Company Comparable Analysis > Rhone (IQ183140373) > Inputs

Details Template: Currency: As-Of Date: 12/07/2011 US Dollar Dec-31-2007

Company Comp Set Company Name

5 Year Beta

Basic EPS Business Description

City

Country Name

Buckeye Partners LP (NYSE:BPL)

0.46

2.91 Buckeye Partners, L.P. owns Houston and operates refined petroleum products pipeline systems in the United States. Its Pipelines and Terminals segment transports refined petroleum products and provides bulk storage and terminal throughput services in the continental United States. This segment owns and operates approximately 6,100 miles of pipeline systems in 16 states; and has 100 refined petroleum products terminals in 21 states with aggregate storage capacity of approximately 37.4 million barrels. The companys International Operations segment provides marine bulk storage and marine terminal throughput services. This segment has two refined petroleum product terminals, including one in Puerto Rico and one on The Grand Bahama Island in the Bahamas with an aggregate storage capacity of 26.1 million barrels. Its Natural Gas Storage segment provides natural gas storage services through a facility located in northern California. The facility has approximately 30 billion cubic feet of working natural gas storage capacity. The companys Energy Services segment engages in the

United States

El Paso Corp. (NYSE:EP)

1.47

1.542 El Paso Corporation operates Houston in the natural gas transmission, and exploration and production sectors of the energy industry primarily in the United States. It offers natural gas transmission services to a range of customers, including natural gas distribution and industrial companies, electric generation companies, natural gas producers, other natural gas pipelines, and natural gas marketing and trading companies through approximately 44,200 miles of pipeline system. The company also operates approximately 240 billion cubic feet of storage capacity, and an LNG receiving terminal in Elba Island, Georgia. In addition, it focuses on the exploration, development, and production of natural gas, oil, and natural gas liquids in the United States, Brazil, and Egypt, as well as engages in midstream operations. As of December 31, 2011, the company had proved oil and natural gas reserves of approximately 4 trillion cubic feet of natural gas equivalents. El Paso Corporation was founded in 1928 and is based in Houston, Texas.

United States

Enbridge Energy Partners LP (NYSE:EEP)

0.2

1.232 Enbridge Energy Partners, L.P. Houston owns and operates crude oil and liquid petroleum transportation and storage assets, as well as natural gas gathering, treating, processing, transmission, and marketing assets in the United States. Its Liquids segment includes Lakehead system that consists of crude oil and liquid petroleum pipelines, and terminal assets spanning a distance of approximately 1,900 miles and comprising approximately 5,100 miles of pipes; Mid-Continent system consisting of approximately 430 miles of crude oil pipelines and 17.3 million barrels of crude oil storage capacity; and North Dakota system comprising approximately 240 miles of crude oil gathering lines and storage capacity of approximately 870,000 barrels. This segment serves integrated oil companies, independent oil producers, refiners, and marketers. The Natural Gas segment includes East Texas system that consists of approximately 3,900 miles of natural gas gathering and transportation pipelines, 8 natural gas treating plants, and 5 natural gas processing plants, including 2 hydrocarbon dewpoint control

United States

NuStar Energy L.P. (NYSE:NS)

0.4

2.733 NuStar Energy L.P. engages in San Antonio the terminalling, storage, and transportation of petroleum products primarily in the United States, Canada, Mexico, the Netherlands, St. Eustatius in the Caribbean, the United Kingdom, and Turkey. The company operates in three segments: Storage, Transportation, and Asphalt and Fuels Marketing. The Storage segment operates terminal and storage facilities for petroleum products, specialty chemicals, crude oil, and other feedstocks; and crude oil storage tanks. Its terminals also offer pilotage, tug assistance, line handling, launch, emergency response, and other ship services. The Transportation segment transports refined petroleum products, crude oil, and anhydrous ammonia. It operates refined product pipelines in Texas, Oklahoma, Colorado, New Mexico, Kansas, Nebraska, Iowa, South Dakota, North Dakota, and Minnesota. The Asphalt and Fuels Marketing segment refines crude oil to produce asphalt and other refined products. This segment also purchases crude oil, gasoline, and other refined petroleum products for resale. As of

