EX-99.(C)(20) 20 d732888dex99c20.htm EX-99.(C)(20)

Exhibit (c)(20)

STRICTLY CONFIDENTIAL
Project Rushmore Discussion Materials
April 1, 2019

STRICTLY CONFIDENTIAL
Table of Contents
I. Situation Overview II. Projections Overview III. Abe Financial Analysis IV. Pro Forma Financial Analysis V. Transaction Analysis
Appendix
Cost of Capital
2

STRICTLY CONFIDENTIAL
I. Situation Overview
3

STRICTLY CONFIDENTIAL
Summary of Transaction Terms
Transaction Component Description
Exchange Ratio Detail
Each Abe Common Unit held by public to receive: Current Implied Transaction Price 3/29/2019 3/29/2019
0.500 Ulysses shares Spot Abe Price $30.87 $35.34 Consideration Abe 30-Day VWAP $28.93
$7.63 Cash Spot Ulysses Price $55.42 —Spot XR 0.5570x 0.6377x(1)
Taxable transaction to Abe unitholders
Premium to Spot 14.5% Premium to 30-Day VWAP 22.2%
Status Quo Abe ownership: Pro Forma Ulysses ownership:
Ownership Abe Public Unitholders: ~74.7% Abe Public Unitholders: ~16.3%(2)
Ulysses: ~25.3% Existing Ulysses Shareholders: ~83.7%
Abe common unitholders will receive current APU quarterly distributions, up to and including, the prior quarter’s distribution
Distributions preceding the closing of the transaction
Transaction requires vote of holders of a majority of Abe common units, but no vote of Ulysses shareholders
Termination rights – bilateral rights include if closing not consummated by November 1, 2019 outside date or if Abe unitholders do not approve the transaction
Other Terms
Recommendation change provision – Audit Committee is allowed to change its recommendation of the merger agreement in event of a superior proposal from a third party or an intervening event Support agreement – Abe General Partner will agree to vote its Abe units in favor of the proposed transaction
Ulysses has discussed with the special committee the likelihood of a 20% cut to the Abe distribution in the absence of a deal
Additional Considerations Ulysses management recently indicated its intent to recommend a dividend increase for FQ2’19 from $0.26 to $0.30 and from $0.30 to $0.325 following the closing of the transaction. The proposed increase is subject to Ulysses board approval
Source: Company filings, Bloomberg, FactSet as of 3/29/2019. 4 (1) Implied all-in XR calculated as equity XR of 0.5000x plus $7.63 cash consideration divided by Ulysses share price.
(2) Issuance of shares equivalent to 19.9% of status quo (pre-transaction) Ulysses outstanding shares results in ~16.3% Abe public unitholder ownership in pro forma entity.

STRICTLY CONFIDENTIAL
Two Year Historical Exchange Ratio
1.20x
1.00x
0.80x
Transaction Consideration: 0.5000x +
$7.63/unit; Implied XR: 0.6377x
0.60x
All-In XR at
Exchange Ratio XR Premium Proposal Spot Current (3/29/2019) 0.5570x 0.6377x 14.5% 30-Day 0.5274x 0.6392x 21.2%
0.40x 60-Day 0.5379x 0.6394x 18.9% Avg. 90-Day 0.5301x 0.6386x 20.5% 180-Day 0.6264x 0.6392x 2.0% 360-Day 0.7715x 0.6503x (15.7%)
0.20x
Mar-17 Jul-17 Oct-17 Jan-18 May-18 Aug-18 Nov-18 Feb-19
5
Source: FactSet as of 3/29/2019.

STRICTLY CONFIDENTIAL
Challenges Facing Abe Partners
2019E Coverage Net Debt / 2019E EBITDA
2.36x
5.4x 4.9x 5.0x 4.7x 4.7x 4.8x
Average: 4.5x 4.5x 4.6x 4.6x
1.62x 1.59x 4.2x 4.4x 4.4x 4.4x
1.49x 4.1x 4.2x 1.39x 4.0x 4.0x
Average: 1.27x 3.8x
1.30x
1.23x 1.20x 1.20x 1.19x 1.18x
1.08x 1.06x 1.03x
1.03x 1.00x 0.96x 0.91x
SPB NGL TCP KNOP GEL SPH BPL GMLP SUN NS GLP PBFX USAC Abe MMLP SMLP HEP GLOP PBFX SPB HEP NGL MMLP SMLP USAC SPH GMLP NS TCP Abe GLOP SUN GLP KNOP GEL BPL
Yearly Heating Degree Days(1) EBITDA Expectations & Delivery
$708 $700 $700 $700 $700
15-Yr Average: 3,648 $690 $690 $680 $666 $675 $672 $674 $655 $670 $664 $660 $660 $663 $654 $658 $650 $645 $635 $618
$605
4,065 $570
3,743 3,794 3,710 3,824 3,892 3,885 3,673 3,840 3,737 $566 3,565 3,595 3,586 3,182 3,183 3,190 $538 $536
2014 2015 2016 2017 2018
03—04—05—06—07—08—09—10—11—12—13—14—15—16—17—18 -
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19E WS Estimate WS Mean Actual Actual Mgmt. Guidance WS Median After Internal Range(2) Estimate Outperform Underperform Range(3) Initial Guidance(4) Budget
Source: Company filings, NOAA, FactSet as of 3/29/2019.
(1) Represents sum of population-weighted daily heating degree days in the continental U.S. across October 1st – March 31st heating season each year.
(2) Range represents estimates immediately prior to release of actuals. 6 (3) Uses guidance provided in FQ4 immediately prior to the guidance year.
(4) Median estimates five days after initial management guidance.

STRICTLY CONFIDENTIAL
II. Projections Overview
7

STRICTLY CONFIDENTIAL
Abe Forecasts
(USD in millions, except per share data)
EBITDA DCF(1)
Historical Weather Case - Committee Sensitivity Historical Weather Case Capital Investment Case
Capital Investment Case - Committee Sensitivity Updated Abe Case Historical DCF Updated Abe Case - Management $702 Historical
Abe ’19-’23 CAGR: $4.04 $665 $670 $3.96
1.7% $3.89 $652 $3.79 $3.78 $3.82 $641 $643 $3.73 $3.73 $3.70 $625 $619 $3.61 $3.77 $3.80 $606 $610 $634 $615 $3.32 $3.33 $3.60 $3.60 $3.60 $624 $3.54 $610 $615 $606 $551 $597 $543
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E Updated Abe Case 1.15x 1.05x 0.89x 0.88x 0.98x 0.97x 0.98x 1.00x 1.00x 1.01x Historical Weather 1.15x 1.05x 0.89x 0.88x 0.98x 0.97x 0.93x 0.95x 0.95x 0.95x
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E Case Coverage
Capital Investment 1.15x 1.05x 0.89x 0.88x 0.98x 0.97x 0.95x 0.99x 1.02x 1.06x
Case Coverage
DCF and Distributions with Coverage/Leverage Targets
1.2x 2019E Coverage, Flat Distribution Thereafter Subject to 4.0x Leverage
Updated Abe Case Historical Weather Capital Investment
DCF Targeted Dist. DCF Targeted Dist. DCF Targeted Dist.
$4.16 $3.99 $3.87 $3.93 $3.97 $3.80 $3.78 $3.80 $3.82 $3.72 $3.80 $3.77 $3.72 $3.73 $3.70 $3.69 $3.63 $3.62 $3.73 $3.73 $3.73 $3.45
$3.08 $3.08 $3.08 $3.08 $3.08 $3.08 $3.08 $3.08 $3.08 $3.08 $3.07 $3.07 $3.07 $3.07
2018A 2019E 2020E 2021E 2022E 2023E 2018A 2019E 2020E 2021E 2022E 2023E 2018A 2019E 2020E 2021E 2022E 2023E
0.98x 1.21x 1.23x 1.25x 1.28x 1.29x 0.98x 1.21x 1.17x 1.20x 1.21x 1.22x 0.98x 1.21x 1.18x 1.24x 1.30x 1.21x
8 Source: Management.
(1) Assumes $3.80/unit annual distribution.

