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To: Oblivious who wrote (13133)	4/8/2013 2:11:03 AM
From: rllee	Read Replies (1) \| Respond to of 13719

NTI - Can you comment on the attractiveness of NTI other than the hi yield? The following is a clip for a article: NTI has a lot of asset risk as well, as its principal asset is a single refinery in Minnesota. Despite a sharp correction, NTI has done quite well since its July IPO at $14, up 90%. The company describes the MLP as consisting of the refinery (including a 17% interest in a pipeline operated by Enbridge), storage and transportation assets, and a retail business that consists of 166 convenience stores (SuperAmerica) and an additional 68 franchised stores and SuperMom's Bakery. A recent presentation suggests that the company "makes its money on the crack spread", which suggests a high volatility of cash flows. NTI is benefiting from plentiful supply of crude oil from North Dakota and Western Canada. Slide 17 illustrates this point as it shows steady throughput but soaring EBITDA.