1. NAPTP Annual MLP Investor Conference
Presentation for
NAPTP Annual MLP Investor Conference
May 2013
Jamie Buskill, Chief Financial and Administrative Officer

2. Important Information
Forward-looking statements disclosure
Statements made at this conference or in the materials distributed in conjunction with this conference that contain "forward-looking statements" include, but are not limited to, statements using the words “believe”, “expect”, “plan”, “intend”, “anticipate”, “estimate”, “project”, “should” and similar expressions, as well as other statements concerning our future plans, objectives, and expected performance, including statements with respect to the completion, cost, timing and financial performance of growth projects. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected.
Forward-looking statements speak only as of the date they are made, and the company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein or made at this conference to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
For information about important Risk Factors that could cause our actual results to differ from those expressed in the forward-looking statements contained in this presentation or discussed at this conference please see “Available Information and Risk Factors,” below. Given the Risk Factors referred to below, investors and analysts should not place undue reliance on forward-looking statements.
Available Information and Risk Factors
We file annual, quarterly and current reports and other information with the Securities and Exchange Commission, or “SEC”. Our SEC filings are available to the public over the internet at our website, and at the SEC’s website
Our filings with the SEC contain important information which anyone considering the purchase of our limited partnership units should read.
Our business faces many risks. We have described in our SEC filings some of the more material risks we face. There may be additional risks that we do not yet know or that we do not currently perceive to be material that may also impact our business. Each of the risks and uncertainties described in our SEC filings could lead to events or circumstances that may have a material adverse effect on our business, financial condition, results of operations or cash flows, including our ability to make distributions to our unitholders.
Our limited partnership units are listed on the New York Stock Exchange under the trading symbol “BWP”.
This is your standard looking forward looking statement. Please take an opportunity to read that at your convenience. 2 2 2

3. BWP Investment Highlights
Strategic and Diversified
Midstream MLP
Transport, store, gather and process natural gas and liquids
Assets well positioned to serve growing markets and access key producing areas
Investment-grade ratings at Boardwalk Pipelines, LP and major subsidiaries (BBB/Baa2/BBB)
Majority of revenues from fixed-fee contracts
Financial
Profile
Management team with > 25 years average energy experience
Well-capitalized and supportive majority owner: Loews Corporation
Corporate
Structure
Focus on Long-Term Value to Investors
Executing growth and diversification strategy
Improving financial metrics

4. BWP Asset Overview
Texas Gas Transmission
Texas Gas storage facilities
Gulf South Pipeline
Gulf South storage facilities
Gulf Crossing Pipeline
Petal Gas Storage
Petal Gas Storage pipeline facilities
Boardwalk Louisiana Midstream Hubs
Boardwalk Storage Company
South Texas Gathering Systems
Flag City Gas Processing Plant
Marcellus Gathering Pipeline
Boardwalk Operational Highlights:
Pipelines: ~ 14,200 miles of natural gas and ~240 miles of liquids
Storage capacity (aggregate): ~ 201 Bcf of natural gas and 18 MMbbls of liquids
In 2012, we transported approximately 6.9 Bcf/d of natural gas, or approximately 12% of the nation’s average daily consumption

5. Strategy for Maximizing Long-Term Value to Investors
Offer greater array of services to producer customers: South Texas Eagle Ford Gathering & Processing Project
Add projects to serve new and existing end users, such as Southeast Market Expansion Project
Attach new supply sources and focus on liquids-rich plays
Continue to build on existing and develop new relationships
Continue to leverage BWP’s existing footprint
Grow
Organically
Last 24 months: Invested ~$270 million in organic growth projects
Next 24 months: Plan to invest ~$415 million
Acquired Petal Gas Storage (Petal) in December 2011, enhancing flexibility and reliability of service and enabled the $300 million Southeast Market Expansion Project
Acquired Boardwalk Louisiana Midstream in October 2012, diversifying BWP into NGLs with strategic assets
Continue to evaluate strategic acquisitions, primarily to support further diversification in the midstream business
Grow through Diversification and Strategic Acquisitions
Last 24 months: Invested more than $1.2 billion in strategic acquisitions
Maintained quarterly distribution at $ for the last four quarters
In 2012: raised $866 million in equity, refinanced $825 million in debt at lower rates, reduced administrative and general expenses
Continue to target low 4x for Debt-to-EBITDA ratio
Improve
Financial Metrics

