Yorkville Seasoned MLP Investment Team Recognized Experts
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2 Yorkville Seasoned MLP Investment Team Recognized Experts Investing & Researching MLPs Since Early 1990s One of the Longest Audited MLP Strategy Track Records Performance Recognition (Morningstar, Pensions & Investments) 2013 Barron s MLP Roundtable Research Magazine MLP Roundtable Regular Media Appearances (CNBC & Bloomberg) 1
3 What Investors Want to Know What do lower energy (oil) prices mean for the outlook for Master Limited Partnerships? What should investors expect from MLP distributions given lowered oil prices? 2
4 MLPs Recent Pullback in Perspective 3
5 Master Limited Partnerships (MLPs) Pullbacks Have Been Buying Opportunities Top 10 MLP Pullbacks Date Range Total Pullback Recovery (Days) 9/1/14 10/14/14 16% N/A 5/2/11-10/27/11 16% 58 4/26/10-7/7/10 13% 34 2/27/09-3/16/09 12% 5 5/3/12-7/7/12 11% 31 11/1/12-1/3/13 9% 34 6/12/09-7/15/09 9% 16 8/3/09-9/16/09 8% 10 5/28/13-7/1/13 6% 5 8/5/10-9/28/10 6% 33 AVERAGE 11% 25 Source: Bloomberg, Yorkville. Based on Yorkville MLP Universe Index. Return figures are based on total returns 4
6 Master Limited Partnerships (MLPs) Strong Fundamentals Support Price 100.0% MLP Total Returns 80.0% 80.3% 60.0% 40.0% 20.0% 0.0% % -40.0% -39.6% -60.0% Source: Bloomberg, Yorkville. Based on Yorkville MLP Universe Index. Return figures are based on total returns 5
7 Master Limited Partnerships (MLPs) Historically Uncorrelated to Oil Top Ten Oil Declines Since 2000 Beginning Month Ending Month Oil MLPs 6/30/2008 1/30/ % -26% 2/28/2003 4/30/ % 9% 8/31/ /30/ % -1% 6/30/ /14/14-22% -13% 7/31/ /31/ % 6% 11/30/ /29/ % 9% 4/30/2012 6/29/ % -5% 7/29/2011 9/30/ % -6% 8/31/ /30/ % -4% 4/29/2011 6/30/ % -4% AVERAGE -26% -3% Source: Bloomberg, Yorkville. Based on Yorkville MLP Universe Index. Return figures are based on total returns 6
8 Master Limited Partnerships (MLPs) Fundamentals Not Tied to Energy Prices MLP Distributions vs. Oil and Natural Gas Prices Annual % Change 80.0% 60.0% 40.0% 20.0% 0.0% % -40.0% -60.0% MLP Distributions Oil Price Natural Gas Price Source: Bloomberg, Yorkville. MLP Distributions based on Alerian MLP Index. 7
9 Master Limited Partnerships (MLPs) Monitoring Fundamentals Stability Score 9.8 Growth Score 7.1% Source: Bloomberg, Yorkville. Based on Yorkville MLP Universe Index. 3Q14 versus 3Q13. 8
10 Distribution Growth The Investment Thesis Underpinning MLPs 9
11 MLPs The Power of Distribution Growth The Primary Benefits of Distribution Growth Hedge Against Inflation Protection Against Rising Interest Rates Improves Income Quality Drives Price Appreciation 10
12 MLPs The Power of Distribution Growth Distribution Growth vs. Inflation 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 16% 6.0% 4.0% 2.0% 0.0% Distribution Growth Leaders 2% CPI Source: Yorkville, Bloomberg. Data based on average year-over-year distribution growth of holdings of Yorkville MLP Distribution Growth Leaders Liquid Index from 2Q08-2Q14. CAGR CPI calculated from 1Q08-2Q14. 11
13 MLPs The Power of Distribution Growth Distribution Growth Means Greater Income $ % Greater Income $18.0 $17.5 $16.0 $15.1 $14.0 $13.0 $12.0 $11.2 $10.0 $8.0 $6.0 $4.0 $5.5 $5.3 $5.9 $4.6 $6.2 $6.3 $7.2 $6.7 $8.3 $7.2 $9.7 $7.7 $8.3 $8.8 $9.5 $10.1 $2.0 $- Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Distribution Growth Leaders MLP Universe Source: Bloomberg, Yorkville. Based on Yorkville MLP Distribution Growth Leaders Liquid Index and Yorkville MLP Universe Index. 12
