BARCLAYS Co-Investor Follow-up Materials July 26,2018 DRAFT ergs ARCLIGHTSelected Take-Private Case StudiesDRAFT Zenith / ARCX Transaction Overview (On August 29, 2017, Zenith Energy Management (“Zenith”) agreed to acquire all of the outstanding LP. and GP interests of Arc Logistics Partners (NYSE: ARCX) for ~$657mm as well as additional interests in related equity investments Transa ‘+ ani nergy LP and Zenth Energy US. GP LC (oper Zen’) Schuted re Lagann Panera pe Lage) andes gnarl Se ueeo ieee terme 5 PBonsas ‘Sour Liphtont Capt! Posner LP (Lpoa) e 0. 1+ Zen acquired ot 18 Sen ustandeg ues of ARCK fr 31209 1+ en sid 518 0 par unto 143m nts al bythe ube ae an we ‘nd 1480 per unt for 8 arms eb Uo : ‘+ Aspar tine apramart, Zenth agreed seg 100% of ARCS | (ret and IDR tr 84S cash : ‘+ Concureny othe wansacion, Zvth ogres aeqre te i ‘blowing eden inal wot a elas rout ! + 2 7einwrestn GuFLNG Hodegs Grup LLCandanadatenat | Staten te Joa eral arty-ovned wih EFS hsteam : elangs LC on ait cf Generel Sere : Saeed reat emus =a oe =o @ BARCLAYS 1DRAFT ETP / PennTex Transaction Overview (On June 30, 2017, Energy Transfer Partners, LP (NYSE: ETP) completed its purchase of the remaining ‘common units of PennTex Midstream Partners, LP (NYSE: PTXP) oly 22 ctemeninewntaees NEE aa st Secret et inna oh og “_ wanrarcreons oon * Qn ku 1, 2017. he Confics Commitee of PeonTax unanimously SOON SENG sayy ory, mitineeecmmnaecmcmrae Nam te he + Onanez0 27 Penterememedbe wecemtserpretenst omits) wacom) | tomth Stetiaccone + "eth ata 1857148 conn ns epg Ea» fa» =a (gewer an 20 fhe oustanding cmon uns) cena er Eoangineofer arnt ae amp ons evyesron Sirnte® aaa ‘eire aie Be ® BARCLAYS 2DRAFT World Point Terminals Transaction Overview ‘On June 2, 2017, World Point Terminals, inc. ("WPTI”) announced an agreement to purchase all of the remaining common units of World Point Terminals, LP (NYSE: WPT) in an all-cash tender off + WEtimguieatna LP wate n ons Pont Tena. LP CHET) nat mM eee ane Ghz siren remsecenerestrsoun ne Gtanir + Tarte ven nconmendedts WPT unite by hewer@e «+ Tense ormeuscon 80mm estoy demas peter Pol in er seam oe ean oe + foecngontinaotawrremememnpcsnaon “all @ BARCLAYS 3DRAFT TransCanada / Columbia Pipeline Transaction Overview (On November 1, 2046, TransCanada Corporation (NYSE: TRP) announced that it had agreed to purchase all of the remaining common units of Columbia Pipeline Partners, LP (NYSE: CPPL) in an all-cash offer 2 enforce Aare “The deostan 10 dca Cotarbse Pipeline Parra crmcitns cur neve of SGraPracsfonen eee eatssnsatyomte Tadeo car sm eo pore ocean eccienie emeeieneee| base Teatmtncn ttt Solan eres nesener 5 teen me me neeetuwarr a cae ee cee eee On over 2016, TRE erenned offer to $17.00Aem Columbia's large capital program. I is also expected to be accretive to | + itp otis map ve uinuee Seas vere | 1 age agtonen cutge‘Temoaererearcomaceste pute reset anc eer emcee SSR ate res cee cea coe een use ing fren & CEO, TanCanat) 1 spencer ge seooncimeny Fes fa Cay nt egite —< rl a ‘ove “ar Ee BARCLAYS 4TransMontaigne Price PerformanceDRAFT TransMontaigne Partners Recent Price Performance RTE, @ BARCLAYS 5DRAFT Disclaimer ona BARCLAYS 6