United States

Plains All American Pipeline, L.P. (NYSE:PAA)

0.37

2.46 Plains All American Pipeline, Houston L.P., through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, refined products, and liquid petroleum gas (LPG) products in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment transports crude oil and refined products on pipelines, gathering systems, trucks, and barges. As of December 31, 2011, this segment owned and leased 16,000 miles of active crude oil and refined products pipelines and gathering systems; 23 million barrels of above-ground tank capacity used primarily to facilitate pipeline throughput; 67 trucks and 382 trailers; and 82 transport and storage barges, and 44 transport tugs. The Facilities segment provides storage, terminalling, and throughput services for crude oil, refined products, and LPG and natural gas, as well as offers LPG fractionation and isomerization, and natural gas processing services. The Supply and Logistics segment purchases crude oil at the wellhead, and pipeline and terminal facilities; waterborne

United States

TransCanada Corp. (TSX:TRP)

0.52

2.326 Transcanada Corporation Calgary operates as an energy infrastructure company in North America. The company operates in three segments: Natural Gas Pipelines, Oil Pipelines, and Energy. The Natural Gas Pipelines segment owns and operates energy infrastructure, including natural gas pipelines and regulated gas storage facilities. Its natural gas pipeline systems consist of a network of approximately 57,000 kilometers (KMs) of wholly owned natural gas pipelines, and approximately 11,500 kms of partially owned natural gas pipelines; and regulated natural gas storage facilities with a total capacity of 250 billion cubic feet. The Oil Pipelines segment operates Keystone crude oil pipeline system, which includes 3,467 kilometers of Wood River/Patoka and Cushing Extension sections. The Energy segment engages in the acquisition, development, construction, ownership, and operation of electrical power generation plants; purchase and marketing of electricity; provision of electricity account services to energy and industrial customers; and development, construction,

Canada

All values in millions, except per share data and ratios. Values converted at today's spot rate.

Financial data provided by

Estimates data provided by

Historical Equity Pricing Data supplied by

EBIT

EBIT

EBIT

EBIT Margin %

EBIT, 1 Yr Growth %

EBITDA

300.6

202.1

202.1

38.9%

27.3%

360.1

1,985.0

1,645.0

1,645.0

35.4%

20.8%

2,927.0

137.6

318.4

318.4

4.4%

(17.7%)

449.3

302.6

192.6

192.6

13.1%

(9.5%)

456.4

780.0

519.0

519.0

2.5%

46.2%

1,016.0

2,599.3

2,681.0

2,681.0

30.1%

13.5%

3,964.0

EBITDA

EBITDA

EBITDA (Capital IQ)

EBITDA (Capital IQ)

EBITDA Margin %

EBITDA, 1 Yr Growth %

246.7

246.7

47.5%

21.6%

2,821.0

2,821.0

60.7%

17.1%

484.0

484.0

6.7%

(7.3%)

306.9

306.9

20.8%

(2.0%)

689.0

689.0

3.4%

51.8%

3,927.7

3,927.7

44.1%

14.6%

EPS (Capital IQ)

EPS (Capital IQ)

Forward P/E (Capital IQ)

Gross Margin % Headquarters

LT EPS Growth Rate (Capital IQ)

51.7% One Greenway Plaza, Suite 600, Houston, Texas, 77046, United States

66.0% El Paso Building, 1001 Louisiana Street, Houston, Texas, 77002, United States

12.3% 1100 Louisiana Street, Suite 3300, Houston, Texas, 77002, United States

25.4% 2330 Loop 1604 West, San Antonio, Texas, 78248, United States

4.2% 333 Clay Street, Suite 1600, Houston, Texas, 77002, United States

44.1% TransCanada Tower, 450 1 Street South West, Calgary, Alberta, T2P 5H1, Canada

