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CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS BEYOND INFORMATION®

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24 February 2016Americas/United States

Equity ResearchMaster Limited Partnerships

ONEOK (OKS/OKE) EARNINGSResearch Analysts

John Edwards, CFA

Bhavesh Lodaya

Dylan Nassano

Alexander Thompson

Good Start to 2016 on Volumes and Guidance■ Our Take — positive on the 2016 guidance reiteration despite

deterioration in pricing: We are positive on the affirming of guidance. Strong volume performance is a key driver though we believe price assumptions are more optimistic than our own. Thus, despite the positive outlook, at $1.78B, we remain below 2016 EBITDA guidance of $1.88bn (-5%) out of conservatism, particularly on pricing (strip). OKS is guiding to 1.0x+ coverage vs. our 1.0x. Given a recalibration of valuation metrics on OKE, we lower to $30/share and we cut to Neutral.

■ Increasing fee-based earnings mix: OKS expects 85% fee-based earnings in 2016 compared to 75% in 2015. At the segment level, 95% of natural gas pipeline earnings are expected to be fee-based, and 90% of natural gas liquids segment earnings are expected to be fee-based. Recall commodity exposure has been a key risk for OKS throughout the commodity downturn, but mgmt. has taken steps to meaningfully reduce commodity exposure through contract restructuring in the Williston Basin.

■ Balance sheet, leverage, and liquidity: Given OKS' flexible capex, no need for equity and liquidity, we view the partnership as positioned to ride out a challenging environment into 2017. Mgmt. is targeting 4.2x leverage by end of 2016, from 4.7x currently (CS est. 4.2x). In terms of liquidity, OKS ended 2015 with $1.8bn undrawn on its credit agreement and entered into $1bn term loan in Jan 2016, effectively refinancing 2016 long-term debt maturities. Mgmt. highlighted the importance of OKS I/G rating, and took steps in 2015 to improve its view in the eyes of the ratings agencies by cutting capex by $1.6bn from initial 2015 plan and issuing $650mm in equity. Going forward, the persistent negative commodity environment will likely continue to drag on OKS' credit outlook.

■ 4Q15 In-Line: OKS reported EBITDA of $450mm, a slight beat to the Street's $441mm (+2%) and in line with our $448mm estimate. Total DCF came in at $340mm, slightly above our $333mm estimate, driven by lower than expected maintenance capex (-$6mm). OKS segments were mixed: nat gas G&P EBITDA (excl. impairment) and volumes were in-line, pipelines EBITDA of $74mm beat (+18%) on higher volumes/utilization (+3%/+3%, respectively), and nat gas liquids EBITDA missed (-10%) on lighter NGL volumes/sales (-3%/-7%, respectively). OKE's cash flow available for dividends of $167mm was a slight miss to our $173mm estimate on 1.29x coverage.

■ Lowering Target Prices - OKS to $32, OKE to $30 and rating to Neutral: We are lowering our TPs based on EV/EBITDA, P/DCF, and 3-stage DDM (page 6), and reducing OKE to Neutral on lower total return outlook.

24 February 2016

ONEOK (OKS/OKE) 2

Price Price Rating Target Price Year EPS EPS FY1E EPS FY2E EPS FY3ECompany Ccy 23 Feb 16 Prev Cur Prev Cur End Ccy Prev Cur Prev Cur Prev CurONEOK Partners, LP (OKS.N) US$ 25.66 - N 34.00 32.00 Dec-15 US$ 1.90 1.86 1.90 1.95 1.78 1.97ONEOK, Inc. (OKE.N) US$ 21.31 - N*[V] 36.00 30.00 Dec-15 US$ 4.79 1.86 3.75 2.00 3.74 2.14*O - Outperform, N - Neutral, U - Underperform, R - Restricted [V]= Stock consider volatile ( see Disclosure Appendix).Company data, Credit Suisse estimates

Key Takeaways■ Creditworthy Counterparties: 9/10 of OKS' ten largest customers are either I/G or

have provided full credit support, and consist mainly of large petro-chemical or integrated customers. Within the natural gas pipeline segment, >80% are I/G and customers are primarily electric and natural gas utilities. At the G&P level, 99% of downstream sales are made to I/G customers.

■ 2016 capex outlook: Mgmt is expecting to spend $460mm on growth projects in 2016, with $320mm in G&P and $70mm in both natural gas liquids and natural gas pipelines segments. There appears to be considerable flexibility for downward revisions in spending, mostly through the G&P segment. For maintenance capex. given the current commodity market environment, service providers are bidding lower for maintenance projects. Mgmt. expects to spend less on maintenance capex in 2016 from lower contractor and materials/supplies costs.

■ Balance sheet, leverage, and liquidity: Given OKS' flexible capex, flat distribution outlook, and liquidity, we view the company in a solid position to reduce leverage in 2016 while not having to access the public debt or equity markets (including ATM) into 2017. Mgmt. is targeting 4.2x leverage by end of 2016, from 4.7x currently (CS est. 4.2x). In terms of liquidity, OKS ended 2015 with $1.8bn undrawn on its credit agreement and entered into $1bn term loan in Jan 2016, effectively refinancing 2016 long-term debt maturities. Mgmt. highlighted the importance of OKS I/G rating, and took steps in 2015 to improve view to ratings agencies by cutting capex by $1.6bn from initial 2015 plan and issuing $650mm in equity. Going forward, the persistent negative commodity environment will likely continue to drag on OKS' credit outlook.

■ Ethane recovery in focus: Mgmt expects ethane recovery in 2017 with volumes coming from the Gulf Coast and mid-con initially, with the Bakken resuming in 2018. We expect that lower commodity prices will push out the ethane uplift to 2018 at the earliest for all regions.

■ Project update: Roadrunner Phase 1 is expected to go in service on time in March, fully subscribed under 25-year fee-based commitments, with Phase 2 on track to go in-service in 1Q'17. OKS' 80mmcf/d Bear Creek processing plant is expected to be on line in 3Q'16. The Bakken NGL pipeline expansion was pushed to 3Q'18 given slower volume growth.

24 February 2016

ONEOK (OKS/OKE) 3

OKS 4Q VarianceFigure 1: OKS 4Q15 Earnings VarianceEarnings Variance

4Q15 4Q15 CS Diff. 4Q14 YoYActual Estimate Diff. (%) Actual (%) Comments

Segment EBITDA:Natural Gas Gathering and Processing 97.4 96.7 0.7 1% 110 -12% Excluding noncash impairment on Powder Basin assetsNatural Gas Pipelines 73.7 62.5 11.2 18% 79 -7%Natural Gas Liquids 259.5 288.9 (29.4) -10% 248 5%Other 0.0 0.0 0.0 NM 0 NMTotal Segment EBITDA 430.6 448.0 (17.4) -4% 438 -2%

Total operating revenues 1,930.4 2,868.5 (938.1) -33% 2,844 -32%Product purchases 1,333.3 2,250.8 (917.5) -41% 2,281 -42%Gross margin 597.1 617.7 (20.6) -3% 563 6%

