Common use of Allocations and Distributions Clause in Contracts

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 Section 6.2 Allocations for Tax Purposes 55 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 Section 6.4 Distributions of Available Cash from Operating Surplus 58 Section 6.5 Distributions of Available Cash from Capital Surplus 59 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 Section 7.2 Certificate of Limited Partnership 64 Section 7.3 Restrictions on the General Partner’s Authority 65 Section 7.4 Reimbursement of the General Partner 65 Section 7.5 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Section 7.7 Indemnification 69 Section 7.8 Liability of Indemnitees 71 Section 7.9 Resolution of Conflicts of Interest 71 Section 7.10 Other Matters Concerning the General Partner 73 Section 7.11 Purchase or Sale of Partnership Securities 73 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 100 Section 6.2 Allocations for Tax Purposes 55 112 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 113 Section 6.4 Distributions of Available Cash from Operating Surplus 58 114 Section 6.5 Distributions of Available Cash from Capital Surplus 59 115 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 115 Section 6.7 Special Provisions Relating to the Holders of Converted Subordinated Units 60 116 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 116 Section 6.10 6.9 Entity-Level Taxation 62 116 Section 6.10 Special Provisions Relating to the Preferred Holders 117 Section 6.11 Special Provisions Relating to Warrants 118 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 118 Section 7.2 Certificate of Limited Partnership 64 120 Section 7.3 Restrictions on the General Partner’s Authority 65 121 Section 7.4 Reimbursement of the General Partner 65 121 Section 7.5 Outside Activities 66 122 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Section 7.7 Indemnification 69 Section 7.8 Liability of Indemnitees 71 Section 7.9 Resolution of Conflicts of Interest 71 Section 7.10 Other Matters Concerning the General Partner 73 Section 7.11 Purchase Partnership or Sale of Partnership Securities 73 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 iiGroup Members 123

Allocations and Distributions. 22 Section 4.1 Allocations of Net Profits and Net Losses 22 Section 4.2 Special Allocations 22 Section 4.3 Distributions 24 Section 4.4 Income Tax Allocations 26 ARTICLE V. MANAGEMENT AND RELATED MATTERS 27 Section 5.1 Power and Authority of Board 27 Section 5.2 Duties of Managers 34 Section 5.3 Officers 34 Section 5.4 Acknowledged and Permitted Activities 36 Section 5.5 Tax Elections and Status 37 Section 5.6 Tax Returns 37 Section 5.7 Tax Matters Member 37 Section 5.8 Budget Act 38 Section 5.9 Budgets 40 ARTICLE VI. INDEMNIFICATION 41 Section 6.1 Allocations for General 41 Section 6.2 Indemnification of Officers, Employees (if any) and Agent 42 Section 6.3 Non-exclusivity of Rights; Insurance 42 Section 6.4 Savings Clause 42 Section 6.5 Scope of Indemnity 42 Section 6.6 Other Indemnities 43 Section 6.7 Replacement of Fiduciary Duties 43 Section 6.8 Liability of Indemnitees. 43 Section 6.9 Standards of Conduct and Modification of Duties. 44 ARTICLE VII. RIGHTS OF MEMBERS 45 Section 7.1 General 45 Section 7.2 Limitations on Members 45 Section 7.3 Liability of Members 45 Section 7.4 Withdrawal and Return of Capital Account Purposes Contributions 45 Section 7.5 Voting Rights 45 ARTICLE VIII. BOOKS, REPORTS, MEETINGS AND CONFIDENTIALITY 46 Section 6.2 Allocations for Tax Purposes 8.1 Capital Accounts, Books and Records 46 Section 8.2 Bank Accounts 47 Section 8.3 Reports 47 Section 8.4 Meetings of Members 50 Section 8.5 Confidentiality 50 ARTICLE IX. DISSOLUTION, LIQUIDATION AND TERMINATION 52 Section 9.1 Dissolution 52 Section 9.2 Liquidation and Termination 52 ARTICLE X. TRANSFERS OF COMPANY INTERESTS 54 Section 10.1 Transfer of Company Interests 54 ARTICLE XI. REPRESENTATIONS AND WARRANTIES 55 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders ARTICLE XII. MISCELLANEOUS 57 Section 6.4 Distributions of Available Cash from Operating Surplus 12.1 Notices 57 Section 12.2 Amendment 58 Section 6.5 Distributions of Available Cash from Capital Surplus 12.3 Changes Upon CPUC Approval. 59 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 12.4 Partition 60 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 12.5 Entire Agreement 60 Section 6.8 Special Provisions Relating to 12.6 Severability 60 Section 12.7 No Waiver 60 Section 12.8 Applicable Law 60 Section 12.9 Successors and Assigns 60 Section 12.10 Arbitration 60 Section 12.11 Legal Representation 62 Section 12.12 Counterparts 63 INDEX TO EXHIBITS Exhibit A Members, Capital Contributions, Sharing Ratios Exhibit B Xxxxx Companies Exhibit C Form of Fourth Amended and Restated Limited Liability Company Agreement of Crimson Holdings, LLC Exhibit D Form of CorEnergy Infrastructure Trust, Inc. Articles Supplementary Establishing and Fixing the Holders Rights and Preferences of Subordinated Series B Redeemable Convertible Preferred Stock Exhibit E Form of CorEnergy Infrastructure Trust, Inc. Articles Supplementary Establishing and Fixing the Rights and Preferences of 9.00% Series C Exchangeable Preferred Stock Exhibit F Form of CorEnergy Infrastructure Trust, Inc. Articles Supplementary Establishing and Fixing the Rights and Preferences of the Class B Units 61 Section 6.9 Special Provisions Relating Common Stock Exhibit G Resolutions to be Approved by Managers THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT CRIMSON MIDSTREAM HOLDINGS, LLC THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”), dated effective as of February 4, 2021 (the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 Section 7.2 Certificate of Limited Partnership 64 Section 7.3 Restrictions on “Effective Date”), is made by and among: • Crimson Midstream Holdings, LLC, a Delaware limited liability company (the General Partner’s Authority 65 Section 7.4 Reimbursement “Company”); • CorEnergy Infrastructure Trust, Inc., a Maryland corporation (“CORR”); • Xxxx X. Xxxxx and M. Xxxxxxx Xxxxx, individually, as Members of the General Partner 65 Section 7.5 Outside Activities 66 Section 7.6 Loans from the General PartnerCompany; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Section 7.7 Indemnification 69 Section 7.8 Liability of Indemnitees 71 Section 7.9 Resolution of Conflicts of Interest 71 Section 7.10 Other Matters Concerning the General Partner 73 Section 7.11 Purchase or Sale of Partnership Securities 73 Section 7.12 Registration Rights • Xxxx X. Xxxxx, as Trustee of the General Partner Xxxxxxx Xxxxx Spousal Support Trust dated December 18, 2012; Xxxxxx X. Xxxxx, as Trustee of the Xxxx Xxxxx Xxxxx Trust dated October 15, 2012; and its Affiliates 74 iiXxxxxx X. Xxxxx, as Trustee of the Xxxxxx Xxxxxx Xxxxx Trust dated October 15, 2012 (collectively, the “Xxxxx Trusts” and, together with Xxxx X. Xxxxx and M. Xxxxxxx Xxxxx, the “Xxxxx Members”), as Members of the Company; and • any other Person executing this Agreement as a Member.

