * (1 + ((1 – Tax Rate) * Dd to Equity Market Value) + (Dnd to Equity Market Value) + (Preferred Stock to Equity Market Value)). Based on Market and Capital Structure Assumptions. 13. Cost of Equity = Risk-Free Rate of Return + (Computed Levered Beta * Equity Risk Premium) + Size Premium. Based on Market Assumptions. Sources: Bloomberg and Capital IQ. 35

APPENDIX Selected Benchmarking Data 04 06

Revised for market pricing and updated Selected Benchmarking Data financials where available LTM Adjusted EBITDA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (dollars in millions) $754.8 $691.3 $568.7 Median: $488.8 $403.1 $409.0 $367.6 Median: $252.3 $263.0 $252.3 $222.4 $177.2 $120.4 $84.2 $74.3 $20.7 Company [1] NMM GEL NGL TEN ASC AE DKL WKC RES SPH MTL OIS RNGR Enterprise Value [2] 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (dollars in millions) $6,796.9 $4,484.2 $3,860.6 $3,567.8 Median: $2,810.9 $2,388.8 $2,185.5 $2,054.1 Median: $1,344.8 $1,344.8 $1,187.6 $806.1 $581.3 $278.5 $406.7 $73.6 Company [3] GEL NGL NMM TEN ASC AE DKL SPH WKC MTL RES OIS RNGR Tier 1 Tier 2 Note: No company shown for comparative purposes is identical to the Company. 1. LTM Adjusted EBITDA shown proforma for the Company's exit from the Butane optimization business. 2. Based on public trading prices of common stock as of 10/1/24, plus debt and general partner units, if any. 3. Represents figures as of 5/23/24, the last full day of trading prior to the announcement of the Offer. AE refers to Adams Resources & Energy, Inc., ASC refers to Ardmore Shipping Corporation, DKL Delek Logistics Partners, LP, GEL refers to Genesis Energy, L.P., MTL Mullen Group Ltd., NMM refers to Navios Maritime Partners L.P., NGL refers to NGL Energy Partners LP, OIS refers to Oil States International, Inc., RNGR refers to Ranger Energy Services, Inc., RES refers to RPC, Inc., SPH refers to Suburban Propane Partners, L.P., TEN refers to Tsakos Energy Navigation Limited, and WKC refers to World Kinect Corporation. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items; LTM refers to Latest 12 Months. Sources: Bloomberg, Capital IQ, Company management and public filings. 37

Revised for updated financials where Selected Benchmarking Data (cont.) available LTM Net Debt to Adjusted EBITDA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5.7x 5.3x 4.7x 4.3x 4.0x 3.2x Median: 2.7x 2.2x Median: 1.2x 1.9x 1.0x 1.2x 0.0x 0.0x 0.0x -1.0x Company [1] ASC AE NMM TEN NGL GEL RES RNGR WKC OIS MTL DKL SPH CY 2023 Distribution (Dividend) Yield [2] 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.1% 6.4% 5.1% 4.4% 4.0% Median: 2.1% Median: 2.4% 2.4% 2.1% 1.6% 1.8% 0.9% 0.7% 0.3% 0.0% 0.0% Company [3] ASC GEL TEN AE NMM NGL SPH MTL RES DKL WKC RNGR OIS Tier 1 Tier 2 Note: No company shown for comparative purposes is identical to the Company. 1. LTM Adjusted EBITDA shown proforma for the Company's exit from the Butane optimization business. 2. Based on public trading prices of common stock as of 10/1/24. 3. Represents figures as of 5/23/24, the last full day of trading prior to the announcement of the Offer. AE refers to Adams Resources & Energy, Inc., ASC refers to Ardmore Shipping Corporation, DKL Delek Logistics Partners, LP, GEL refers to Genesis Energy, L.P., MTL Mullen Group Ltd., NMM refers to Navios Maritime Partners L.P., NGL refers to NGL Energy Partners LP, OIS refers to Oil States International, Inc., RNGR refers to Ranger Energy Services, Inc., RES refers to RPC, Inc., SPH refers to Suburban Propane Partners, L.P., TEN refers to Tsakos Energy Navigation Limited, and WKC refers to World Kinect Corporation. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items; CY refers to Calendar Year; LTM refers to Latest 12 Months. Sources: Bloomberg, Capital IQ, Company management and public filings. 38

