Swank Capital & Cushing® MLP Asset Management MLP Asset ...

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Swank Capital & Cushing® MLP Asset Management MLP Asset Class Overview

National Society of Institutional Investment Professionals November 15, 2011 CONFIDENTIAL – NOT FOR PUBLICATION OR REDISTRIBUTION

Swank Capital, LLC Cushing® MLP Asset Management, LP 8117 Preston Road, Suite 440 Dallas, Texas 75225 www.swankcapital.com www.cushingfunds.com This is not an offering and is provided for informational purposes only.

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I. Overview of Swank Capital & Cushing® MLP Asset Management

Leading MLP manager since 2003

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Swank Capital & Cushing® MLP Asset Management

Swank Capital is a leading investment manager with a long term record managing publicly traded MLPs

Cushing® MLP Asset Management is an SEC registered investment adviser and a subsidiary of Swank Capital, LLC

The Cushing® brand represents the firm’s suite of investment options across energy yielding equities

Approximately $1.44 billion AUM comprised of public funds, hedge funds, separately managed accounts, and long only private funds(1)

Launched first MLP dedicated private fund in January 2003 Investment and support team of 23 people

– 10 MBAs, 2 CFAs, 3 CPAs – 1 Financial Risk Manager (FRM) – 1 Engineer

Senior investment team averages over 25 years experience in investment management and direct energy industry experience

Our partner, Riverstone Holdings, LLC, is the premier private equity manager of midstream energy assets

1) As of September 30, 2011.

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Swank Capital Investment Team Jerry Swank

Founder, Managing Partner and Portfolio Manager

38 years of experience in investment management and research analysis. Former President and CEO of JS Herold, a 50-year old independent oil and gas research firm. Former Director of CS First Boston. Former buy side analyst and portfolio manager. Education: B.A. Economics, Missouri University M.B.A. University of North Texas

Libby Toudouze Partner & Portfolio Manager

27 years of investment management experience. Former portfolio manager for a family office and former analyst, trader and portfolio manager at hedge fund Paragon Associates. Combined seven years at Bank of America, Morgan Stanley, and JP Morgan. Education: B.B.A. Southern Methodist University M.B.A. Southern Methodist University

Daniel Spears Partner & Portfolio Manager

18 years of investment management and investment banking experience in the energy sector. Former investment banker for Banc of America Securities and Salomon Smith Barney. Education: B.S. Economics, University of Pennsylvania

Kevin Gallagher, CFA Sr. Vice President & Portfolio Manager

13 years of investment management and research experience. Former RBC Capital Markets energy analyst and GMAC portfolio manager. Education: B.S. Economics, Southern Methodist University M.B.A. Southern Methodist University

Todd Sunderland, MBA, CFA, FRM, PE (inactive)

Sr. Vice President & Risk Manager

8 years investment and risk management experience and five years engineering experience. Former risk analyst for Spinnerhawk Capital Management and Hunt Financial Group. Education: B.S. Mechanical Engineering , Cornell University M.B.A. Finance, Southern Methodist University

Judd Cryer Sr. Vice President & Sr. Research Analyst

6 years of investment management and research experience and seven years of engineering experience in the energy sector. Former consulting engineer in the utility industry and a project engineer in the oil and gas service industry. Education: B.S. Mechanical Engineering , Oklahoma State University M.B.A. Southern Methodist University

John Musgrave Vice President & Sr. Research Analyst

6 years of investment management and investment banking experience in the energy sector. Former investment banker for Citigroup Global Markets and UBS Investment Bank. Education: B.B.A Texas A&M University

Paul Euseppi, CPA Vice President & Sr. Research Analyst

3 years of investment management and investment banking experience in the energy sector. Former investment banker for Citigroup Global Markets and former associate at PricewaterhouseCoopers. Education: B.B.A. University of Texas at Austin M.B.A. Texas Tech University

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The Cushing® MLP Opportunity Fund I, L.P.

Long / short hedge fund Broadly focused on MLP sector Launched in November 2006

The Cushing® G.P. Strategies Fund, L. P.

Long / short hedge fund Focused on MLP general partners Launched in November 2006

The Cushing® MLP Premier Fund

(CSHAX, CSHCX, CSHZX)

Open-end structure Daily liquidity at NAV Actively managed dedicated MLP fund 1099 instead of K-1s

The Cushing® MLP Total Return Fund (NYSE: SRV)

Closed-end structure Actively managed dedicated MLP fund Typically employs leverage Broader investment opportunity set 1099 instead of K-1s

Cushing® MLP Infrastructure Fund

Long only fund Publicly traded MLPs Structured to be registered under

Investment Company Act of 1940 Single consolidated K-1

Separately Managed Accounts

Two distinct strategies $250,000 minimum account size Custom mandates ($5 million minimum) Active Management

Long Only / Publicly Traded Assets: ~$629 million Hedge Fund Assets: ~$804 million

Leaders in MLP asset management with over $1.44 billion in assets under management

1) As of October 31, 2011. Includes funds, separately managed accounts and closed-end funds. This overview should not be considered a solicitation for investment. Interested parties should refer to the partnership or fund’s offering circular for a complete background of performance, manager experience, and investment risks associated with the partnership or fund.

Multi-Structure MLP Asset Management Platform

The Cushing® 30 MLP Index

Premier MLP Benchmark Fundamentally based, equal weighted Publicly traded ETN sponsored by Credit-

Suisse (NYSE: MLPN) Calculated and maintained by S&P

The Cushing® MLP High Income Index

Premier MLP Benchmark Publicly traded ETN sponsored by Morgan

Stanley (NYSE: MLPY) Calculated and maintained by S&P

Indices

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II. MLP Asset Class Fundamentals

Supplying the nation’s energy infrastructure needs

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Energy Master Limited Partnerships (MLPs)

Swank Capital analyzes in depth all subsectors of the energy infrastructure universe

What are MLPs? • Structured as a limited partnership, not a corporation • Own, maintain and operate energy infrastructure of North America • Trade on public exchanges • Generate high free cash flow paid out quarterly to investors • Potential for growth • Approximately $290 billion market cap as of June 30, 2011

Why own MLPs? • Unmatched Total Return value proposition • Attractive yield • Portfolio diversification • A lower risk (Beta) way to invest in energy • Resilient business model during periods of economic weakness • Asset class is under-owned by institutions

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Swank Capital Focus

The Energy Supply Chain

Utility-like companies which own energy infrastructure assets

Toll Road Business Model Midstream MLPs typically do not own the energy commodity they transport and store, but collect revenue to act as a “toll road”

Free Cash Flow History of stable and predictable cash flows, paid to investors

Growth Opportunity Potential to grow cash flow through the build out of U.S. energy infrastructure Development of shale oil, natural gas & Canadian oil sands

Midstream-Energy Infrastructure

Processes that create a marketable product

Transportation and Storage

Pipeline

Gathering

Treating and Processing

Downstream

Product Uses

Commercial

Industrial

Residential

Refining

Upstream

Oil and natural gas production

Drilling

Production

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MLP Subsector Descriptions

Natural Gas Gatherers and Processors

These MLPs gather and process natural gas in the field and process it by removing and separating natural gas liquids (NGLs) to make the gas acceptable to transport on gas transmission lines. Contracts range from fee based (no commodity exposure) to keep whole, which has exposure to the spread between NGLs and natural gas.

