Baird Investment Banking Pitch Book

2 SELECTED PRECEDENT GP/IDR TRANSACTIONS ($ in millions) Announced Date Acquiror 01/22/18 Spectra Energy Partners LP 12/15/17 MPLX LP 10/19/17 Holly Energy Partners, LP 08/14/17 Andeavor Logistics 01/09/17 Williams Companies, Inc. 07/11/16 Plains All American Pipeline, LP. (1) (2) (3) (4) SEP GP MPLX GP HEP GP LLC Andeavor GP Target Williams Companies Plains AAP, L.P. 12/28/10 Genesis Energy, LP. Genesis Energy, LLC 09/21/10 Penn Virginia Resource Partners, L.P. Penn Virginia GP Holdings, LP. 09/07/10 Enterprise Products Partners, L.P. 08/09/10 Inergy, L.P. 06/11/10 Buckeye Partners LP Enterprise GP Holdings LP. Inergy Holdings, L.P. Buckeye GP Holdings, LP Source: SEC filings, Bloomberg and Wall Street research. Note: Analysis reflects selected GP acquisitions announced and closed since 2010. Excludes the value of limited partner units. IDR Tier at Acquisition 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 51.0% 50.0% 25.0% 48.7% 45.0% Overall Median GP Only Value (¹) 7,347 10,434 1,250 3,768 11,173 7,300 690 466 7,199 1,922 1,156 >25% Growth Range GP Only Value (¹) / GP Cash Flow (2) LQA NTM Unadjusted Unadjusted 18.8x 28.3x 16.7x 17.2x 11.9x 11.4x 44,0x 17.7x 27.6x 26.5× 22.8x 18.8x 17.1x 24.0x 15.3x1 15.2x1 11.9x 11.4x 37.1x1 155x 265x 22.6x 22.1x1 17.1x NTM Normalized @ 1.1x Coverage Based on estimated NTM MLP distribution at the time of announcement per Wall Street consensus estimates. Excludes distributions from limited partner units. Represents GP/IDR cash flow as adjusted by Baird to reflect 1.1x distributable cash flow coverage at the MLP. 3-year CAGR based on LQA-CY+3. 17.1x I 14.8x 15.9x 15.7x 14.4x 17.1x I 33.5x 19.0xi 24.9x 25.5x | 14.9x 17.1x Confidential 24.9x-33.5x MLP Data 3-Year Est. LQA DCF Distr. CAGR (4) Coverage 5.2% 7.8% 4.7% 6.5% 0.0% 0.0% 11.0% 2.1% 6.5% NA 3.9% 1.2x 1.3x 1.0x 1.2x 1.1x 0.7x 1.5x 1.0x 1.2x 0.9x 1.1x BAIRD GP/IDR 3-Year Est. Distr. CAGR (4) 11% I 18% 10% 12% 0% 0% | 39% I 7% 25% I 25% I 6% Project Bronco | Page 65

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