Revised for current consensus estimates Selected Benchmarking Data (cont.) Projected CY 2023 to CY 2024E Distribution (Dividend) Growth 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17.9% 10.0% Median: 5.0% 6.1% Median: 3.1% 5.0% 0.0% 0.0% NA NA NA 0.0% 0.0% NA NA NMF Company ASC GEL NMM TEN AE NGL WKC MTL RES SPH OIS RNGR DKL Projected CY 2024E to CY 2025E Distribution (Dividend) Growth 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12.6% 9.9% 9.0% Median: 0.0% Median: 4.0% 4.0% 0.0% 0.0% NA NA NA 0.0% NA 0.0% NA -15.0% Company GEL NMM ASC TEN AE NGL WKC MTL DKL RES SPH OIS RNGR Tier 1 Tier 2 Note: No company shown for comparative purposes is identical to the Company. AE refers to Adams Resources & Energy, Inc., ASC refers to Ardmore Shipping Corporation, DKL Delek Logistics Partners, LP, GEL refers to Genesis Energy, L.P., MTL Mullen Group Ltd., NMM refers to Navios Maritime Partners L.P., NGL refers to NGL Energy Partners LP, OIS refers to Oil States International, Inc., RNGR refers to Ranger Energy Services, Inc., RES refers to RPC, Inc., SPH refers to Suburban Propane Partners, L.P., TEN refers to Tsakos Energy Navigation Limited, and WKC refers to World Kinect Corporation. CY refers to Calendar Year. E refers to Estimated. NA refers to Not Available. NMF refers to not meaningful figure. Sources: Bloomberg, Capital IQ, Company management and public filings. 39

Revised for current consensus estimates Selected Benchmarking Data (cont.) Projected CY 2023 to CY 2024E Adjusted EBITDA Growth 0 0 0 0 0 0 0 0 0 0 0 0 0 0 22.9% 9.0% 9.1% Median: -2.9% 2.7% 3.0% 2.8% Median: -4.0% -0.2% -4.0% -5.4% -8.6% -12.4% -15.9% -20.9% -32.1% Company [1] ASC NMM NGL TEN GEL AE [2] DKL MTL SPH OIS WKC RNGR RES Projected CY 2024E to CY 2025E Adjusted EBITDA Growth 0 0 0 0 0 0 0 0 0 0 0 0 0 0 33.0% Median: 12.3% 25.0% Median: 18.3% 24.1% 22.4% 21.0% 15.5% 14.9% 12.3% 11.9% 10.3% 8.6% 5.4% 1.7% -24.5% Company GEL TEN AE [2] NMM NGL ASC RNGR OIS RES WKC DKL SPH MTL Tier 1 Tier 2 Note: No company shown for comparative purposes is identical to the Company. 1. CY 2023 Adjusted EBITDA shown proforma for the Company's exit from the Butane optimization business. 2. Represents Adjusted EBITDA estimates per Capital IQ. AE refers to Adams Resources & Energy, Inc., ASC refers to Ardmore Shipping Corporation, DKL Delek Logistics Partners, LP, GEL refers to Genesis Energy, L.P., MTL Mullen Group Ltd., NMM refers to Navios Maritime Partners L.P., NGL refers to NGL Energy Partners LP, OIS refers to Oil States International, Inc., RNGR refers to Ranger Energy Services, Inc., RES refers to RPC, Inc., SPH refers to Suburban Propane Partners, L.P., TEN refers to Tsakos Energy Navigation Limited, and WKC refers to World Kinect Corporation. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated. Sources: Bloomberg, Capital IQ, Company management and public filings. 40

