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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

ADDITIONAL MLP PROTOCOL RESOURCES

Portfolio Analyzer

Resources

Company Presentation Links

ARTICLES ADDRESSING KEY CONCEPTS

A Ranking Protocol for the MLP Space

Upstream MLP Protocol Rankings

Gathering and Processing MLP Protocol Rankings

MLPs and Relative Value Versus U.S. Treasuries ORDER

RECENT ARTICLES AND BLOG POSTS

Short Interest Trends for the Kinder Morgan Group 102513

Kinder Morgan And U.S. Pipeline System Age, Maintenance And Incidents

Additional MLP Maintenance Capex Charts

Pipeline MLPs’ Maintenance Capex and DCRs

CVRR 2013 Guidance Update and Yield Estimates

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

2 MLP Protocol

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

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.

MLP PROTOCOL

SPRINT P O R T F O L I O

Sprint Portfolio Positions and Trading Signals now available on a subscription or one-time basis.

Performance Inception Date June 27, 2012

as of October 24, 2013

Best

Performer Manager

Alerian

MLP S&P 500

Past 30 days Manager 8.2% 4.3% 3.2%

Past 90 days Manager 7.1% 0.5% 3.6%

Past 365 days Manager 32.6% 12.9% 24.4%

2013 (YTD) Manager 31.9% 19.9% 22.8%

Since Inception (Annualized) Manager 45.4% 18.5% 23.0%

Since Inception (Total) Manager 64.8% 25.5% 32.1%

485 Days Since Inception

Risk Metrics Last 365 Days

as of October 24, 2013

Best

Performer Manager

Alerian

MLP S&P 500

Best 30 days Alerian MLP 12.2% 13.1% 8.2%

Worst 30 days S&P 500 (7.1%) (6.8%) (4.9%)

Volatility S&P 500 17.5% 14.3% 11.8%

Sharpe Ratio S&P 500 1.69 0.69 1.81

Sortino Ratio S&P 500 2.42 1.19 2.56

Maximum Drawdown S&P 500 (11.2%) (9.7%) (5.8%)

Value-at-Risk (95%, 1 wk) S&P 500 (4.1%) (3.3%) (2.7%)

vs. Alerian MLP vs. S&P 500

Information Ratio 1.37 0.59

Alpha 20.1% 9.6%

Beta 0.74 0.90

R-Squared 0.37 0.37

Performance Detail as of date shown on cover

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0%

10%

20%

30%

40%

50%

60%

70%

Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13

MLP Protocol Sprint Portfolio Alerian MLP Index

S&P 500 Index 10YR UST Yield

Also available at

Ditto Trade, a licensed brokerage, Member

FINRA/SIPC, has proprietary technology that

enables you to efficiently leverage the strategies of

your subscription to MLP Protocol Sprint Portfolio.

TRADABLE ALERTS AT YOUR FINGERTIPS

► Receive mobile alerts with real

time quotes whenever a trade is

signaled.

► Accept, modify or ignore with the

touch of a button on their Mobile

App.

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, valuation and leverage

vs. yield charts, and 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

Indices 10/26/12 12/31/12 9/27/13 10/18/13 10/25/13 1 Year YTD 1 Month 1 Week

MLP Index (AMZ) 406.6 385.1 446.0 451.2 462.4 13.7% 20.1% 3.7% 2.5%

MLP Total Return Index (AMZX) 1,274.5 1,224.5 1,480.3 1,497.8 1,535.4 20.5% 25.4% 3.7% 2.5%

S&P 500 1,411.9 1,426.2 1,691.8 1,744.5 1,759.8 24.6% 23.4% 4.0% 0.9%

Yields

MLP Index Yield (AMZ Yield) 6.19% 6.69% 5.94% 5.92% 5.78% (41 bps) (91 bps) (16 bps) (14 bps)

10 Year Treasury Yield 1.78% 1.78% 2.64% 2.60% 2.53% 75 bps 75 bps (11 bps) (7 bps)

20 Year Treasury Yield 2.53% 2.54% 3.40% 3.36% 3.30% 77 bps 76 bps (10 bps) (6 bps)

Yield Curve Steepness (20 Year - 3 Month) 241 bps 249 bps 338 bps 332 bps 326 bps 85 bps 77 bps (12 bps) (6 bps)

AMZ Yield Spread to 10 Year UST 441 bps 491 bps 330 bps 332 bps 325 bps (116 bps) (166 bps) (5 bps) (7 bps)

AMZ Yield Spread to 20 Year UST 366 bps 415 bps 254 bps 256 bps 248 bps (118 bps) (167 bps) (6 bps) (8 bps)