Natural Gas Transportation Natural gas transportation pipelines are generally large diameter interstate pipelines used for long-distance transportation. With stable revenues (contracts are largely “take or pay”), natural gas transportation pipelines receive natural gas from gathering systems and other pipelines and deliver it to industrial end users, utility companies, or storage facilities.

Natural Gas Storage Natural gas storage MLPs own, operate and manage natural gas storage facilities and provide interconnectivity to transportation pipelines. They primarily lease storage capacity to customers under long term contracts (3-5 years) and have minimal exposure to commodity prices.

Crude Oil Transportation Crude oil MLPs are engaged in the transportation, storage, blending, terminalling and marketing of crude oil and crude oil derivative products. They transport crude for a fee from the wellhead (supply regions) to refineries or other end users of crude oil (demand region) without taking title to the product limiting their commodity exposure.

Refined Products Pipelines and Terminals

Refined products pipelines are common carrier transporters of refined petroleum products, such as gasoline, diesel fuel and jet fuel. Primary pipeline customers are refiners and marketers of the product being shipped. End-user destinations include airports, rail yards, and terminals/truck racks, for further distribution to retail outlets.

Coal The universe of coal MLPs consist of three coal producers and two coal royalty businesses that own, lease, and manage coal reserves. The royalty-oriented partnerships enter into long-term leases that provide the coal operators the right to mine coal reserves on the partnerships’ properties in exchange for royalty payments.

Propane Propane MLPs distribute propane via truck to residential, commercial, industrial, and agricultural customers.

Upstream Upstream MLPs are focused on the exploitation, development, and acquisition of oil and natural gas producing properties. These partnerships produce oil and natural gas at the wellhead for sale to various third parties. Typically, upstream MLPs do not partake in exploratory drilling, but rather own and operate assets in mature basins that exhibit low decline rates and long reserve lives.

Shipping and Transportation Shipping MLPs transport energy products primarily via tankers or barges. Products shipped typically include refined petroleum products and by-products such as gasoline, heating oil, diesel fuel, jet fuel, lubricants, asphalt, fuel oil, sulfur, petrochemical and commodity specialty products, liquefied natural gas, and crude oil.

“Pure-Play” General Partnerships General partnerships own and operate the assets of an underlying MLP. Generally, GPs will own a 2% general partner interest with incentive distribution rights. GPs vary on number of common units owned, levels of debt, tax structure and other considerations.

“Diversified” General Partnerships Diversified general partnerships are similar to the “pure-play” general partnerships described above, except that they are generally structured as “C-Corps” and are involved in other business operations that are separate from those of the underlying MLP (e.g. WMB, OKE, etc.).

Distressed MLPs Distressed MLPs are classified as MLPs that are not currently paying a distribution. The underlying business may fall into one of the above categories.

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Shifting Focus to Crude and Natural Gas Liquids

Attractive economics for crude and natural gas liquids (“NGLs”) are driving the need for additional infrastructure

Improving technology, high crude prices, low natural gas prices, and consequently attractive processing economics, are driving E&Ps to increase rig counts in liquids rich plays

This trend is driving new infrastructure opportunities for MLPs

Key areas and MLPs with exposure include: – Bakken: EEP, OKS, PAA – Eagle Ford: EPD, KMP, CPNO, ETP, DPM, RGNC – Cushing: PAA, EEP, MMP, BKEP – Mt. Belvieu: EPD, MMP, NGLS, OKS, CPNO – Permian Basin

This trend in conjunction with increasing Canadian crude oil imports (Keystone Pipeline) are also driving demand for additional crude oil storage

– MLPs with exposure include PAA, MMP, EEP, SXL and BKEP

Salt Lake City

Wood River/ Patoka

Mt. Belvieu

Cushing Granite Wash

Permian Basin

Eagle Ford

Niobrara

Bakken Collingwood

MLPs are building the supporting infrastructure including gathering and transportation pipelines, processing / fractionation capacity as well as storage

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The Result: Visible Growth from Organic Projects

Announced Project EBITDA Contribution for Enterprise Product Partners, LP (EPD)

MLPs are investing in expansion projects which provide visible EBITDA growth for the future

1) Source: Cushing® MLP Asset Management, LP estimates and Company filings.

$3,000

$3,200

$3,400

$3,600

$3,800

$4,000

$4,200

$4,400

$4,600

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

Jun-

12

Sep-

12

Dec

-12

Mar

-13

Jun-

13

Sep-

13

Dec

-13

Mar

-14

Jun-

14

Sep-

14

Dec

-14

Mar

-15

Jun-

15

Sep-

15

Dec

-15

Mar

-16

Jun-

16

Sep-

16

Dec

-16

Base EBITDA Lou-Tex 12" NGL Pipeline Expansion Trinity River Basin Lateral (Partial 4Q'09, full 2Q 2010)Meeker Gas Gathering Pipeline Expansion Wilson Gas Storage Expansion #5 (5 Bcf) Haynesville Acadian Extension (EPD share of Pipeline- estimate 34%)Mont Belvieu Fractionator #4 Anaconda Gas Pipeline Expansion Motiva Refinery Propane & Butane ConnectionsPetal Cavern Conversion to Natural gas Haynesville - Chesapeake Gathering Facility Mont Belvieu Fractionator #5White Kitchen Lateral (Eagle Ford Shale) EagleFord Mainline Expansion - Segment 1 EagleFord Crude Oil ProjectsEagleFord Crude Oil Facility EagleFord NGL Pipeline & Fractionation Projects EagleFord Natural Gas Gathering, Processing & TransportationOther 2010 Projects Other 2011 Projects Other 2012 ProjectsOther 2013 Projects Other 2014 Projects Other 2015 Projects

(Dollars in millions) (Dollars in millions) (Dollars in millions) (Dollars in millions)

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III. MLP Investment Opportunity

Growth + Income = Powerful Return Engine

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MLPs’ Position in Portfolios

An emerging asset class with unique characteristics

MLPs are equities with unique income characteristics – High “coupon” that has traditionally grown faster than inflation – Historical 4-8% distribution growth

– Price protection in inflationary environments – Enhanced growth during inflation neutral periods

– Tax-advantaged distributions...“return of capital” treatment – Low correlation to broad equity markets