6. Growth in Natural Gas Supply from Shale Plays . . .
2012
2006
LEGEND
Average Daily
Production
1 Bcf/d
0 Bcf/d
7 Bcf/d
0 Bcf/d
3 Bcf/d
0 Bcf/d
Dry Natural Gas Proved Reserves (Tcf)
7 Bcf/d
0 Bcf/d
5 Bcf/d
2 Bcf/d
Shale’s Share of Reserves
2 Bcf/d
0 Bcf/d
Source: Wood Mackenzie - North America Natural Gas Long-Term View (Spring, 2013)

7. . . . Has Condensed Basis Spreads . . .
CENTERPOINT EAST
FLORIDA GAS ZONE 3
COLUMBIA GAS
APPALACHIA
2012
2006
LEGEND
Average Annual
Spread
$0.03
$0.23
HOUSTON SHIP
CHANNEL
CARTHAGE HUB
TRANSCO
STATION 85
KOSCI
COLUMBIA GULF
MAINLINE
WAHA
$(0.06)
$(0.75)
$(0.04)
$(0.36)
$(0.07)
$(0.42)
$0.01
$(0.02)
$0.06
$0.18
$0.27
$0.19
$2.75
$6.74
$(0.09)
$(0.73)
Source: Platts Gas Daily, Boardwalk Internal Analysis

8. . . . and Lowered Prices that Are Driving Demand Growth
10 Yr Growth
15 Yr Growth
Total demand growth from 2012 is forecasted to be approximately 10 Bcf/d in 10 years and 19 Bcf/d in 15 years, with the greatest demand growth in the regions that we serve.
(Bcf/d)
(Bcf/d)
Middle Atlantic
North Central
+1 Bcf/d
+2 Bcf/d
+3 Bcf/d
+4 Bcf/d
(Bcf/d)
South Central
South Atlantic
(Bcf/d)
+4 Bcf/d
+7 Bcf/d
+1 Bcf/d
+3 Bcf/d
LNG exports in the Gulf Coast region are forecasted to be 5.3 Bcf/d in 10 years
Bar Chart Key:
10 Year Incremental growth (Bcf/d)
R/C/O = Residential/Commercial/Other
All incremental demand is Bcf/d
Source: Wood Mackenzie - North America Natural Gas Long-Term View (Spring, 2013)

9. Forecasted Demand Growth for Power Plants and Industrial Markets
Forecasted power generation and industrial demand growth in regions that we serve:
10 year growth = 4.5 Bcf/d
15 year growth = 10.4 Bcf/d
Gas fired power plants connected to BWP
Coal fired power plants – 40 years and older, within 20 miles of BWP
Major industrial corridors – BWP connected to approximately 165 industrial locations
Legend
Baton Rouge
New Orleans
Lake
Charles
East Side
Houston Ship Channel
Source: Wood Mackenzie - North America Natural Gas Long-Term View (Spring, 2013)

10. Southeast Market Expansion Project
Legend AL MS
Perryville Exchange
Gulf South Pipeline
Petal Gas Storage
Petal Gas Storage pipeline facilities
Perryville Exchange
Southeast Market Expansion Project AR MS AL
Carthage LA TX
Overview:
Expansion project of ~550 MMcf/d; fully contracted with 10-year firm agreements, primarily with electric generation and industrial customers
Total capex of ~$300 million:  install compression on Gulf South near interconnect with Petal Gas Storage (Petal) pipeline facilities and at proposed new interconnect with Petal, as well as construct a new 70-mile pipeline in southeastern MS and AL
Proposed in-service date of Q4-2014, subject to FERC approval
Increases Boardwalk’s ability to transport natural gas supplies to growing areas of demand in the southeast region of the United States, including industrial and power generation markets in MS, AL and FL
Utilizes capacity from expiring contracts on Gulf South’s existing 42” pipeline that originates in East Texas and extends eastward through Perryville, LA, including the Perryville Exchange, to an interconnect with Petal in Jasper County, MS
Made possible by Petal acquisition

