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TransMontaigne Partners L.P.

TransMontaigne Partners L.P. NAPTP 2013 Investor Conference May 22 nd 2013. Forward Looking Statements.

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TransMontaigne Partners L.P.

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  1. TransMontaigne Partners L.P. NAPTP 2013 Investor Conference May 22nd 2013

  2. Forward Looking Statements • All statements, other than statements of historical facts, contained herein and made by representatives of TransMontaigne Partners L.P. during this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future. These forward-looking statements are based on certain assumptions made by the Partnership based on management’s experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. • Any forward-looking statements contained herein or made by representatives of the Partnership during this presentation are subject to risks and uncertainties, many of which are beyond the Partnership’s ability to control or predict. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, then the Partnership’s actual results may differ materially from those implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from management’s expectations include a reduction in revenues from any of our significant customers upon which we rely for a substantial majority of our revenues, debt levels and restrictions in our debt agreements that may limit our operational flexibility, our ability to raise additional funds through equity or debt financings, the impact on our facilities or operations of extreme weather conditions, costs associated with environmental compliance and remediation, failure by any of our significant customers to continue to engage us to provide services after the expiration of existing terminaling services agreements, the impact of Morgan Stanley’s status as a bank holding company on its ability to conduct non banking activities, approve any “significant” acquisition or investment that we may propose or retain its investment in our general partner and other factors detailed in the Partnership’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2012 filed March 12, 2013. As a result of these risks and uncertainties, investors should not place undue reliance on forward-looking statements. • The Partnership undertakes no obligation to update any forward-looking statements, whether as a result of new information or future events.

  3. Company Overview

  4. Overview of TLP’s Business ($ in millions) NYSE: TLP 1 Market Cap : $661.0 TTM Revenue 3/31/2013: $159.0 TTM EBITDA 3/31/2013: $73.5 3/31/2013 Leverage: 3.35x • Primary operating regions: • US Gulf Coast; Southeast; Midwest; Brownsville, Texas; and along the Mississippi and Ohio Rivers. • Controlled by affiliates of Morgan Stanley including TransMontaigne Inc. (“TMG”). • Publicly traded master limited partnership providing refined petroleum products terminaling and transportation services. Key Partnership Metrics (1) As of 5/17/2013. L.P. units only. Products Handled Net Margin By Region 4

  5. Area of Operations 5

  6. Business Highlights Stable, fee-based cash flows from terminaling services agreements. Term contracts with customers. No material direct commodity price risk. Current size results in significant accretion potential from relatively small acquisitions and expansion projects. Experienced management team. 6

  7. Key Customer Relationships U.S. Government 7

  8. Terminal Capacity 8

  9. Growth Projects and Possibilities Bostco Phase I construction is well underway. Bostco Phase IA - 900,000 barrels of distillate storage at an estimated cost of $54 million should commence this yes. TLP’s 42.5% share is expected to be approximately $23 million. Projects Possibilities • Drop downs from TransMontaigne Inc. • Ethanol systems in the Southeast. • Hydrant system in Port Everglades. • Available capacity at River terminals. • Tankage reactivations. • Butane blending at multiple locations. • Opportunities stemming from the crude oil initiative at TransMontaigne Inc. • New projects at Frontera. 9

  10. Bostco Overview • Bostco is currently constructing a new black oil terminal in the Houston Ship Channel with approximately 6.1 million barrels of Phase I capacity and a total expected capital investment of approximately $425 million. • TransMontaigne Partners owns 42.5% of Bostco and Kinder Morgan owns 55%. • We acquired our interest at the end of 2012 and expect to invest approximately $183 million during Phase I. • Limited operations should commence during the 4th quarter of 2013 and all tanks are expected to be operational by the middle of 2014. • Phase I of Bostco is fully contracted on a long-term basis.

  11. Bostco Phases • Later this year we expect Bostco to commence construction of a second phase encompassing 900,000 barrels of distillate storage at an estimated cost of $54 million. • A third phase, with an additional 3 million barrels of black oil and distillate storage, is in the early planning stages and could cost approximately $250 million.