Operations and maintenance 164.9 183.4 (18.5) -10% 173 -5%Depreciation and amortization 92.6 94.0 (1.4) -1% 79 17%Taxes other than income 20.4 14.7 5.7 39% 15 39%Other, net 77.3 0.0 77.3 NA (5) NMEBIT (Operating Income) 241.9 325.6 (83.7) -26% 301 -20%

Interest expense/(income) (85.0) (87.5) 2.4 -3% (71) 21%Equity earnings from investments 32.1 28.4 3.7 13% 34 -6%Minority interest in subsidiary 2.3 2.5 (0.2) -6% 1 190%Income taxes 0.9 (2.9) 3.9 -132% (3) -135%Equity AFUDC 0.5 0.2 0.3 160% 1 -53%Other, net (180.8) 0.0 (180.8) NM 1 NM Impairment equity investments and long-lived assetsIncome before taxes 8.6 266.7 (258.1) -97% 267 -97%Income taxes (0.9) 2.9 (3.9) -132% 3 -135%Net Income 7.2 261.3 (254.1) -97% 263 -97%Less: Recurring net income allocated to GP (100.7) 110.8 (211.4) -191% 95 -206%Recurring Net Income to LP unitholders 93.5 150.5 (57.0) -38% 169 -45%

Weighted average LP units outstanding 285.8 285.8 (0.0) 0% 251 14%Earnings Per LP Unit (Recurring) ($0.33) $0.53 ($0.86) -163% $0.67 -149% Includes noncash charges

EBITDA 450.2 448.0 2.2 0% 415 8%Cash interest expense/(income) (85.0) (87.5) 2.4 -3% (71) 21%Distributions to minority interest 0.0 0.0 0.0 NA 0 NAEquity earnings from investments (32.1) (28.4) (3.7) 13% (34) -6%Distributions received from equity investments 38.8 37.2 1.6 4% 30 30%Maintenance capex (30.5) (36.3) 5.8 -16% 40 -177%Other, net 0.0 0.0 0.0 NM 6 NMTotal distributable cash flow 339.8 333.0 6.8 2% 306 11%Cash paid to the general partner 107.2 107.2 0.0 0% 95 13%GP portion of surplus cash flow 3.4 (0.0) 3.4 NM 5 -34%Distributable cash flow to LP 229.2 225.8 3.4 2% 206 11%

DCF to LP per unit $0.80 $0.79 $0.01 2% $0.82 -2%

Distribution per LP unit $0.790 $0.790 $0.00 0% $0.79 0.0%

Total cash distributions (decl basis) 333 333 0 0% 296 13%Distribution coverage ratio (Total) 1.03x 1.00x 0.03x 3% 1.04x -1%

Operating Statistics

Natural Gas Gathering and ProcessingNatural gas gathered (Bbtu/d) 2,094 2115 (21) -1% 1,934 8%

Natural Gas PipelinesNatural gas transported (MDth/d) 5,938 5,739 199 3% 5,844 2%Transportation capacity subscribed (%) 93% 90% 3% 3% 92% 1%Average Mid-Continent natural gas price ($/MMBtu) $3.68 $3.68 $0.00 0% $3.59 3%

Natural Gas LiquidsNGL sales (MBbl/d) 670 690 (20) -3% 578 16%Total NGL fee-based volumes (MBbl/d) 1,834 1,966 (132) -7% 1,542 19%Ethane Conway-Belvieu Price Differential ($/gallon) $0.02 $0.03 ($0.01) -33% $0.01 100% Source: Company data, Credit Suisse estimates

24 February 2016

ONEOK (OKS/OKE) 4

OKS Changes to EstimatesFigure 2: Changes to Estimates

2016E 2017E 2018E 2016E 2017E 2018ESegment EBITDA:Natural Gas Gathering and Processing 538 599 650 510 554 605Natural Gas Pipelines 262 276 288 271 285 296Natural Gas Liquids 1,002 1,066 1,130 999 1,107 1,214Other 0 0 0 0 0 0Total Segment EBITDA 1,802 1,941 2,068 1,780 1,946 2,115

Total operating revenues 11,134 11,958 12,865 9,736 10,682 11,791Product purchases 8,613 9,260 9,969 7,274 8,009 8,860Gross margin 2,521 2,698 2,897 2,463 2,673 2,930

Operations and maintenance 767 813 892 733 786 883Depreciation and amortization 443 560 682 438 554 677Taxes other than income 77 77 77 83 83 83Other, net 0 0 0 0 0 0EBIT (Operating Income) 1,234 1,248 1,245 1,208 1,250 1,287

Interest expense/(income) (361) (373) (380) (360) (371) (378)Equity earnings from investments 125 133 141 134 142 151Minority interest in subsidiary 10 10 10 9 9 9Income taxes (11) (11) (11) (10) (10) (11)Equity AFUDC 1 1 1 2 2 2Other, net 8 8 8 8 8 8Income before taxes 1,006 1,017 1,015 992 1,031 1,070Income taxes 11 11 11 10 10 11Net Income 985 996 994 973 1,011 1,050Less: Recurring net income allocated to GP 442 448 462 442 448 463Recurring Net Income to LP unitholders 543 548 532 531 563 587

Weighted average LP units outstanding 286 288 299 286 288 299Earnings Per LP Unit (Recurring) $1.90 $1.90 $1.78 $1.86 $1.95 $1.97

EBITDA 1,810 1,949 2,076 1,788 1,954 2,123Cash interest expense/(income) (361) (373) (380) (360) (371) (378)Distributions to minority interest 0 0 0 0 0 0Equity earnings from investments (125) (133) (141) (134) (142) (151)Distributions received from equity investments 160 168 176 169 177 186Maintenance capex (139) (163) (183) (137) (163) (186)Other, net 0 0 0 0 0 0Total distributable cash flow 1,344 1,449 1,548 1,326 1,455 1,594Cash paid to the general partner 429 435 449 429 435 449GP portion of surplus cash flow 6 49 76 (3) 52 99Distributable cash flow to LP 909 965 1,023 900 968 1,046

DCF to LP per unit $3.181 $3.345 $3.424 $3.149 $3.356 $3.501

Distribution per LP unit $3.160 $3.160 $3.160 $3.160 $3.160 $3.160

Total cash distributions (decl basis) 1,332 1,350 1,395 1,332 1,350 1,395Distribution coverage ratio (Total) 1.01x 1.06x 1.08x 1.00x 1.06x 1.11x

Operating Statistics

Natural Gas Gathering and ProcessingNatural gas gathered (Bbtu/d) 2,270 2,351 2,446 2,164 2,241 2,332

Natural Gas PipelinesNatural gas transported (MDth/d) 6,023 6,321 6,385 6,015 6,321 6,385Transportation capacity subscribed (%) 92% 91% 91% 92% 91% 91%Average Mid-Continent natural gas price ($/MMBtu) $2.83 $2.66 $2.88 $2.78 $2.50 $2.56

Natural Gas LiquidsNGL sales (MBbl/d) 686 707 730 681 702 724Total NGL fee-based volumes (MBbl/d) 1,890 1,926 2,024 1,844 1,894 2,049Ethane Conway-Belvieu Price Differential ($/gallon) $0.02 $0.02 $0.02 $0.02 $0.02 $0.02