We have seen institutions position MLPs within their alternatives allocation – General Alternatives – Hard/Fixed Assets – Some have positioned as an income play

Retail investors tend to view MLPs as income solutions – Re-allocation from bonds (corporates, munis, treasuries)

Most Cushing® products are Total Return focused (50/50 price/income) – We have income-oriented solutions as well

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MLP Investment Themes 2011

Across the many MLP subsectors we see several key themes playing out in 2011

1) Shift in growth opportunities – MLPs with a big footprint are likely to have a regular stream of projects on an ongoing

basis – Large MLPs can have $200 to $500 million of organic projects for many years to come

based on their existing infrastructure footprint 2) Oil and Natural Gas Liquids (NGLs)

– Domestic onshore Crude oil development could be the next growth avenue for U.S. E&P companies and thus spur the next wave of infrastructure build-out

– Spreads and margins continue to be very attractive for MLPs that process and transport Natural Gas Liquids (NGLs)

3) Sponsor Drop Downs – Sponsors with billions of dollars of infrastructure assets can provide steady growth

through asset drop downs to their MLPs 4) Coal

– Improving economy and increased international demand should provide additional volume growth and pricing strength

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Where Are We Today?

MLPs remain attractive for three key reasons

1) Attractive Valuations – Above average yields and yield spreads – Still within historical ranges for EV/EBITDA multiples – Attractive to other yield alternatives: REITS, Utilities, Corporate Bonds

2) Earnings Strength / Stability – MLP earnings did not decline in 2007/2009, therefore no earnings

“recovery” is necessary to justify current prices 3) High and Growing Dividends (Defense and Offense)

– High dividends provide protection in an uncertain market – Growing dividends encourage upside price movement while providing

a powerful inflation hedge

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Average

+1 Std Dev

-1 Std Dev

(100)

0

100

200

300

400

500

Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11

(Spread in Basis Points)

Average

+1 Std Dev

-1 Std Dev

(100)

0

100

200

300

400

500



Average

+1 Std Dev

-1 Std Dev

0

200

400

600

800

1,000



MLP Yield Spread to 10-Year Treasury MLP Yield Spread to REITs

Spreads remain within their long term averages and well above the near zero level experienced in the summer of 2007, which marked the previous high for the index

1) As of September 30, 2011. 2) Source: FactSet Research Systems, Inc. and Bloomberg.

MLP Yield Spreads Still At Attractive Levels

MLP Yield Spread to BBB Bonds

MLPs at average levels vs. 10-Yr Treasury

MLPs at attractive levels vs. REITs

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10.96x

11.63x 12.00x

6.5x

7.5x

8.5x

9.5x

10.5x

11.5x

12.5x

13.5x

14.5x

Aug

-01

Feb-

02

Aug

-02

Feb-

03

Aug

-03

Feb-

04

Aug

-04

Feb-

05

Aug

-05

Feb-

06

Aug

-06

Feb-

07

Aug

-07

Feb-

08

Aug

-08

Feb-

09

Aug

-09

Feb-

10

Aug

-10

Feb-

11

Aug

-11

EV / Trailing EBITDA Long-Term Average Long-Term Average Excluding Nine Months Ending 9/30/09

(Enterprise Value to EBITDA) (Enterprise Value to EBITDA)

Enterprise Value/EBITDA Valuation Levels

Current EV/EBITDA multiples point to compelling buying opportunity

1) As of September 30, 2011. 2) Source: Alerian, FactSett 3) Note: Data above assumes a 1.10x coverage ratio.

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High Dividends that have Grown Faster than Inflation

MLP Distribution Growth Has Exceeded CPI

High and growing dividends offer defense, offense and an inflation hedge

1) Represents year-over-year median growth. 2) Source: U.S. Department of Labor, company filings and estimates by Cushing® MLP Asset Management, LP.

3.6%

7.0%

3.6%

4.8% 4.8%

9.1%

12.1% 11.5%

10.0%

3.2% 3.0%

4 - 6%

(2.0%)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Median Annual Distribution Growth as a Percent Consumer Price Index (Inflation)

(Median Annual Distribution Growth as a Percent)

(Projected)

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A Powerful Income Model

Cushing® 30 MLP Index Performance

Income and growth, a winning combination

2002A 2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011 YTD MLPX Total Return (2) 5.3% 54.1% 29.2% 6.1% 33.9% 14.8% (37.0%) 96.1% 41.8% 3.6% Average Annual Yield (3) 7.4% 7.0% 6.5% 5.9% 6.2% 5.5% 7.9% 9.3% 6.6% 6.1%

1) As of October 31, 2011. 2) Source: Bloomberg and FactSet Research Systems. 3) Represents the simple average daily yield for the indicated year. 4) The performance shown for the Index is not intended to be reflective of the performance of any Cushing® MLP Asset Management LP portfolio and is for illustrative purposes

only

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MLP Current Yield Comparison

1) As of September 30, 2011 2) Yield for MLPs is based on the Cushing® 30 MLP Index (MLPX). See index descriptions for detail of indices used 20

MLPs continue to be a premier source of income for investors

Expectation of over 90% of MLP income will be treated as “Return of Capital” for tax reporting purposes – Deferral of income tax

Not only a relatively high income asset class, but also growing income stream (historically 6-8% annual avg.)

6.9%

2.0%

4.2% 4.1%

5.2%4.6%

3.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

MLPs 10 YrTreas

Util REITs Baa BBB Muni(2)

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IV. Our Investment Process

At the core of our Investment Process is “Bottom-Up” Fundamental Analysis

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MLP Universe Coverage

Every energy MLP is covered by a dedicated research analyst

Kevin Gallagher John Musgrave Paul Euseppi Judd Cryer

Natural Gas Transportation

Refined Products, Pipelines and

Terminals

Gatherers and Processors Upstream

All General Partnerships Coal Crude Oil

Transportation

Propane Natural Gas Storage

1) Note: Some analysts cover MLPs outside of their respective “primary subsector” coverage.