Ulysses Forecasts STRICTLY CONFIDENTIAL
Incorporating Updated Abe Case
(USD in millions, except per share data)
EBITDA – Ulysses 4 + 8 Management Case EBITDA – Ulysses Downside Committee Sensitivity
Historical Ulysses Utilities Ulysses ’19-’22 Historical Ulysses Utilities Ulysses ’19-’22 Abe Propane Ulysses International CAGR: 8.3% Abe Propane Ulysses International CAGR: 5.9% Midstream & Marketing Corporate and other Midstream & Marketing Corporate and other $1,861
Misc. Income WSC $1,766 Misc. Income WSC $1,741 $1,653 $1,651 $1,520 312 $1,520 $1,547 $1,421 $1,467 283 $1,421 $1,467 236 $1,369 $1,389 242 $1,369 $1,389 175 210 $1,209 160 $1,209 160 465 491 446 432 392 422 376 376
634 643 634 643 610 625 610 625
314 350 389 420 314 350 389 420 -12 -10 -10 -11 -12 -10 -10 -11 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
WSC $1,335 $1,629 $1,698 $1,750 WSC $1,335 $1,629 $1,698 $1,750
Adjusted EPS(1) and Dividends Per Share CapEx
4 + 8 Case EPS Downside EPS Maintanence & Growth Capex Acquisitions
Historical EPS WSC EPS DPS $3.38 $3.64 $3.08 $3.36 $2.74 $2.68 $3.05 $3.20 $923 $2.29 $3.14 $844 $2.05 $782 $753 $775$ 15 $15 $2.02 $2.01 $2.91 $725 $719 $2.48 $2.65 $10 $666 $2.48 $448 $102 $187 $1.20 $1.25 $1.30 $61 $0.98 $1.02 $1.10 $474 $0.89 $0.93 $0.71 $37 $753 $760 $829 $709 $475 $605 $624 $594 $436
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Ending Cash $436 $439 $518 $568 $462 $411 $506 $628 $718 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Balance
Source: Management and Wall Street consensus estimates. 9 (1) Adjustments to GAAP EPS include losses/gains on commodity derivatives and foreign currency derivatives, extinguishments of debt and associated costs, gains and expenses associated with acquisitions, impairment of tradenames and trademarks, and changes in tax law.

PF Ulysses Management Projections STRICTLY CONFIDENTIAL
Incorporating Updated Abe Case
(USD in millions, except per share data)
EBITDA – Ulysses 4 + 8 Management Case EBITDA – Ulysses Downside Committee Sensitivity
Ulysses ’19-’22
Historical Ulysses Utilities CAGR: 9.9% Historical Ulysses Utilities Ulysses ’19-’22 Abe Propane Ulysses International Abe Propane Ulysses International CAGR: 7.5% Midstream & Marketing Corporate and other Midstream & Marketing Corporate and other Misc. Income Incremental Acquisitions $1,948 Misc. Income Incremental Acquisitions Synergies $1,817 Synergies $1,827 $1,673 82 $1,702
46 $1,567 82 $1,520 $1,469 15 312 $1,520 $1,469 46 $1,369 $1,389 $1,421 283 $1,369 $1,389 $1,421 15 236 242 210 $1,209 $1,209 175 160 160 465 491 446 432 392 422 376 376
634 643 634 643 610 625 610 625
314 350 389 420 314 350 389 420
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Adjusted EPS(1) and Dividends Per Share CapEx
Maintanence & Growth Capex Acquisitions
DPS Base Downside Historical
$3.33 $3.60 $1,145 $3.03 $1,041 $2.74 $923 $955 $316 $2.48 $866 $2.29 $3.18 $782 $281 $2.02 $2.01 $2.05 $2.94 $725 $246 $2.67 $666 $113 $2.48 $448 $187 $1.30 $102 $1.20 $1.25 $61 $0.98 $1.02 $1.10 $474 $0.89 $0.93 $0.71 $37 $753 $760 $829 $709 $475 $605 $624 $594 $436
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Ending Cash $436 $439 $518 $568 $462 $411 $506 $628 $718 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Balance
Source: Management and Wall Street consensus estimates.
Note: Each outstanding public Abe common unit exchanged for 0.5000x Ulysses shares and $7.63 / per unit cash consideration. 10 (1) Adjustments to GAAP EPS include losses/gains on commodity derivatives and foreign currency derivatives, extinguishments of debt and associated costs, gains and expenses associated with acquisitions, impairment of tradenames and trademarks, and changes in tax law.

STRICTLY CONFIDENTIAL
III. Abe Financial Analysis
11

STRICTLY CONFIDENTIAL
Selected Publicly Traded Company Metrics
(USD in millions, except per share data)
A B C D E F G H I J K L M N O P
Enterprise Value / EBITDA Price / DCF/Unit Distribution Yield Distribution Metrics Debt Metrics
Low Growth MLPs(1)
Unit (Share) Total Equity Enterprise Distribution CAGR 2019E Net Debt / S&P Credit Company Name Price Market Value Value 2018A 2019E 2020E 2018A 2019E 2020E Current 2019E 2019E to 2022E Coverage(2) 2019E EBITDA Rating Buckeye Partners LP $34.02 $5,288 $10,045 10.0x 11.4x 10.5x 8.2x 9.2x 8.3x 8.8% 8.8% 2.3% 1.23x 5.4x BBB-GasLog Partners LP 22.63 1,099 2,741 11.7x 9.9x 9.5x 6.2x 10.9x 11.5x 9.7% 9.9% 0.6% 0.91x 4.7x NA
Genesis Energy LP 23.30 2,864 7,075 10.7x 10.2x 9.5x 9.4x 7.9x 7.1x 9.4% 9.4% 0.0% 1.39x 5.0x B+ Global Partners LP 19.66 695 1,801 5.8x 8.3x 8.1x 5.6x 7.7x 7.5x 10.2% 10.2% 0.0% 1.18x 4.8x B+ Golar LNG Partners LP 12.91 989 2,213 8.5x 8.6x 8.6x 6.9x 4.7x 4.8x 12.5% 12.5% 0.0% 1.20x 4.4x NA Holly Energy Partners LP 26.99 2,851 4,405 12.7x 12.3x 11.8x 10.5x 10.1x 9.9x 9.9% 10.0% 1.0% 0.96x 4.0x Ba3 KNOT Offshore Partners LP 18.99 659 1,783 8.2x 8.5x 8.5x 7.0x 7.1x 7.1x 11.0% 11.0% 0.0% 1.49x 4.9x NA Martin Midstream Partners LP 12.45 504 1,165 9.4x 7.4x 7.0x 9.3x 5.8x 6.2x 16.1% 16.1% 0.0% 1.03x 4.2x B NGL Energy Partners LP 14.03 1,780 4,242 10.4x 8.5x 7.7x 8.9x 6.3x 6.3x 11.1% 11.1% 2.7% 1.62x 4.1x B+ NuStar Energy LP 26.89 3,544 7,976 12.0x 11.6x 10.8x 7.9x 9.4x 8.3x 8.9% 8.9% 0.0% 1.19x 4.5x BB PBF Logistics LP 21.02 1,178 2,009 11.6x 11.5x 10.3x 9.6x 9.2x 8.6x 9.5% 9.9% 2.4% 1.08x 3.8x NA Summit Midstream Partners LP 9.73 808 2,399 8.2x 7.9x 7.4x 4.5x 4.4x 4.0x 23.6% 11.8% 0.0% 1.00x 4.2x BB-Sunoco LP 31.16 3,327 6,279 9.8x 10.0x 9.8x 7.0x 8.4x 8.4x 10.6% 10.6% 0.0% 1.20x 4.7x BB-TC PipeLines LP 37.36 2,789 4,982 9.5x 11.1x 11.0x 11.9x 8.2x 7.6x 7.0% 7.0% 0.0% 1.59x 4.6x BBB-USA Compression Partners LP 15.61 1,527 3,779 11.8x 9.3x 8.6x 6.7x 6.9x 6.7x 13.5% 13.5% 0.0% 1.06x 4.4x B+
Low $504 $1,165 5.8x 7.4x 7.0x 4.5x 4.4x 4.0x 7.0% 7.0% 0.0% 0.91x 3.8x Mean $1,994 $4,193 10.0x 9.8x 9.3x 8.0x 7.7x 7.5x 11.5% 10.7% 0.6% 1.21x 4.5x Median $1,527 $3,779 10.0x 9.9x 9.5x 7.9x 7.9x 7.5x 10.2% 10.2% 0.0% 1.19x 4.5x High $5,288 $10,045 12.7x 12.3x 11.8x 11.9x 10.9x 11.5x 23.6% 16.1% 2.7% 1.62x 5.4x
Propane Distributors(3)
Ferrellgas Partners LP $1.31 $127 $2,162 8.9x 9.2x 8.9x NM NM NM NM NM NA NA 8.7x CCC
Suburban Propane Partners LP 22.41 1,404 2,678 9.5x 9.3x 9.2x 7.0x 7.1x 6.8x 10.7% 10.7% 5.1% 1.30x 4.4x BB-
Superior Plus Corporation(4) 8.57 1,516 2,910 10.4x 8.3x 7.9x 6.0x 6.7x 6.4x 6.3% 6.3% 0.0% 2.36x 4.0x BB
Low $127 $2,162 8.9x 8.3x 7.9x 6.0x 6.7x 6.4x 6.3% 6.3% 0.0% 1.30x 4.0x Mean $1,016 $2,584 9.6x 8.9x 8.7x 6.5x 6.9x 6.6x 8.5% 8.5% 2.6% 1.83x 5.7x Median $1,404 $2,678 9.5x 9.2x 8.9x 6.5x 6.9x 6.6x 8.5% 8.5% 2.6% 1.83x 4.4x High $1,516 $2,910 10.4x 9.3x 9.2x 7.0x 7.1x 6.8x 10.7% 10.7% 5.1% 2.36x 8.7x
Abe Partners, L.P. (WS) $30.87 $3,272 $6,150 10.2x 9.7x 9.6x 8.3x 8.0x 7.8x 12.3% 12.3% (2.4%) 1.03x 4.5x NA Abe Partners, L.P. (Updated Abe Case) 10.2x 10.1x 9.8x 8.3x 8.3x 8.3x 12.3% 12.3% 0.0% 0.97x 4.6x NA At Transaction (WS Estimates) $35.34 $3,287 $6,566 10.8x 10.3x 10.2x 9.6x 9.1x 9.0x 10.8% 10.8% 0.0% 1.03x 4.5x NA At Transaction (Updated Abe Case) $35.34 $3,287 $6,566 10.8x 10.8x 10.5x 9.6x 9.6x 9.5x 10.8% 10.8% 0.0% 0.97x 4.6x NA
Source: Company forecasts & filings, investor presentations, Wall Street research and estimates as compiled by FactSet as of 3/29/2019.
(1) Low growth group defined as MLPs below 5% 2019E-2022E distribution CAGR and with enterprise value between $1.0 B and $10 B as evaluated over the course of the transaction process.
(2) Coverage defined as distributable cash flow divided by total distributions to GP and LP. 12 (3) Propane distributor Equity Value / DCF and Yield metrics exclude Ferrellgas from group median.
(4) Uses exchange rate of 0.7485 USD per CAD.

