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MLP Protocol MLP

1 MLP Protocol

This presentation and the information contained herein, as well as any additional documents and explanations (together the “Presentation”), are for

information purposes only, and MLP Protocol (“MLPP”) is not soliciting any action based upon it. Opinions expressed herein are MLPP’s present opinions

only. This Presentation is based upon information that MLPP considers reliable, but MLPP does not represent, guarantee, or warrant, expressly or implicitly,

that the Presentation is accurate, complete, or suitable for any particular purpose, and it should not be relied upon as such. MLPP is not obliged to update or

periodically review the Presentation. MLPP accepts no liability with respect to, or arising directly or indirectly out of, the Presentation.

In addition, there can be no guarantee that any projection, forecast or opinion in this presentation will be realized. Opinions expressed herein are subject to

change without notice. You are advised to make an independent review and reach your own conclusions regarding the economic risks and benefits of any

investment and the legal, credit, tax, accounting and other aspects of such investment in relation to your particular circumstances. We may from time to time

have long or short positions in such securities or in options, futures, or other derivative instruments based thereon. All trade names, trade marks, service

marks, and logos herein are the property of their respective owners who retain all proprietary rights over their use. No part of this document may be

reproduced in any manner without written permission. © 2011-2013 All rights reserved.

Contact Information

Philip Trinder PRESIDENT MLP Protocol

4020 MARLOWE

HOUSTON, TEXAS 77005

OFFICE: 832.408.5571

MOBILE: 713.854.7485

EMAIL: ptrinder@mlpprotocol.com

STOCKTWITS / TWITTER: @MLP_Protocol

DISCLAIMER

W W W . M L P P R O T O C O L . C O M

RECENT ARTICLES AND BLOG POSTS

MLP’s And Interest Rates, How Right is Mr. Gundlach?

QR Energy’s units offered value and we pounced

Tier 3 EPA Panic for Refiners

KNOT Offshore Partners LP Roadshow Slides

CenterPoint, OGE Energy and ArcLight Go Big in the MLP Game

Deloitte Oil and Gas Conference Summary Report

Investing as War

ADDITIONAL MLP PROTOCOL RESOURCES

Portfolio Analyzer – NEW! Resources

Company Presentation Links

ARTICLES ADDRESSING KEY CONCEPTS

MLP IPO Review: Alon USA Partners, L.P. (“ALDW”)

Upstream MLP Protocol Rankings

Gathering and Processing MLP Protocol Rankings

MLPs and Relative Value Versus U.S. Treasuries

A Ranking Protocol for the MLP Space SUBSCRIBE

2 MLP Protocol

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

6/27/12 7/27/12 8/27/12 9/27/12 10/27/12 11/27/12 12/27/12 1/27/13 2/27/13 3/27/13 4/27/13

MLP Protocol Sprint Portfolio Alerian MLP Index S&P 500 Index

MLP Protocol Sprint Portfolio

IMPORTANT INFORMATION 6. Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations and do not include cash, dividends and

earnings distributions, or transaction costs. More

7. Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.

8. All Model Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has

been provided by the Model Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent

the opinions of Covestor. Transaction history is available upon request. Model classifications (Approach, Asset Class) are provided by Covestor, and are

intended to serve as a general guide.

9. Top Replicable Holdings: These securities are currently held in the model manager’s brokerage account. Those marked as “Replicable Holdings” currently

pass Covestor's trading rules, subject to individual client constraints. Eligibility for replication may change over time. Actual client subscription holdings may

vary.

10. Latest Transactions: These transactions were executed in the model manager’s brokerage account. Those marked as “Replicable” () passed Covestor’s

trading rules and were eligible for replication at the time of execution, subject to individual client constraints. Eligibili ty for replication may change over time.

Actual client subscription trade activity may vary.

11. S&P 500 Index is an unmanaged index compiled by Standard & Poor’s Corp. Index returns do not reflect any management fees, transaction costs or

expenses. Individuals cannot invest directly in an Index. S&P 500 index data: S&P/Dow Jones Indices LLC, a subsidiary of The McGraw-Hill Companies

Copyright © 2013.

The MLP Protocol Sprint Portfolio’s strategy pursues a higher risk, higher potential total return using Master Limited Partnerships (“MLPs”).

Mirror my strategies

trade for trade

MLP Protocol Sprint 1.50% Subscription Fee p.a.