14 MLPs The Power of Distribution Growth Protection Against Rising Interest Rates 9.0% 100% 8.0% +2.5% 90.1% 80% 7.0% +2.2% 6.0% 5.0% 55.5% +1.5% 60% 40% 4.0% 3.0% +1.4% +0.7% 15.1% +1.3% 20% 2.0% 1.0% 0.0% 6.0% 6.4% -13.4% Sept '93 - Nov '94 Sep '98 - Jan '00 Jun '03 - April '06 Dec '08 - Feb '10 Oct '10 - Apr '11 Apr '13 - Dec '13 10Y Treasury Yield - Beginning 10Y Treasury Yield - End MLPs Return 0% -20% MLP Returns are based on the total returns of the Yorkville MLP Universe Index. Source: Yorkville, Bloomberg. 13
15 MLPs The Power of Distribution Growth Distribution Growth Means Higher Yields 20.0% 18.0% 17.5% 16.0% 15.1% 14.0% 13.0% 12.0% 10.0% 8.0% 6.0% 4.0% 4.6% 5.5% 5.9% 5.3% 7.2% 6.2% 6.3% 6.7% 8.3% 7.2% 9.7% 11.2% 7.7% 8.3% 8.8% 9.5% 10.1% 2.0% 0.0% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Distribution Growth Leaders MLP Universe Source: Bloomberg, Yorkville. Based on Yorkville MLP Distribution Growth Leaders Liquid Index and Yorkville MLP Universe Index. 14
16 MLPs The Power of Distribution Growth Improves Income Quality 8.0% % Distribution Cuts 7.0% 6.0% 5.0% 4.0% 3.0% 7.5% 2.0% 1.0% 0.0% 0.4% Distribution Growth Leaders MLP Universe Data based on year-over-year distribution changes of holdings of Yorkville MLP Distribution Growth Leaders Liquid Index and Yorkville MLP Universe Index from 2Q08-2Q14 Source: Yorkville, Bloomberg. 15
17 MLPs The Power of Distribution Growth Higher Total Returns 50% 40% 30% 20% 10% 0% -10% 40% 25% 24% 15% 8% 2% <0% 0-5% 5-15% >15% -6% -20% -30% -40% -38% -50% Average 3 Yr Distribution Growth CAGR Average 3 Yr Annualized Total Return Source: Bloomberg, Yorkville. Based on Yorkville MLP Universe Index. Annualized total returns calculated from 9/30/2011-9/30/ yr distribution growth based on sum of distributions from 4Q13-3Q14 divided by sum of distributions from 4Q10-3Q11, annualized. 16
18 Yorkville MLP Distribution Growth Leaders Liquid Index Portfolio Characteristics Portfolio Characteristics Portfolio Focus U.S. Energy Infrastructure Weighted Portfolio Yield 4.6% Weighted Distribution Growth (y-o-y) 13.6% Weighted Average Market Cap $ 14.6B Source: Bloomberg, Yorkville. Distribution growth based on percentage change in distributions year-over year, weighted based on index composition as of 9/30/2014. Current yield weighted based on the index composition as of 9/30/
19 Master Limited Partnerships (MLPs) Deconstructing Total Returns Current Income Growth of Income Price Appreciation Total Return 18
20 Yorkville MLP Distribution Growth Leaders Liquid Index Total Return Potential 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 18.2% 13.6% 4.6% Current Yield Distribution Growth Potential Total Return Source: Bloomberg, Yorkville. Distribution growth based on percentage change in distributions year-over year, weighted based on index composition as of 9/30/2014. Current yield weighted based on the index composition as of 9/30/
21 Yorkville Capital Management Keeping Investors Current on MLPs Monthly MLP Newsletter MLP Webinars MLP Whitepapers Toll Free Phone Park Avenue, 9th Floor New York, NY
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