New EstimatesOld Estimates

Source: Company data, Credit Suisse estimates

24 February 2016

ONEOK (OKS/OKE) 5

OKE Changes in EstimatesFigure 4: Changes to Estimates

2016E 2017E 2018E 2016E 2017E 2018EDistributable cash flow calculation:Distributions from ONEOK Partners 800.9 806.8 821.3 800.9 806.8 821.3LP Distributions from ONEOK Partners 372.1 372.1 372.1 372.1 372.1 372.1IDRs Received from ONEOK Partners 428.8 434.7 449.2 428.8 434.7 449.2Interest expense, excluding noncash items (97.3) (97.3) (97.3) (97.3) (97.3) (97.3)Released contracts from the former energy services business (20.0) (8.0) (5.0) (20.0) (8.0) (5.0)Corporate expenses (10.0) (10.0) (10.0) (10.0) (10.0) (10.0)Equity compensation reimmbursed by ONEOK Partners 24.9 24.9 24.9 24.3 24.3 24.3Total cash flows 698.5 716.4 733.9 697.9 715.8 733.3Capital expenditures (5.0) (5.0) (5.0) (5.0) (5.0) (5.0)Available cash flow (DCF) 693.5 711.4 728.9 692.9 710.8 728.3Available cash flow per share 3.30$ 3.38$ 3.47$ 3.29$ 3.38$ 3.46$ Dividends declared (517.3) (548.9) (599.3) (517.6) (549.2) (599.7)Dividends declared per share of common unit $2.46 $2.61 $2.85 $2.46 $2.61 $2.85Dividend coverage ratio 1.34x 1.30x 1.22x 1.34x 1.29x 1.21x

Old Estimates New Estimates

Source: Company data, Credit Suisse estimates

24 February 2016

ONEOK (OKS/OKE) 6

ValuationOKS: Our $32 target price for OKS is based on a blended valuation between EV/EBITDA, P/DCF, and DDM approaches. For EV/EBITDA we utilize a 10x multiple (~2 turns above the current level), implying a $25 valuation. We utilize a 10x multiple on P/DCF which is ~1 turn above where units are currently trading, and is one standard deviation below the average over the last decade, and above the ~6x multiple G&P MLPs are trading due to OKS' increasing proportion of fee-based cash flows and improving balance sheet. This method suggests a $31 valuation. Our 3-stage DDM suggests a $38 valuation utilizing a 0.8% CAGR in the first five years, 1.8% in the second five years and a 1% terminal growth rate discounted at 9%.

OKE: Our $30 TP for OKE is based on an equal-weight of EV/EBITDA, P/DCF valuation and 3-stage DDM utilizing Stage 1 (Years 1-5) distribution growth of 6.2%, Stage 2 (Years 6-10) distribution growth of 6.0% and 1.0% terminal growth, discounted at 10%. Our DDM valuation implies a ~8.2% yield based on our 12-month forward annualized distribution estimate of $2.46 per unit. On a fully consolidated EV/EBITDA bottom's up approach, a $30/share price implies an EV/EBITDA multiple of ~8.5X vs. the ~7.5x it trades at currently from a fully consolidated basis. Based on a roughly 50% total return potential the next 12 months, OKE is near the median for our coverage, taking us down to Neutral relative to our universe.

Figure 5: OKS/OKE Valuation

Current 2016E Multiple EVAverage EBITDA Low Base High Low Base HighEV/EBITDA 1,788 9.5x 10.0x 10.5x 16,984 17,878 18,772Less: 2016 Net Debt 7,344 7,344 7,344Total Equity Value 9,640 10,534 11,428LP Take % 68% 68% 68%Units O/S 286 286 286OKS Price/Unit $23 $25 $27

GP share of equity value 32% 32% 32%OKE shares outstanding 211 211 211OKE price/unit $15 $16 $17

Current 2016E MultipleAverage DCF/unit Low Base High Low Base HighOKS Price/DCF $3.15 8.0x 10.0x 12.0x $25 $31 $38OKE Price/DCF $3.29 8.0x 10.0x 12.0x $26 $33 $40

Discount RateLow Base High Low Base High

OKS 3-Stage DDM 9.5% 9.0% 8.5% $36 $38 $41OKE 3-Stage DDM 11.5% 10.0% 8.5% $34 $40 $49

OKS Average Target Price $28 $32 $35Distribution/unit (12-mo out) $3.16Yield (12-mo out) 10.0%Total Return (NTM) 35%

OKE Average Target Price $25 $30 $35Distribution/unit (12-mo out) $2.46Yield (12-mo out) 8.3%Total Return (NTM) 51%

Source: Company data, Credit Suisse estimates

24 February 2016

ONEOK (OKS/OKE) 7

CS MLP Health Scorecard AnalysisExamining MLPs to determine which have the greatest financial health

We scored and ranked MLPs based on their “health”, taking into consideration both quantitative and qualitative metrics we believe MLP investors should focus on. We used key parameters (mentioned below in the table) and ranked MLPs against each other.

Metric / Parameter Definition / Thought process

Current Yield Current yield seen purely on the basis of risk

NTM CAPEX as % of Liquidity NTM expected CAPEX / cash and revolver availability

2016 Dist. Coverage Ratio 2016 expected DCF / 2016 expected distributions

2016 Leverage 2016 expected net debt / 2016 expected EBITDA

2016 Dist. Growth Expected Y/Y increase in distributions

Commodity Exposure We relatively rate MLPs on their commodity exposure

Contract Quality Qualitative view of contract longevity, MVCs, contract mix, and the GP’s (parents) financial health

Investment Grade Advantaged cost of capital; Higher Investor Interest

Top Picks Based on this Analysis

Based on purely the health score (see next page), EQM, VLP and MMP come up on top of the chart. However, triangulating the health score with valuation upside we prefer EQM, GEL, TEP, and SEP.

Figure 6: Health Score to NTM Total Return Potential

EQM

VLP

SEP

SXL

GPP

EPD

MMP

AM

WNRL

VTTI

CPPL

CNNX

PSXP

KMI

PBFX

TLLP

EEP

GEL

TEP

SUN

WES

BWP

APU

MPLX

OKS

PAA

ENBL

ETP

DPM

MEPSPH

NS

APLP

WPZ

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

(5.0) (4.0) (3.0) (2.0) (1.0) 0.0 1.0 2.0 3.0 4.0 5.0 6.0

NTM

Tot

al R

etur

n Po

tent

ial (

cent

ered

at m

edia

n)

Health Score (centered at median)

Health Score to NTM Total Return Potential

Source: Company data, Credit Suisse estimates, the BLOOMBERG PROFESSIONAL™ service