Market Capitalization

Minority Interest

Net Debt

Net Income Margin %

Net Income, 1 Yr Growth %

P/Diluted EPS Before Extra

2,159.75

20.5

756.0

29.9%

40.9%

16.87x

12,076.38

565.0

12,529.0

23.9%

133.7%

53.51x

4,111.25

2,973.4

3.5%

(12.4%)

20.75x

2,494.96

1,356.5

10.2%

0.5%

17.87x

6,031.05

3,713.0

1.8%

28.1%

20.19x

22,052.58

1,006.9

13,818.1

13.9%

13.3%

18.95x

P/TangBV

Revenue (Capital IQ)

Revenue (Capital IQ)

Shares Outstanding State

Street Address 1

2.18x

43.71 TX

One Greenway Plaza

2.84x

700.49 TX

El Paso Building

1.85x

162.69 TX

1100 Louisiana Street

2.50x

46.81 TX

2330 Loop 1604 West

2.64x

115.98 TX

333 Clay Street

3.13x

539.72 AB

TransCanada Tower

Street Address 2

Tangible Book Value/Share

TEV/EBIT

TEV/EBIT

TEV/EBITDA

TEV/EBITDA

Suite 600

23.42

15.80x

15.80x

12.81x

12.81x

1001 Louisiana Street

6.47

17.18x

17.18x

9.74x

9.74x

Suite 3300

13.21

20.22x

20.22x

13.81x

13.81x

22.67

19.39x

19.39x

12.58x

12.58x

Suite 1600

18.65

18.72x

18.72x

13.97x

13.97x

450 1 Street South West

12.03

14.49x

14.49x

9.94x

9.94x

TEV/Forward EBIT (Capital IQ)

TEV/Forward EBIT (Capital IQ)

TEV/Forward EBITDA (Capital IQ)

TEV/Forward EBITDA (Capital IQ)

TEV/Forward EBITDA (Capital IQ)

TEV/Forward Total Revenue (Capital IQ)

17.0x

12.1x

12.6x

12.9x

10.3x

10.9x

TEV/Forward Total Revenue (Capital IQ)

TEV/Forward Total Revenue (Capital IQ)

TEV/Total Revenues

TEV/Total Revenues Total Cash & ST Investments

Total Debt

1.9x

6.01x

6.01x

93.2

849.2

6.9x

5.92x

5.92x

285.0

12,814.0

1.6x

0.99x

0.99x

50.5

3,023.9

1.1x

3.05x

3.05x

89.8

1,446.3

0.5x

0.50x

0.50x

24.0

3,737.0

5.7x

4.18x

4.18x

1,534.0

15,352.1

Total Debt/Capital %

Total Debt/EBITDA

Total Enterprise Value

Total Pref. Equity

Total Revenue

Total Revenue

43.3%

3.4x

3,025.46

3,151.3

519.3

68.7%

4.5x

25,471.38

750.0

4,616.0

4,648.0

54.0%

6.2x

6,738.65

62.9

7,736.1

7,172.1

42.0%

4.7x

3,973.04

41.8

4,403.1

1,475.0

52.2%

5.4x

9,255.15

81.0

25,893.0

20,394.0

58.5%

3.9x

36,942.01

8,127.6

8,897.6

Total Revenue Total Revenues, 1 Yr Growth Zip Code %

519.3

12.5% 77,046

4,648.0

8.6% 77,002

7,172.1

10.2% 77,002

1,475.0

29.7% 78,248

20,394.0

(9.1%) 77,002

8,897.6

17.4% T2P 5H1

Company Comparable Analysis > Rhone (IQ183140373) > Financial Data

Details Template: Currency: As-Of Date: 12/07/2011 US Dollar Dec-31-2007

Company Comp Set Company Name Buckeye Partners LP (NYSE:BPL) El Paso Corp. (NYSE:EP) Enbridge Energy Partners LP (NYSE:EEP) NuStar Energy L.P. (NYSE:NS) Plains All American Pipeline, L.P. (NYSE:PAA) TransCanada Corp. (TSX:TRP) Summary Statistics High Low Mean Median