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• Buy discipline • Sell discipline • Sector weightings • Position sizing • Ongoing risk

management

• Large-Cap MLPs • Sponsor / drop-down stories • Organic growth • High yield / high growth

• Oil • NGLs • Coal

• Liquidity • Exposures • Correlation

• Management team • Assets / location • Optionality • General Partner / sponsor

• Balance sheet • Cash flow • Distribution growth • Relative value

Investment Process

• U.S. infrastructure needs • Investor search for yield • Tax implications

Bottom-up fundamental analysis, top-down theme overlay and consistent risk management

Macroeconomic Themes

Industry Themes

Subsector Themes

Quantitative Analysis

Qualitative Analysis

Fundamental Analysis

Approved “Alpha” List Portfolio Selection

Bottom-up fundamental analysis

Top-down theme overlay

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Risk Management

Monitoring of risk metrics within portfolios occurs daily

Dedicated risk manager (CFA charterholder, FRM) provides independent oversight of portfolios

• Buy discipline • Sell discipline • Hard stop loss • Sector weightings • Position sizing • Ongoing risk management

• Liquidity • Subsector concentration • VaR • Exposures • Correlation

• Geopolitical • Broad market • Credit spreads • Currencies • Commodities

Macroeconomic risk analysis

MLP-specific risk analysis

Portfolio Selection

Ongoing analysis of MLP-specific risk

Ongoing analysis of Macroeconomic risk

Risk Management Protocol

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V. Why Investors Use Swank Capital

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The Swank Capital Edge

Combination of strengths provide superior solutions for institutional investors

Swank Capital is a leader in the MLP space – MLP asset management is our expertise – Jerry Swank is a pioneer in MLP investing – Senior management team with 72 cumulative years of investment

management experience – Dallas based office with close proximity to company management

teams across the MLP universe “Small firm” service and expertise with “big firm” infrastructure

– 11 person Investment Team – Full Business Team with industry leading professionals – Risk Manager with Financial Risk Manager certification – In-House General Counsel and Chief Compliance Officer

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The Swank Capital Edge

People, Process, and Performance are the Swank Edge

Comprehensive MLP research that goes beyond the financial statements – 4 dedicated MLP research analysts – Unique understanding of MLP space within the broader energy

complex – 45 cumulative years of experience in dedicated MLP research – Maintain full models down to the project level

Experienced Portfolio Management Team that translates research into performance – 34 cumulative years of experience in MLP and energy portfolio

management – Proprietary tools for analyzing risk, exposure and macro market

fundamentals

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Commodities MLPs Commodities Small Cap REIT Commodities REIT Commodities BarCap HG MLPs MLPs Utilities MLPs MLPs MLPs49.70% 43.70% 32.10% 47.30% 31.50% 25.60% 35.90% 32.70% -4.90% 76.40% 35.90% 7.00% 14.40% 13.20% 23.20%

MLPs REIT BarCap HG MLPs Utilities Non US Equity Non US Equity Utilities BarCap HY BarCap HY REIT BarCap HG REIT BarCap HY BarCap HY

45.70% 12.80% 10.10% 44.50% 21.30% 14.00% 26.90% 15.30% -26.20% 58.20% 28.50% 6.10% 9.10% 7.10% 13.80%

Utilities BarCap HG REIT Non US Equity Non US Equity Utilities MLPs MLPs Utilities Non US Equity Small Cap BarCap HY BarCap HY BarCap HG BarCap HG

43.60% 10.30% 3.60% 39.20% 20.70% 14.00% 26.10% 12.70% -29.90% 32.50% 26.90% -1.40% 8.80% 6.70% 12.20%

REIT BarCap HY BarCap HY REIT Small Cap REIT Small Cap Non US Equity Small Cap REIT BarCap HY MLPs BarCap HG Small Cap Small Cap

26.80% 5.30% -1.40% 36.70% 18.30% 12.10% 18.40% 11.60% -33.80% 28.60% 15.10% -2.10% 6.30% -0.30% 1.20%

BarCap HG Small Cap MLPs BarCap HY Commodities MLPs Utilities S&P 500 MLPs Small Cap S&P 500 REIT Small Cap REIT REIT

9.10% 2.50% -3.40% 29.00% 17.30% 6.30% 15.80% 5.50% -36.90% 27.20% 15.10% -5.70% 6.10% -1.00% 0.40%

Small Cap S&P 500 Non US Equity S&P 500 MLPs S&P 500 S&P 500 BarCap HG S&P 500 S&P 500 Commodities S&P 500 Non US Equity Non US Equity S&P 500

-3.00% -11.90% -15.70% 28.70% 16.70% 4.90% 15.80% 4.60% -37.00% 26.50% 9.00% -8.70% 5.50% -1.20% -0.40%

BarCap HY Utilities Small Cap Commodities BarCap HY Small Cap BarCap HY BarCap HY REIT BarCap HG BarCap HG Commodities Commodities S&P 500 Non US Equity-5.90% -16.10% -20.50% 20.70% 11.10% 4.60% 11.80% 1.90% -38.00% 18.70% 9.00% -9.30% 3.70% -2.60% -0.70%

S&P 500 Non US Equity Utilities Utilities S&P 500 BarCap HY BarCap HG Small Cap Non US Equity Commodities Non US Equity Non US Equity S&P 500 Utilities Utilities-9.10% -21.20% -21.90% 19.50% 10.90% 2.70% 4.30% -1.60% -43.10% 13.50% 8.20% -14.60% 3.50% -3.00% -1.70%

Non US Equity Commodities S&P 500 BarCap HG BarCap HG BarCap HG Commodities REIT Commodities Utilities Utilities Small Cap Utilities Commodities Commodities-14.00% -31.90% -22.10% 8.20% 5.40% 1.70% -15.10% -16.80% -46.50% 4.90% 0.90% -17.00% 2.80% -5.30% -15.90%

2005 2011 YTD2000 2001 2002 2003 20045-YearCAGR

3-YearCAGR

2006 2007 2008 2009 201010-Year CAGR

Source: Bloomberg, Barclays Capital Fixed Income Past performance is not indicative of future results.

Asset Class Performance January 1, 2000 Through September 30, 2011

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Investment Opportunity: Historical Comparison

MLPXTR1

S&P 5002

REIT3

CRB4 HFRI5

10 Yr Tsy6

Agg Bond7

BBB8

MSCI EM9

S&P M&M10

0%

5%

10%

15%

20%

25%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Perf

orm

ance

(Ann

ualiz

ed M

onth

ly D

ata)

Standard Deviation (Annualized Monthly Data)

10-year period (2000-2010)

Source: Calculated by Cushing® MLP Asset Management using data from Bloomberg and BofA Merrill Lynch. Past performance is not indicative of future results. Comparison is for illustrative purposes only. Key: 1) The Cushing® 30 MLP Index Total Return 2) S&P 500 Index 3) Dow Jones Equity REIT Total Return Index 4) ThomsonReuters / Jefferies CRB Commodity Index 5) HFRI Fund Weighted Composite Index 6) Merrill Lynch 10-Year U.S. Treasury Index 7) Barclays Capital U.S. Aggregate Bond Index 8) BofA Merrill Lynch High Yield Bond Index 9) MSCI Emerging Markets Index 10) S&P Metals & Mining Select Industry Total Return Index. See “Index Descriptions” for more information about each Index.

