Master Limited Partnerships 101: Presentation to the American Association of Individual Investors Investor Conference November 16, 2013

Transcription

1 Master Limited Partnerships 101: Presentation to the American Association of Individual Investors Investor Conference November 16, National Association of Publicly Traded Partnerships 1

2 Disclaimer For Informational Purposes Only NAPTP is the trade association for publicly traded partnerships (PTPs). NAPTP is not acting as an investment adviser, investment fiduciary, broker, dealer or other market participant, and is not making any offer or solicitation to buy or sell any security. The following information in this presentation is for informational purposes only and is not intended to be a solicitation related to any particular company, nor does NAPTP intend to provide investment, financial, legal or tax advice, and no information, services, or materials offered by NAPTP shall be construed as such. This information is not intended by NAPTP to serve as the basis for any investment decision. Investments and solicitations for investment must be made directly through an agent, employee or representative of a particular investment or fund and cannot be made through NAPTP. Investors should consult with their investment fiduciary or other market professional, and legal, tax or other advisers before making any investment in any security, fund or other investment, regarding the appropriateness of investing in any of the securities or investment strategies discussed in this presentation. Nothing herein should be construed to be an endorsement by NAPTP of any specific company or products or as an offer to sell or a solicitation to buy any security or other financial instrument or to participate in any trading strategy. Opinions, where and when expressed, are subject to change without notice. All index information, investment returns or performance data (past, hypothetical or otherwise) are not necessarily indicative of future returns or performance. Before an investment is made in any security, fund or investment, you should request a copy of the prospectus or other disclosure or investment documentation and read it carefully. Such prospectus or other information contains important information about a security s, fund s or other investment s objectives and strategies, risks and expenses. Investors should read such information carefully before making an investment decision or paying any money, to provide assurance to such investor that the investment is appropriate for the investor s own goals and risk tolerance National Association of Publicly Traded Partnerships 2

3 Master Limited Partnerships 101 I. What is an MLP? II. Why should I know about MLPs? III. History of MLPs IV. MLPs Today V. How MLPs Work VI. Investing in MLPs VII. For more information 2013 National Association of Publicly Traded Partnerships 3

4 Master Limited Partnerships 101 What is a Master Limited Partnership? (MLP) 2013 National Association of Publicly Traded Partnerships 4

5 Master Limited Partnerships 101 An MLP is a publicly traded partnership (PTP). This is the term used in the tax code. Simply, it is a limited partnership, or an LLC that has chosen partnership taxation, that trades on a public exchange (NYSE, NASDAQ, etc.) or over the counter market. Shareholders are called unitholders National Association of Publicly Traded Partnerships 5

6 Master Limited Partnerships 101 Not all PTPs are MLPs. The term MLP is generally used to refer to publicly traded partnerships and LLCs taxed as partnerships that operate active, primarily energy related, businesses. There are a substantial number of PTPs that are simply investment funds or commodity funds. These are not thought of as MLPs National Association of Publicly Traded Partnerships 6

7 Master Limited Partnerships 101 Why should I know about Master Limited Partnerships? 2013 National Association of Publicly Traded Partnerships 7