STRICTLY CONFIDENTIAL
Selected Propane Transactions
A B C D E F G H I
Date Announced Buyer Seller Asset Transaction Value ($MM) EBITDA LTM EBITDA FY1/NTM Purchase Price / LTM EBITDA Purchase Price / NTM EBITDA
5/30/2018 Superior Plus Corporation NGL Energy Partners LP Retail Propane Operations 900 85 84 10.5x (1) 10.7x 11/7/2017 DCC LPG NGL Energy Partners LP Retail West 200 25 28 8.0x 7.1x
7/24/2017 SHV Energy American Midstream Partners Pinnacle Propane 170 24 19 7.0x 9.0x 2/13/2017 Superior Plus Corporation Gibson Energy Canwest Propane 412 38 33 10.8x 12.3x 6/23/2016 World Fuel Services PAPCO, Associated Petroleum Products Misc. Fuel Services 230 NA 38 NA 6.0x 5/19/2015 DCC LPG Shell Butagaz 517 139 136 3.7x 3.8x 7/2/2014 UGI Corp. Total SA Totalgaz SNC 580 NA 95 NA 6.1x 4/26/2012 Suburban Propane Partners Inergy Retail Propane Assets 1,800 197 NA 9.1x NA 10/17/2011 AmeriGas Partners, L.P. Energy Transfer Partners Heritage Propane Operations 2,890 253 325 11.4x 8.9x 1/4/2010 Inergy Sterling Partners Liberty Propane 223 NA 36 NA 6.2x 11/18/2004 Inergy Star Gas Partners LP Star Gas Propane 475 49 50 9.6x 9.5x 4/20/2004 Ferrellgas Blue Rhino - 343 34 44 10.0x 7.8x 12/23/2003 Suburban Propane Partners Agway Energy—206 41 34 5.0x 6.0x 11/7/2003 Energy Transfer Company Ltd. Heritage Propane Partners—980 90 119 10.9x 8.3x 1/31/2001 AmeriGas Partners, L.P. NiSource Columbia Propane 216 NA NA NA NA
Low $170 $24 $19 3.7x 3.8x Mean $676 $89 $80 8.7x 7.8x Median $412 $49 $44 9.6x 7.8x High $2,890 $253 $325 11.4x 12.3x
>$1B Mean $2,345 $225 $325 10.3x 8.9x
>$1B Median $2,345 $225 $325 10.3x 8.9x
At Transaction Ulysses Abe $6,566 $622 $610 10.6x 10.8x
13 Source: Company filings, Wall Street research, IHS Market.
(1) Transaction multiple before acquisition synergies; 8.2x synergy adjusted multiple.

Present Value Analyses STRICTLY CONFIDENTIAL
Updated Abe Case | Valuation Effective Date: 3/31/2019 Abe Current Unit Price: $30.87
Implied Transaction Value: $35.34
Levered DCF Analysis Levered DCF Analysis
Abe LP Distributable Cash Flow | $3.80 Annual Dist. Policy Abe LP Distributable Cash Flow | Targeted Leverage & Coverage Policy
2023E DCF Multiple 2023E DCF Multiple
$33 6.0x 8.0x 10.0x $34 6.0x 8.0x 10.0x
8.0% $29.04 $34.87 $40.71 8.0% $30.02 $36.11 $42.20 e t t e a R R a nt nt
10.0% $27.60 $33.07 $38.55 10.0% $28.53 $34.24 $39.95 scou i i scou D D
12.0% $26.27 $31.40 $36.54 12.0% $27.14 $32.50 $37.86
Discounted Distribution Analysis Discounted Distribution Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Abe LP Distributions | Targeted Leverage & Coverage Policy
2023E Distribution Yield 2023E Distribution Yield
13.0% 10.5% 8.0% 13.0% 10.5% 8.0%
8.0% $33.99 $39.30 $47.94 8.0% $27.56 $31.87 $38.88 10.0% $32.24 $37.23 $45.33 10.0% $26.15 $30.19 $36.76 Discount Rate Discount Rate
12.0% $30.63 $35.31 $42.92 12.0% $24.84 $28.64 $34.81
14 Source: Management projections and Factset as of 3/29/2019.

Present Value Analyses STRICTLY CONFIDENTIAL
Abe Historical Weather Case | Valuation Effective Date: 3/31/2019 Abe Current Unit Price: $30.87
Implied Transaction Value: $35.34
Levered DCF Analysis Levered DCF Analysis
Abe LP Distributable Cash Flow | $3.80 Annual Dist. Policy Abe LP Distributable Cash Flow | Targeted Leverage & Coverage Policy
2023E DCF Multiple 2023E DCF Multiple
$31 6.0x 8.0x 10.0x $33 6.0x 8.0x 10.0x
8.0% $27.52 $33.02 $38.52 8.0% $28.57 $34.33 $40.09
10.0% $26.17 $31.32 $36.47 10.0% $27.15 $32.55 $37.95
12.0% $24.91 $29.75 $34.59 12.0% $25.84 $30.91 $35.98
Discounted Distribution Analysis Discounted Distribution Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Abe LP Distributions | Targeted Leverage & Coverage Policy
2023E Distribution Yield 2023E Distribution Yield
13.0% 10.5% 8.0% 13.0% 10.5% 8.0%
8.0% $33.99 $39.30 $47.94 8.0% $27.56 $31.87 $38.88 10.0% $32.24 $37.23 $45.33 10.0% $26.15 $30.19 $36.76 Discount Rate Discount Rate
12.0% $30.63 $35.31 $42.92 12.0% $24.84 $28.64 $34.81
15 Source: Management projections and Factset as of 3/29/2019.