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Potential Impact of Adding the MLP Asset Class

1) Source: Calculated by Cushing® MLP Asset Management using data from Bloomberg and Factset. Past performance is not indicative of future results. Analysis is hypothetical and for illustrative purposes only. Equity returns are based on the returns of the S&P 500 Index TR. Bond returns are based on the returns of Barclays Capital U.S. Aggregate Bond Index. MLP returns are based on the returns of The Cushing® 30 MLP Index TR. Alternatives returns are comprised of 40% HFRI Fund Weighted Composite Index, 30% ThomsonReuters/Jefferies CRB Commodity Index and 30% Dow Jones Equiaty REIT Total Return Index

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

10.00%

11.00%

12.00%

13.00%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00%

Perf

orm

ance

Standard Devation

Adding 5% MLPs vs 10% Alternatives to Traditional Portfolios

Efficient Frontier Portfolio: Equity and Bond 5% MLP Addition 10% Alternatives Addition

100% Equity

100% Bond

Efficient Frontier Scenario Analysis 1

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VI. Additional MLP Information

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Important Information

Swank Capital, LLC is the general partner of Cushing® MLP Asset Management, LP, which is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. All information provided herein is for informational purposes only and should not be relied upon to make an investment decision. Past performance results relate only to the time periods indicated and are not at indication of, nor a reliable proxy for future performance. This presentation is being furnished on a confidential basis to the recipient, and is neither an offer to sell nor a solicitation of any offer to buy any securities, investment products or investment advisory services. The information contained in this document is the most recent information available to Swank Capital, LLC (except otherwise noted), however all of the information herein is subject to change without notice. Certain information included in this document is based on information obtained from sources considered to be reliable, however no representation may be made with respect to the accuracy or completeness of such data. Certain information contained in this presentation may constitute “forward-looking,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “estimate,” or “believe” or other variations thereof. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. This presentation is not an advertisement and is not intended for public use or distribution and is intended exclusively for the use of the person to whom it has been delivered by Swank Capital, LLC. This presentation does not constitute an offer of any securities or investment advisory services, which may be made only by means of a private placement memorandum, prospectus or similar materials which contain a description of material terms and risks. This presentation is not to be reproduced or redistributed to any other person without the prior consent of Swank Capital, LLC.

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Index Descriptions

Indices are included for comparison purposes only. Portfolios managed by Cushing® MLP Asset Management, LP may be more or less diversified than the indices and each index may reflect the performance of positions that are not within a particular portfolio’s investment strategy. The Cushing® 30 MLP index (the “Index”) is the exclusive property of Cushing® MLP Asset Management, LP which has contracted with Standard & Poor’s Financial Services LLC (the “Master Agreement”) (“S&P”) to maintain and calculate the Index. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC. “Calculated by S&P Custom Indices” and its related stylized mark(s) are service marks of Standard & Poor’s Financial Services LLC and have been licensed for use by Cushing® MLP Asset Management, LP. S&P and its affiliates shall have no liability for any errors or omissions in calculating the Index S&P 500 index is an index of 500 stocks used industry wide as a macro level indicator of the overall U.S. equity market. Alerian MLP Index is a capitalization-weighted index of the 50 most prominent energy master limited partnerships. REIT Index is the Dow Jones Equity REIT Total Return Index which includes REITs that directly own all or part of the properties in their portfolios. PHLX Utility Index is a utility sector index which includes communication services, electrical power providers and natural gas distributors. Crude Oil Index represents the NYMEX Division light, sweet crude oil futures contract. Natural Gas Index represents the NYMEX Division natural gas futures contract. 10-Year Treasury index represents The Merrill Lynch 10-year U.S. Treasury Futures Total Return Index which measures the performance of a fully collateralized rolling 10-year U.S. Treasury futures position. The XLU is a utilities focused exchange-traded fund designed to provide investment results that correspond to the performance of The Utilities Select Sector Index (the Utilities Select Sector Index is intended to track the movements of companies that are components of the S&P and are utilities). BBB Index is the BofA Merrill Lynch US Corporate Index which tracks the performance of U.S. dollar denominated securities rated BBB1 through BBB3, inclusive. The Merrill Lynch Municipal Bond Index tracks the performance of large capitalization U.S. denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market.

www.SwankCapital.com • 214-692-6334

CUSHING® MLP

INSTITUTIONAL ALPHA STRATEGY

as of October 31, 2011

NG Transportation31.99%

NG Gatherers & Processers

27.23%Coal15.14%

Prod. Pipelines & Terminals

8.04%

Upstream8.64%

Crude Oil Transportation

9.10%

Fund OverviewInstitutional Alpha Strategy is a long-only portfolio invested in listed energy infrastructure and energy infrastructure-related equities. Investments include primarily “midstream” Master Limited Partnerships (“MLPs”) that own pipeline, transportation, storage and treatment assets serving crude oil and natural gas producers. The strategy includes investments in a diversified group of midstream MLPs and opportunistic allocations to MLPs involved in other segments of the natural resources sector such as propane, coal, and shipping. All portfolio companies will have passed our rigorous quantitative and qualitative research processes and holdings will generally range from 20-30 securities. We seek to target a mid-teens total return, historically sourced from a combination of income and capital appreciation.

Cushing® MLP Asset Management PhilosophyCushing® offers world class research and asset management in the MLP sector.A guiding principle of Cushing® MLP Asset Management’s philosophy is delivering the benefits MLP exposure will bring to a multi-class asset allocation for institutional investors. High income, diversification, low correlation and a growing cash flow stream are among the many benefits we believe MLP exposure will provide. It is our belief that a comprehensive fundamental approach is the best way to identify MLPs with a “tollroad” nature whose business model is predominately recurring fee based revenue and which have a strategic advantage with a sustainable and growing cash flow stream.

Senior investment TeamJerry Swank, MBA Founder, Managing Partner and Portfolio Manager38 years investment management and research analysis experience

Libby Toudouze, MBA Partner & Portfolio Manager 27 years investment management experience

Kevin Gallagher, CFA, MBA Sr. Vice President & Portfolio Manager17 years investment management and research experience

Daniel Spears Partner & Portfolio Manager18 years investment management and investment banking experience

Todd Sunderland, MBA, CFA, FRM, PE (inactive) Sr. Vice President & Risk Manager8 years investment, risk management and engineering experience

Strong Current Income

Strong Historical Performance

Solid Historical Distribution Growth

Potential Tax Advantaged Income

Low Correlation Asset Class

The Source for MLP Expertise

Performance Versus the BenchmarksNote: Blue denotes preliminary estimate Average Trailing Total Return (Trailing CAGR)

YTD 1 Yr 2 Yrs 3 Yrs Incep.*Cushing® MLP Institutional Alpha Strategy 11.00% 19.30% 31.43% 26.19% 9.88%