8 AMZ MLP Index Attractive Total Return vs. 8 Other Asset Classes Year CAGR 1 AMZ 16.5% 5-Year CAGR 1 AMZ 12.5% 3-Year CAGR 1 AMZ 17.5% REIT Commodities IG Bonds MLP Index MLP Index MLP Index REIT MLP Index MLP Index MLP Index 33.1% 40.7% -6.1% 76.4% 35.9% 13.9% 18.3% 16.5% 12.5% 17.5% Non-US Equity MLP Index Hedge Funds Commodities Small Cap Equity IG Bonds Non-US Equity Commodities High Yield Small Cap Equity 26.9% 12.7% -19.1% 50.3% 26.9% 7.4% 17.9% 10.6% 8.6% 12.2% AMZ 26.1% MLP Index Hedge Funds High Yield High Yield Commodities High Yield Small Cap Equity Small Cap Equity IG Bonds High Yield 26.1% 12.6% -21.3% 39.3% 20.4% 7.2% 16.3% 9.7% 7.5% 11.3% Small Cap Equity Non-US Equity Small Cap Equity Non-US Equity REIT Commodities S&P 500 Non-US Equity Small Cap Equity S&P % 11.6% -33.8% 32.5% 17.9% 2.1% 16.0% 8.7% 3.6% 10.9% S&P 500 IG Bonds MLP Index Small Cap Equity S&P 500 S&P 500 High Yield High Yield Hedge Funds REIT 15.8% 6.2% -36.9% 27.2% 15.1% 2.1% 14.4% 8.2% 1.9% 10.8% Hedge Funds S&P 500 S&P 500 S&P 500 High Yield Hedge Funds IG Bonds S&P 500 S&P 500 IG Bonds 13.9% 5.5% -37.0% 26.5% 12.4% -2.5% 9.2% 7.1% 1.7% 9.0% High Yield High Yield Commodities REIT Hedge Funds REIT Hedge Funds Hedge Funds Commodities Commodities 8.2% 2.0% -42.8% 25.1% 10.9% -2.5% 6.1% 6.8% 1.2% 7.2% IG Bonds Small Cap Equity Non-US Equity Hedge Funds IG Bonds Small Cap Equity MLP Index IG Bonds REIT Hedge Funds 4.5% -1.6% -43.1% 18.6% 10.6% -4.2% 4.8% 6.1% -2.5% 4.7% Commodities REIT REIT IG Bonds Non-US Equity Non-US Equity Commodities REIT Non-US Equity Non-US Equity 0.4% -14.7% -48.2% 17.8% 8.2% -11.7% 0.3% 5.6% -3.2% 4.0% (1) CAGR calculations based upon closing prices ending the last trading day of the fourth quarter for each period. Commodities: S&P World Commodity Index; Hedge Funds: CS Tremont Hedge Fund; High Yield: Vanguard High Yield US Corporate Fund; IG Bonds: Vanguard Intermediate Term US Investment Grade Fund; MLP Index: Alerian Index; Non-US Equity: MSCI Daily Total Return EAFE Index; REIT: S&P REIT Index; S&P 500: S&P 500 Index; Small Cap Equity: Russell 2000 Index Source: Bloomberg L.P. AMZ 12.7% AMZ -36.9% AMZ 76.4% AMZ 35.9% AMZ 13.9% Past results may not be indicative of future performance National Association of Publicly Traded Partnerships 8 AMZ 4.8%

9 Factors Supporting Investment in MLPs Income from consistent cash flow streams Low interest rate environment Major energy companies are divesting lower return, non-core assets, often to MLPs Need for new energy infrastructure to facilitate production and delivery of natural gas, natural gas liquids (NGLs) and crude oil from shale plays Attractive risk / reward trade-off when added to a diversified portfolio 2013 National Association of Publicly Traded Partnerships 9

10 History of MLPs History of MLPs Master Limited Partnerships have been around for three decades 2013 National Association of Publicly Traded Partnerships 10

11 History of MLPs The first MLP was launched in 1981: Apache Oil Company Other oil and gas MLPs soon followed and were joined by real estate MLPs. Their purpose was to raise capital from smaller investors by offering them a partnership investment in an affordable and liquid security National Association of Publicly Traded Partnerships 11

12 History of MLPs Rapid Growth in the 1980s MLPs multiplied rapidly and began to be used in other industries: hotels and motels, restaurants, cable TV, investment advisors, even amusement parks and the Boston Celtics Congress and tax officials worried that large numbers of corporations would become MLPs to avoid corporate tax National Association of Publicly Traded Partnerships 12

13 History of MLPs In 1987 Congress passed legislation to define and limit publicly traded partnerships. MLPs operate under those rules today. Congress created Section 7704 of the Tax Code, limiting partnership tax treatment to PTPs earning >90 percent of their income from specific sources. Existing PTPs with bad income were grandfathered. Most gradually went private, were acquired or converted to other structures; only three remain today National Association of Publicly Traded Partnerships 13

14 History of MLPs What kinds of income can a PTP earn? Income and capital gains from natural resources activities Interest, dividends, and capital gains Rental income and capital gains from real estate Income from commodity investments Capital gains from sale of assets used to generate the above types of income 2013 National Association of Publicly Traded Partnerships 14

15 History of MLPs Qualifying Natural Resources include: Oil, gas, petroleum products Coal and other minerals Timber Any other resource that is depletable under section 613 of the federal tax code Industrial source carbon dioxide (added in 2008) Ethanol, biodiesel, and other alternative fuels: transportation and storage only (added in 2008) 2013 National Association of Publicly Traded Partnerships 15

