Martin Midstream Partners LP (MMLP)

[Investolator]

NEW YORK, July 29, 2024 /PRNewswire/ -- Nut Tree Capital Management L.P. ("Nut Tree") and Caspian Capital L.P. ("Caspian"), today sent a letter to the Conflicts Committee of the Board of Directors (the "Conflicts Committee") of Martin Midstream GP LLC (the "General Partner") notifying the Conflicts Committee of an increase to their fully financed offer to acquire Martin Midstream Partners L.P. ("MMLP" or the "Partnership") (Nasdaq: MMLP) for $4.50 per common unit in cash. This increased offer from the initial offer of $4.00 represents a 48% premium over the $3.05 per common unit offer made by Martin Resource Management Corporation ("MRMC") on May 24, 2024.

Nut Tree and Caspian believe their improved proposal is vastly superior to MRMC's proposal, which significantly undervalues MMLP and its future prospects, and that the MMLP unitholders who are unaffiliated with MRMC will find Nut Tree and Caspian's proposal more compelling, while providing equal or greater transaction certainty. With this increased offer, Nut Tree and Caspian maintain that they should be provided the opportunity to meet directly with the Conflicts Committee regarding their offer.