USD Partners LP : USDP Investor Presentation (August 2021)

USD Partners LP Investor Presentation

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Cautionary Statements

• This presentation contains forward-looking statements within the meaning of U.S. federal securities laws, including statements related to USD Partners LP ("USDP" or the "Partnership"); volumes at, and demand for, the Partnership's terminals; the results of commercialization efforts by the Partnership and its sponsor, US Development Group, LLC ("USDG" or the "Sponsor"), including the ability of the Partnership and the Sponsor to achieve contract extensions, new customer agreements and expansions, including with respect to capacity subject to existing contracts at the Partnership's Hardisty and Stroud Terminals as they expire or otherwise terminate; the ability of the Partnership and the Sponsor to develop existing and future new projects and opportunities (including successful completion of the Sponsor's DRU and Port Arthur Terminal projects, and the buildout and commercialization of the Sponsor's Houston Ship Channel joint venture), whether those and other opportunities developed by the Sponsor would be made available for acquisition, or acquired by the Partnership, and whether and to the extent such projects would otherwise benefit the Partnership; the amount and timing of future distribution payments and distribution growth; the stability and predictability of the Partnership's cash flows; the Partnership's financial flexibility; the Partnership's plans with respect to leverage; the intention of Energy Capital Partners ("ECP") to invest in the Sponsor; Canadian oil sands production growth expectations and sensitivity to price movements; expectations with respect to end markets for Canadian oil sands production, pipeline capacity and the timing of completion of pipeline expansion projects; expectations related to crude oil spreads and their impact on demand for our terminalling services; expectations with respect to USDP's and USDG's ability to successfully execute on their commercial priorities and growth projects; expectations with respect to growth and opportunities in the Mexican refined products market; and the ability of the railroads serving our terminals to meet customer demand. These statements can be identified by the use of forward-looking terminology including "may," "believe," "will," "expect," "anticipate," "estimate," "continue," "goal," or other similar words. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other "forward-looking" information. These forward-looking statements involve risks and uncertainties. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this presentation, which could cause our actual results to differ materially from those contained in any forward- looking statement.
• A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. USDP believes that it has chosen

these assumptions or bases in good faith and that they are reasonable. You are cautioned not to place undue reliance on any forward-looking statements. The current economic downturn and pandemic introduces unusual risks and an inability to predict all risks that may impact the Partnership's business. Except as required by law, USDP undertakes no obligation to revise or update any forward- looking statement. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties:

• Changes in general economic conditions; the effects of competition in our industry, in particular, by pipelines and other terminalling facilities; the timing and completion of the DRU Project and Port Arthur Facility; our ability to obtain contracts for available capacity following termination of existing contracts; actions by third parties, including customers; Alberta bitumen production and diluent demand; shut-downs or cutbacks at upstream production facilities or refineries or other businesses to which we transport products; the supply of, and demand for, crude oil and biofuels rail terminalling services; our limited history as a separate public partnership; the price and availability of debt and equity financing; our ability to successfully implement our business plan; our ability to complete growth projects on time and on budget; hazards and operating risks that may not be fully covered by insurance; disruptions due to equipment interruption or failure at our facilities or third-party facilities on which our business is dependent; our ability to successfully identify and finance acquisitions and other growth opportunities; natural disasters, weather-related delays, casualty losses and other matters beyond our control; interest rates; labor relations; large customer defaults; changes in tax status; changes in laws or regulations to which we are subject, including compliance with environmental and operational safety regulations that may increase our costs; the coverage, price and availability of insurance; disruptions due to equipment interruption or failure at our facilities or third-party facilities on which our business is dependent; the effects of future litigation; and the factors discussed in the "Risk Factors" section of the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as updated by the Partnership's subsequently filed Quarterly Reports on Form 10-Q, which are available to the public at the U.S. Securities and Exchange Commission's website (www.sec.gov) and at the Partnership's website (www.usdpartners.com).
• DRUbitTM is a trademark of USDG and its affiliates.

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Overview of USD Partners LP

NYSE: USDP

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1. Growth-OrientedLogistics MLP with High-Quality Cash Flows

• Formed in 2014 by US Development Group to acquire, develop and operate midstream infrastructure and complementary logistics solutions
• • Assets primarily focused on the transportation of heavy crude oil from Western Canada to key demand centers across North America
• Substantially all of our operating cash flow is generated from multi-year,take-or-pay contracts with primarily investment grade customers

Other Fee-Based 2%

Take-or-Pay Contracts

98%

• • Including major integrated oil companies, refiners and marketers
• Assets provide multi-modal logistics services, including:
• • Railcar loading and unloading
  • Storage and blending in on-site tanks
  • Inbound and outbound pipeline connectivity
  • Truck transloading
  • Leased railcars and associated fleet services
• Units currently offer ~7% yield²
• No direct commodity exposure

Adjusted EBITDA driven by take-or-pay contracts¹

Primarily large, investment grade customers³

1. Pie chart represents the Partnership's Terminalling and Fleet Segment Adjusted EBITDA for the six months ended June 30, 2021 . Adjusted EBITDA is a non-GAAP measure. For a description of Adjusted EBITDA and a reconciliation to the most comparable measures calculated in accordance with GAAP, see the Appendix to this presentation.
2. Based on a closing price of $6.58 on 08/09/2021 and second quarter 2021 distribution of $0.116 per unit ($0.464 per unit annualized).
3. Includes selected terminal customers.

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Strategically Positioned Network Supports Significant Growth Opportunities

A competitive network with full-suite logistics solutions that meet customer needs in a dynamic energy market

Hardisty Origination

Terminal and Diluent

Recovery Unit ("DRU")

E X P R E S S P I P E L I N E

Casper Origination Terminal

Strategically Integrated Network

• Comprehensive solution for heavy crude oil from origin to destination
• Drives additional commercial opportunities
• Supports sustainability and future growth
• Potential for in-network flexibility
• Advantaged rates
• Terminalling assets are strategically located to address a portion of the expansion needs in the clean fuels transition

Overview of Assets

	West Colton Ethanol /		C U S H I N G				Stroud Destination Terminal
	Renewable Diesel Terminal

Asset	Description
Hardisty	Unit-train facility directly connected to Canada's
Terminal	Hardisty hub; capacity to load ~150 Mbbl/d
Hardisty South	Operating expansion of Hardisty Terminal; added

LEGEND

U S D P

T E R M I N A L S

S E L E C T U S D G

P R O J E C T S / A S S E T S

P E R M I A N

B A S I N

Port Arthur Terminal ("PAT")

C R U D E O I L , N G L S A N D R E F I N E D P R O D U C T S

Texas Deepwater and Deer

Park Rail Terminal

(USDG)	incremental capacity of ~112.5 Mbbl/d
	World-class diluent recovery unit located at Hardisty
DRU (USDG)	Terminal; owned in 50% / 50% joint venture with
Gibson (construction completed; expected in-service
	date in third quarter 2021)
	Newly-built,multi-modal terminal facility in Port
PAT (USDG)	Arthur, TX (construction of all major items completed;
	expected in-service date in third quarter 2021)
Stroud	Rail and storage terminal in Cushing, OK crude hub
Casper	Rail and storage terminal in Casper, WY
	Unit-train capable terminal transloading ethanol;
West Colton	Terminal recently modified to have the capability to
	transload renewable diesel by the end of 2021

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P A G E 5