16 History of MLPs Qualifying Natural Resource Activities include: Exploration, development and production (E&P) Mining Gathering and processing Refining Compression Transportation (pipeline, ship, truck) Storage, marketing, distribution But not retail sales (no gas stations), except for propane 2013 National Association of Publicly Traded Partnerships 16

17 History of MLPs During the late 1980s and the 1990s: Many of the original oil and gas MLPs left the market, unable to maintain distributions as oil and gas prices dropped. Most of the original real estate MLPs went out of business or converted to REITs. Integrated energy companies began selling or spinning off midstream assets (gathering, processing, pipelines, distribution) to MLPs focus on their core business. These became the core of the modern MLP universe National Association of Publicly Traded Partnerships 17

18 History of MLPs During the 2000s: The number of MLPs in oil and natural gas midstream businesses steadily increased, becoming the dominant sector. Traditional midstream MLPs were joined by those engaged in marine transportation of petroleum products and in propane distribution. Some MLPs were formed in the coal industry. Beginning in 2006 E&P MLPs returned, now with extensive hedging programs National Association of Publicly Traded Partnerships 18

19 History of MLPs Beginning in 2007, some investment managers and private equity firms turned their holding companies into PTPs (e.g., Blackstone, Fortress, KKR, Apollo). In recent years, the number of MLPs engaged in downstream activities (refining, distribution, marketing) has increased. We are also seeing more MLPs involved with nonpetroleum natural resources fertilizer, fracking sand, trona ore for production of soda ash National Association of Publicly Traded Partnerships 19

20 Master Limited Partnerships 101 Master Limited Partnerships Today 2013 National Association of Publicly Traded Partnerships 20

21 MLPs Today There are currently close to 130 MLPs. Today s MLPs primarily focus on energy-related industries and natural resources. The majority engage in oil and gas midstream and downstream activities gathering, processing, natural gas compression, transportation, storage, refining, distribution, and marketing. Others are in other oil and gas activities, coal, and fertilizers National Association of Publicly Traded Partnerships 21

22 MLPs Today: Industry Group MLPs by Industry Group Energy and Natural Resources 82% Other Businesses 4% Investment/Financial 9% Real Estate (incl. mortg. securities) 5% 2013 National Association of Publicly Traded Partnerships 22

23 MLPs Today: by Industry MLPs by Industry Other Businesses 4% Real Estate-Properties 2% Other Natural Resource 7% Investment/Financial 12% Oil and Gas Midstream 45% Coal 4% Marine Transportation 5% Propane & Refined Fuel 3% Oil and Gas Production 11% Oil and Gas Downstream 6% Oil & Gas, Oilfield Services 1% 2013 National Association of Publicly Traded Partnerships 23

24 Natural Resource MLPs Today Natural Resource MLPs by Sector Other Natural Resource 8% Propane 4% Marine Transportation 6% Coal 5% Oil & Gas Downstream 7% Oil & Gas E&P (Upstream) 14% Oil and Gas Midstream 55% Oil and Gas: Oilfield Services 1% 2013 National Association of Publicly Traded Partnerships 24

25 MLPs Today: Market Capital Total MLP market capital at the end of Q3 was almost $490 billion. About 86% of the total, about $422 billion, is attributable to energy and natural resource MLPs, primarily the midstream group National Association of Publicly Traded Partnerships 25

26 MLPs Today: Market Capital MLP Market Capital by Industry Group Energy and Natural Resources 86% Other 3% Investment/ Financial 10% Real Estate Properties 0.33% Market Capital on 9/30/ National Association of Publicly Traded Partnerships 26

27 MLPs Today: Market Capital Market Capital: Energy and Natural Resource MLPs Coal 2% Other Minerals, Timber 2% Propane 3% Marine Transportation 2% Oil & Gas Midstream 83% Oil & Gas Downstream 3% Oilfield Services 0.3% Oil & Gas E&P 5% 2013 National Association of Publicly Traded Partnerships Market capital on 9/30/13 27

28 Master Limited Partnerships 101 How MLPs Work 2013 National Association of Publicly Traded Partnerships 28

29 How MLPs Work Most MLPs are limited partnerships. They have: One or More General Partners (GPs) GP Manages Partnership Generally has 2% ownership stake in partnership May have incentive distribution rights (IDRs) Thousands of Limited Partners (LPs) / Unitholders Unitholders = LPs holding publicly traded units Provide capital Have no role in partnership s operations or management Receive quarterly cash distributions 2013 National Association of Publicly Traded Partnerships 29

