EX-99.(C)(17) 17 d732888dex99c17.htm EX-99.(C)(17)

Exhibit (c)(17)

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Project Rushmore Discussion Materials
March 18th, 2019

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Table of Contents
I. Situation Overview
II. Management Projections Overview III. Abe Financial Analysis IV. Pro Forma Financial Analysis V. Transaction Analysis
Appendix
Cost of Capital
2

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
I. Situation Overview
3

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Summary of Revised Proposal
∎ In revised Ulysses proposal, each Abe Common Pre Investor Day 1st Proposal Date 5th Proposal Date Current Implied Offer Implied Offer Unit held by public to receive: 12/3/2018 1/25/2019 3/7/2019 3/15/2019 3/7/2019 3/15/2019 Spot Abe Price $36.67 $29.89 $27.83 $28.84 $34.90 $35.13 Consideration 0.500 Ulysses shares Abe 30-Day VWAP $36.50 $26.34 $29.66 $29.32 Spot Ulysses Price $57.59 $55.95 $54.54 $55.00 -—-
$7.63 Cash (up from $7.45) Spot XR 0.6367x 0.5342x 0.5103x 0.5244x 0.6399x (1) 0.6387x(1) Premium to Spot 25.4% 21.8%
∎ Taxable transaction to Abe unitholders Premium to 30-Day VWAP 17.7% 19.8%
∎ Status Quo Abe ownership:∎ Pro Forma Ulysses ownership:
Ownership Abe Public Unitholders: ~74.7% Abe Public Unitholders: ~16.5%(2)
Ulysses: ~25.3% Existing Ulysses Shareholders: ~83.5%
∎ Transaction requires vote of majority of Abe common unitholders, but no vote of Ulysses shareholders Other Terms∎ No majority of unaffiliated approval
∎ Abe will continue to make quarterly distributions subject to record date timing as proposed by Ulysses, but will not make pro rata
‘stub’ distribution at closing
Other∎ Ulysses has discussed with the special committee the likelihood of a 20% distribution cut in the absence of a deal
Source: Company filings, Bloomberg, FactSet as of 3/15/2019. 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 19.7% of status quo (pre-transaction) Ulysses outstanding shares results in ~16.5% Abe public unitholder ownership in pro forma entity.
Proposal Component Description Exchange Ratio Detail

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Historical XR and Relative Performance
Two Year Historical Exchange Ratios Relative Performance From Pre Investor Day (12/3/18)
1.40x
Abe FGP SPH AMZ SPB
Prior to Investor Day – Current
190%
0.70x
Proposal Implied XR: 0.6387x
0.60x
1.20x
0.50x 170%
Average XR: 0.5235x
0.40x
Dec-18 Dec-18 Jan-19 Feb-19 Feb-19 Mar-19
1.00x 150%
140%
130%
0.80x
Proposed Consideration: 0.5000x + $7.63/unit; Implied XR: 0.6387x 110% 109% 100%
0.60x 99%
90%
Current (3/15/2019) 0.5244x 0.6387x 21.8% 79% 0.40x Spot Proposal (3/4/2019) 0.5015x 0.6390x 27.4% Pre Investor Day (12/3/18) 0.6367x 0.6325x (0.7%) Price: $28.84
70%
30-Day 0.5385x 0.6409x 19.0% 60-Day 0.5265x 0.6406x 21.7% Avg. 90-Day 0.5403x 0.6383x 18.1% 180-Day 0.6414x 0.6396x (0.3%) 360-Day 0.7830x 0.6509x (16.9%)
0.20x 50%
Mar-17 Jun-17 Oct-17 Jan-18 Apr-18 Jul-18 Nov-18 Feb-19 Dec-18 Dec-18 Jan-19 Feb-19 Feb-19 Mar-19
5
Source: FactSet as of 3/15/2019.
Exchange Ratio XR All-In XR at Proposal Premium

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Challenges Facing Abe Partners
2019E Coverage Net Debt / 2019E EBITDA
2.36x
5.3x 5.0x 4.7x 4.7x 4.7x 4.8x
Average: 4.5x 4.5x 4.5x 4.6x 4.6x
1.62x 1.59x 4.4x 4.4x 1.49x 4.1x 4.1x 4.2x 1.44x 3.8x 4.0x 4.0x
1.30x Average: 1.28x
1.23x 1.20x 1.20x 1.19x 1.18x
1.08x 1.06x
1.03x 1.03x 1.00x
0.96x 0.92x
SPB NGL TCP KNOP GEL SPH BPL GMLP SUN NS GLP PBFX USAC MMLP Abe SMLP HEP GLOP
PBFX SPB HEP SMLP NGL MMLP USAC SPH NS GMLP TCP Abe GLOP SUN KNOP GLP GEL BPL
Yearly Heating Degree Days(1) EBITDA Expectations & Delivery
$708 $700 $700 $700 $700
15-Yr Average: 3,648 $690 $690 $666 $680 $675 $655 $670 $660 $660 $663 $650 $645 $618 $635
$605
$570
$566 $538 $536
03—04—05—06—07—08—09—10—11—12—13—14—15—16—17—18—2014 2015 2016 2017 2018
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19E WS Estimate Actual Actual WS Mean Mgmt. Guidance Internal Range Outperform Underperform Estimate Range(2) Budget
Source: Company filings, NOAA, FactSet as of 3/15/2019. 6 (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) Uses guidance provided in FQ4 immediately prior to the guidance year.

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
II. Management Projections Overview
7

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Projection Revisions
Abe EBITDA Forecast ($MM) Ulysses Status Quo EPS Forecast
$700 $4.00
$3.79
$670 $3.73 $661 $3.48 $3.69 $652 $652 $3.50
$3.45 $650 $643 $643 $3.41 $634 $3.14
$3.14 $625 $625 $3.14
$3.00 $2.89 $3.09 $2.90 $610
$2.92
$600 $2.63
$2.48
$2.50
$2.48
$550
4 + 8 Case EPS
$2.00
Updated Abe Case Committee Downside EPS Sensitivity Previous Forecast (As Adjusted)(1) Previous Abe Revised Budget Case Previous Forecast (As Provided) $500 $1.50 2019E 2020E 2021E 2022E 2023E 2019E 2020E 2021E 2022E 2023E
Key Dates
March 1, 2019 March 6, 2019 March 11, 2019 March 15, 2019 Feb. 7, 2019
Feb. 6, 2019 Held Call with Ulysses to Held Call with JP Received Ulysses Received indication of potential Received Received Abe reconcile effects of transaction Morgan to reconcile Updated “4 + 8” for $610mm of Abe EBITDA based (1) Ulysses Status Projections step-up depreciation to net model for changes to 2019 Forecast on guidance revisions per letter Quo Forecasts income and cash taxes Abe EBITDA forecasts from Ulysses management
8 Source: Management.
(1) Adjustment based on Abe management forecasts compared to Abe assumptions inherent in Ulysses forecasts received.

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Updated Abe Case
(USD in millions, except per share data)
EBITDA DCF(1)
Historical Weather Case Capital Investment Case
Historical Weather Case Capital Investment Case
Revised Budget Historical DCF
Revised Budget Historical $702
Abe ’19-’23 CAGR: $4.02 $665 $670 $3.96
1.7% $3.79 $3.76 $3.78 $641 $643 $3.71 $3.71 $3.75 $3.68 $3.87 $625 $619 $652 $3.59 $3.80 $606 $610 $634 $3.32 $3.33 $615 $624 $3.57 $3.57 $3.56 $615 $3.52 $610 $606 $597 $551 $543
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E Revised Budget 1.15x 1.05x 0.89x 0.88x 0.98x 0.97x 0.98x 0.99x 1.00x 1.00x
Coverage
Historical Weather 1.15x 1.05x 0.89x 0.88x 0.98x 0.97x 0.93x 0.94x 0.94x 0.94x
Case Coverage
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E Capital Investment
1.15x 1.05x 0.89x 0.88x 0.98x 0.97x 0.94x 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
Revised Budget Historical Weather Capital Investment
DCF Targeted Dist. DCF Targete d Dist. DCF Targeted Dist.
$4.14 $3.96 $3.91 $3.95 $3.85 $3.80 $3.76 $3.80 $3.80 $3.80 $3.70 $3.75 $3.70 $3.71 $3.68 $3.59 $3.67 $3.61 $3.71 $3.71 $3.71 $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 1.20x 1.22x 1.25x 1.27x 1.29x 0.98x 1.20x 1.17x 1.19x 1.20x 1.22x 0.98x 1.20x 1.18x 1.24x 1.29x 1.20x
9 Source: Management.
(1) Assumes $3.80/unit annual distribution.

