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Targa Resources Provides Update On Financial Outlook And Announces Additional Growth Projects

Management compensates for the limitations of Adjusted EBITDA as an analytical tool by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these insights into its decision-making processes.

The following schedules present reconciliations of the initial estimates of net income attributable to Targa Resources Partners LP to Adjusted EBITDA for the periods indicated:
   
  Three Months Ended
  September 30, 2012
  ($ in millions)
Reconciliation of net income (loss) attributable to Targa   
Resources Partners LP to Adjusted EBITDA:  
Net income (loss) to Targa Resources Partners LP  $ 23.0
Add:  
Interest expense, net  28.3
Income tax expense  0.9
Depreciation and amortization expense (1)  62.0
Risk management activities  1.8
Noncontrolling interest adjustment  (3.0)
Adjusted EBITDA   $ 113.0
   
(1) Includes $14 million related to Yscloskey non-cash charge
   
   
  Twelve Months Ended
  December 31, 2012
  ($ in millions)
Reconciliation of net income (loss) attributable to Targa   
Resources Partners LP to Adjusted EBITDA:  
Net income (loss) to Targa Resources Partners LP  $ 199.0
Add:  
Interest expense, net  114.0
Income tax expense  3.6
Depreciation and amortization expense (1)  206.0
Risk management activities  4.5
Noncontrolling interest adjustment  (12.1)
Adjusted EBITDA   $ 515.0
   
(1) Includes $14 million related to Yscloskey non-cash charge
   
  Twelve Months Ended
  December 31, 2013
  Low Range High Range
  ($ in millions)
Reconciliation of net income (loss) attributable to Targa     
Resources Partners LP to Adjusted EBITDA:    
Net income (loss) to Targa Resources Partners LP  $ 228.0  $ 258.0
Add:    
Interest expense, net  115.0  115.0
Income tax expense  4.0  4.0
Depreciation and amortization expense   205.5  205.5
Noncontrolling interest adjustment  (12.5)  (12.5)
Adjusted EBITDA   $ 540.0  $ 570.0
     

Forward-Looking Statements

Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership and the Company expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership's and the Company's control, which could cause results to differ materially from those expected by management of the Partnership and the Company. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas and natural gas liquids, the timing and success of business development efforts; and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Partnership's and the Company's filings with the Securities and Exchange Commission, including their Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Neither the Partnership nor the Company undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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