No mistake: ponies own these letters

Riding the Zeitgeist

Not just for little girls…

Not just for Americans…

MLP Profits

“Friendship Is Magic”

Pony Lessons:

Strength in diversity

Stay true to yourself

Rewards of sharing

Knowledge trumps fear

Built on Relationships

Strength in Diversity

Win, Place or Show

… But Mostly Win

Success Without Secrets

High barriers to entry

Favorable tax rules

Huge transcontinental market

U.S. shale revolution

Oil Is Icing on the Cake

Demand at End of Every Pipe

A Power-Hungry Future

Too Much of a Good Thing

Spot the Oil Crash

Cheap Gas Drives Propane Exports Surge

Downstream Deliverance

If You Buy It, They Will Build

Running Up the Score

They Make Glue Too in MLP Land

MLP Profitsrecommendations:Sell Buy

An Enviable Record

2013 Alerian MLP Index: 27.6%2013 MLP Profits full-year holdings¹: 39.7%

2014 Alerian MLP Index: 4.8%2014 MLP Profits portfolio: 5.0%2014 MLP Profits Best Buys²: 27.5%

2015 Alerian MLP Index³: -1.4%2015 MLP Profits Best Buys³: 10.7% ¹ - Picks made during 2014 returned 12.6% over average holding period of less than four months² - Full-year average return for Best Buys list of 3/12/14³ - All 2015 performance numbers on this slide through 5/8/15

2015 Best Buys standouts

• Energy Transfer Equity (ETE) 20.8% YTD• Williams (WMB) 14.6%• Global Partners (GLP) 22%• Delek Logistics (DKL) 23.6%• CVR Refining (CVRR) 27.1%

Recently recommended winners

• Cedar Fair (FUN) 11.9% since 1/21/15• NuStar GP Holdings (NSH) 10% since 3/26/15• Blackstone Group (BX) 5.7% since 4/16/15

Fast Forward: Developing Themes

• Gas exports to Mexico

• LNG, LPG, diesel exports

• Petrochemicals boom

• Renewable energy

• Sponsors vs. partners

• Tax-driven mergers

Thank You