<SEC-DOCUMENT>0001193125-24-281301.txt : 20241218
<SEC-HEADER>0001193125-24-281301.hdr.sgml : 20241218
<ACCEPTANCE-DATETIME>20241218161625
ACCESSION NUMBER:		0001193125-24-281301
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241218
DATE AS OF CHANGE:		20241218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARTIN MIDSTREAM PARTNERS L.P.
		CENTRAL INDEX KEY:			0001176334
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-PETROLEUM BULK STATIONS & TERMINALS [5171]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				050527861
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50056
		FILM NUMBER:		241559390

	BUSINESS ADDRESS:	
		STREET 1:		4200 STONE ROAD
		CITY:			KILGORE
		STATE:			TX
		ZIP:			75662
		BUSINESS PHONE:		9039836252

	MAIL ADDRESS:	
		STREET 1:		PO BOX 191
		CITY:			KILGORE
		STATE:			TX
		ZIP:			75663

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARTIN MIDSTREAM PARTNERS LP
		DATE OF NAME CHANGE:	20020626
</SEC-HEADER>
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<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d745754ddefa14a.htm
<DESCRIPTION>DEFA14A
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&#8195;) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&#8194;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&#8194;&#9744; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Martin Midstream Partners L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On December&nbsp;18, 2024, Martin Midstream Partners L.P. issued the following press release: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Leading Independent Proxy Advisory Firm Glass Lewis Joins Institutional Shareholder Services in </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Recommending MMLP Unitholders Vote &#147;FOR&#148; the Transaction with MRMC </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Glass Lewis Report Highlights Robust Conflicts Committee Process, </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Premium Value Delivered through Transaction and Risks Associated with Standalone Plan </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>MMLP Urges Unitholders to Follow the Recommendations of the Leading Proxy Advisory Services; </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Vote &#147;FOR&#148; the Pending Transaction on WHITE Proxy Card Today </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KILGORE, Texas&#151;December 18, 2024 &#150; Martin Midstream Partners L.P. (&#147;MMLP&#148;) (Nasdaq: MMLP) is pleased to announce that leading independent
proxy advisory firm Glass Lewis&nbsp;&amp; Co. (&#147;Glass Lewis&#148;) joins Institutional Shareholder Services Inc (&#147;ISS&#148;) in recommending that unitholders vote &#147;FOR&#148; the pending transaction with Martin Resource Management
Corporation (&#147;MRMC&#148;) in advance of the upcoming MMLP Special Meeting of unitholders, which is scheduled for December&nbsp;30, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In its
report dated December&nbsp;18, 2024, Glass Lewis stated<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;&#133;we believe the Conflicts Committee undertook a reasonably comprehensive review of all available and
actionable strategic alternatives, successfully negotiating a meaningful increase in the merger consideration offered by Parent. In light of the findings from the financial advisors&#146; valuation analyses of the Company, as well as our review of
the Company&#146;s relative performance to its peers, we believe the merger consideration represents an attractive exit valuation and premium for the Company&#146;s unaffiliated unitholders.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;&#133;we recognize that the only available and viable alternatives for the Company were to either negotiate
a going-private transaction with Parent or to continue on a standalone basis.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;&#133;the Company is not expected to make any material increases to its distributions in the near term, as
it prioritizes shoring up its balance sheet. Furthermore, the Company&#146;s limited growth prospects only serve to underscore the necessity of a near-term focus on deleveraging. Considering these circumstances, we believe that pursuing a
going-private transaction at a meaningful market premium is likely to be superior alternative for the Company&#146;s unaffiliated unitholders compared to maintaining the status quo.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;&#133;we believe that the Conflicts Committee&#146;s efforts to negotiate improved terms demonstrate a good
faith attempt to balance the interests of unaffiliated unitholders with the inherent structural limitations imposed by Parent&#146;s control over the General Partner.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;For clarity, the Dissidents are not unitholders and thus do not hold any voting rights in the
Company.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;&#133;after reviewing the Dissidents&#146; public filings, we did not find any detailed or explicit
explanation of how they expect the Company to generate the higher cash flows needed to support this optimistic standalone plan. Instead, the Dissidents make broad and generalized assertions, alluding to certain of the Company&#146;s businesses being
