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Eagle Global AdvisorsMLP I t t O t itMLP Investment OpportunityNovember 3, 2011

Eagle Global Advisors, LLC

Eagle Global AdvisorsTable of Contents

2

1. Eagle Global Advisors 3‐09

2 MLP I O i 10 212. MLP Investment Opportunity 10‐21

3. Eagle Income Appreciation Fund II 22‐26

4. Eagle Investment Edge 27‐34

5. Appendix 35‐39

Eagle Global Advisorsg

Eagle Global Advisors Overview

• Founded 1996 debt free since inception• Founded 1996, debt free since inception

• Independently owned and operated

• Master Limited Partnerships, International Equities, and Domestic Equities

• 29 employees; 12 investment professionals• 29 employees; 12 investment professionals

• Separate accounts and partnership investments

• GIPS compliant performance reporting

4

Eagle Global Advisors

Independent, 100% employee owned Registered Investment Advisor since 1996

U.S.5% Institutions

42%MutualFunds

Investment Strategy Client Type

MLP29%

Mutual Funds4%

International60%

Global6% Individuals

54%

Total AUM: $3.2 Billion as of 9/30/11AUM data is inclusive of both discretionary and non-discretionary client assets

5

Representative Client List – All Eagle Strategies

Institutions

American Bar Association

Banks & Trust Companies

Amegy Bank of Texas

Army Emergency Relief Fund

Automotive Industries Pension Trust

Bancinsure

Bay Area Painters & Tapers

Houston Trust Company

J.P. Morgan Private Bank

Northern Trust

U.S. Bank Bay Area Painters & Tapers

Clearwater Investment Trust

Eaton Vance

IBEW Local 481Private Wealth ManagersMethodist Health Care Ministries of South Texas

Monroe County (Michigan) ERS

Potomac Hospital (Maryland)

Sheet Metal Workers Local 265

Altair Advisers

Callan IAG

Lockwood Capital Management

State of Maryland

State of Oregon

The Timothy Plan

Offit Capital Advisors

Tolleson Wealth Management

6

THIS CLIENT LIST IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT A FORMAL ENDORSEMENT OF EAGLE GLOBAL ADVISORS, LLC. THE LISTINGS CONSIST OF THE FIVE LARGEST RELATIONSHIPS WITH BANKS AND PRIVATE WEALTH MANAGERS, AND THE FIFTEEN LARGEST INSTITUTIONAL CLIENTS THE FIRM CURRENTLY SERVICES.

Key Investment Personnel

EDWARD R. ALLEN III, Ph.D., CFASenior Partner

Eddie serves as chairman of the International investment committee, and is also a member of the firm’s other investmentcommittees. Prior to founding Eagle, Eddie was employed by Eagle Management & Trust Company. Before entering the investmentadvisory business, he served as an assistant professor of economics at the University of Houston. He earned a Bachelor’s degree inengineering from Princeton University and a Ph.D. in economics from the University of Chicago. Eddie holds the Chartered FinancialAnalyst designation and is also a member of the American Finance Association, the CFA Institute, and the CFA Society of Houston.

THOMAS N. HUNT III, CFA, CPA Senior Partner

Thomas serves as Chairman of the Domestic investment committee, and is also a member of the firm’s other investmentcommittees. Prior to founding Eagle, Thomas was employed by Eagle Management & Trust Company. Thomas also worked for thepublic accounting firm of Ernst & Young. He earned a Bachelor’s degree in accounting from the University of Texas and a MBA fromthe Harvard Business School. Thomas holds the Chartered Financial Analyst and Certified Public Accountant designations and is alsoa member of the CFA Institute, the CFA Society of Houston, and the Texas Society of Certified Public Accountants.

STEVEN S. RUSSO Senior Partner

Steven serves as Director of Client Service, and is also a member of the firm’s investment committees. Prior to founding Eagle,Steven was employed by Eagle Management & Trust Company and Criterion Investment Management Company. Steven earned aBachelor’s degree in finance from the University of Texas and a MBA from Rice University. Steven also serves as a Board Member ofthe M.A. Wright Fund at Rice University’s Jones School of Management.

