Peter C. Boylan III – Chairman & CEO

Les Austin – Vice President & CFO

Capital Link’s 2nd Annual Master Limited Partnership Investing Forum

March 5, 2015

Confidential

NYSE: CELP

2 Confidential

LEGAL INFORMATION

Some of the statements in this presentation concerning future performance are forward-looking within the meaning of U.S. securities laws.

Forward-looking statements discuss the Company’s future expectations, contain projections of results of operations or of financial condition,

forecasts of future events or state other forward-looking information. Words such as “may,” “assume,” “forecast,” “position,” “strategy,” “expect,”

“intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify

forward-looking statements. Forward-looking statements may include statements that relate to, among other things, availability of cash flow to pay

minimum quarterly distributions on the Company’s common units; the consummation of financing, acquisition or disposition transactions and the

effect thereof on the Company’s business; the Company’s existing or future indebtedness and credit facilities; the Company’s liquidity, results of

operations and financial condition; future legislation and changes in regulations or governmental policies or changes in enforcement or

interpretations thereof; changes in energy policy; increases in energy conservation efforts; technological advances; volatility in the capital and

credit markets; the impact of worldwide economic and political conditions; the impact of wars and acts of terrorism; weather conditions or

catastrophic weather-related damage; earthquakes and other natural disasters; unexpected environmental liabilities; the outcome of pending or

future litigation; and other factors, including those discussed in “Risk Factors” section of our annual report on Form 10-K. Except for historical

information contained in this presentation, the matters discussed in this presentation include forward-looking statements that involve risks and

uncertainties. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions to these

forward-looking statements that may be made to reflect any future events or circumstances after the date of such statements or to reflect the

occurrence of anticipated and unanticipated events. Forward-looking statements are not guarantees of future performance or an assurance that the

Company’s current assumptions or projections are valid. Actual results may differ materially from those projected. You are strongly encouraged to

closely consider the additional disclosures and risk factors contained in the prospectus.

3 Confidential

• You can not deliver oil, natural gas, or other products to end

users (refineries, gas plants, homes, factories, storage, etc.)

without pipelines that require inspection services.

• Tulsa Inspection Resources, LLC (TIR)

− 100% wholly owned subsidiary

− 50.1% interest in TIR entities held by CELP at IPO;

Remaining 49.9% acquired in February 2015 drop down

• Large provider of independent services

− Pipelines and related infrastructures

− Oil, natural gas, refined products, PUC’s, storage, gas plants,

compressor stations, etc.

− North America - U.S. and Canada

− Proprietary database of 12,000+ inspectors

− 1,648 average inspectors employed during 3Q14

• Recurring revenue opportunities given maintenance,

repair & operations (MRO) activities

Pipeline Inspection & Integrity Services (PI&IS)Water & Environmental Services (W&ES)

• You can not produce oil or natural gas without producing

saltwater that needs to be properly managed.

• Saltwater disposal is regulated by various states and the US

EPA to protect the environment.

• CELP has 11 Owned SWD facilities

− High quality new construction & well bores

− Avg. disposal volume of ~ 52,000 barrels per day (BPD)

during 9 months ended 9/30/14

− >80% YTD volume is produced and piped water (not

flowback tied to new drilling)

− Capacity to grow volumes, ~ 34% YTD avg. utilization

− Annual injection capacity of ~ 50 million barrels

− 4 facilities currently receive piped water directly from oil &

gas wells owned by E&P companies

• Manage 3 additional facilities in Bakken

CYPRESS ENERGY PARTNERS (“CELP”) OVERVIEW

(1) Includes 100% of W&ES and 100% of PI&IS.

Serves Energy Companies

% of CELP 3Q14 YTD Gross Margin: 28.9%(1) % of CELP 3Q14 YTD Gross Margin: 71.1%(1)

4 Confidential

CELP VISION & LONG TERM STRATEGY

Build a great diversified MLP focused on long term growth

• We completed our first drop down of the remaining 49.9% of our pipeline inspection business not owned by

CELP in February 2015 in an accretive all cash transaction.

• We announced our Q4 dividend would remain unchanged from Q3.