30 How MLPs Work Typical Limited Partnership Structure Corporate Parent or Other Sponsors LP Interest Pipeline GP LLC General Partner (2%) 2% GP Interest LP Interest Unitholders- Limited Partners Pipeline MLP, L.P. 100% Owned Pipeline Operating LLC (or L.P.) Operating Subsidiaries 2013 National Association of Publicly Traded Partnerships 30

31 How MLPs Work MLP with Publicly Traded GP Corporate Parent or Other Owners Pipeline GP Holdings, L.P. Public Pipeline Unitholders- GP Holdings, L.P. Limited Partners LP Interest 100% Membership Interest Pipeline GP LLC General Partner <2% GP Interest Public Unitholders- Limited Partners Pipeline MLP, L.P. Pipeline Operating LLC (or L.P.) Operating Subsidiaries 2013 National Association of Publicly Traded Partnerships 31

32 How MLPs Work MLP Structure: Limited Partnership Incentive Distribution Rights (IDRs) The IDR is a share of cash distributions often paid to the GP in many MLPs. It generally starts at 2% (vs. 98% to LPs). As quarterly distribution to LPs goes up, and targeted distribution levels achieved, IDRs to GP increase with each marginal increase in distributions. IDR Pros and Cons Incentive for General Partner to grow the business. GP typically retains subordinated units for a period after the IPO IDRs are compensation for unit subordination. But increases cost of capital each new asset must yield return high enough to cover both GP and LP shares National Association of Publicly Traded Partnerships 32

33 How MLPs Work MLP Structure Example: Incentive Distribution Tiers LP % GP% LP distribution up to Tier 1 98% 2% $2.00 Tier 2 85% 15% $2.50 Tier 3 75% 25% $3.00 Tier 4 50% 50% Above $ National Association of Publicly Traded Partnerships 33

34 Some MLPs Are LLCs: How MLPs Work LLCs Units technically represent membership interests rather than partnership interests, but are treated the same for tax purposes. Do not have a general partner. Both management and investors have same membership interest. Have no incentive distribution rights, although there may be other management incentives. All members, including public unitholders, have voting rights National Association of Publicly Traded Partnerships 34

35 How MLPs Work Typical LLC Structure Management Public Unitholders (Members) Other Owners (Members) Energy Co., LLC Operating Subsidiaries 2013 National Association of Publicly Traded Partnerships 35

36 How MLPs Work In both Limited Partnerships and LLCs: Lower-level entities, not the MLP, own the assets and conduct operations. Taxation is on a pass-through basis There is no corporate or other entity-level tax All tax items flow through to the unitholders, who pay tax at their own rates 2013 National Association of Publicly Traded Partnerships 36

37 How MLPs Work Why Companies Choose MLP Structure Benefits of Operating as an MLP: Pass-through tax structure (no double taxation) means lower cost of capital. This is important in capital intensive energy industries. Allows companies to build and operate lowreturn assets (e.g., rate-regulated pipelines) and still provide a sufficient rate of return to attract investors National Association of Publicly Traded Partnerships 37

38 How MLPs Work Why Companies Choose MLP Structure Benefits of Operating as an MLP: Distribution of all available cash to investors seeking income, and liquidity from trading on a public exchange allows an MLP to raise capital from a broader range of investors than if not traded publicly. Operating as an MLP rather than a corporation gives management greater control. Corporate sponsors may transfer assets to MLPs so that value can be realized by market with sponsor retaining control National Association of Publicly Traded Partnerships 38

39 Master Limited Partnerships 101 Investing in MLPs 2013 National Association of Publicly Traded Partnerships 39

40 Investing in MLPs Being an MLP unitholder is different from being a corporate stockholder: Taxation of your investment is different and somewhat more complex. Depending on the structure, you may not have the voting rights that a stockholder does (LPs generally don t; LLC members do) National Association of Publicly Traded Partnerships 40

41 Investing in MLPs: Taxation Partnership Tax Basics: Income An MLP is a pass-though entity which pays no tax itself. The unitholder is treated for tax purposes as if he is directly earning the MLP s income. Each unitholder is allocated on paper a share of the MLP s income, gain, deductions, losses, and credits. This is reported annually on the K-1. The unitholder enters these items on his return and pays tax on the net income at his own tax rate National Association of Publicly Traded Partnerships 41

