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MLP Protocol MLP

1 MLP Protocol

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

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

ADDITIONAL MLP PROTOCOL RESOURCES

Resources • Company Presentations • Links • Definitions • Background

RECENT ARTICLES AND BLOG POSTS

Short Interest Trends for the Atlas Energy Group 091114

Short Interest Trends for the Kinder Morgan Group 091114

Kinder Morgan Merger Tax Implications 081914

HMLP IPO Preview Aug 2014

VTTI IPO Preview July 2014

RIGP IPO Preview July 2014

MLPs and Relative Value Versus U.S. Treasuries

MLP Protocol (“MLPP”) is not registered as an Investment Advisor or Broker/Dealer with the SEC or in any state or lawful jurisdiction. MLPP relies upon the “publisher’s” exemption

from the definition of “investment adviser” as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. To the extent any of the

content published on this website, including e-mail transmissions, faxes, recorded voice messages, and any other associated messages/media (hereinafter collectively referred to as

“Information”) may be deemed investment advice, such Information is impersonal and not tailored to the investment needs or objectives of any specific person. The Information contained

within this Web site is provided for informational and educational purposes only, and should be construed as opinion only and not as investment/trading advice and is not meant to be a

solicitation regarding any securities mentioned.

Opinions expressed herein are MLPP’s present opinions only. Any Information is based upon information that MLPP considers reliable, but MLPP does not represent, guarantee, or

warrant, expressly or implicitly, that the Information 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 Information. MLPP accepts no liability with respect to, or arising directly or indirectly out of, the Information.

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 strongly 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 and all positions are subject to change

without notice. Current position data shown for full disclosure purposes only and is in no way to be considered a recommendation for that specific position. 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 website or Information may be reproduced in any

manner without written permission. © 2011-2014 All rights reserved.

2 MLP Protocol

MLP Protocol Sprint Portfolio

The MLP Protocol Sprint Portfolio’s strategy pursues a higher risk, higher

potential total return using Master Limited Partnerships (“MLPs”).

MLP PROTOCOL

SPRINT P O R T F O L I O

0%

20%

40%

60%

80%

100%

120%

140%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14

10YR UST Yield MLP Protocol Sprint Portfolio (before Fees)

Alerian MLP Index Total Return S&P 500 Total Return

Gross Performance Detail* as of date shown on cover

*Covestor website shows performance net of fees.

*Covestor subscription fee 0.50% effective January 1, 2014 was 1.50% during the prior periods.

Disclaimer │ Covestor: Additional Important Information

Currently ranked #1 by Sharpe Ratio at Covestor.

Mirror my strategies

trade for trade

MLP Protocol Sprint 0.50% Subscription Fee p.a.

$50,000 Subscription Minimum

Invest like me at Covestor.com

All rights reserves © Covestor Ltd

Performance Inception Date June 27, 2012

as of September 26, 2014Best

Performer

Manager

(Net of Fees)

Alerian

MLP*

S&P

500*

Past 30 days S&P 500 (3.7%) (1.7%) (0.7%)

Past 90 days Alerian MLP (3.1%) 2.4% 1.6%

Past 365 days Manager 41.3% 24.4% 19.2%

Since Inception (Annualized) Manager 39.5% 24.2% 21.9%

2014 (YTD) Manager 21.4% 18.4% 8.9%

2013 Manager 41.0% 27.6% 32.4%

2.2 Years Since Inception BEFORE FEES AMZX S&P TR

Since Inception (Total Return) Manager 116.3% 62.7% 56.3%

Risk Metrics Last 365 Days

as of September 26, 2014Best

Performer

Manager

(Net of Fees)

Alerian

MLP*

S&P

500*

Best 30 days Manager 9.4% 9.1% 7.9%

Worst 30 days Alerian MLP (4.4%) (4.3%) (4.8%)

Volatility S&P 500 11.4% 11.2% 10.3%

Sharpe Ratio Manager 3.63 2.17 1.86

Sortino Ratio Manager 5.39 3.63 2.49

Maximum Drawdown Alerian MLP (5.2%) (4.9%) (5.7%)

Value-at-Risk (95%, 1 wk) S&P 500 (2.6%) (2.6%) (2.4%)

vs. Alerian MLP*vs. S&P

500*

Information Ratio 1.45 2.00

Alpha 24.5% 25.6%

Beta 0.48 0.53

R-Squared 0.22 0.23

*Total return data shown

Bold and yellow highlighting indicate close at a new all-time high.