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 47 Section 6.2 Allocations for Tax Purposes 55 57 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 59 Section 6.4 Distributions of Available Cash from Operating Surplus 58 59 Section 6.5 Distributions of Available Cash from Capital Surplus 59 61 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 62 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 62 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 63 Section 6.10 6.9 Entity-Level Taxation 62 63 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 64 Section 7.2 Certificate of Limited Partnership 64 66 Section 7.3 Restrictions on the General Partner’s Authority 65 67 Section 7.4 Reimbursement of the General Partner 65 67 Section 7.5 Outside Activities 66 68 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 69 Section 7.7 Indemnification 69 70 Section 7.8 Liability of Indemnitees 71 Section 7.9 Resolution of Conflicts of Interest 71 Section 7.10 Other Matters Concerning the General Partner 73 Section 7.11 Purchase or Sale of Partnership Securities 73 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii72

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 34 Section 6.2 Allocations for Tax Purposes 55 40 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 41 Section 6.4 Distributions of Available Cash from Operating Surplus 58 42 Section 6.5 Distributions of Available Cash from Capital Surplus 59 42 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 43 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 43 Section 6.9 6.8 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 43 Section 6.10 6.9 Entity-Level Taxation 62 44 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 44 Section 7.2 Certificate of Limited Partnership 64 46 Section 7.3 Restrictions on the General Partner’s Authority 65 46 Section 7.4 Reimbursement of the General Partner 65 46 Section 7.5 Outside Activities 66 47 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 48 Section 7.7 Indemnification 69 48 Section 7.8 Liability of Indemnitees 71 49 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 50 Section 7.10 Other Matters Concerning the General Partner 73 51 Section 7.11 Purchase or Sale of Partnership Securities 73 51 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii51 Section 7.13 Reliance by Third Parties 54 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting 54 Section 8.2 Fiscal Year 54 Section 8.3 Reports 54

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 30 Section 6.2 Allocations for Tax Purposes 55 33 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 34 Section 6.4 Distributions of Available Cash from Operating Surplus 58 [Reserved] 35 Section 6.5 Distributions of Available Cash from Capital Surplus 59 [Reserved] 35 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 [Reserved] 35 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 [Reserved] 35 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 [Reserved] 35 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 [Reserved] 35 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 35 Section 7.2 Certificate of Limited Partnership 64 37 Section 7.3 Restrictions on the General Partner’s Authority 65 38 Section 7.4 Reimbursement of the General Partner 65 38 Section 7.5 Outside Activities 66 39 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 40 Section 7.7 Indemnification 69 41 Section 7.8 Liability of Indemnitees 71 42 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 43 Section 7.10 Other Matters Concerning the General Partner 73 45 Section 7.11 Purchase or Sale of Partnership Securities 73 45 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii45 Section 7.13 Reliance by Third Parties 48 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting 49 Section 8.2 Fiscal Year 49 Section 8.3 Reports 49 ARTICLE IX

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 45 Section 6.2 Allocations for Tax Purposes 55 56 Section 6.3 Requirement and Distributions; Characterization of Distributions; Distributions to Record Holders 57 58 Section 6.4 Distributions of Available Cash from Operating Surplus 58 59 Section 6.5 Distributions of Available Cash from Capital Surplus 59 60 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 61 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 61 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B IDR Reset Common Units 61 62 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 63 Section 7.2 Replacement of Fiduciary Duties 65 Section 7.3 Certificate of Limited Partnership 64 65 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 66 Section 7.4 7.5 Reimbursement of the General Partner 65 Section 7.5 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner Outside Activities 67 Section 7.7 Indemnification 69 68 Section 7.8 Limitation of Liability of Indemnitees 71 69 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 70 Section 7.10 Other Matters Concerning the General Partner 73 72 Section 7.11 Purchase or Sale of Partnership Securities Interests 73 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii73 Section 7.13 Reliance by Third Parties 76 ARTICLE VIII

Allocations and Distributions. Section SECTION 6.1 Allocations for Capital Account Purposes 46 Section 38 SECTION 6.2 Allocations for Tax Purposes 55 Section 46 SECTION 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 Section 49 SECTION 6.4 Distributions of Available Cash from Operating Surplus 58 Section 50 SECTION 6.5 Distributions of Available Cash from Capital Surplus 59 Section 50 SECTION 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 Section 51 SECTION 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 51 SECTION 6.8 Entity-Level Taxation 62 51 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section SECTION 7.1 Management 62 Section 52 SECTION 7.2 Certificate of Limited Partnership 64 Section 54 SECTION 7.3 Restrictions on the General Partner’s Authority 65 Section 54 SECTION 7.4 Reimbursement of the General Partner 65 Section 54 SECTION 7.5 Outside Activities 66 Section 55 SECTION 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Section 56 SECTION 7.7 Indemnification 69 Section 58 SECTION 7.8 Liability of Indemnitees 71 Section 59 SECTION 7.9 Resolution of Conflicts of Interest 71 Section 60 SECTION 7.10 Other Matters Concerning the General Partner 73 Section 62 SECTION 7.11 Purchase or Sale of Partnership Securities 73 Section Interests 62 SECTION 7.12 Registration Rights of the General Partner and its Affiliates 74 ii62 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS SECTION 8.1 Records and Accounting 63 SECTION 8.2 Fiscal Year 63 SECTION 8.3 Reports 63

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 48 Section 6.2 Allocations for Tax Purposes 55 58 Section 6.3 Requirement and Distributions; Characterization of Distributions; Distributions to Record Holders 57 60 Section 6.4 Distributions of Available Cash from Operating Surplus 58 60 Section 6.5 Distributions of Available Cash from Capital Surplus 59 61 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 61 Section 6.7 Special Provisions Relating to the Holders of Subordinated IDR Reset Common Units 60 62 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Entity-Level Taxation 62 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 Class A Preferred Holders. 63 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 63 Section 7.2 Replacement of Fiduciary Duties 65 Section 7.3 Certificate of Limited Partnership 64 66 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 66 Section 7.4 7.5 Reimbursement of the General Partner 65 Section 7.5 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner Outside Activities 67 Section 7.7 Indemnification 69 68 Section 7.8 Liability of Indemnitees 71 70 Section 7.9 Resolution Standards of Conflicts Conduct and Modification of Interest Duties 71 Section 7.10 Other Matters Concerning the General Partner and Indemnitees 73 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 74 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 iiSection 7.13 Reliance by Third Parties 77 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting 77 Section 8.2 Fiscal Year 78 Section 8.3 Reports 78 ARTICLE IX

