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Forward-looking statements disclosure
NYSE:BWP
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 expansion 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.
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 are discussed in detail in
our Annual Report on Form 10-K for the year ended December 31, 2008 and other filings made by us with
the Securities and Exchange Commission, copies of which may be accessed from our website at
www.bwpmlp.com or from the SEC’s website at www.sec.gov. Given the risk factors discussed in these
documents, investors and analysts should not place undue reliance on forward-looking statements.
Non-GAAP Financial Measures
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 tables on pages 25 and 26 present a reconciliation of Boardwalk’s
EBITDA to net income, the most directly comparable GAAP financial measure, for each of the periods
presented.
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