Presentation for NAPTP Annual MLP Investor Conference May 2013 Jamie Buskill, Chief Financial and Administrative Officer

1. Presentation for NAPTP Annual MLP Investor Conference May 2013 Jamie Buskill, Chief Financial and Administrative Officer

2. Important Information Forward-looking statements disclosure Statements made at this conference or in the materials distributed in conjunction with this conference that contain "forward-looking statements" include, but are not limited to, statements using the words “believe”, “expect”, “plan”, “intend”, “anticipate”, “estimate”, “project”, “should” and similar expressions, as well as other statements concerning our future plans, objectives, and expected performance, including statements with respect to the completion, cost, timing and financial performance of growth projects. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements speak only as of the date they are made, and the company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein or made at this conference to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. For information about important Risk Factors that could cause our actual results to differ from those expressed in the forward-looking statements contained in this presentation or discussed at this conference please see “Available Information and Risk Factors,” below. Given the Risk Factors referred to below, investors and analysts should not place undue reliance on forward-looking statements. Available Information and Risk Factors We file annual, quarterly and current reports and other information with the Securities and Exchange Commission, or “SEC”. Our SEC filings are available to the public over the internet at our website, www.bwpmlp.com, and at the SEC’s website www.sec.gov. Our filings with the SEC contain important information which anyone considering the purchase of our limited partnership units should read. Our business faces many risks. We have described in our SEC filings some of the more material risks we face. There may be additional risks that we do not yet know or that we do not currently perceive to be material that may also impact our business. Each of the risks and uncertainties described in our SEC filings could lead to events or circumstances that may have a material adverse effect on our business, financial condition, results of operations or cash flows, including our ability to make distributions to our unitholders. Our limited partnership units are listed on the New York Stock Exchange under the trading symbol “BWP”. 2

3. BWP Investment Highlights Strategic and Diversified Midstream MLP • Transport, store, gather and process natural gas and liquids • Assets well positioned to serve growing markets and access key producing areas • Investment-grade ratings at Boardwalk Pipelines, LP and major subsidiaries (BBB/Baa2/BBB) • Majority of revenues from fixed-fee contracts Financial Profile • Management team with > 25 years average energy experience • Well-capitalized and supportive majority owner: Loews Corporation Corporate Structure • Executing growth and diversification strategy • Improving financial metrics Focus on Long-Term Value to Investors

4. BWP Asset Overview Texas Gas Transmission Texas Gas storage facilities Gulf South Pipeline Gulf South storage facilities Gulf Crossing Pipeline Petal Gas Storage Petal Gas Storage pipeline facilities Boardwalk Louisiana Midstream Hubs Boardwalk Storage Company South Texas Gathering Systems Flag City Gas Processing Plant Marcellus Gathering Pipeline • Boardwalk Operational Highlights: • Pipelines: ~ 14,200 miles of natural gas and ~240 miles of liquids • Storage capacity (aggregate): ~ 201 Bcf of natural gas and 18 MMbbls of liquids In 2012, we transported approximately 6.9 Bcf/d of natural gas, or approximately 12% of the nation’s average daily consumption

5. Strategy for Maximizing Long-Term Value to Investors • Maintained quarterly distribution at $0.5325 for the last four quarters • In 2012: raised $866 million in equity, refinanced $825 million in debt at lower rates, reduced administrative and general expenses • Continue to target low 4x for Debt-to-EBITDA ratio • Offer greater array of services to producer customers: South Texas Eagle Ford Gathering & Processing Project • Add projects to serve new and existing end users, such as Southeast Market Expansion Project • Attach new supply sources and focus on liquids-rich plays • Continue to build on existing and develop new relationships • Continue to leverage BWP’s existing footprint • Acquired Petal Gas Storage (Petal) in December 2011, enhancing flexibility and reliability of service and enabled the $300 million Southeast Market Expansion Project • Acquired Boardwalk Louisiana Midstream in October 2012, diversifying BWP into NGLs with strategic assets • Continue to evaluate strategic acquisitions, primarily to support further diversification in the midstream business Improve Financial Metrics Grow through Diversification and Strategic Acquisitions Grow Organically Last 24 months: Invested ~$270 million in organic growth projects Next 24 months: Plan to invest ~$415 million Last 24 months: Invested more than $1.2 billion in strategic acquisitions

6. Growth in Natural Gas Supply from Shale Plays . . . LEGEND Average Daily Production 2012 2006 7 Bcf/d 0 Bcf/d 1 Bcf/d 0 Bcf/d 3 Bcf/d 0 Bcf/d Dry Natural Gas Proved Reserves (Tcf) 7 Bcf/d 0 Bcf/d 5 Bcf/d 2 Bcf/d Shale’s Share of Reserves 2 Bcf/d 0 Bcf/d Source: Wood Mackenzie - North America Natural Gas Long-Term View (Spring, 2013)