  12. Houston Ship Channel Refinery Complex In 2011, Texas’s 26 petroleum refineries had a capacity of over 4.7 million barrels of crude oil per day and accounted for 27 percent of total U.S. refining capacity. 12

  13. Bostco Advantages • Its location and design will make Bostco highly competitive. • The deep water docks are designed to maximize loading and unloading efficiency, which is a common problem at competing terminals. • The tanks are configured for optimum utilization and minimal interface/product regrades thereby reducing costs for customers. • Market analysis indicates that key global fuel oil deficit markets will continue to be supplied on a long haul basis from the US Gulf Coast. • Bostco is well positioned to meet this increasing demand for export capacity.

  14. Financial Update

  15. Consistent Performance Historical EBITDA Historical Leverage Distributable Cash Flow Capital Expenditures 15

  16. Insulation from Commodity Price Volitility 16

  17. Results of Operations 17

  18. Structure of Terminaling Services Agreements

  19. Duration of Firm Commitments The remaining terms on the terminaling services agreements that generated “firm commitments” for the three months ended March 31, 2013 were: Duration of Committed Contracts as of March 31, 2013

  20. Quarterly Distribution History (1) 20

  21. Distribution Coverage 21

  22. 1st Quarter 2013 Financial Performance • Distributable cash flow of $17.8 million as compared to $16.0 million for the year-ago quarter. The $17.8 million is an all-time quarterly high for TransMontaigne Partners L.P. • Revenue of $41.6 million as compared to $38.8 million for the year-ago quarter. • Direct operating costs and expenses of $16.7 million as compared to $14.0 million for the year-ago quarter. • Quarterly distribution per limited partner unit of $0.64 as compared to $0.63 per unit for the year-ago quarter. • Distribution cushion of 1.68x. • Leverage ratio of debt to EBITDA of 3.35x.

  23. Liquidity and Capital Resources • Our credit facility provides for a maximum borrowing line of credit equal to $350 million, and allows us to make up to $300 million of investments in Bostco. At March 31, 2013, our outstanding borrowings were $246 million, and our investments in the Bostco construction project were approximately $136 million. • At March 31, 2013, the remaining expenditures to complete the approved additional investments and expansion capital projects are estimated to be approximately $50 million, which most all of this is committed to Bostco. We expect to fund our additional investments and capital expenditures with borrowings under our credit facility.

  24. Key Considerations High Quality, Diversified Assets • Leading presence in five core geographic regions. • Term contracts with high-quality industry participants. • Focus on fee-based contracts with commitments. • Limited direct commodity price exposure. Strong Financial Profile • Strong financial profile. • Average historical Leverage Ratio of 2.2x over the past four fiscal years (Debt to EBITDA). • At March 31, 2013 unused borrowing capacity of $104 million. • Distribution coverage for 2012, 2011, 2010, and 2009 of 38%, 33%, 39% and 33%, respectively. Unique Operating Platform • Experienced and proven management team and board. • Half of the board consists of independent directors. • Integrated platform capitalizing on strengths of TLP, TMG and MSCG. 24

  25. Appendix

  26. Gulf Coast Terminal Operations • Terminal locations include Port Everglades North, Port Everglades South, Jacksonville, Cape Canaveral, Port Manatee, Fisher Island, Tampa and Pensacola. • Total active storage capacity of 6.9 million barrels. • Supply modes include vessel, truck and rail. • Delivery modes include pipeline, truck, rail and vessel. • Products handled include gasoline, distillate, residual fuel oil, asphalt, jet fuel, crude oil, bio-diesel and marine fuel. • There are no major product supply pipelines into Florida and no refineries within Florida. • The Florida market has a diversity of supply alternatives (Europe, Gulf Coast, Caribbean and Latin America). • Ports served are among the busiest cruise ship ports in the nation. • Significant customers include MSCG and Marathon. 26

  27. Southeast Terminal Operations 22 refined product terminals located at various points along the Plantation and Colonial pipeline corridors with active storage capacity of approximately 10 million barrels. Distribution of product is primarily by truck. Principal customers include MSCG and the United States government. 27