42 Investing in MLPs Simplified Taxation Example Amount per share / unit: Corporation MLP Gross Income $4.00 $4.00 Deductions (depreciation, etc.) -$3.00 -$3.00 Taxable Income $1.00 $1.00 Federal corporate tax -$0.35 $0.00 State tax (assumes 5% rate) -$0.05 $0.00 Entity's net income $0.60 $1.00 Shareholder's federal tax (28% on MLP income, 15% on dividend) -$0.09 -$0.28 Shareholder's state tax (5%) -$0.03 -$0.05 Net income to shareholder $0.48 $ National Association of Publicly Traded Partnerships 42

43 Investing in MLPs: Taxation Partnership Tax Basics: Distributions You will receive quarterly cash distributions, which are not the same as your taxable share of the MLP s income. Distributions are based on distributable cash flow (DCF), which in its simplest form is: Net income, plus Depreciation (which is subtracted from income in the earnings calculation but is not a cash expense), minus Amounts needed for maintenance and repair of assets used in producing income 2013 National Association of Publicly Traded Partnerships 43

44 Investing in MLPs: Taxation Partnership Tax Basics: Distributions Under the tax code, the distributions in excess of taxable income are considered return of capital and are not taxed when received. Your basis in your partnership units (the amount you paid + or adjustments) is lowered by the amount of the distribution. Thus, when you sell your units, your taxable gain (sales price minus adjusted basis) is increased by the amount of the distributions National Association of Publicly Traded Partnerships 44

45 Investing in MLPs: Taxation Often you will hear someone say that 80% of the MLP s distribution is tax-deferred. What they really mean is that the unitholder s share of taxable income as reported on the K- 1 ($0.50 per unit in the example) equals 20% of the distribution National Association of Publicly Traded Partnerships 45

46 Investing in MLPs: Taxation Basis Adjustments Your basis is adjusted not only by distributions but by tax items: Your share of partnership income each year adjusts the basis upwards. Your share of deductions like depreciation adjusts it downwards. The idea is that all income you receive from the partnership is taxed once and only once either in the year you receive it, or when you sell your units National Association of Publicly Traded Partnerships 46

47 Investing in MLPs: Taxation Adjusted Basis Example Year 1: 1,000 units $ Basis is: Investor receives total cash distributions of $2.50/unit Investor is allocated $2.00 of income and $1.50 of depreciation. Investor pays tax on net taxable income of $.50/unit $30,000 $2,500 + $ 500 Adjusted Basis $28,000 Year 2: All units $32.00 $32,000 Gain per unit: $32.00 $28.00 $ 4, National Association of Publicly Traded Partnerships 47

48 Investing in MLPs: Taxation Important Note: Not all of the gain when units are sold is taxed at capital gains rates. The gain resulting from basis reductions due to depreciation is taxed at ordinary income rates this is called recapture. In our example, the unitholder had a $1,500 depreciation deduction. So $1,500 of the $4,000 is taxed as ordinary income and $2,500 as capital gain National Association of Publicly Traded Partnerships 48

49 Investing in MLPs: Advantages Income: MLPs generally provide consistent streams of cash flow in the form of quarterly distributions and growth MLPs pay out cash not needed for current operations and maintenance of capital assets to their unitholders in the form of quarterly cash distributions. Most MLPs strive to increase their cash distributions as often as possible and prudent. Most MLPs cover their distributions with distributable cash flow generated. Some MLPs consistently have stronger coverage--this is an important factor to look at. Larger, capitalized MLPs provide multiple sources of cash flow from a large, diversified footprint of assets National Association of Publicly Traded Partnerships 49

50 Investing in MLPs: Advantages Tax benefits: no entity-level tax frees cash for distribution, deduction passthroughs lower taxable income, tax deferral on distributions. Liquidity: MLPs provide the ability to invest through partnerships without tying up your money for years. Estate planning: as with other securities, the basis in PTP units is stepped up to fair market value at death with beneficiaries receiving a fresh start with no taxation of previous distributions. Participation in Essential Industry: Chance to invest in energy infrastructure, for which there will be high demand over next several years National Association of Publicly Traded Partnerships 50