7

Key Investment Personnel

JOHN F. GUALY, CFAPartner

John serves as a portfolio manager and oversees Eagle’s trading operations, and is also a member of the firm’s investment committees.Prior to founding Eagle, John was employed by Eagle Management & Trust Company and as director of research for Continental Intervest.Prior to founding Eagle, John was employed by Eagle Management & Trust Company and as director of research for Continental Intervest.He earned a Bachelor’s degree in economics from the University of Texas and a MBA from Rice University. John holds the CharteredFinancial Analyst designation, is a member of the CFA Institute and is a former President and Director of the CFA Society of Houston. Healso serves as an Adjunct Professor at Rice University Jones Graduate School of Business teaching an MBA class on Stock Analysis. John is anative of Colombia and is fluent in Spanish.

MALCOM S. DAY, CFAPartner

Malcom serves as chairman of the Master Limited Partnership investment committee, and is also a member of the firm’s other investmentcommittees. Prior to joining Eagle, Malcom founded Partners Investment Management & Research, LLC, an advisory firm specializing inpublicly traded partnerships. Malcom was also employed previously by Criterion Investment Management Company and Payden & RygelInvestment Counsel. He earned a Bachelor's degree in engineering from Northwestern University and a MBA from the Anderson School atUCLA. Malcom holds the Chartered Financial Analyst designation and is also a member of the CFA Institute and the CFA Society of Houston.

DAVID CHIARODirector of MLP Research

David currently directs the research effort for the Master Limited Partnership strategy and is a member of the MLP investment committee.Prior to joining Eagle, David was employed by Goldman, Sachs & Co. for ten years, the last five years as the lead Pipeline and MLP analyst.He was recognized in the Spring of 2009 by the Wall Street Journal as “Best on the Street”, the top ranked analyst in his sector for 2008.David has also covered Oil Service and Offshore Drilling companies in his 15 years as a sell‐side analyst at various Wall Street firms. Heearned a Bachelor’s degree in Mechanical Engineering from the Georgia Institute of Technology and a MBA from the Crummer GraduateSchool of Business at Rollins College.

8

Extensive History of Managing MLP Portfolios

80

100

EGA MLP Fund CompositeCalendar Returns as of 9/30/11

40

60

80

0

20

40

Return %

‐40

‐20

l l b l d d l d ( ) ( / / )

‐602004 2005 2006 2007 2008 2009 2010 2011

EGA MLP Fund Comp (Net) Alerian MLP Index

9

* See p. 25 for full GIPS Composite disclosures section for additional performance calculation information.

Eagle Global Advisors MLP Fund annualized return (net) since inception (10/1/2003): 16.8% vs. 14.3% for the benchmark Alerian MLP index during the same period.*

Investment Opportunitypp y

MLP Overview

• A Limited Partnership that lists its units on an exchange is a Publicly Traded Partnership, also knows as a Master Limited Partnership (MLP)

• Created from the tax reform act of 1986, MLPs that meet qualifying standards are not required to pay a corporate level tax

• MLPs are required to make public filings (10‐K, 10‐Q, 8‐K, etc) with the SEC –same disclosure as publicly traded equities. p y q

• MLPs are concentrated in the natural resource infrastructure industries (e.g. pipelines, terminals, platforms). There are also MLPs in real(e.g. pipelines, terminals, platforms). There are also MLPs in real estate, finance, fertilizer and other industries.

