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NYSE: MMP
HomeBenefits of the MergerTax ConsiderationsFAQNews & ResourcesSupport for the
MergerHow to Vote


Magellan-ONEOK Combination


MAXIMIZING VALUE FOR MAGELLAN UNITHOLDERS




COMBINATION CAPTURES FULL VALUE FOR MAGELLAN UNITHOLDERS THAT WILL BE DIFFICULT
TO ACHIEVE OTHERWISE

0.667 shares of OKE + $25.00 cash, representing $67.50 per Magellan unit or a
22% premium1
Premium reflects robust outlook for Magellan’s business not appreciated by the
market
Cash portion of consideration provides immediate proceeds at fixed value (37% of
total)1
Magellan unitholders to own ~23% of a stronger, more resilient combined company

1 Based on the closing share prices on May 12, 2023, the final trading day prior
to the announcement of the transaction


COMBINED COMPANY WILL HAVE STRONGER GROWTH PROSPECTS, BE MORE RESILIENT AND
DELIVER GREATER VALUE THAN MAGELLAN COULD DELIVER STANDALONE, INCLUDING AFTER
CONSIDERING TAXES

Creates combined company that is better positioned for growth and value creation
Mitigates risks associated with continuing to execute standalone plan




ATTRACTIVE TIMING FROM A TAX PERSPECTIVE AS LONG-TENURED UNITHOLDERS ARE
APPROACHING A SHARP INCREASE IN ANNUAL TAXES OWED

Annual taxes are estimated to increase by >100% for long-tenured holders to ~60%
of distributions within a few years
Learn more about the tax considerations the Magellan board took into account on
the Tax Considerations page


VOTE “FOR” THE ONEOK-MAGELLAN MERGER TODAY

The Special Meeting of Unitholders to consider Magellan’s combination with ONEOK
will be held virtually on:
September 21, 2023
10:00 A.M. CT
The Magellan board of directors unanimously recommends that Magellan unitholders
vote “FOR” all the ONEOK merger-related proposals, using the WHITE proxy card or
WHITE voting instruction form.
Every vote matters. Please be aware that not voting will have the same effect as
a vote against the transaction. Please vote your units TODAY.
How to Vote


CONTACTS

INVESTOR RELATIONS

Paula Farrell
Phone: (918) 574-7650
paula.farrell@magellanlp.com
Heather Livingston
Phone: (918) 574-7160
‍heather.livingston@magellanlp.com


PROXY SOLICITORS

Morrow Sodali LLC
Phone: (800) 662-5200 or (203) 658-9400
MMP@info.morrowsodali.com
MacKenzie Partners, Inc.
Phone: (800) 322-2885 or (212) 929-5500
‍proxy@mackenziepartners.com


MEDIA RELATIONS

Bruce Heine
Phone: (918) 574-7010
bruce.heine@magellanlp.com
Andrew Siegel / Ed Trissel
Joele Frank Wilkinson Brimmer Katcher
Phone: (212) 355-4449


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