PRELIMINARY CONFIDENTIAL DRAFT Ulysses Management Projections Subject to Further Review & Revision
Updated Abe Case
(USD in millions, except per share data)
EBITDA – Ulysses 4 + 8 Case EBITDA – Ulysses Downside Committee Sensitivity
Ulysses ’19-’22
Ulysses ’19-’22
Historical Ulysses Utilities CAGR: 8.3% Historical Ulysses Utilities
CAGR: 5.8%
Abe Propane Ulysses International Abe Propane Ulysses International Midstream & Marketing Corporate and other Midstream & Marketing Corporate and other $1,861
Misc. Income WSC $1,766 Misc. Income WSC $1,736 $1,653 $1,647 $1,520 $1,520 $1,542 $1,421 $1,467 $1,421 $1,467 $1,369 $1,389 $1,369 $1,389 $1,209 $1,209 $465 $491 $449 $432 $395 $426 $376 $376
$314 $350 $389 $420 $314 $344 $382 $414
-$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 $1,704 $1,750 WSC $1,335 $1,629 $1,704 $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 $3.69 $3.41 $3.09 $3.36 $3.20 $2.74 $2.68 $3.05 $923 $2.29 $3.14 $844 $2.05 $782 $753 $775$ 15 $15 $2.02 $2.01 $2.48 $2.90 $725 $719 $2.63 $666 $10 $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 $475 $605 $624 $594 $436
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Ending Cash $436 $439 $518 $568 $462 $475 $613 $784 $934 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Balance
Source: Management and Wall Street consensus estimates. 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.

PRELIMINARY CONFIDENTIAL DRAFT PF Ulysses Management Projections Subject to Further Review & Revision
Updated Abe Case
(USD in millions, except per share data)
EBITDA – Ulysses 4 + 8 Case EBITDA – Ulysses Downside Committee Sensitivity
Ulysses ’19-’22 Ulysses ’19-’22
Historical Ulysses Utilities CAGR: 9.9% Historical Ulysses Utilities CAGR: 7.5% Abe Propane Ulysses International Abe Propane Ulysses International Midstream & Marketing Corporate and other Midstream & Marketing Corporate and other Misc. Income Incremental Acquisitions $1,949 Misc. Income Incremental Acquisitions Synergies $1,818 Synergies $1,823 $1,674 $1,698
$1,562 $1,520 $1,469 $1,520 $1,469 $1,369 $1,389 $1,421 $1,369 $1,389 $1,421 $1,209 $1,209 465 491 449 432 395 426 376 376
314 350 389 420 314 344 382 414
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
4+8 Case EPS Downside EPS
Historical EPS DPS $3.35 $3.63 $1,148 $3.04 $1,044 $2.74 $923 $957 $319 $2.48 $867 $2.29 $3.17 $782 $284 $2.02 $2.01 $2.05 $2.92 $725 $114 $248 $2.65 $666 $2.48 $448 $187 $102 $1.20 $1.25 $1.30 $61 $1.02 $1.10 $474 $0.71 $0.89 $0.93 $0.98 $37 $475 $605 $624 $594 $436
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Ending Cash $436 $439 $518 $568 $462 $475 $613 $784 $934 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. 11
(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.

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
III. Abe Financial Analysis
12

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Selected Publicly Traded Company Metrics
(USD in millions, except per share data)
Low Growth MLPs(1) Enterprise Value / EBITDA Price / DCF/Unit Distribution Yield Distribution Metrics Debt Metrics
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 $34.34 $5,338 $10,094 10.0x 11.3x 10.5x 8.3x 9.3x 8.4x 8.7% 8.7% 2.3% 1.23x 5.3x BBB-
GasLog Partners LP 22.86 1,110 2,753 11.8x 9.9x 9.6x 6.3x 11.0x 11.6x 9.6% 9.7% 4.3% 0.92x 4.7x NA Genesis Energy LP 22.62 2,781 6,991 10.5x 10.0x 9.6x 9.1x 7.6x 6.9x 9.7% 9.7% 0.0% 1.44x 5.0x B+ Global Partners LP 19.00 671 1,777 5.7x 8.2x 8.0x 5.4x 7.5x 7.3x 10.5% 10.5% 0.0% 1.18x 4.8x B+ Golar LNG Partners LP 12.96 993 2,217 8.5x 8.8x 8.6x 6.9x 4.7x 4.8x 12.5% 12.5% 0.0% 1.20x 4.5x NA Holly Energy Partners LP 28.08 2,966 4,520 13.0x 12.6x 12.1x 10.9x 10.5x 10.3x 9.5% 9.6% 1.0% 0.96x 4.0x Ba3 KNOT Offshore Partners LP 18.82 653 1,778 8.2x 8.1x 8.2x 7.0x 7.0x 7.0x 11.1% 11.1% 0.0% 1.49x 4.7x 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 13.51 1,714 4,176 10.2x 8.3x 7.6x 8.6x 6.1x 6.1x 11.5% 11.5% 2.7% 1.62x 4.1x B+ NuStar Energy LP 26.77 3,528 7,960 12.0x 11.6x 10.7x 7.8x 9.4x 8.3x 9.0% 9.0% 0.0% 1.19x 4.5x BB PBF Logistics LP 21.01 1,178 2,009 11.6x 11.4x 10.3x 9.6x 9.1x 8.5x 9.5% 9.9% 2.4% 1.08x 3.8x NA Summit Midstream Partners LP 9.33 775 2,366 8.0x 7.6x 7.2x 4.3x 4.2x 3.9x 24.7% 12.3% 0.0% 1.00x 4.1x BB-Sunoco LP 30.22 3,227 6,179 9.7x 9.8x 9.7x 6.8x 8.2x 8.1x 10.9% 10.9% 0.0% 1.20x 4.7x BB-TC PipeLines LP 35.36 2,640 4,833 9.2x 10.7x 10.6x 11.3x 7.8x 7.2x 7.4% 7.4% 0.0% 1.59x 4.6x BBB-USA Compression Partners LP 16.00 1,565 3,817 11.9x 9.4x 8.7x 6.8x 7.1x 6.9x 13.1% 13.1% 0.0% 1.06x 4.4x B+
Low
Mean
Median
High
Low
Propane Distributors(4)
Ferrellgas Partners LP $1.35 $131 $2,166 9.0x 9.2x 8.9x NM NM NM NM NM NA NA 8.7x CCC
Suburban Propane Partners LP 22.75 1,425 2,700 9.5x 9.4x 9.3x 7.1x 7.2x 6.9x 10.5% 10.5% 5.1% 1.30x 4.4x BB-
Superior Plus Corporation(3) 8.54 1,511 2,907 10.4x 8.2x 7.9x 5.9x 6.7x 6.3x 6.3% 6.3% 0.0% 2.36x 4.0x BB
Abe Partners, L.P. (WS) $28.84 $3,082 $5,960 9.8x 9.4x 9.3x 7.8x 7.5x 7.4x 13.2% 13.2% (4.5%) 1.03x 4.5x NA Abe Partners, L.P. (Revised Budget) 9.8x 9.8x 9.5x 7.8x 7.8x 7.8x 13.2% 13.2% 0.0% 0.97x 4.6x NA At Current Proposal (WS Estimates) $35.13 $3,294 $6,550 10.8x 10.3x 10.2x 9.5x 9.1x 9.0x 10.8% 10.8% 0.0% 1.03x 4.5x NA At Current Proposal (Revised Budget) $35.13 $3,294 $6,550 10.8x 10.7x 10.5x 9.5x 9.5x 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 3/15/2019. (1) Low growth group defined as MLPs below 5% 2019E-2022E distribution CAGR and with enterprise value between $1.0 BB and $10 BB.
(2) Coverage defined as distributable cash flow divided by total distributions to GP and LP. 13 (3) Uses exchange rate of 0.7498 USD per CAD.
(4) Propane distributor Equity Value / DCF and Yield metrics exclude Ferrellgas from group median.
ABCDEFGHIJKLMNOP
Mean
Median
High

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Propane Precedent Transactions Analysis
Date Transaction EBITDA EBITDA Purchase Price / Purchase Price / Buyer Seller Asset Announced Value ($MM) LTM FY1/NTM LTM EBITDA 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
Current Ulysses Proposal
Ulysses Abe $6,550 $622 $610 10.5x 10.7x (0.6387x All-In XR)
___________________________________ 14 Source: Company filings, Wall Street research, IHS Market.
(1) Transaction multiple before acquisition synergies; 8.2x synergy adjusted multiple.
Low
Mean
Median
High
>$1B Mean
>$1B Median