3 MLP Protocol

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Markets and Levels / Forward 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.

Highest Forward Yield by Segment Price Performance Since IPO

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.

RED tickers indicate a past distribution cut. ORANGE tickers indicate VARIABLE distributions.

VL

P 9

7%

WN

RL

61

%

GL

OP

47

%

PA

GP

3

9%

SR

LP

39

%

CN

NX

34

%

AR

CX

3

4%

DL

NG

33

%

ME

P 2

6%

CE

LP

25

%

EN

BL

24

%

WL

KP

23

%

HM

LP

17

%

RIG

P 1

4%

PB

FX

13

%

OC

IP 1

1%

VT

TI

(5%

)

VN

OM

(1

0%

)

FE

LP

(1

2%

)

26.8%

(20%)

0%

20%

40%

60%

80%

100%

120%

7.0

%

6.9

% 8.5

%

10

.7%

12

.4%

8.0

%

10

.2%

12

.5%

5.4

% 7.0

%

14

.7%

9.8

%

0%

2%

4%

6%

8%

10%

12%

14%

16%

WPZ NS USAC NKA ARP APU NMM RNO AHGP UAN ALDW STON

Nat Gas &NGL

Pipes

Crude &Ref Prod

Pipes

G & P T & S Upstream Propane& NGL

Logist ics

Marin e Coal General

Partners (“GP”)

Variable D & M Other

Ticker Risk Rating

WPZ DCR < 1.0x

NS Very Risky

USAC Extremely Risky

NKA Extremely Risky

ARP Extremely Risky

APU Very Risky

NMM Extremely Risky

RNO Extremely Risky

AHGP Very Risky

UAN Extremely Risky

ALDW Extremely Risky

STON Extremely Risky

52 Weeks Ago FYE 2013 4 Weeks Ago Week Ago Current Change

Indices 9/27/13 12/31/13 8/29/14 9/19/14 9/26/14 1 Year YTD 1 Month 1 Week

MLP Index (AMZ) 446.0 463.8 539.9 537.4 526.3 18.0% 13.5% (2.5%) (2.1%)

MLP Total Return Index (AMZX) 1,480.3 1,562.2 1,896.2 1,888.3 1,849.5 24.9% 18.4% (2.5%) (2.1%)

S&P 500 1,691.8 1,848.4 2,003.4 2,010.4 1,982.9 17.2% 7.3% (1.0%) (1.4%)

Yields

MLP Index Yield (AMZ Yield) 5.94% 5.82% 5.14% 5.17% 5.28% (67 bps) (54 bps) 13 bps 11 bps

10 Year Treasury Yield 2.64% 3.04% 2.35% 2.59% 2.54% (10 bps) (50 bps) 19 bps (5 bps)

20 Year Treasury Yield 3.40% 3.72% 2.83% 3.05% 2.99% (41 bps) (73 bps) 16 bps (6 bps)

Yield Curve Steepness (20 Year - 3 Month) 338 bps 365 bps 280 bps 303 bps 298 bps (40 bps) (67 bps) 18 bps (5 bps)

AMZ Yield Spread to 10 Year UST 330 bps 278 bps 279 bps 258 bps 274 bps (57 bps) (4 bps) (6 bps) 16 bps

AMZ Yield Spread to 20 Year UST 254 bps 210 bps 231 bps 212 bps 229 bps (26 bps) 19 bps (3 bps) 17 bps