11

The Energy Supply Chain

UpstreamOil and natural gas production

Eagle Focus

MidstreamProcesses that create a marketable product

DownstreamProduct uses

Drilling

Transportation& Storage

Pipeline

Power Generation

Commercial

Production

IndustrialRefining

Offshore

Gathering Treating& Processing

Transportation Residential

12

Key Benefits of MLP Investing

A i l• Attractive long term returns

• Diversification (low correlation with other asset classes)

• High current income

• High expected future rate of return

• Distributions have historically grown faster than inflation• Distributions have historically grown faster than inflation

13

Excellent Long Term Returns

1996 1997 1998 2009 20102001 20021999 2000 1996-2010

15 Year Annualized

Returns

2003 2004 2005 2006 2007 2008

Asset Class Returns

REITs S&P 500 S&P 500 EMG Eq. MLP MLP Corp Bond EMG Eq. REITs EMG Eq. REITs EMG Eq US Bonds EMG Eq. MLP MLP35.3% 33.4% 28.8% 62.7% 45.7% 43.7% 10.5% 56.3% 31.6% 34.0% 35.1% 39.4% 5.2% 81.0% 35.9% 16.8%

S&P 500 MLP Int'l Equity Int'l Equity REITs REITs US Bonds Small Cap EMG Eq. Int'l Equity EMG Eq. MLP T Bills MLP REITs REITs23.2% 26.5% 19.1% 28.3% 26.4% 13.9% 10.3% 47.3% 23.4% 14.5% 32.2% 12.7% 1.8% 76.4% 28.0% 10.5%

MLP Small Cap US Bonds Small Cap US Bonds Corp Bond REITs MLP Int'l Equity REITs MLP Int'l Equity Corp Bond High Yield Small Cap EMG Eq.16.6% 22.4% 8.7% 21.3% 11.6% 10.4% 3.8% 44.5% 20.4% 12.2% 26.1% 12.4% -3.1% 58.2% 26.9% 9.4%

Small Cap REITs CorpBond S&P500 CorpBond USBonds TBills Int'l Equity Small Cap MLP Int'l Equity USBonds HighYield Int'l Equity EMGEq Small CapSmall Cap REITs Corp Bond S&P 500 Corp Bond US Bonds T Bills Int l Equity Small Cap MLP Int l Equity US Bonds High Yield Int l Equity EMG Eq. Small Cap16.5% 20.3% 8.6% 21.1% 9.4% 8.4% 1.6% 40.0% 18.3% 6.3% 25.7% 7.0% -26.2% 33.7% 20.6% 7.6%

High Yield High Yield T Bills T Bills T Bills High Yield High Yield REITs MLP S&P 500 Small Cap S&P 500 Small Cap REITs High Yield High Yield11.4% 12.8% 5.0% 4.9% 6.2% 5.3% -1.4% 37.1% 16.7% 4.9% 18.4% 5.5% -33.8% 28.0% 15.1% 7.3%

EMG Eq. Corp Bond High Yield High Yield Small Cap T Bills MLP High Yield High Yield Small Cap S&P 500 Corp Bond MLP Small Cap S&P 500 S&P 5007.9% 10.2% 1.9% 2.4% -3.0% 3.4% -3.4% 29.0% 11.1% 4.6% 15.8% 5.1% -36.9% 27.2% 15.1% 6.8%

Int'l Equity US Bonds Small Cap US Bonds High Yield Small Cap EMG Eq. S&P 500 S&P 500 T Bills High Yield T Bills S&P 500 S&P 500 Int'l Equity Int'l Equity7.2% 9.7% -2.5% -0.8% -5.9% 2.5% -6.2% 28.7% 10.9% 3.3% 11.8% 4.7% -37.0% 26.5% 9.0% 5.2%

T Bills T Bills MLP Corp Bond S&P 500 EMG Eq. Int'l Equity Corp Bond Corp Bond High Yield T Bills High Yield REITs Corp Bond Corp Bond Corp Bond5.3% 5.3% -3.0% -2.0% -9.2% -0.3% -15.8% 7.7% 5.2% 2.7% 5.0% 1.9% -37.7% 16.0% 8.5% 6.3%