Rigs and Commodity Prices

U.S. Total Rig Count 1,826 1,763 1,744 1,739 1,738 (4.8%) (1.4%) (0.3%) (0.1%)

Natural Gas $3.45 $3.35 $3.50 $3.72 $3.65 5.7% 9.0% 4.3% (1.9%)

WTI Crude Oil ($ / Bbl) $86.69 $91.82 $103.10 $101.51 $96.65 11.5% 5.3% (6.3%) (4.8%)

Brent Crude Oil ($ / Bbl) $108.27 $110.80 $108.80 $110.11 $106.63 (1.5%) (3.8%) (2.0%) (3.2%)

Brent / WTI Differential ($ / Bbl) $21.58 $18.98 $5.70 $8.60 $9.98 (53.8%) (47.4%) 75.1% 16.0%

NYMEX 3:2:1 Crack Spread ($ / Bbl) $32.25 $30.18 $13.39 $16.24 $15.91 (50.7%) (47.3%) 18.8% (2.1%)

EM

ES

12

1%

WG

P 7

6%

MP

LX

70

%

DK

L 4

5%

PS

XP

44

%

LG

P 4

3%

US

AC

37

%

SX

CP

37

%

OC

IP 2

6%

KN

OP

20

%

NS

LP

18

%

OC

IR 1

6%

TE

P 1

2%

QE

PM

11

%

WN

RL

8%

PA

GP

4%

SX

E 2

%

WP

T 0

%

SR

LP

(1

%)

CV

RR

(4

%)

FIS

H (

7%

)

AL

DW

(1

4%

)

25.7%

(40%)

(20%)

0%

20%

40%

60%

80%

100%

120%

140%

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.

6.8

%

9.8

%

8.4

%

8.9

% 12

.1%

8.8

% 11

.7%

13

.4%

8.2

% 9.9

%

10

.2%

9.2

%

0%

2%

4%

6%

8%

10%

12%

14%

16%

BWP NS PVR NKA EROC FGP NMM RNO NSH PDH NTI STON

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

Rating

BWP Boardwalk Pipeline Partners, L.P. Baseline

NS NuStar Energy L.P. Extremely Risky

PVR PVR Partners L.P. Extremely Risky

NKA Niska Gas Storage Partners LLC Extremely Risky

EROC Eagle Rock Energy Partners, L.P. Extremely Risky

FGP Ferrellgas Partners L.P. Extremely Risky

NMM Navios Maritime Partners, L.P. Extremely Risky

RNO Rhino Resource Partners, L.P. Extremely Risky

NSH NuStar GP Holdings, LLC Extremely Risky

PDH PetroLogistics, L.P. Extremely Risky

NTI Northern Tier Energy, L.P. Extremely Risky

STON StoneMor Partners, LP Extremely Risky

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.

5 MLP Protocol

ATL

S 70.4

%

TR

GP

34.9

%

AR

P 3

0.2

%

EQ

M 22.9

%

SX

L 2

1.7

%

TL

LP

19.8

%

OIL

T 1

8.7

%

WE

S 1

6.0

%

MM

P 1

4.9

%

RR

MS

14

.6%

KM

I 1

3.9

%

NG

L 1

3.6

%

GL

P 1

2.7

%

EP

B 1

2.1

%

ME

MP

1

1.1

%

PA

A

10

.6%

GE

L 1

0.6

%

NG

LS

10.6

%

CL

MT 1

0.5

%

GM

LP

10.0

%

AP

L 8

.8%

WP

Z 8

.7%

XT

XI

8.3

%

GS

JK

8.2

%

ETE

7

.6%

KM

P 7

.1%

HE

P 6

.5%

MC

EP

6.2

%

EP

D 6

.2%

DP

M 5

.9%

OK

S 5

.8%

SE

P 5

.4%

CM

LP

5.2

%

AP

U 5

.0%

MW

E 4

.9%

AM

ID 4

.6%

TC

P 3

.8%

VN

R 3

.7%

LG

CY

3

.5%

HC

LP

3.2

%

XT

EX

3

.0%

SP

H 2

.6%

TO

O 2

.5%

RG

P 2

.2%

LR

E 2

.1%

LN

CO

2.1

%

PV

R 1

.9%

ST

ON

1

.7%

MM

LP

1.6

%

TL

P 1

.6%

ET

P 1

.3%

CP

LP

0.0

%

CQ

P 0

.0%

NM

M 0

.0%

NR

P 0

.0%

PN

G 0

.0%

PS

E 0

.0%

QR

E 0

.0%

RN

O 0

.0%

TG

P 0.0

%

LIN

E (

0.0

%)

