X0303 4 2011-05-15 0001297067 Copano Energy, L.L.C. CPNO 0001235277 GOODPASTURE JOHN N 801 TRAVIS STREET SUITE 2100 HOUSTON TX 77002 1 SVP, Corporate Development Common Units 2011-05-15 4 M 0 1167 A 2160 D Common Units 2011-05-15 4 F 0 308 32.34 D 1852 D Phantom Units 2011-05-15 4 M 0 1167 D Common Units 1167 2333 D Phantom Units 2011-05-17 4 A 0 4230 0 A Common Units 4230 4230 D Phantom Units 2011-05-17 4 A 0 4230 0 A 2014-05-15 Common Units 4230 4230 D Each phantom unit is the economic equivalent of one common unit. Phantom units are settled in common units on the date of vesting. These common units were withheld to cover taxes payable upon vesting of phantom units reported in Table II. Closing price for the issuer's common units on the last trading day before the vesting date. Phantom units vest in three equal annual installments commencing May 15. 2011. Phantom units vest in three equal annual installments commencing May 15, 2012. Each performance unit is the economic equivalent of one common unit. Performance units that vest are settled in common units on the date of vesting. Performance units will cliff vest on May 15, 2014, provided that the performance goal, which is declaration of a specified annualized distribution per common unit, is met at any time during the vesting period. The number of performance units to vest can range from 50% to 200% of the award depending on the level of achievement of the performance goal. Performance units that do not vest will be forfeited. /s/ Angela S. Teer, attorney-in-fact 2011-05-17