PRELIMINARY CONFIDENTIAL DRAFT Abe DCF Analysis Subject to Further Review & Revision
Updated Abe Case | Valuation Effective Date: 3/31/2019 Abe Current Unit Price: $28.84
Implied Proposal Value: $35.13
Discounted Levered DCF Analysis Discounted Levered DCF Analysis
Abe Levered LP DCF | $3.80 Annual Dist. Policy Abe Levered LP DCF | Targeted Leverage & Coverage Policy
6.0x 8.0x 10.0x 6.0x 8.0x 10.0x
8.0% $28.87 $34.67 $40.47 8.0% $29.85 $35.90 $41.96 10.0% $27.44 $32.88 $38.32 10.0% $28.37 $34.04 $39.72 12.0% $26.11 $31.22 $36.33 12.0% $26.99 $32.32 $37.65
Discounted Distribution Analysis Discounted Distribution Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Abe LP Distributions | Targeted Leverage & Coverage Policy
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
12.0% $30.63 $35.31 $42.92 12.0% $24.84 $28.64 $34.81
PV of Future Unit Price Analysis PV of Future Unit Price Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Yield Abe LP Distributions | Targeted Leverage & Coverage Policy Yield $47.14 $46.48 $45.88 $45.33
8.0% 8.0% $36.68 $36.97 $37.23 $38.23 $37.70 $37.21 $36.76 $36.36 $31.48 $32.24 10.5% 10.5% $29.73 $30.65 $29.75 $29.98 $30.19 $29.49
$28.84 13.0% $28.84 13.0% Current $24.85 $25.53 Current $26.15 $24.11
Price Price
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
PV of Future Share Price Assumptions
∎ Management projections ∎ Future share price calculated at FY1 annual distributions divided by yield∎ Valuation date as of 3/31/19∎ Discounted to 3/31/19 at 10% cost of equity
Interim distributions discounted upon receipt to 3/31/19 15 ___________________________________ Source: Management projections and Factset as of 3/15/2019.
2023E DCF Multiple 2023E DCF Multiple
Discount Rate 2023E Distribution Yield 2023E Distribution Yield Discount Rate Discount Rate

PRELIMINARY CONFIDENTIAL DRAFT Abe DCF Analysis Subject to Further Review & Revision
Abe Historical Weather Case | Valuation Effective Date: 3/31/2019 Abe Current Unit Price: $28.84
Implied Proposal Value: $35.13
Discounted Levered DCF Analysis Discounted Levered DCF Analysis
Abe Levered LP DCF | $3.80 Annual Dist. Policy Abe Levered LP DCF | Targeted Leverage & Coverage Policy
6.0x 8.0x 10.0x 6.0x 8.0x 10.0x
8.0% $27.29 $32.74 $38.18 8.0% $28.40 $34.13 $39.85 10.0% $25.95 $31.05 $36.16 10.0% $26.99 $32.36 $37.73 12.0% $24.70 $29.49 $34.29 12.0% $25.69 $30.73 $35.77
Discounted Distribution Analysis Discounted Distribution Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Abe LP Distributions | Targeted Leverage & Coverage Policy
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
12.0% $30.63 $35.31 $42.92 12.0% $24.84 $28.64 $34.81
PV of Future Unit Price Analysis PV of Future Unit Price Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Yield Abe LP Distributions | Targeted Leverage & Coverage Policy Yield $47.14 $46.48 $45.88 $45.33
8.0% 8.0% $36.68 $36.97 $37.23 $38.23 $37.70 $37.21 $36.76 $36.36 $31.48 $32.24 10.5% 10.5% $29.73 $30.65 $29.75 $29.98 $30.19 $29.49
$28.84 13.0% $28.84 13.0% $24.85 $26.15
Current $24.11 $25.53 Current Price Price
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
PV of Future Share Price Assumptions
∎ Management projections ∎ Future share price calculated at FY1 annual distributions divided by yield∎ Valuation date as of 3/31/19∎ Discounted to 3/31/19 at 10% cost of equity
Interim distributions discounted upon receipt to 3/31/19 16 ___________________________________ Source: Management projections and Factset as of 3/15/2019.
2023E DCF Multiple
2023E DCF Multiple
Discount Rate
Discount Rate
Discount Rate
Discount Rate
2023E Distribution Yield
2023E Distribution Yield

PRELIMINARY CONFIDENTIAL DRAFT Abe DCF Analysis Subject to Further Review & Revision
Abe Capital Investment Case | Valuation Effective Date: 3/31/2019 Abe Current Unit Price: $28.84
Implied Proposal Value: $35.13
Discounted Levered DCF Analysis Discounted Levered DCF Analysis
Abe Levered LP DCF | $3.80 Annual Dist. Policy Abe Levered LP DCF | Targeted Leverage & Coverage Policy
6.0x 8.0x 10.0x 6.0x 8.0x 10.0x
8.0% $29.81 $35.95 $42.08 8.0% $30.51 $36.83 $43.16 10.0% $28.32 $34.07 $39.83 10.0% $28.98 $34.91 $40.84 12.0% $26.94 $32.34 $37.74 12.0% $27.56 $33.12 $38.69
Discounted Distribution Analysis Discounted Distribution Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Abe LP Distributions | Targeted Leverage & Coverage Policy
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
PV of Future Unit Price Analysis PV of Future Unit Price Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Yield Abe LP Distributions | Targeted Leverage & Coverage Policy Yield $47.14 $46.48 $45.88 $45.33
8.0% $40.02 8.0% $36.36 $36.68 $36.97 $37.23 $38.07 $37.54 $37.05 $31.48 $32.24 10.5% $32.66 10.5% $29.73 $30.65 $29.62 $29.85 $29.36
$28.84 13.0% $28.84 13.0% $28.14
Current $24.75 $25.43 Current Price $24.01 Price
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
PV of Future Share Price Assumptions
∎ Management projections ∎ Future share price calculated at FY1 annual distributions divided by yield∎ Valuation date as of 3/31/19∎ Discounted to 3/31/19 at 10% cost of equity
Interim distributions discounted upon receipt to 3/31/19 17
Source: Management projections and Factset as of 3/15/2019.
2023 DCF Multiple 2023 DCF Multiple
Discount Rate
Discount Rate
Discount Rate
Discount Rate
2023E Distribution
2023E Distribution

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
IV. Pro Forma Financial Analysis
18