Market Capitalization Latest 2,159.75 12,076.38 4,111.25 2,494.96 6,031.05 22,052.58 Market Capitalization Latest 22,052.58 2,159.75 8,154.33 5,071.15

LTM Net Debt Total Enterprise Value Latest 756.0 12,529.0 2,973.4 1,356.5 3,713.0 13,818.1 3,025.46 25,471.38 6,738.65 3,973.04 9,255.15 36,942.01

LTM Total Revenue 519.3 4,648.0 7,172.1 1,475.0 20,394.0 8,897.6 LTM Total Revenue 20,394.0 519.3 7,184.3 5,910.1

LTM EBITDA 246.7 2,821.0 484.0 306.9 689.0 3,927.7 LTM EBITDA 3,927.7 246.7 1,412.6 586.5

LTM Net Debt Total Enterprise Value Latest 13,818.1 756.0 5,857.7 3,343.2 36,942.01 3,025.46 14,234.28 7,996.9

Displaying 6 Companies. Excel Comp Set ID: IQ183140373 All values in millions, except per share data and ratios. Values converted at today's spot rate.

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LTM EBIT 202.1 1,645.0 318.4 192.6 519.0 2,681.0 LTM EBIT 2,681.0 192.6 926.4 418.7

NTM Revenue (Capital IQ) NTM Revenue (Capital IQ) -

NTM EBITDA (Capital IQ) NTM EBITDA (Capital IQ) -

NTM EPS (Capital IQ) NTM EPS (Capital IQ) -

Company Comparable Analysis > Rhone (IQ183140373) > Trading Multiples

Details Template: Currency: As-Of Date: 12/07/2011 US Dollar Dec-31-2007

Company Comp Set Company Name

Market Capitalization Latest Total Enterprise Value Latest

FY2010 Total Revenue

TEV/Total Revenues LTM Latest

FY+1 - Dec/07/2011 TEV/Forward Total Revenue (Capital IQ) - Dec-07-2011 1.9x 6.9x 1.6x 1.1x 0.5x 5.7x FY+1 - Dec/07/2011 TEV/Forward Total Revenue (Capital IQ) - Dec-07-2011 6.9x 0.5x 3.0x 1.8x

Buckeye Partners LP (NYSE:BPL) El Paso Corp. (NYSE:EP) Enbridge Energy Partners LP (NYSE:EEP) NuStar Energy L.P. (NYSE:NS) Plains All American Pipeline, L.P. (NYSE:PAA) TransCanada Corp. (TSX:TRP) Summary Statistics

2,159.75 12,076.38 4,111.25 2,494.96 6,031.05 22,052.58

3,025.46 25,471.38 6,738.65 3,973.04 9,255.15 36,942.01

3,151.3 4,616.0 7,736.1 4,403.1 25,893.0 8,127.6 FY2010 Total Revenue

6.01x 5.92x 0.99x 3.05x 0.50x 4.18x TEV/Total Revenues LTM Latest

Market Capitalization Latest Total Enterprise Value Latest

High Low Mean Median

22,052.58 2,159.75 8,154.33 5,071.15

36,942.01 3,025.46 14,234.28 7,996.9

25,893.0 3,151.3 8,987.9 6,176.1

6.01x 0.50x 3.44x 3.62x

Displaying 6 Companies. Excel Comp Set ID: IQ183140373 All values in millions, except per share data and ratios. Values converted at today's spot rate.