Revised for current consensus estimates Selected Benchmarking Data (cont.) Projected CY 2025E to CY 2026E Adjusted EBITDA Growth 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Median: 3.7% 11.1% 11.0% Median: 5.1% 7.8% 6.4% 5.1% NA NA NA NA 3.6% 1.9% -0.2% -3.5% -32.8% Company TEN GEL NMM ASC NGL AE WKC DKL SPH MTL RES RNGR OIS CY 2023 Adjusted EBITDA to CY 2023 Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 57.2% 52.9% 40.3% Median: 32.0% 37.7% Median: 15.7% 23.1% 23.8% 18.6% 15.7% 14.1% 11.2% 13.3% 8.5% 1.0% 0.8% Company [1] NMM TEN ASC GEL NGL AE DKL RES SPH MTL RNGR OIS WKC Tier 1 Tier 2 Note: No company shown for comparative purposes is identical to the Company. 1. CY 2023 Adjusted EBITDA shown proforma for the Company's exit from the Butane optimization business. AE refers to Adams Resources & Energy, Inc., ASC refers to Ardmore Shipping Corporation, DKL Delek Logistics Partners, LP, GEL refers to Genesis Energy, L.P., MTL Mullen Group Ltd., NMM refers to Navios Maritime Partners L.P., NGL refers to NGL Energy Partners LP, OIS refers to Oil States International, Inc., RNGR refers to Ranger Energy Services, Inc., RES refers to RPC, Inc., SPH refers to Suburban Propane Partners, L.P., TEN refers to Tsakos Energy Navigation Limited, and WKC refers to World Kinect Corporation. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated; NA refers to Not Available. Sources: Bloomberg, Capital IQ, Company management and public filings. 41

Revised for current consensus estimates Selected Benchmarking Data (cont.) CY 2024E Adjusted EBITDA to CY 2024E Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 64.0% 58.4% 40.8% Median: 20.8% Median: 16.2% 20.8% 20.4% 17.2% 16.2% 15.4% 13.2% 11.3% 9.8% 0.8% 0.8% NA Company ASC NMM GEL NGL AE [1] TEN DKL SPH RES MTL RNGR OIS WKC CY 2025E Adjusted EBITDA to CY 2025E Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 61.2% 59.3% 43.0% Median: 25.4% 25.4% Median: 16.2% 23.8% 18.5% 16.2% 15.4% 15.0% 13.2% 10.8% 0.9% 1.0% NA Company ASC NMM GEL NGL AE [1] TEN DKL SPH RES MTL RNGR OIS WKC Tier 1 Tier 2 Note: No company shown for comparative purposes is identical to the Company. 1. Represents Adjusted EBITDA estimates per Capital IQ. AE refers to Adams Resources & Energy, Inc., ASC refers to Ardmore Shipping Corporation, DKL Delek Logistics Partners, LP, GEL refers to Genesis Energy, L.P., MTL Mullen Group Ltd., NMM refers to Navios Maritime Partners L.P., NGL refers to NGL Energy Partners LP, OIS refers to Oil States International, Inc., RNGR refers to Ranger Energy Services, Inc., RES refers to RPC, Inc., SPH refers to Suburban Propane Partners, L.P., TEN refers to Tsakos Energy Navigation Limited, and WKC refers to World Kinect Corporation. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated; NA refers to Not Available. Sources: Bloomberg, Capital IQ, Company management and public filings. 42

