MainGate MLP Fund Class A · NASDAQ:AMLPX
MainGate MLP Fund Class A — Investor Presentation (January 2026)
32 slides from MainGate MLP Fund Class A's investor presentation, January 2026
Slide 1: Access to Midstream with the convenience of a Mutual Fund
Access to Midstream with the convenience of a Mutual Fund maingatefunds.com | 855.MLP.FUND (855.657.3863) Adviser: Chickasaw Capital Management | 6075 Poplar Avenue, Suite 720 JANUARY 2026 Memphis, TN 38119 | chickasawcap.com | p 901.537.1866 f 901.537.1890
Slide 2: Risk Information
Risk Information The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contains this and other important information about the investment company and may be obtained by calling 855-MLP-FUND (855-657-3863). Re
Slide 3: Why Chickasaw Capital?
Why Chickasaw Capital? PROCESS PEOPLE FIRM • 18 person team • Consistent portfolio management process • Founded 2003 • PMs average 31 • Fundamental • 100% employee years of Midstream research driven owned by current experience • Total return focused employees and their • 6 person research and affili
Slide 4: Investment Attributes of Midstream Energy
Investment Attributes of Midstream Energy maingatefunds.com | 855.MLP.FUND (855.657.3863) ● See risk information at the beginning and additional information at the end of the presentation. January 2026 4
Slide 5: Comparison with Other Asset Classes
Comparison with Other Asset Classes As an asset class, MLPs June 1, 20061 – December 31, 2025 have generated total returns less than the Annualized Annualized broader market over the Index Beta2 Correlation3 Return Std. Dev. past several years with a medium correlation to Alerian MLP Total Return In
Slide 6: Comparative Yield Versus Other Yield Instruments
Comparative Yield Versus Other Yield Instruments MLPs have a relatively higher Current Yield Comparison1 12/31/25 current yield than many other income- Alerian MLP Total Return Index 7.4% oriented investments. 10 Year U.S. Treasuries 4.2% Moody’s Baa Bonds 5.9% Bloomberg High Yield Index 6.5% DJ Ame
Slide 7: Historical Market Cap & Trading Volumes of Midstream Equities
Historical Market Cap & Trading Volumes of Midstream Equities Following the Market Capitalization in Billion USD (left axis) Average Daily Trading Volume in Million USD (right axis) rise in market $1,000 $3,500 capitalization, trading volume $900 $3,000 has increased and is $800 reaching previous $2
Slide 8: What is an MLP?
What is an MLP? MLPs trade • A master limited partnership is a publicly traded entity that trades on major U.S. stock on the major U.S. stock exchanges and conforms to the same accounting and exchanges, but have reporting principles and SEC regulations as any publicly traded corporation. tax advanta
Slide 9: Owners of Energy Infrastructure
Owners of Energy Infrastructure MLPs operate and • MLPs are significant owners of U.S. midstream energy infrastructure. control important components of the • Midstream energy assets include transportation, processing, and U.S. network of midstream energy storage assets for natural gas, crude oil, an
Slide 10: Key Characteristics of MLPs
Key Characteristics of MLPs MLPs operate fee- • Fee-based midstream energy assets, such as pipelines, that based midstream have historically generated stable, predictable cash flows. energy assets that have long useful lives, with high visibility • Strategic, long-lived assets whose cash flows are i
Slide 11: Hard Assets Support Potentially Strong and Predictable Cash Flow
Hard Assets Support Potentially Strong and Predictable Cash Flow MLPs typically • Hard assets with high barriers to entry provide the business backdrop for operate stable, potentially predictable cash flow. dominant businesses that have historically • Established and, in many cases, dominant busines
Slide 12: Midstream Value Chain With Energy Transition Potential
Midstream Value Chain With Energy Transition Potential Energy Transition Value Chain ● Midstream Asset (fee-based) ● Landfill/ ● Energy Transition Resource Agricultural waste ● Electrolysis ● CO2 Pipeline ● CO2 Pipeline ● Natural Gas/ Power Gen/Industry ● Natural Gas Pipeline Hydrogen Pipeline ● Nat
Slide 13: Barriers to Entry
Barriers to Entry Many Midstream MLPs experience minimal threats of competition and can be vitally important to global economic activity; both characteristics can help protect the future stream of cash flows. Source: Rex Strategies maingatefunds.com | 855.MLP.FUND (855.657.3863) ● See risk informati
Slide 14: Cash Flow Spectrum
Cash Flow Spectrum MLPs have evolved over • Natural Gas Pipelines time into predominantly • Crude and Refined Products Pipelines VARIABLE fee-based businesses LESS that include businesses • Storage and Terminaling with less variable streams of cash flow. • NGL Logistics • Fixed Fee Gathering and Pro
Slide 15: AMZ Sector Breakdown
AMZ Sector Breakdown The Alerian MLP Index 5.1% 5.8% 0.2% (AMZ) methodology Alerian MLP Index places each index Sector Allocations constituent into one of multiple sectors. Gathering & Processing This may not accurately 25.6% Pipeline Transportation, Petroleum reflect the full risk profile of a comp
Slide 16: Major Shale Basins
Major Shale Basins U.S. Oil & Gas Resource Areas Midstream Infrastructure plays a critical role to help domestic supply reach end use demand domestically and internationally. maingatefunds.com | 855.MLP.FUND (855.657.3863) ● See risk information at the beginning and additional information at the end