US Bonds Int'l Equity REITs REITs Int'l Equity S&P 500 Small Cap US Bonds US Bonds US Bonds US Bonds Small Cap Int'l Equity US Bonds US Bonds US Bonds3.6% 2.6% -17.5% -4.6% -13.2% -11.9% -20.5% 4.1% 4.7% 2.4% 4.3% -1.6% -43.6% 5.9% 6.5% 6.0%

Corp Bond EMG Eq. EMG Eq. MLP EMG Eq. Int'l Equity S&P 500 T Bills T Bills Corp Bond Corp Bond REITs EMG Eq T Bills T Bills T Bills3.3% -14.4% -21.2% -7.8% -28.8% -21.2% -22.1% 1.0% 1.4% 2.0% 4.3% -15.7% -53.2% 0.2% 0.1% 3.2%

Sources: eVestment Alliance, S&P. Indicies used: Alerian MLP Index, Barclays Capital Aggregate/Credit/High Yield, FTSE/NAREIT Equity REIT, MSCI World ex-US, Russell 2000, S&P500, S&P/IFC.

MLPs have historically had high total returns over long periods and bounced back strongly from down years.

14

Sources: Alerian Capital, S&P, NAREIT, Bloomberg. Indices used are NAREIT Equity REIT Index, and S&P/IFC Equity Index

Low Correlation With Other Asset Classes

Diversification: Since MLPs have historically had both strong income and growth elements, they have not been highly correlated with either equities or bonds.

10 Year Asset Class Correlationsasof 12/31/10

1.00

0.60

Alerian MLP Index

High Yield

as of 12/31/10

0.46

0.43

0.42

International Equity

U.S. Equity

Crude Oil 0.42

0.31

0.19

Crude Oil

REITs

Municipal Bonds

0.07

0.02

‐0.02

Natural Gas

Treasury Bills

Taxable Bonds

15

Data Sources: Bloomberg, Alerian Capital

‐0.20 0.00 0.20 0.40 0.60 0.80 1.00

High Current Income

9 00%

MLP Yield vs. 10‐yr Tsy YieldSeptember 2011

7.00%

9.00%

Current: 4.99%Median: 2.61%

3.00%

5.00%

1.00%

‐1.00%

MLP v. 10‐yr Tsy

16

Source: Eagle Global Advisors, Bloomberg

High Current Income

4.00%

MLP Yield vs. Baa Bond YieldSeptember 2011

2.00%

3.00%


1.00%

‐1.00%

0.00%

‐2.00%

MLP v. Baa Bonds

17


High Current Income

5.00%

MLP Yield vs. REIT YieldSeptember 2011

3.00%

4.00%


1 00%

2.00%

0.00%

1.00%

‐1.00%

MLP REITMLP v. REIT

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High Expected Returns

High current yield plus distribution growth implies significant total return potential.p g p

Current Distribution

Yi ld*+

Expected Distribution G th R t

=Expected Total

Return

* As of September 30, 2011

Yield* Growth Rate

MLP Index (unmanaged) 6.9% + 3‐5% = 9% ‐ 12%

Future distribution growth is supported by organic growth and

Current yield is supported by strong cash flow and tax

acquisition opportunities.advantages.

19

Expected return calculation assumes ending yield equal to starting yield. Future returns are inherently uncertain. Actual return will differ from expectations, and are likely to be significantly different in any single year.

MLP Growth Opportunities

• Acquisitions –

Significant supply of assets available, MLPs have low cost of capital

E ll i i i i ifi l b fi MLP’ h Even small acquisitions can significantly benefit MLP’s growth rate

• Organic Expansion –

Rates of return on internal investments are substantially accretive

Growth of imported resources, growth in demand, and growth in supply all provide opportunities for asset expansion

20

Cash Distribution Increases Compared to Inflation

Annual Increases in Inflation and Cash DistributionsAnnual Increases in Inflation and Cash Distributions1996‐2010

14%se

10%

12%

Annu

al Increas

4%

6%

8%

0%

2%

4%

Note: Muni Bond increase each year is 0%

Median Pipeline MLP CPI

21

Note: High inflation is extremely negative for all financial assets, including MLPs.

