Exhibit (c)(2)
Confidential Discussion Materials Comparison of American Midstream Partners, LP and TransMontaigne Partners L.P. Equity Market Capitalization and Enterprise Value ($ in millions, except per unit amounts) Equity Value and Enterprise Value Comparison AMID TLP Total LP Units Outstanding (Millions) 53.0 16.2 Total GP Units Outstanding (Millions) 0.7 0.3 Common Unit Price $6.05 $38.46 Total Equity Value $324.8 $636.6 Plus: Net Debt 1,054.6 578.1 Plus: Book Value of Preferred Equity 317.2 —Plus: Noncontrolling Interest 13.7 —Enterprise Value $1,710.3 $1,214.8 Common Units Owned by Public (Millions) 38.4 13.1 $ Value of Public Units $232.4 $502.1 % Common Units Owned by Public (Current) 72.5% 80.5% % Common Units Owned by Public on anAs-Converted Basis 50.9%2 80.5% Total Units Owned by Insiders (Millions)1 14.6 3.2 Total Units Owned by Insiders on anAs-Converted Basis (Millions)1 37.12 3.2 % Common Units Owned by Insiders (Current) 27.5% 19.5% % Common Units Owned by Insiders on anAs-Converted Basis 49.1% 19.5% As of September 28, 2018 Source: Partnership Filings, FactSet 1. Excludes units held by management 2. Assumes the conversion of 7,707,571 SeriesA-1 Convertible Preferred Units held by affiliates of ArcLight are converted into 8,926,909 AMID Common Units, 3,302,158 SeriesA-2 Convertible Preferred Units held by affiliates of ArcLight are converted into 3,824,559 AMID Common Units and 9,241,642 Series C Convertible Preferred Units are converted into 9,742,539 AMID Common Units