Baird Investment Banking Pitch Book

Preliminar Paft WA IV PRECEDENT MLP BUY-IN PREMIUMS OVER THE LAST 5 YEARS Announced Date 05/16/18 05/16/18 02/07/18 05/16/18 05/16/18 03/26/18 01/02/18 05/18/17 04/03/17 03/02/17 02/01/17 01/27/17 11/21/16 09/26/16 05/31/16 11/03/15 05/06/15 01/26/15 10/01/14 08/10/14 08/10/14 06/15/14 08/27/13 Enbridge Inc. Enbridge Inc. Acquiror NuStar Energy Partners LP Cheniere Energy, Inc. Williams, Inc. Tallgrass Energy GP Archrock, Inc. Energy Transfer Partners, LP World Point Terminals Inc. VTTI B.V. ONEOK Inc. Enbridge Inc. Sunoco Logistics Partners LP Columbia Pipeline Group, Inc. SemGroup Corporation Targa Resources Corp. Crestwood Equity Partners LP Energy Transfer Partners LP Enterprise Products Partners LP Kinder Morgan Inc. Kinder Morgan Inc. Access Midstream Partners LP Plains All American Pipeline LP Target Enbridge Energy Partners, LP. Spectra Energy Partners, LP NuStar GP Holdings, LLC Cheniere Energy Partners LP Holdings, LLC Williams Partners L.P. Tallgrass Energy Partners, L.P. Archrock Partners, L.P. PennTex Midstream Partners, LP World Point Terminals, LP VTTI Energy Partners LP ONEOK Partners LP Midcoast Energy Partners LP Energy Transfer Partners LP Columbia Pipeline Partners LP Rose Rock Midstream LP Targa Resources Partners LP Crestwood Midstream Partners LP Regency Energy Partners LP Oiltanking Partners LP El Paso Pipeline Partners Kinder Morgan Energy Partners LP Williams Partners LP PAA Natural Gas Storage LP Median Average Buyer GP GP MLP GP GP GP GP MLP GP GP GP GP MLP GP GP GP MLP MLP MLP GP GP MLP MLP Source: Company and partnership filings, Bloomberg and S&P Capital IQ. Represents premium/(discount) at announcement. 1-day, 10-day and 30-day prices based on business days from last "unaffected" date, excluding holidays. 1-Day Premium / (Discount) 10-Day 0.0% 0.0% 1.7% (0.0%) 8.1% 23.4% 20.1% 5.8% 5.7% 25.8% (8.6%) (0.2%) 11.8% 0.0% 18.4% 17.2% 13.2% 5.6% 15.4% 12.0% 6.5% 6.6% 6.5% 8.5% 9.6% 5.7% (7.3%) (1.8%) 12.6% 10.0% 22.3% 22.5% 6.5% 4.3% 21.8% 5.3% 17.4% 20.2% 16.9% 11.0% 20.1% 23.2% 1.9% 8.9% 6.9% 5.4% 10.0% 10.0% 11.0% (1) BAIRD 30-Day 0.9% (0.9%) 9.8% 0.5% 19.5% 3.4% 25.6% 16.3% (1.1%) 15.0% 19.2% 10.3% 6.8% 26.3% 60.0% 8.6% 27.6% 15.8% 5.1% 7.3% 10.7% 8.1% (0.3%) 9.8% 12.8% Project Bronco | Page 13

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