Present Value Analyses STRICTLY CONFIDENTIAL
Abe Capital Investment Case | Valuation Effective Date: 3/31/2019 Abe Current Unit Price: $30.87
Implied Transaction Value: $35.34
Levered DCF Analysis Levered DCF Analysis
Abe LP Distributable Cash Flow | $3.80 Annual Dist. Policy Abe LP Distributable Cash Flow | Targeted Leverage & Coverage Policy
2023E DCF Multiple 2023E DCF Multiple
$34 6.0x 8.0x 10.0x $35 6.0x 8.0x 10.0x
8.0% $30.00 $36.17 $42.35 8.0% $30.69 $37.05 $43.41
10.0% $28.50 $34.28 $40.07 10.0% $29.15 $35.11 $41.08
12.0% $27.10 $32.54 $37.97 12.0% $27.72 $33.32 $38.92
Discounted Distribution Analysis Discounted Distribution Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Abe LP Distributions | Targeted Leverage & Coverage Policy
2023E Distribution Yield 2023E Distribution Yield Discount Rate Discount Rate
13.0% 10.5% 8.0% 13.0% 10.5% 8.0%
8.0% $33.99 $39.30 $47.94 8.0% $29.68 $34.51 $42.35 10.0% $32.24 $37.23 $45.33 10.0% $28.14 $32.66 $40.02
12.0% $30.63 $35.31 $42.92 12.0% $26.71 $30.96 $37.86
16 Source: Management projections and Factset as of 3/29/2019.

Summary of Financial Analyses STRICTLY CONFIDENTIAL
Updated Abe Case | Management
Implied Transaction Price of $35.34
Discounted Distribution
Analysis $3.80 Distribution $30.63 $47.94 Analyses Targeted Distribution $24.84 $38.88
Value
Levered DCF Analysis
Present $3.80 Distribution $26.27 $40.71
Targeted Distribution $27.14 $42.20 Reference Multiple
Low M edian High
Public Market (Trading)
2018A $21.61 $37.03 5.8x 7.0x 9.9x
P/DCF(1) at $3.80 Distribution(2) 2019E $19.71 $35.76 5.3x 7.7x 9.7x
2020E $20.85 $33.87 5.6x 7.1x 9.1x
Metrics 2019E $19.80 $35.91 5.3x 7.7x 9.7x
Market P/DCF at Targeted Distribution(2)
2020E $21.12 $34.31 5.6x 7.1x 9.1x
Private Market (Transactions)
LTM $11.57 $41.16 7.0x 10.0x 11.4x
Transaction Value / EBITDA(3)(4)
NTM $4.34 $45.95 6.0x 8.3x 12.3x
Source: Management projections and Factset as of 3/29/2019.
(1) Defined as unit price over total distributable cash flow available to limited partners.
(2) Upper and lower bounds represents the 90th and 10th percentile, respectively, of the Propane and Low-Growth MLP peer group. 17
(3) GP / IDR value estimated by taking current GP/IDR distributions capitalized by Abe’s current yield.
(4) Excludes Shell (Butagaz)/DCC LPG and Agway/Suburban transactions.

Summary of Financial Analyses STRICTLY CONFIDENTIAL
Abe Historical Weather Case | Committee Sensitivity
Implied Transaction Price of $35.34
Discounted Distribution
Analysis $3.80 Distribution $30.63 $47.94 Analyses Targeted Distribution $24.84 $38.88
Value
Market Metrics Present Value Analyses
Levered DCF Analysis
Present $3.80 Distribution $24.91 $38.52
Targeted Distribution $25.84 $40.09 Reference Multiple
Low Median High
Public Market (Trading)
2018A $21.61 $37.03 5.8x 7.0x 9.9x
P/DCF(1) at $3.80 Distribution(2) 2019E $19.71 $35.76 5.3x 7.7x 9.7x
2020E $19.82 $32.19 5.6x 7.1x 9.1x Metrics 2019E $19.80 $35.91 5.3x 7.7x 9.7x
Market P/DCF at Targeted Distribution(2)
2020E $20.22 $32.85 5.6x 7.1x 9.1x
Private Market (Transactions)
LTM $11.57 $41.16 7.0x 10.0x 11.4x
Transaction Value / EBITDA(3)(4)
NTM $3.89 $45.03 6.0x 8.3x 12.3x
Source: Management projections and Factset as of 3/29/2019.
(1) Defined as unit price over total distributable cash flow available to limited partners.
(2) Upper and lower bounds represents the 90th and 10th percentile, respectively, of the Propane and Low-Growth MLP peer group. 18
TUDORPICKERING HOLT$CO ENERGY INVESTMENT $ MERCHANT BANKING
(3) GP / IDR value estimated by taking current GP/IDR distributions capitalized by Abe’s current yield.
(4) Excludes Shell (Butagaz)/DCC LPG and Agway/Suburban transactions.

Summary of Financial Analyses STRICTLY CONFIDENTIAL
Abe Capital Investment Case | Committee Sensitivity
Implied Transaction Price of $35.34
Discounted Distribution
Analysis $3.80 Distribution $30.63 $47.94 Analyses Targeted Distribution $26.71 $42.35
Value
TUDORPICKERING HOLT$CO ENERGY INVESTMENT $ MERCHANT BANKING
Levered DCF Analysis
Present $3.80 Distribution $27.10 $42.35
Targeted Distribution $27.72 $43.41 Reference Multiple
Low Median High
Public Market (Trading)
2018A $21.61 $37.03 5.8x 7.0x 9.9x
P/DCF(1) at $3.80 Distribution(2) 2019E $19.71 $35.76 5.3x 7.7x 9.7x
2020E $20.21 $32.82 5.6x 7.1x 9.1x
Metrics 2019E $19.71 $35.76 5.3x 7.7x 9.7x
Market P/DCF at Targeted Distribution(2)
2020E $20.30 $32.97 5.6x 7.1x 9.1x
Private Market (Transactions)
LTM $11.57 $41.16 7.0x 10.0x 11.4x
Transaction Value / EBITDA(3)(4)
NTM $4.18 $45.62 6.0x 8.3x 12.3x
Source: Management projections and Factset as of 3/29/2019.
(1) Defined as unit price over total distributable cash flow available to limited partners.
(2) Upper and lower bounds represents the 90th and 10th percentile, respectively, of the Propane and Low-Growth MLP peer group. 19
(3) GP / IDR value estimated by taking current GP/IDR distributions capitalized by Abe’s current yield.
(4) Excludes Shell (Butagaz)/DCC LPG and Agway/Suburban transactions.

STRICTLY CONFIDENTIAL
TUDORPICKERING HOLT$CO ENERGY INVESTMENT $ MERCHANT BANKING
IV. Pro Forma Financial Analysis
20