We prefer MLPs towards the right

indicating a higher Health score

24 February 2016

ON

EOK

(OK

S/OK

E)8

Figure 7: CS MLP Health ScorecardMLP Current Liquidity NTM CAPEX as Comdty Contract Invt HealthTicker Yield ($MM) NTM 2016 2017 % of Liquidity 2015 2016 2017 2015 2016 2017 2015 2016 2017 Exposure Quality Grade ScoreEQM 3.7% 751 1,056 1,056 1,291 141% 1.67x 1.46x 1.33x 0.3x 1.7x 3.0x 23% 21% 20% Lower Above Avg. Y 5.0VLP 2.8% 626 1,016 1,016 1,025 162% 2.08x 1.94x 1.65x 0.7x 2.2x 2.7x 27% 26% 26% Lower Above Avg. 5.0SEP 5.5% 1,384 800 800 1,500 58% 1.28x 1.20x 1.20x 3.5x 3.5x 3.3x 8% 8% 7% Lower Above Avg Y 4.5SXL 8.6% 2,545 2,675 2,500 1,500 105% 1.19x 1.05x 1.13x 2.7x 2.8x 2.3x 20% 15% 12% Lower Above Avg Y 4.0GPP 11.5% 118 69 69 6 58% 1.04x 1.10x 1.15x -0.2x 0.8x 0.6x NA 7% 8% Lower Above Avg 4.0EPD 6.9% 4,400 2,925 2,925 3,000 66% 1.39x 1.38x 1.45x 4.4x 4.1x 3.9x 6% 5% 6% Lower Above Avg Y 4.0MMP 4.8% 1,259 889 889 497 71% 1.38x 1.25x 1.27x 3.3x 3.9x 3.7x 15% 10% 9% Lower Above Avg. Y 3.5AM 4.2% 993 562 565 754 57% 1.28x 1.48x 1.31x 3.3x 3.2x 3.7x 17% 30% 25% In-line Below Avg 3.5WNRL 7.7% 77 359 182 197 464% 1.18x 1.38x 1.22x 3.4x 3.2x 3.4x 19% 17% 12% Lower Average 3.5VTTI 7.3% 530 143 143 148 27% 1.22x 1.29x 1.21x 3.0x 3.7x 3.9x 9% 15% 15% Lower Average 3.5CPPL 4.5% 1,557 1,432 1,432 3,491 92% 0.99x 1.08x 1.02x 6.9x 6.6x 6.5x NA 19% 20% In-line Above Avg 2.5CNNX 9.2% 220 68 68 179 31% 1.33x 1.45x 1.36x 0.9x 0.8x 1.8x 5% 17% 15% In-line Below Avg 2.5PSXP 3.0% 823 1,825 1,825 2,343 222% 1.30x 1.22x 1.33x 4.2x 4.9x 4.4x 34% 29% 23% Lower Above Avg Y 2.0KMI 11.7% 4,064 3,893 3,893 4,269 96% 1.32x 4.14x 4.10x 5.6x 5.7x 5.3x -8% -69% 20% Lower Above Avg Y 2.0PBFX 9.2% 317 125 125 226 39% 1.59x 1.22x 1.23x 3.5x 3.3x 3.3x 26% 18% 9% Lower Below Avg 1.5TLLP 7.1% 1,353 1,025 1,025 1,027 76% 1.31x 1.24x 1.12x 4.6x 4.0x 4.1x 17% 17% 17% In-line Average 1.5EEP 14.6% 1,169 900 900 700 77% 0.92x 0.70x 0.71x 5.0x 4.5x 3.7x 4% 1% 0% Lower Above Avg Y 1.0GEL 10.5% 454 270 270 100 59% 1.19x 1.42x 1.36x 6.7x 5.9x 5.5x 10% 10% 11% In-line Average 1.0TEP 7.9% 319 933 933 845 293% 1.17x 1.12x 1.24x 3.0x 3.7x 3.7x 46% 22% 13% Lower Average 0.5SUN 10.1% 1,548 2,644 450 450 171% 1.45x 1.23x 1.13x 3.9x 4.6x 4.3x 33% 18% 9% Lower Above Avg 0.5WES 10.0% 750 633 815 882 84% 1.09x 1.01x 1.10x 3.2x 3.7x 3.4x 15% 11% 9% In-line Below Avg Y 0.5BWP 3.3% 885 850 850 740 96% 4.14x 5.22x 3.19x 4.9x 4.7x 4.1x 0% 0% 75% In-line Below Avg Y 0.0APU 9.2% 312 131 133 132 42% 1.06x 1.01x 1.13x 3.8x 4.1x 3.6x 5% 3% 4% In-line Average 0.0MPLX 8.0% 1,705 2,020 2,020 1,658 118% 1.27x 1.13x 1.06x 4.0x 4.4x 4.4x 30% 13% 6% In-line Below Avg Y (0.5)OKS 12.2% 1,807 597 597 663 33% 0.86x 1.00x 1.06x 5.6x 4.4x 4.1x 3% 0% 0% In-line Average Y (0.5)PAA 14.3% 2,935 1,720 1,720 500 59% 0.82x 0.78x 1.00x 4.6x 3.9x 3.4x 7% 1% 0% In-line Average Y (1.0)ENBL 22.8% 1,205 484 484 422 40% 0.97x 0.99x 1.02x 3.7x 4.1x 4.2x 5% 1% 0% Higher Average Y (2.0)ETP 14.6% 2,668 5,714 5,468 2,938 214% 1.00x 1.00x 1.12x 4.8x 4.4x 4.0x 8% 1% 0% Lower Average Y (2.0)DPM 18.3% 876 224 245 144 26% 1.18x 1.09x 1.06x 4.8x 3.9x 4.0x 2% 0% 0% Higher Below Avg Y (2.0)MEP 31.8% 377 90 90 98 24% 1.12x 0.37x 0.52x 3.8x 3.4x 3.7x 7% 1% 0% Higher Average (2.5)SPH 14.5% 402 31 77 34 8% 1.11x 0.78x 1.11x 3.3x 4.8x 3.7x 1% 0% 0% In-line Average (2.5)NS 13.3% 696 240 240 90 34% 1.09x 1.00x 1.08x 4.7x 5.7x 5.3x 0% 0% 0% In-line Average (2.5)APLP 34.7% 190 119 112 88 63% 1.23x 1.07x 1.07x 4.5x 4.7x 4.7x 4% 1% 0% In-line Below Avg (2.5)WPZ 18.8% 4,470 2,432 2,432 3,435 54% 1.05x 1.05x 0.98x 4.9x 4.8x 4.9x -6% 0% 0% Higher Below Avg Y (3.0)

Note: 1. Analysis excludes E&P MLPs, General Partners and Restricted names. We use the most recent reported data (3Q15) for all boxes. 1.02. Our base parameter ranges are mostly driven by metric median and 1 standard deviation on either side. 3. Liquidity is defined as cash available + availability on revolver as of end of 3Q15. We then layer addtl.in equity/debt issuances (if used to pay down revolver)

Median 9.2% Median 64.5% 2016 Median 1.12x 2016 Median 4.05x 2016 Median 9.2%Stdev 7.4% Stdev 90.9% Stdev 0.90x Stdev 1.27x Stdev 16.4%Low High Low High Low High Low High

1.84% 16.60% 0.2x 2.0x 3.55x 4.55x -7.2% 25.6%3.0% 13.0% 100% 160% 1.00x 1.25x 3.25x 4.50x 0.0% 14.0%

