NET INCOME PER COMMON UNIT

6 Months Ended

Jun. 30, 2012

NET INCOME PER COMMON UNIT

NET INCOME PER COMMON UNIT

NOTE 6                 NET INCOME PER COMMON UNIT

Net income per common unit is computed by dividing net income, after deduction of the General Partner’s allocation, by the weighted average number of common units outstanding. The General Partner’s allocation is equal to an amount based upon the General Partner’s effective two percent general partner interest, plus an amount equal to incentive distributions. Incentive distributions are paid to the General Partner if quarterly cash distributions on the common units exceed levels specified in the Partnership Agreement.

Net income per common unit was determined as follows:

(unaudited)	Three months ended  June 30,						Six months ended  June 30,
(millions of dollars, except per unit)	2012			2011			2012			2011
Net income(a)		33			36			72			78
Net income allocated to General Partner		(1	)		(1	)		(2	)		(2	)
Net income allocable to common units		32			35			70			76
Weighted average common units outstanding (millions)		53.5			50.9			53.5			48.6
Net income per common unit		$0.60			$0.69			$1.31			$1.58

(a)   25 percent interests in each of GTN and Bison were acquired in May 2011.