X0303 4 2011-03-15 0001297067 Copano Energy, L.L.C. CPNO 0001307967 PARADEE LARI 2727 ALLEN PARKWAY SUITE 1200 HOUSTON TX 77019 1 SVP, Controller & PAO Common Units 2011-03-15 4 M 0 784 15.09 A 48105 D Common Units 2011-03-15 4 F 0 231 31.97 D 47874 D Unit Appreciation Rights 15.09 2011-03-15 4 M 0 1660 0 D Common Units 784 6640 D Exercise by the issuer on behalf of the reporting person pursuant to terms of the award agreement described in note 6. Issued in settlement of the aggregate value of unit appreciation rights on the date of exercise (excess of closing price for the issuer's common units over exercise price). These common units were withheld to cover taxes payable upon the exercise of unit appreciation rights. Closing price for the issuer's common units on the date of exercise. Unit appreciation rights vest in five equal annual installments commencing January 1, 2010. Unit appreciation rights are settled in common units on the date of exercise. Vested unit appreciation rights remain exercisable for a period beginning on the vesting date and ending on March 15th of the calendar year following the year of vesting. In-the-money unit appreciation rights outstanding on the March 15th following the year of vesting will be exercised by the issuer on the reporting person's behalf. /s/ Angela S. Teer, attorney-in-fact 2011-03-17