• We have a broad IRS private letter ruling (“PLR”) that provides for wonderful diversification opportunities

and expansion into some areas that have previously not been MLP eligible.

• We started with two legs under our chair (Pipeline Inspection & Integrity and Water & Environmental

services) with plans to diversify into other lines of business over time including traditional midstream assets.

• We have assembled a talented, experienced management team and a world class board of directors with over

200 years of energy experience.

• We completed our IPO in January 2014 and founders and management retained ~ 64% of the LP and 100%

of the general partner. We were 4.5x oversubscribed at IPO and have held up reasonably well despite

dramatic changes in the energy industry. We exceeded our dividend plans in the first year as a public entity.

• We looked at over 60 acquisition opportunities and fortunately exercised outstanding discipline/diligence and

avoided paying inflated prices for assets in 2nd half of 2013 and all of 2014.

• We increased our credit facility in October 2014 by >65% to $200 million providing great flexibility to grow.

Recent Events

5 Confidential

CELP GROWTH OPPORTUNITIES – BROAD PLR

Qualifying Income Under Existing Private Letter Ruling

• Removal, treatment, recycling & disposal of flowback and produced water. (SWD’s, transportation,

pipelines, etc.)

• Removal, treatment, recycling & disposal of completion fluids, drilling mud, drill cuttings, contaminated

soil, tank bottoms, pit water and fracturing fluids

• Removal, treatment, recycling & disposal of fluids from cleaning storage tanks, trucks and equipment

• Marketing & distribution of chemicals and salvaged hydrocarbons

• Infrastructure inspection required by law including oil & gas pipelines or gathering systems, drilling, E&P,

mineral & natural resources and mining

• Transportation & heating of frac water

• Design, own, manage & operate rail, and rail transportation assets

• Communications for remote monitoring of E&P assets

The IRS has not issued any new PLR’s for the last 10+ months while they review policy.

6 Confidential

CUSTOMERS AND REVENUE

• We serve over 50+ customers including dozens of blue chip

publicly-traded E&P companies including but not limited to

Anadarko, Hess, Royal Dutch Shell, Devon, Continental, Whiting,

Cimarex, BHP, etc.

• Two methods of saltwater transport

− Trucking is primary method of transporting saltwater today(1)

− Pipeline is alternative preferred method for transporting

saltwater from oil & gas wells to SWD facility(2)

• Producers increasingly favor piping, given trucking cost, carbon

footprint, road damage, safety, weight limits and liability issues

• Disposal can be transportation-intensive; transportation is > 70% of

Williston producers’ total water handling and disposal costs(3)

• SWD facility charges a fee per barrel of saltwater disposed.

- Produced water – for life of oil & gas well

- Flow back water – immediately after completion of well

• SWD facility sells residual oil

• TIR has over 60+ clients in North America and majority are

publicly-traded investment grade companies. PG&E,

Sempra, OneOK, Williams, DCP, Enterprise, Plains, etc.

• Midstream pipeline companies are historically

the largest consumers of independent

inspection & integrity services

• Oil & gas producers with gathering systems are customers that are

subject to additional scrutiny & regulations

• Local Distribution Companies (“LDCs”) and Public Utility

Companies (“PUCs”) represent small but growing component

customer base

− Recent high profile LDC/PUC accidents have increased

regulatory oversight. PG&E San Bruno, CA incident.

− Like gathering systems, utility pipelines are subject to

additional scrutiny due to recent regulations

• Customers typically pay daily rate per inspector as well as per

diems/expenses. Can be hourly in some markets.

• Inspector utilization is generally 100% as they are typically paid

only when billable. Non-destructive examination can be different.

Pipeline Inspection & Integrity Services (PI&IS)

Water & Environmental Services (W&ES)

(1) CELP does not own trucks but serves trucking companies.

(2) CELP has 4 facilities that currently receive piped water, and a producer is in the process of building pipelines to CELP facilities. Additional piping opportunities under

discussion.

(3) Source: Current market rates per bbl + disposal for produced water.

7 Confidential

LEADER IN INDEPENDENT INSPECTION• Strong long-term relationships with customers and

inspectors

− Proprietary database of

12,000+ inspectors

• Serve 60+ customers across

North America in >45 states + Canada(1)

• Growing revenue & new customers

(1) Customer and state counts for the three months ended September 30, 2014.