0 Point 3.0% 13.0% 0 Point 100% 160% 0 Point 1.00x 1.25x 0 Point 3.3x 4.5x 0 Point 0.0% 14.0%-1 Point > 13.0% -1 Point > 160% +1 Point > 1.25x -1 Point > 4.5x +1 Point > 14.0%+1 Point < 3.0% +1 Point < 100% -1 Point < 1.00x +1 Point < 3.3x -1 Point < 0.0%

6.2% 5.0%-0.5 Point > 6.2% +0.5 Point > 5.0%+0.5 Point < 6.2% -0.5 Point < 5.0%

Below Avg-1 Point

Capex + Acquisitions ($MM) Distrib. Coverage Leverage Distribution Growth

Average0 Point

Median

Leve

rage

Dis

t. C

over

age

Rat

io

Dis

t. G

row

th

Cur

rent

Yi

eld

NTM CAPEX as

% of Liquidity

Health Score Ranking Methodology

Base case 100.0%

Yes+0.5 Point

No0 PointHigher

-1 Point

In-line0 Point

Lower+1 Point

Above Avg+1 Point

Alerian 5-yr Avg 2016 Outlook (Med)2nd Level Scoring 2nd Level Scoring2nd Level Scoring

0 PointMLP doesn't lose 1pt on liquidity (Level 1 score) if it gains 1pt on leverage

Source: Company data, Credit Suisse estimates, the BLOOMBERG PROFESSIONAL™ service

24 February 2016

ONEOK (OKS/OKE) 9

Risks1. Commodity price risk – prolonged low commodity prices could cause reduction in

drilling and production near OKS assets causing lower margins and throughput on OKS assets. Weak prices for ethane (~43% of the NGL barrel) for the 2015-2018 time-frame is probable in our view, though upside pressure in 2018 and beyond is probable due to 7 world class steam crackers being placed in service over the 2018-2020 time frame.

2. Capital access and cost of capital – OKS long-term outlook assumes capital markets access to finance its organic capex. Prolonged higher and increases in the cost of capital could negatively impact OKS long-term growth outlook, and in turn negatively impact our TP and/or our rating on OKS and OKE. Further such prolonged high cost of capital could negatively impact the balance sheet which is stressed with tight coverage and leverage above 4.0x.

3. Rising interest rates – With the end of the Fed's bond buying program there is risk of interest rates rising over the next few years. As MLPs including OKS are large users of capital, rising interest rates means that investment in projects would throw off less cash, negatively impacting distribution growth. Further, valuation could be impacted negatively as MLPs often trade off a yield spread to the US 10-year Treasury issue, which although somewhat insulated from increases in the federal funds rates.

4. Execution risk – The $2.5B in announced capital expansion projects under construction could encounter delays, cost over runs, and performance below expectations.

5. Demand for NGLs could fail to materialize – While petrochemical producers have announced plans for seven world class steam crackers, a variety of factors could cause those plans to fail to be realized such as scheduling delays, cancellations, changes in economic prospects, global economic issues, etc.

6. Valuation Risk – Should OKS be unable to achieve its distribution growth target there could be downside to the valuation of the units. While much of the commodity price risk is offset with the fixed fee asset additions over the next few years which helps to dilute OKS commodity exposure, there remains prolonged NGL price risk owing to the number of gas processing and fractionation assets set for addition the next few years. Sufficient ethylene steam cracker capacity to take up the supply is not expected until 2017-2020. Should OKS be more successful in implementing its renegotiations or if commodity prices recover faster than anticipated, distribution growth could be higher than forecast creating upside risk in our OKS and OKE target prices.

24 February 2016

ONEOK (OKS/OKE) 10

Companies Mentioned (Price as of 23-Feb-2016)AmeriGas Partners, L.P. (APU.N, $40.08)Antero Midstream Partners LP (AM.N, $19.94)Archrock Partners, LP (APLP.OQ, $7.3)Boardwalk Pipeline Partners, LP (BWP.N, $11.58)CONE Midstream Partners, LP (CNNX.N, $10.05)Columbia Pipeline Partners, LP (CPPL.N, $15.44)DCP Midstream Partners, LP (DPM.N, $16.72)EQT Midstream Partners, LP (EQM.N, $72.56, OUTPERFORM, TP $109.0)EnLink Midstream Partners (ENLK.N, $8.21)Enable Midstream Partners (ENBL.N, $5.59)Enbridge Energy Partners, LP (EEP.N, $15.73)Energy Transfer Partners, LP (ETP.N, $29.57)Enterprise Products Partners, LP (EPD.N, $22.59)Genesis Energy, LP (GEL.N, $22.94, OUTPERFORM, TP $46.0)Green Plains Partners, LP (GPP.OQ, $13.58)Kinder Morgan, Inc. (KMI.N, $17.42)MPLX LP (MPLX.N, $24.84)Magellan Midstream Partners , LP (MMP.N, $64.71)Midcoast Energy Partners, L.P. (MEP.N, $4.26)NuStar Energy, LP (NS.N, $32.42)ONEOK Partners, LP (OKS.N, $25.66, NEUTRAL, TP $32.0)ONEOK, Inc. (OKE.N, $21.31, NEUTRAL[V], TP $30.0)PBF Logistics, LP (PBFX.N, $16.94)Phillips 66 Partners, LP (PSXP.N, $60.76)Plains All American Pipeline, LP (PAA.N, $19.78)Spectra Energy Partners, LP (SEP.N, $49.07, OUTPERFORM, TP $56.0)Suburban Propane Partners, LP (SPH.N, $24.31)Sunoco Logistics Partners, LP (SXL.N, $21.79)Sunoco, LP (SUN.N, $30.24)Tallgrass Energy Partners, L.P. (TEP.N, $31.64, OUTPERFORM, TP $54.0)Targa Resources Corp. (TRGP.N, $21.17)Tesoro Logistics, LP (TLLP.N, $41.53)VTTI Energy Partners, LP (VTTI.N, $16.71)Valero Energy Partners, LP (VLP.N, $45.17)Western Gas Partners, LP (WES.N, $32.57)Western Refining Logistics, LP (WNRL.N, $20.87)Williams Partners, LP (WPZ.N, $19.71)

Disclosure AppendixImportant Global Disclosures John Edwards, CFA, and Bhavesh Lodaya each certify, with respect to the companies or securities that the individual analyzes, that (1) the views expressed in this report accurately reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this report.

24 February 2016

ONEOK (OKS/OKE) 11

3-Year Price and Rating History for EQT Midstream Partners, LP (EQM.N)

EQM.N Closing Price Target Price Date (US$) (US$) Rating 13-Mar-13 39.12 41.00 N 26-Apr-13 43.14 47.00 O 15-Jul-13 46.41 R 17-Jul-13 45.80 47.00 O 22-Jul-13 46.07 54.00 24-Oct-13 51.76 60.00 09-Jan-14 60.04 65.00 14-Feb-14 65.00 66.00 N 24-Apr-14 76.18 76.00 30-Apr-14 77.03 R 02-May-14 75.50 80.00 N 13-Jun-14 94.47 94.00 15-Jul-14 95.62 98.00 24-Jul-14 93.63 100.00 23-Oct-14 90.74 103.00 08-Dec-14 80.57 98.00 05-Feb-15 88.17 102.00 10-Mar-15 80.46 R 12-Mar-15 74.25 102.00 O 24-Apr-15 88.01 105.00 25-Apr-15 88.01 R 22-Jun-15 82.09 105.00 O 23-Jul-15 73.26 107.00 22-Oct-15 72.88 109.00 26-Oct-15 70.09 * 07-Dec-15 59.20 109.00 O * Asterisk signifies initiation or assumption of coverage.