Rigs and Commodity Prices

U.S. Total Rig Count 1,744 1,757 1,914 1,931 1,931 10.7% 9.9% 0.9% 0.0%

Natural Gas $3.50 $4.32 $4.02 $3.86 $3.92 12.0% (9.3%) (2.5%) 1.6%

WTI Crude Oil ($ / Bbl) $103.10 $99.15 $96.25 $93.52 $95.55 (7.3%) (3.6%) (0.7%) 2.2%

Brent Crude Oil ($ / Bbl) $108.80 $111.72 $100.64 $97.02 $95.08 (12.6%) (14.9%) (5.5%) (2.0%)

Brent / WTI Differential ($ / Bbl) $5.70 $12.57 $4.39 $3.50 ($0.47) (108.2%) (103.7%) (110.7%) (113.4%)

NYMEX 3:2:1 Crack Spread ($ / Bbl) $13.39 $23.17 $19.28 $18.03 $17.01 27.0% (26.6%) (11.8%) (5.7%)

4 MLP Protocol

(1%)

0%

1%

2%

3%

4%

5%

6%

7%

8%

20 Year - 3 Month U.S. 20 Year Treasury U.S. 10 Year Treasury

0%

25%

50%

75%

100%

0

450

900

1,350

1,800

12/31/99 12/31/02 12/31/05 12/31/08 12/31/11

U.S. Oil Rig Count U.S. Natural Gas Rig Count % Oil

0

210

420

630

840

1,050

1,260

1,470

1,680

1,890

2,100

0

70

140

210

280

350

420

490

560

630

700

AMZ S&P 500

0%

200%

400%

600%

800%

1000%

1200%

1400%

1600%

AMZX AMZ S&P 500

U.S. Rig Count Treasury Yields

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Markets and Levels

Alerian MLP Index vs. S&P 500

5 MLP Protocol

$0

$20

$40

$60

$80

$100

$120

$140

$160

WTI Crude Brent Crude

$0

$2

$4

$6

$8

$10

$12

$14

$16

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$(10)

$(5)