Average TIR Inspector Headcount Per Quarter

TIR’s Top Customers By Revenue – 9 Months 9/30/14 (In Alpha Order)

462 530

727 716

689

799

1,035

1,153

1,180 1,303

1,667 1,745

1,506 1,434 1,648

1,552

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Q1 Q2 Q3 Q4

2011 2012 2013 2014Num

$-

$100.0

$200.0

$300.0

$400.0

2011 2012 2013 9 Months'13

9 Months'14

TIR Revenue $ In Millions

8 Confidential

COMPETITIVE LANDSCAPE

• Certain producers with private SWD

facilities serving own production

• Service providers with commercial SWD

facilities serving producers (piping),

vertically integrated trucking companies and

third party trucking companies

• Highly fragmented market of oil & gas

industry(1)

• NGL Energy Partners (NGL) has been

actively acquiring businesses within the

water services sector.

• Ferrellgas Partners, L.P (FGP) entered sector

with Eagle Ford purchase in 2014.

• In-house personnel

• Engineering & construction (E&C)

companies

• Independent inspection & integrity services

companies

• Examples: Wood Group/Mustang (E&C);

Intertek/Moody Int’l, Houston Inspection,

Mistras, Applied

• TIR is believed to be one of the leading

providers of independent inspectors to the

North American pipeline industry

(1) For example, data available from the Texas Railroad Commission lists over 900 operators owning approximately 2,500 commercial SWD wells in Texas with the largest

operator having 73 SWD wells and several hundred operators owning only a single SWD well.

Cypress was 1st IPO in W&ES as well as in PI&IS

Pipeline Inspection & Integrity Services (PI&IS)

Water & Environmental Services

(W&ES)

9 Confidential

PIPELINES ARE ESSENTIAL FOR OUR ENERGY SUPPLY

You must inspect pipelines regularly pursuant to various state and federal

laws. The U.S. has millions of miles of pipelines & gathering systems and

continues to build more to support the countries energy requirements.

Hydrocarbons are corrosive by nature and eventually require pipeline repair &

replacement.

10 Confidential

INSPECTION DEMAND DRIVERS AND TRENDS

1. Substantial existing infrastructure is aging

− ~ 2.3+ million miles of transmission and

distribution pipelines in U.S. plus

millions of miles of gathering systems(1)

(1) Source: Pipeline and Hazardous Materials Safety Administration (PHMSA), U.S. Department of Transportation main website.

(2) Source: INGAA North American Midstream Infrastructure Through 2035, March 2014.

(3) Source: Stifel Diversified Industrials Industries Update, February 2015.

4. Operators of pipelines and related infrastructure are facing increasingly stringent

government regulations and safety requirements, are not staffed to address and are

increasingly preferring to outsource for independence and avoidance of permanent

overheads

2014-2035 Infrastructure Investment(2)

(U.S. Dollars in Billions of 2012$)

Western, $14

Arctic, $1

Canada, $139

Central, $109

Midwest, $29

Northeast , $81

Offshore, $5

Southeast, $39

Southwest, $223

2. Expanding infrastructures with shifts in

energy production and consumption

− $640+ billion will need to be invested in

North American energy infrastructure

from 2014-2035(2)

3. ~ 12% growth projected in overall pipeline

market (gathering, midstream and long-

haul) in 2015 after assuming a 25% decline

in gathering related activities.(3)

11 Confidential

LIQUID PETROLEUM PIPELINES More than 190,000 miles of liquid petroleum pipelines traverse the United States. They connect producing

areas to refineries and chemical plants while delivering the products American consumers and businesses

need. They move crude oil from oil fields on land and offshore to refineries where it is turned into fuels and

other products, then from the refineries to terminals where fuels are trucked to retail outlets. Pipelines

operate safely 24 hours a day, seven days a week.

12 Confidential

NATURAL GAS PIPELINE NETWORKS • The U.S. natural gas pipeline network is a highly integrated transmission and

distribution grid that can transport natural gas to and from nearly any location in the

lower 48 States.

