Marquard & Bahls AG

ECT stores chemicals and hydrocarbons, including naphtha, linear alkyl benzene and n-hexane, for distribution in Iran and for export to Asia and Europe.  To our knowledge, ECT’s activities are in compliance with applicable U.S., European Union or United Nations sanctions laws.  ECT pays routine and standard charges (i) to the Petrochemical Special Economic Zone Organization (“Petzone”) for the use of pipelines and (ii) to the National Petrochemical Company (“NPC”), which operates the berth.  Petzone is a subsidiary of NPC, which is owned and controlled by the Government of Iran. As Oiltanking GmbH has no direct involvement in the day-to-day operations of ECT, we have no information regarding ECT’s intent to continue or not continue making the payments described above."

According to an Annual Report filed with Enterprise Product Partners "M&B owns and controls Oiltanking GmbH, which in turn owns a joint venture interest in the Exir Chemical Terminal (“ECT”) in Iran via its wholly owned affiliates Oiltanking ME Holding GmbH (formerly named Oiltanking Iran GmbH) and OMEA GmbH.  This interest results from an investment dating back to 2002.  Oiltanking GmbH currently has the contractual right to vote for the appointment of two members of ECT’s three-member board.  Oiltanking GmbH provides no goods, services, technology, information or support to ECT and plays no role in the management or day-to-day operations of ECT. (https://www.sec.gov/Archives/edgar/data/1061219/000106121918000016/form10q.htm)