Oxford Partners (OXF), $166mm IPO at price range mid-point of $19

Scheduled for July 14, Wednesday

BUSINESS

Low cost producer of high value steam coal, and the largest producer of surface mined coal in Ohio. SUMMARY

78% of use of proceeds to repay debt & payback sponsors

Price to book of 3.4 is high (lower is better)

OXF does not have a major partner involved in ownership & sponsorship

Without involvement, sponsorship & ownership of a limited partnership like OXR, long term success is probamatical

Aggressive assumptions suggest an attractive distribution payout rate of 9.2% on a $19 (price range mid-point) unit. However, assumptions deplete cash on hand to pay $15mm in distributions

QUARTERLY DISTRIBUTION RATE

Intends to establish a minimum quarterly distribution of $0.4375 per unit for each complete quarter, or

. $1.75 per unit on an annualized basis.

. 9.2% at $19 per unit

CASH FORECAST VERY AGGRESSIVE

OXR forecasts that cash available for distribution generated during the twelve months ending June 30, 2011 will be approximately $44.1 million. This amount would be sufficient to pay the full minimum quarterly distribution of $0.4375 per unit on all of common units and subordinated units and the corresponding distribution on the general partner’s 2.0% general partner interest for each quarter in the twelve months ending June 30, 2011

The cash forecast assumes $22mm comes from cash on hand, leaving only $7.3mm on hand

OXR did not generate this amount of available cash from operating surplus during the year ended December 31, 2009 and the twelve months ended March 31, 2010.

USE OF PROCEEDS of $156mm -- $122mm (78%) to repay debt & give back to sponsors

(i) repay in full the outstanding balance under the existing credit facility (ii) distribute $19.6 million to C&T Coal, (iii) distribute $0.6 million to the participants in the LTIP that hold the common units, (iv) terminate advisory services agreement with affiliates of AIM for a payment of approximately $2.5 million, (v) pay offering expenses of $3.1 million, (vi) purchase major mining equipment for $22.1 million and (vii) replenish approximately $10.2 million of our working capital.