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 30 Section 6.2 Allocations for Tax Purposes 55 33 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 34 Section 6.4 Distributions of Available Cash from Operating Surplus 58 [Reserved] 35 Section 6.5 Distributions of Available Cash from Capital Surplus 59 [Reserved] 35 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 [Reserved] 35 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 [Reserved] 35 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 [Reserved] 35 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 [Reserved] 35 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 35 Section 7.2 Certificate of Limited Partnership 64 37 Section 7.3 Restrictions on the General Partner’s Authority 65 38 Section 7.4 Reimbursement of the General Partner 65 38 Section 7.5 Outside Activities 66 39 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 40 Section 7.7 Indemnification 69 41 Section 7.8 Liability of Indemnitees 71 43 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 43 Section 7.10 Other Matters Concerning the General Partner 73 45 Section 7.11 Purchase or Sale of Partnership Securities 73 45 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii45 Section 7.13 Reliance by Third Parties 48 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting 49 Section 8.2 Fiscal Year 49 Section 8.3 Reports 49 ARTICLE IX

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 38 Section 6.2 Allocations for Tax Purposes 55 43 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 45 Section 6.4 Distributions of Available Cash from Operating Surplus 58 46 Section 6.5 Distributions of Available Cash from Capital Surplus 59 47 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 47 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 47 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Entity Level Taxation 48 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 Tax Distributions 48 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 Board of Directors 49 Section 7.2 Certificate of Limited Partnership 64 Formation 53 Section 7.3 Restrictions on the General Partner’s Board of Directors' Authority 65 53 Section 7.4 Reimbursement of the General Partner 65 Officers 54 Section 7.5 Outside Activities 66 of Directors; Business Opportunities 56 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Company or Group Members 56 Section 7.7 Indemnification 69 56 Section 7.8 Exculpation of Liability of Indemnitees 71 60 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 61 Section 7.10 Other Matters Concerning the General Partner 73 Duties of Officers and Directors 61 Section 7.11 Purchase or Sale of Partnership Company Securities 73 62 Section 7.12 Registration Rights Reliance by Third Parties 62 Section 7.13 Reimbursement of G&A by the General Partner Existing Investors 62 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and its Affiliates 74 iiAccounting 64 Section 8.2 Fiscal Year 64

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 48 Section 6.2 Allocations for Tax Purposes 55 60 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 61 Section 6.4 Distributions of Available Cash from Operating Surplus 58 62 Section 6.5 Distributions of Available Cash from Capital Surplus 59 63 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 64 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 64 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 IDR Reset Common Units. 65 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 65 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 66 Section 7.2 Replacement of Fiduciary Duties. 68 Section 7.3 Certificate of Limited Partnership 64 68 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 69 Section 7.4 7.5 Reimbursement of the General Partner 65 69 Section 7.5 7.6 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 70 Section 7.7 Indemnification 69 71 Section 7.8 Liability of Indemnitees 71 73 Section 7.9 Resolution Standards of Conflicts Conduct and Modification of Interest 71 Duties 73 Section 7.10 Other Matters Concerning the General Partner 73 and Indemnitees 75 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 76 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii76 Section 7.13 Reliance by Third Parties 79 ARTICLE VIII

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 39 Section 6.2 Allocations for Tax Purposes 55 47 Section 6.3 Requirement and Distributions; Characterization of Distributions; Distributions to Record Holders 57 49 Section 6.4 Distributions of Available Cash from Operating Surplus 58 50 Section 6.5 Distributions of Available Cash from Capital Surplus 59 51 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 51 Section 6.7 Special Provisions Relating to the Holders of Subordinated IDR Reset Common Units 60 51 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 51 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 52 Section 7.2 Replacement of Fiduciary Duties 54 Section 7.3 Certificate of Limited Partnership 64 55 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 55 Section 7.4 7.5 Reimbursement of the General Partner 65 55 Section 7.5 7.6 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 56 Section 7.7 Indemnification 69 57 Section 7.8 Liability of Indemnitees 71 59 Section 7.9 Resolution Standards of Conflicts Conduct and Modification of Interest 71 Duties 60 Section 7.10 Other Matters Concerning the General Partner 73 and Indemnitees 63 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 63 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii64 Section 7.13 Reliance by Third Parties 66 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting 67 Section 8.2 Fiscal Year 67 Section 8.3 Reports 67 ARTICLE IX

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 26 Section 6.2 Allocations for Tax Purposes 55 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 26 Section 6.3 Distributions of Available Cash from Operating Surplus 27 Section 6.4 Distributions of Available Cash from Operating Capital Surplus 58 28 Section 6.5 Distributions of Available Cash from Capital Surplus 59 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 29 Section 6.7 6.6 Special Provisions Relating to the Holders of Subordinated Units 60 29 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 6.7 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 29 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 29 Section 7.2 The Board of Directors; Election and Appointment; Term; Manner of Acting 30 Section 7.3 Nominations of Elected Directors 31 Section 7.4 Removal of Members of Board of Directors 31 Section 7.5 Resignations of Members of the Board of Directors 31 Section 7.6 Vacancies on the Board of Directors 31 Section 7.7 Meetings; Committees; Chairman 31 Section 7.8 Officers 32 Section 7.9 Compensation of Directors 33 Section 7.10 Certificate of Limited Partnership 64 33 Section 7.3 7.11 Restrictions on the Authority of the Board of Directors and the General Partner’s Authority 65 Partner 33 Section 7.4 7.12 Reimbursement of the General Partner 65 33 Section 7.5 7.13 Outside Activities 66 34 Section 7.6 7.14 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 35 Section 7.7 7.15 Indemnification 69 36 Section 7.8 7.16 Liability of Indemnitees 71 37 Section 7.9 7.17 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 37 Section 7.10 7.18 Other Matters Concerning the General Partner 73 and the Board of Directors 39 Section 7.11 7.19 Section 7.19 Purchase or Sale of Partnership Securities 73 Interests 39 Section 7.12 7.20 Registration Rights of the General Partner and its Affiliates 74 ii39 Section 7.21 Reliance by Third Parties 41 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting 42 Section 8.2 Fiscal Year 42 Section 8.3 Reports 42 ARTICLE IX TAX MATTERS Section 9.1 Tax Elections and Information 42 Section 9.2 Withholding 42 Section 9.3 Conduct of Operations 43 ARTICLE X ADMISSION OF PARTNERS Section 10.1 Admission of Initial Limited Partners 43 Section 10.2 Admission of Additional Limited Partners 43 Section 10.3 Admission of Successor General Partner 43 Section 10.4 Amendment of Agreement and Certificate of Limited Partnership 44 ARTICLE XI WITHDRAWAL OR REMOVAL OF PARTNERS Section 11.1 Withdrawal of the General Partner 44 Section 11.2 Removal of the General Partner 45 Section 11.3 Interest of Departing General Partner and Successor General Partner 45 Section 11.4 Termination of Subordination Period, Conversion of Subordinated Units and Extinguishment of Cumulative Common Unit Arrearages 47 Section 11.5 Withdrawal of Limited Partners 47