$30,000 Subscription Minimum

Invest like me at Covestor.com

All rights reserves © Covestor Ltd

Performance Detail as of date shown on cover Performance Inception Date June 27, 2012

as of May 23, 2013

Best

Performer Manager

Alerian

MLP

S&P

500

Past 30 days S&P 500 1.3% 1.0% 4.5%

Past 90 days S&P 500 1.8% 8.6% 8.9%

Since Inception Manager 43.7% 26.1% 23.9%

2013 (YTD) Alerian MLP 15.4% 20.7% 15.7%

Risk Metrics Since Inception

as of May 23, 2013

Best

Performer Manager

Alerian

MLP

S&P

500

Best 30 days Alerian MLP 12.3% 13.1% 8.2%

Worst 30 days S&P 500 (9.7%) (10.3%) (7.0%)

Volatility S&P 500 17.3% 12.6% 12.0%

Sharpe Ratio Manager 2.79 2.28 2.20

Sortino Ratio Manager 3.78 3.70 3.39

Maximum Drawdown S&P 500 (11.2%) (10.8%) (7.7%)

Value-at-Risk (95%, 1 week) S&P 500 (4.0%) (2.9%) (2.8%)

vs.

Alerian

MLP

vs.

S&P

500

Information Ratio 1.40 1.53

Alpha 19.6% 21.4%

Beta 0.84 0.83

R-Squared 0.37 0.33

Ranked #1 out of 22 yield focused real money portfolios for Performance vs. the S&P 500

Ranked in the Top 15 out of 130+ total real money portfolios for Performance vs. the S&P 500

1. Past performance is no guarantee of future results.

2. Performance of the model manager’s account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings

distributions, and broker commissions. Manager returns include trades that fail Covestor's trading rules, do not reflect any Covestor suitability or risk score

restrictions and are exclusive of Covestor fees. More

3. Average subscription returns (“Avg Sub” or “Avg Client”) are calculated by Covestor and are composed of the average, daily, time weighted returns of all

active subscriptions to the underlying model. These daily average returns are then linked together for the timeframe requested. In addition, these returns

include cash, dividends and earnings distributions, brokerage commissions, Covestor advisory fees, and reflect individual client suitability and risk score

restrictions. More

4. All graph data is as of the end of day for the referenced period, unless otherwise specified. The subscription minimum is the minimum subscription

required to follow a particular model. The minimum amount is determined by Covestor, based on the characteristics of the underlying model. It should not be

considered as specific investment advice for your investment situation.

5. The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables

such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing

information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this

information or any actions taken by you in reliance upon this information.

3 MLP Protocol

What is the MLP Protocol?

MLP Protocol – Subscriber Analytics

The MLP Protocol includes analytical reports covering substantially all of the energy related Master Limited

Partnerships. The full Monthly Analytics reports include the following:

• Forward Yield After Tax (“FYAT”) projections, Valuation Coverage Ratios (“VCR”), FYATs / VCR and segment

rankings on all metrics (updated rankings each week in subscriber version of the Weekly Snapshot reports)

• Long term trend charts including the MLP index yield spread to treasury yields

• Distribution history chart showing years that each MLP has maintained or increased their distributions (color

coded by segment within the MLP coverage universe)

• Recent IPO scorecard, IPO forward calendar and IPO reviews

• Full peer group analysis for 12 comparable group segments with relative value analysis, and valuation and

leverage vs. yield charts, segment rankings by key metrics

• Distribution Coverage Ratio (“DCR”) studies for each segment comparing DCRs to historical distribution growth,

current yields, projected distribution growth and resulting 3 year forward yield after tax, maintenance capex,

Total Enterprise Valuation, and Distributable Cash Flow per L.P. unit

• DCR Watchlist for MLPs with a concerning Distribution Coverage Ratio trend, which may lead to distribution cuts

• Paid subscribers also receive the enhanced Weekly Snapshot reports

Allows comparison of the estimated minimum yield investors net across the broad MLP group and is based upon

the following assumptions for each MLP:

• Distribution growth rates

• Estimated “tax deferral” of the distributions

• Highest effective current individual tax rate of 43.4%

Forward Yield After Tax (“FYAT”)

Segment Comp Groups

Ke

y E

nerg

y T

ren

d D

ata

L

on

g T

erm

Tre

nd

s

Se

gm

en

t R

an

kin

gs

Relative valuation tools for investors to use to make more informed MLP investment decisions