Revised for current consensus estimates Selected Benchmarking Data (cont.) CY 2023 Capital Expenditures to CY 2023 Adjusted EBITDA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 82.0% 63.5% 62.2% Median: 52.6% 48.3% 43.2% Median: 32.5% 43.0% 34.9% 34.1% 32.5% 22.7% 25.0% 24.1% 17.4% 15.9% Company [1] GEL TEN NMM AE NGL ASC RES RNGR OIS MTL DKL WKC SPH CY 2024E Capital Expenditures to CY 2024E Adjusted EBITDA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 104.2% 81.8% Median: 54.8% 55.8% 54.8% 49.2% Median: 24.8% 43.0% 38.8% 26.8% 24.8% 19.3% 17.6% 13.7% 12.0% NA Company NMM GEL AE [2] ASC NGL TEN RES RNGR OIS MTL WKC SPH DKL Tier 1 Tier 2 Note: No company shown for comparative purposes is identical to the Company. 1. CY 2023 Adjusted EBITDA shown proforma for the Company's exit from the Butane optimization business. 2. Represents Adjusted EBITDA estimates per Capital IQ. AE refers to Adams Resources & Energy, Inc., ASC refers to Ardmore Shipping Corporation, DKL Delek Logistics Partners, LP, GEL refers to Genesis Energy, L.P., MTL Mullen Group Ltd., NMM refers to Navios Maritime Partners L.P., NGL refers to NGL Energy Partners LP, OIS refers to Oil States International, Inc., RNGR refers to Ranger Energy Services, Inc., RES refers to RPC, Inc., SPH refers to Suburban Propane Partners, L.P., TEN refers to Tsakos Energy Navigation Limited, and WKC refers to World Kinect Corporation. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated; NA refers to Not Available. Sources: Bloomberg, Capital IQ, Company management and public filings. 43

Revised for current consensus estimates and Selected Benchmarking Data (cont.) updated financials where available CY 2025E Capital Expenditures to CY 2025E Adjusted EBITDA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 70.7% 45.3% Median: 21.8% Median: 26.2% 33.3% 32.6% 29.7% 29.2% 26.2% 21.8% 19.7% 19.2% 14.8% 9.6% 5.9% NA Company AE [1] NMM NGL GEL ASC TEN RES OIS RNGR MTL SPH WKC DKL (LTM Adjusted EBITDA – Capital Expenditures - Interest Expense) / LTM Adjusted EBITDA 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Median: 46.1% 58.0% 54.0% 54.3% 49.6% 46.1% 45.9% 35.1% Median: 16.7% 22.1% 21.9% 13.6% 19.7% 9.3% 0.6% -41.9% Company ASC NMM NGL AE TEN GEL MTL OIS SPH WKC DKL RNGR RES [2] Tier 1 Tier 2 Note: No company shown for comparative purposes is identical to the Company. 1. Represents Adjusted EBITDA estimates per Capital IQ. 2. LTM Adjusted EBITDA shown proforma for the Company's exit from the Butane optimization business. AE refers to Adams Resources & Energy, Inc., ASC refers to Ardmore Shipping Corporation, DKL Delek Logistics Partners, LP, GEL refers to Genesis Energy, L.P., MTL Mullen Group Ltd., NMM refers to Navios Maritime Partners L.P., NGL refers to NGL Energy Partners LP, OIS refers to Oil States International, Inc., RNGR refers to Ranger Energy Services, Inc., RES refers to RPC, Inc., SPH refers to Suburban Propane Partners, L.P., TEN refers to Tsakos Energy Navigation Limited, and WKC refers to World Kinect Corporation. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated; LTM refers to Latest 12 Months; NA refers to Not Available. Sources: Bloomberg, Capital IQ, Company management and public filings. 44

DISCLAIMER 05 04

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Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law.

Disclaimer All budgets, projections, estimates, financial analyses, reports and other information with respect to operations (including, without limitation, estimates of potential cost savings and synergies) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates (including, without limitation, estimates of potential cost savings and synergies) contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the Company and other participants in the Transaction that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based. The scope of the financial analysis contained herein is based on discussions with the Committee (including, without limitation, regarding the methodologies to be utilized), and Houlihan Lokey does not make any representation, express or implied, as to the sufficiency or adequacy of such financial analysis or the scope thereof for any particular purpose. Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company and other participants in the Transaction that they are not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company or any other participant in the Transaction since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to, discussed with or reviewed by Houlihan Lokey that would be material to its analyses, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents. The materials are not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity, future, loan or currency. 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