underappreciated and to future value that could be generated by the Company&#146;s undeveloped assets, such as the 98 acres of owned and undeveloped land in Beaumont, Texas.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Permission to use quotations neither sought nor obtained.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commenting on the recommendation, MMLP issued the following statement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">We are pleased that Glass Lewis has joined leading independent proxy advisory firm Institutional Shareholder Services Inc. (&#147;ISS&#148;) in
supporting the unanimous recommendation of the Conflicts Committee and Board of Directors of MMLP&#146;s General Partner (the &#147;GP Board&#148;) that unitholders vote &#147;FOR&#148; the pending transaction with MRMC. The Glass Lewis report
further validates MMLP&#146;s position that the MRMC transaction maximizes value for and is in the best interests of unitholders, including unaffiliated unitholders, by delivering immediate, certain, premium value to unitholders. Glass Lewis&#146;
report notes the robust review process undertaken by the independent Conflicts Committee and the significant downside risks associated with continuing to operate as a standalone public company. Glass Lewis also highlights the inaccurate and
misleading statements made by Nut Tree and Caspian, and the fact that they are not MMLP unitholders. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Your Vote is Important! </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Conflicts Committee and the GP Board unanimously recommend that unitholders follow the recommendation of Glass Lewis and ISS and vote &#147;FOR&#148; the
proposal to approve the MRMC transaction using the <B>WHITE</B> proxy card or <B>WHITE</B> voting instruction form. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please simply<B> DISCARD</B> any gold
proxy card you may receive from Nut Tree Capital Management L.P. and Caspian Capital L.P. If you inadvertently voted using a gold proxy card, you may cancel that vote simply by voting again TODAY using the <B>WHITE</B> proxy card or <B>WHITE</B>
voting instruction form. Only your latest dated vote will count! </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unitholders who have questions or would like additional information or assistance voting
their units should contact MMLP&#146;s proxy solicitor: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Innisfree M&amp;A Incorporated </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Toll-free at (877) <FONT STYLE="white-space:nowrap">750-8334</FONT> (from the U.S. and Canada) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>or at +1 (412) <FONT STYLE="white-space:nowrap">232-3651</FONT> (from other countries) </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Advisors </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Conflicts Committee engaged Munsch Hardt
Kopf&nbsp;&amp; Harr, P.C., Potter Anderson&nbsp;&amp; Corroon LLP, and Houlihan Lokey, Inc. as its legal and financial advisors. MRMC engaged Baker Botts L.L.P. and Wells Fargo Securities, LLC as its legal and financial advisors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About MMLP </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Martin Midstream Partners L.P. (NASDAQ: MMLP)
headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP&#146;s primary business lines include: (1)&nbsp;terminalling,
processing, and storage services for petroleum products and <FONT STYLE="white-space:nowrap">by-products;</FONT> (2)&nbsp;land and marine transportation services for petroleum products and <FONT STYLE="white-space:nowrap">by-products,</FONT>
chemicals, and specialty products; (3)&nbsp;sulfur and sulfur-based products </P>
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processing, manufacturing, marketing, and distribution; and (4)&nbsp;marketing, distribution, and transportation services for natural gas liquids and blending and packaging services for specialty
lubricants and grease. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn, Facebook, and X (formerly known as Twitter). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About MRMC </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MRMC, through its various subsidiaries, is an
independent provider of marketing and distribution of hydrocarbon and hydrocarbon <FONT STYLE="white-space:nowrap">by-products</FONT> including asphalt, diesel, natural gas liquids (&#147;NGLs&#148;), crude oil, base and process oils, and other bulk
tank liquids. Martin Resource LLC is a wholly owned subsidiary of MRMC that does not engage in any business other than owning 100% of the equity interests in the General Partner. Cross Oil Refining&nbsp;&amp; Marketing, Inc. is a wholly owned
subsidiary of MRMC and is engaged in the business of providing base and process oils. Martin Product Sales LLC is a wholly owned subsidiary of MRMC and is engaged in the business of marketing and distributing commodities including asphalt, NGLs, and
other petroleum based products. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release includes &#147;forward-looking statements&#148; as defined by the Securities and Exchange Commission (the &#147;SEC&#148;). Forward-looking
statements are identified by words such as &#147;anticipate,&#148; &#147;believe,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;plan,&#148; &#147;should,&#148; &#147;will&#148; or similar expressions. These forward-looking
statements and all references to the transaction described herein rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i)&nbsp;the ability of the parties to consummate the transaction in