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 32 Section 6.2 Allocations for Tax Purposes 55 40 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 41 Section 6.4 Distributions of Available Cash from Operating Surplus 58 41 Section 6.5 Distributions of Available Cash from Capital Surplus 59 44 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 44 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 44 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 45 Section 6.10 6.9 Entity-Level Taxation 62 45 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 45 Section 7.2 Certificate of Limited Partnership 64 47 Section 7.3 Restrictions on the General Partner’s Authority 65 47 Section 7.4 Reimbursement of the General Partner 65 47 Section 7.5 Outside Activities 66 48 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 49 Section 7.7 Indemnification 69 49 Section 7.8 Liability of Indemnitees 71 51 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 52 Section 7.10 Other Matters Concerning the General Partner 73 53 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 53 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 iiReliance by Third Parties 53

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 50 Section 6.2 Allocations for Tax Purposes 55 61 Section 6.3 Requirement and Distributions; Characterization of Distributions; Distributions to Record Holders 57 62 Section 6.4 Distributions of Available Cash from Operating Surplus 58 63 Section 6.5 Distributions of Available Cash from Capital Surplus 59 65 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 65 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 65 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B IDR Reset Common Units 61 66 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 67 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 67 Section 7.2 Replacement of Fiduciary Duties 70 Section 7.3 Certificate of Limited Partnership 64 70 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 70 Section 7.4 7.5 Reimbursement of the General Partner 65 71 Section 7.5 7.6 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 72 Section 7.7 Indemnification 69 73 Section 7.8 Liability of Indemnitees 71 74 Section 7.9 Resolution Standards of Conflicts Conduct and Modification of Interest 71 Duties 75 Section 7.10 Other Matters Concerning the General Partner 73 and Indemnitees 76 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 77 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii77 Section 7.13 Reliance by Third Parties 79 ARTICLE VIII

Allocations and Distributions. Section 6.1 6.1. Allocations for Capital Account Purposes 46 Purposes. 45 Section 6.2 6.2. Allocations for Tax Purposes 55 Purposes. 53 Section 6.3 6.3. Requirement and Characterization of Distributions; Distributions to Record Holders 57 Holders. 56 Section 6.4 6.4. Distributions of Available Cash from Operating Surplus 58 Surplus. 56 Section 6.5 6.5. Distributions of Available Cash from Capital Surplus 59 Surplus. 58 Section 6.6 6.6. Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 Levels. 58 Section 6.7 6.7. Special Provisions Relating to the Holders of Senior Subordinated Units 60 and Junior Subordinated Units. 59 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 6.8. Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Rights. 59 Section 6.10 6.9. Entity-Level Taxation 62 Taxation. 60 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 7.1. Management. 60 Section 7.2 7.2. Certificate of Limited Partnership 64 Partnership. 62 Section 7.3 7.3. Restrictions on the General Partner’s Authority 65 Partners’ Authority. 63 Section 7.4 7.4. Reimbursement of the General Partner 65 Partners. 63 Section 7.5 7.5. Outside Activities 66 Activities. 64 Section 7.6 7.6. Loans from the General PartnerPartners; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner Partners. 66 Section 7.7. Indemnification. 67 Section 7.7 Indemnification 7.8. Liability of Indemnitees. 69 Section 7.8 Liability of Indemnitees 71 Section 7.9 7.9. Resolution of Conflicts of Interest 71 Interest. 69 Section 7.10 7.10. Other Matters Concerning the General Partner 73 Partners. 71 Section 7.11 7.11. Purchase or Sale of Partnership Securities 73 Securities. 72 Section 7.12 7.12. Registration Rights of the General Partners and their Affiliates. 72 Section 7.13. Reliance by Third Parties. 74 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1. Records and Accounting. 75 Section 8.2. Fiscal Year. 75 Section 8.3. Reports. 75 -ii- Inergy, L.P. ARTICLE IX TAX MATTERS Section 9.1. Tax Returns and Information. 75 Section 9.2. Tax Elections. 76 Section 9.3. Tax Controversies. 76 Section 9.4. Withholding. 76 ARTICLE X ADMISSION OF PARTNERS Section 10.1. Admission of Initial Limited Partners. 77 Section 10.2. Admission of Substituted Limited Partner. 77 Section 10.3. Admission of Successor General Partners. 77 Section 10.4. Admission of Additional Limited Partners. 78 Section 10.5. Amendment of Agreement and Certificate of Limited Partnership. 78 ARTICLE XI WITHDRAWAL OR REMOVAL OF PARTNERS Section 11.1. Withdrawal of the Managing General Partner. 78 Section 11.2. Removal of the Managing General Partner. 80 Section 11.3. Interest of Departing Partner and its Affiliates 74 iiSuccessor General Partners. 81 Section 11.4. Withdrawal of Non-Managing General Partner. 82 Section 11.5. Termination of Subordination Period, Conversion of Senior Subordinated Units and Junior Subordinated Units and Extinguishment of Cumulative Common Unit Arrearages. 83 Section 11.6. Withdrawal of Limited Partners. 83 ARTICLE XII DISSOLUTION AND LIQUIDATION Section 12.1. Dissolution. 83 Section 12.2. Continuation of the Business of the Partnership After Dissolution. 84 Section 12.3. Liquidator. 85 Section 12.4. Liquidation. 85 Section 12.5. Cancellation of Certificate of Limited Partnership. 86 Section 12.6. Return of Contributions. 86 Section 12.7. Waiver of Partition. 86 Section 12.8. Capital Account Restoration. 87 ARTICLE XIII AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE Section 13.1. Amendment to be Adopted Solely by the Managing General Partner. 87 Section 13.2. Amendment Procedures. 88 Section 13.3. Amendment Requirements. 89 Section 13.4. Special Meetings. 89 Section 13.5. Notice of a Meeting. 90 Section 13.6. Record Date. 90 -iii- Inergy, L.P. Section 13.7. Adjournment. 90 Section 13.8. Waiver of Notice; Approval of Meeting; Approval of Minutes. 90 Section 13.9. Quorum. 91 Section 13.10. Conduct of a Meeting. 91 Section 13.11. Action Without a Meeting. 92 Section 13.12. Voting and Other Rights. 92 ARTICLE XIV MERGER Section 14.1. Authority. 93 Section 14.2. Procedure for Merger or Consolidation. 93 Section 14.3. Approval by Limited Partners of Merger or Consolidation. 94 Section 14.4. Certificate of Merger. 95 Section 14.5. Effect of Merger. 95 ARTICLE XV RIGHT TO ACQUIRE LIMITED PARTNER INTERESTS Section 15.1. Right to Acquire Limited Partner Interests. 95 ARTICLE XVI GENERAL PROVISIONS Section 16.1. Addresses and Notices. 97 Section 16.2. Further Action. 98 Section 16.3. Binding Effect. 98 Section 16.4. Integration. 98 Section 16.5. Creditors. 98 Section 16.6. Waiver. 98 Section 16.7. Counterparts. 98 Section 16.8. Applicable Law. 99 Section 16.9. Invalidity of Provisions. 99 Section 16.10. Consent of Partners. 99 SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF INERGY, L.P. THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF INERGY, L.P. dated as of January 7, 2004, is entered into by and among Inergy GP LLC, a Delaware limited liability company, as the Managing General Partner, Inergy Partners, LLC, a Delaware limited liability company, as the Non-Managing General Partner and as the Organizational Limited Partner, New Inergy Propane, LLC, a Delaware limited liability company, Inergy Holdings, LLC, a Delaware limited liability company, together with any other Persons who become Partners in the Partnership or parties hereto as provided herein. In consideration of the covenants, conditions and agreements contained herein, the parties hereto hereby agree as follows:

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 64 Section 6.2 Allocations for Tax Purposes 55 73 Section 6.3 Requirement and Characterization of Cash Distributions; Cash Distributions to Record Holders 57 75 Section 6.4 Distributions of Available Cash from Operating Surplus 58 76 Section 6.5 Distributions of Available Cash from Capital Surplus 59 78 Section 6.6 Adjustment of Minimum Initial Quarterly Distribution and Target Distribution Levels 60 78 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 78 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 79 Section 6.9 Special Provisions Relating to the Holders of Class B Units. 79 Section 6.10 Entity-Level Taxation 62 80 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 82 Section 7.2 Certificate of Limited Partnership 64 84 Section 7.3 Restrictions on the General Partner’s Authority 65 84 Section 7.4 Reimbursement of the General Partner 65 85 Section 7.5 Outside Activities 66 86 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 87 Section 7.7 Indemnification 69 88 Section 7.8 Liability of Indemnitees 71 89 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 90 Section 7.10 Other Matters Concerning the General Partner 73 92 Section 7.11 Purchase or Sale of Partnership Securities 73 93 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii93 Section 7.13 Reliance by Third Parties 96 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting 97 Section 8.2 Fiscal Year 97 Section 8.3 Reports 97

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 Purposes. 52 Section 6.2 Allocations for Tax Purposes 55 Purposes. 61 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 Holders. 64 Section 6.4 Distributions of Available Cash from Operating Surplus 58 Surplus. 64 Section 6.5 Distributions of Available Cash from Capital Surplus 59 Surplus. 67 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 Levels. 67 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Incentive Distribution Rights. 69 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 Taxation. 69 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 Management. 70 Section 7.2 Certificate of Limited Partnership 64 Partnership. 72 Section 7.3 Restrictions on the General Partner’s Authority 65 Authority. 73 Section 7.4 Reimbursement of the General Partner 65 Partner. 73 Section 7.5 Outside Activities 66 Activities. 74 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members. 76 Section 7.7 Indemnification 69 Indemnification. 77 Section 7.8 Liability of Indemnitees 71 Indemnitees. 78 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties. 79 Section 7.10 Other Matters Concerning the General Partner 73 Partner. 81 Section 7.11 Purchase or Sale of Partnership Securities 73 Securities. 81 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 iiAffiliates. 82 Section 7.13 Reliance by Third Parties. 85 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting. 86 Section 8.2 Fiscal Year. 86 Section 8.3 Reports. 86 ARTICLE IX

Allocations and Distributions. Section 6.1 6.1. Allocations for Capital Account Purposes 46 Purposes. 54 Section 6.2 6.2. Allocations for Tax Purposes 55 Purposes. 62 Section 6.3 6.3. Requirement and Characterization of Distributions; Distributions to Record Holders 57 Holders. 64 Section 6.4 6.4. Distributions of Available Cash from Operating Surplus 58 Surplus. 64 Section 6.5 6.5. Distributions of Available Cash from Capital Surplus 59 Surplus. 66 Section 6.6 6.6. Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 Levels. 67 Section 6.7 6.7. Special Provisions Relating to the Holders of Subordinated Units 60 Units. 67 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 6.8. Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Rights. 68 Section 6.10 6.9. Entity-Level Taxation 62 Taxation. 68 ARTICLE VII VII. MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 7.1. Management. 69 Section 7.2 7.2. Certificate of Limited Partnership 64 Partnership. 71 Section 7.3 7.3. Restrictions on the General Partner’s Authority 65 Authority. 71 Section 7.4 7.4. Reimbursement of the General Partner 65 Partner. 72 Section 7.5 7.5. Outside Activities 66 Activities. 73 Section 7.6 7.6. Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partner. 74 Section 7.7 Indemnification 69 7.7. Indemnification. 76 Section 7.8 7.8. Liability of Indemnitees 71 Indemnitees. 77 Section 7.9 7.9. Resolution of Conflicts of Interest 71 Interest. 78 Section 7.10 7.10. Other Matters Concerning the General Partner 73 Partner. 80 Section 7.11 7.11. Purchase or Sale of Partnership Securities 73 Securities. 80 Section 7.12 7.12. Registration Rights of the General Partner and its Affiliates 74 iiAffiliates. 81 Section 7.13. Reliance by Third Parties. 83 ARTICLE VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1. Records and Accounting. 83 -ii- Table of Contents Section 8.2. Fiscal Year. 83 Section 8.3. Reports. 84

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 48 Section 6.2 Allocations for Tax Purposes 55 59 Section 6.3 Requirement Requirements and Characterization of Distributions; Distributions to Record Holders 57 62 Section 6.4 Distributions of Available Cash from Operating Surplus 58 62 Section 6.5 Distributions of Available Cash from Capital Surplus 59 64 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 65 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 65 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B IDR Reset Common Units 61 66 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 66 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 67 Section 7.2 Replacement of Fiduciary Duties 69 Section 7.3 Certificate of Limited Partnership 64 69 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 69 ii Section 7.4 7.5 Reimbursement of the General Partner 65 70 Section 7.5 7.6 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 71 Section 7.7 Indemnification 69 71 Section 7.8 Liability of Indemnitees 71 73 Section 7.9 Resolution Standards of Conflicts Conduct and Modification of Interest 71 Duties 74 Section 7.10 Other Matters Concerning the General Partner 73 and Indemnitees 76 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 76 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii76 Section 7.13 Reliance by Third Parties 78 ARTICLE VIII

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 44 Section 6.2 Allocations for Tax Purposes 55 Section 6.3 Requirement and Distributions; Characterization of Distributions; Distributions to Record Holders 57 Section 6.4 Distributions of Available Cash from Operating Surplus 58 57 Section 6.5 Distributions of Available Cash from Capital Surplus 59 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 59 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B IDR Reset Common Units 61 60 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 61 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 61 Section 7.2 Replacement of Fiduciary Duties 64 Section 7.3 Certificate of Limited Partnership 64 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 64 Section 7.4 7.5 Reimbursement of the General Partner 65 Section 7.5 7.6 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Section 7.7 Indemnification 69 66 Section 7.8 Limitation of Liability of Indemnitees 71 68 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 69 Section 7.10 Other Matters Concerning the General Partner 73 71 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 71 Section 7.12 Registration Rights of the General Partner and its Affiliates 72 Section 7.13 Reliance by Third Parties 74 iiARTICLE VIII

