Selected Precedent Simplification Transactions Total Transaction Value ($mm) Consideration Mix (Cash / Stock) Announce Date Premiums Paid Acquiror Target 1-Day 30-Day 60-Day VTTI BV High 44.4% 60.0% 97.4% Source: Company filings, Factset. Note: Summary statistics exclude Hamm / Hiland. 1. Cheniere Energy, Inc. premiums as of undisturbed price (5/16/2018 less $0.56 dividend; CQH traded ex-dividend on 5/18/2018). Original offer of 0.4500x represented $28.24 per share. Final offer was a 9.5% premium to original offer price. 2. Transaction value represents 100% of enterprise value of pro forma consolidated entity. 1 Mean11.0%13.4%13.1% Median 8.7%10.4% 9.9% Low(8.6%)(6.0%)(23.5%) 6/19/2018 Holdings (1) $1,243(0% / 100%)12.9%11.3%11.6% 5/17/2018 $2,174(0% / 100%)0.0%0.9%(22.0%) 5/17/2018 $2,728(0% / 100%)0.0%(0.9%)(16.6%) 5/17/2018 $749(0% / 100%)0.0%0.8%(21.9%) 5/17/2018 $3,216(0% / 100%)5.2%5.2%5.0% 5/17/2018 $10,500(0% / 100%)6.4%19.5%5.8% 3/26/2018 $4,000(0% / 100%)0.6%(6.0%)(23.5%) 2/8/2018 $780(0% / 100%)1.7%12.0%3.2% 1/2/2018 $1,381(0% / 100%)23.4%24.8%2.7% 11/8/2017 $160(0% / 100%)2.0%19.2%36.5% 8/29/2017 $657(100% / 0%)15.2%7.5%16.2% 8/14/2017 $1,754(0% / 100%)6.4%(1.4%)2.4% 6/2/2017 $157(0% / 100%)5.8%(1.1%)4.6% 5/18/2017 $331(0% / 100%)20.1%16.3%27.0% 3/2/2017 $790(100% / 0%)1.9%10.0%8.8% 2/1/2017 (2) $17,229(0% / 100%)25.4%22.6%37.8% 1/27/2017 $170(0% / 100%)(8.6%)10.3%3.2% 11/21/2016 $44,676(0% / 100%)(0.2%)6.8%(1.6%) 9/26/2016 $1,848(100% / 0%)6.3%14.0%23.3% 8/1/2016 $351(0% / 100%)21.0%5.2%9.9% 5/31/2016 $734(0% / 100%)0.0%60.0%97.4% 12/21/2015 $1,825(53% / 47%)17.8%12.2%14.4% 11/3/2015 $11,327(0% / 100%)18.4%8.6%9.8% 5/13/2015 $21,054(0% / 100%)17.8%13.5%17.2% 5/6/2015 $5,052(0% / 100%)17.2%27.6%28.6% 4/6/2015 $484(0% / 100%)8.6%4.7%9.5% 1/26/2015 $17,963(1% / 99%)13.2%10.7%(14.1%) 8/10/2014 $50,209(12% / 88%)12.0%10.5%20.0% $10,635(0% / 100%)16.5%14.8%25.6% $10,162(12% / 88%)15.4%7.3%17.3% 6/15/2014 $36,655(0% / 100%)6.5%8.1%12.7% 8/27/2013 $938(0% / 100%)8.7%1.6%9.8% 2/23/2011 $3,305(0% / 100%)36.1%40.1%42.9% 7/29/2009 $61(100% / 0%)44.4%54.8%18.1% OSG America L.P. 6/29/2009 $5,894(0% / 100%)9.3%14.9%34.2% 1/15/2009Harold Hamm $67(100% / 0%)6.7% / 33.3%(7.0%) / 35.6%16.3% / 40.4% Premiums Paid

