Westwood Pipelines on the Horizon Casey C Cass

Westwood ® Pipelines on the Horizon Casey C. Cass, CFA Vice President Portfolio Specialist For Institutional Use Only - Not for Public Distribution Investing Where It Counts

Energy Infrastructure | Booming Source: Annotated image from NASA’s Black Marble composite of nighttime lights as seen by the Suomi NPP satellite. 2 Investing Where It Counts

Energy Infrastructure | Booming Source: Bloomberg photo by David Wethe. 3 Investing Where It Counts

Energy Infrastructure | Our View of the Market Tailwinds Cross-Currents Headwinds • Commodity Prices • Interest Rates • Investor Sentiment • Fundamental Valuations • Entity Structure Shift • Infrastructure Policy • Regulatory Changes • Infrastructure Demand 4 Investing Where It Counts

Underlying Assets are Strong | Growing Liquids Volumes U. S. is Largest Liquids Producer in the World 16 14 Million Barrels Per Day 12 10 8 6 2023 Permian Oil Production Estimate 4 2017 Permian Oil Production 2 0 United States Saudi Arabia Russia Canada Iran Iraq China UAE 2017 Source: U. S. Energy Information Administration (EIA). Permian Oil Production Data from IHS Markit. 5 Investing Where It Counts Brazil 2006 Kuwait

Current State | We Need More Pipes Permian Supply vs. Takeaway 10, 000 Crude Oil Production / Takeaway Capacity (MBbls/d) 9, 000 8, 000 7, 000 Potential Pipelines / Expansions 6, 000 5, 000 Today 4, 000 Pipes Under Construction 3, 000 Existing Pipelines 2, 000 1, 000 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 End of Year Production Source: Bentek, Company Data, EIA and Wells Fargo Securities, LLC estimates. 6 Investing Where It Counts

Energy Infrastructure | Midstream 2. 0

Energy Infrastructure | How Did MLPs Get Here? Investors Demand Growth New Projects > Require Equity and Debt Concerns over Leverage Negative Feedback Loop Equity Risk Rises Higher Cost of Equity More Debt > Higher Leverage Investors Demand More Growth 8 Investing Where It Counts

Old vs. New Model | Midstream 2. 0 9 Before After • Complicated Structures • Simplified Structures • Focused on Growth • Focused on Returns • Serial Capital Issuers • Disciplined Capital Allocators Investing Where It Counts

Midstream | Moving to Self-Funding Capital Markets Activity 50 45 40 $ in Billions 35 30 25 20 15 10 5 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 E 2019 E 2020 E 2021 E 2022 E 2023 E MLP Equity Issuance Source: Partnership reports and Wells Fargo Securities, LLC estimates. Note: 2018 -2023 estimates are based on the Wells Fargo coverage universe only. 10 Investing Where It Counts C-Corp Equity Issuance

Energy Infrastructure | Why Now?

Energy Infrastructure | Why Now? “ Wherever there is change, and wherever there is uncertainty, there is opportunity! - Mark Cuban 12 Investing Where It Counts

Energy Infrastructure | Potential Benefits of Midstream 2. 0 Inflation-Protected Income Hard assets and inflation-indexed contracts provide a degree of inflation protection Income-oriented securities with compelling total return opportunities Yield + Sustainable Growth Attractive yield with sustainable growth via self-funding Energy Exportation U. S. is becoming the gateway to global energy markets Simplified Structure Opens up to wider range of investors, easier to understand 13 Investing Where It Counts

Why Westwood MLP Infrastructure Renewal | Focus on High Quality and Value 12. 9% 2. 7% Using net of fees returns vs. Alerian MLP Index 10% 15 Stronger distribution growth and coverage With over 30 years of experience than the Alerian MLP Index investing in the energy sector Annualized Return Since Inception 3 Year Distribution CAGR Annualized Excess Return Since Inception Year Strategy Track Record All data as of 6/30/2018 with inception date of 1/1/2003. Frequency: Quarterly. All calculations shown use the Alerian MLP Index as the benchmark. Data Source: © 2018 Fact. Set Research Systems Inc. All Rights Reserved. Past performance is not indicative of future results. As with any investment strategy, this strategy involves risk of loss. Please see appendix for full performance disclosures. The disclosures provided are considered an integral part of this presentation. 14 Investing Where It Counts

…ONE MORE THING 15 Investing Where It Counts

Midstream | One More Thing… Total Active and Passive U. S. Assets Total Midstream Investable Universe $714 B 25 X $18 T Source: Fact. Set and Morningstar. The midstream investable universe incorporates MLPs, midstream companies, utilities and yield cos. (including general partners), marine midstream companies and MLP affiliates. 16 Investing Where It Counts

MLP Infrastructure Renewal | Compliant Presentation 17 Investing Where It Counts