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 57 Section 6.2 Allocations for Tax Purposes 55 68 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 70 Section 6.4 Distributions of Available Cash from Operating Surplus 58 71 Section 6.5 Distributions of Available Cash from Capital Surplus 59 74 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 74 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 74 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 75 Section 6.10 6.9 Entity-Level Taxation 62 75 Section 6.10 Special Provisions Relating to the Holders of Convertible Class B Units 76 Section 6.11 Special Provisions Relating to the Holders of Subordinated Class C Units 77 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 77 Section 7.2 Certificate of Limited Partnership 64 80 Section 7.3 Restrictions on the General Partner’s Authority 65 80 Section 7.4 Reimbursement of the General Partner 65 80 Section 7.5 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Section 7.7 Indemnification 69 Section 7.8 Liability of Indemnitees 71 Section 7.9 Resolution of Conflicts of Interest 71 Section 7.10 Other Matters Concerning the General Partner 73 Section 7.11 Purchase or Sale of Partnership Securities 73 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii81

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 48 Section 6.2 Allocations for Tax Purposes 55 59 Section 6.3 Requirement Requirements and Characterization of Distributions; Distributions to Record Holders 57 62 Section 6.4 Distributions of Available Cash from Operating Surplus 58 62 Section 6.5 Distributions of Available Cash from Capital Surplus 59 64 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 65 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 65 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B IDR Reset Common Units 61 66 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 66 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 67 Section 7.2 Replacement of Fiduciary Duties 69 Section 7.3 Certificate of Limited Partnership 64 69 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 69 Section 7.4 7.5 Reimbursement of the General Partner 65 70 Section 7.5 7.6 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 71 Section 7.7 Indemnification 69 71 Section 7.8 Liability of Indemnitees 71 73 Section 7.9 Resolution Standards of Conflicts Conduct and Modification of Interest 71 Duties 74 Section 7.10 Other Matters Concerning the General Partner 73 and Indemnitees 76 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 76 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii76 Section 7.13 Reliance by Third Parties 78 ARTICLE VIII

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 35 Section 6.2 Allocations for Tax Purposes 55 41 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 43 Section 6.4 Distributions of Available Cash from Operating Surplus 58 43 Section 6.5 Distributions of Available Cash from Capital Surplus 59 44 Section 6.6 Adjustment of Minimum Initial Quarterly Distribution and Target Distribution Levels 60 44 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 [Reserved] 44 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 44 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 45 Section 7.2 Replacement of Fiduciary Duties 47 Section 7.3 Certificate of Limited Partnership 64 47 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 47 Section 7.4 7.5 Reimbursement of the General Partner 65 48 Section 7.5 7.6 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 48 Section 7.7 Indemnification 69 49 Section 7.8 Liability of Indemnitees 71 51 Section 7.9 Resolution Standards of Conflicts Conduct and Modification of Interest 71 Duties 52 Section 7.10 Other Matters Concerning the General Partner 73 and Indemnitees 53 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 54 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii54 Section 7.13 Reliance by Third Parties 56 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting 57 Section 8.2 Fiscal Year 57 Section 8.3 Reports 58

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 41 Section 6.2 Allocations for Tax Purposes 55 51 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 52 Section 6.4 Distributions of Available Cash from Operating Surplus 58 53 Section 6.5 Distributions of Available Cash from Capital Surplus 59 55 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 55 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 56 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 56 Section 6.10 6.9 Entity-Level Taxation 62 56 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 57 Section 7.2 Certificate of Limited Partnership 64 59 Section 7.3 Restrictions on the General Partner’s Authority 65 60 Section 7.4 Reimbursement of the General Partner 65 60 Section 7.5 Outside Activities 66 61 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 62 Section 7.7 Indemnification 69 63 Section 7.8 Liability of Indemnitees 71 Section 7.9 Resolution of Conflicts of Interest 71 Section 7.10 Other Matters Concerning the General Partner 73 Section 7.11 Purchase or Sale of Partnership Securities 73 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii65

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 61 Section 6.2 Allocations for Tax Purposes 55 70 Section 6.3 Requirement for and Characterization of Distributions; Distributions to Record Holders 57 73 Section 6.4 Distributions of Available Cash from Operating Surplus 58 73 Section 6.5 Distributions of Available Cash from Capital Surplus 59 75 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 75 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 [Reserved] 76 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 76 Section 6.10 6.9 Entity-Level Taxation 62 76 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 77 Section 7.2 Certificate of Limited Partnership 64 79 Section 7.3 Restrictions on the General Partner’s Authority 65 79 Section 7.4 Reimbursement of the General Partner 65 80 Section 7.5 Outside Activities 66 81 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 82 Section 7.7 Indemnification 69 84 Section 7.8 Liability of Indemnitees 71 lndemnitees 85 Section 7.9 Resolution of Conflicts of Interest 71 86 Section 7.10 Other Matters Concerning the General Partner 73 87 Section 7.11 Purchase or Sale of Partnership Securities 73 88 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii88 Section 7.13 Reliance by Third Parties 90

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 76 Section 6.2 Allocations for Tax Purposes 55 86 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 88 Section 6.4 Distributions of Available Cash from Operating Surplus 58 88 Section 6.5 Distributions of Available Cash from Capital Surplus 59 89 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 89 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 Reserved 90 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 90 Section 6.10 6.9 Entity-Level Taxation 62 90 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 91 Section 7.2 Certificate of Limited Partnership 64 93 Section 7.3 Restrictions on the General Partner’s Authority 65 93 Section 7.4 Reimbursement of the General Partner 65 93 Section 7.5 Outside Activities 66 94 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 96 Section 7.7 Indemnification 69 96 Section 7.8 Liability of Indemnitees 71 98 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 99 Section 7.10 Other Matters Concerning the General Partner 73 101 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 101 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii101 Section 7.13 Reliance by Third Parties 104 ARTICLE VIII

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 47 Section 6.2 Allocations for Tax Purposes 55 58 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 59 Section 6.4 Distributions of Available Cash from Operating Surplus 58 60 Section 6.5 Distributions of Available Cash from Capital Surplus 59 62 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 62 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 63 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 63 Section 6.10 6.9 Entity-Level Taxation 62 64 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 64 Section 7.2 Certificate of Limited Partnership 64 67 Section 7.3 Restrictions on the General Partner’s Authority 65 67 Section 7.4 Reimbursement of the General Partner 65 67 Section 7.5 Outside Activities 66 68 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 70 Section 7.7 Indemnification 69 71 Section 7.8 Liability of Indemnitees 71 Section 7.9 Resolution of Conflicts of Interest 71 Section 7.10 Other Matters Concerning the General Partner 73 Section 7.11 Purchase or Sale of Partnership Securities 73 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii72

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 48 Section 6.2 Allocations for Tax Purposes 55 59 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 61 Section 6.4 Distributions of Available Cash from Operating Surplus 58 62 Section 6.5 Distributions of Available Cash from Capital Surplus 59 64 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 64 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 65 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 65 Section 6.10 6.9 Entity-Level Taxation 62 66 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 66 Section 7.2 Certificate of Limited Partnership 64 69 Section 7.3 Restrictions on the General Partner’s Authority 65 69 Section 7.4 Reimbursement of the General Partner 65 69 Section 7.5 Outside Activities 66 71 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 72 Section 7.7 Indemnification 69 73 Section 7.8 Liability of Indemnitees 71 74 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 75 Section 7.10 Other Matters Concerning the General Partner 73 77 Section 7.11 Purchase or Sale of Partnership Securities 73 77 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii78 Section 7.13 Reliance by Third Parties 80