• The natural gas pipeline grid comprises:

• More than 210 natural gas pipeline systems.

• 305,000 miles of interstate and intrastate transmission pipelines

• More than 1,400 compressor stations that maintain pressure on the natural gas

pipeline network and assure continuous forward movement of supplies

• More than 11,000 delivery points, 5,000 receipt points, and 1,400

interconnection points that provide for the transfer of natural gas throughout the

United States.

• 24 hubs or market centers that provide additional interconnections

• 400 underground natural gas storage facilities

• 49 locations where natural gas can be imported/exported via pipelines

• 8 LNG (liquefied natural gas) import facilities and 100 LNG peaking facilities

13 Confidential

• Regulations require pipeline operators to develop integrity management programs and

conduct inspections, with operators outsourcing elements

PIPELINE INSPECTION & INTEGRITY SERVICES

Pipeline Inspection Is A Growing,

Multi-Billion Dollar Annual Market

End

Users

Wellhead Gathering System Processing/Treating

Facilities

Pipelines/Transportation

Lines/Storage Facilities

Construction and Repair

Management

Project supervision and

coordination of field

activities

Dig site excavation oversight

Defect assessments and

mapping/surveying

Documentation

Staking Services

AGM placement

Dig site staking

In-line Inspection

Smart pigs

Pig tracking

Other Non-destructive Examination (NDE) Inspection

Visual/aerial

X-ray

Ultrasonic

Other testing

Data and Integrity Program

Management Services

Smart pig and other NDE

inspection data

Anomaly and above ground

marker (AGM) reports

Automated dig sheet

generation

= Current TIR Activities

14 Confidential

NON-DESTRUCTIVE EXAMINATION (“NDE”)

State-of-the-art new digital NDE automated pipe scanner and analysis technology 5x +

faster than previous technology utilized by competitors. Hand scanner 50X faster than

prior tools.

15 Confidential

AGING U.S. PIPELINE INFRASTRUCTURE

12%

48%

30%

10%

0%

10%

20%

30%

40%

50%

60%

Pre-1950 1950-1969 1970-1999 2000-2009

U.S Pipeline Age Distribution by Date of

Installation• Aging U.S. oil & gas pipeline infrastructure will

drive demand for pipeline services.

• Nearly 60% of the United States’ pipelines are over

40 years old.

• In the late 1980’s and during the 1990’s, low

commodity prices led to lower levels of exploration

and production activity and under-investment in

infrastructure.

• Pipelines vary in size (OD) and pipe wall thickness

This presents a growing opportunity for pipeline

construction, testing, maintenance and repair services.

20%

31%14%

6%

9%

4%

16%

Causes of Gas Transmission Pipeline Incidents

Corrosion

Material or Weld Failures

Excavation Damage

Natural Forces

Other Outside Forces

Incorrect Operation

Other

• Pipeline failures are often caused by

detectable/preventable factors.

• 51% of transmission line failure is the result of aged

or dilapidated infrastructure.

• Pipeline inspection and integrity services such as

pig tracking, mobile x-ray/ultrasonic testing, and

other inspection can identify anomalies before they

lead to bigger problems.

Sources: Interstate Natural Gas Associates of America and U.S. Department of

Transportation

16 Confidential

CYPRESS’ OWNED SWD FACILITIES (1)

Mountrail County, ND Facility (2 Wells)

• Opened June 2012

• 4,000+ feet deep SWD injection zone

• 2 well bores with ~ 28,000 BPD of capacity

• (3) piped water lines – Public E&P client

• DVR security systems

• Automation systems

(1) Cypress facilities are up to 30 acres.

9 Owned ND Facilities

2 Owned TX Facilities

SWD facility

SWD facility with piped water

17 Confidential

SWD FACILITY OVERVIEW(1)

• Subsurface injection deep into the earth away from

drinking water at an SWD facility is industry standard

method of saltwater disposal

• EPA Class II injection wells have multiple layers of

protection in design to protect the environment

• SWD facility: unload, filtration, separation, treatment,

tanks (water and oil), pumps, disposal well(s) and

associated equipment

• Residual (skim) oil is separated from saltwater and

saltwater is injected deep underground. Oil then sold

(1) SWD wells are regulated by U.S. EPA as Class II injection wells.