STRICTLY CONFIDENTIAL
Selected Publicly Traded Company Metrics
(USD in millions, except per share data)
A B C D E F G H I J K L M N O P Q
LDCs EV / EBITDA Price / Earnings Price / CFPS Dividend Metrics Debt Metrics
Share Total Equity Enterprise Payout Div. CAGR Net Debt / S&P Credit LT EPS Company Name Price Value Value 2019E 2020E 2019E 2020E 2019E 2020E Current 2019E Ratio(2) 19E to ‘21E(3) EBITDA Rating Growth Rate Atmos Energy $102.93 $12,088 $15,554 13.2x 11.9x 23.5x 22.1x 13.3x 11.6x 2.0% 2.0% 38.7% 8.0% 2.9x A 6.0% Chesapeake Utilities Corporation 91.21 1,506 2,153 14.5x 13.5x 24.7x 23.2x NA NA 1.6% 1.7% 40.4% 9.9% 4.4x NA 8.0% NiSource Inc 28.66 10,728 20,688 12.3x 11.6x 21.9x 20.6x 9.1x 8.7x 2.8% 2.8% 61.5% 6.7% 5.4x BBB+ 6.0% New Jersey Resources Corporation 49.79 4,441 5,907 21.5x(1)
19.6x (1) 24.8x 22.9x 18.5x 15.7x 2.3% 2.4% 40.1% NA 5.3x NA 7.0% Northwest Natural Holding Co. 65.63 1,909 2,884 12.6x 11.7x 27.8x 26.0x 11.3x 11.4x 2.9% 2.9% 85.1% 0.7% 4.3x A+ 4.5% ONE Gas Inc 89.03 4,710 6,285 13.3x 12.5x 25.9x 24.7x 13.1x 12.5x 2.2% 2.2% 61.6% 7.7% 3.3x A 5.0% Spire Inc 82.29 4,535 7,186 14.2x 13.3x 22.1x 21.2x 11.7x 11.5x 2.9% 2.9% 55.1% 5.1% 5.2x A- 3.4% Southwest Gas Holdings Inc 82.26 4,398 6,702 10.0x 9.2x 21.2x 19.6x 8.7x 8.2x 2.7% 2.7% 59.2% 6.9% 3.3x BBB+ 7.0%
Low $1,506 $2,153 10.0x 9.2x 21.2x 19.6x 8.7x 8.2x 1.6% 1.7% 38.7% 0.7% 2.9x 3.4% Mean $5,539 $8,420 12.9x 12.0x 24.0x 22.5x 12.2x 11.4x 2.4% 2.5% 55.2% 6.4% 4.3x 5.9% Median $4,488 $6,493 13.2x 11.9x 24.1x 22.5x 11.7x 11.5x 2.5% 2.5% 57.1% 6.9% 4.3x 6.0% <60% Payout Ratio Median $4,441 $6,702 13.7x 12.6x 23.5x 22.1x 12.5x 11.5x 2.3% 2.4% 40.4% 7.4% 4.4x 7.0% High $12,088 $20,688 14.5x 13.5x 27.8x 26.0x 18.5x 15.7x 2.9% 2.9% 85.1% 9.9% 5.4x 8.0%
C-Corp Midstream EV / EBITDA Price / Earnings Price / DCF/Unit Dividend (Distribution) Metrics Debt Metrics
Unit (Share) Market Enterprise 2019E Div. CAGR 2019E S&P Credit 19E to ‘22E Company Name Price Value Value 2019E 2020E 2019E 2020E 2019E 2020E Current 2019E Coverage(5) ‘19E to ‘22E EBITDA Rating DCF CAGR Enbridge Inc $36.26 $73,450 $130,452 13.3x 12.4x 19.3x 18.1x 10.0x 9.6x 6.1% 6.1% 1.5x 3.2% 4.9x BBB+ 7.4% Kinder Morgan Inc 20.01 45,559 79,725 10.3x 9.9x 20.4x 19.1x 9.2x 8.5x 4.0% 5.0% 2.2x 11.3% 4.3x BBB NA SemGroup Corporation 14.74 1,345 3,464 7.9x 7.1x NM 39.8x 5.0x 4.7x 12.8% 12.8% 1.6x 2.0% 4.0x B+ 5.2% Targa Resources Corp. 41.55 9,820 16,075 11.8x 9.2x NM 45.7x 11.7x 7.7x 8.8% 8.8% 1.0x 3.5% 3.5x BB 21.5% Tallgrass Energy LP 25.14 7,122 10,828 11.1x 12.1x 13.6x 17.0x 10.2x 10.0x 8.3% 8.6% 1.3x 4.9% 3.3x BBB- 0.3% Williams Companies Inc 28.72 35,772 59,390 11.8x 11.1x 30.7x 26.9x 11.1x 10.4x 4.7% 5.3% 1.7x 9.3% 4.4x BBB 26.9%
Low $1,345 $3,464 7.9x 7.1x 13.6x 17.0x 5.0x 4.7x 4.0% 5.0% 1.0x 2.0% 3.3x 0.3% Mean $28,845 $49,989 11.0x 10.3x 21.0x 27.8x 9.5x 8.5x 7.4% 7.8% 1.5x 5.7% 4.1x 12.2% Median $22,796 $37,732 11.5x 10.5x 19.8x 23.0x 10.1x 9.0x 7.2% 7.4% 1.5x 4.2% 4.2x 7.4% High $73,450 $130,452 13.3x 12.4x 30.7x 45.7x 11.7x 10.4x 12.8% 12.8% 2.2x 11.3% 4.9x 26.9% Propane Distributors(6) EV / EBITDA Price / Earnings Price / DCF/Unit Dividend (Distribution) Metrics Debt Metrics
Abe Partners $30.87 $3,272 $6,150 9.7x 9.6x 12.9x 12.6x 8.0x 7.8x 12.3% 12.3% 1.0x (2.4%) 4.5x NA 1.8% Ferrellgas Partners LP 1.31 127 2,162 9.2x 8.9x NM NM NM NM NM NM NA NA 8.7x CCC 44.7% Suburban Propane Partners LP 22.41 1,404 2,678 9.3x 9.2x 16.7x 15.7x 7.1x 6.8x 10.7% 10.7% 1.3x 5.1% 4.4x BB- 3.9% Superior Plus Corporation(7) 8.57 1,516 2,910 8.3x 7.9x 18.3x 15.0x 6.7x 6.4x 6.3% 6.3% 2.4x 0.0% 4.0x BB 4.8%
Low $127 $2,162 8.3x 7.9x 12.9x 12.6x 6.7x 6.4x 6.3% 6.3% 1.0x (2.4%) 4.0x 1.8% Mean $1,580 $3,475 9.1x 8.9x 16.0x 14.4x 7.3x 7.0x 9.8% 9.8% 1.6x 0.9% 5.4x 13.8% Median $1,460 $2,794 9.3x 9.1x 16.7x 15.0x 7.1x 6.8x 10.7% 10.7% 1.3x 0.0% 4.5x 4.4% High $3,272 $6,150 9.7x 9.6x 18.3x 15.7x 8.0x 7.8x 12.3% 12.3% 2.4x 5.1% 8.7x 44.7%
Ulysses Corporation (WS) $55.42 $9,864 $16,394 12.3x 10.1x 21.1x 18.2x 10.3x (4) 8.6x (4) 1.9% 2.0% 28.1% 5.4% 3.3x NA 8.0% Ulysses Corporation (Mgmt.) 11.2x 9.9x 22.4x 18.0x 9.0x (4) 7.7x (4) 1.9% 2.0% 35-45% 4.0% 3.0x NA 6-10%
Source: Company forecasts & filings, investor presentations, Wall Street research and estimates as compiled by FactSet as of 3/29/2019. (4) P/CFPS shown for Ulysses.
(1) New Jersey Resources Corporation 2019E and 2020E EBITDA multiples are excluded from (5) Coverage defined as distributable cash flow divided by total distributions. summary statistics due to disproportionately high multiples resulting from investment tax (6) Propane distributor Equity Value / DCF and Yield metrics exclude Ferrellgas from group credit benefits for the company’s solar assets. median. 21 (2) Payout ratio defined as last quarter dividend divided by LTM earnings. (7) Uses exchange rate of 0.7485 USD per CAD.
(3) CAGR estimated ends at 2021E due to insufficient Wall Street research estimates for 2022E.

PF Ulysses Present Value Analyses | Updated Abe STRICTLY Case CONFIDENTIAL
Valuation Effective Date: 3/31/2019
Ulysses 4 + 8 Case | Unlevered DCF(1,2) Analysis Ulysses 4 + 8 Case | Levered DCF – Dividends
Ulysses SQ Dividends Policy
2022E Terminal Multiple 2022E Price/Earnings Multiple
$64 8.5x 10.0x 11.5x $65 17.0x 20.0x 23.0x
4.50% $53.06 $65.36 $77.67 5.00% $56.99 $66.55 $76.11
5.25% $51.76 $63.85 $75.94 5.75% $56.01 $65.40 $74.79
6.00% $50.50 $62.37 $74.25 6.50% $55.05 $64.28 $73.51
Committee Downside EPS Sensitivity| Unlevered DCF Analysis(1,2) Committee Downside EPS Sensitivity| Levered DCF—Dividends
Ulysses SQ Dividends Policy
2022E Terminal Multiple 2022E Price/Earnings Multiple
$58 8.5x 10.0x 11.5x $58 17.0x 20.0x 23.0x
4.50% $47.77 $59.31 $70.86 5.00% $50.71 $59.17 $67.62
Discount Rate 5.25% $46.56 $57.90 $69.24 Discount Rate 5.75% $49.84 $58.15 $66.45 6.00% $45.38 $56.52 $67.66 6.50% $48.99 $57.15 $65.31
Source: Management projections and FactSet as of 3/29/2019.
Note: PF cases include EBITDA synergies of $2.5 MM in 2019 and $5 MM in 2020-2022. 22 (1) Discounted cash flow analysis assumes normalized net working capital.
(2) Fully consolidated enterprise value analysis; implied Ulysses share price calculated based on eliminating Abe publicly-owned LP interest at transaction consideration.
Discount Rate
Discount Rate