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Selected Publicly Traded Company Metrics
(USD in millions, except per share data)
LDCs EV / EBITDA Price / Earnings Price / CFPS Dividend Metrics Debt Metrics
Share Total Equity Enterprise Payout Dist. 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 $101.51 $11,921 $15,388 13.0x 11.8x 23.2x 21.8x 13.1x 11.4x 2.1% 2.1% 56.7% 8.0% 2.9x A 6.0% Chesapeake Utilities Corporation 92.36 1,525 2,172 14.7x 13.7x 25.0x 23.5x NA NA 1.6% 1.7% 44.1% 9.9% 4.4x NA 8.0% NiSource Inc 27.89 10,439 20,399 12.2x 11.4x 21.3x 20.1x 8.8x 8.5x 2.9% 2.9% 128.1% 6.7% 5.4x BBB+ 6.0% New Jersey Resources Corporation 49.85 4,447 5,912 20.6x(1) 18.8x(1) 24.9x 23.2x 18.5x 15.8x 2.3% 2.4% 80.6% NA 5.1x NA 6.0% Northwest Natural Holding Co. 64.51 1,877 2,851 12.5x 11.5x 27.3x 25.6x 11.1x 11.2x 2.9% 2.9% 55.6% 0.7% 4.3x A+ 4.5% ONE Gas Inc 88.81 4,698 6,273 13.3x 12.5x 25.8x 24.7x 13.1x 12.5x 2.3% 2.3% 65.0% 7.7% 3.3x A 5.0% Spire Inc 80.26 4,423 7,074 14.0x 13.1x 21.5x 20.6x 11.4x 11.2x 3.0% 3.0% 68.0% 5.1% 5.2x A- 3.4% Southwest Gas Holdings Inc 83.15 4,446 6,750 10.0x 9.3x 21.4x 19.8x 8.8x 8.3x 2.6% 2.6% 54.0% 7.2% 3.3x BBB+ 5.5%
C-Corp Midstream EV / EBITDA Price / Earnings Price / DCF/Unit Dividend (Distribution) Metrics Debt Metrics
Unit (Share) Market Enterprise 2019E Dist. 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 $36.52 $73,977 $131,073 13.3x 12.4x 19.4x 18.2x 10.1x 9.7x 6.1% 6.1% 1.5x 3.2% 4.9x BBB+ 7.2% Kinder Morgan Inc 19.87 45,240 79,406 10.2x 9.9x 19.9x 18.4x 9.2x 8.4x 4.0% 5.0% 2.2x 11.3% 4.3x BBB NA SemGroup Corporation 14.49 1,322 3,441 7.9x 7.1x NM 45.3x 4.9x 4.6x 13.0% 13.0% 1.6x 2.0% 4.0x B+ 5.2% Targa Resources Corp. 40.04 9,463 15,718 11.5x 9.0x NM 39.1x 11.3x 7.4x 9.1% 9.1% 1.0x 3.5% 3.5x BB 20.4% Tallgrass Energy LP 24.05 6,813 10,519 10.8x 11.8x 13.7x 16.3x 9.8x 9.6x 8.6% 9.0% 1.3x 4.9% 3.3x BBB- 0.3% Williams Companies Inc 27.56 34,327 57,945 11.5x 10.8x 28.8x 25.8x 10.7x 10.1x 4.9% 5.5% 1.7x 9.3% 4.4x BBB 26.8%
Propane Distributors(6) EV / EBITDA Price / Earnings Price / DCF/Unit Dividend (Distribution) Metrics Debt Metrics
Abe Partners $28.84 $3,082 $5,960 9.4x 9.3x 12.0x 11.8x 7.5x 7.4x 13.2% 13.2% 1.0x (2.4%) 4.5x NA 0.0% Ferrellgas Partners LP 1.35 131 2,166 9.2x 8.9x NM NM NM NM NM NM NA NA 8.7x CCC 44.7% Suburban Propane Partners LP 22.75 1,425 2,700 9.4x 9.3x 17.0x 15.9x 7.2x 6.9x 10.5% 10.5% 1.3x 5.1% 4.4x BB- 3.9% Superior Plus Corporation(7) 8.54 1,511 2,907 8.2x 7.9x 18.4x 14.9x 6.7x 6.3x 6.3% 6.3% 2.4x 0.0% 4.0x BB 4.8%
Ulysses Corporation (WS) $55.00 $9,787 $16,191 12.1x 9.9x 20.5x 18.0x 10.2x(4) 8.6x (4) 1.9% 2.0% 47.5% 5.4% 3.3x NA 8.0% Ulysses Corporation (Mgmt.) 11.0x 9.8x 22.2x 17.8x 8.9x(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(3) CAGR estimated ends at 2021E due to insufficient Wall Street research estimates for 2022E. compiled by FactSet as of 3/15/2019. (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 19 credit benefits for the company’s solar assets. median.
(2) Payout ratio defined as last quarter dividend divided by LTM earnings. (7) Uses exchange rate of 0.7498 USD per CAD.
Low
Mean
Median
<60% Payout Ratio Median
High

PRELIMINARY CONFIDENTIAL DRAFT
PF Ulysses DCF Analysis | Updated Abe Case Subject to Further Review & Revision
Valuation Effective Date: 3/31/2019
Ulysses 4 + 8 Case | Unlevered Disc. Cash Flow(1,2) Analysis Ulysses 4 + 8 Case | Levered DCF Analysis
Ulysses SQ Dividends Policy
2022E Terminal Multiple 2022E Price/Earnings multiple Discount Rate Discount Rate
2022E Terminal Multiple 2022E Price/Earnings multiple Discount Rate Discount Rate
8.5x 10.0x 11.5x 17.0x 20.0x 23.0x 4.50% $53.03 $65.33 $77.645.00% $57.50 $67.15 $76.80 5.25% $51.73 $63.82 $75.90 5.75% $56.51 $65.99 $75.47 6.00% $50.47 $62.34 $74.21 6.50% $55.54 $64.86 $74.17
Committee Downside EPS Sensitivity| Unlevered Disc. Cash Flow(1,2) Committee Downside EPS Sensitivity| Levered DCF Analysis
Ulysses SQ Dividends Policy
8.5x 10.0x 11.5x 17.0x 20.0x 23.0x 4.50% $47.51 $59.02 $70.545.00% $50.54 $58.96 $67.38 5.25% $46.31 $57.61 $68.92 5.75% $49.67 $57.94 $66.22
6.00% $45.13 $56.24 $67.35 6.50% $48.82 $56.95 $65.08
PF PV of Future Share Price Analysis(3)
Ulysses SQ Dividends Policy Downside Sensitivity 4 + 8 Case PF Ulysses(4)
Terminal P/E Multiple
Assumptions $75.47 ∎ Management projections $72.55 17.0x∎ Valuation date as of 3/31/19 $68.46 $66.22 $63.51 ∎ Future share price calculated at FY1 annual earnings per share multiplied by
terminal P/E multiple $59.80 $65.99 $ $63.31 55.44 $57.94 ∎ Discounted to 3/31/19 at 5.75% cost of equity $59.60 $52.07
â–¡ Interim dividends discounted upon receipt to 3/31/19 $55.00 $56.51 $54.06 Current
∎ Cash consideration of $7.63 per unit added to value of 0.5000x pro $50.74 Price forma Ulysses shares received by Abe unitholders $47.38 $49.67 $44.34
Source: Management projections and FactSet as of 3/15/2019. 2H 2019E 2020E 2021E (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 current proposal consideration. 20 (3) Dividend policy assumed same as SQ policy, across all operating scenarios.
(4) Pro forma analysis incorporates EBITDA synergies of $5 MM per year.
TUDORPICKETING HOLT&CO ENERGY INVESTMENT& MERCHANT BANKING

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
V. Transaction Analysis
21

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Analysis at Various Exchange Ratios
($ in millions, unless otherwise noted)
Original Ulysses Ulysses Ulysses Original Abe Ulysses Third Abe Revised Ulysses Second Fourth Current Counter Proposal Proposal Proposal Proposal Proposal Proposal Proposal
Exchange Ratio Consideration (XR) 0.5000x 0.5000x 0.5000x 0.5000x 0.5000x 0.5000x 0.5000x Stock Consideration (Ulysses Share Price x XR) $27.50 $27.50 $27.50 $27.50 $27.50 $27.50 $27.50 Cash Consideration $4.03 $6.32 $6.80 $7.30 $7.63 $10.00 $13.94 Exchange Ratio (At Current Ulysses Sh. Price of $55.00) 0.5733x 0.6149x 0.6236x 0.6327x 0.6387x 0.6818x 0.7535x
Implied Abe Unit Price $31.53 $33.82 $34.30 $34.80 $35.13 $37.50 $41.44 Implied Premium to Current Abe Unit Price (Ulysses Share Price x XR + Cash) 9.3% 17.3% 18.9% 20.7% 21.8% 30.0% 43.7% Fully Diluted Abe Units Outstanding 93.8 93.8 93.8 93.8 93.8 93.8 93.8 Implied Fully-Diluted Abe Equity Value $2,956 $3,171 $3,216 $3,263 $3,294 $3,516 $3,886 Net Debt 2,846 2,846 2,846 2,846 2,846 2,846 2,846
GP Equity Value(1) 378 378 378 378 378 378 378
Non-Controlling Interest 32 32 32 32 32 32 32
Implied Abe Enterprise Value(1) $6,212 $6,427 $6,472 $6,519 $6,550 $6,772 $7,141
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 10.3x 10.6x 10.7x 10.8x 10.8x 11.2x 11.8x 10.0x 10.0x 9.5x 9.6x 9.6x 8.7x 2019E $636 9.8x 10.1x 10.2x 10.3x 10.3x 10.7x 11.2x 9.8x 9.7x 9.2x 8.9x 7.8x 7.8x 2020E $644 9.6x 10.0x 10.1x 10.1x 10.2x 10.5x 11.1x 9.6x 9.2x 8.9x 8.7x
Consensus P / LP DCF(2) Case
WS 2018A $348 8.5x 9.1x 9.2x 9.4x 9.5x 10.1x 11.2x 7.8x 7.9x 6.5x 6.5x 2019E $361 8.2x 8.8x 8.9x 9.0x 9.1x 9.7x 10.7x 7.6x 7.7x 6.9x 6.9x Abe 2020E $367 8.1x 8.6x 8.8x 8.9x 9.0x 9.6x 10.6x 7.2x 7.4x 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
2018A $606 10.3x 10.6x 10.7x 10.8x 10.8x 11.2x 11.8x 10.0x 10.0x 9.5x 9.6x 9.6x 8.7x 2019E $610 10.2x 10.5x 10.6x 10.7x 10.7x 11.1x 11.7x 9.8x 9.7x 9.2x 8.9x 7.8x 7.8x 2020E $625 9.9x 10.3x 10.4x 10.4x 10.5x 10.8x 11.4x 9.6x 9.2x 8.9x 8.7x
Revised P / LP DCF(2) Budget
Abe 2018A $348 8.5x 9.1x 9.2x 9.4x 9.5x 10.1x 11.2x 7.8x 7.9x 6.5x 6.5x 2019E $345 8.6x 9.2x 9.3x 9.5x 9.5x 10.2x 11.3x 7.6x 7.7x 6.9x 6.9x 2020E $348 8.5x 9.1x 9.2x 9.4x 9.5x 10.1x 11.2x 7.2x 7.4x 6.6x 6.6x
Source: Company filings, and FactSet as for 3/15/2019.
(1) GP / IDR value estimated by taking current GP/IDR distributions capitalized by Abe’s current yield. 22
(2) DCF attributable to LP unitholders.
(3) Propane distributor Equity Value / DCF and Yield metrics exclude Ferrellgas from group median.