Sources: Bloomberg, Barclays Capital, Eagle Global Advisors.

Pipeline MLP includes: BPL, BWP, DEP, EEP, EPB, EPD, EPN, ETP, KMP, MMP, NS, OKS, PAA, SEP, SXL, TCLP, TPP, WMZ

Eagle Income Appreciation II, L.P.g pp

Strategy Objective

• The strategy seeks to provide investors access to the total return opportunity of the MLP asset class through a diversified portfolio ofopportunity of the MLP asset class through a diversified portfolio of primarily midstream MLPs

• The strategy targets a high total rate of return through a long term gy g g g ginvestment focus

• A preponderance of return will come from EGAs security selection with a long‐term investment horizon

• Selective use of short sales, leverage, private placements (PIPEs), new i d th i t l t t i t d t tissues and other incremental strategies are expected to augment performance

23

Portfolio Characteristics

Total Equity

Eagle Income Appreciation II, L.P. as of 9/30/11

$170 MillionTotal Equity

MLP Investments

Current Yield

Expected Tax Deferral of Distribution 75‐100%

$170 Million

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6.8%

Expected Average Annual Distribution Growth

Expected Average Annual Total Return

6%

13%+

24

Eagle Income Appreciation II, LP – Terms and Fees

• Available to Qualified Purchasers with a minimum initial investment of $500,000$ ,

• Monthly contributions and quarterly withdrawals after initial twelve‐month lockup Partial monthly withdrawals at the discretion of the General Partnerlockup. Partial monthly withdrawals at the discretion of the General Partner

• Optional quarterly income distributions

• Annual 1% management fee and 10% performance fee over an 8% annual hurdle rate, subject to a high water mark

Fees are payable in arrears on the last day of each quarter or such other dates as the fund makes distributions and accepts contributions. 30 days notice is required for withdrawal

25

p y y q p y qfrom the partnership by a limited partner. Fees are prorated for time periods of less than one quarter. Fees are negotiable.

Eagle Global Advisors does not provide Tax Advice. Please consult your tax advisor for opinions on your specific situation.

Growth of $1,000 Eagle vs. The Benchmarks (2004-2011)

$3,154 $3,250

$3,500

EGA MLP Fund Comp (Net)Alerian MLP IndexS&P 500

$2,609 $2 500

$2,750

$3,000S&P 500Barclays Govt/CreditDow Jones U.S. Select REIT

$2,000

$2,250

$2,500

$1,502 $1,611

$1,500

$1,750

$1,190

$750

$1,000

$1,250

26

$75012/31/2004 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010 9/30/201112/31/2003

Eagle Investment Edgeg g

Attractive Area For Adding Value Through Research

• Professional management using internally generated independent research can have significant value in an asset class dominated by retail investors.

• Houston is the knowledge center for both Energy and MLPs.

• Security selection has been the key driver for excellent returns of Eagle managed MLP portfolios.

28

Investment Process

• Eagle conducts in depth, fundamental analysis of individual partnerships.

• Eagle compares the mixture of expected growth and income of different partnerships to determine relative value.

• Eagle determines opportunistic value using statistical analysis and other methods.methods.

• Eagle invests in a portfolio of MLP units to reduce specific company risks.