CELP Injection Interval > 4,000’

18 Confidential

WATER & ENVIRONMENTAL SERVICES

(1) Source: University of North Dakota Study of Bakken wells, April 2010.

Water Handling And

Disposal Is A Growing,

Multi-Billion Dollar Annual Market

Flowback: up to 47% of

injected water within 10 days(1)

Water

Acquisition

Fracturing

Fluid Mixing

Fracturing

Fluid Injection

Production of Oil/Gas

And SaltwaterWell Completion

Produced Water

Transportation

Saltwater

Disposal (SWD)

Flowback Water

Transportation

RecyclingSaltwater Injection

Residual

Oil Sales

= Current Cypress Activities

Pipeline

19 Confidential

INCREASING DISPOSED VOLUMES

• Cypress’ first SWD facility began service in June 2011

− Disposed saltwater volumes have increased from 0.6 million barrels in

Q3 2011 to as high as 5.5 million barrels in Q3 2014

Cypress Disposed Volumes Of Saltwater

(1) Only one month of operations.

(1)

0

2

4

6

8

10

12

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

5,500,000

6,000,000

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014Quarterly Disposed Volumes Of Saltwater In Barrels Average Number of SWD Facilities

Barrels 100% Owned Facilities

Extreme

winter

20 Confidential

CELP GROWTH OPPORTUNITIESOrganic Growth And Existing Opportunities

• Build, acquire, or JV additional lines of business in pipeline inspection and integrity. (e.g.

hydro testing, nitrogen services, pigging, software, aerial inspection, etc.)

• Multiple SWD facilities in U.S. (e.g., TX/NM Permian, Bakken, Eagle Ford, Utica,

OK Panhandle) including piped facilities

• Associated W&ES services (e.g., oil reclamation, chemicals, water transfer, landfills, etc.)

• Penetrate new pipeline inspection customers and increase share of spending with existing

• Grow our non-destructive examination (“NDE”) services with existing and new clients

• Increased utilization of existing SWD’s that have substantial incremental capacity

• Partnering opportunities with producers (e.g., piping water to CELP SWD facilities)

• Additional SWD facility management opportunities (likely some bank foreclosures coming)

• First right to negotiate with ND Partner on other SBG entities (e.g., pipelines, opportunities,

diesel wholesale venture, rail spur, transportation assets, etc.)

Additional Acquisition Opportunities

21 Confidential

IPO SUMMARY – JANUARY 21ST, 2014Company: Cypress Energy Partners, L.P. (NYSE: CELP)

Common units sold: 4,312,500 units (~ 4.5x oversubscribed)

Offering size: $86.25 million

IPO Price per unit: $20.00 (Yield of 7.75%); Current Yield ~ 8.65% @ $18.80

(2/27/15)

Minimum quarterly distribution:

Unplanned quarterly increases:

$0.3875 per unit ($1.55 annualized) for 2014

Q2 2014 $0.3968; Q3 2014 $0.4064; Q4 2014 $0.4064

Equity market value: ~ $222 million (11,826,000 total units outstanding)

9 Months Distribution coverage: 1.04x total unit coverage, 2.08x common unit coverage

Expected tax shield: ≥ 80%

% Owned by Founders/MGMT:

Average daily trading volume:

Credit facility:

~ 64% of LP & 100% of GP

49,500 Trailing 90 days

~ $70 million available on $200 million facility (after $52.6

million acquisition of remaining 49.9% of TIR). $125 million

accordion available

NOTE: This presentation is not an offering of securities.

22 Confidential

TIR DROPDOWN OVERVIEW

CELP previously had full control of all TIR entities but only owned

50.1% of equity and ~ 58% of DCF.

CELP public credit facility previously supported 100% of TIR and had

all of its collateral

Given GAAP accounting, CELP previously consolidated 100% of the

EBITDA of TIR and then backed out the 49.9% minority interest,

before determining distributable cash flow (“DCF”)

This dropdown had been discussed and considered dating back to our

IPO and first Board meeting as a public company in March 2014 and

each subsequent Board meeting

In the 3Q 2014 earnings release issued 11/12/14, we disclosed to

investors our plans to drop all or a portion of TIR’s minority interest in

the near future.