4 MLP Protocol

52 Weeks Ago FYE 2012 4 Weeks Ago Week Ago Current Change

5/25/12 12/31/12 4/26/13 5/17/13 5/24/13 1 Year YTD 1 Month 1 Week

MLP Index (AMZ) 373.4 385.1 454.2 459.0 463.3 24.1% 20.3% 2.0% 0.9%

MLP Total Return Index (AMZX) 1,151.9 1,224.5 1,471.7 1,500.7 1,514.9 31.5% 23.7% 2.9% 0.9%

S&P 500 1,317.8 1,426.2 1,582.2 1,667.5 1,649.6 25.2% 15.7% 4.3% (1.1%)

10 Year Treasury Yield 1.75% 1.78% 1.70% 1.95% 2.01% 26 bps 23 bps 31 bps 6 bps

20 Year Treasury Yield 2.44% 2.54% 2.47% 2.77% 2.80% 36 bps 26 bps 33 bps 3 bps

Yield Curve Steepness (20 Year - 3 Month) 235 bps 249 bps 242 bps 273 bps 276 bps 41 bps 27 bps 34 bps 3 bps

U.S. Total Rig Count 1,983 1,763 1,754 1,769 1,762 (11.1%) (0.1%) 0.5% (0.4%)

Natural Gas $2.65 $3.35 $4.16 $3.89 $4.16 56.7% 24.2% 0.0% 6.9%

WTI Crude Oil ($ / Bbl) $91.13 $91.82 $91.00 $94.65 $94.12 3.3% 2.5% 3.4% (0.6%)

Brent Crude Oil ($ / Bbl) $108.14 $110.80 $100.61 $102.91 $100.46 (7.1%) (9.3%) (0.1%) (2.4%)

Brent / WTI Differential ($ / Bbl) $17.01 $18.98 $9.61 $8.26 $6.34 (62.7%) (66.6%) (34.0%) (23.2%)

NYMEX 3:2:1 Crack Spread ($ / Bbl) $27.79 $30.18 $21.63 $21.56 $23.06 (17.0%) (23.6%) 6.6% 6.9%

EQ

M 1

40

%

NT

I 7

7%

WG

P 7

6%

MP

LX

76

%

DK

L 6

5%

SM

LP

60

%

AL

DW

56

%

SU

SP

46

%

SD

LP

29

%

LG

P 2

8%

US

AC

22

%

CV

RR

21

%

HC

LP

17

%

KN

OP

15

%

SX

CP

14

%

SX

E 8

%

NS

LP

6%

EM

ES

5%

LN

CO

4%

TE

P 3

%

38.5%

0%

20%

40%

60%

80%

100%

120%

140%

160%

WE

EK

LY

SN

AP

SH

OT

Markets and Levels / Current Yields / MLP IPO Scorecard

Source: www.alerian.com, www.bakerhughes.com, www.treasury.gov, www.eia.gov. Historical commodity prices are spot prices at the futures contract delivery locations as per the EIA, there is

a small lag in the EIA reporting, so there will always be a slight discrepancy in the most recent price data.

Note: The NYMEX 3:2:1 Crack Spread is calculated using 3 barrels of crude at the WTI Crude Oil price, 2 barrels of gasoline at the NY Harbor Gasoline price and 1 barrel

of heating oil at the NY Harbor Heating Oil price. This is an indicative estimate only and individual refiners will have materially different effective crack spreads for their

operations due to varying crude input mixes, varying product slate outputs and cash price basis differentials for every single input and output at their various locations.

6.9

% 9.0

%

8.4

%

9.7

% 12

.9%

9.4

% 12

.0%

12

.7%

7.4

% 10

.0%

12

.4%

14

.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

ETP NS PVR NKA LRE FGP NMM RNO NSH UAN CVRR EMES

Nat Gas &NGL

Pipes

Crude &Ref Prod

Pipes

G & P T & S Upstream Propane& NGL

Logistics

Marine Coal General Partners

(“GP”)

VariableRate

D & M Other

Highest Current Yield by Segment Price Performance Since IPO

Ticker Company Risk Current

Rating Position?