Alerian MLP Index TR 7.94% 11.91% 28.94% 27.35% 14.97%

S&P 500 TR 1.30% 8.09% 12.22% 11.41% 1.88%

REIT Index TR 6.77% 9.59% 24.99% 16.17% 2.80%

PHLX Utility Index TR 18.32% 18.12% 17.52% 12.03% 6.46%

BofA Merrill Lynch BBBUS Corporate Index 4.16% 4.81% 11.80% 22.98% 8.23%

S&P 500 Total Return is an index of 500 stocks used industry wide as a macro level indicator of the overall U.S. equity market. Alerian MLP Index is a capitalization-weighted index of the 50 most prominent energy master limited partnerships. REIT Index is the Dow Jones Equity REIT Total Return Index which includes REITs that directly own all or part of the properties in their portfolios. PHLX Utility Index is a utility sector index which includes communication services, electrical power providers and natural gas distributors. BofA Merrill Lunch BBB US Corporate Index tracks the performance of US dollar denominated securities rated BBB1 through BBB3, inclusive. *Composite inception was June 2006

MLP Subsector Allocations Statistical Information

Sharpe Ratio 0.41 Standard Deviation 25.02%

Sortino Ratio 0.55 Beta 0.45

Best Month* 19.36% Best 12 Months** 87.92%

Worst Month*** (26.15%) Worst 12 Months**** (61.36%)

Current Yield 5.65% Portfolio Average Liquidity***** 1.34

*Best Month is 1/2009 **Best 12 Months is 1/2009-12/2009 *** Worst Month is 11/2008 **** Worst 12 Months is 1/2008-12/2008 *****Approximate days to trade a security at 20% participation on 1 month average volume.

Important Information: Beta is a measure of the fund’s volatility versus the benchmark. Standard Deviation is a measure of the historical volatility of the fund’s returns. Sharpe Ratio is a measure of the fund’s return per unit of total risk. The Sortino Ratio is similar to the Sharpe ratio, except it uses downside deviation for the denominator instead of standard deviation, the use of which doesn’t discriminate between up and down volatility. Distribution Growth represents the incremental growth in distributions received from underlying MLP investments held by the fund on a year over year basis. Portfolio Average Liquid-ity is the theoretical number of days required to liquidate 20% of the portfolio’s holdings based on the one month average trading volume of the portfolio.

Adam EvansInstitutional [email protected]

Courtney MoyerInstitutional [email protected]

Terry BenekeHedge Fund [email protected]

Parker RoyRetail [email protected]

Gavin WorthySales [email protected]

Important Information: The table above represents composite performance of one managed account of which, for the time depicted, had a long-only, unlevered, MLP-only (defined to include MLP-related securities) investment mandate. Returns shown are net of management fees actually charged, net of brokerage commissions, and include the receipt of distributions from underlying MLPs. The most recent month and corresponding year-to-date figures depicted above are preliminary estimates. Any indices and other financial benchmarks shown are provided for comparison purproses only, are unmanaged, may or may not reflect reinvestment of distributions and do not relfect the impact of the advisory fees.

CUSHING® MLP

INSTITUTIONAL ALPHA STRATEGY

The Firm

• Over $1.44 billion in assets under management

• Senior management averaging over 24 years of industry and investment experience

• Fundamental analysis is the cornerstone of the firm’s investment philosophy

• Providing institutional quality MLP asset management to retail and institutional investors

• Strategically located in Dallas, TX, within close proximity of the majority of the MLP universe

Why Invest in MLPs?• Strong Current Income: Majority of MLP cash flows are distributed to MLP unitholders

• Historical Performance: The MLP asset class has historically outperformed other yield-oriented investments

• Distribution Growth: MLP businesses have stable and predictable growth prospects

• Potential Tax Advantaged Income*: MLP distributions are largely a return of capital

• Low correlation: The MLP asset class has historically had a very low correlation with other asset classes over time

*MLPs and MLP investments have unique tax characteristics. Please consult your tax advisor.

MLP INVESTMENTS: A PIPELINE TO INCOME

Portfolio ManagersLibby F. Toudouze, Partner Libby F. Toudouze has 27 years of experience in investment management. Before joining the firm, she established and ran a family office where she developed investment policies, created an asset allocation framework, and analyzed investments. Ms. Toudouze worked seven years in private wealth management at JP Morgan, Morgan Stanley and Bank

of America. She was an analyst, trader and portfolio manager at the hedge fund Paragon Associates. She worked on the institutional trading desk at Merrill Lynch and on the floor of the NYSE. Ms. Toudouze earned her B.B.A. and her M.B.A. from Southern Methodist University.

Judd Cryer, Senior Research AnalystBefore joining the firm, Judd Cryer worked for three years as a consulting engineer in the utility industry and another three years as a project engineer in the oil and gas equipment industry. He also worked four years as an investment analyst. He has been with the firm since 2005, providing research coverage of MLPs. Mr. Cryer received a B.S. degree in Mechanical

Engineering from Oklahoma State University and an M.B.A. in Finance from Southern Methodist University.

CONTACT INFORMATION

Monthly Summary of Composite Net ReturnsYear Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2011 3.48% 5.16% 0.72% 3.53% (4.21%) (0.01%) (0.45%) (2.87%) (5.66%) 12.17% 11.00%

2010 (0.16%) 4.08% 3.51% 2.96% (7.67%) 5.94% 8.03% (1.42%) 7.13% 4.71% 3.68% 3.74% 39.57%

2009 19.36% (2.68%) 2.15% 8.26% 7.66% (0.53%) 11.95% (3.10%) 2.83% 10.50% 2.62% 8.00% 87.92%

2008 (2.31%) 0.17% (8.01%) 5.70% 2.65% (3.92%) (9.07%) (1.11%) (22.05%) (15.77%) (26.15%) (5.57%) (61.36%)

2007 3.70% 4.57% 5.90% 6.68% 2.89% 3.58% 0.99% (7.57%) (2.20%) 2.34% (4.66%) 0.48% 16.89%

2006 0.46% 2.20% 4.88% (0.19%) 5.22% 5.80% 5.37% 26.08%


THE CUSHING® MLPGP STRATEGIES FUND, LP


Fund OverviewThe Cushing® GP Strategies Fund, LP is a long/short equity fund investing in publicly traded energy infrastructure Master Limited Partnerships (MLPs) and their General Partners (GPs). The Fund prioritizes, but is not limited to, investing in the General Partners of MLPs. MLP General Partners are entitled to a tiered portion of the underlying MLP’s cash flows, generally creating a 2x levered play on the MLP. The Fund opportunistically invests across the larger MLP asset class.

Cushing® MLP Asset Management PhilosophyCushing® offers world class research and asset management in the MLP sector.A guiding principle of Cushing® MLP Asset Management’s philosophy is delivering the benefits MLP exposure will bring to a multi-class asset allocation for institutional investors. High income, diversification, low correlation and a growing cash flow stream are among the many benefits we believe MLP exposure will provide. It is our belief that a comprehensive fundamental approach is the best way to identify MLPs with a “tollroad” nature whose business model is predominately recurring fee based revenue and which have a strategic advantage with a sustainable and growing cash flow stream..