7. LEGEND Average Annual Spread . . . Has Condensed Basis Spreads . . . COLUMBIA GAS APPALACHIA 2012 2006 $0.03 $0.23 CENTERPOINT EAST $(0.09) $(0.73) $(0.04) $0.01 $(0.02) $0.06 WAHA COLUMBIA GULF MAINLINE $0.01 $0.19 KOSCI $(0.06) $(0.75) CARTHAGE HUB TRANSCO STATION 85 $(0.07) $(0.42) HOUSTON SHIP CHANNEL FLORIDA GAS ZONE 3 $(0.04) $(0.36) $2.75 $6.74 $0.18 $0.27 Source: Platts Gas Daily, Boardwalk Internal Analysis

8. . . . and Lowered Prices that Are Driving Demand Growth Total demand growth from 2012 is forecasted to be approximately 10 Bcf/d in 10 years and 19 Bcf/d in 15 years, with the greatest demand growth in the regions that we serve. 10 Yr Growth 15 Yr Growth (Bcf/d) (Bcf/d) Middle Atlantic North Central +1 Bcf/d +2 Bcf/d +3 Bcf/d +4 Bcf/d (Bcf/d) South Atlantic South Central (Bcf/d) +1 Bcf/d +3 Bcf/d +4 Bcf/d +7 Bcf/d LNG exports in the Gulf Coast region are forecasted to be 5.3 Bcf/d in 10 years Bar Chart Key: 10 Year Incremental growth (Bcf/d) R/C/O = Residential/Commercial/Other All incremental demand is Bcf/d Source: Wood Mackenzie - North America Natural Gas Long-Term View (Spring, 2013)

9. Forecasted Demand Growth for Power Plants and Industrial Markets Legend Forecasted power generation and industrial demand growth in regions that we serve: 10 year growth = 4.5 Bcf/d 15 year growth = 10.4 Bcf/d Gas fired power plants connected to BWP Coal fired power plants – 40 years and older, within 20 miles of BWP Major industrial corridors – BWP connected to approximately 165 industrial locations East Side Lake Charles Baton Rouge New Orleans Houston Ship Channel Source: Wood Mackenzie - North America Natural Gas Long-Term View (Spring, 2013)

10. Southeast Market Expansion Project Legend Gulf South Pipeline Petal Gas Storage Petal Gas Storage pipeline facilities Perryville Exchange Southeast Market Expansion Project AR Perryville Exchange MS AL Carthage LA TX • Overview: • Expansion project of ~550 MMcf/d; fully contracted with 10-year firm agreements, primarily with electric generation and industrial customers • Total capex of ~$300 million:  install compression on Gulf South near interconnect with Petal Gas Storage (Petal) pipeline facilities and at proposed new interconnect with Petal, as well as construct a new 70-mile pipeline in southeastern MS and AL • Proposed in-service date of Q4-2014, subject to FERC approval • Increases Boardwalk’s ability to transport natural gas supplies to growing areas of demand in the southeast region of the United States, including industrial and power generation markets in MS, AL and FL • Utilizes capacity from expiring contracts on Gulf South’s existing 42” pipeline that originates in East Texas and extends eastward through Perryville, LA, including the Perryville Exchange, to an interconnect with Petal in Jasper County, MS • Made possible by Petal acquisition MS AL

11. Other Projects to Serve Growing Natural Gas Demand Legend Pipeline projects to serve new power plants Expansion of Petal salt-dome cavern • Expansion of Petal Salt-Dome Cavern: $23 million Capex • Approx. 5 Bcf of additional working gas capacity • Potential for five additional caverns, two of which are currently permitted by FERC • Combined $50 million Capex for Pipeline Connections to New Power Plants: • 100,000 Dth/d, 7-year firm transportation commitment to serve a power plant in the Baton Rouge/River Corridor area – expected in-service Q4-2013 • 125,000Dth/d, 20-year firm commitment to serve a power plant in North Texas – expected in-service date of mid-2014

12. Trends in NGL and Natural Gas Prices . . . (in $/barrel equiv.) Source: Market Data

13. . . . Are Shifting Drilling Activity to Liquids Total Rig Count Source: Baker Hughes; Wood Mackenzie North American NGL Service

14. Marcellus and Utica NGL Supply Outlook Source: Wood Mackenzie Consulting Study (March 2013)

15. Ethane Demand: Largest Market is LA/TX Gulf Coast Gulf Coast is 80% of North American Market Source: En*Vantage, Hodson, Industry Contacts

16. Louisiana: Short Ethane and Getting Shorter • In 2012 Gulf Coast ethylene industry had the capability to crack 968 MBPD • If high-probability projects are completed, ethane cracking capability of the US ethylene industry would increase to 1.752 MM BPD* in 2017 • Gulf Coast ethylene industry would have the capability to crack 1.635 MM BPD of ethane 2012/ 2017 Forecast East Texas 16 MBPD/ 26 MBPD Golden Triangle Miss. River Area 165 MBPD/ 205 MBPD 171 MBPD/ 255 MBPD Houston Area 234 MBPD/ 473 MBPD Mt. Belvieu Lake Charles South Louisiana Current Ethane Shortfall of ~150 MBPD is Supplied from Mont Belvieu 92 MBPD/ 201 MBPD Sweeny/Chocolate Bayou Area Corpus to Pt. Comfort Area 233 MBPD/ 352 MBPD 74 MBPD/ 149 MBPD South Louisiana Forecasted Ethane Shortfall is estimated to be over 350 MBPD by 2017 Source: En*Vantage *Includes Midwest forecast of 91 MBPD MBPD = thousand barrels per day; MM BPD = million barrels per day