ETP Energy Transfer Partners L.P. Baseline None

NS NuStar Energy L.P. Extremely Risky Short via Puts

PVR PVR Partners L.P. Extremely Risky None

NKA Niska Gas Storage Partners LLC Extremely Risky None

LRE LRR Energy, L.P. Extremely Risky Exited 5/2/13

FGP Ferrellgas Partners L.P. Extremely Risky None

NMM Navios Maritime Partners, L.P. Extremely Risky Long

RNO Rhino Resource Partners, L.P. Extremely Risky None

NSH NuStar GP Holdings, LLC Extremely Risky Short via Puts

UAN CVR Partners, L.P. Extremely Risky Long

CVRR CVR Refining, L.P. Extremely Risky Long

EMES Emerge Energy Services, LP Extremely Risky Long

5 MLP Protocol

Marine 500%

Propane & NGL Logistics 483%

Gathering & Processing 469%

General Partners 444%

Terminaling & Storage 425%

Crude & Refined Products Pipelines 425%

Other 400%

Coal 400%

Natural Gas & NGL Pipelines 367%

Downstream & Marketing 350%

Upstream 315%

Variable Rate 300%

Total 4,879%

55%45%

Current Price vs.

20 Day Moving Average1

63%37%

Current Price vs.

50 Day Moving Average1

76%

24%

Current Price vs.

200 Day Moving Average1

77%

23%

20 Day Moving Average /

200 Day Moving Average1

90%10%

50 Day Moving Average /

200 Day Moving Average2

80%

20%

20 Day Moving Average /

50 Day Moving Average1

-

100

200

300

400

500

600

0%

1000%

2000%

3000%

4000%

5000%

6000%

3/1/

12

4/1/

12

5/1/

12

6/1/

12

7/1/

12

8/1/

12

9/1/

12

10/1

/12

11/1

/12

12/1

/12

1/1/

13

2/1/

13

3/1/

13

4/1/

13

5/1/

13

Total Moving Average Heat Index AMZ

350

370

390

410

430

450

470

0%

1000%

2000%

3000%

4000%

5000%

6000%

3/1/

12

4/1/

12

5/1/

12

6/1/

12

7/1/

12

8/1/

12

9/1/

12

10/1

/12

11/1

/12

12/1

/12

1/1/

13

2/1/

13

3/1/

13

4/1/

13

5/1/

13

Total Moving Average Heat Index AMZ

WE

EK

LY

SN

AP

SH

OT

Heat Index / Group Moving Averages

Key: % Above % Below

Moving Average Heat Index

NOT SCALE ADJUSTED AMZ SCALE ADJUSTED

(1) Included in the Moving Average Heat Index calculation, by segment. (2) NOT included in the Moving Average Heat Index calculations.

6 MLP Protocol

WE

EK

LY

SN

AP

SH

OT

1 Week and YTD Price Performance

1 Week Price Performance

Year to Date Price Performance

TL

LP

7%

C

QP

6%

A

HG

P

6%

S

XE

5%

B

PL

5%

E

ME

S 5

%

HC

LP

5%

S

ML

P 4

%

AM

ID 4

%

GS

JK

4%

M

PL

X 4

%

OIL

T 3

%

EQ

M 3

%

MM

P 3

%

XTX

I 3%

AL

DW

3%

E

XL

P 2

%

LG

CY 2

%

NS

LP

2%

S

XL

2%

E

EQ

2%

X

TE

X 2

%

ETP

2%

A

RL

P 2

%

PV

R 2

%

TC

P 2

%

NG

L 2

%

KN

OP

2%

M

ML

P 2

%

RN

F 2

%

CL

MT

2%

L

GP

2%

E

VE

P 2

%

FG

P 2

%

HE

P 2

%

AC

MP

2%

O

KS

2%

M

WE

1%

N

GL

S 1

%

TO

O 1

%

CM

LP

1%

E

EP

1%

E

PD

1%

E

RO

C 1

%

ET

E 1

%

AM

Z 1%

R

RM

S 1

%

RG

P 1

%

GM

LP

1%

N

KA

1%

P

AA

1

%

BB

EP

1%

P

SE

1%

L

NC

O 0

%

SE

P 0

%

WP

Z 0

%

KM

I 0

%

WE

S 0

%

GE

L 0

%

TG

P 0

%

RN

O 0

%

CP

LP

0%

S

XC

P 0

%

NR

GM

0%

N

RP

0%

A

PL

(0

%)

KM

R (

0%

)S

PH

(0%

)L

INE

(0

%)

SG

U (

0%

)V

NR

(0%

)W

GP

(0%

)B

WP

(0

%)