STRICTLY CONFIDENTIAL
V. Transaction Analysis
23

STRICTLY CONFIDENTIAL
Analysis at Transaction Consideration
($ in millions, unless otherwise noted)
A B C D E F G H I
Transaction
Exchange Ratio Consideration (XR) 0.5000x Stock Consideration (Ulysses Share Price of $55.42 x XR) $27.71 Cash Consideration $7.63
Implied Abe Unit Price $35.34 Implied Premium to Current Abe Unit Price (Ulysses Share Price x XR + Cash) 14.5% Fully Diluted Abe Units Outstanding 93.0 Implied Fully-Diluted Abe Equity Value $3,287 Net Debt 2,846
GP Equity Value(1) 401 Non-Controlling Interest 32
Implied Abe Enterprise Value(1) $6,566
Comparable Metrics
Propane Propane Propane Propane Abe Low-Growth Low-Growth Distributor Distributor Transaction Transaction Multiples: Statistic MLP Median MLP Mean Median(3) Mean(3) Median Mean
EV / EBITDA
2018A $606 10.8x 10.0x 10.0x 9.5x 9.6x 9.6x 8.7x 2019E $636 10.3x 9.9x 9.8x 9.2x 8.9x 7.8x 7.8x 2020E $644 10.2x 9.5x 9.3x 8.9x 8.7x
Consensus P / LP DCF(2) Case
WS 2018A $347 9.5x 7.9x 8.0x 6.5x 6.5x 2019E $360 9.1x 7.9x 7.7x 6.9x 6.9x Abe 2020E $366 9.0x 7.5x 7.5x 6.6x 6.6x
Propane Propane Propane Propane Abe Low-Growth Low-Growth Distributor Distributor Transaction Transaction Multiples: Statistic MLP Median MLP Mean Median(3) Mean(3) Median Mean
EV / EBITDA
Case 2018A $606 10.8x 10.0x 10.0x 9.5x 9.6x 9.6x 8.7x 2019E $610 10.8x 9.9x 9.8x 9.2x 8.9x 7.8x 7.8x 2020E $625 10.5x 9.5x 9.3x 8.9x 8.7x
Updated P / LP DCF(2)
2018A $347 9.5x 7.9x 8.0x 6.5x 6.5x Abe 2019E $344 9.6x 7.9x 7.7x 6.9x 6.9x 2020E $347 9.5x 7.5x 7.5x 6.6x 6.6x
Source: Company filings, and FactSet as for 3/29/2019.
(1) GP / IDR value estimated by taking current GP/IDR distributions capitalized by Abe’s current yield. 24
(2) DCF attributable to LP unitholders.
(3) Propane distributor Equity Value / DCF and Yield metrics exclude Ferrellgas from group median.
TUDORPICKERING HOLT&CO ENERGY INVESTMENT & MERCHANT BANKING

Has / Gets Analysis | Updated Abe Case STRICTLY CONFIDENTIAL
Valuation Effective Date: 3/31/2019
Has—Stand Alone Abe Implied Unit Price Gets—XR-Adj. PF Ulysses Implied Share Price | (0.5000x + $7.63 Cash)(1)
Levered DCF Analysis | $3.80 Distribution Unlevered DCF Analysis(2) | Ulysses 4 + 8 Case | Updated Abe Case
2023E DCF Multiple 2022E Terminal Multiple
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x ate 8.0% $29.04 $34.87 $40.71 ate 4.50% $34.16 $40.31 $46.46
R R n t 10.0% $27.60 $33.07 $38.55 n t 5.25% $33.51 $39.55 $45.60 o u ou c s s c i D 12.0% $26.27 $31.40 $36.54 i D 6.00% $32.88 $38.82 $44.75
Levered DCF Analysis | Target Coverage Distribution Unlevered DCF Analysis(2) | Committee Downside EPS Sensitivity | Updated Abe Case
2023E DCF Multiple 2022E Terminal Multiple
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x e Rat 8.0% $30.02 $36.11 $42.20 e Rat 4.50% $31.52 $37.29 $43.06 t t n u 10.0% $28.53 $34.24 $39.95 n u 5.25% $30.91 $36.58 $42.25 s co s co i D 12.0% $27.14 $32.50 $37.86 D i 6.00% $30.32 $35.89 $41.46
Discounted Distribution Analysis | $3.80 Distribution Levered DCF – Dividends(3) | Ulysses 4 + 8 Case | Updated Abe Case
2023E Distribution Yield 2022E Price/Earnings Multiple
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x at e 8.0% $33.99 $39.30 $47.94 at e 5.00% $36.12 $40.90 $45.68
R R unt 10.0% $32.24 $37.23 $45.33 unt 5.75% $35.63 $40.33 $45.03 c o c o s Di 12.0% $30.63 $35.31 $42.92 Di s 6.50% $35.16 $39.77 $44.38
Discounted Distribution Analysis | Target Coverage Distribution Levered DCF – Dividends(3) | Committee Downside EPS Sensitivity | Updated Abe Case
2023E Distribution Yield 2022E Price/Earnings Multiple
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x e at 8.0% $27.56 $31.87 $38.88 e at 5.00% $32.99 $37.21 $41.44
R R unt 10.0% $26.15 $30.19 $36.76 unt 5.75% $32.55 $36.70 $40.86 c o c o s Di 12.0% $24.84 $28.64 $34.81 Di s 6.50% $32.13 $36.21 $40.29
Source: Management projections and FactSet as of 3/29/2019. Note: Pro forma dividend savings from elimination of Abe distribution payout are used to fund 100%-equity acquisitions at a 7.5x EV/EBITDA multiple.
(1) Implied XR at 0.5000x equity XR and cash consideration of $7.63 / unit. Cash consideration added to implied share price at 0.5000x XR. 25 (2) Unlevered free cash flow defined as PF Ulysses EBITDA less cash taxes and capital expenditures.
(3) Levered DCF analysis calculated by discounting interim dividends and implied terminal equity value based on a P/E multiple applied to 2022E EPS.

Has / Gets Analysis | Abe Historical Weather Case STRICTLY CONFIDENTIAL
Valuation Effective Date: 3/31/2019
Has - Stand Alone Abe Implied Unit Price Gets - XR-Adj. PF Ulysses Implied Share Price | (0.5000x + $7.63 Cash)(1)
Levered DCF Analysis | $3.80 Distribution Unlevered DCF Analysis(2) | Ulysses 4 + 8 Case | Abe Historical Weather Case
2023E DCF Multiple 2022E Terminal Multiple
Discount Rate
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x 8.0% $27.52 $33.02 $38.52 4.50% $33.53 $39.59 $45.66
Discount Rate
10.0% $26.17 $31.32 $36.47 5.25% $32.89 $38.85 $44.81 12.0% $24.91 $29.75 $34.59 6.00% $32.27 $38.12 $43.97
Discount Rate
Discount Rate
Levered DCF Analysis | Target Coverage Distribution Unlevered DCF Analysis(2) | Committee Downside EPS Sensitivity | Abe Historical Weather
2023E DCF Multiple Case 2022E Terminal Multiple
Discount Rate
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x 8.0% $28.57 $34.33 $40.09 4.50% $31.09 $36.80 $42.52
10.0% $27.15 $32.55 $37.95 5.25% $30.49 $36.10 $41.72 12.0% $25.84 $30.91 $35.98 6.00% $29.91 $35.42 $40.94
Discount Rate
Discounted Distribution Analysis | $3.80 Distribution Levered DCF – Dividends(3) | Ulysses 4 + 8 Case | Abe Historical Weather Case
2023E Distribution Yield 2022E Price/Earnings Multiple
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x 8.0% $33.99 $39.30 $47.94 5.00% $35.17 $39.78 $44.39
10.0% $32.24 $37.23 $45.33 5.75% $34.69 $39.22 $43.75 12.0% $30.63 $35.31 $42.92 6.50% $34.23 $38.68 $43.13
Discount Rate
Discounted Distribution Analysis | Target Coverage Distribution Levered DCF – Dividends(3) | Committee Downside EPS Sensitivity | Abe Historical Weather
Case
2023E Distribution Yield 2022E Price/Earnings Multiple
Discount Rate
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x 8.0% $27.56 $31.87 $38.88 5.00% $32.27 $36.37 $40.48
10.0% $26.15 $30.19 $36.76 5.75% $31.85 $35.88 $39.91 12.0% $24.84 $28.64 $34.81 6.50% $31.44 $35.40 $39.36
Source: Management projections and FactSet as of 3/29/2019. Note: Pro forma dividend savings from elimination of Abe distribution payout are used to fund 100%-equity acquisitions at a 7.5x EV/EBITDA multiple.
(1) Implied XR at 0.5000x equity XR and cash consideration of $7.63 / unit. Cash consideration added to implied share price at 0.5000x XR. 26
(2) Unlevered free cash flow defined as PF Ulysses EBITDA less cash taxes and capital expenditures.
(3) Levered DCF analysis calculated by discounting interim dividends and implied terminal equity value based on a P/E multiple applied to 2022E EPS.
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ENERGY INVESTMENT & MERCHANT BANKING