$0

$5

$10

$15

$20

$25

$30

Brent / WTI Differential NYMEX 3:2:1 Crack Spread

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Markets and Levels

Crude Oil Natural Gas

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 MLP Protocol

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Drilling Rig Count

U.S. Oil and Natural Gas Drilling Rig Count

Oil Rig Count vs. WTI Crude Prices Natural Gas Rig Count vs. Natural Gas Prices

Source: www.bakerhughes.com, www.eia.gov

ANNUAL MONTHLY PEAK ANALYSIS

Last Year Annual Current 4 Wks Ago Monthly Current Peak Current Peak Days

9/27/13 Change 9/26/14 8/29/14 Change 9/26/14 Count vs. Peak Date Since

Oil Rig Count 1,362 230 1,592 1,575 17 1,592 1,601 (0.6%) 9/19/14 7

% of Total 78.4% 82.5% 82.3% 82.5%

Annual/Monthly Change % 16.9% 1.1%

Natural Gas Rig Count 376 (38) 338 338 0 338 1,606 (79.0%) 9/12/08 2,205

% of Total 21.6% 17.5% 17.7% 17.5%

Annual/Monthly Change % (10.1%) 0.0%

Total Rig Count 1,738 192 1,930 1,913 17 1,930 2,031 (5.0%) 9/12/08 2,205

Annual/Monthly Change % 11.0% 0.9%

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

D-9

9

D-0

0

D-0

1

D-0

2

D-0

3

D-0

4

D-0

5

D-0

6

D-0

7

D-0

8

D-0

9

D-1

0

D-1

1

D-1

2

D-1

3

U.S. Oil Rig Count WTI Crude Oil

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

D-9

9

D-0

0

D-0

1

D-0

2

D-0

3

D-0

4

D-0

5

D-0

6

D-0

7

D-0

8

D-0

9

D-1

0

D-1

1

D-1

2

D-1

3

U.S. Natural Gas Rig Count Natural Gas

0%

25%

50%

75%

100%

0

450

900

1,350

1,800

J-95

J-96

J-97

J-98

J-99

J-00

J-01

J-02

J-03

J-04

J-05

J-06

J-07

J-08

J-09

J-10

J-11

J-12

J-13

J-14

U.S. Oil Rig Count U.S. Natural Gas Rig Count % Oil

7 MLP Protocol

57%43%81%19%

50%50%

41%59%

23%

77%

17%

83%

350

385

420

455

490

525

560

0%

1000%

2000%

3000%

4000%

5000%

6000%

3/1/

12

6/1/

12

9/1/

12

12/1

/12

3/1/

13

6/1/

13

9/1/

13

12/1

/13

3/1/

14

6/1/

14

9/1/

14

Total Moving Average Heat Index AMZ

-

100

200

300

400

500

600

0%

1000%

2000%

3000%

4000%

5000%

6000%

3/1/

12

6/1/

12

9/1/

12

12/1

/12

3/1/

13

6/1/

13

9/1/

13

12/1

/13

3/1/

14

6/1/

14

9/1/

14

Total Moving Average Heat Index AMZ

Natural Gas & NGL Pipelines 410%

Crude & Refined Products Pipelines 360%

General Partners 345%

Propane & NGL Logistics 320%

Gathering & Processing 281%

Terminaling & Storage 257%

Other 233%

Downstream & Marketing 188%

Upstream 167%

Marine 164%

Variable / Plants 80%

Coal 67%

Total 2,871%

Current Price vs.

20 Day Moving Average1

Current Price vs.

50 Day Moving Average1

Current Price vs.

200 Day Moving Average1

20 Day Moving Average /

200 Day Moving Average1

50 Day Moving Average /

200 Day Moving Average2

20 Day Moving Average /

50 Day Moving Average1

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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.

8 MLP Protocol

AC

MP

13%

P

BF

X 1

3%

P

AA

13%

E

PB

12%

S

GU

11%

E

VE

P 1

1%

S

XC

P 1

0%

B

PL

9%

O

CIR

9%

E

NL

K 8

%

CL

MT

7%

S

PY

7%

D

PM

7%

K

MI

7%

E

TP

7%

W

PZ 6

%

AM

ID 6

%

DL

NG

6%

O

KS

5%

R

NO

4%

L

RE

4%

A

PL

3%

T

OO

3%

T

NH

2%

A

LD

W 2

%

CV

RR

2%

S

TO

N 1

%

AP

U 1

%

TG

P 1

%

BB

EP

1%

Q

EP

M 1

%

SD

LP

1%

M

EM

P 0

%

LG

CY

0%

N

SL

P (

0%

)T

LP

(1%

)B

IP (

2%

)W

PT

(2%

)G

EL

(2%

)L

INE

(3%

)E

XL

P (

3%

)F

UN

(3%

)M

CE

P (

4%

)C

PL

P (

4%

)S

PH

(5%

)V

TT

I (5

%)

LN

CO

(5%

)B

KE

P (

6%

)A

TL

S (

6%

)A

RP

(7%

)V

NR

(7%

)N

TI

(7%

)U

SA

C (

9%

)N

MM

(10%

)V

NO

M (

10%

)K

NO

P (

11%

)N

KA

(11%

)C

ML

P (

12%

)F

EL

P (

12%

)M

ML

P (

13%

)U

AN

(14%

)C

EQ

P (

22%

)R

NF

(27%

)B

WP

(27%

)O

CIP

(28%

)N

RP

(34%

)O

XF

(34%

)E

RO

C (

36%

)