17. Proposed Bluegrass Pipeline: Project Overview • Proposed Boardwalk and Williams • Joint Venture • Transport of up to 400,000 barrels per day capacity of mixed NGLs • Expect strategic combination to drive expedited late 2015 in-service and competitive tariffs Segment 1 Construct a new NGL pipeline from producing areas in OH, WV and PA to an interconnect with Texas Gas near Hardinsburg, KY Utica and Marcellus NGLs Segment 2 Convert a portion of Texas Gas Transmission from Hardinsburg, KY to Eunice, LA (“TGT Loop Line”) from natural gas service to NGL service Petchem complex, storage, exports Segment 3 Construct a new large-scale fractionation plant and expand NGL storage facilities in LA; construct a new pipeline connecting these facilities to the converted TGT Loop Line

18. Proposed Bluegrass Pipeline: Project Highlights Project Status • Announced with Williams on March 6 we are pursuing joint development of NGL pipeline, the Bluegrass Pipeline • Conducting cost assessments, due diligence, etc. • Negotiating JV and related agreements with Williams • Conditions for project to be approved include completing JV agreements, securing customer contracts and obtaining regulatory and board approvals Project Rationale • Further diversification within the midstream energy sector • Leverages our recently acquired liquids infrastructure that provides a critical footprint for Bluegrass’ downstream fractionation and storage portion Expanding Footprint & Scale • Project allows us to repurpose a portion of our Texas Gas Transmission system • Allows us to maintain the quality of service that we provide our firm natural gas transportation customers Repurposing Existing Asset • Williams has a significant presence and experience as a gatherer and processor in the Marcellus and Utica shale basins • Williams also has presence in the petrochemical industry in Louisiana Strong Partner Cost & Time Advantage • Less costly than alternatives that would involve all new construction • Potential to be placed into service in late 2015

19. South Texas Gathering and Processing Assets Legend Gulf South Pipeline South Texas Gathering Systems Flag City Processing Plant Compressor Station Receipt/Delivery Points Gathering Pipeline Capacity 300 MMcf/d Plant Capacity 150 MMcf/d • Overview: • Gas processing: 150 MMcf/d Flag City cryogenic gas processing plant • Gas gathering: approx. 400 miles of pipeline with capacity of 300 MMcf/d

20. Boardwalk Louisiana Midstream: Acquired in October 2012 Acquisition provided diversification into NGLs with strategically-located and high-quality assets • Sulphur and Choctaw Hubs serve attractive and rapidly-growing petrochemical industry: • Approx. 53 million barrels of salt dome storage capacity • Extensive brine supply infrastructure • More than 240 miles of pipeline assets, including the most extensive ethylene distribution system in Louisiana Choctaw Area Facilities Sulphur Area Facilities

21. Financial Overview

22. +13% CAGR +16% CAGR Annual Financial Comparison Revenue ($ MM) EBITDA ($ MM)

23. Interstate Pipelines and Storage Diversified Customer Base Revenue Mix By Service Type For the twelve months ended March 31, 2013 Interruptible Services 6% Firm Utilization Charges 11% Firm Contracts 83% 23

24. Focus on Improving Financial Metrics 24 24

25. BWP Investment Highlights Strategic and Diversified Midstream MLP • Transport, store, gather and process natural gas and liquids • Assets well positioned to serve growing markets and access key producing areas • Investment-grade ratings at Boardwalk Pipelines, LP and major subsidiaries (BBB/Baa2/BBB) • Majority of revenues from fixed-fee contracts Financial Profile • Management team with > 25 years average energy experience • Well-capitalized and supportive majority owner: Loews Corporation Corporate Structure • Executing growth and diversification strategy • Improving financial metrics Focus on Long-Term Value to Investors

26. Annual EBITDA Reconciliation Non-GAAP Financial Measure Earnings before interest, taxes, depreciation and amortization (EBITDA) is used as a supplemental financial measure by Boardwalk's management and by external users of Boardwalk's financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess Boardwalk’s operating and financial performance, ability to generate cash and return on invested capital as compared to those of other companies in the natural gas transportation, gathering and storage business. EBITDA should not be considered an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA is not necessarily comparable to a similarly titled measure of another company. The following table presents a reconciliation of Boardwalk’s EBITDA to net income, the most directly comparable GAAP financial measure, for each of the periods presented below. 26

27. Presentation for NAPTP Annual MLP Investor Conference May 2013 Jamie Buskill, Chief Financial and Administrative Officer