(10%)

0%

10%

20%

30%

40%

50%

60%

70%

80%

PD

H 1

14.3

%

RN

F (

68

.2%

)

(100%)

(50%)

0%

50%

100%

150%

KN

OP

16

.0%

XT

XI

8.3

%

WG

P 8

.2%

EQ

M 7

.5%

ME

MP

7

.3%

TR

GP

7

.0%

TL

LP

6.9

%

SM

LP

5

.7%

SX

L 5

.0%

OIL

T 4

.7%

MM

P 4

.7%

AM

ID 4

.6%

AT

LS

4

.5%

US

AC

4

.5%

NS

LP

4.5

%

MP

LX

4

.4%

CE

QP

3.8

%

AR

P 3.7

%

WE

S 3

.6%

NG

L 3

.5%

TE

P 3.5

%

EP

B 3

.2%

HC

LP

3.2

%

XTE

X 3

.0%

ET

E 2

.7%

DK

L 2

.5%

KM

I 2

.5%

GE

L 2

.5%

NG

LS

2.4

%

SD

LP

2.4

%

SX

CP

2.4

%

KM

P 2

.3%

RR

MS

2.3

%

GL

P 2

.1%

PAA

2

.1%

WP

Z 1

.7%

HE

P 1

.5%

SE

P 1

.5%

EP

D 1

.5%

GM

LP

1

.5%

DP

M 1

.4%

ET

P 1.3

%

CM

LP

1.3

%

MW

E 1

.2%

GS

JK

1.2

%

RG

P 1

.1%

LG

CY

0

.9%

OK

S 0

.7%

LR

E 0

.5%

VN

R 0

.4%

MM

LP

0

.3%

AP

L 0

.0%

AP

U 0

.0%

CL

MT

0

.0%

CP

LP

0.0

%

CQ

P 0

.0%

LIN

E 0

.0%

LN

CO

0.0

%

MC

EP

0

.0%

NM

M 0

.0%

NR

P 0

.0%

PN

G 0

.0%

PS

E 0

.0%

PV

R 0

.0%

QR

E 0

.0%

RN

O 0

.0%

SP

H 0

.0%

STO

N 0.0

%

SX

E 0

.0%

TC

P 0

.0%

TG

P 0

.0%

TL

P 0

.0%

TO

O 0

.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

WE

EK

LY

SN

AP

SH

OT

3Q 2013 Distributions

Quarter over Quarter Distribution Growth

Year Over Year Distribution Growth

PD

H 5

0.0

%

EM

ES

22.9

%

RN

F (

68.2

%)

(80%)

(60%)

(40%)

(20%)

0%

20%

40%

60%

Variable Rate MLPs

Variable Rate MLPs

6 MLP Protocol

Other 500%

Propane & NGL Logistics 460%

Natural Gas & NGL Pipelines 450%

Terminaling & Storage 417%

Gathering & Processing 405%

Upstream 386%

Marine 386%

Crude & Refined Products Pipelines 367%

General Partners 360%

Coal 320%

Downstream & Marketing 271%

Variable Rate 200%

Total 4,521%

63%38%

Current Price vs.

20 Day Moving Average1

62%38%

Current Price vs.

50 Day Moving Average1

52%48%

Current Price vs.

200 Day Moving Average1

46%54%

20 Day Moving Average /

200 Day Moving Average1

64%36%

50 Day Moving Average /

200 Day Moving Average2

69%31%

20 Day Moving Average /

50 Day Moving Average1

-

100

200

300

400

500

600

0%

1000%

2000%

3000%

4000%

5000%

6000%

3/1/

12

5/1/

12

7/1/

12

9/1/

12

11/1

/12

1/1/

13

3/1/

13

5/1/

13

7/1/

13

9/1/

13

Total Moving Average Heat Index AMZ

350

371

392

413

434

455

476

0%

1000%

2000%

3000%

4000%

5000%

6000%

3/1/

12

5/1/

12

7/1/

12

9/1/

12

11/1

/12

1/1/

13

3/1/

13

5/1/

13

7/1/

13

9/1/

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.

