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|Copano Energy



NASDAQ: CPNO

2007 Lehman Brothers High Yield Bond and
Syndicated Loan Conference



March 28, 2007
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|Forward-Looking Statements

Statements made by representatives of Copano Energy, L.L.C. (the "Company") during this
presentation may constitute "forward-looking statements" as defined by the Securities and
Exchange Commission. All statements, other than statements of historical facts, made by
representatives of the Company during this presentation that address activities, events or
developments that the Company expects, believes or anticipates will or may occur in the future
are forward-looking statements. These forward-looking statements are based on certain
assumptions made by the Company based on management's experience and perception of
historical trends, current conditions, expected future developments and other factors it believes
are appropriate in the circumstances.

Any forward-looking statements made by representatives of the Company during this
presentation are subject to a number of assumptions, risks and uncertainties, many of which are
beyond the Company's control.  If one or more of these risks or uncertainties materialize, or if
underlying assumptions prove incorrect, then the Company's actual results may differ materially
from those implied or expressed by the forward-looking statements. These risks include an
inability to obtain new sources of natural gas supplies, the loss of key producers that supply
natural gas to the Company, key customers reducing the volume of natural gas and natural gas
liquids they purchase from the Company, a decline in the price and market demand for natural
gas and natural gas liquids, the incurrence of significant costs and liabilities in the future resulting
from the Company's failure to comply with new or existing environmental regulations or an
accidental release of hazardous substances into the environment and other factors detailed in the
Company's Securities and Exchange Commission filings.

The Company undertakes no obligation to publicly update any forward-looking statements,
whether as a result of new information or future events.
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|Introduction to Copano Energy, L.L.C.

Growth-oriented midstream energy company founded in 1992

Built through acquisitions - over 30 acquisitions plus extensive
construction and integration projects

Significant pipeline growth - from 23 miles to over 5,000 miles

Five processing plants (a) - over 800 MMcf/d of combined
processing capacity

Prominent producer services franchise in two active producing
regions

Texas Gulf Coast - South Texas

Mid-Continent - Central and Eastern Oklahoma covering 25% of the
land mass of the state

(a)  includes majority interest in Southern Dome, LLC
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|Copano's LLC Structure
   Characteristic   Typical MLP   Copano Energy   C-Corp
   Non-Taxable Entity   Yes   Yes   No
   Tax Shield on Distributions   Yes   Yes   No
   Tax Reporting   Schedule K-1   Schedule K-1   Form 1099
   General Partner   Yes   No   No
   Incentive Distribution Rights   Yes; up to 50%   No   No
   Voting Rights   No   Yes   Yes
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|LLC Benefits

No entity-level taxation

No general partner splits ("incentive distribution rights")

Reduces cost of equity

Greater ease of equity issuance

Greater appeal to institutional investors

Stronger governance

Truly independent board

Elected by unitholders
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|Overview

Strong producer and customer focus

Highly competitive and flexible services

Provides midstream services to
approximately 830,000 MMBtu/day of natural
gas

Financial Profile - FYE 12/31/06:

Revenue:  $860.3 million

Total Segment Gross Margin (a):  $188.1 million

EBITDA (a):  $130.0 million

Current Equity Value: $1.4 billion (b)

Current Enterprise Value: $1.6 billion (b)

OK

TX

Texas Gulf Coast

Mid-Continent

(a)   Total Segment Gross Margin and EBITDA are non-GAAP financial measures.  For
definitions and reconciliations to comparable GAAP measures, see Appendix.

(b)   Equity value as of March 20, 2007
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|Copano has outperformed both the Alerian MLP Index (AMZ) and the
S&P 500 since its IPO

+234%

+37%

+21%

Relative Unit Price Performance (a)

Source: Bloomberg

(a) As of March 20, 2007
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|Total Return Performance (a)

Copano has also outperformed both the Alerian MLP Total Return
Index (AMZX) and the S&P 500 in terms of total return since its IPO

+271%

+21%

+54%

Source: Bloomberg

(a)  As of March 20, 2007.  Assumes distributions reinvested.
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|Business Strategy

Pursue growth from our existing
assets

Pursue complementary
acquisitions and organic
expansion opportunities

Reduce sensitivity of our cash
flows to commodity price
fluctuations

Exploit the operating flexibility of
our assets

Expand our geographic scope into
new regions where our growth
strategy can be applied
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|Mid-Continent Operations

One of the largest independent networks of
natural gas pipelines in Central and Eastern
Oklahoma