Senior Investment TeamJerry Swank, MBA Founder, Managing Partner and Portfolio Manager38 years investment management and research analysis experience




Todd Sunderland, CFA, FRM, MBA Sr. Vice President & Risk Manager8 years investment, risk management and engineering experience

Fund Structure Fees and Terms

Fund Assets $97 million

Minimum Investment $1 million

Availability Open to Accredited U.S. Investors

Fees 1.5% Mgmt/ 20% Incentive

Lock-up Period None

Liquidity Quarterly w/45 days notice

Subscriptions Monthly


YTD 1 Yr 2 Yrs 3 Yrs Incep.*Cushing® GP Strategies Fund, LP 11.06% 16.86% 37.30% 26.63% 7.36%


S&P 500 TR 1.30% 8.09% 12.22% 11.41% 0.25%

REIT Index TR 6.77% 9.59% 24.99% 16.17% (0.98%)


BofA Merrill Lynch BBBU.S. Corporate Index 4.16% 4.81% 11.80% 22.98% 7.86%

S&P 500 Total Return is an index of 500 stocks used industry wide as a macro level indicator of the overall U.S. equity market. Alerian MLP Index is a capitalization-weighted index of the 50 most prominent energy master limited partnerships. REIT Index is the Dow Jones Equity REIT Total Return Index which includes REITs that directly own all or part of the properties in their portfolios. PHLX Utility Index is a utility sector index which includes communication services, electrical power providers and natural gas distributors. BofA Merrill Lunch BBB US Corporate Index tracks the performance of US dollar denominated securities rated BBB1 through BBB3, inclusive *Inception was November 2006







Statistical Information





Current Yield 5.27% Portfolio Average Liquidity***** 1.94*Best Month is 7/2009 **Best 12 Months is 1/2009-12/2009 *** Worst Months is 11/2008 **** Worst 12 Months is 1/2008-12/2008 *****Approximate Days to trade a security at 20% participation on 1 month average volume.

Important Information: Beta is a measure of the fund’s volatility versus the benchmark. Standard Deviation is a measure of the historical volatility of the fund’s returns. Sharpe Ratio is a measure of the fund’s return per unit of total risk. The Sortino Ratio is similar to the Sharpe ratio, except it uses downside deviation for the denominator instead of standard deviation, the use of which doesn’t discriminate between up and down volatility. Distribution Growth represents the incremental growth in distributions received from underlying MLP investments held by the fund on a year over year basis. Portfolio Average Liquidity is the theoretical number of days required to liquidate 20% of the portfolio’s holdings based on the one month average trading volume of the portfolio.

MLP Subsector Allocations

NG Transport.46.30%


21.68%

Products Pipelines & Terminals

16.13%MLP, MKT and

Energy ETFs (Short)13.65%

Crude Oil Transport9.45%

Upstream6.29%

Coal4.26%

Options0.07%

Options (short)0.03%

Natural Gas Storage: 0%Propane: 0%Shipping: 0%

Important Information: As of June 30th, 2009, the Fund’s general partner side-pocketed late-stage private investments, which represented approximately 11% of total assets in The Cushing® GP Strategies Fund L.P. Reported performance post June 30th, 2009 reflects the performance of the investable liquid fund and excludes the performance of the side-pocketed private investments. Light blue coloring denotes preliminary monthly estimate. Past performance is not an indication of future results. Changing economic environments may materially affect future performance. Net results refelct the net realized and unrealized returns to a limited partner after deduction of all operational expenses (including brokerage commissions), management fees and performance allocations. Performance data assumes reinvestment of all distributions. Actual returns will vary for each investor in accordance with the Fund’s organizational documents. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. This update should not be considered a solicitation for investment. Interested parties should refer to the partnership offering circular for a complete background of performance, manager experience and investment risks associated with the partnership. PERFORMANCE CALCULATIONS LISTED ABOVE ARE PRELIMINARY ESTIMATES - AUDITED FINANCIALS AVAILABLE UPON REQUEST.






THE CUSHING® MLP

GP STRATEGIES FUND, LP

The Firm• Over $1.44 billion in assets under management












Portfolio ManagersJerry V. Swank, Managing Partner Jerry V. Swank founded Swank Capital in 2001. He has 38 years of experience in investment management and research analysis. Mr. Swank was President and CEO of John S. Herold, Inc, an oil and gas research/consulting company. He spent 14 years with CS First Boston, where he was a Director and Southwestern Regional Sales Manager. He worked seven years as

a buy-side analyst and portfolio manager. Mr. Swank holds a BA in economics from The University of Missouri and earned his MBA from The University of North Texas. Mr. Swank has served on the boards of John S. Herold Inc., Matador Petroleum and Advantage Acceptance Inc. He currently serves on the board of E-T Energy Ltd.

Kevin P. Gallagher, CFA, Managing DirectorKevin P. Gallagher has 17 years of investment management and investment research experience. In addition to portfolio management, he provides research for the firm’s MLP funds. Mr. Gallagher was a senior research associate with RBC Capital Markets covering the Diversified Energy, E&P, and MLP sectors. Prior to that he spent 4 years in

treasury management at GMAC-RFC. Mr. Gallagher earned a BS in Economics and an MBA from Southern Methodist University. He received his Chartered Financial Analyst (CFA) Designation in 2004.

CONTACT INFORMATION

Monthly Summary of Portfolio Net ReturnsYear Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2011 2.89% 5.04% 0.37% 4.62% (2.35%) 0.87% 1.29% (6.02%) (1.30%) 5.74% 11.06%

2010 4.65% 4.12% 3.86% 2.52% (8.66%) 9.88% 7.37% (1.05%) 9.12% 4.04% 1.15% 4.03% 47.79%

2009 7.96% 0.13% 4.08% 6.49% 3.68% (3.43%) 11.79% (3.66%) 3.60% 8.97% 7.00% 7.35% 67.53%

2008 (3.59%) 1.41% (8.45%) 7.24% 1.34% (2.60%) (4.17%) (2.68%) (21.58%) (14.77%) (24.12%) (2.68%) (56.39%)

2007 4.78% 4.08% 5.23% 7.63% 4.72% 6.65% 2.20% (11.90%) (0.21%) (2.06%) (7.19%) (1.79%) 10.65%

2006 1.25% 6.21% 7.54%


THE CUSHING® MLPOPPORTUNITY FUND I, L.P.


Fund OverviewThe Cushing® MLP Opportunity Fund I, L.P. is a long/short equity fund investing in public and private energy and energy infrastructure-related securities. Investments will primarily include publicly traded Master Limited Partnerships (“MLPs”) and their affiliates, including general partner (“GP”) entities of MLPs. The Fund seeks to invest in “midstream” MLPs as well as MLPs involved in other segments of the natural resources sector such as propane, coal, and shipping.