Target Price Closing Price EQM.N

1- Jan- 14 1- Jan- 15 1- Jan- 1630

50

70

90

110

N EU T RA LO U T PERFO RM

REST RIC T ED

3-Year Price and Rating History for Genesis Energy, LP (GEL.N)

GEL.N Closing Price Target Price Date (US$) (US$) Rating 03-May-13 47.90 53.00 O 16-Jul-13 53.90 55.00 N 27-Aug-13 48.43 56.00 09-Jan-14 52.97 60.00 O 02-May-14 56.74 61.00 06-Apr-15 46.95 R 07-Apr-15 44.77 61.00 O 29-Apr-15 49.45 63.00 16-Jul-15 43.77 R 17-Jul-15 44.50 68.00 O 04-Nov-15 41.85 69.00 21-Dec-15 33.09 54.00 19-Feb-16 24.28 46.00 * Asterisk signifies initiation or assumption of coverage.

Target Price Closing Price GEL.N

1- Jul- 13 1- Jan- 14 1- Jul- 14 1- Jan- 15 1- Jul- 15 1- Jan- 1620

30

40

50

60

70

O U T PERFO RMN EU T RA L

REST RIC T ED

24 February 2016

ONEOK (OKS/OKE) 12

3-Year Price and Rating History for ONEOK Partners, LP (OKS.N)

OKS.N Closing Price Target Price Date (US$) (US$) Rating 26-Feb-13 54.10 58.00 N 02-May-13 49.74 53.00 01-Aug-13 51.63 55.00 07-Nov-13 52.93 56.00 20-Nov-13 52.91 57.00 04-Dec-13 52.42 54.00 26-Feb-14 53.53 55.00 08-May-14 55.79 59.00 07-Aug-14 55.69 60.00 06-Nov-14 47.77 61.00 11-Nov-14 47.50 61.00 O 03-Dec-14 44.85 58.00 09-Jan-15 39.90 48.00 24-Feb-15 42.06 48.00 N 07-Aug-15 31.22 45.00 O 14-Sep-15 31.42 40.00 13-Oct-15 33.86 40.00 N 05-Nov-15 32.31 42.00 21-Dec-15 27.10 34.00 31-Dec-15 30.13 38.00 * Asterisk signifies initiation or assumption of coverage.

Target Price Closing Price OKS.N

1- Jan- 14 1- Jan- 15 1- Jan- 1620

30

40

50

60

70

N EU T RA LO U T PERFO RM

3-Year Price and Rating History for ONEOK, Inc. (OKE.N)

OKE.N Closing Price Target Price Date (US$) (US$) Rating 14-Sep-15 34.50 41.00 N * 05-Nov-15 31.37 43.00 21-Dec-15 21.85 36.00 31-Dec-15 24.66 40.00 O * Asterisk signifies initiation or assumption of coverage.

Target Price Closing Price OKE.N

1- Oct- 15 1- Nov- 15 1- Dec- 15 1- Jan- 16 1- Feb- 1615

25

35

45

N EU T RA LO U T PERFO RM

3-Year Price and Rating History for Spectra Energy Partners, LP (SEP.N)

SEP.N Closing Price Target Price Date (US$) (US$) Rating 08-May-13 37.15 38.50 N 13-Jun-13 40.92 44.00 29-Jul-13 45.12 46.00 07-Aug-13 42.63 47.00 05-Nov-13 44.35 48.00 07-May-14 55.25 59.00 06-Nov-14 57.00 61.00 13-Oct-15 42.88 61.00 O 05-Feb-16 45.30 56.00 * Asterisk signifies initiation or assumption of coverage.

Target Price Closing Price SEP.N

1- Jul- 13 1- Jan- 14 1- Jul- 14 1- Jan- 15 1- Jul- 15 1- Jan- 1630

40

50

60

70

N EU T RA LO U T PERFO RM

24 February 2016

ONEOK (OKS/OKE) 13

3-Year Price and Rating History for Tallgrass Energy Partners, L.P. (TEP.N)

TEP.N Closing Price Target Price Date (US$) (US$) Rating 10-Jun-13 21.40 26.00 O * 07-Nov-13 24.56 28.00 09-Jan-14 25.67 30.00 27-Feb-14 31.01 32.00 08-May-14 36.04 40.00 15-Jul-14 42.89 45.00 21-Jul-14 42.85 R 22-Jul-14 40.50 48.00 O 26-Sep-14 44.03 53.00 31-Oct-14 43.62 54.00 20-Feb-15 52.82 60.00 23-Feb-15 52.58 R 24-Feb-15 52.58 60.00 O 21-Apr-15 49.86 R 01-Jun-15 50.00 66.00 O 31-Jul-15 46.25 68.00 16-Dec-15 35.75 63.00 18-Feb-16 31.32 54.00 * Asterisk signifies initiation or assumption of coverage.

Target Price Closing Price TEP.N

1- Jul- 13 1- Jan- 14 1- Jul- 14 1- Jan- 15 1- Jul- 15 1- Jan- 1620

30

40

50

60

70

O U T PERFO RMREST RIC T ED

The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activitiesAs of December 10, 2012 Analysts’ stock rating are defined as follows:Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark* over the next 12 months.Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months.Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months. *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ratings are based on a stock’s total return relative to the analyst's coverage universe which consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin American and non-Japan Asia stocks, ratings are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; prior to 2nd October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total return potential to its current share price and (2) the relative attractiveness of a stock’s total return potential within an analyst’s coverage universe. For Australian and New Zealand stocks, the expected total return (ETR) calculation includes 12-month rolling dividend yield. An Outperform rating is assigned where an ETR is greater than or equal to 7.5%; Underperform where an ETR less than or equal to 5%. A Neutral may be assigned where the ETR is between -5% and 15%. The overlapping rating range allows analysts to assign a rating that puts ETR in the context of associated risks. Prior to 18 May 2015, ETR ranges for Outperform and Underperform ratings did not overlap with Neutral thresholds between 15% and 7.5%, which was in operation from 7 July 2011.Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications, including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other circumstances.Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24 months or the analyst expects significant volatility going forward.Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or valuation of the sector* relative to the group’s historic fundamentals and/or valuation:Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months.Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months.Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months. *An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cover multiple sectors.

Credit Suisse's distribution of stock ratings (and banking clients) is:

Global Ratings DistributionRating Versus universe (%) Of which banking clients (%)Outperform/Buy* 56% (36% banking clients)Neutral/Hold* 31% (29% banking clients)Underperform/Sell* 12% (42% banking clients)Restricted 1%*For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely correspond to Buy, Hold, and Sell, respectively; however, the meanings are not the same, as our stock ratings are determined on a relative basis. (Please refer to definitions above.) An investor's decision to buy or sell a security should be based on investment objectives, current holdings, and other individual factors.