7 MLP Protocol

WE

EK

LY

SN

AP

SH

OT

1 Week and YTD Price Performance

1 Week Price Performance

Year to Date Price Performance

XT

XI

51%

X

TE

X 2

8%

N

S 1

2%

N

SH

11%

A

MID

9%

P

DH

9%

G

SJK

6%

S

XC

P 6

%

PA

A 6%

T

RG

P 6

%

MW

E 5

%

PN

G 5

%

AT

LS

5%

K

NO

P 5

%

NS

LP

5%

P

SX

P 5%

C

LM

T 5

%

US

AC

5%

H

CL

P 4

%

EX

LP

4%

N

RP

4%

P

AG

P 4%

O

CIR

4%

Q

EP

M 4

%

MM

P 4

%

EP

D 4

%

RN

O 4

%

ET

E 4

%

AP

L 4

%

LG

P 4

%

DP

M 4

%

KM

I 3%

E

ME

S 3

%

QR

E 3

%

WP

T 3

%

ET

P 3

%

CQ

P 3

%

CE

QP

3%

S

XL

3%

S

TO

N 3

%

AM

Z 2

%

FIS

H 2

%

GL

P 2

%

BP

L 2

%

NT

I 2%

B

IP 2

%

OIL

T 2

%

NG

LS

2%

K

MP

2%

F

UN

2%

G

EL

2%

L

GC

Y 2

%

OK

S 2

%

OX

F 2

%

OC

IP 2

%

CP

LP

2%

E

EP

2%

V

NR

1%

L

RE

1%

W

GP

1%

N

MM

1%

K

MR

1%

E

EQ

1%

W

ES

1%

A

RL

P 1

%

EX

H 1

%

DK

L 1

%

SP

Y 1

%

MM

LP

1%

B

KE

P 1

%

AC

MP

1%

M

EM

P 1

%

EQ

M 1

%

TN

H 1

%

AP

U 1

%

RR

MS

0%

F

GP

0%

S

DL

P 0

%

SG

U 0

%

EP

B 0

%

EV

EP

0%

T

CP

0%

T

LL

P 0

%

SM

LP

0%

B

WP

(0%

)C

ML

P (

0%

)G

ML

P (

0%

)W

PZ

(0%

)T

EP

(1%

)P

VR

(1%

)R

GP

(1%

)M

PL

X (

1%

)S

US

P (

1%

)S

XE

(1%

)T

OO

(1%

)H

EP

(1%

)W

NR

L (

1%

)C

EP

(1%

)A

RP

(1%

)M

CE

P (

1%

)S

RL

P (

1%

)S

EP

(2%

)S

PH

(2%

)T

LP

(2%

)N

GL

(2%

)A

HG

P (

2%

)L

INE

(2%

)N

KA

(3%

)E

RO

C (

3%

)B

BE

P (

4%

)T

GP

(4%

)L

NC

O (

5%

)P

SE

(6%

)C

VR

R (

7%

)U

AN

(9%

)A

LD

W (

12%

)R

NF

(18%

)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

EM

ES

121%

P

SE

117%

X

TX

I 116%

H

CL

P 1

11%

C

EP

97%

X

TE

X 7

9%

S

ML

P 6

9%

E

QM

67%

A

MID

65%

O

ILT

58%

M

ML

P 5

6%

L

GP

54%

E

TE

51%

B

PL

50%

T

RG

P 5

0%

A

CM

P 5

0%

E

XL

P 4

9%

C

QP

46%

N

KA

45%

M

WE

45%

G

EL

45%

P

SX

P 44%

S

EP

43%

N

GL

S 4

2%

C

PL

P 4

1%

A

TL

S 4

1%

C

EQ

P 4

1%

S

XL

40%

M

CE

P 4

0%

M

MP

39%

G

SJK

38%

U

SA

C 3

7%

S

XC

P 3

7%

G

LP

36%

N

GL

36%

F

GP

35%

F

UN

35%

S

GU

34%

D

KL

32%

A

RL

P 3

1%

W

GP

29%

B

KE

P 2

9%

E

XH

29%

T

LL

P 2

9%

S

DL

P 2

9%

E

PD

29%

W

ES

29%

T

OO

26%

O

CIP

26%

E

TP

26%

T

CP

26%

S

TO

N 2

6%

B

WP

26%

P

NG

25%

S

US

P 2

4%

N

MM

24%

S

PH

24%

S

PY

24%

A

HG

P 2

3%

A

PL

23%

L

GC

Y 2

2%

K

NO

P 2

0%

M

PL

X 2

0%

A

MZ

20%

D

PM

20%

R

GP

20%

N

SL

P 1

8%

M

EM

P 1

8%

P

AA

18%

O

CIR

16%

A

PU

16%

T

LP

14%

T

EP

12%

N

RP

12%

B

IP 1

2%

E

PB

11%

Q

EP

M 1

1%

E

EP

11%

R

RM

S 1

1%

V

NR

10%

Q

RE

9%

W

PZ

9%

T

GP

8%

W

NR

L 8

%

GM

LP

7%

K

MP

5%

N

S 5