11. Other Projects to Serve Growing Natural Gas Demand
Pipeline projects to serve new power plants
Expansion of Petal salt-dome cavern
Legend
Expansion of Petal Salt-Dome Cavern: $23 million Capex
Approx. 5 Bcf of additional working gas capacity
Potential for five additional caverns, two of which are currently permitted by FERC
Combined $50 million Capex for Pipeline Connections to New Power Plants:
100,000 Dth/d, 7-year firm transportation commitment to serve a power plant in the Baton Rouge/River Corridor area – expected in-service Q4-2013
125,000 Dth/d, 20-year firm commitment to serve a power plant in North Texas – expected in-service date of mid-2014

12. Trends in NGL and Natural Gas Prices . . .
(in $/barrel equiv.)
Source: Market Data

13. . . . Are Shifting Drilling Activity to Liquids
Total Rig Count
Source: Baker Hughes; Wood Mackenzie North American NGL Service

14. Marcellus and Utica NGL Supply Outlook
Source: Wood Mackenzie Consulting Study (March 2013)

15. Ethane Demand: Largest Market is LA/TX Gulf Coast
Gulf Coast is 80% of North American Market
Source: En*Vantage, Hodson, Industry Contacts

16. Louisiana: Short Ethane and Getting Shorter
In 2012 Gulf Coast ethylene industry had the capability to crack 968 MBPD
If high-probability projects are completed, ethane cracking capability of the US ethylene industry would increase to MM BPD* in 2017
Gulf Coast ethylene industry would have the capability to crack MM BPD of ethane
2012/
2017 Forecast
East Texas
16 MBPD/
26 MBPD
Golden Triangle
165 MBPD/
205 MBPD
Miss. River Area
171 MBPD/
255 MBPD
Houston Area
234 MBPD/
473 MBPD
Mt. Belvieu
Lake Charles
South Louisiana Current Ethane Shortfall of ~150 MBPD is Supplied from Mont Belvieu
92 MBPD/
201 MBPD
Sweeny/Chocolate
Bayou Area
Corpus to Pt.
Comfort Area
233 MBPD/
352 MBPD
74 MBPD/
149 MBPD
South Louisiana Forecasted Ethane Shortfall is estimated to be over 350 MBPD by 2017
Source: En*Vantage
*Includes Midwest forecast of 91 MBPD
MBPD = thousand barrels per day; MM BPD = million barrels per day

17. Proposed Bluegrass Pipeline: Project Overview
Proposed Boardwalk and Williams
Joint Venture
Transport of up to 400,000 barrels per day capacity of mixed NGLs
Expect strategic combination to drive expedited late 2015 in-service and competitive tariffs
Segment 1
Construct a new NGL pipeline from producing areas in OH, WV and PA to an interconnect with Texas Gas near Hardinsburg, KY
Utica and Marcellus NGLs
Segment 2
Convert a portion of Texas Gas Transmission from Hardinsburg, KY to Eunice, LA (“TGT Loop Line”) from natural gas service to NGL service
Petchem complex, storage, exports
Segment 3
Construct a new large-scale fractionation plant and expand NGL storage facilities in LA; construct a new pipeline connecting these facilities to the converted TGT Loop Line