Cushing® MLP Asset Management PhilosophyCushing® offers world class research and asset management in the MLP sector.A guiding principle of Cushing® MLP Asset Management’s philosophy is delivering the benefits MLP exposure will bring to a multi-class asset allocation for institutional investors. High income, diversification, low correlation and a growing cash flow stream are among the many benefits we believe MLP exposure will provide. It is our belief that a comprehensive fundamental approach is the best way to identify MLPs with a “tollroad” nature whose business model is predominately recurring fee based revenue and which have a strategic advantage with a sustainable and growing cash flow stream.

Senior Investment TeamJerry Swank, MBA Founder, Managing Partner and Portfolio Manager38 years investment management and research analysis experience




Todd Sunderland, CFA, FRM, MBA Sr. Vice President & Risk Manager8 years investment, risk management and engineering experience

Fund Structure Fees and Terms

Fund Assets $526 million

Minimum Investment $1 million

Availability Open to Qualified Purchasers

Fees 1.5% Mgmt/ 20% Incentive

Lock-up Period None

Liquidity Quarterly with 45 days notice

Subscriptions Monthly


YTD 1 Yr 2 Yrs 3 Yrs Incep.*Cushing® MLP OpportunityFund I, L.P. 2.16% 7.84% 23.78% 16.38% 1.36%


S&P 500 TR 1.30% 8.09% 12.22% 11.41% 0.25%

REIT Index TR 6.77% 9.59% 24.99% 16.17% (0.98%)


BofA Merrill Lynch BBB US Corporate Index 4.16% 4.81% 11.80% 22.98% 7.86% S&P 500 Total Return is an index of 500 stocks used industry wide as a macro level indicator of the overall U.S. equity market. Alerian MLP Index is a capitalization-weighted index of the 50 most prominent energy master limited partnerships. REIT Index is the Dow Jones Equity REIT Total Return Index which includes REITs that directly own all or part of the properties in their portfolios. PHLX Utility Index is a utility sector index which includes communication services, electrical power providers and natural gas distributors. BofA Merrill Lunch BBB US Corporate Index tracks the performance of US dollar denominated securities rated BBB1 through BBB3, inclusive. *Inception was November 2006







Statistical Information





Current Yield 5.65% Portfolio Average Liquidity***** 7.31*Best Month is 7/2009 **Best 12 Months is 1/2009-12/2009 *** Worst Months is 11/2008 **** Worst 12 Months is 1/2008-12/2008 *****Approximate days to trade a security at 20% participation on 1 month average volume.

Important Information: Beta is a measure of the fund’s volatility versus the benchmark. Standard Deviation is a measure of the historical volatility of the fund’s returns. Sharpe Ratio is a measure of the fund’s return per unit of total risk. The Sortino Ratio is similar to the Sharpe ratio, except it uses downside deviation for the denominator instead of standard deviation, the use of which doesn’t discriminate between up and down volatility. Distribution Growth represents the incremental growth in distributions received from underlying MLP investments held by the fund on a year over year basis. Portfolio Average Liquid-ity is the theoretical number of days required to liquidate 20% of the portfolio’s holdings based on the one month average trading volume of the portfolio.

MLP Subsector Allocations

NG Transportation46.17%


26.80%

Crude Oil Transportation

17.56%

MLP, Energy ETFs (short)9.06% Prod. Pipelines &

Terminals7.83%

Illiquid4.25%

Upstream6.20%

Market ETFs (short)5.44%

Options (long)0.07%

Coal3.35%

Options (short)0.03%Natural Gas

Storage: 0%Propane: 0%

Important Information: As of February 28, 2009 the Fund’s general partner side-pocketed late-stage private investments which represented approximately 30% of total assets in The Cushing® MLP Opportunity Fund I, L.P. Reported performance post February 28, 2009 refelcts the performance of the investable liquid fund and excludes the performance of the side-pocketed private investments. Light blue coloring denotes preliminary monthly estimate. Past performance is not an indication of future results. Changing economic environments may materially affect future performance. Net results reflect the net realize dand unrealized returns to a limited partner after deduction of all operational expenses (including brokerage commissions), management fees and performance allocations. Performance data assume reinvestment of all distributions. Actual returns will vary for each investor in accordance with the fund’s organizational documents. This update should not be considered a solicitation for investment. Interested parties should refer to the fund’s offering documents for a complete background of performance, manager experience and investment risks associated with the partnership. PERFORMANCE CALCULATIONS LISTED ABOVE ARE PRELIMIARY ESTIMATES- AUDITED FINANCIALS AVAILABLE UPON REQUEST.






THE CUSHING® MLPOPPORTUNITY FUND I, L.P.

The Firm• Over $1.44 billion in assets under management












CONTACT INFORMATION

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2011 1.43% 5.24% 2.19% 2.52% (4.33%) (0.44%) (0.34%) (7.29%) (2.01%) 5.93% 2.16%

2010 4.78% 1.73% 1.50% 2.19% (9.33%) 4.15% 7.38% (2.82%) 7.19% 5.02% 1.653% 3.87% 29.47%

2009 13.26% (2.41%) 4.69% 12.83% 6.07% (6.10%) 15.34% (2.09%) 1.38% 8.27% 5.94% 9.35% 86.73%

2008 (3.26%) (0.50%) (8.44%) 4.91% 3.84% (0.64%) (6.55%) (0.56%) (23.28%) (14.06%) (29.22%) (9.82%) (62.69%)

2007 3.64% 2.48% 5.70% 4.89% 1.56% 4.22% 2.87% (8.49%) (2.56%) 2.02% (2.71%) (0.35%) 13.08%

2006 0.97% 1.72% 2.70%

Monthly Summary of Portfolio Net Returns

Portfolio ManagersJerry V. Swank, Managing Partner Jerry V. Swank founded Swank Capital in 2001. He has 38 years of experience in investment management and research analysis. Mr. Swank was President and CEO of John S. Herold, Inc, an oil and gas research/consulting company. He spent 14 years with CS First Boston, where he was a Director and Southwestern Regional Sales Manager. He worked seven years as a buy-side analyst and portfolio manager. Mr. Swank

holds a BA in economics from The University of Missouri and earned his MBA from The University of North Texas. Mr. Swank has served on the boards of John S. Herold Inc., Matador Petroleum and Advantage Acceptance Inc. He currently serves on the board of E-T Energy Ltd.

Kevin P. Gallagher, CFA, Managing DirectorKevin P. Gallagher has 17 years of investment management and investment research experience. In addition to portfolio management, he provides research for Swank Capital’s MLP funds. Mr. Gallagher was a senior research associate with RBC Capital Markets covering the Diversified Energy, E&P,

and MLP sectors. Prior to that he spent 4 years in treasury management at GMAC-RFC. Mr. Gallagher earned a BS in Economics and an MBA from Southern Methodist University. He received his Chartered Financial Analyst (CFA) Designation in 2004.

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