EX

H (

0%

)T

EP

(0

%)

US

AC

(0%

)C

VR

R (

0%

)Q

RE

(1

%)

NR

GY (

1%

)T

NH

(1

%)

NM

M (

1%

)K

MP

(1%

)P

DH

(1%

)P

NG

(1%

)T

RG

P (

1%

)D

KL

(1%

)S

PY

(1

%)

SD

LP

(1

%)

DP

M (

1%

)AP

U (

1%

)E

PB

(1%

)B

IP (1%

)S

TO

N (

1%

)M

EM

P

(2%

)N

S (

2%

)A

TL

S

(2%

)A

RP

(2

%)

MC

EP

(3%

)G

LP

(3%

)S

US

P (

3%

)F

UN

(3

%)

TL

P (

3%

)C

EP

(3

%)

BK

EP

(4%

)N

SH

(4%

)L

RE

(5%

)O

XF

(6

%)

UAN

(6%

)N

TI

(8%

)

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

SM

LP

62

%

EQ

M 6

2%

T

LL

P 5

4%

AM

ID 5

4%

B

PL

53

%

DK

L 5

1%

A

TL

S 4

8%

M

ML

P 4

7%

G

EL

47

%

PS

E 4

7%

X

TE

X 4

6%

E

XL

P 4

6%

X

TX

I 4

4%

G

LP

43

%

CQ

P 4

2%

C

EP

42

%

OIL

T 3

8%

L

GP

38

%

CP

LP

37

%

AH

GP

3

6%

M

WE

34

%

NR

GY 3

4%

E

XH

34

%

NK

A 3

3%

M

CE

P 3

2%

A

CM

P

32

%

HC

LP

32

%

NG

LS

31

%

ET

E 3

1%

A

RL

P 3

1%

B

KE

P 3

1%

W

GP

30

%

PAA

29%

W

ES

29

%

NG

L 2

9%

T

OO

28

%

TR

GP

27%

F

UN

27

%

FG

P 2

7%

S

TO

N 2

6%

S

XL

26%

B

WP

25

%

NR

P 2

5%

E

PD

24

%

MM

P 2

4%

S

PH

24

%

MP

LX

24%

R

RM

S 2

4%

AP

L 2

3%

U

SA

C 2

2%

C

VR

R 2

1%

G

SJ

K 2

1%

S

GU

21

%

AP

U 2

1%

A

MZ

2

0%

N

MM

20

%

RG

P 2

0%

E

TP

20

%

CM

LP

19

%

SU

SP

19

%

DP

M 1

9%

C

LM

T 1

9%

L

GC

Y 1

7%

T

LP

16

%

SE

P 1

6%

T

GP

16

%

SP

Y 1

6%

E

PB

15

%

NS

15

%

KM

I 15%

K

NO

P 1

5%

H

EP

15%

G

ML

P 1

4%

S

XC

P 1

4%

K

MR

14

%

VN

R 1

4%

T

CP

14

%

PN

G 1

3%

S

DL

P 1

1%

K

MP

10%

E

EP

9%

M

EM

P

9%

B

IP 9

%

WP

Z 7

%

EE

Q 7

%

NS

H 6

%

NS

LP

6%

A

RP

5%

N

RG

M 5

%

EM

ES

5%

L

NC

O 5

%

BB

EP

5%

Q

RE

5%

A

LD

W 4

%

TE

P 3

%

RN

O 2

%

TN

H 1

%

PD

H 1

%

ER

OC

1%

P

VR

1%

L

INE

(1

%)

OK

S (

1%

)N

TI

(2%

)U

AN

(3

%)

SX

E (

9%

)R

NF

(1

1%

)L

RE

(13%

)E

VE

P (

27

%)

OX

F (

31%

)

(40%)

(20%)

