Peter BriegerTaylor NGL LP FundTAY.UN.TOHOLDAug 28, 2007

(A Top Pick July 4/07. Up 26%.) Acquired by Altagas (ALA.UN-T).

Natural gas processing and liquid extraction. Recently acquired some hydro assets in B.C. Very creative management. Paying down debt.

Have 2 extraction natural gas plants. Have 2 liquid natural gas pipelines. Well-run company. Long-term contracts. Very little commodity risk.

As a mid stream facility, they actually don't take a lot of risks on. A relatively steady business. Less dependent on the commodity price and the direct ownership in a well or a producing facility. Good risk/reward

90% payout ratio and a 7.4% yield. Likes the business. Comfortable with gas at $8/9.

Runs a natural gas processing plant. Derive their product from industry flow of natural gas in major pipelines. Extremely well managed. They're incentivized to make distributions per unit grow. Trades at a cash return of about 8.5%. Acquisition minded, so should see distributions grow.