18. Proposed Bluegrass Pipeline: Project Highlights
Project Status
Announced with Williams on March 6 we are pursuing joint development of NGL pipeline, the Bluegrass Pipeline
Conducting cost assessments, due diligence, etc.
Negotiating JV and related agreements with Williams
Conditions for project to be approved include completing JV agreements, securing customer contracts and obtaining regulatory and board approvals
Project Rationale
Expanding Footprint & Scale
Repurposing Existing Asset
Strong Partner
Cost & Time
Advantage
Further diversification within the midstream energy sector
Leverages our recently acquired liquids infrastructure that provides a critical footprint for Bluegrass’ downstream fractionation and storage portion
Project allows us to repurpose a portion of our Texas Gas Transmission system
Allows us to maintain the quality of service that we provide our firm natural gas transportation customers
Williams has a significant presence and experience as a gatherer and processor in the Marcellus and Utica shale basins
Williams also has presence in the petrochemical industry in Louisiana
Less costly than alternatives that would involve all new construction
Potential to be placed into service in late 2015

19. South Texas Gathering and Processing Assets
Legend
Gulf South Pipeline
South Texas Gathering Systems
Flag City Processing Plant
Compressor Station
Receipt/Delivery Points
Gathering Pipeline Capacity
300 MMcf/d
Plant Capacity
150 MMcf/d
Overview:
Gas processing: 150 MMcf/d Flag City cryogenic gas processing plant
Gas gathering: approx. 400 miles of pipeline with capacity of 300 MMcf/d

20. Boardwalk Louisiana Midstream: Acquired in October 2012
Acquisition provided diversification into NGLs with
strategically-located and high-quality assets
Sulphur Area
Facilities
Choctaw Area
Sulphur and Choctaw Hubs serve attractive and rapidly-growing petrochemical industry:
Approx. 53 million barrels of salt dome storage capacity
Extensive brine supply infrastructure
More than 240 miles of pipeline assets, including the most extensive ethylene distribution system in Louisiana
Project
Scope
In-Service Date
Capex
($ in millions)
Choctaw Hub –
Brine Sales and Transportation
Construction of 26-mile, 12-in pipe to customer
20 year contract with 15-year minimum volumes and expansion options
Q3 - 13
$50
Sulphur Hub –
Propane Storage, Blending and Transportation
Logistics solution to propane producers in Lake Charles area
$12

21. Financial Overview

22. Annual Financial Comparison
+13% CAGR
Revenue ($ MM)
+16% CAGR
EBITDA ($ MM)

23. Interstate Pipelines and Storage Diversified Customer Base
Revenue Mix By Service Type
For the twelve months ended March 31, 2013
Interruptible Services 6%
Firm Utilization Charges
11%
Firm Contracts
83% 23 23 23 23

24. Focus on Improving Financial Metrics24 24 24 24 24

25. BWP Investment Highlights
Strategic and Diversified
Midstream MLP
Transport, store, gather and process natural gas and liquids
Assets well positioned to serve growing markets and access key producing areas
Investment-grade ratings at Boardwalk Pipelines, LP and major subsidiaries (BBB/Baa2/BBB)
Majority of revenues from fixed-fee contracts
Financial
Profile
Management team with > 25 years average energy experience
Well-capitalized and supportive majority owner: Loews Corporation
Corporate
Structure
Focus on Long-Term Value to Investors
Executing growth and diversification strategy
Improving financial metrics

26. Annual EBITDA Reconciliation
Non-GAAP Financial Measure
Earnings before interest, taxes, depreciation and amortization (EBITDA) is used as a supplemental financial measure by Boardwalk's management and by external users of Boardwalk's financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess Boardwalk’s operating and financial performance, ability to generate cash and return on invested capital as compared to those of other companies in the natural gas transportation, gathering and storage business. EBITDA should not be considered an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA is not necessarily comparable to a similarly titled measure of another company. The following table presents a reconciliation of Boardwalk’s EBITDA to net income, the most directly comparable GAAP financial measure, for each of the periods presented below. 26 26 26

27. NAPTP Annual MLP Investor Conference
Presentation for
NAPTP Annual MLP Investor Conference
May 2013
Jamie Buskill, Chief Financial and Administrative Officer