0%

20%

40%

60%

80%

7 MLP Protocol

EX

HT

LL

PE

QM

NT

IG

EL

SX

LA

CM

PG

SJ

KG

LP

AT

LS

CL

MT

OIL

TE

TE

AH

GP

XTX

IS

ML

PR

RM

SC

QP

EX

LP

RN

FF

UN

TR

GP

DK

LM

ML

PX

TE

XA

MID

MM

PP

SE

NK

AC

PL

PB

PL

PA

AA

LD

WN

GL

SM

WE

LG

PH

CL

PN

RG

YT

LP

WE

SN

GL

MP

LX

HE

PP

DH

AR

LP

AP

LS

PH

MC

EP

FG

PB

KE

PC

EP

DP

MW

GP

EP

BO

XF

NR

PE

PD

VN

RS

GU

TO

OS

TO

NP

NG

KM

IG

ML

PS

EP

ME

MP

SU

SP

BW

PU

AN

RG

PN

RG

MA

PU

LR

ETG

PE

TP

CM

LP

KM

RN

SB

BE

PN

MM

LG

CY

BIP

TC

PT

NH

SD

LP

PV

RQ

RE

NS

HK

MP

RN

OS

XE

WP

ZE

EP

EE

QE

RO

CA

RP

LN

CO

OK

SL

INE

EV

EP

0%

50%

100%

150%

200%

TL

LP

SM

LP

FG

PN

GL

BP

LE

QM

BW

PV

NR

LG

PM

ML

PL

GC

YC

QP

SG

UN

GL

SA

CM

PX

TE

XE

PD

PA

AE

EP

KM

IAP

UT

OO

MP

LX

AH

GP

TG

PN

MM

AM

IDP

SE

PV

RN

RP

ET

PO

ILT

EX

HA

RL

PA

PL

DP

MT

RG

PW

PZ

EP

BM

EM

PW

ES

DK

LM

MP

KM

RN

RG

YS

PH

FU

NR

GP

MW

EATL

SC

ML

PK

MP

WG

PG

LP

ETE

GE

LE

XL

PX

TX

IS

DL

PC

PL

PG

ML

PP

NG

ST

ON

BIP

NK

AB

BE

PM

CE

PR

RM

ST

CP

SX

LS

EP

BK

EP

EE

QN

RG

MC

LM

TS

US

PAL

DW NS

AR

PQ

RE

HC

LP

TL

PO

KS

TN

HN

SH

LN

CO

RN

OP

DH

LIN

EH

EP

ER

OC

CE

PU

AN

SX

EL

RE

GS

JK

NTI

RN

FE

VE

PO

XF

(80%)

(70%)

(60%)

(50%)

(40%)

(30%)

(20%)

(10%)

0%

10%

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% Below 52 Week Highs and % Above 52 Week Lows

% Below 52 Week Highs

% Above 52 Week Lows

Positive number indicates close at a new high.

Negative number indicates close at a new low.

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Glossary and Assumptions

• Max GP IDR Tier – Maximum General Partner (“GP”) Incentive Distribution Right Tier, typically publicly traded Master Limited Partnerships (“MLPs”) will have

a General Partner that will receive an increasing share of distributable cash flow upon achieving certain levels of distributions to the Limited Partners up to a

maximum of 50%.

• Tax Form – Typically MLPs send annual K-1s which add complexity to individual tax returns and also can cause issues if MLPs are held in an IRA account

due to UBTI (“Unrelated Business Taxable Income”). If UBTI from MLPs exceeds $1,000 in an IRA then taxes should be paid out of the IRA.

• Est. Tax Deferral – Estimated Tax Deferral represents the amount of the expected distributions that will be treated as a return of capital and used to adjust

down the investment tax basis so not taxable until the unit holder sells the security.

• Distribution – Distribution/Dividend, either the most recently announced quarterly distribution or the last distribution until the next one is announced. For

recent IPOs the Next Dist is shown as the Minimum Quarterly Distribution (“MQD”) as per the prospectus; however, the first distribution will typically be pro-

rated over the period of the quarter that the MLP was public so it will be less than the amount shown in the charts.

• Current Yield AT – Estimated Current Yield After Tax, basically after taking into account the amount of distributions that are tax deferred and the effective

tax rate on the taxable portion of the distribution. Assumes non-tax deferred MLP distributions are taxed at the highest income tax rate of 35%. Deferred

portion of MLP distributions received will lower investor’s cost basis over time and result in “deferred tax recapture” upon sale of the MLP units.

• Historical Dist Growth – Historical Distribution Growth rates, QoQ is Quarter over Quarter, YoY is Year over Year, 3YR and 5YR are the 3 year and 5 year

compound annual growth rate (“CAGR”) in the distributions respectively, information will be rolled forward each quarter.

• U.S. 10 or 20 Year Treasury – 10 or 20 Year Treasury forward yields after tax assume a 35% tax rate over the projected periods, so the 3 Year Forward

Yield After Tax Undiscounted would be calculated as follows if the Current Treasury Yield was 3.00%: (3.00% x (1-.35 tax rate)) x 3 years = 5.85%.