24 February 2016

ONEOK (OKS/OKE) 14

Credit Suisse’s policy is to update research reports as it deems appropriate, based on developments with the subject company, the sector or the market that may have a material impact on the research views or opinions stated herein. Credit Suisse's policy is only to publish investment research that is impartial, independent, clear, fair and not misleading. For more detail please refer to Credit Suisse's Policies for Managing Conflicts of Interest in connection with Investment Research: http://www.csfb.com/research-and-analytics/disclaimer/managing_conflicts_disclaimer.htmlCredit Suisse does not provide any tax advice. Any statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purposes of avoiding any penalties.

Target Price and RatingValuation Methodology and Risks: (12 months) for EQT Midstream Partners, LP (EQM.N)

Method: Our $109 target price is based on our three stage distribution discount model, with a first five year distribution growth assumption of ~17% CAGR followed by 8% for the next five years and a 2.0% terminal growth rate, discounted at 8%. Our $109 valuation suggests a target yield of ~3.125% twelve months out and total return potential of ~65% over the next twelve months, supporting our Outperform rating relative to our coverage.

Risk: The risks to our TP of $109 and Outperform rating are 1) Drop downs may not occur or may occur at a higher EBITDA multiple than modeled 2) Slowdown in Marcellus gas production may derail the growth story 3) Counterparty and concentration of risk 4) Conflicts of interest between EQM and EQT 5) Sponsor getting acquired by a larger player 6) Credit covenants

Target Price and RatingValuation Methodology and Risks: (12 months) for Genesis Energy, LP (GEL.N)

Method: Our $46 TP is based on a 3-Stage DDM (10.6%/7.0%/1.5%) discounted at 10%, blended with EV/EBITDA and P/DCF valuations. Our expected total return above the median for our coverage supports our Outperform rating on GEL.

Risk: Risks to our $46 TP and Outperform rating include: the assets GEL purchased could produce lower returns than expected, increased regulation could hamper production, decreased access to capital, and organization size and commodity price issues could all adversely affect our $46 TP and Outperform rating.

Target Price and RatingValuation Methodology and Risks: (12 months) for ONEOK Partners, LP (OKS.N)

Method: Our $32 target price for OKS is based on a blended valuation between EV/EBITDA, P/DCF and DDM approaches. For EV/EBITDA we utilize an 10x multiple (~2 turns above the current level), implying a $25 valuation. We utilize a 10x multiple on P/DCF which is ~1 turn above where units are currently trading, and is one standard deviation below the average over the last decade, and above the ~6x multiple G&P MLPs are trading due to OKS' increasing proportion of fee-based cash flows and improving balance sheet. This method suggests a $33 valuation. Our 3-stage DDM suggests a $38 valuation utilizing a 0.8% CAGR in the first five years, 1.8% in the second five years and a 1% terminal growth rate discounted at 9%. Our total return outlook for OKS is near the median of our coverage, supportive of our Neutral rating.

Risk: Risks to our $32 price target and Neutral rating for OKS are lower demand for natural gas liquids, flat basis differentials between Conway and Mont Belvieu which would hurt its natural gas processing and natural gas liquids segments; a prolonged low commodity price environment which could cause a downturn in drilling activity around OKS assets; and execution risk associated with the company's large capex plans.

Target Price and RatingValuation Methodology and Risks: (12 months) for ONEOK, Inc. (OKE.N)

Method: Our $30 TP for OKE is based on a equal-weight of EV/EBITDA, P/DCF valuation and 3-stage DDM utilizing Stage 1 (Years 1-5) distribution growth of 6.2%, Stage 2 (Years 6-10) distribution growth of 6.0% and 1.0% terminal growth, discounted at 10%. Our DDM valuation implies a ~8.2% yield based on our 12-month forward annualized distribution estimate of $2.46 per unit implying a total return outlook of ~80% over the next twelve months, supportive of our Outperform rating. On a fully consolidated EV/EBITDA bottoms up approach a $30/share price implies an EV/EBITDA multiple of ~8.5X vs. the ~7.5x it trades at currently from a fully consolidated basis. Based on a roughly 50% total return potential the next 12 months OKE is near the median for our coverage, supportive of a Neutral rating relative to our universe.

Risk: Risks to our $30TP and Neutral rating include: 1. Commodity price risk – prolonged low commodity prices could cause reduction in drilling and production near OKS assets causing lower margins and throughput on OKS assets. Weak prices for ethane (~43% of the NGL barrel) for the 2015-2018 time-frame is probable in our view though upside pressure in 2018 and beyond is probable due to 7 world class steam crackers being placed in service over the 2018-2020 time frame. 2. Capital access and cost of capital – OKS long-term outlook assumes capital markets access to finance its organic capex. Prolonged higher and increases in the cost of capital could negatively impact OKS long-term growth outlook, and in turn negatively impact our TP and/or our rating on OKS and OKE. Further such prolonged high cost of capital could negatively impact the balance sheet which is stressed with tight coverage and leverage above 4.0x. 3. Rising interest rates – With the end of the Fed's bond buying program there is risk of interest rates rising over the next few years. As MLPs including OKS are large users of capital, rising interest rates means that investment in projects would throw off less cash, negatively impacting distribution growth. Further, valuation could be impacted negatively as MLPs often trade off a yield spread to the US

24 February 2016

ONEOK (OKS/OKE) 15

10-year Treasury issue, which although somewhat insulated from increases in the federal funds rates. 4. Execution risk – The $2.5B in announced capital expansion projects under construction could encounter delays, cost over runs, and performance below expectations. 5. Demand for NGLs could fail to materialize – While petrochemical producers have announced plans for seven world class steam crackers, a variety of factors could cause those plans to fail to be realized such as scheduling delays, cancellations, changes in economic prospects, global economic issues, etc. 6. Valuation Risk – Should OKS be unable to achieve its distribution growth target there could be downside to the valuation of the units. While much of the commodity price risk is offset with the fixed fee asset additions over the next few years which helps to dilute OKS commodity exposure, there remains prolonged NGL price risk owing to the number of gas processing and fractionation assets set for addition the next few years. Sufficient ethylene steam cracker capacity to take up the supply is not expected until 2017-2020. Should OKS be more successful in implementing its renegotiations or if commodity prices recover faster than anticipated, distribution growth could be higher than forecast creating upside risk in our OKS and OKE target prices.

Target Price and RatingValuation Methodology and Risks: (12 months) for Spectra Energy Partners, LP (SEP.N)

Method: Our $56 TP is derived using a blend of DDM, EV/EBITDA, and P/DCF, implying a NTM return of 30%. Our Outperform rating is attributable to SEP's strong balance sheet, investment grade credit rating, and visible backlog of growth projects.