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

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YTD Price Performance

Source: www.finviz.com

EM

ES

154%

P

SX

P 8

0%

T

EP

69%

S

US

P 6

5%

O

ILT

58%

T

RG

P 5

5%

N

SH

54%

W

GP

53%

R

RM

S 5

3%

C

EP

52%

E

TE

49%

E

QM

48%

G

LO

P 4

7%

H

CL

P 4

3%

W

NR

L 3

7%

S

RL

P 3

7%

C

NN

X 3

4%

M

PL

X 3

4%

S

ML

P 3

4%

N

GL

S 3

4%

T

LL

P 3

4%

T

CP

32%

E

EP

32%

M

MP

32%

V

LP

32%

E

EQ

29%

E

XH

29%

D

KL

27%

S

XL

27%

N

S 2

6%

F

ISH

25%

C

EL

P 2

5%

K

MR

24%

E

NB

L 2

4%

W

LK

P 2

3%

F

GP

23%

R

GP

22%

S

XE

22%

W

ES

20%

E

PD

20%

L

GP

20%

G

SJK

20%

G

ML

P 1

9%

A

HG

P 1

8%

G

LP

18%

H

ML

P 1

7%

N

GL

17%

M

WE

16%

A

RC

X 1

6%

M

EP

16%

K

MP

16%

S

EP

15%

Q

RE

15%

A

RL

P 1

5%

E

NL

C 1

5%

C

QP

15%

R

IGP

14%

P

AG

P 1

4%

D

ML

P 1

4%

A

MZ 1

3%

H

EP

13%

0%

10%

20%

30%

40%

50%

60%

70%

80%

9 MLP Protocol

BB

EP

DK

LE

VE

PG

EL

OIL

TM

EM

PL

GP

HM

LP

SX

EL

RE

CM

LP

MP

LX

PB

FX

AR

PF

UN

SM

LP

NG

LS

DL

PL

GC

YQ

EP

MM

CE

PC

PL

PC

EP

US

AC

WL

KP

RIG

PO

CIR

PS

XP

TR

GP

EQ

ME

NL

KT

LP

BK

EP

NM

MV

NR

FE

LP

KN

OP

CL

MT

NG

LS

CV

RR

DM

LP

NS

LP

GL

OP

AR

LP

AL

DW

NK

AA

TL

SR

NO

WP

TM

ML

PS

GU

VL

PN

TI

GS

JK

EM

ES

HC

LP

OC

IPT

NH

CE

QP

UA

NN

RP

VN

OM

BW

PE

RO

CR

NF

OX

F

(70%)

(60%)

(50%)

(40%)

(30%)

(20%)

(10%)

0%

HE

PF

GP

EE

PS

TO

NE

TP

EN

LC

WN

RL

CE

LP

WP

ZF

ISH

WG

PE

PD

AC

MP

ET

ER

GP

AR

CX

EX

LP

PA

AM

MP

MW

EN

SH

EE

QA

PL

CQ

PR

RM

SK

MP

NS

TC

PP

AG

PE

PB

EX

HT

EP

DL

NG

AP

UA

HG

PS

XL

SX

CP

OK

SW

ES

KM

RD

PM

TL

LP

LIN

EG

LP

SP

HB

PL

GM

LP

LN

CO

SR

LP

TG

PS

US

PV

TT

IT

OO

BIP

EN

BL

SE

PM

EP

KM

IQ

RE

AM

ID

(12%)

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

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AP

SH

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% Below 52 Week Highs

Positive number indicates close at a new high.