Over 3,300 miles of natural gas gathering
pipelines

16,900 square mile region

Long-term agreements with remaining terms
ranging up to approximately 13 years

26 drilling rigs currently active in area of
operations

Hunton de-watering play and coal bed methane
provide growth visibility

4 processing plants (includes majority-owned
Southern Dome)

Current inlet capacity of 115 MMcf/d

FYE 12/31/06 Segment Gross Margin (a):

$95.6 million

OK

(a)   Total Segment Gross Margin is a non-GAAP financial measure. For a definition and
reconciliation to a comparable GAAP measure, see Appendix.
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|Texas Gulf Coast Pipelines

One of the largest independent
networks of natural gas pipelines in
the Texas Gulf Coast region

Over 1,600 miles of natural gas
gathering and intrastate
transmission pipelines (includes
majority-owned Webb/Duval)

Strong drilling activity particularly on
Central Gulf Coast and Mestena
Grande systems

Decline rates generally moderate
compared to Offshore Gulf of Mexico

FYE 12/31/06 Segment Gross Margin(a):

$40.5 million

TX

(a)   Total Segment Gross Margin is a non-GAAP financial measure. For a
definition and reconciliation to a comparable GAAP measure, see Appendix.
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|Texas Gulf Coast Processing




Houston Central Processing Plant
straddles KMTP's Laredo-to-Katy pipeline

2nd largest processing plant in Texas Gulf
Coast region; 3rd largest in Texas

Total inlet capacity of 700 MMcf/d

Highly efficient conditioning capability
avoids processing margin losses by
reducing:

NGLs extracted by 93%

Fuel consumption by 80%

Sheridan NGL Pipeline: 104 miles

Brenham NGL Pipeline (a): 46 miles

FYE 12/31/06 Segment Gross Margin (b):

$50.6 million

(a)   Leased from Kinder Morgan.

(b)   Total Segment Gross Margin is a non-GAAP financial measure. For a
definition and reconciliation to a comparable GAAP measure, see Appendix.
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|Producer Relationships

NOTE:  Partial list for Texas Gulf Coast and Mid-Continent

Mestena Operating, Ltd.
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|Highly-Rated Service Provider

In the 2006 Natural Gas Midstream Services Survey conducted
by EnergyPoint Research, Houston, among all respondents
Copano rated:

#2 Overall - all service categories and geographic regions

#1 Onshore Gas Gathering - all geographic regions

#1 Texas Intrastate - all service categories

#1 Reliability, Capacity and Condition of Field Assets (a)

#1 Health, Safety and Environmental Practices (a)

#1 Administrative, Scheduling and Accounting Personnel (a)

Among primary decision makers, Copano rated #1 overall and
in most categories

(a)   All service categories and geographic regions
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|Organic Growth & Bolt-on Capital Spending

Committed organic growth and bolt-on capital spending in excess of $80
million completed or initiated in 2006

Hunton play gathering and compression expansion (Mid-Continent)
ongoing

Expansion of Paden Plant and addition of Nitrogen Rejection Unit
estimated completion Q2 and Q1 2008, respectively (Mid-Continent)

Southern Dome greenfield facilities completed Q2 2006 (Mid-Continent)

Bolt-on acquisitions in South Texas (Texas Gulf Coast) include:

Williams Field Services South Texas Assets completed Q3 2006

Normanna Lateral completed Q3 2006

Driscoll Lateral completed Q1 2007

Houston Central CO2 treating capacity expansion completed Q4 2006
(Texas Gulf Coast)
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|Recent Announcements

In February 2007, approved a two-for-one split for all
outstanding common units (to be distributed March 30, 2007)



Closed follow-on equity offering of 2.875 million common units,
including exercise of underwriters over-allotment option, in
December 2006



Announced expansion of commodity risk management
portfolio in November 2006 and December 2006



Closed amendment of existing $200 million senior secured
revolving credit  facility on January 12, 2007
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|(c)

$35.1

$55.0

$101.6

$143.5

(c)

52.1% CAGR (2002 - 2006)

$188.1

Total Segment Gross Margin (a)

(a)  Total Segment Gross Margin is a non-GAAP financial measure. For a definition and reconciliation to a comparable GAAP
measure, see Appendix.

(b)  Pro Forma for the acquisition of ScissorTail Energy, LLC

(c)  Includes $0.4 and $1.4 million of Corporate Segment gross margin for the periods ending 12/31/05 and 12/31/06, respectively.
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|Combined EBITDA (a)

(a) EBITDA is a non-GAAP financial measure.  For a definition and reconciliation to a comparable GAAP measure, see Appendix.