29

Sized For Success

O i h 30 d f di l i i di id l i ifiOwning more than 30 days of trading volume in an individual MLP assumes significant liquidity/exit risk. Using that criteria, the chart below shows the investable universe for MLP

managers with increasing levels of AUM (assuming 5% portfolio position)

34

52

56

$2 Billion AUM Manager


Total Investable Universe

21

25

34




18

19



Number of MLPs Available Using 30 Days of Trading Volume and A 5% Portfolio Position

0 10 20 30 40 50 60

30

A commitment to controlled asset growth gives Eagle access to a broader range of investment opportunities

EGA Portfolios Outperformed In 2010 With Less Market Risk Than The Benchmark

Investment Weights: Cash

9.19

10

6.6

7.3

6

7

8

9

4.1

3.3

4.1 4.1

3.4

4.5

4

5

6

2.7

1.4

2.7 2.6

0 0 0 0 0 0 0 0 0 0 0 0 0

1

2

3

0 0 0 0 0 0 0 0 0 0 0 0 00

Dec‐09 Jan‐10 Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10

EGA MLP Alerian MLP (AMZ)

Average Market Exposure Of 96%, With The Balance In Cash Reserve

31

EGA Portfolios Outperformed In 2010 With Less Commodity Risk Than The Benchmark

20

Investment Weights: Commodity MLP Sectors(Gas Processing, Exploration & Production, Coal)

14

16

18

8

10

12

2

4

6

0Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10

EGA MLP Alerian MLP (AMZ)

Average exposure to commodity sensitive names of less than 4%, versus over 16% for the benchmark Alerian MLP index

32

Right Asset Class – Right ManagerRight Asset Class Right Manager

• Eagle has a consistent successful approach to MLP investing• Eagle has a consistent, successful approach to MLP investing

• Eagle is independent, employee owned and can make long‐term decisions to the benefit of investorsdecisions to the benefit of investors

• Eagle is sized to continue to deliver investment results

• Eagle is located in the heart of the MLP and Energy communities

33

Growth of $1,000 Eagle vs. The Benchmarks (2004-2011)

$3,154 $3,250

$3,500

EGA MLP Fund Comp (Net)Alerian MLP IndexS&P 500

$2,609 $2 500

$2,750

$3,000S&P 500Barclays Govt/CreditDow Jones U.S. Select REIT

$2,000

$2,250

$2,500

$1,502 $1,611

$1,500

$1,750

$1,190

$750

$1,000

$1,250

34

$75012/31/2004 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 12/31/2010 9/30/201112/31/2003

Appendixpp

MLP Taxation For Tax Exempt Trusts

• Tax exempt entities such as trusts, are required to pay taxes on Unrelated Business Taxable Income (UBTI) in excess of $1000 (Form 990‐T). ( ) ( )

• The distributions of most MLPs are typically 75% or more shielded by depreciation and other non‐cash charges which flow through the partnershipdepreciation and other non cash charges which flow through the partnership to the investors. Reported income (i.e. after shield) is taxed as UBTI .

• Deferred income (i e income shielded in previous years) is taxable as UBTI• Deferred income (i.e. income shielded in previous years) is taxable as UBTI upon sale of the asset.

R li d it l i f l f t t t d t UBTI t l• Realized capital gains from sale of asset are not taxed at UBTI rates unless the purchase was financed by debt.

36

Eagle Global Advisors does not provide tax advice. Please consult your tax advisor for opinions on your specific situation.

Key Attributes of MLP Investment Options

Exchange T d d N t

Exchange T d d F d

Closed-End M t l F d

Open-End M t l F d

Limited P t hi F d

Separate A t

Passive Strategies Active Strategies

Traded Note Traded Fund Mutual Fund Mutual Fund Partnership Fund Account

Liquidity Daily Daily Daily Daily Typically Quarterly Daily

Consolidated MultipleTax Reporting 1099 1099 1099 1099 Consolidated K-1

Multiple K-1s

Investment Tax Status Taxable Note Taxable

C-CorpTaxable C-Corp

Taxable C-Corp

Partnership Tax Status

Partnership Tax Status

AdditionalAdditional Corporate Level

Tax DragNo Yes Yes Yes No No

Taxation of Distributions

Interest Income

Largely Return of Capital





Generates UBTI No No No No Yes Yes

Bank Credit Risk Yes No No No No No

37

Performance History of Public MLP Vehicles

MLP Publicly Traded Vehicles versus the Alerian MLP Total Return Index (AMZX)Fund Inception Through 6/30/2010