Financial data provided by

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FY+2 TEV/Forward Total Revenue (Capital IQ)

FY2010 EBITDA

TEV/EBITDA LTM - Latest

FY+1 - Dec/07/2011 TEV/Forward EBITDA (Capital IQ) - Dec-07-2011 17.0x 12.1x 12.6x 12.9x 10.3x 10.9x FY+1 - Dec/07/2011 TEV/Forward EBITDA (Capital IQ) - Dec-07-2011 17.0x 10.3x 12.6x 12.4x

FY+2 TEV/Forward EBITDA (Capital IQ)

FY2010 EBIT

FY+2 TEV/Forward Total Revenue (Capital IQ)

360.1 2,927.0 449.3 456.4 1,016.0 3,964.0 FY2010 EBITDA

12.81x 9.74x 13.81x 12.58x 13.97x 9.94x TEV/EBITDA LTM - Latest

FY+2 TEV/Forward EBITDA (Capital IQ)

300.6 1,985.0 137.6 302.6 780.0 2,599.3 FY2010 EBIT

3,964.0 360.1 1,528.8 736.2

13.97x 9.74x 12.14x 12.70x

2,599.3 137.6 1,017.5 541.3

TEV/EBIT LTM - Latest

FY TEV/Forward EBIT (Capital IQ)

FY+1 TEV/Forward EBIT (Capital IQ)

15.80x 17.18x 20.22x 19.39x 18.72x 14.49x TEV/EBIT LTM - Latest

FY TEV/Forward EBIT (Capital IQ)

FY+1 TEV/Forward EBIT (Capital IQ)

20.22x 14.49x 17.63x 17.95x

Company Comparable Analysis > Rhone (IQ183140373) > Operating Statistics

Details Template: Currency: As-Of Date: 12/07/2011 US Dollar Dec-31-2007

Company Comp Set Company Name Buckeye Partners LP (NYSE:BPL) El Paso Corp. (NYSE:EP) Enbridge Energy Partners LP (NYSE:EEP) NuStar Energy L.P. (NYSE:NS) Plains All American Pipeline, L.P. (NYSE:PAA) TransCanada Corp. (TSX:TRP) Summary Statistics High Low Mean Median

LTM Gross Margin % 51.7% 66.0% 12.3% 25.4% 4.2% 44.1% LTM Gross Margin % 66.0% 4.2% 34.0% 34.8%

LTM EBITDA Margin % 47.5% 60.7% 6.7% 20.8% 3.4% 44.1% LTM EBITDA Margin % 60.7% 3.4% 30.5% 32.5%

LTM EBIT Margin % 38.9% 35.4% 4.4% 13.1% 2.5% 30.1% LTM EBIT Margin % 38.9% 2.5% 20.7% 21.6%

LTM Net Income Margin % 29.9% 23.9% 3.5% 10.2% 1.8% 13.9% LTM Net Income Margin % 29.9% 1.8% 13.9% 12.1%

LTM Total Revenues, 1 Yr Growth % 12.5% 8.6% 10.2% 29.7% (9.1%) 17.4% LTM Total Revenues, 1 Yr Growth % 29.7% (9.1%) 11.6% 11.4%

Displaying 6 Companies. Excel Comp Set ID: IQ183140373 All values in millions, except per share data and ratios. Values converted at today's spot rate.

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LTM EBITDA, 1 Yr Growth % 21.6% 17.1% (7.3%) (2.0%) 51.8% 14.6% LTM EBITDA, 1 Yr Growth % 51.8% (7.3%) 16.0% 15.9%

LTM EBIT, 1 Yr Growth % 27.3% 20.8% (17.7%) (9.5%) 46.2% 13.5% LTM EBIT, 1 Yr Growth % 46.2% (17.7%) 13.4% 17.2%

LTM Net Income, 1 Yr Growth % 40.9% 133.7% (12.4%) 0.5% 28.1% 13.3% LTM Net Income, 1 Yr Growth % 133.7% (12.4%) 34.0% 20.7%

LTM Total Debt/Capital % 43.3% 68.7% 54.0% 42.0% 52.2% 58.5% LTM Total Debt/Capital % 68.7% 42.0% 53.1% 53.1%

LTM Total Debt/EBITDA 3.4x 4.5x 6.2x 4.7x 5.4x 3.9x LTM Total Debt/EBITDA 6.2x 3.4x 4.7x 4.6x

