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

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

Energy Infrastructure | Booming Source: Bloomberg photo by David Wethe.

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

Underlying Assets are Strong | Growing Liquids Volumes U.S. is Largest Liquids Producer in the World Million Barrels Per Day 2023 Permian Oil Production Estimate 2017 Permian Oil Production 2006 2017 Source: U.S. Energy Information Administration (EIA). Permian Oil Production Data from IHS Markit.

Permian Supply vs. Takeaway Current State | We Need More Pipes Crude Oil Production / Takeaway Capacity (MBbls/d) Existing Pipelines Pipes Under Construction Potential Pipelines / Expansions End of Year Production Permian Supply vs. Takeaway Today Source: Bentek, Company Data, EIA and Wells Fargo Securities, LLC estimates.

Energy Infrastructure | Midstream 2.0

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

Before After Old vs. New Model | Midstream 2.0 Complicated Structures Focused on Growth Serial Capital Issuers Simplified Structures Focused on Returns Disciplined Capital Allocators

Capital Markets Activity Midstream | Moving to Self-Funding Capital Markets Activity $ in Billions MLP Equity Issuance C-Corp Equity Issuance Source: Partnership reports and Wells Fargo Securities, LLC estimates. Note: 2018-2023 estimates are based on the Wells Fargo coverage universe only.

Energy Infrastructure | Why Now?

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

Energy Infrastructure | Potential Benefits of Midstream 2.0 Inflation-Protected Income Hard assets and inflation-indexed contracts provide a degree of inflation protection Yield + Sustainable Growth Attractive yield with sustainable growth via self-funding Income-oriented securities with compelling total return opportunities Energy Exportation U.S. is becoming the gateway to global energy markets Simplified Structure Opens up to wider range of investors, easier to understand

Why Westwood MLP Infrastructure Renewal | Focus on High Quality and Value 2.7% Annualized Excess Return Since Inception Using net of fees returns vs. Alerian MLP Index 12.9% Annualized Return Since Inception Using net of fees returns 15 Year Strategy Track Record With over 30 years of experience investing in the energy sector 10% 3 Year Distribution CAGR Stronger distribution growth and coverage than the Alerian MLP Index 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 FactSet 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.

…ONE MORE THING

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

MLP Infrastructure Renewal | Compliant Presentation