Cumulative Returns Annualized Returns**Inception Fund Return Index Return Fund Return Index ReturnDate since inception for period since inception for period

Closed‐End FundsTortoise Energy Infrastructure (TYG) Feb‐04 148.3% 187.6% ‐39.3% 13.2% 15.5% ‐2.3%Energy Income and Growth (FEN) Jun‐04 131.8% 196.9% ‐65.1% 12.7% 16.8% ‐4.0%

Difference Difference

Kayne Anderson MLP Investment (KYN) Sep‐04 92.2% 161.9% ‐69.7% 10.2% 15.3% ‐5.2%Fiduciary Claymore MLP Opportunity (FMO Dec‐04 67.9% 143.7% ‐75.9% 8.3% 14.6% ‐6.4%Tortoise Energy Capital Corp. (TYY) May‐05 58.9% 127.2% ‐68.3% 7.9% 14.4% ‐6.5%Kayne Andersen Enegy Total Return (KYE) Jun‐05 89.9% 117.3% ‐27.4% 11.3% 13.8% ‐2.5%MLP and Strategic Equity (MTP) Jun‐07 12.8% 50.5% ‐37.8% 3.0% 10.7% ‐7.7%Cushing MLP Total Return (SRV) Aug 07 23 4% 57 6% 81 0% 6 7% 12 5% 19 2%Cushing MLP Total Return (SRV) Aug‐07 ‐23.4% 57.6% ‐81.0% ‐6.7% 12.5% ‐19.2%ClearBridge Energy MLP (CEM) Jun‐10 18.5% 30.3% ‐11.8% nm nm nmTortoise MLP (NTG) Jul‐10 8.6% 20.3% ‐11.8% nm nm nm

Open‐End FundsSteelpath MLP Alpha Fund (MLPAX) Mar‐10 15.7% 32.0% ‐16.4% nm nm nmSteelpath MLP Income Fund (MLPDX) Mar‐10 19.1% 32.0% ‐13.0% nm nm nmSteelpath MLP Select 40 (MLPFX) Mar‐10 17.6% 32.0% ‐14.4% nm nm nmCushing MLP Premier Fund (CSHZX) Oct‐10 6.7% 11.6% ‐4.8% nm nm nm

Exchange‐Traded FundsAlerian MLP ETF (AMLP) Aug‐10 11.9% 19.5% ‐7.5% nm nm nm

38

Source: Bloomberg*Note: Annualized returns are asssumed to be not meaningful if less than one year has elapsed since IPO

Composite Disclosures

EGA MLP Fund CompositeOctober 1, 2003 through June 30, 2011

2011 Q2 2011 Q1 2010 2009 2008 2007 2006 2005 2004 2003 **

EGA MLP Fund - Total Return (%) Net (0.89) 6.33 41.20 80.78 (40.95) 12.13 29.36 16.21 32.38 9.84

Alerian MLP Index - Benchmark Total Return (%) (0.74) 5.99 35.85 76.41 (36.93) 12.74 26.06 6.32 16.67 12.00

Composite 3 Year Std. Dev. 25.59 25.74 26.82 27.87 22.68 13.10 12.57 N/A N/A N/Ap N/A N/A

Benchmark 3 Year Std. Dev. 24.83 24.60 25.66 26.77 21.64 13.41 12.47 14.16 14.74 13.72

Number of Portfolios <5 <5 <5 <5 <5 <5 <5 <5 <5 <5

Composite Dispersion (%) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Composite Assets at End of Period (US$ 000) 479,522 511,060 500,589 366,777 211,224 266,609 154,751 86,444 46,716 25,768

Total Strategy Assets at End of Period (US$ 000) 973,889 903,658 886,079 577,771 292,789 394,975 210,837 106,343 51,100 27,900

Composite Assets as Percentage of Firm Assets 20.0 20.3 19.8 16.0 12.6 10.6 9.0 7.7 5.2 4.7

EGA MLP Fund Composite - The EGA MLP Fund Composite consists of LP funds invested in master limited partnership (MLP) units.