PRELIMINARY CONFIDENTIAL DRAFT
Has / Gets Analysis | Updated Abe Case Subject to Further Review & Revision
Abe Pre – Unitholder Tax | Valuation Effective Date: 3/31/2019 $3.80 Annual Dist.
Targeted Coverage Policy
Stand Alone Abe Implied Unit Price XR-Adj. PF Ulysses Implied Share Price | (0.5000x + $7.63 Cash)(1)
Discounted Cash Flow | Unlevered FCF(2) | Ulysses 4 + 8 Case $3.80 Distribution
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x Analysis 8.0% $28.87 $34.67 $40.47 4.50% $34.14 $40.30 $46.45
DCF 10.0% $27.44 $32.88 $38.32 5.25% $33.50 $39.54 $45.58 12.0% $26.11 $31.22 $36.33 6.00% $32.86 $38.80 $44.74
Levered Target Coverage Distribution Discounted Cash Flow | Unlevered FCF(2) | Committee Downside EPS Sensitivity
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x 8.0% $29.85 $35.90 $41.96 4.50% $31.39 $37.14 $42.90
Discounted 10.0% $28.37 $34.04 $39.72 5.25% $30.78 $36.44 $42.09 12.0% $26.99 $32.32 $37.65 6.00% $30.19 $35.75 $41.30
$3.80 Distribution Levered DCF Analysis(3) | Ulysses 4 + 8 Case
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x Analysis 8.0% $33.99 $39.30 $47.94 5.00% $36.38 $41.20 $46.03
10.0% $32.24 $37.23 $45.33 5.75% $35.88 $40.62 $45.37 12.0% $30.63 $35.31 $42.92 6.50% $35.40 $40.06 $44.72
Distribution Target Coverage Distribution Levered DCF Analysis(3) | Committee Downside EPS Sensitivity
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x 8.0% $27.56 $31.87 $38.88 5.00% $32.90 $37.11 $41.32
Discounted
10.0% $26.15 $30.19 $36.76 5.75% $32.46 $36.60 $40.74 12.0% $24.84 $28.64 $34.81 6.50% $32.04 $36.11 $40.17
Source: Management projections and FactSet as of 3/15/2019. 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. 23 (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. Discount levered dcf analysis 2023e dcf multiple discount rate distcounted distribution analysis 2023e distribution yield 2022e terminal multiple 2022e price/earnings multiple

PRELIMINARY CONFIDENTIAL DRAFT
Has / Gets Analysis | Abe Historical Weather CaseSubject to Further Review & Revision
Abe Pre – Unitholder Tax | Valuation Effective Date: 3/31/2019 $3.80 Annual Dist.
Targeted Coverage Policy
Stand Alone Abe Implied Unit Price XR-Adj. PF Ulysses Implied Share Price | (0.5000x + $7.63 Cash)(1)
Discounted Cash Flow | Unlevered FCF(2) | Ulysses 4 + 8 Case $3.80 Distribution
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x Analysis 8.0% $27.29 $32.74 $38.18 4.50% $33.52 $39.58 $45.65
DCF 10.0% $25.95 $31.05 $36.16 5.25% $32.88 $38.84 $44.79 12.0% $24.70 $29.49 $34.29 6.00% $32.26 $38.11 $43.96
Levered Target Coverage Distribution Discounted Cash Flow | Unlevered FCF(2) | Committee Downside EPS Sensitivity
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x 8.0% $28.40 $34.13 $39.85 4.50% $30.77 $36.44 $42.11
Discounted 10.0% $26.99 $32.36 $37.73 5.25% $30.18 $35.75 $41.32 12.0% $25.69 $30.73 $35.77 6.00% $29.60 $35.07 $40.54
$3.80 Distribution Levered DCF Analysis(3) | Ulysses 4 + 8 Case
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x Analysis 8.0% $33.99 $39.30 $47.94 5.00% $35.58 $40.27 $44.95
10.0% $32.24 $37.23 $45.33 5.75% $35.10 $39.71 $44.31 12.0% $30.63 $35.31 $42.92 6.50% $34.63 $39.16 $43.68
Distribution Target Coverage Distribution Levered DCF Analysis(3) | Committee Downside EPS Sensitivity
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x 8.0% $27.56 $31.87 $38.88 5.00% $32.11 $36.19 $40.26
Discounted
10.0% $26.15 $30.19 $36.76 5.75% $31.70 $35.70 $39.70 12.0% $24.84 $28.64 $34.81 6.50% $31.29 $35.22 $39.15
Source: Management projections and FactSet as of 3/15/2019. 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. 24
(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.

PRELIMINARY CONFIDENTIAL DRAFT
Has / Gets Analysis | Abe Capital Investment CaseSubject to Further Review & Revision
Abe Pre – Unitholder Tax | Valuation Effective Date: 3/31/2019 $3.80 Annual Dist.
Targeted Coverage Policy
Stand Alone Abe Implied Unit Price XR-Adj. PF Ulysses Implied Share Price | (0.5000x + $7.63 Cash)(1)
Discounted Cash Flow | Unlevered FCF(2) | Ulysses 4 + 8 Case $3.80 Distribution
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x Analysis 8.0% $29.81 $35.95 $42.08 4.50% $34.55 $40.79 $47.03
DCF 10.0% $28.32 $34.07 $39.83 5.25% $33.89 $40.02 $46.15 12.0% $26.94 $32.34 $37.74 6.00% $33.25 $39.27 $45.29
Levered Target Coverage Distribution Discounted Cash Flow | Unlevered FCF(2) | Committee Downside EPS Sensitivity
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x 8.0% $30.51 $36.83 $43.16 4.50% $31.80 $37.64 $43.49
Discounted 10.0% $28.98 $34.91 $40.84 5.25% $31.19 $36.93 $42.67 12.0% $27.56 $33.12 $38.69 6.00% $30.59 $36.23 $41.87
$3.80 Distribution Levered DCF Analysis(3) | Ulysses 4 + 8 Case
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x Analysis 8.0% $33.99 $39.30 $47.94 5.00% $36.83 $41.73 $46.63
10.0% $32.24 $37.23 $45.33 5.75% $36.32 $41.14 $45.96 12.0% $30.63 $35.31 $42.92 6.50% $35.83 $40.57 $45.30
Distribution Target Coverage Distribution Levered DCF Analysis(3) | Committee Downside EPS Sensitivity
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x 8.0% $29.68 $34.51 $42.35 5.00% $33.35 $37.64 $41.93
Discounted
10.0% $28.14 $32.66 $40.02 5.75% $32.91 $37.13 $41.34 12.0% $26.71 $30.96 $37.86 6.50% $32.48 $36.62 $40.76
Source: Management projections and FactSet as of 3/15/2019. 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.