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 43 Section 6.2 Allocations for Tax Purposes 55 54 Section 6.3 Requirement and Distributions; Characterization of Distributions; Distributions to Record Holders 57 55 Section 6.4 Distributions of Available Cash from Operating Surplus 58 56 Section 6.5 Distributions of Available Cash from Capital Surplus 59 58 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 58 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 58 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B IDR Reset Common Units 61 59 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 59 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 60 Section 7.2 Replacement of Fiduciary Duties 62 Section 7.2 7.3 Certificate of Limited Partnership 64 63 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 63 Section 7.4 7.5 Reimbursement of the General Partner 65 63 Section 7.5 7.6 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 64 Section 7.7 Indemnification 69 65 Section 7.8 Limitation of Liability of Indemnitees 71 67 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 68 Section 7.10 Other Matters Concerning the General Partner 73 70 Section 7.11 Purchase or Sale of Partnership Securities 73 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 iiInterests 70

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 30 Section 6.2 Allocations for Tax Purposes 55 38 Section 6.3 Requirement and Distributions; Characterization of Distributions; Distributions to Record Holders 57 39 Section 6.4 Distributions of Available Cash from Operating Surplus 58 40 Section 6.5 Distributions of Available Cash from Capital Surplus 59 41 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 41 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 41 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B IDR Reset Common Units 61 42 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 42 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 43 Section 7.2 Replacement of Fiduciary Duties 44 Section 7.3 Certificate of Limited Partnership 64 44 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 45 Section 7.4 7.5 Reimbursement of the General Partner 65 45 Section 7.5 7.6 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 45 Section 7.7 Indemnification 69 46 Section 7.8 Limitation of Liability of Indemnitees 71 47 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 48 Section 7.10 Other Matters Concerning the General Partner 73 49 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 49 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii50 Section 7.13 Reliance by Third Parties 51

Allocations and Distributions. Section 6.1 6.1. Allocations for Capital Account Purposes 46 Purposes. 48 Section 6.2 6.2. Allocations for Tax Purposes Purposes. 55 Section 6.3 6.3. Requirement and Characterization of Distributions; Distributions to Record Holders 57 Holders. 58 Section 6.4 6.4. Distributions of Available Cash from Operating Surplus Surplus. 58 Section 6.5 6.5. Distributions of Available Cash from Capital Surplus 59 Surplus. 60 Section 6.6 6.6. Adjustment of Minimum Quarterly Distribution and Target Distribution Levels Levels. 60 Section 6.7 6.7. Special Provisions Relating to the Holders of Subordinated Units 60 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units Units. 61 Section 6.9 6.8. Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Rights. 62 Section 6.10 6.9. Entity-Level Taxation Taxation. 62 ARTICLE VII VII. MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 7.1. Management. 62 Section 7.2 7.2. Certificate of Limited Partnership 64 Partnership. 65 Section 7.3 7.3. Restrictions on the General Partner’s Authority Authority. 65 Section 7.4 7.4. Reimbursement of the General Partner 65 Section 7.5 Outside Activities Partner. 66 Section 7.6 7.5. Outside Activities. 67 Section 7.6. Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partner. 68 Section 7.7 Indemnification 7.7. Indemnification. 69 Section 7.8 7.8. Liability of Indemnitees Indemnitees. 71 Section 7.9 7.9. Resolution of Conflicts of Interest 71 Interest. 72 Section 7.10 7.10. Other Matters Concerning the General Partner Partner. 73 Section 7.11 7.11. Purchase or Sale of Partnership Securities 73 Securities. 74 Section 7.12 7.12. Registration Rights of the General Partner and its Affiliates Affiliates. 74 iiSection 7.13. Reliance by Third Parties. 76 ARTICLE VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1. Records and Accounting. 77 Section 8.2. Fiscal Year. 77 Section 8.3. Reports. 77 ARTICLE IX.

Allocations and Distributions. Section 6.1 6.1. Allocations for Capital Account Purposes 46 Purposes. 54 Section 6.2 6.2. Allocations for Tax Purposes 55 Purposes. 62 Section 6.3 6.3. Requirement and Characterization of Distributions; Distributions to Record Holders 57 Holders. 64 Section 6.4 6.4. Distributions of Available Cash from Operating Surplus 58 Surplus. 64 Section 6.5 6.5. Distributions of Available Cash from Capital Surplus 59 Surplus. 66 Section 6.6 6.6. Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 Levels. 67 Section 6.7 6.7. Special Provisions Relating to the Holders of Subordinated Units 60 Units. 67 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 6.8. Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Rights. 68 Section 6.10 6.9. Entity-Level Taxation 62 Taxation. 68 ARTICLE VII VII. MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 7.1. Management. 69 Section 7.2 7.2. Certificate of Limited Partnership 64 Partnership. 71 Section 7.3 7.3. Restrictions on the General Partner’s Authority 65 Authority. 71 Section 7.4 7.4. Reimbursement of the General Partner 65 Partner. 72 Section 7.5 7.5. Outside Activities 66 Activities. 73 Section 7.6 7.6. Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partner. 74 Section 7.7 Indemnification 69 7.7. Indemnification. 76 Section 7.8 7.8. Liability of Indemnitees 71 Indemnitees. 77 Section 7.9 7.9. Resolution of Conflicts of Interest 71 Interest. 78 Section 7.10 7.10. Other Matters Concerning the General Partner 73 Partner. 80 Section 7.11 7.11. Purchase or Sale of Partnership Securities 73 Securities. 80 Section 7.12 7.12. Registration Rights of the General Partner and its Affiliates 74 iiAffiliates. 81 Section 7.13. Reliance by Third Parties. 83 ARTICLE VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1. Records and Accounting. 83 -ii- Magellan Midstream Partners, L.P. Section 8.2. Fiscal Year. 83 Section 8.3. Reports. 84 ARTICLE IX.

