Enviva Partners LP : Transaction Overview – June 2021

Enviva Partners, LP

(NYSE: EVA)

Transaction Overview

June 4, 2021

TRANSACTION DEFINITION, FORWARD-LOOKING AND CAUTIONARY STATEMENTS

Transaction definition

On June 3, 2021, Enviva Partners, LP (NYSE: EVA) ("Enviva," the "Partnership," "we," or "us") announced that it has agreed to purchase from Enviva Holdings, LP (our "sponsor") a wood pellet production plant in Lucedale, Mississippi (the "Lucedale plant"), a deep-water marine terminal in Pascagoula, Mississippi (the "Pascagoula terminal"), and three long-term,take-or-payoff-take contracts with creditworthy Japanese counterparties (the "Associated Off-Take Contracts"), which we refer to collectively as the "Acquisitions."

Forward-looking statements

This presentation contains "forward-looking statements" within the meaning of the securities laws. All statements, other than statements of historical fact, included in this presentation that address activities, events or developments that Enviva expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "believe," "expect," "may," "estimates," "will," "anticipate," "plan," "intend," "foresee," "should," "would," "could," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. However, the absence of these words does not mean that the statements are not forward-looking.

These statements are based on certain assumptions made by Enviva based on management's expectations and perception of historical trends, current conditions, anticipated future developments, and other factors believed to be appropriate. Although Enviva believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond its control, Enviva cannot give assurance that it will achieve or accomplish these expectations, beliefs, or intentions. A number of the assumptions on which these forward-looking statements are based are subject to risks and uncertainties, many of which are beyond the control of Enviva, and may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These risks and uncertainties include the factors discussed or referenced in our filings with the Securities and Exchange Commission (the "SEC"), including the Annual Report on Form 10-K and the Quarterly Report on Form 10-Q most recently filed with the SEC, including those risks relating to financial performance and results, economic conditions and resulting capital restraints, availability of sufficient capital to execute Enviva's business plan, the ability of Enviva to complete acquisitions and realize the anticipated benefits of such acquisitions, impact of compliance with legislation and regulations, the continued impact of COVID-19, and other important factors that could cause actual results to differ materially from those projected. When considering the forward-looking statements, you should keep in mind the risk factors and other cautionary statements in such filings.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which such statement is made, and Enviva undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. All forward-looking statements attributable to Enviva are qualified in their entirety by this cautionary statement.

Industry and market data

This presentation has been prepared by Enviva and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other published independent sources. Although Enviva believes these third-party sources are reliable as of their respective dates, Enviva has not independently verified the accuracy or completeness of this information. Some data is also based on Enviva's good faith estimates, which are derived from its review of internal sources as well as the third-party sources described above.

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INDEX

1. INVESTMENT THESIS……………………………………………..………………………………………………………………....…… 4

1. TRANSACTION OVERVIEW…………………………………….……………………………………………………..…………….…. 5

1. ASSET PLATFORM OVERVIEW………………………………………………….…………………………………………..…….….. 7

IV. ENVIVA PRO FORMA TRANSACTION HIGHLIGHTS ………....……………………………………………….…...….…... 8

1. APPENDIX…………………………………………………………….…………………………………………………………….........…. 10

VI.SUPPLEMENTAL INFORMATION..………………………….……………………………………………………………….………. 16

ENVIVA: HIGH GROWTH AND DURABLE LONG-TERM CASH FLOWS

~6.2 Million MTPY1	Fully Contracted
World's largest utility-grade wood pellet producer	$16.4 Billion / 13.1 years at the Partnership3
Committed to net zero by 20302	$20 Billion / 14.2 years enterprise-wide4

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Distribution per Unit of $3.30+

23 consecutive distribution increases6

12% CAGR7 and 25% annualized total return7 since IPO

Robust Long-Term Demand

Driven by global commitment to phase out coal, achieve net zero

GHG emissions, and limit the impact of climate change

Conservative Financial Policy

50/50 equity/debt structure, 3.5 - 4.0x Leverage Ratio, and 1.20x forward-looking annual distribution coverage8

3+ Million MTPY

Visible drop-down pipeline supported by well capitalized sponsor

See Supplemental Information for footnotes

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TRANSACTION: ACCRETIVE DROP-DOWN ACQUISITION OF CONTRACTED ASSETS1,2

TRANSACTION DETAILS

Projected Incremental Adjusted EBITDA ($ millions)

▪ $345 million total investment, expected to be financed similarly to previously

executed transactions on a 50% equity, 50% debt basis:

$40

$20 $310-330

✓ 750,000 MTPY, fully contracted wood pellet production plant in Lucedale, MS

with an embedded, fully permitted option to expand the plant by ~300,000 MTPY

✓ 3 million MTPY nameplate throughput capacity deep-water marine terminal in

Pascagoula, MS

✓ 630,000 MTPY of long-term,take-or-payoff-take contracts with creditworthy

Japanese customers, with an aggregate weighted-average contract life of ~15

years and a total sales backlog of $1.9 billion

Acquisitions expected to continue supporting double-digit distribution growth through 2022

Distributions per Unit (post-Acquisitions)

CAGR: 11%

$3.62

$3.30

$3.00

$2.65

2019	2020	2021E	2022E
		Updated Guidance	New Guidance

See Supplemental Information for footnotes

$230-250	$20	$250-270	3	1	2021 Incremental
		from the Acquisitions
			2
	1
2021		2021		2	Existing Expansions &
			Organic Growth
Original		Updated	2022
Adjusted		Adjusted	Adjusted		2022 Incremental
EBITDA		EBITDA	EBITDA	3
Guidance		Guidance	Guidance		from the Acquisitions

The Acquisitions are expected to increase EVA's adjusted EBITDA to above $300 million in 20221

EXPECTED TRANSACTION BENEFITS

• Immediately accretive
• • 2021 adjusted EBITDA guidance increased to $250-$270million, per-unit distributions increased to at least $3.30
  • 2022 adjusted EBITDA guidance range of $310-$330million, per-unit distributions expected of at least $3.62
• Similar to previously executed drop-down transactions, cash flow support from sponsor is expected to substantially de-risk Acquisitions
• Incremental $40-$45million annual adjusted EBITDA contribution when assets are fully ramped; transaction multiples consistent with prior drops
• Maintains double-digit distribution growth before considering the benefit of additional drop-downs or other acquisitions

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