• 3 YR FWD Dist Growth – 3 Year Forward Distribution Growth rate assumptions.

• 3 YR FYAT – 3 Year Forward Yield After Tax, the undiscounted sum of the projected quarterly distributions taking into account the projected growth rate and

also the estimated tax deferral divided by the current unit price.

• 20 / 50 / 200 DMA – The 20 Day Moving Average, 50 Day Moving Average and 200 Day Moving Average.

• EV – Enterprise Value, sum of total equity market cap plus total debt less cash.

• EBITDA – Earnings Before Interest Taxes Depreciation and Amortization and other non-cash charges, generally interim period annualized except for

Propane segment which is trailing twelve months.

• ADJ EBITDA – Adjusted EBITDA, EBITDA less the cash distributions paid to the GP, effectively represents EBITDA available for the LP unit holders since

the EV is calculated using only the outstanding LP units and any related subordinated units and i-shares/units.

• TTM – Trailing Twelve Months, YTD – Year to Date, MRQ – Most Recent Quarter.

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• Distributable Cash Flow (“DCF”) – generally EBITDA less cash interest expense less maintenance capital expenditures less any cash taxes, represents the

amount of cash available to pay distributions.

• Dist Cov Ratio (“DCR”) – Distribution Coverage Ratio, Distributable Cash Flow divided by L.P. plus G.P. distributions, the higher the ratio the better, a ratio

below 1.00x means that the MLP is effectively paying some of the distribution using debt (although some MLPs like the Propane MLPs have substantial

seasonality of cash flows so in those cases the ratio is better suited to be viewed over a rolling four quarter period).

• Valuation Coverage Ratio (“VCR”) – (EV / ADJ EBITDA) / Distribution Coverage Ratio. The DCR is generally TTM DCR unless the MRQ DCR is less than

1.00x, if so then the VCR calculation uses the lower MRQ DCR.

• M Cap – Maintenance capital expenditures or sustaining capital expenditures as reported by the companies, generally the amount of capital required to

replace partially or fully depreciated/obsolete assets, maintain the existing operating capacity or operating income of an MLP’s assets (replace

reserves/production for Upstream MLPs), and extend the useful life of assets (routine equipment and pipeline maintenance).

• Price / DCF LP – Current price divided by the TTM Distributable Cash Flow per LP Unit, so total Distributable Cash Flow less the TTM distributions that the

General Partner receives.

• % GP Dist – % of total distributions that the General Partner receives, as the distributions increase over time the Incentive Distribution Rights (“IDRs”)

provide for more of the distributions to go to the General Partner.

• STSPY – Spread to S&P 500 dividend yield, however, calculated based on the 3 or 5 year estimated forward yield after tax for the S&P 500 using data from

SPY ETF as a proxy (assuming a 15% dividend tax rate and a 5% annual growth rate for SPY dividends), then in the chart it is compared to the 3 or 5 year

estimated forward yield after tax for the MLP group average to come up with the “spread.”

• Avg / SPY Ratio – 3 or 5 YR FWD Yield AT for the full MLP group divided by the 3 or 5 year forward dividend yield after tax for the SPY ETF.

• SEC PV10 – The present value of estimated future revenues to be generated from the production of proved reserves calculated in accordance with Securities

and Exchange Commission (“SEC”) guidelines, net of estimated lease operating expense, production taxes and future development costs, using price and

costs as of the date of estimation without future escalation, without giving effect to non-property related expenses such as general and administrative

expenses, debt service, depreciation, depletion and amortization, or Federal income taxes and discounted using an annual discount rate of 10%.

• PIPE – Private Investment in Public Equity.

• MMBOE / BOE / BCFE / MCFE – Million Barrels of Oil Equivalent, Barrels of Oil Equivalent, Billion cubic feet equivalent, Thousand cubic feet equivalent,

converted using a 6,000 cubic feet of natural gas to 1 barrel of oil ratio.

• Moving Average Heat Index – calculated by the sum of the percentages of five moving average metrics that are “Above,” i.e. if the current price is Above

the simple 20 day moving average, so maximum Heat Index is 500% and minimum Heat Index is 0%.

• AMZ – Alerian MLP index.

• Unit and share prices as of market close on the date shown on the cover.

Glossary and Assumptions