Risk: Potential upside risks to our $56TP and Outperform rating include: SEP would benefit on a relative basis should market volatility spike and or SEP's parent SE, decided to sell down more assets to SEP such as what occurred in January 2013. An accretive acquisition or expansion announcement at attractive terms could also provide a near-term catalyst. The $20B of projects under development could secure commercial agreements sooner than expected and be moved to execution phase, improving SEP's cash flow prospects, which in turn, could have a positive impact on the value of SEP units. Negative risks to our $56TP and Outperform rating include: Risks to our Target Price: While we are maintaining our DDM-based TP of $61/unit, there are significant downside risks as the industry grapples with the disruption in capital markets related to lower commodity prices. For example, while we can support a $61/unit TP applying historical forward EV/EBITDA multiples, we obtain a lower TP applying historical P/DCF multiples. Further, due to the strength and health of the SEP business model, we continue to discount its cash flows at 8%. However, for most of the I/G MLPs we discount at 9% and non-IG at 10% or higher. Applying a higher discount rate would take our TP lower by ~15%. Prolonged commodity price stress could cause volume realizations to come in even lower and slower than what we have assumed and would have a negative impact to the realization of our EBITDA, DCF, and distribution forecast and by implication would pose negative risks to realization of our TP objectives. Economic/recession risk: With global economic stresses increasing, demand for product could be negatively impacted with negative implications for volumes as referenced above. Access to and Cost of Capital: Any further tightening and increase in the cost of capital could negatively impact the distribution growth outlook, and in turn negatively impact our TP and/or our rating. Non-diversifiable macro risks: Similar to all MLPs, SEP could be impacted by a number of global macro issues such as sovereign debt risks, defaults on sovereign credits, changes in US monetary and fiscal policy, changes in US tax policy, economic slowdown which could impact demand and price of natural gas, which in turn could adversely impact SEP's margins and volumes in its natural gas transportation, storage, and hub businesses. Construction cost/delay risk: With the number of projects under construction, SEP could suffer delays to in service dates due to a variety of factors which could have an adverse impact on the timing of expected cash flows, negatively impacting the achievement of our target price objective. Regulatory risk: There could be delays in obtaining permits for projects under development causing delays for in service dates for projects under development. Changes in regulations could cause delays to projects already under construction. SEP units could lag in performance should investors desire riskier, more speculative, investments, relative to the more stable and predictable type of cash flows to be achieved from an investment in SEP.

Target Price and RatingValuation Methodology and Risks: (12 months) for Tallgrass Energy Partners, L.P. (TEP.N)

Method: We derive our $54 target price for TEP using a three-stage distribution discount model (DDM) and target yield. Our DDM assumptions include a discount rate of 9.0%, distribution CAGR of 13.6% over the first five years, 2.2% over the following five years, and a terminal growth rate of 1.0%. Expected total return of ~90% supports our Outperform rating.

Risk: Risks to our $54 target price and Outperform rating for TEP are, 1) Challenges in recontracting 2) Commodity price volatility, 3) Delays in dropdowns, 4) Conflicts of interest between TEP and its general partner, 4) Sponsor getting acquired, thus thwarting future dropdowns 5) Access to capital and 6) Changes in the tax treatment of MLPs, and 7) the possibility that there will be insufficient customer interest to follow through on the proposed expansion projects.

Please refer to the firm's disclosure website at https://rave.credit-suisse.com/disclosures for the definitions of abbreviations typically used in the target price method and risk sections. See the Companies Mentioned section for full company names The subject company (OKS.N, OKE.N, GEL.N, EQM.N, TEP.N, SEP.N, PSXP.N, MPLX.N, EEP.N, VLP.N, ETP.N, APU.N, DPM.N, TLLP.N, MMP.N, WPZ.N, ENBL.N, CNNX.N, MEP.N, PBFX.N, ENLK.N, WNRL.N, VTTI.N, SUN.N, NS.N, AM.N, BWP.N, GPP.OQ, PAA.N, SPH.N, SXL.N, WES.N) currently is, or was during the 12-month period preceding the date of distribution of this report, a client of Credit Suisse.Credit Suisse provided investment banking services to the subject company (OKS.N, GEL.N, EQM.N, TEP.N, PSXP.N, VLP.N, ETP.N, APU.N, WPZ.N, PBFX.N, ENLK.N, VTTI.N, SUN.N, AM.N, GPP.OQ, SXL.N, WES.N) within the past 12 months.Credit Suisse has managed or co-managed a public offering of securities for the subject company (OKS.N, GEL.N, EQM.N, TEP.N, VLP.N, ETP.N, WPZ.N, PBFX.N, ENLK.N, AM.N, GPP.OQ, SXL.N) within the past 12 months.Credit Suisse has received investment banking related compensation from the subject company (OKS.N, GEL.N, EQM.N, TEP.N, PSXP.N, VLP.N, ETP.N, APU.N, WPZ.N, PBFX.N, ENLK.N, VTTI.N, SUN.N, AM.N, GPP.OQ, SXL.N, WES.N) within the past 12 months

24 February 2016

ONEOK (OKS/OKE) 16

Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (OKS.N, OKE.N, GEL.N, EQM.N, TEP.N, SEP.N, PSXP.N, MPLX.N, EEP.N, VLP.N, ETP.N, APU.N, DPM.N, TLLP.N, MMP.N, WPZ.N, APLP.OQ, ENBL.N, CNNX.N, MEP.N, PBFX.N, ENLK.N, WNRL.N, VTTI.N, SUN.N, NS.N, AM.N, BWP.N, GPP.OQ, PAA.N, SPH.N, SXL.N, WES.N) within the next 3 months.As of the date of this report, Credit Suisse makes a market in the following subject companies (OKE.N, KMI.N).As of the end of the preceding month, Credit Suisse beneficially own 1% or more of a class of common equity securities of (CNNX.N, CPPL.N, WNRL.N, NS.N).For other important disclosures concerning companies featured in this report, including price charts, please visit the website at https://rave.credit-suisse.com/disclosures or call +1 (877) 291-2683. Important Regional Disclosures Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report.The analyst(s) involved in the preparation of this report may participate in events hosted by the subject company, including site visits. Credit Suisse does not accept or permit analysts to accept payment or reimbursement for travel expenses associated with these events.Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares; SVS--Subordinate Voting Shares.Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not contain regulatory disclosures the non-affiliated Canadian investment dealer would be required to make if this were its own report.For Credit Suisse Securities (Canada), Inc.'s policies and procedures regarding the dissemination of equity research, please visit https://www.credit-suisse.com/sites/disclaimers-ib/en/canada-research-policy.html.Credit Suisse has acted as lead manager or syndicate member in a public offering of securities for the subject company (OKS.N, GEL.N, EQM.N, TEP.N, SEP.N, PSXP.N, VLP.N, ETP.N, APU.N, DPM.N, TLLP.N, WPZ.N, ENBL.N, CNNX.N, CPPL.N, PBFX.N, ENLK.N, WNRL.N, VTTI.N, SUN.N, NS.N, AM.N, GPP.OQ, SPH.N, SXL.N, WES.N) within the past 3 years.As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report.Principal is not guaranteed in the case of equities because equity prices are variable.Commission is the commission rate or the amount agreed with a customer when setting up an account or at any time after that.For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at https://rave.credit-suisse.com/disclosures or call +1 (877) 291-2683.

24 February 2016

ONEOK (OKS/OKE) 17

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