PRELIMINARY CONFIDENTIAL DRAFT Has/Gets Analysis Subject to Further Review & Revision
Pre – Unitholder Tax | PV of Future Equity Value | Updated Abe Case
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 $45.33 $45.88 $45.33 $43.91 $41.86 $45.37 $40.62 $40.92 $39.28 $39.55 $37.43 $37.23 $37.69 $37.23 $36.97 $36.68 $36.97 $36.68 $36.36 $36.36 $36.76 $35.88 $32.24 $34.66 $35.50 $32.60 $31.48 $33.00 $30.65 $33.80 $31.44 $29.92 $32.24 $28.84 $31.48 $29.73 $29.73 $30.65 $28.84
Abe Abe Current Current Price Price
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
Ulysses 4 + 8 Case | Target Dist. Policy Committee Downside EPS Sensitivity| Target Dist. Policy
$45.47 $44.02 $41.97 $40.72 $41.02 $39.38 $39.66 $38.23 $38.23 $37.70 $37.21 $36.76 $37.21 $36.76 $37.53 $37.79 $36.85 $37.70 $35.96 $35.59 $32.67 $34.74 $33.90 $31.52 $30.00 $30.19 $33.08 $29.75 $29.98 $28.84 $29.98 $30.19 $29.49 $29.49 $29.75 $28.84
Abe Abe $26.15 $26.15 $25.53 Current $25.53 Current $24.85 $24.85 $24.11 Price $24.11 Price
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
SQ Abe PF Ulysses (XR-Adj)(1)
Terminal Yield Terminal P/E M ultiple 13.0% 17.0x
Source: Management projections and Factset as of 3/15/2019. 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.
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.

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Supplemental Analysis
27

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Unitholder Tax Implications
Average Tax Basis Calculation(1)
∎ The average tax paid with state taxes is $6.64 per unit for public Abe unitholders as of 1H 2019
Detailed Calculation of Ordinary and Capital Gains as of December 2017
May 1995 - Dec. 2010 12,044,321 17% $0.23 $28.47 ($1.25) $6.43 UGI Share Price $55.00 Jan. 2011 - Dec. 2013 10,693,961 15% $6.90 $27.14 ($11.99) $1.09 Exchange Ratio 0.5000x Jan. 2014 - Dec. 2014 11,715,648 17% $11.83 $25.43 ($15.44) ($2.13) Cash Consideration $7.63 Jan. 2015 - Dec. 2015 6,423,910 9% $14.86 $22.94 ($16.09) ($2.67) Offer Price $35.13 Jan. 2016 - Dec. 2016 14,091,793 20% $15.92 $20.16 ($14.20) ($0.95) FY 1H 2019E Tax Basis $11.30 Jan. 2017 - Dec. 2017 12,903,239 19% $26.94 $14.29 ($11.09) ($6.10) Detail of Gains (per Unit) Jan. 2018 - Jan. 2018 1,182,662 2% $36.63 $7.09 ($4.13) ($8.59) Average Ordinary Gain / (Loss)(4) $24.63 Total / Active Unit Average 69,055,533 100% $13.41 $22.52 ($11.23) ($0.80) Average Capital Gain / (Loss)(4) (0.80)
Total Gain $23.83
Average Assumed Passive Activity Loss (2) ($8.58) December 2017 Tax Basis $13.41 Average Ordinary Gain / (Loss) Net of PAL (Federal Only) $16.04
(+) Jan ’18 – March ’19 Allocated Net Income(3) 2.65 Tax on Gain (Per Unit)
Federal Ordinary Income Tax Rate 37.0%
(-) Jan ’18 – March ’19 Distributions (5 quarters) 4.75
Individual MLP Investor Deduction Rate 20.0%
March 2019E Basis $11.30 ACA Tax 3.8% Federal Tax Rate 33.4% Federal Capital Gains Tax Rate 23.8% Effective State Tax Rate(3) 5.2%
December 2017 Ordinary Gain $22.52
(+) Jan ’18 – March ’19 Adjustments 2.10 Tax on Ordinary Gain $5.36
Effective Ordinary Gain Tax Rate 33.4%
March 2019E Ordinary Gain $24.63
Capital losses carry Tax on Capital Gain ($0.19)
Effective Capital Gain Tax Rate 23.8%
forward to offset (5)
State Tax Ordinary Income $1.28
December 2017 PAL Balance $11.23 against potential Effective Ordinary Gain Tax Rate 5.2%
(-) January 2018 - March 2019 PALs Utilized (2.65) future capital gains State Tax Capital Gain(5) ($0.04)
March 2019E PAL Balance $8.58 Effective Capital Gains Tax Rate 5.2%
Total Tax on Gain(6) $6.64
Total Effective Tax Rate 26.9%
Source: Company Management, FactSet as of 3/15/2019 and Wall Street research. Note: PAL is defined as Passive Activity Loss.
(1) Provided by management.
(2) Weighted average by active unit as a percent of total outstanding active units.
(3) Taxable income for publicly owned AmeriGas LP units for tax year ended 9/30/19 grossed up by 25% to estimate taxable income from January 2018 to March 2019. (4) Ordinary and Capital gains provided by management as of December 2017; basis and gain estimates rolled forward to March 2019.
(5) Per discussions with management, state tax rate determined by using a weighted average of 50 state income tax rates and median federal taxable income brackets for married and 28 single filers.
(6) Taxes Payable on Ordinary gain not offset by Capital losses.

PRELIMINARY CONFIDENTIAL DRAFT SQ Abe After Tax Cash Flow Subject to Further Review & Revision
Terminal Yield Value | Abe $3.80 Annual Dist. Policy
SUBJECT TO TAX COUNSEL REVIEW
2H 2019E 2020E 2021E 2022E 2023E
BT LP Distribution Per Unit $1.90 $3.80 $3.80 $3.80 $3.80 AT LP Distribution Per Unit $1.90 $3.80 $3.80 $3.22 $2.51 Discount Factor 0.976 0.909 0.826 0.751 0.683 PV of LP Dist. per Unit $1.86 $3.45 $3.14 $2.42 $1.71
Disc. LP Dist. Total $12.58
Terminal Yield 8.0% 10.5% 13.0% Implied Terminal Future Value per Unit $47.50 $36.19 $29.23
Average Purchase Price $40.08 Existing RoC ($28.77)
Beginning Tax Basis $11.30
2H 2019E 2020E 2021E 2022E 2023E
Beg. Avg. Tax Basis / Unit $11.30 $10.46 $9.45 $8.64 $8.09 Less: Distributions / Unit (1.90) (3.80) (3.80) (3.80) (3.80) Plus: Net Income Allocated 1.06 2.79 2.99 3.25 3.35
Avg. EOY Basis / Unit $10.46 $9.45 $8.64 $8.09 $7.64 EOY PAL Balance(1) $7.52 $4.73 $1.74 $0.00 $0.00
Implied Terminal Value per Unit $47.50 $36.19 $29.23 Less: Basis at EOY 2023E ($7.64) ($7.64) ($7.64) Gain Subject to Tax $39.86 $28.55 $21.59 Capital Gain(2) $15.24 $3.93 ($3.03) Ordinary Gain(2) $24.63 $24.63 $24.63
Total Gain $39.86 $28.55 $21.59
PAL Balance at EOY 2023E $0.00 $0.00 $0.00 Ordinary Gain / (Loss) Net of PAL (Federal Only) $24.63 $24.63 $24.63
Total Tax on Gain per Unit
Tax on Ordinary Gain - 33.4% $8.22 $8.22 $8.22 Tax on Capital Gain - 23.8% 3.63 0.93 0.00 State Tax on Ordinary Income - 5.2% 1.28 1.28 1.28 State Tax on Capital Gain - 5.2% 0.79 0.20 0.00
Total Tax on Gain $13.92 $10.64 $9.50
Total Effective Tax Rate 34.9% 37.3% 44.0%
After-Tax Future Value per Unit $33.58 $25.55 $19.73
Terminal Disc. Factor 0.651 0.651 0.651
Implied Present Value per Unit $34.45 $29.22 $25.43
Source: Management projections and FactSet as of 3/15/2019.
Note: Discounted at midpoint discount rate of 10%. 29 (1) PAL balance is reduced to $0 between 2021E – 2022E.
(2) Gain subject to tax less ordinary gain determines capital gain.