  28. Brownsville Terminal Operations Brownsville is ideally located to handle liquid products movements between the Gulf of Mexico, northern Mexico and the United States. Products handled include gasoline, diesel, condensate, VGO, LPG, asphalt, lube oil, wax, vegetable oil and chemicals. Operations at Brownsville include managing and operating a pipeline between Brownsville and Cadereyta on behalf of PMI, an affiliate of Mexico’s state-owned energy company, PEMEX. Supply and delivery modes include vessel, pipeline, truck and rail. On April 1, 2011, formed a 50/50 JV with PMI (a/k/a Frontera) with approximately 1.5 million barrels of light product tankage in Brownsville. Received proceeds from PMI of $25.6 million. TLP operates 100% of the terminal including Frontera. The JV helps secure our customer relationship with PMI and aligns interests on future development and expansion at the Port of Brownsville. Total active storage capacity of 2.4 million barrels (including Frontera). 28

  29. River Terminal Operations • 12 terminal locations along the Mississippi and Ohio Rivers. • Total active storage capacity of 2.8 million barrels. • Supply is by barge and delivery is by truck and barge. • Products handled include distillate, gasoline, transmix, fertilizer, ethanol, xylene, hexane, toluene, caustic soda, mineral spirits, water, VGO, asphalt and vegetable oil. • Principal customer is Valero. • Our Baton Rouge, Louisiana dock forms a connection between the Colonial Pipeline and Mississippi River waterborne transportation. 29

  30. Midwest Pipeline and Terminal Operations Terminal locations include Cushing, Rogers, Mt. Vernon and Oklahoma City. Total active storage capacity of 1.6 million barrels. Supply and delivery modes include truck and pipeline. Products handled include crude oil, gasoline, ethanol, transmix and distillate. August 1, 2012 we completed construction and placed into operation 1 million barrels of crude oil storage in Cushing, Oklahoma. We have a long-term TSA with MSCG at this facility. The Razorback Pipeline is FERC regulated and MSCG is currently the only shipper. The Razorback Pipeline originates at our Mt. Vernon, Missouri terminal and delivers product to our Rogers terminal in northwest Arkansas. Rogers is the only refined petroleum products terminal located in northwest Arkansas. From this location TMG delivers products to branded gasoline retailers. Principal customers include MSCG and Shell Oil Products U.S. 30

  31. Ownership Structure Public Unitholders Morgan Stanleyand Affiliates 100% Interest TransMontaigne Inc. and Affiliates 76% Interest (Limited Partner) 19% Interest (Limited Partner) 100% Interest TransMontaigne GP L.L.C. (the General Partner) 2% Interest (General Partner) TransMontaigne Partners L.P. (the Partnership) 3% Interest (Limited Partner) 42.5% Interest 100% Interest 50% Interest Bostco LLC Operating Subsidiaries Frontera Brownsville LLC 31

  32. Business Activities MSCG is the principal commodities trading arm of Morgan Stanley. Its trading and risk management activities cover a broad spectrum of the energy industry with extensive resources dedicated to refined product supply and transportation. Morgan Stanleyand Affiliates TransMontaigne Inc. (“TMG”) is a leading distributor of unbranded refined petroleum products to independent wholesalers and industrial and commercial end users, delivering approximately 0.3 million barrels per day throughout the United States, primarily in the Gulf Coast, Southeast and Midwest regions. TransMontaigne Inc. and Affiliates TransMontaigne GP L.L.C. is our general partner and has sole responsibility for conducting our business and managing our operations. TransMontaigne GP L.L.C. TransMontaigne Partners L.P. (“TLP”) provides integrated terminaling, storage, transportation and related services for customers engaged in the distribution and marketing of light refined petroleum products, heavy refined petroleum products, crude oil, chemicals, fertilizers and other liquid products. TransMontaigne Partners L.P. 32

  33. Results of Operations by Region 33

  34. Distribution Coverage 34

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