the anticipated timeframe or at all, including MRMC&#146;s ability to fund the aggregate merger consideration; risks related to the satisfaction or waiver of the conditions to closing the transaction in the anticipated timeframe or at all; risks
related to obtaining the requisite regulatory approval and MMLP unitholder approval; disruption from the transaction making it more difficult to maintain business and operational relationships; significant transaction costs associated with the
transaction; and the risk of litigation and/or regulatory actions related to the transaction, (ii)&nbsp;uncertainties relating to MMLP&#146;s future cash flows and operations, (iii)&nbsp;MMLP&#146;s ability to pay future distributions,
(iv)&nbsp;future market conditions, (v)&nbsp;current and future governmental regulation, (vi)&nbsp;future taxation, and (vii)&nbsp;other factors, many of which are outside MMLP&#146;s control, which could cause actual results to differ materially
from such statements. While MMLP 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 MMLP&#146;s annual and quarterly reports filed from time to time with the SEC as well as MMLP&#146;s definitive proxy statement filed with the SEC on November&nbsp;27, 2024. Forward-looking
statements speak only as of the date they are made, and MMLP 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 except
where required to do so by law. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the proposed merger, MMLP has filed with the SEC and furnished to MMLP&#146;s unitholders the definitive proxy statement on Schedule 14A and
a proxy card. MMLP, MRMC and certain of their affiliates have jointly filed a transaction statement on Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> (the &#147;Schedule <FONT STYLE="white-space:nowrap">13E-3&#148;)</FONT> with the SEC. This
material is not a substitute for the Merger Agreement, the proxy statement or the Schedule <FONT STYLE="white-space:nowrap">13E-3</FONT> or for any other document that MMLP has filed with the SEC in connection with the
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proposed transaction. The final proxy statement was mailed to MMLP&#146;s unitholders on or about November&nbsp;27, 2024 to the unitholders of record as of the close of business on
November&nbsp;8, 2024. BEFORE MAKING ANY VOTING DECISION, MMLP&#146;S UNITHOLDERS ARE URGED TO READ THE MERGER AGREEMENT, THE PROXY STATEMENT AND THE SCHEDULE <FONT STYLE="white-space:nowrap">13E-3</FONT> AND ANY OTHER DOCUMENTS FILED WITH THE SEC
IN CONNECTION WITH THE PROPOSED MERGER OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT OR SCHEDULE <FONT STYLE="white-space:nowrap">13E-3</FONT> (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors and security holders may obtain free copies of the proxy statement and other relevant
documents filed with the SEC by MMLP through the website maintained by the SEC at www.sec.gov. In addition, the proxy statement, the Schedule <FONT STYLE="white-space:nowrap">13E-3,</FONT> and other documents filed with the SEC by MMLP are available
free of charge through MMLP&#146;s website at www.MMLP.com, in the &#147;Investor Relations&#148; tab, or by contacting MMLP&#146;s Investor Relations Department at (877) <FONT STYLE="white-space:nowrap">256-6644.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PARTICIPANTS IN THE SOLICITATION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MMLP and the directors
and executive officers of MMLP&#146;s general partner, and MRMC and its directors and executive officers, may be deemed to be participants in the solicitation of proxies from MMLP&#146;s unitholders in respect of the proposed merger. Information
regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the unitholders of MMLP in connection with the proposed transaction, including a description of their direct or indirect interests, by security
holdings or otherwise, are included in the proxy statement, as filed with the SEC on November&nbsp;27, 2024, and other relevant materials filed with the SEC. Information about the directors and executive officers of MMLP&#146;s general partner and
their ownership of MMLP common units is also set forth in MMLP&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2023, as previously filed with the SEC on February&nbsp;21, 2024. To the extent that their
holdings of MMLP&#146;s common units have changed since the amounts set forth in MMLP&#146;s Form <FONT STYLE="white-space:nowrap">10-K,</FONT> such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the
SEC. Free copies of these documents may be obtained as described in the paragraphs above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor Relations Contact: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sharon Taylor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President and Chief Financial
Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(877) <FONT STYLE="white-space:nowrap">256-6644</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ir@mmlp.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media Contact</B>: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Andrew Siegel / Melissa Johnson / Jenna Shinderman </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joele Frank
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">212.355.4449 </P>
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