PRELIMINARY CONFIDENTIAL DRAFT SQ Abe After Tax Cash Flow Subject to Further Review & Revision
Terminal Yield Value | Targeted Leverage & Coverage Policy
SUBJECT TO TAX COUNSEL REVIEW
2H 2019E 2020E 2021E 2022E 2023E
BT LP Distribution Per Unit $1.54 $3.08 $3.08 $3.08 $3.08 AT LP Distribution Per Unit $1.54 $3.08 $3.08 $2.50 $1.79 Discount Factor 0.976 0.909 0.826 0.751 0.683 PV of LP Dist. per Unit $1.50 $2.80 $2.55 $1.88 $1.22
Disc. LP Dist. Total $9.95
Terminal Yield 8.0% 10.5% 13.0% Implied Terminal Future Value per Unit $38.52 $29.35 $23.71
Average Purchase Price $40.08 Existing RoC ($28.77)
Beginning Tax Basis $11.30
2H 2019E 2020E 2021E 2022E 2023E
Beg. Avg. Tax Basis / Unit $11.30 $10.82 $10.53 $10.44 $10.61 Less: Distributions / Unit (1.54) (3.08) (3.08) (3.08) (3.08) Plus: Net Income Allocated 1.06 2.79 2.99 3.25 3.35
Avg. EOY Basis / Unit $10.82 $10.53 $10.44 $10.61 $10.87 EOY PAL Balance(1) $7.52 $4.73 $1.74 $0.00 $0.00
Implied Terminal Value per Unit $38.52 $29.35 $23.71 Less: Basis at EOY 2023E ($10.87) ($10.87) ($10.87) Gain Subject to Tax $27.65 $18.48 $12.84 Capital Gain(2) $3.03 ($6.15) ($11.79) Ordinary Gain(2) $24.63 $24.63 $24.63
Total Gain $27.65 $18.48 $12.84
PAL Balance at EOY 2023E $0.00 $0.00 $0.00 Ordinary Gain / (Loss) Net of PAL (Federal Only) $24.63 $24.63 $24.63
Total Tax on Gain per Unit
Tax on Ordinary Gain - 33.4% $8.22 $8.22 $8.22 Tax on Capital Gain - 23.8% 0.72 0.00 0.00 State Tax on Ordinary Income - 5.2% 1.28 1.28 1.28 State Tax on Capital Gain - 5.2% 0.16 0.00 0.00
Total Tax on Gain $10.38 $9.50 $9.50
Total Effective Tax Rate 37.5% 51.4% 74.0%
After-Tax Future Value per Unit $28.14 $19.85 $14.20
Terminal Disc. Factor 0.651 0.651 0.651
Implied Present Value per Unit $28.28 $22.88 $19.20
Source: Management projections and FactSet as of 3/15/2019.
Note: Discounted at midpoint discount rate of 10%. 30 (1) PAL balance is reduced to $0 between 2021E – 2022E.
(2) Gain subject to tax less ordinary gain determines capital gain.

PRELIMINARY CONFIDENTIAL DRAFT PF Ulysses After Tax Cash Flow Subject to Further Review & Revision
Terminal P/E Value
At 0.5181x Exchange Ratio SUBJECT TO TAX COUNSEL REVIEW
2H 2019E 2020E 2021E 2022E Terminal Tax Basis at 1H 2019E $11.30 Stepped Up Basis Upon Close $35.13
PF Ulysses Earnings per Share $3.63 • Abe current price of
$28.84 as of
XR Adj. PF Ulysses Earnings per Share $1.88 3/15/2019
PF Ulysses BT Dist. per Share $0.55 $1.20 $1.25 $1.30 • Cash consideration XR Adj. PF Ulysses BT Dist. per Share $0.28 $0.62 $0.65 $0.67 used to pay part of
taxes for an
% RoC 0% 0% 0% 0%
average public Abe
% QD 100% 100% 100% 100% unitholder; Return of Capital $0.00 $0.00 $0.00 $0.00 additional cash Qualified Dividends ($0.07) ($0.15) ($0.15) ($0.16) made available by Project Tax Liability ($0.07) ($0.15) ($0.15) ($0.16) Ulysses secondary XR Adj. PF Ulysses AT Dist. per Share $0.22 $0.47 $0.49 $0.51 shares
Terminal P/E 23.0x 20.0x 17.0x Sale at 9/30/22 - Terminal FV per XR Adj. PF Ulysses Share $43.30 $37.66 $32.01 Less: Basis on Conversion ($35.13) ($35.13) ($35.13) Plus: Dividends Treated as Return of Capital $0.00 $0.00 $0.00 Gain on Sale Tax Rate(1) $8.17 $2.53 ($3.12) Tax on Gain 29.0% $2.37 $0.73 $0.00
Sale at 9/30/22 - Terminal FV per XR Adj. PF Ulysses Share $43.30 $37.66 $32.01 Less: Taxes on Gain ($2.37) ($0.73) $0.00 Net Proceeds $40.93 $36.92 $32.01
Total Net Cash Flow $0.22 $0.47 $0.49 $0.51 $40.93 $36.92 $32.01 Total Cash In Flow $0.28 $0.62 $0.65 $0.67 $43.30 $37.66 $32.01 Total Cash Out Flow - Tax on Dividends ($0.07) ($0.15) ($0.15) ($0.16) ($2.37) ($0.73) $0.00 Discount Factor 0.986 0.946 0.894 0.846 0.822 0.822 0.822 Implied Present Value per Share $0.21 $0.45 $0.44 $0.43 $33.66 $30.36 $26.32
XR Adj. PF Ulysses Implied Present Value per Share $35.19 $31.89 $27.85
Source: Management projections and FactSet as of 3/15/2019.
Note: Discounted at midpoint discount rate of 5.75%. 31 Note: QD / RoC split is per management guidance.
Note: 2/3 3re quarter dividend short-term non-qualified dividend.

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Summary of Full Cycle Illustrative After-Tax Dist. Analysis
SUBJECT TO TAX COUNSEL REVIEW
P/E Multiple
Yield 23.0x
$35.19
8.0% $34.45
Yield
20.0x
$31.89
8.0%
10.5% $28.28
$22.88
17.0x $27.85
10.5%
$29.22
13.0% $25.43
13.0%
$19.20
$3.80 Dist. Policy Target Coverage Dist. Policy PF
32
Source: Management.

PRELIMINARY CONFIDENTIAL DRAFT Summary of Material Changes Subject to Further Review & Revision
Updates Since 3/5/2019 Materials
∎ Added pro forma incremental capex (enabled by distribution savings reinvested in forward year) to make additional 100%-equity acquisitions at 7.5x EV/EBITDA multiple (since 2/28/2019 materials)
∎ Revised spend timing for additional acquisition capex from year after distribution savings to year of distribution savings (since 3/5/2019 materials)∎ Added pro forma Ulysses peer WACC analysis (Barra beta based)∎ Adjusted Unlevered DCF discount rate range to 4.5% - 5.25% - 6.0%∎ Adjusted Levered DCF discount rate range to 5.0% - 5.75% - 6.5%∎ Adjusted pro forma Ulysses terminal P/E multiple range to 17.0x – 20.0x – 23.0x∎ Adjusted Abe 2019E-2023E forecasts for the three EBITDA scenarios per discussions with Abe Management on 3/15/2019:
â–¡ Updated Abe Case: Previous Revised Budget forecast of $625 MM 2019E, $642.5 MM 2020E and increases of $9 MM per year thereafter changed to $610 MM 2019E, $625 MM 2020E, and increases of $9 MM per year thereafter
â–¡ Historical Weather Case: Previous forecast of $625 MM 2019E changed to $610 MM 2019E
â–¡ Capital Investment Case: Previous forecast revised to reflect same nominal changes to underlying Updated Abe Case∎ Adjusted Ulysses 2019E budget to reflect lower guidance as received the week of 3/11/2019∎ Added Committee Downside EPS Sensitivity for Ulysses incorporating a 15% drop in Adjusted EPS for 2020E-2022E
33

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Appendix
34

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
SQ Ulysses Sum-of-the-Parts Analysis
Ulysses SOTP SQ EBITDA Mix(3)
FY 2019E Multiple(1) Enterprise Value
FY 2019E EBITDA Low High Low High SQ Ulysses Business Segments
Midstream & Marketing $162 9.5x 11.5x $1,540 $1,864 Midstream
& Marketing
15%
Utilities $318 10.0x 12.0x $3,177 $3,812
International $382 8.0x 10.0x $3,059 $3,824 Total Enterprise Value $13,703 $15,428
Enterprise Value $7,776 $9,500
Less Net Debt ($1,547) ($1,547)
Equity Value $6,229 $7,953 FY 2019E FY 2019E Distribution GP/IDR Yield(2) Equity Value
Abe
GP Equity Value $50 13.2% 13.2% $378 $378 Abe FD LP Equity Value $2,704 $2,704 Abe Equity Value $3,082 $3,082 Less Abe NCI ($2,012) ($2,012) Total SQ Ulysses Equity Value $7,299 $9,023 Ulysses FD Shares O/S 177.9 177.9 Implied SQ Ulysses Share Price $41.02 $50.71
Source: Management Projections and FactSet as of 3/15/2019.
Note: Corporate revenue & other income / expenses allocated pro-rata to business units on basis of business unit contribution of gross revenue / gross expenses respectively.
1. Based on comparable C-Corp, LDC’s, and Propane Distributors median 2019E EV/EBITDA.
2. Based on Abe 2019E distribution yield. 35
3. Total EBITDA attributable to Ulysses shareholders, excluding portion attributable to noncontrolling interest in Abe. Abe EBITDA allocated ~38% to Ulysses unitholders, proportionately to distributions received.

