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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (183259)	3/31/2014 4:00:42 AM
From: Dennis Roth	3 Recommendations Recommended By evestor LoneClone ramsfan2ewe Respond to of 206150

Master Limited Partnerships Large Cap Midstream and Liquids & Transportation 28 March 2014 ¦ 148 pages ir.citi.com Assuming Coverage — We are assuming coverage of the large cap midstream, liquids and transportation MLPs and corporations. In this note, we are downgrading Genesis Energy (GEL) and Rose Rock (RRMS) from Buy to Neutral. Our downgrades reflect our view of moderating crude oil differentials between Cushing and the Gulf Coast, which we believe will put pressure on margins for companies that have generated excess profits by optimizing their asset base. Despite our view of narrowing differential, we continue to be bullish on domestic oil and natural gas liquids production growth, which we believe favors the group of stocks in this report over the long-run. WPZ Preferred Pick — WPZ is our preferred pick in the group. We believe units of WPZ will recover over the next 12 months as management focuses on repairing the cost of equity of WPZ and moving the coverage ratio back up above 1.0x. We estimate WPZ currently trades at a distribution yield of 8.3% in our 2018 forecasts.

To: Dennis Roth who wrote (183259)	3/31/2014 4:03:25 AM
From: Dennis Roth	3 Recommendations Recommended By evestor LoneClone ramsfan2ewe Respond to of 206150

Master Limited Partnerships E&P, Marine Logistics, Propane and Frac Sand MLPs 28 March 2014 ¦ 106 pages ir.citi.com Assuming Coverage — We are assuming coverage of the E&P, Frac Sand, Marine Logistics and Propane Master Limited Partnerships (MLPs). Our preferred picks within this group of MLPs are Emerge Energy (EMES), BreitBurn Energy (BBEP) and Golar LNG (GLNG)

To: Dennis Roth who wrote (183259)	3/31/2014 4:06:39 AM
From: Dennis Roth	3 Recommendations Recommended By evestor LoneClone ramsfan2ewe Read Replies (2) \| Respond to of 206150

Master Limited Partnerships Natural Gas Transportation, Storage and Gathering & Processing 28 March 2014 ¦ 116 pages ir.citi.com Assuming Coverage — We are assuming coverage of the MLP and midstream companies. This note details our valuation, models and risks for the MLPs in the natural gas transportation, storage, gathering and processing industry. See our Portfolio Manager summary note for details on our overall recommendations and industry outlook. Recommendations — In this note we are: 1) upgrading Niska Gas (NKA) from Sell to Neutral; 2) upgrading TC Pipelines (TCP) from Sell to Neutral; 3) upgrading El Paso Pipeline Partners (EPB) from Neutral to Buy; and 4) upgrading Tallgrass Energy Partners (TEP) from Neutral to Buy.

To: Dennis Roth who wrote (183259)	4/1/2014 6:57:06 AM
From: Dennis Roth	2 Recommendations Recommended By evestor LoneClone Read Replies (1) \| Respond to of 206150

Midstream MLPs Valuation Comp Sheets 28 March 2014 ¦ 21 pages ir.citi.com