Slide 17: North American Crude Oil
North American Crude Oil The U.S. used an average of 20.6 MMB/d of petroleum products in 2024. Consumption has rebounded +2.4 MMB/d from 2020’s pandemic- induced, lower level. Crude production in the U.S. made new highs in 2025, averaging 13.9 MMBpd for the month Cushing, OK of October. Conventional
Slide 18: U.S. Petrochemical Expansion
U.S. Petrochemical Expansion U.S. and Foreign Pennsylvania petrochemical Pet-Chems companies invested over $200 billion towards expansions1. NGLs Midstream NGLs Petrochemical Customers • Shell • PTT Global companies provide • Braskem/Ascent • Appalachian Resins the infrastructure Texas to connect Na
Slide 19: Midstream Companies Exposure to Inflation & Deflation
Midstream Companies Exposure to Inflation & Deflation Midstream companies Inflationary Environment have characteristics that • We believe hard assets could have an increasing replacement value. are attractive to investors in both • Long term contracts with price renewal escalators tied to PPI and CP
Slide 20: Structural Risks to MLPs
Structural Risks to MLPs There may be structural • Regulatory risk – The Federal Energy Regulatory Commission (FERC) risks to both the MLP is charged with regulating interstate tariff rates and regulating many asset class and MLPs’ business. individual MLPs. • Tax law changes – Congress could change
Slide 21: Energy Risks to MLPs
Energy Risks to MLPs Energy-related risks may • End-user demand – Change of end-user demand for energy products or be present for both the innovative energy alternatives could substitute the need for transportation, MLP asset class and processing, and storage through the existing infrastructure owne
Slide 22: Portfolio Construction
Portfolio Construction maingatefunds.com | 855.MLP.FUND (855.657.3863) ● See risk information at the beginning and additional information at the end of the presentation. January 2026 22
Slide 23: Company Evaluation
Company Evaluation Business We have a well-defined Attributes process for evaluating current • Type of midstream asset and how has it historically performed and potential securities. • Cash flow—how fixed vs. variable? • Contract structures and types, and duration Valuation Competitive • Forecast ca
Slide 24: Security Valuation
Valuation Relative There are a variety of Valuation Distribution ways to quantitatively (Yield, Distributable Discount Cash Flow (DCF) Models assess Midstream Yield, Price/DCF, (DDM) EV/EBITDA) companies’ valuations. Discount Rate/ Leverage Growth Rate Adjusted Sensitivity Yield Matrix Discounted Se
Slide 25: Process – Portfolio Construction
Process – Portfolio Construction Our portfolio construction process seeks to INVESTMENT UNIVERSE build a portfolio with less risk • MLP Interests and a higher SECURITY SELECTION expected return than the average • Risk analysis Midstream • Fundamental research company. MODEL PORTFOLIO • 6 person inve
Slide 26: Process – Portfolio Risk Control
Process – Portfolio Risk Control Portfolio risk Monitored Risks Midstream control is an Companies Fundamental Risks important • Business Risk consideration • Credit Risk in the investment • Execution Risk Typical process. Cash Target Typical <= 10% with the Positions Market Risks intent of being <=
Slide 27: MainGate vs. the Alerian MLP Index (AMZ)
MainGate vs. the Alerian MLP Index (AMZ) The MainGate Fund MainGate Characteristics Alerian MLP Index Characteristics compares favorably Market data as of 12/31/25 Market data as of 12/31/25 to the AMZ. Portfolio Attributes Portfolio Attributes Positions 17 Positions 17 Market Capitalization (MM) $4
Slide 28: Our People
Our People Geoffrey P. Mavar | Principal Geoffrey is a Principal and co-founder of Chickasaw Capital Management, LLC. He is a member of the firm’s Investment Committee. Geoffrey began his investment career at Goldman Sachs & Co. where he served for 11 years and was a Vice President. He began managin
Slide 29: Our People
Our People Scott B. Warren, CFA | Senior Analyst Scott is a Senior Analyst at Chickasaw Capital Management, LLC. He began his career with KPMG in 2010 as an Audit Senior Associate, and most recently served as a Valuation Senior Associate in Atlanta. While working in the KPMG valuation group, Scott p
Slide 30: Additional Information
Additional Information Chickasaw Capital Management, LLC gives no guarantees with respect to the success of its investment “Alerian MLP Index”, “Alerian MLP Total Return Index”, “AMZ” and “AMZX” are servicemarks of GKD Index management services and has not authorized any person to represent or guara
Slide 31: Additional Information (continued)
Additional Information (continued) DJIA Total Return Index: Tracks the total return of The Dow Jones Industrial Average, a price-weighted Alpha is the excess return of an investment relative to the return of a benchmark. average of 30 significant stocks traded on the New York Stock Exchange and the
Slide 32: Additional Information (continued)
Additional Information (continued) FERC is the U.S. Federal Energy Regulatory Commission. Slide 25: MLP interests in which the Fund may invest consist of common units issued by MLPs (including MLPs structured as limited partnerships (LPs) or limited liability companies (LLCs)), MLP general partner o
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