Source: www.finviz.com

10 MLP Protocol

DM

LP

NM

MM

WE

BP

LS

EP

OC

IRC

EL

PL

INE

EV

EP

HE

PA

PL

ET

PS

GU

PA

AK

MI

NT

IR

NO

VT

TI

LR

EP

BF

XD

PM

NS

LP

ST

ON

ME

MP

GL

OP

CV

RR

TO

OL

NC

ON

KA

EX

LP

FU

NE

NB

LW

PZ

LG

CY

CL

MT

TG

PU

SA

CO

KS

AT

LS

AP

UR

IGP

SP

HT

NH

WP

TO

XF

BIP

QE

PM

TL

PA

RP

SD

LP

KN

OP

ER

OC

GE

LV

NR

CM

LP

HM

LP

BK

EP

MC

EP

NR

PF

EL

PU

AN

MM

LP

RN

FW

LK

PV

NO

MC

EQ

P

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

EM

ES

304%

P

SX

P 1

38%

H

CL

PE

NL

CN

SH

OIL

TT

EP

ET

ET

RG

PR

RM

SE

PD

SU

SP

EQ

MC

EP

WG

PN

SA

MID

MP

LX

AL

DW

EX

HS

ML

PV

LP

EN

LK

BW

PW

NR

LM

MP

EE

PS

RL

PT

CP

SX

LN

GL

SS

XE

TL

LP

DL

NG

EE

QP

AG

PE

PB

DK

LA

CM

PF

GP

NG

LA

RC

XK

MR

RG

PG

LP

LG

PF

ISH

AH

GP

ME

PG

ML

PQ

RE

AR

LP

CQ

PS

XC

PO

CIP

KM

PW

ES

GS

JK

CP

LP

BB

EP

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

WE

EK

LY

SN

AP

SH

OT

% Above 52 Week Lows

Negative number indicates close at a new low.

Source: www.finviz.com

11 MLP Protocol

EN

LC

22.2

%

TE

P 16.9

%

DK

L 1

1.8

%

PS

XP

10.0

%

HC

LP

9.5

%

WG

P 8

.5%

R

RM

S 8

.1%

P

AG

P 7.5

%

SD

LP

6.9

%

NG

L 6

.8%

T

RG

P 6

.6%

ATL

S 6.5

%

EQ

M 6.1

%

ET

E 5

.9%

O

ILT 5

.1%

S

XL

5.0

%

GM

LP

4.8

%

VL

P 4

.7%

M

PL

X 4.6

%

MM

P 4.5

%

TL

LP

4.2

%

ME

P 4.0

%

SM

LP

4.0

%

WE

S 4

.0%

Q

EP

M 3

.7%

TC

P 3

.7%

S

RL

P 3

.6%

S

US

P 3

.5%

A

CM

P

3.5

%

WN

RL

3.4

%

AR

CX

3.2

%

SX

CP

3.0

%

GE

L 2

.7%

AH

GP

2.7

%

LG

CY

2

.5%

C

EL

P 2

.4%

K

MI

2.4

%

PA

A

2.4

%

NG

LS

2.3

%

AR

LP

2.2

%

ETP

2.1

%

EE

P 2

.1%

R

GP

2.1

%

US

AC

2.0

%

OK

S 2

.0%

G

LP

2.0

%

LG

P 2

.0%

B

KE

P 1

.9%

S

EP

1.8

%

AR

P 1.7

%

GS

JK

1.7

%

DP

M 1

.7%

S

TO

N 1

.7%

AP

L 1.6

%

HE

P 1

.5%

E

PD

1.4

%

FIS

H 1

.4%

K

MR

1.4

%

EN

LK

1.4

%

WP

Z 1

.3%

M

WE

1.1

%

BP

L 1

.1%

B

BE

P 1

.0%

E

XL

P 0

.9%

N

SL

P 0

.9%

TL

P 0

.8%

K

MP

0.7

%

MM

LP

0.6

%

LR

E 0

.5%

E

VE

P 0

.1%

AM

ID 0.0

%

AP

U 0.0

%

BIP

0.0

%

BW

P 0

.0%

C

EQ

P 0

.0%

C

LM

T 0.0

%

CM

LP

0.0

%

CP

LP

0.0

%

CQ

P 0

.0%

D

LN

G 0

.0%

E

PB

0.0

%

EX

H 0

.0%

F

GP

0.0

%

FU

N 0

.0%

K

NO

P 0

.0%

L

INE

0.0

%

LN

CO

0.0

%

MC

EP

0

.0%

M

EM

P

0.0

%

NK

A 0.0

%

NM

M 0.0

%

NR

P 0

.0%

N

S 0

.0%

N

SH

0.0

%

OC

IR 0

.0%

Q

RE

0.0

%

RN

O 0

.0%

S

GU

0.0

%

SP

H 0

.0%

S

XE

0.0

%

TG

P 0

.0%

TO

O 0.0

%

VN

R 0

.0%

W

PT 0

.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

RN

F 6

2.5

%

OC

IP 1

7.1

%

EM

ES

3.5

%

TN

H 3

.3%

D

ML

P (

1.1

%)

