2006 Proprietary and Confidential Information

Mont Belvieu ComplexTarga Midstream Services, LP

ConfidentialTarga Midstream Services, L.P.

Downstream

Fractionation Plant

NGL Marine Facility

Underground Storage

Truck Loading/ Unloading

NGL Terminal

Pipeline

Upstream

Gas Processing Plant

Gathering System

Gathering Line

ConfidentialHouston Area Assets

ConfidentialHouston Area Assets

Mont Belvieu Complex

215 MBPD (16,000 MT/d) capacity fractionator (Cedar Bayou Fractionator)

80 MMBBLs (6,000,000 MT) underground liquid storage facility

87,000 hp Pumps, Compressors

Galena Park Marine Terminal

1,500 bph (120 MT/hr) Export Terminal

10,000 bph (800 MT/hr) Import Terminal

5 Docks (Barges and Ocean Transports)

Capabilities for ethylene import and export

Houston Gathering System

Product gathering and distribution network

Operated by Buckeye Gulf Coast Pipe Lines

ConfidentialAsset Integration

B TRADING ANDMARKETING

A SERVICESFractionation, Storage, &Terminalling

C INTERNATIONALImport/Export

GPMTMARINE

REFINERS

BLENDERS

INTERNATIONAL

SHIPS

BARGES

PIPELINES

CBFFRAC

MBTSTORAGE

WELLS20 Targa6 CPCC

WTPLSEMINOLE

“SPEC”

“FEED”

PETCHEM’S

REFINERS

Raw/Y grade

Other Raw PipelinesLDHXOMChapparal

BUSINESS OVERVIEW

ConfidentialGalena Park Marine Terminal

ConfidentialMont Belvieu Complex

ConfidentialCedar Bayou Fractionator

Feedstock FlexibilityEthane-containing y-GradeButane MixesButane-Gasoline Mixes

Specification ProductsPurity EthaneE.P MixPropane (HD-5)IsobutaneNormal ButaneNatural GasolineMixed Pentanes (Seasonal)Low Vapor Pressure Natural Gasoline (Seasonal)

Treating Systems (contaminant removal)Y-Grade (H2S, CO2, Mercaptans)Gasoline (Mercaptan conversion)

ConfidentialFractionation

Ethane or EP Mix Propane

De-Ethanizer De-Propanizer

ButanesIso

Butane

De-IsoButanizer

NormalButane

Natural Gasoline

De-Butanizer

Butane+

Propane+

Treating

Back End Mix

NGL

ConfidentialLow Sulfur Natural Gasoline

Operated as a separate business

Capacity – 30 MBPD +/-

Capacity is subscribed to 2 customers

Hydro-desulfurization process

Finished product contained less than 5 ppm total sulfur

Business Driver

EPA Tier II Regulation applicable to motor fuel

ConfidentialCogeneration Unit

Operated as a separate business unit

12-14 MW electric power generating capacity

Power is not sold to the grid

Waste Heat Steam Generation

Supports existing steam generation equipment (CBF)

ConfidentialMt. Belvieu Terminal Facilities

1.8 miles (3 km) diameter salt dome

26 active high pressure storage wells

50+ pipelines to & from customers

Highly flexible product distribution matrix

Pipelines connected to multiple wells

Pipelines transport multiple products

Rail and Truck Loading Facilities

Integrated measurement/product accounting systems

ConfidentialMont Belvieu Salt Dome

ConfidentialTarga Storage Wells

ConfidentialMont Belvieu Well Profile

ConfidentialStorage Well

ConfidentialPlant Make Meter Runs

ConfidentialCustody Area

ConfidentialTruck Loading Dock

ConfidentialTank Car Loading Racks