%

LR

E 4

%

CL

MT

4%

P

AG

P 4%

K

MI 3%

B

BE

P 3

%

EE

Q 2

%

KM

R 2

%

OK

S 1

%

PV

R 1

%

WP

T 0

%

CM

LP

(1%

)S

RL

P (

1%

)R

NO

(3%

)T

NH

(3%

)H

EP

(3%

)P

DH

(3%

)C

VR

R (

4%

)N

SH

(4%

)F

ISH

(7%

)A

RP

(9%

)N

TI (9

%)

SX

E (

14%

)E

RO

C (

16%

)L

NC

O (

18%

)L

INE

(24%

)U

AN

(32%

)E

VE

P (3

5%

)R

NF

(37%

)A

LD

W (

43%

)O

XF

(60%

)

(80%)

(60%)

(40%)

(20%)

0%

20%

40%

60%

80%

100%

120%

140%

Note: NRGY unit price change adjusted due to its distribution of NRGM units.

8 MLP Protocol

XTX

IH

CL

PP

SE

EM

ES

XT

EX

CE

PE

QM

SM

LP

OIL

TC

QP

AM

IDL

GP

TR

GP

NK

AC

PL

PG

EL

AC

MP

MM

LP

SE

PE

TE

MW

EG

LP

SX

LE

XL

PG

SJ

KB

PL

NG

LS

FG

PM

CE

PA

TL

SM

MP

NG

LF

UN

DK

LA

RL

PM

PL

XS

DL

PS

XC

PE

XH

US

AC

SG

UW

GP

TO

OE

TP

TL

PTL

LP

AH

GP

BW

PB

KE

PL

RE

WE

SP

NG

ST

ON

BB

EP

LG

CY

SP

HN

MM

AP

LM

EM

PT

CP

DP

MS

US

PE

PD

LIN

EN

SH

PD

HL

NC

OR

GP

NR

PG

ML

PN

TI

PAA

NS

LP

EP

BV

NR

RR

MS

BIP

QR

EO

CIP

AP

US

XE

PV

RN

SO

CIR

TG

PK

NO

PW

PZ

EE

PO

KS

CL

MT

AL

DW

ER

OC

RN

OT

EP

PS

XP

KM

IK

MP

KM

RO

XF

EV

EP

AR

PE

EQ

CV

RR

TN

HH

EP

QE

PM

FIS

HC

ML

PP

AG

PW

NR

LU

AN

RN

F

(50%)

0%

50%

100%

150%

200%

PN

GN

SL

PM

MP

SX

CP

OIL

TN

MM

FU

NAM

IDM

WE

EP

DQ

RE

LG

CY

SX

LTR

GP

SG

UP

AG

PM

ML

PV

NR

ME

MP

BIP

ET

PE

ME

SN

GL

SL

GP

ET

EO

CIR

WP

ZQ

EP

MT

CP

EQ

MS

PH

KN

OP

AP

LM

CE

PA

CM

PL

RE

AR

LP

BW

PS

DL

PH

CL

PW

NR

LF

GP

ST

ON

CQ

PM

PL

XE

XL

PS

ML

PS

US

PW

ES

SE

PB

PL

EE

PTO

OB

BE

PC

PL

PN

GL

GS

JK

GE

LK

MP

US

AC

NK

AE

PB

PS

EO

CIP

FIS

HP

SX

PB

KE

PE

EQ

PV

RO

KS

PAA

AP

UG

ML

PTG

PT

EP

NR

PAH

GP

KM

IX

TE

XW

GP

RG

PK

MR

ATL

SX

TX

IE

XH

DP

MTL

PD

KL

GL

PR

NO

TN

HN

SC

ML

PP

DH

RR

MS

AR

PC

LM

TN

SH

SX

ET

LL

PN

TI

CV

RR

ER

OC

HE

PC

EP

LN

CO

LIN

EU

AN

EV

EP

AL

DW

RN

FO

XF

(100%)

(80%)

(60%)

(40%)

(20%)

0%

20%

WE

EK

LY

SN

AP

SH

OT

% 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.

Note: NRGY unit price change adjusted due to its distribution of NRGM units.

9 MLP Protocol

WE

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SN

AP

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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.

10 MLP Protocol

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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, if both TTM and MRQ are less than 1.0x the VCR calculation uses the lower 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 the maximum Heat Index for each MLP segment 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