23 Confidential

Third Quarter 2014 Highlights

• Declared cash distribution of $4.8 million

• Distributable cash flow of $5.2 million

• Adjusted EBITDA was $7.9 million for the quarter:

• Attributable to non-controlling interests - $2.6

million

• Attributable to CELP - $5.3 million

• Net income was $5.1 million for the quarter:

• Attributable to non-controlling interests - $1.5

million

• Attributable to CELP - $3.6 million

PI&IS Summary(1)

CONSOLIDATED CELP FINANCIAL PERFORMANCE: 3 MONTHS ENDED

Revenue(2) And Adjusted EBITDA(2)

W&ES Summary

Revenue

Adj. EBITDA

(1) Includes 100% of PI&IS.

(2) Includes 100% of W&ES and 100% of PI&IS.

Disposal Volume

Revenue

(4)

Avg. # of Inspectors

Revenue

5.1 5.5

$6.1 $6.0

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

0

1

2

3

4

5

6

7

8

9

10

9/30/13PF 9/30/14

Rev

enu

e (D

oll

ars

in

Mil

lio

ns)

Dis

po

sed

Sa

ltw

ate

r (

MM

Bb

l)

3 Months Ended

1,667 1,648

$110.9 $105.0

$100

$200

0

500

1,000

1,500

2,000

9/30/13PF 9/30/14

Rev

enu

e (D

oll

ars

in

Mil

lio

ns)

Av

era

ge

Nu

mb

er o

f In

spec

tors

3 Months Ended

$117.0 $111.0

$8.8 $7.9

$0

$2

$4

$6

$8

$10

$0

$20

$40

$60

$80

$100

$120

$140

9/30/13PF 9/30/14

Ad

j. E

BIT

DA

(D

oll

ars

in

Millio

ns)

Rev

enu

e (D

oll

ars

in

Millio

ns)

3 Months Ended

24 Confidential

Year To Date Highlights

• Distributable cash flow of $13.5 million for the period

from January 21, 2014 through September 30, 2014

• Adjusted EBITDA was $21.8 million for the nine

months ended:

• Attributable to non-controlling interests - $6.3

million

• Attributable to CELP - $15.5 million

• Net income was $13.5 million for the nine months

ended:

• Attributable to non-controlling interests - $3.5

million

• Attributable to CELP - $10.0 million

PI&IS Summary(1)

CONSOLIDATED CELP FINANCIAL PERFORMANCE: 9 MONTHS ENDED

Revenue(2) And Adjusted EBITDA(2)

W&ES Summary

Revenue

Adj. EBITDA

(1) Includes 100% of PI&IS (Since 6-26-13 for 9/30/13PF).

(2) Includes 100% of W&ES and 100% of PI&IS (Since 6-26-13 for 9/30/13PF).

Disposal Volume

Revenue

(4)

Avg. # of Inspectors

Revenue

14.5 14.2

$16.5 $17.2

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

0

2

4

6

8

10

12

14

16

18

20

9/30/13PF 9/30/14

Rev

enu

e (D

oll

ars

in

Mil

lio

ns)

Dis

po

sed

Sa

ltw

ate

r (

MM

Bb

l)

9 Months Ended

1,383 1,530

$115.0

$285.0

$0

$100

$200

$300

0

500

1,000

1,500

2,000

9/30/13PF 9/30/14

Rev

en

ue (

Do

llars

in

Millio

ns)

Av

era

ge N

um

ber

of

Insp

ecto

rs

9 Months Ended

$131.5

$302.2

$14.6

$21.8

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

$22

$24

$0

$50

$100

$150

$200

$250

$300

$350

$400

9/30/13PF 9/30/14

Ad

j. E

BIT

DA

(D

oll

ars

in

Millio

ns)

Rev

enu

e (D

oll

ars

in

Millio

ns)

9 Months Ended

25 Confidential

FINANCIAL FLEXIBILITY – CREDIT FACILITY

• Credit Facility of $200 MM (Amended 10/21/14)

− Arrangers: Deutsche Bank, BMO

− $75 MM Borrowing Base Facility &

$125 MM Acquisition Facility

− Also provides for $125 MM Accordion(1)

• Total Availability after TIR Drop of ~ $70 MM

• September 30, 2014 leverage ratio of .82X

pursuant to facility terms

• Leverage covenant excludes Borrowing Base

Facility outstanding

• All covenants based on 100% Adj. EBITDA

rather than Adj. EBITDA Attributable To

Controlling Interests

• Credit facility supports 100% of TIR

CELP Capitalization

(1) Accordion subject to additional commitments from lenders and satisfaction of certain other conditions.