Has / Gets Analysis | Abe Capital Investment Case STRICTLY CONFIDENTIAL
Valuation Effective Date: 3/31/2019
Has - Stand Alone Abe Implied Unit Price Gets - XR-Adj. PF Ulysses Implied Share Price | (0.5000x + $7.63 Cash)(1)
Levered DCF Analysis | $3.80 Distribution Unlevered DCF Analysis(2) | Ulysses 4 + 8 Case | Abe Capital Investment Case
Discount Rate
Discount Rate
2023E DCF Multiple 2022E Terminal Multiple
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x 8.0% $30.00 $36.17 $42.35 4.50% $34.57 $40.80 $47.04 10.0% $28.50 $34.28 $40.07 5.25% $33.91 $40.04 $46.16 12.0% $27.10 $32.54 $37.97 6.00% $33.27 $39.29 $45.31
Levered DCF Analysis | Target Coverage Distribution Unlevered DCF Analysis(2) | Committee Downside EPS Sensitivity | Abe Capital Investment Case
2023E DCF Multiple 2022E Terminal Multiple
Discount Rate
Discount Rate
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x 8.0% $30.69 $37.05 $43.41 4.50% $32.00 $37.86 $43.73
10.0% $29.15 $35.11 $41.08 5.25% $31.38 $37.15 $42.91 12.0% $27.72 $33.32 $38.92 6.00% $30.79 $36.45 $42.11
Discount Rate
Discounted Distribution Analysis | $3.80 Distribution Levered DCF – Dividends(3) | Ulysses 4 + 8 Case | Abe Capital Investment Case
2023E Distribution Yield 2022E Price/Earnings Multiple
Discount Rate
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x 8.0% $33.99 $39.30 $47.94 5.00% $36.55 $41.40 $46.26 10.0% $32.24 $37.23 $45.33 5.75% $36.05 $40.82 $45.59 12.0% $30.63 $35.31 $42.92 6.50% $35.57 $40.25 $44.94
Discounted Distribution Analysis | Target Coverage Distribution Levered DCF – Dividends(3) | Committee Downside EPS Sensitivity | Abe Capital Investment Case
2023E Distribution Yield 2022E Price/Earnings Multiple
Discount Rate
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x 8.0% $29.68 $34.51 $42.35 5.00% $33.48 $37.79 $42.11
10.0% $28.14 $32.66 $40.02 5.75% $33.04 $37.28 $41.51 12.0% $26.71 $30.96 $37.86 6.50% $32.60 $36.77 $40.93
Discount Rate
Source: Management projections and FactSet as of 3/29/2019. Note: Pro forma dividend savings from elimination of Abe distribution payout are used to fund 100%-equity acquisitions at a 7.5x EV/EBITDA multiple.
(1) Implied XR at 0.5000x equity XR and cash consideration of $7.63 / unit. Cash consideration added to implied share price at 0.5000x XR. 27 (2) Unlevered free cash flow defined as PF Ulysses EBITDA less cash taxes and capital expenditures.
(3) Levered DCF analysis calculated by discounting interim dividends and implied terminal equity value based on a P/E multiple applied to 2022E EPS.
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ENERGY INVESTMENT & MERCHANT BANKING

Has/Gets Analysis | Updated Abe Case STRICTLY CONFIDENTIAL
PV of Illustrative Future Equity Value PV of Illustrative Future Share Price Assumptions Discounted to 3/31/19 at 10% cost of equity
Management projections Interim distributions discounted upon receipt Valuation date as of 3/31/19 to 3/31/19 Illustrative future share price calculated at FY1 annual PF cases include EBITDA synergies of $2.5 MM in 2019 distributions divided by yield and $5 MM in 2020-2022
Ulysses 4 + 8 Case | $3.80 Annual Dist. Policy Committee Downside EPS Sensitivity| $3.80 Dist. Policy
$47.14 $47.14 $46.48 $46.48 $45.88 $45.88 $43.71 $41.80 $45.03 $40.86 $40.33 $39.12 $39.53 $37.38 $37.76 $36.97 $36.97 $36.68 $36.68 $36.36 $36.36 $36.70 $35.63 $35.48 $32.96 $34.52 $32.55 $33.87 $31.42 $31.48 $29.97 $30.65 $30.87 $30.65 $30.87 $31.48 $29.73 $29.73
Abe Abe Current Current Price Price
2H 2019E 2020E 2021E 2H 2019E 2020E 2021E
Ulysses 4 + 8 Case | Target Dist. Policy Committee Downside EPS Sensitivity| Target Dist. Policy
$45.66 $44.19 $42.11 $42.13 $40.88 $40.74 $39.53 $38.23 $38.23 $37.70 $37.21 $37.21 $38.91 $37.70 $37.81 $37.65 $36.11 $36.53 $33.49 $34.87 $34.86 $32.32 $30.82 $30.87 $30.87 $33.18 $29.75 $29.98 $29.98 $29.49 $29.75 $29.49
Abe Abe
Current $25.53 Current $25.53 $24.85 $24.85 $24.11 Price $24.11 Price
2H 2019E 2020E 2021E 2H 2019E 2020E 2021E
SQ Abe PF Ulysses (XR-Adj)(1)
Terminal Yield Terminal P/E M ultiple 8.0% 23.0x 10.5% 20.0x 13.0% 17.0x
Source: Management projections and Factset as of 3/29/2019. Note: Pro forma dividend savings from elimination of Abe distribution payout are used to fund
100%-equity acquisitions at a 7.5x EV/EBITDA multiple. 28
Note: Utilizes 10.0% cost of equity for SQ Abe and 5.75% cost of equity for PF Ulysses.
(1) XR-Adj. PF Ulysses (0.5000x + $7.63). Pro forma analysis incorporates EBITDA synergies of $5 MM per year and incremental acquisitions.

Summary of Material Changes STRICTLY CONFIDENTIAL
Updates Since 3/29/2019 Materials
Removed supplemental / illustrative analyses
Updated share counts to match latest figures in merger agreement
Updated equity risk premium based on updated Duff & Phelps published data
Updated to utilize market closing prices as of 3/29/2019 (previously 3/28/2019)
29

STRICTLY CONFIDENTIAL
Appendix
30

PF Ulysses Supplemental Calculation DetailSTRICTLY CONFIDENTIAL
Valuation Effective Date: 3/31/2019 | Updated Abe Case
PF Unlevered DCF Analysis PF Levered DCF – Dividends Analysis
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
EBITDA $735 $1,673 $1,817 $1,948 PF Ulysses Dividend/Sh. $0.55 $1.20 $1.25 $1.30 Unlevered Cash Taxes(1) (77) (126) (125) Discount Factor 0.986 0.946 0.894 Capex (433) (955) (1,041) PV of Dividend/Sh. $0.54 $1.13 $1.11 FCF $224 $593 $651 Discount Factor 0.987 0.950 0.903 Disc. GP Dist. Total $2.79 Disc. FCF $221 $563 $588 PF Ulysses EPS $3.60 Disc. PF Ulysses FCF Total $1,373 Terminal M ultiple 10.0x Terminal P/E 20.0x Terminal Disc. Factor 0.880x Terminal Disc. Factor 0.870 Implied Terminal PV EV $17,141 Implied Terminal PV per Share $62.61 Less PF Ulysses Net Debt(2) ($4,931) Implied PF Ulysses Equity Value $13,583 PF Ulysses Value per Share $65.40 PF Ulysses Equity Value per Share $63.85 Equity Consideration XR / Abe Unit 0.5000x Equity Consideration XR / Abe Unit 0.5000x Cash Consideration / Abe Unit $7.63 Cash Consideration / Abe Unit $7.63 Abe Equity Value per Unit $39.55 Abe Equity Value per Unit $40.33
Source: Management projections and FactSet as of 3/29/2019.
(1) Cash taxes de-levered by removing interest expense tax shield.
(2) Includes additional debt issued for payment of cash consideration of $7.63 per unit.
31