51 Investing in MLPs: Challenges As we ve seen, tax reporting for an MLP investment is more complex than for shares in a corporation. Investor receives a K-1 instead of a Form The K-1 reports investor s share of all MLP tax items, which must be entered on their return. MLPs make the process as easy as possible. Many post K-1s online, and they can be downloaded into TurboTax National Association of Publicly Traded Partnerships 51

52 Investing in MLPs: Challenges State tax issues: Partners may owe tax on their share of income allocable to each state in which MLP operates Practically, after MLP income is divided among all partners and all states, and depreciation and other deductions applied, a unitholder s income in each state will likely be too small for tax to be owed, except for those with large holdings. Some states require filing even if no tax owed 2013 National Association of Publicly Traded Partnerships 52

53 Investing in MLPS: Retirement Plans Think carefully before investing your IRA, 401(k) or other retirement plan in MLPs. These plans are tax-exempt already, so don t need the tax advantages. More importantly, the plan s share of net partnership income over $1,000 (not the distributions) is likely to be subject to unrelated business income tax (UBIT) National Association of Publicly Traded Partnerships 53

54 Investing in MLPS: Retirement Plans UBIT is imposed on tax-exempt entities (including retirement plans) that earn income from a business that is not related to the purpose of their tax exemption ( unrelated business taxable income =UBTI). Because MLPs are pass-through entities, tax-exempt partners (e.g., your IRA) are treated as directly earning the MLP s business income and are taxed on it. Investment income like interest, dividends, and royalties is not taxed National Association of Publicly Traded Partnerships 54

55 Investing in MLPS: Retirement Plans Some analysts feel MLPs are still a good investment for IRAs and other retirement funds, because: The tax is on net income. Passthrough of depreciation and other deductions means net income may be below $1,000. Even if tax is owed, the income may be sufficient to produce a very good return. If your IRA or 401(k) does have UBIT, it, not you, owes the tax. The plan custodian should file a return and pay tax from the plan s funds National Association of Publicly Traded Partnerships 55

56 Investing in MLPS: Alternatives to Direct Investment Corporate Intermediary: Kinder Morgan (KMP) and Enbridge Energy Partners (EEP) have publicly traded management companies (KMR and EEQ) that issue I-Shares. These are corporations whose only assets are units in the MLPs. Dividends consist of additional I-Shares. There are no K-1 and no UBIT but also no cash distributions. Linn Energy (LINE) has a similar corporation, LinnCo (LNCO), that does pay cash dividends. Investing Through Funds: Over the last few years, a number of options have been developed for investing in MLPs through mutual and other funds National Association of Publicly Traded Partnerships 56

57 Investing in MLPS: Alternatives to Direct Investment Closed-end mutual funds: There are a variety of closed-end funds focusing on MLPs. The first fund came out in 2004 and now there are close to 30 funds that focus either on MLPs primarily or on MLPs along with other energy assets. Open-end mutual funds: A more recent (2010) development. There are about 16 open-end MLP mutual funds on the market. Exchange Traded Funds: Another recent development there are about 7 ETFs and 11 ETNs pegged to MLP indexes National Association of Publicly Traded Partnerships 57

58 Investing in MLPS: Alternatives to Direct Investment Advantages to investing through funds: A diverse MLP portfolio selected by experts. The fund is the limited partner; it rather than the investor deals with the K-1 form and paying federal and state taxes on partnership income. The investor receives a dividend and the familiar 1099 form. The dividend retains return of capital treatment to a large extent. The investment can be placed in a retirement account without generating UBIT National Association of Publicly Traded Partnerships 58

59 Investing in MLPS: Alternatives to Direct Investment Disadvantages to investing through funds: Reduced tax benefits: The funds are generally corporations and must pay tax on their share of K-1 income at the corporate rate before paying you. You will not get the benefit of any deduction or loss passthroughs. Reduced return: In addition to taxes, your return will be diminished by administrative fees and expenses charged by the fund. Be sure to examine and compare these before investing National Association of Publicly Traded Partnerships 59

60 Master Limited Partnerships 101 How can I find out more about MLPs? 2013 National Association of Publicly Traded Partnerships 60

61 Visit the NAPTP Website National Association of Publicly Traded Partnerships 61

62 Contact Information Mary Lyman Executive Director, NAPTP 4350 N. Fairfax Drive, Suite 815 Arlington, VA (703) National Association of Publicly Traded Partnerships 62