NTM LT EPS Growth Rate (Capital IQ) NTM LT EPS Growth Rate (Capital IQ) -

5 Year Beta 0.46 1.47 0.2 0.4 0.37 0.52 5 Year Beta 1.47 0.2 0.57 0.43

Company Comparable Analysis > Rhone (IQ183140373) > Business Description

Details Template: Currency: As-Of Date:

Company Comp Set Company Name Buckeye Partners LP (NYSE:BPL) El Paso Corp. (NYSE:EP) Enbridge Energy Partners LP (NYSE:EEP) NuStar Energy L.P. (NYSE:NS) Plains All American Pipeline, L.P. (NYSE:PAA) TransCanada Corp. (TSX:TRP) Summary Statistics High Low Mean Median

Displaying 6 Companies. Excel Comp Set ID: IQ183140373 All values in millions, except per share data and ratios. Values converted at today's spot rate.

arable Analysis > Rhone (IQ183140373) > Business Description

12/07/2011 US Dollar Dec-31-2007

Business Description Buckeye Partners, L.P. owns and operates refined petroleum products pipeline systems in the United States. Its Pipelines and Terminals segment transports refined petroleum products and provides bulk storage and terminal throughput services in the continental United States. This segment owns and operates approximately 6,100 miles of pipeline systems in 16 states; and has 100 refined petroleum productsCorporation operates in the aggregate storage capacity of approximately 37.4 million barrels. The companys International Operations segment provides marine bulk storage and marine terminal El Paso terminals in 21 states with natural gas transmission, and exploration and production sectors of the energy industry primarily in the United States. It offers natural gas transmission services to a range of customers, including natural gas distribution and oil and liquid petroleum transportation and storage assets, asgas producers, other natural gas pipelines, and natural gas marketing and trading Enbridge Energy Partners, L.P. owns and operates crude industrial companies, electric generation companies, natural well as natural gas gathering, treating, processing, transmission, and marketing assets in the United States. Its Liquids segment includes Lakehead system that consists of crude oil and liquid petroleum pipelines, and terminal assets spanning a distance of approximately 1,900 miles and comprisingL.P. engages in the terminalling, storage, and transportation of petroleum products primarilymiles of crudeStates, Canada, Mexico, the Netherlands, St. oil storagein the Caribbean, the NuStar Energy approximately 5,100 miles of pipes; Mid-Continent system consisting of approximately 430 in the United oil pipelines and 17.3 million barrels of crude Eustatius capacity; and North United All American Pipeline, L.P., company operates in three segments: Storage, Transportation, and Asphalt and Fuels Marketing. The Storage segment operates terminal and storage facilities for in the Plains Kingdom, and Turkey. The through its subsidiaries, engages in the transportation, storage, terminalling, and marketing of crude oil, refined products, and liquid petroleum gas (LPG) products United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment transports crude oil and refined products on pipelines, gathering systems, trucks, and barges. infrastructure company in North segment owned and leased 16,000 miles of active crude oil and refined products pipelines and Energy. The Natural23 Transcanada Corporation operates as an energy As of December 31, 2011, this America. The company operates in three segments: Natural Gas Pipelines, Oil Pipelines, and gathering systems; Gas Pipelines segment owns and operates energy infrastructure, including natural gas pipelines and regulated gas storage facilities. Its natural gas pipeline systems consist of a network of approximately Business Description -

hare data and ratios.

Financ

Estimat

Historical Equity Prici

Headquarters One Greenway Plaza, Suite 600, Houston, Texas, 77046, United States El Paso Building, 1001 Louisiana Street, Houston, 1100 Louisiana Street, Suite 3300, Houston, Texas, 77002, United States West, San 2330 Loop 1604 Antonio, Texas, 78248, United 333 Clay Street, Suite 1600, Houston, Texas, 77002, United States TransCanada Tower, 450 1 Street South West, Calgary, Headquarters -

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Company Comparable Analysis > Rhone (IQ183140373) > Implied Valuation

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Company Comparable Analysis > Rhone (IQ183140373) > Valuation Chart

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