TransMontaigne Partners LP Comparables Trans-Buckeye Global Martin Magellan PBF Sprague USD Note: Median excludes TLP statistics. 1. Calculated using 25.0x equity value multiple on 2018E GP cash flows. TLP’s GP equity value assumed to be $400mm for illustrat ive purposes. 2 ($ in millions, except per unit data) Ticker Current Unit Price as of 6/19/18 % of 52-Week High LP Units Outstanding Median Montaigne Partners Partners LP Midstream Midstream Logistics Resources LP Partners LP TLP $37.98 80% 16.2 BPL GLP MMLP MMP PBFX SRLP USDP $36.39 $17.10 $13.85 $69.54 $21.20 $23.60 $11.05 55% 91% 70% 92% 95% 78% 92% 146.9 34.0 39.1 228.2 42.0 22.7 26.1 84% 10.6x 9.9x 9.0x 10.94% 12.53% 12.76% 12.37% 2.3% 2.5% 13.5% 1.3% 1.3% 1.04x 73.2% 3.5x 3.5x LP Equity Value $616.1 GP Equity Value (1) 400.0 $5,347.0 $581.3 $540.9 $15,868.7 $890.0 $536.4 $288.8 - 10.5 39.8 - 333.7 225.4 27.0 Total Equity Value $1,016.1 Non-Controlling Interest - Preferred Equity - MLP Total Debt 582.4 MLP Cash (0.9) Unconsolidated HoldCo Net Debt - $5,347.0 $591.9 $580.7 $15,868.7 $1,223.7 $761.8 $315.9 279.4 3.0 - - 170.9 - - - - - - - - - 4,703.1 1,210.1 795.1 4,523.3 597.2 692.1 201.8 (6.6) (11.7) (0.2) (74.2) (17.0) (5.6) (6.4) - - - - - - - Total Enterprise Value $1,597.6 Enterprise Value / 2018E EBITDA 11.6x 2019E EBITDA 10.5x 2020E EBITDA 9.8x MLP Statistics LQA Yield 8.27% 2018E DCF Yield 10.23% 2019E DCF Yield 10.90% 2020E DCF Yield 11.85% 2018 - 2020 Expected Distribution CAGR 7.2% 2018 - 2021 Expected Distribution CAGR 6.9% Implied Total Return 15.2% Current Split 50.0% % of Total Cash Distributed to GP 23.3% 2018E DCF per LP / LQA Coverage 1.24x Credit Statistics Total Debt / Total Book Capitalization 61.7% Total Debt / 2018E EBITDA 4.2x Net Debt / 2018E EBITDA 4.2x $10,323.0 $1,793.3 $1,375.6 $20,317.8 $1,974.8 $1,448.2 $511.4 9.6x 6.8x 8.8x 14.7x 12.6x 11.6x 9.0x 8.7x 8.2x 8.4x 13.8x 11.3x 11.2x 9.7x 8.1x 8.1x 8.2x 12.6x 9.8x 11.2x 9.9x 13.88% 10.82% 14.44% 5.39% 9.25% 11.06% 12.76% 12.78% 18.84% 14.07% 6.82% 8.85% 12.28% 14.98% 13.24% 13.29% 16.80% 7.11% 8.97% 12.28% 12.59% 13.91% 13.13% 17.71% 7.94% 9.92% 11.61% 12.32% - - 0.7% 6.0% 3.9% 6.5% - - - 1.2% 5.7% 3.9% 6.5% - 13.9% 10.8% 15.6% 11.1% 13.1% 17.6% 12.8% - 0.7% 2.0% - 50.0% 50.0% 15.0% - 0.7% 2.0% - 12.5% 10.4% 2.9% 0.92x 1.74x 0.97x 1.27x 0.96x 1.11x 1.17x 48.0% 73.4% 73.2% 67.9% 73.3% 78.5% 71.7% 4.4x 3.3x 5.1x 3.3x 3.8x 3.0x 3.5x 4.4x 3.2x 5.1x 3.2x 3.7x 3.0x 3.4x Trading Comparables

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