MLP Midstream 12-18-09 NOTE: The last day of trading for TPP was 10-26-09. HLND and OSP stopped trading in December, and USS in November. The dist/DCF ratio now uses 2010 DCF consensus estimates.

	12-31-8	12-18	Q4	Dist/dcf	   Year-to-Date Change
Company	Price	Price	Yield	Ratio	Price	Pr+Dist	EPS Est	DCF est
Large Capped MLPs 	
BPL	32.25	52.79	7.01	87.68	63.69	75.16	9.03	8.82
EEP	25.50	51.02	7.76	89.80	100.08	115.61	-2.49	3.90
EPD	20.73	30.50	7.25	79.50	47.13	57.79	-21.29	-5.82
ETP	34.01	43.61	8.20	89.82	28.23	38.74	-43.60	-22.65
KMP	45.75	59.03	7.12	93.75	29.03	38.21	-40.59	-5.45
MMP	30.21	41.43	6.85	91.03	37.14	46.54	-34.08	-5.54
NS	41.06	53.34	7.99	83.37	29.91	40.28	-21.75	-4.47
OKS	45.55	60.43	7.21	90.27	32.67	42.24	-26.76	-9.80
PAA	34.69	51.08	7.20	91.32	47.25	57.86	3.38	-3.81
SXL	45.14	63.85	6.67	76.07	41.45	50.89	45.49	22.77
TCLP	23.25	36.01	8.11	73.92	54.88	67.44	-5.06	5.41
TPP*	19.57	37.16	7.80	90.62	89.88	104.70	-4.59	-1.88
-----------------	7.43		50.11	61.29

	12-31-8	12-18	Q4	Dist/dcf	   Year-to-Date Change
Company	Price	Price	Yield	Ratio	Price	Pr+Dist	EPS Est	DCF est
Small Capped Midstream MLPs	
BWP	17.78	29.49	6.71	85.34	65.86	77.00	-55.80	-26.09
DEP	13.60	22.49	7.83	81.86	65.37	78.31	13.04	19.44
EPB	15.60	25.30	5.53	79.55	62.18	71.15	7.25	21.43
GEL	8.69	17.00	8.29	70.50	95.63	111.85	-43.48	-17.39
HEP	21.35	39.46	8.06	86.18	84.82	99.72	14.04	-2.25
SEP	19.78	28.73	5.57	71.43	45.25	53.34	21.23	14.75
TLP	13.30	26.10	9.04	71.95	96.24	113.98	4.08	5.81
WES	12.83	18.63	6.87	72.32	45.21	55.18	-14.18	-4.24
WMZ	14.17	22.40	5.98	88.74	58.08	67.54	1.36	-9.62
----------------	7.10		68.74	80.90

	12-31-8	12-18	Q4	Dist/dcf	   Year-to-Date Change
Company	Price	Price	Yield	Ratio	Price	Pr+Dist	EPS Est	DCF est
G&P MLPs	
APL	6.00	8.89	0.00	0.00	48.17	48.17	-98.04	-74.05
CPNO	11.67	22.35	10.29	87.79	91.52	111.23	-71.64	0.42
DPM	9.40	27.54	8.71	80.00	192.98	218.51	17.42	5.20
EROC	4.71	4.50	2.22	10.99	-4.46	-2.34	-93.90	-10.00
EXLP	11.23	20.50	9.02	77.08	82.55	99.02	-53.42	-11.38
HLND*	5.13	9.99	0.00	0.00	94.74	94.74	-52.38	-54.55
KGS	9.48	20.85	7.48	81.25	119.94	136.39	-6.25	-8.44
MWE	7.98	27.60	9.28	95.17	245.86	277.94	-89.25	-9.06
NGLS	7.75	22.71	9.11	80.54	193.03	219.74	-55.48	-14.29
RGNC	8.05	20.09	8.86	83.96	149.57	171.68	-72.92	-18.46
WPZ	11.94	30.03	8.46	94.07	151.51	172.78	-1.11	6.43
XTEX	4.37	7.11	0.00	0.00	62.70	62.70	0.00	-44.58
----------------	6.12		119.01	134.21

	12-31-8	12-18	Q4	Dist/dcf	   Year-to-Date Change
Company	Price	Price	Yield	Ratio	Price	Pr+Dist	EPS Est	DCF est
Marines Transport MLPs	
KSP	12.90	10.51	17.13	100.00	-18.53	-4.57	-88.52	-14.03
MMLP	14.70	29.00	10.34	80.65	97.28	117.69	-28.34	-10.81
TGP	15.02	24.83	9.18	76.00	65.31	80.49	1.78	-2.00
USS*	0.12	0.04	0.00	0.00	-66.67	-66.67	0.00	-92.25
NMM	7.14	14.95	10.84	162.00	109.38	132.07	-6.25	-29.41
OSP*	4.92	10.24	0.00	0.00	108.13	108.13	-78.13	-10.00
----------------	7.91		49.15	61.19
MLP Totals -----	7.21		77.45	90.56

The Alerian MLP index [the ^AMZ - which includes other MLP sectors] is up [price only] 55.77% year to date.
With the 10yr Treasury @ 3.546% & the sector average yield [on Q4 Distrib's] at 7.36% - the spread is 382 bps.
With the HYG yielding 9.63% - the spread to the iBOXX High Yield Index is -227 bps.
USS was dropped from inclusion in the averages because it distorted the average yields and the spreads.
* HLND, OSP, TPP and USS are no longer traded, but 2009 gains are included in this data.