STRICTLY CONFIDENTIAL
Cost of Capital
32

STRICTLY CONFIDENTIAL
SQ Abe Cost of Equity Analysis
Abe Cost of Equity Cost of Equity
Barra Beta Low High Sensitized Peer Total Return Low High
Raw Beta(1) 0.75 1.02 Spot Risk-Free Rate(2) 2.6% 2.6% Equity Risk Premium(3) 6.1% 6.1%
Cost of Equity 7.2% 8.9% Cost of Equity 13.1% 14.1%
Expected Total Return
A B C D E F
Expected 2019E—2022E Long-Term Economic
Company Distribution CAGR Growth Estimate Expected Growth(4) Current Yield Implied Total Return
Buckeye Partners LP 2.3% 4.0% 3.7% 8.8% 12.6% GasLog Partners LP 0.6% 4.0% 3.5% 9.7% 13.2% Genesis Energy LP 0.0% 4.0% 3.4% 9.4% 12.8% Global Partners LP 0.0% 4.0% 3.4% 10.2% 13.6% Golar LNG Partners LP 0.0% 4.0% 3.4% 12.5% 15.9% MLPs Holly Energy Partners LP 1.0% 4.0% 3.5% 9.9% 13.4% 4.0% 3.4% 11.0% 14.4% KNOT Offshore Partners LP 0.0% Martin Midstream Partners LP 0.0% 4.0% 3.4% 16.1% 19.5% Growth NGL Energy Partners LP 2.7% 4.0% 3.8% 11.1% 14.9% Low NuStar Energy LP 0.0% 4.0% 3.4% 8.9% 12.3% PBF Logistics LP 2.4% 4.0% 3.8% 9.5% 13.3% Summit Midstream Partners LP 0.0% 4.0% 3.4% 23.6% 27.0% Sunoco LP 0.0% 4.0% 3.4% 10.6% 14.0% TC PipeLines LP 0.0% 4.0% 3.4% 7.0% 10.4% USA Compression Partners LP 0.0% 4.0% 3.4% 13.5% 16.9% Ferrellgas Partners LP NA NA NA NA NA
Dist. Suburban Propane Partners LP 5.1% 4.0% 4.2% 10.7% 14.9% Propane Superior Plus Corporation 0.0% 4.0% 3.4% 6.3% 9.7%
Median 0.0% 4.0% 3.4% 10.2% 13.6% Mean 0.8% 4.0% 3.5% 11.1% 14.6%
Abe 0.0% 4.0% 3.4% 12.3% 15.7%
Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 3/29/2019. (1) Barra beta as of 2/28/2019. Illustrative low and high range reflects a -/+ 15% range. (2) 20-year treasury bond yield as of 3/29/2019.
(3) Duff & Phelps long-term expected equity risk premium (supply-side). 33 (4) Weights Expected Current – 2022E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate.

STRICTLY CONFIDENTIAL
PF Ulysses Cost of Capital Analysis
Cost of Equity
Barra Beta Low High Raw Beta(1) 0.33 0.45
(2)
Spot Risk-Free Rate 2.6% 2.6%
Equity Risk Premium(3) 6.1% 6.1%
Cost of Equity 4.7% 5.4%
Cost of Capital
Barra Beta | PF Capital Structure Low High Cost of Equity 4.7% 5.4%
(4)
Cost of Debt 3.5% 5.0%
Market Value of Equity $11,797 $11,797 Total Debt $5,416 $5,416
Cost of Capital 4.3% 5.3%
Cost of Capital
Barra Beta | Optimal Capital Structure(5) Low High
Cost of Equity 4.7% 5.4% Cost of Debt(4) 3.5% 5.0%
Market Value of Equity $11,797 $11,797 Total Debt(5) $4,400 $4,400
Cost of Capital 4.1% 5.0%
Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 3/29/2019.
Note: In SQ, debt held at Abe is proportionally consolidated based on LP ownership in the MLP. In PF, debt held at Abe is assumed to be fully consolidated and the cash consideration of $7.63 for each Abe unit is funded using the Ulysses revolver at a 6.000% interest rate. Equity – Based on a 0.5000x XR of Ulysses shares for each Abe unit.
(1) Barra beta for Ulysses as of 2/28/2019. Illustrative low and high range reflects a -/+ 15% range. (2) 20-year treasury bond yield as of 3/29/2019.
(3) Duff & Phelps long-term expected equity risk premium (supply-side).
(4) Illustrative low and high range reflects a -/+ 100 bps range around current 5.67% pre-tax cost of debt at Ulysses. Ulysses cost of debt calculated using weighted average 7-10 year YTW on the 34 outstanding face value of fully consolidated Ulysses debt.
(5) Optimal Capital Structure based on Total Debt/2019E EBITDA Ratio of 3.00x.

PF Ulysses Peer Group WACC Analysis STRICTLY CONFIDENTIAL
Comparable Public Company Beta-Based Cost of Equity | Barra Beta
(USD in millions, unless otherwise noted)
A B C D E F F Market Statutory Barra Beta
Company Equity Value Total Debt Debt / Equity Tax Rate Levered Beta Unlevered Beta
Atmos Energy $12,088 $3,685 0.30x 21.0% 0.31 0.25 Chesapeake Utilities Corporation 1,506 653 0.43x 21.0% 0.44 0.33 NiSource Inc 10,728 9,201 0.86x 21.0% 0.30 0.18 New Jersey Resources Corporation 4,441 1,681 0.38x 21.0% 0.43 0.33 Northwest Natural Holding Co. 1,909 987 0.52x 21.0% 0.36 0.25 ONE Gas Inc 4,710 1,596 0.34x 21.0% 0.35 0.28 Spire Inc 4,535 2,793 0.62x 21.0% 0.36 0.24 Southwest Gas Holdings Inc 4,398 2,308 0.52x 21.0% 0.47 0.33 Enbridge Inc 73,450 48,623 0.66x 21.0% 0.69 0.45 Kinder Morgan Inc 45,559 36,593 0.80x 21.0% 0.95 0.58 SemGroup Corporation 1,345 2,317 1.72x 21.0% 1.45 0.62 Targa Resources Corp. 9,820 6,660 0.68x 21.0% 1.26 0.82 Tallgrass Energy LP 7,122 3,224 0.45x 21.0% 1.26 0.93 Williams Companies Inc 35,772 22,414 0.63x 21.0% 0.92 0.61 Abe Partners 3,272 2,854 0.87x 0.0% 0.89 0.47 Suburban Propane Partners LP 1,404 1,281 0.91x 0.0% 0.40 0.21 Superior Plus Corporation 1,516 1,412 0.93x 27.0% 0.77 0.46
Median 0.63x 0.47 0.33 Mean 0.68x 0.68 0.43 Implied Ulysses Median(1) 0.498 Implied Ulysses Mean(1) 0.665
Cost of Equity Cost of Debt Cost of Capital
Low High Low High Low High
(2)
Raw Beta 0.42 0.57 Pre-Tax Cost of Debt(5) 4.7% 6.7% Cost of Equity 5.2% 6.1% (3) 2.6% 2.6% Spot Risk-Free Rate Marginal Tax Rate(6) 21.0% 21.0% Cost of Debt 3.7% 5.3% Equity Risk Premium(4) 6.1% 6.1%
Cost of Debt 3.7% 5.3% % Equity(7) 61% 61% Cost of Equity 5.2% 6.1% % Debt(7) 39% 39%
Cost of Capital 4.6% 5.8% Source: Bloomberg, Alacra, Duff & Phelps, FactSet, Federal Reserve, company filings as of 3/29/2019.
Note: Barra betas as of 2/28/2019 per latest public release. Means and medians exclude Ferrellgas due to financial distress. Market equity values include implied GP equity value. (1) Based on target capital structure (median debt / equity ratio of select peer group) and median tax rate of select peer group excluding MLPs.
(2) Illustrative low and high range reflects a +/- 15% range on the implied Ulysses levered median beta. Median debt / equity ratio of select peer group used to re-lever beta. (3) 20-year treasury bond yield as of 3/29/2019.
(4) Duff & Phelps long-term expected equity risk premium (supply-side).
(5) Illustrative low and high range reflects a -/+ 100 bps range around 5.67% pre-tax cost of debt at Ulysses. Ulysses cost of debt calculated using weighted average 7-10 year YTW on the outstanding face value of fully consolidated Ulysses debt as of 3/29/2019. 35 (6) Assumes median tax rate of select peer group.
(7) Assumes median debt/equity capital structure of select peer group.

STRICTLY CONFIDENTIAL
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