(b) Pro Forma for the acquisition of ScissorTail Energy, LLC

(c) Texas Gulf Coast results for 12/31/05 and 12/31/06 periods include all corporate G&A expenses.

$14.3

$26.4

$64.7

$97.5

(c)

(c)

73.6% CAGR (2002 - 2006)

$130.0
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|Financial Structure

Strong capitalization at December 31, 2006

Total Debt to Enterprise Value of 16% (a)

Total Debt to LTM EBITDA of 2.0x

Broad institutional unitholder and noteholder base

Strong capital support for acquisitions

Moody's ratings:

B1 Corporate Family Rating

B2 Senior Notes Rating

Positive outlook

S&P ratings:

BB- Corporate Credit Rating

B+ Senior Notes Rating

Positive outlook

(a) Equity value as of March 20, 2007.
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|Hedging Program and Risk Management

On-going long-term risk management strategy adopted in 2005 to reduce
commodity price risk exposure

Current portfolio of hedging contracts includes:

Call spread options on natural gas through 2011 to hedge a portion
of the net operational short natural gas position when we operate
our Houston Central Plant in a processing mode

Puts on natural gas through 2009

Puts and swaps for ethane, propane, iso-butane and normal butane
through 2011

Puts on WTI crude oil through 2011 to hedge natural gasoline and
condensate
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|Financial Policy

Maintain sustainable distributions with targeted distribution
coverage greater than MLP peers

Target total leverage: below 4.0x

Use free cash flow to reduce leverage on quarterly basis

Demonstrated ability and willingness to raise additional equity

Follow-on equity offering closed in December 2006

Finance accretive acquisitions with balanced combination of long-
term debt and equity
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|Experienced Management Team and Board of Directors

16 senior managers average 24 years of experience in the
industry

Ownership by ALL employees including LTIP participation

Management and employees beneficially own approximately 11%
of outstanding units (a)

Six of the seven Board members are independent

(a)  Excludes 153,010 restricted common units and 606,079 options to acquire common units, of which 112,559 are exercisable as
of March 1, 2007.  Restricted common units and options represent approximately 3.5% of current outstanding units.
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|Compelling Credit Story

Stable cash flow

Strategic position in major natural gas supply areas

Strong producer relationships with long-term contracts

Low working capital and capex needs

Reduced exposure to commodity price volatility

Favorable business and contract mix

Ongoing hedging program in place

Growing volumes will increase cash flow

Experienced management team with meaningful economic
incentives

Proven track record of value creation

Creditor-friendly LLC structure

Higher distribution coverage ratio relative to peers
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|Appendix
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|Reconciliation of Non-GAAP Financial Measures

Gross Margin

We define our total segment gross margin as our segment revenue less cost of sales. Cost of sales includes the following costs and
expenses: cost of natural gas and NGLs purchased by us from third parties, cost of natural gas and NGLs purchased by us from affiliates,
costs we pay third parties to transport our volumes and costs we pay our affiliates to transport our volumes.  We view total segment gross
margin as an important performance measure of the core profitability of our operations.  This measure is a key component of our internal
financial reporting and is used by our senior management in deciding how to allocate capital resources among business segments.  We
believe that investors benefit from having access to the same financial measures that our management uses.  The GAAP measure most
directly comparable to total segment gross margin is operating income.

The following table presents a reconciliation of the non-GAAP financial measure of total segment gross margin (which consists of the sum
of individual segment gross margins) to operating income on a historical basis:
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|Reconciliation of Non-GAAP Financial Measures

EBITDA

We define EBITDA as net income (loss) plus interest expense, provision for income taxes and depreciation and amortization expense.  EBITDA
is used as a supplemental financial measure by our management and by external users of our financial statements such as investors,
commercial banks, research analysts and others, to assess:

the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;

the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness;

our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without
regard to financing or capital structure; and

the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities.

EBITDA is also a financial measurement that, with certain negotiated adjustments, is reported to our lenders and is used to compute our
financial covenants.  EBITDA should not be considered an alternative to net income, operating income, cash flows from operating activities or
any other measure of financial performance presented in accordance with GAAP.  Our EBITDA may not be comparable to EBITDA or similarly
titled measures of other entities, as other entities may not calculate EBITDA in the same manner as we do.

The following table presents a reconciliation of the non-GAAP financial measure of EBITDA to the GAAP financial measure of net income (loss):
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|Copano Energy
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