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Case 1: No GP Incentive Distribution Initial Ownership Interests New MLP Capital Structure Initial Project EBITDA Distribution EBITDA

From Initial Project based on 9X Less: Debt Service EBITDA to Partners Number of Units Per Unit Distribution Partners yield on cost 500.0 Units @ $10.00 GP 2.0% $100

50% Equity LP Units LP Units GP Investors 23.0% 75.0% $1,150 $3,750

50% Debt @ 8.5%

Total Capital

$5,000

$10,000

9 X EBITDA Purchase Price $1,111 $425 8.5% Interest $686 $14 500 10.00 $1.37 $1.37 13.7%

$158 115.00 $1.37 13.7%

$515 375.00 $1.37 13.7%

Impact of New Project / New Investors (Investors buy all LP Units / GP must maintain 2% share) Incremental Capital Yield on new Units (Yield on Cost): Number of New Units Total Number of Units, including Initial Units Recalculated Ownership Interests 400.0 Units @ $1.37 Distrib. = 900.0 $12.50 10.98%

2.0%

0.0%

98.0%

$100 8.00 18.00 2.00%

$0 0.00 115.00 12.78%

$4,900 392.00 767.00 85.22%

$5,000

$10,000

New Project EBITDA Distribution EBITDA From New Project based on 8X Less: Debt Service EBITDA to Partners New Investors @ Stated Distribution Rate Excess Cash Distributed to Initial Investors+New Investors If all distributions above $1.37 per Unit are 2% GP / 98% LP: If all distributions above $1.37 per Unit are 50% GP / 50% LP: Switch Total Number of Units Per Unit Distribution Total EBITDA Distribution to Partners

8 X EBITDA Purchase Price $1,250 $425 8.5% Interest $825 $549 $1.37 per Unit $11 $276 1 2 1 900.0 $0.31 $825

$0

$538

$6 or $138 $6 18.00 $0.31 $17

$35 or $18 $35 115.00 $0.31 $35

$235 or $120 $235 767.00 $0.31 $773

Cumulative Impact of Initial & New Projects and Investors Total Capitalization after new Investment Total Number of Units Updated Ownership Interests $200 18.00 2.00% $1,150 115.00 12.78% $8,650 767.00 85.22% $10,000 $20,000

900.0

Initial Investors total Distribution from Initial & New Projects New Investors total Distribution for New Project Total EBITDA Distributed to Partners (GP & LP) Per Unit Distribution -- Initial Investors Per Unit Distribution -- New Investors Debt Service Total EBITDA

$840 $672 $1,511

$17 $13 $30 $1.68 $1.68

$193 $0 $193 $1.68 $0.00

$630 $658 $1,288 $1.68 $1.68

$850 $2,361

Case 2: GP Incentive Distribution at 50% Level Initial Ownership Interests New MLP Capital Structure Initial Project EBITDA Distribution EBITDA From Initial Project based on 9X Less: Debt Service EBITDA to Partners Number of Units Per Unit Distribution Partners yield on cost 500.0 Units @ $10.00 GP 2.0% $100

50% Equity LP Units LP Units GP Investors 23.0% 75.0% $1,150 $3,750

50% Debt @ 8.5%

Total Capital

$5,000

$10,000

9 X EBITDA Purchase Price $1,111 $425 8.5% Interest $686 $14 500 10.00 $1.37 $1.37 13.7%

$158 115.00 $1.37 13.7%

$515 375.00 $1.37 13.7%

Impact of New Project / New Investors (Investors buy all LP Units / GP must maintain 2% share) Incremental Capital Yield on new Units (Yield on Cost): Number of New Units Total Number of Units, including Initial Units Recalculated Ownership Interests 400.0 Units @ $1.37 Distrib. = 900.0 $12.50 10.98%

2.0%

0.0%

98.0%

$100 8.00 18.00 2.00%

$0 0.00 115.00 12.78%

$4,900 392.00 767.00 85.22%

$5,000

$10,000

New Project EBITDA Distribution EBITDA From New Project based on 8X Less: Debt Service EBITDA to Partners New Investors @ Stated Distribution Rate Excess Cash Distributed to Initial Investors+New Investors If all distributions above $1.37 per Unit are 2% GP / 98% LP: If all distributions above $1.37 per Unit are 50% GP / 50% LP: Switch Total Number of Units Per Unit Distribution Total EBITDA Distribution to Partners

8 X EBITDA Purchase Price $1,250 $425 8.5% Interest $825 $549 $1.37 per Unit $11 $276 1 2 2 900.0 $0.31 $825

$0

$538

$6 or $138 $138 18.00 $7.67 $149

$35 or $18 $18 115.00 $0.16 $18

$235 or $120 $120 767.00 $0.16 $658

Cumulative Impact of Initial & New Projects and Investors Total Capitalization after new Investment Total Number of Units Updated Ownership Interests $200 18.00 2.00% $1,150 115.00 12.78% $8,650 767.00 85.22% $10,000 $20,000

900.0

Initial Investors total Distribution from Initial & New Projects New Investors total Distribution for New Project Total EBITDA Distributed to Partners (GP & LP) Per Unit Distribution -- Initial Investors Per Unit Distribution -- New Investors Debt Service Total EBITDA

$840 $672 $1,511

$90 $72 $163 $9.04 $9.04

$176 $0 $176 $1.53 $0.00

$573 $599 $1,173 $1.53 $1.53

$850 $2,361

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