CV

RR

(2.0

%)

UAN

(13.2

%)

NTI

(31.2

%)

AL

DW

(81.2

%)

(100.0%)

(80.0%)

(60.0%)

(40.0%)

(20.0%)

0.0%

20.0%

40.0%

60.0%

80.0%

WG

P 3

7.3

%

TE

P 3

2.2

%

EQ

M 3

0.0

%

SD

LP

29

.9%

T

RG

P 2

9.6

%

PAG

P 23.1

%

AC

MP

22.7

%

OIL

T 2

2.4

%

SX

CP

21.9

%

SX

L 2

1.7

%

RR

MS

21

.6%

H

CL

P 2

1.1

%

TL

LP

20.6

%

DK

L 2

0.3

%

MM

P 20.2

%

MP

LX

20.2

%

SM

LP

19.5

%

NG

L 1

9.2

%

WE

S 1

6.1

%

ET

E 1

6.0

%

KN

OP

16.0

%

SU

SP

14

.8%

U

SAC

13.6

%

FU

N 1

2.0

%

BIP

11.6

%

AT

LS

1

1.4

%

SE

P 1

1.3

%

AH

GP

10.8

%

GE

L 1

0.8

%

BK

EP

10.4

%

PAA

9.8

%

LG

P 9

.4%

AR

P 9.2

%

NG

LS

9.1

%

GL

P 8

.5%

AR

LP

8.5

%

KM

I 7

.5%

M

EM

P 7.3

%

AM

ID 6.9

%

ET

P 6

.9%

D

PM

6.7

%

GS

JK

6.5

%

NS

LP

6.4

%

GM

LP

6.3

%

WP

Z 6

.3%

H

EP

6.2

%

SG

U 6

.1%

E

PD

5.9

%

KM

R 5

.9%

C

EQ

P 5

.8%

O

KS

5.6

%

RG

P 5

.4%

K

MP

5.3

%

LG

CY

5

.2%

AP

U 4.8

%

MW

E 4

.8%

B

PL

4.7

%

BB

EP

4.7

%

EX

LP

3.8

%

TC

P 3

.7%

E

PB

3.2

%

CM

LP

2.5

%

TO

O 2.5

%

TG

P 2.5

%

TL

P 2

.3%

E

EP

2.1

%

LR

E 2

.1%

S

TO

N 1.7

%

AP

L 1.6

%

VN

R 1

.6%

M

ML

P 1

.6%

E

VE

P 0

.5%

Q

RE

0.0

%

CL

MT

0

.0%

C

PL

P 0

.0%

C

QP

0.0

%

FG

P 0

.0%

L

INE

0.0

%

LN

CO

0.0

%

MC

EP

0

.0%

N

KA 0.0

%

NM

M 0.0

%

NS

0.0

%

NS

H 0

.0%

R

NO

0.0

%

SP

H 0

.0%

S

XE

0.0

%

NR

P (36.4

%)

BW

P (8

1.2

%)

(100%)

(80%)

(60%)

(40%)

(20%)

0%

20%

40%

60%

WE

EK

LY

SN

AP

SH

OT

2Q14 Distributions

Quarter over Quarter

Year over Year

VARIABLE MLPs

EM

ES

67.1

%

DM

LP

24.1

%

CV

RR

(28.9

%)

TN

H (

22.6

%)

NTI

(22.1

%)

UAN

(43.4

%)

AL

DW

(81.7

%)

RN

F (84.7

%)

(100%)

(80%)

(60%)

(40%)

(20%)

0%

20%

40%

60%

80%

VARIABLE MLPs

Note: PAGP, PSXP Year over Year growth rates are currently announced distribution compared to the distribution in the IPO Prospectus.