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
PF Ulysses Supplemental Calculation Detail
Valuation Effective Date: 3/31/2019 | Updated Abe Case
PF Discounted Unlevered DCF Analysis PF Levered DCF Analysis
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
EBITDA $735 $1,674 $1,818 $1,949 PF Ulysses Dividend/Sh. $0.55 $1.20 $1.25 $1.30 Unlevered Cash Taxes(1) (77) (125) (123) Discount Factor 0.986 0.946 0.894 Capex (434) (957) (1,044) PV of Dividend/Sh. $0.54 $1.13 $1.11 FCF $223 $591 $650 Discount Factor 0.987 0.950 0.903 Disc. GP Dist. Total $2.79 Disc. FCF $221 $561 $587 PF Ulysses EPS $3.63 Disc. PF Ulysses FCF Total $1,369 Terminal M ultiple 10.0x Terminal P/E 20.0x Terminal Disc. Factor 0.880x Terminal Disc. Factor 0.870 Implied Terminal PV EV $17,149 Implied Terminal PV per Share $63.20 Less PF Ulysses Net Debt(2) ($4,936) Implied PF Ulysses Equity Value $13,582 PF Ulysses Value per Share $65.99 PF Ulysses Equity Value per Share $63.82 Equity Considertaion XR / Abe Unit 0.5000x Equity Considertaion XR / Abe Unit 0.5000x Cash Considertaion / Abe Unit $7.63 Cash Considertaion / Abe Unit $7.63 Abe Equity Value per Unit $39.54 Abe Equity Value per Unit $40.62
Source: Management projections and FactSet as of 3/15/2019. 36 (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.

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Cost of Capital
37

PRELIMINARY CONFIDENTIAL DRAFT SQ Abe Cost of Equity Analysis Subject to Further Review & Revision
Comparable Public Company Yield-Based Cost of Equity
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) 2.8% 2.8% Equity Risk Premium(3) 6.0% 6.0%
Cost of Equity 7.4% 9.0%
Cost of Equity 13.2% 14.2%
Expected Total Return
ABCDEF
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% 8.7% 12.5% GasLog Partners LP 4.3% 4.0% 4.0% 9.6% 13.7% Genesis Energy LP 0.0% 4.0% 3.4% 9.7% 13.1% Global Partners LP 0.0% 4.0% 3.4% 10.0% 13.4% 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% 9.5% 13.1% KNOT Offshore Partners LP 0.0% 4.0% 3.4% 11.1% 14.5% 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% 11.5% 15.4% Low NuStar Energy LP 0.0% 4.0% 3.4% 9.0% 12.4% PBF Logistics LP 2.4% 4.0% 3.8% 9.5% 13.3% Summit Midstream Partners LP 0.0% 4.0% 3.4% 24.7% 28.1% Sunoco LP 0.0% 4.0% 3.4% 10.9% 14.3% TC PipeLines LP 0.0% 4.0% 3.4% 7.4% 10.8% USA Compression Partners LP 0.0% 4.0% 3.4% 13.1% 16.5% NA NA NA NA
Ferrellgas Partners LP NA
Dist. Suburban Propane Partners LP 5.1% 4.0% 4.2% 10.5% 14.7% Propane Superior Plus Corporation 0.0% 4.0% 3.4% 6.3% 9.7%
Median 0.0% 4.0% 3.4% 10.0% 13.7%
Mean 1.0% 4.0% 3.6% 11.2% 14.7%
Abe 0.0% 4.0% 3.4% 13.2% 16.6%
Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 3/15/2019.
(1) Barra beta as of 2/28/2019. Illustrative low and high range reflects a -/+ 15% range around Barra beta.
(2) 20-year treasury bond yield as of 3/15/2019.
(3) Duff & Phelps historical arithmetic premium. 38 (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.

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
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 2.8% 2.8%
Equity Risk Premium(3) 6.0% 6.0%
Cost of Equity 4.8% 5.6%
Cost of Capital
Barra Beta | PF Capital Structure Low High Cost of Equity 4.8% 5.6%
(4)
Cost of Debt 3.6% 5.1%
Market Value of Equity $11,712 $11,712 Total Debt $5,421 $5,421
Cost of Capital
Cost of Capital 4.4% 5.4%
Cost of Capital 4.2% 5.2%
Barra Beta | Optimal Capital Structure(5) Low High Cost of Equity 4.8% 5.6% Cost of Debt(4) 3.6% 5.1%
Market Value of Equity $11,712 $11,712 Total Debt(5) $4,445 $4,445
Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 3/15/2019.
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 around Barra beta. (2) 20-year treasury bond yield as of 3/15/2019.
(3) Duff & Phelps historical arithmetic premium.
(4) Illustrative low and high range reflects a -/+ 100 bps range around current 5.73% pre-tax cost of debt at Ulysses. Ulysses cost of debt calculated using weighted average 7-10 year YTW on the 39 outstanding face value of fully consolidated Ulysses debt.
(5) Optimal Capital Structure based on Total Debt/2019E EBITDA Ratio of 3.00x.

PRELIMINARY CONFIDENTIAL DRAFT PF Ulysses Peer Group WACC Analysis Subject to Further Review & Revision
Comparable Public Company Beta-Based Cost of Equity | Barra Beta
(USD in millions, unless otherwise noted)
Market Statutory Barra Beta
ABCDEFE
Company Equity Value Total Debt Debt / Equity Tax Rate Levered Beta Unlevered Beta
Atmos Energy $11,921 $3,685 0.31x 21.0% 0.31 0.25 Chesapeake Utilities Corporation 1,525 653 0.43x 21.0% 0.44 0.33 NiSource Inc 10,439 9,201 0.88x 21.0% 0.30 0.18 New Jersey Resources Corporation 4,447 1,681 0.38x 21.0% 0.43 0.33 Northwest Natural Holding Co. 1,877 987 0.53x 21.0% 0.36 0.25 ONE Gas Inc 4,698 1,596 0.34x 21.0% 0.35 0.28 Spire Inc 4,423 2,793 0.63x 21.0% 0.36 0.24 Southwest Gas Holdings Inc 4,446 2,308 0.52x 21.0% 0.47 0.33 Enbridge Inc 73,977 48,703 0.66x 21.0% 0.69 0.45 Kinder Morgan Inc 45,240 36,593 0.81x 21.0% 0.95 0.58 SemGroup Corporation 1,322 2,317 1.75x 21.0% 1.45 0.61 Targa Resources Corp. 9,463 6,660 0.70x 21.0% 1.26 0.81 Tallgrass Energy LP 6,813 3,224 0.47x 21.0% 1.26 0.92 Williams Companies Inc 34,327 22,414 0.65x 21.0% 0.92 0.61 Abe Partners 3,082 2,854 0.93x 0.0% 0.89 0.46 Suburban Propane Partners LP 1,425 1,281 0.90x 0.0% 0.40 0.21 Superior Plus Corporation 1,511 1,414 0.94x 27.0% 0.77 0.46
Median 0.65x 0.47 0.33
Mean 0.70x 0.68 0.43
Implied Ulysses Median(1) 0.506
Implied Ulysses Mean(1) 0.664
Low High Low High Low High
(2) 0.43 0.58
Raw Beta Pre-Tax Cost of Debt(5) 4.7% 6.7% Cost of Equity 5.4% 6.3%
(3) 2.8% 2.8%
Spot Risk-Free Rate Marginal Tax Rate(6) 21.0% 21.0% Cost of Debt 3.7% 5.3%
Equity Risk Premium(4) 6.0% 6.0%
% Equity(7) 60% 60%
% Debt(7) 40% 40%
Cost of Equity
Cost of Debt
Cost of Capital
Source: Bloomberg, Alacra, Duff & Phelps, FactSet, Federal Reserve, company filings as of 3/15/2019.
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 3/15/2019.
(4) Duff & Phelps historical arithmetic premium.
(5) Illustrative low and high range reflects a -/+ 100 bps range around 5.73% 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 3/15/2019. 40 (6) Assumes median tax rate of select peer group.
(7) Assumes median debt/equity capital structure of select peer group.

PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Disclosure Statement
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