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 investmentsZenith Energy L.P. and Zenith Energy U.S. GP, LLC (together “Zenith”) acquired Arc Logistics Partners LP (“Arc Logistics”) and its general partner, Arc Logistics GP LLC (“Arc GP”), which is wholly owned by the sponsor, Lightfoot Capital Partners, LP (“Lightfoot”) Zenith acquired all 19.5mm outstanding units of ARCX for ~$312mm in cashZenith paid $16.50 per unit for the 14.3mm units held by the public and $14.50 per unit for 5.2mm units held by Lightfoot As part of the agreement, Zenith agreed to acquire 100% of ARCX’s GP interest and IDRs for $94.5mm in cash Concurrently with the transaction, Zenith agreed to acquire the following additional terminal interests for an undisclosed amount: Public UnitholdersLP Interest9.7% interest in Gulf LNG Holdings Group, LLC and an additional stake in the Joliet terminal jointly-owned with EFS Midstream Holdings LLC, an affiliate of General Electric 4 10.3% LLC Interest 60% LLC Interest 40% LLC Interest ARCX Transaction Multiples Interest ($ in millions) ARCX 6/30/17 LP Equity Value GP Equity Value $311.6 94.5 Plus: Net Debt 250.5 Statistic (1) EV / EBITDA 2017E 2018E 2019E Multiple $57.0 63.7 67.6 11.5x 10.3x 9.7x Source: Company filings, press releases and Wall Street research. 1.Represents ARCX EBITDA (excluding additional interests in GLNG and Joliet purchased) at the time of transaction per Wall Street research. 1 Total Enterprise Value $656.6 Total Equity Value $406.1 JBBR Joint Venture (“Joliet”) Gulf LNG Holdings Group, LLC (“GLNG”) % GP Take Tier 15% $1.78 25% $1.94 50% $2.33 % LP Interest73.0% 100% LLC interest 100% LLC interest Arc Terminals Holdings LLC Credit Facility Borrower Arc Logistics LLC Ligh 2 tfoot Capital (Sponsor) 27.0 0% GP Interest; IDRs 3 9.7% LLC 1 5 0% $1.55 Transaction Structure Transaction Overview

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) 11/2/2016 6/20/2017On May 19, 2017, ETP commenced an unsolicited tender offer to acquire all of the outstanding public common units of PennTex Midstream Partners, LP (“PennTex”; “PTXP”) ETP ETP Tender offer was made at $20.00/unit 8% GP/IDRs + ~10.5 mm LP units (26.3%) 92% GP/IDRs + ~15.8 mm LP units (39.4%)On June 1, 2017, the Conflicts Committee of PennTex unanimously determined that the price being offered in the tender offer was fair On June 20, 2017, PennTex announced the successful expiration of ETP’s Tender Offer 100% GP/IDRs + ~26.3 mm LP units (64.6%)(1) 100% ownership(2)ETP owned at least 16,571,405 common units (representing greater than 80% of the outstanding common units), a condition for closing the offer ~13.7 mm LP units (34.2%) ~14.3 mm LP units (35.4%) Public Unitholders Public Unitholders ($ in millions, except per unit amounts) PTXP 3/31/17 Offer Price Per Unit LP Units Outstanding $20.00 40.7 (1) Plus: Net Debt 148.3 Statistic (3) EV / EBITDA 2017E 2018E 2019E Multiple $77.6 88.3 84.0 12.4x 10.9x 11.5x Source: Company filings, press releases, and FactSet. 1. 2. 3. Includes 20.0mm of subordinated units. ~95% ownership achieved via tender as of 6/20/17; call right subsequently exercised. EBITDA projections reflect consensus estimates at the time of the transaction. 2 Total Enterprise Value $962.6 Total Equity Value $814.3 PTXP Transaction Multiples PennTex PennTex PennTex NGP MRD Ownership Summary Status Quo Transaction Overview

DRAFT TransCanada / Columbia Pipeline Transaction Overview On November 1, 2016, 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 offerTransCanada Corporation (“TRP”) acquired the LP interests in Columbia Pipeline Partners, LP (“CPPL”) that it did not already own for cash “The decision to acquire Columbia Pipeline Partners completes our review of strategic alternatives for our master limited partnership (MLP) holdings following the Columbia transaction. Through the acquisition of the Partnership, our interest in the principal Columbia assets, Columbia Gas Transmission and Columbia Gulf Transmission, effectively increases from 91.6 per cent to 100 per cent and allows us to fully capture the growth associated with Columbia’s large capital program. It is also expected to be accretive to earnings per share and reduces complexity by leaving us with a single MLP in TC PipeLines, LP, which remains a core element of TransCanada’s future strategy.” -Russ Girling (President & CEO, TransCanada) November 1, 2016 On September 26, 2016, TRP submitted an initial offer of $15.75/unit On November 1, 2016, TRP increased offer to $17.00/unit Merger subject to a majority vote of unitholders Merger Agreement and Merger Transactions were recommended to CPPL unitholders by the CPPL GP Conflicts Committee ($ in millions, except per unit amounts) CPPL 9/30/16 Purchase Price Per Unit LP Units Outstanding $17.00 53.8 Plus: Net Debt (1) Plus: Non-Controlling Interest 1,744.0 6,228.8 46.5% LP Interest, GP Interest, 100% IDRs 53.5% LP Ownership 100.0% Ownership Statistic (2) EV / EBITDA 2016E 2017E 2018E Multiple $712.7 809.3 1,082.5 12.5x 11.0x 8.2x Source: Company filings, press releases. 1.CPPL net debt includes affiliated debt. 2.EBITDA projections reflect consensus estimates at the time of the transaction. 4 Columbia Pipeline Partners, LP Columbia Pipeline Partners, LP (NYSE: CPPL) Total Enterprise Value $8,888.1 Total Equity Value $915.3 Pro Forma TRP Status Quo TransCanada Corporation (NYSE: TRP) Public Unitholders Ownership Summary CPPL Transaction Multiples Management Commentary Transaction Overview

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