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 48 Section 6.2 Allocations for Tax Purposes 55 59 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 60 Section 6.4 Distributions of Available Cash from Operating Surplus 58 61 Section 6.5 Distributions of Available Cash from Capital Surplus 59 63 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 63 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 64 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 64 Section 6.10 6.9 Entity-Level Taxation 62 65 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 65 Section 7.2 Certificate of Limited Partnership 64 68 Section 7.3 Restrictions on the General Partner’s Authority 65 68 Section 7.4 Reimbursement of the General Partner 65 68 Section 7.5 Outside Activities 66 69 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 71 Section 7.7 Indemnification 69 71 Section 7.8 Liability of Indemnitees 71 Section 7.9 Resolution of Conflicts of Interest 71 Section 7.10 Other Matters Concerning the General Partner 73 Section 7.11 Purchase or Sale of Partnership Securities 73 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii73

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 35 Section 6.2 Allocations for Tax Purposes 55 38 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 40 Section 6.4 Distributions of Available Cash from Operating Surplus 58 Section 6.5 Distributions of Available Cash from Capital Surplus 59 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 Unitholders 41 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 41 Section 7.2 Certificate of Limited Partnership 64 43 Section 7.3 Restrictions on the Managing General Partner’s Authority 65 43 Section 7.4 Reimbursement of the Managing General Partner 65 44 Section 7.5 Outside Activities 66 45 Section 7.6 Loans from the Managing General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the Managing General Partner 67 46 Section 7.7 Indemnification 69 48 Section 7.8 Liability of Indemnitees 71 49 Section 7.9 Resolution of Conflicts of Interest 71 50 Section 7.10 Other Matters Concerning the Managing General Partner 73 51 Section 7.11 Purchase or Sale of Partnership Securities 73 52 Section 7.12 Registration Rights of the Managing General Partner and its Affiliates 74 ii52 Section 7.13 Reliance by Third Parties 54 ARTICLE VIII

Allocations and Distributions. Section 6.1 5.1 Allocations for Capital Account Purposes 46 26 Section 6.2 5.2 Allocations for Tax Purposes 55 32 Section 6.3 Requirement 5.3 Requirements as to, and Characterization of Distributions; of, Distributions to Record Holders 57 34 Section 6.4 5.4 Distributions 35 Section 5.5 Distributions of Available Cash from Operating Surplus 58 Interim Capital Transactions 35 Section 6.5 Distributions of Available Cash from Capital Surplus 59 Section 6.6 5.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 36 ARTICLE VII VI MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 6.1 Management 62 36 Section 7.2 6.2 Certificate of Limited Partnership 64 38 Section 7.3 6.3 Restrictions on the General Partner’s Authority 65 39 Section 7.4 6.4 Reimbursement of the General Partner 65 40 Section 7.5 6.5 Outside Activities 66 40 Section 7.6 6.6 Loans to and from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Affiliates 41 Section 7.7 6.7 Indemnification 69 42 Section 7.8 6.8 Liability of Indemnitees 71 44 Section 7.9 6.9 Resolution of Conflicts of Interest 71 45 Section 7.10 6.10 Other Matters Concerning the General Partner 73 46 Section 7.11 6.11 Title to Partnership Assets 46 Section 6.12 Purchase or Sale of Partnership Securities 73 Units 47 Section 7.12 6.13 Reliance by Third Parties 47 Section 6.14 Registration Rights of the General Partner TNC and its Its Affiliates 74 ii47 ARTICLE VII

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 63 Section 6.2 Allocations for Tax Purposes 55 78 Section 6.3 Requirement and Distributions; Characterization of Distributions; Distributions to Record Holders 57 79 Section 6.4 Distributions of Available Cash from Operating Surplus 58 80 Section 6.5 Distributions of Available Cash from Capital Surplus 59 82 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 82 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 83 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B IDR Reset Common Units 61 83 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 84 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 84 Section 7.2 Replacement of Fiduciary Duties 87 Section 7.3 Certificate of Limited Partnership 64 87 Section 7.3 7.4 Restrictions on the General Partner’s Authority 65 87 Section 7.4 7.5 Reimbursement of the General Partner 65 88 Section 7.5 7.6 Outside Activities 66 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 89 Section 7.7 Indemnification 69 89 Section 7.8 Limitation of Liability of Indemnitees 71 91 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 92 Section 7.10 Other Matters Concerning the General Partner 73 94 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 94 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii95 Section 7.13 Reliance by Third Parties 97

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 72 Section 6.2 Allocations for Tax Purposes 55 83 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 85 Section 6.4 Distributions of Available Cash from Operating Surplus 58 86 Section 6.5 Distributions of Available Cash from Capital Surplus 59 86 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 87 Section 6.7 Special Provisions Relating to the Holders of Converted Subordinated Units 60 87 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 88 Section 6.10 6.9 Entity-Level Taxation 62 88 Section 6.10 Special Provisions Relating to the Preferred Holders 89 Section 6.11 Special Provisions Relating to 2016 Warrants 89 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 90 Section 7.2 Certificate of Limited Partnership 64 92 Section 7.3 Restrictions on the General Partner’s Authority 65 92 Section 7.4 Reimbursement of the General Partner 65 93 Section 7.5 Outside Activities 66 94 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 95 Section 7.7 Indemnification 69 95 Section 7.8 Liability of Indemnitees 71 97 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 98 Section 7.10 Other Matters Concerning the General Partner 73 100 Section 7.11 Purchase or Sale of Partnership Securities 73 Interests 100 Section 7.12 Registration Rights of the General Partner Reliance by Third Parties 100 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and its Affiliates 74 iiAccounting 101 Section 8.2 Fiscal Year 101 Section 8.3 Reports 101 ARTICLE IX

Allocations and Distributions. Section 6.1 Allocations for Capital Account Purposes 46 30 Section 6.2 Allocations for Tax Purposes 55 33 Section 6.3 Requirement and Characterization of Distributions; Distributions to Record Holders 57 35 Section 6.4 Distributions of Available Cash from Operating Surplus 58 [Reserved] 35 Section 6.5 Distributions of Available Cash from Capital Surplus 59 [Reserved] 35 Section 6.6 Adjustment of Minimum Quarterly Distribution and Target Distribution Levels 60 [Reserved] 35 Section 6.7 Special Provisions Relating to the Holders of Subordinated Units 60 [Reserved] 35 Section 6.8 Special Provisions Relating to the Holders of Subordinated Class B Units 61 [Reserved] 35 Section 6.9 Special Provisions Relating to the Holders of Incentive Distribution Rights 61 Section 6.10 Entity-Level Taxation 62 [Reserved] 35 ARTICLE VII MANAGEMENT AND OPERATION OF BUSINESS Section 7.1 Management 62 35 Section 7.2 Certificate of Limited Partnership 64 38 Section 7.3 Restrictions on the General Partner’s Authority 65 38 Section 7.4 Reimbursement of the General Partner 65 38 Section 7.5 Outside Activities 66 39 Section 7.6 Loans from the General Partner; Loans or Contributions from the Partnership; Contracts with Affiliates; Certain Restrictions on the General Partner 67 Partnership or Group Members 41 Section 7.7 Indemnification 69 41 Section 7.8 Liability of Indemnitees 71 43 Section 7.9 Resolution of Conflicts of Interest 71 Interest; Standards of Conduct and Modification of Duties 44 Section 7.10 Other Matters Concerning the General Partner 73 45 Section 7.11 Purchase or Sale of Partnership Securities 73 46 Section 7.12 Registration Rights of the General Partner and its Affiliates 74 ii46 Section 7.13 Reliance by Third Parties 49 ARTICLE VIII BOOKS, RECORDS, ACCOUNTING AND REPORTS Section 8.1 Records and Accounting 50 Section 8.2 Fiscal Year 50 Section 8.3 Reports 50 ARTICLE IX