(U.S. Dollars In Thousands)

September 30, 2014

Cash and Cash Equivalents 24,694$

Long-Term Debt:

New Credit Facility 75,000$

Total Long-Term Debt 75,000$

Owners' Equity:

Partners' Capital:

Common Units (5,913,000 units outstanding) 23,354$

Subordinated Units (5,913,000 units outstanding) 83,276

General Partner 1,999

Accumulated Other Comprehensive Loss (327)

Total Partners' Capital 108,302

Non-controlling interests 27,247

Total Owners' Equity 135,549$

Total Capitalization 210,549$

26 Confidential

UNIT PERFORMANCE POST IPO

0%

2%

4%

6%

8%

10%

12%

14%

.0x

3.0x

6.0x

9.0x

12.0x

15.0x

18.0x

21.0x

Equity Multiples v Effective Yield

EQUITY VALUE / TTM EBITDA EQUITY VALUE / TTM DCF EFFECTIVE YIELD

Q4 Dividend

Q2 Dividend

Q3 Dividend

Acq of Mork SWD

Q3 14 ResultsQ2 14 Results

Q1 14 ResultsIPO MQD

Q1 Dividend

60%

70%

80%

90%

100%

110%

120%

130%

-

50,000

100,000

150,000

200,000

250,000

300,000

Avg Daily Volume & Unit Price Performance v Alerian Index Performance

CELP Volume Alerian Performance CELP Performance

$200M credit facility expansion

TIR Dropdown

27 Confidential

TIR EBITDA TO DCF RECONCILIATION

• Per our Omnibus Agreement, the 49.9% owners previously absorbed additional costs (“subsidies”) benefiting

CELP, including:

1) Incremental interest expense for credit facility use

2) 100% of the non-cash amortization fees associated with the CELP credit facility that supports TIR

3) 100% of the cash non-use fees on the credit facility

• The net impact is that CELP – through it’s 50.1% interest – enjoyed ~ 58% of TIR’s distributable cash flow

(“DCF”) prior to the acquisition of the remaining 49.9% interest (and 42% DCF) in February 2015.

(U.S. Dollars In Thousands) Total

Attributable to

49.9% TIR Interest

Attributable to GP &

Other Non-

Controlling

Attributable to

Partners

9 Months Ending Period Of 1/21/14 9 Months Ending Period Of 1/21/14

9/30/14 To 9/30/2014 9/30/14 To 9/30/2014

Net Income $ 13,543 $ 3,346 $ 864 $ 9,333

Plus:

D&A Expense 4,847 940 378 3,529

Income Tax Expense 654 297 28 329

Interest Expense 2,352 1,556 182 614

Offering Costs 446 - 446 -

Adjusted EBITDA 21,842 6,139 1,898 13,805

49.9%

Less:

Cash Interest Expense, Cash Taxes Paid & Maintenance Capital 2,400 1,683 446 271

Distributable Cash Flow $ 19,442 $ 4,456 $ 1,452 $ 13,534

~ 42%

28 Confidential

Pipeline Inspection & Integrity Services

Water & Environmental Services

THANK YOU

Cypress/TIR team

has significant

industry experience

and connections

High quality new SWD

facilities in active U.S.

oil & gas producing

regions

Independent inspection

& integrity business

serving large pipeline

owners of North

America

Provide services

throughout long life

of customers’ assets

Heightened industry

focus on regulatory

compliance and safety

Increasing U.S. energy

activity – “U.S. Energy

Independence”

Cypress/TIR team has

significant industry

experience and

connections

Consolidation and

growth opportunities in

highly fragmented

markets