• Eagle Global Advisors, LLC is an independent investment advisor, registered with the SEC, actively managing individual investment portfolios containing domestic equity, international equity, master limited partnerships, and domestic fixed incomesecurities, (either directly or through a sub-advisory relationship), for mutual funds, high net worth individuals, retirement plans for corporations and unions, financial institutions, trusts, endowments and foundations.

• Eagle Global Advisors, LLC claims compliance with Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with GIPS standards. Eagle Global Advisors, LLC has been independently verified for theperiods 1/1/1997 to 3/31/2011 by Dabney Investment Consulting Associates, Inc. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPSstandards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Annual

Co pos e sse s as e ce age o sse s 0 0 0 3 9 8 6 0 6 0 6 9 0 5

Total Firm Assets (US$ 000) 2,401,218 2,514,254 2,527,423 2,295,834 1,677,203 2,505,557 1,711,542 1,121,554 891,522 544,210

** Partial year

standards on a firm wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. Annualreturns are reported for all full years and interim quarterly returns. Returns of portfolios and composites for periods of greater than 1 year are annualized. Only direct trading expenses are deducted when presenting gross of fee returns. In addition tomanagement fees, actual client returns will be reduced by any other expenses related to the management of an account such as brokerage charges, trustee fees or custodian fees. Valuations are computed and performance is reported in US dollars.Returns are calculated net of both non-reclaimable and reclaimable foreign withholding taxes on dividends, interest, and capital gains. Reclaimable withholding taxes are not accrued, but are cash basis as received. Eagle uses calendar month-end portfoliovaluations or valuations on the last business day of the month. Eagle uses the asset-weighted standard deviation as the measure of composite dispersion of the individual component portfolio gross full period returns around the aggregate composite meangross return. If the composite contains 5 portfolios or less (<=5) for the full period, a measure of dispersion is shown as not meaningful (N/A) and the number of portfolios is not reported. Past performance cannot guarantee comparable future results. Allinvestments involve risk including the loss of principal. This presentation is presented in a private and confidential nature, and is intended for clients who are financially sophisticated.

• The composite start date is October 1, 2003 and was created in 2004. The composite consists of two MLP portfolios where the firm has full investment discretion, the portfolio contains over $250,000 in MLP units, and the portfolio properly represented theintended strategy at the end of the calendar quarter. Prior to January 1, 2006 this composite was named the MLP Fund Composite, a name change only.

• Portfolios in the EGA MLP Fund Composite can use leverage and invest in derivative securities but this use is minimal and not considered material.• The benchmark is the Alerian MLP Index, a composite of the 50 most prominent energy master limited partnerships calculated by Standard & Poor's using a float-adjusted market capitalization methodology. The index is disseminated by the New York

Master Limited Partnerships Fee Schedule

EAGLE MANAGED LP FUNDS (minimum investment: $500,000)Account Size All AssetsAnnual Fee 1.00%

Performance Fee 10% above Hurdle Rate

Representative Example of Compounded Effect of Investment Advisory Fee

A maximum 1.00% management fee deducted from a portfolio quarterly (0.25%/quarter) would result in the following cumulative compound reduction of the portfolio time-weighted rate of

Years Cumulative Fee Years Cumulative Fee

1 1.004% 6 6.176%

2 2.018% 7 7.241%

3 3.042% 8 8.318%

Stock Exchange real-time on a price return basis (NYSE: AMZ). The corresponding total return index is calculated and disseminated daily through ticker AMZX. See www.alerian.com/insight for more information regarding the Alerian MLP Index.

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Performance Fee(subject to high water mark)

Hurdle Rate 8%return. 4 4.076% 9 9.405%

5 4.121% 10 10.503%

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