Rational Investing

	Total Market Capitalization of All Firms	$386,461 mm
	Average Market Capitalization	$16,803 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.0
	Standard Deviation of MM Ratio	0.3
	Average Beta	1.6
	Average EV To Revenue	4.5
	Average EV To EBITDAM	22.8
	Average Price To Free Cash Flow	20.7

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
MMP	Magellan Midstream Partners Lp	1.88	7,708	5.5	26.1	23.6	-16	1.0	Jun 20
NS	Nustar Energy L.P.	1.47	1,141	3.6	10.5	22.7	-15	2.3	Jun 20
EPD	Enterprise Products Partners L	1.18	33,845	2.5	10.6	13.6	-21	1.4	Jun 20
TCP	TC Pipelines LP	1.16	1,880	10.2	11.5	28.8	-5	1.0	Jun 20
OKE	Oneok Inc	1.11	10,282	3.2	24.5	30	-25	1.9	Jun 20
ENB	Enbridge Inc.	1.06	59,983	3.7	29.6	49.2	-22	0.9	Jun 20
LNG	Cheniere Energy Inc.	1.02	12,347	7.0	49	30	-9	1.5	Jun 20
PPL.TO	Pembina Pipeline Corporation	1.02	11,569	3.9	27.0	15.9	-20	1.6	Jun 20
TRP	TC Energy	1.02	41,153	8.0	43.9	14.5	-11	0.7	Jun 20
TGE	Tallgrass Energy GP	1.00	4,012	9.7	22.4	30	7	1.0	Dec 19
GEI.TO	Gibson Energy Inc	0.99	2,400	1.0	14.0	10.7	-50	1.5	Jun 20
GEL	Genesis Energy L.P	0.98	577	4.2	4.7	30	-25	2.3	Jun 20
KMI	Kinder Morgan Inc	0.98	27,799	5.6	12.3	15.4	-15	1.0	Jun 20
KEY.TO	Keyera Corp	0.97	3,157	2.1	19.7	30	-20	2.3	Jun 20
TRP.TO	TC Energy Corporation	0.86	41,136	6.8	58.7	14.6	-9	0.7	Jun 20
WES	Western Gas Partners Lp	0.85	3,325	3.8	7.3	12.4	8	3.3	Jun 20
WMB	Williams Companies Inc	0.82	24,151	6.5	18.7	16.5	-13	1.7	Jun 20
ET	Energy Transfer L.P.	0.81	14,858	1.6	5.5	8.4	-26	2.5	Jun 20
MPLX	MPLX LP	0.70	16,748	3.8	15.8	9.2	17	1.8	Jun 20
TRGP	Targa Resources Corp	0.70	3,245	1.6	14	30	-16	2.7	Jun 20
ENB.TO	Enbridge Inc	0.64	59,859	3.3	37.2	47.2	-23	0.9	Jun 20
HEP	Holly Energy Partners, L.P	0.62	1,319	5.8	7.8	11.3	-8	1.1	Jun 20
PAA	Plains All American Pipeline L	0.55	3,968	0.7	5.5	30	-43	1.9	Jun 20