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REGISTRATION RIGHTS AGREEMENT
 BY AND AMONG
 COPANO ENERGY, L.L.C.
 AND
 THE PURCHASERS
   Registration Rights Agreement, Page 1




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REGISTRATION RIGHTS AGREEMENT
 Agreement Copano Annex A Purchaser Purchasers
 Purchase Agreement
    ARTICLE I
DEFINITIONS
 Definitions
 Delay Liquidated Damages Section 2.01(d)
 Effectiveness Period Section 2.01(a)
 Holder
 Included Registrable Securities Section 2.02(a)
 Liquidated Damages Section 2.01(b)
 Liquidated Damages Multiplier
 Losses Section 2.08(a)
 Managing Underwriter
 Opt-Out Notice Section 2.02(a)
 Purchase Agreement
 Registration Rights Agreement, Page 2




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Purchaser Purchasers
 Registrable Securities Section 2.01(e)
 Registration Expenses Section 2.07(a)
 Selling Expenses Section 2.07(a)
 Selling Holder
 Shelf Registration Statement
 Underwritten Offering
 Underwritten Offering Request Section 2.03(a)
 Registrable Securities
 ARTICLE II
REGISTRATION RIGHTS
 Shelf Registration
 Deadline to Go Effective Well Known Seasoned
Issuer Section 2.01 provided however
 Registration Rights Agreement, Page 3




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Section 2.01 Section 1.02 Effectiveness
Period
 Failure To Go Effective Section 2.01 Liquidated Damages
 Delay Rights provided, however
 Additional Rights to Liquidated Damages Section 2.01(c)
 Registration Rights Agreement, Page 4




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Section 2.01(c) st Delay Liquidated Damages Section 2.01(d) Section 3.01
 General Section 2.01(e)
 Piggyback Rights
 Participation Section 2.01 Included Registrable Securities provided, however
 Registration Rights Agreement, Page 5




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Section 2.02(b) Section 2.02(a) Section 3.01 provided Section 2.02(a) Opt-Out Notice provided
 Priority of Piggyback Rights Section 2.02(a) Section 2.02(b)
 Underwritten Offering
 Registration Rights Agreement, Page 6




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Request for Underwritten Offering Underwritten Offering Request Section 2.08 provided, however
 General Procedures Section 2.01 Section 2.03 provided, however Section 2.02(a)
 Sale Procedures Section 2.01 Section 2.03
   Registration Rights Agreement, Page 7




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provided, however
     Registration Rights Agreement, Page 8




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provided, however
      Registration Rights Agreement, Page 9




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Section 2.04 Section 2.04
  Cooperation by Holders Section 2.02
 Restrictions on Public Sale by Holders of Registrable Securities provided, however provided further Section 2.06
 Expenses
 Certain Definitions Registration Expenses Section 2.01 Section 2.02 Section 2.03
 Registration Rights Agreement, Page 10




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Section 2.08 Selling Expenses
 Expenses Section
2.08
 Indemnification
 By Copano Losses provided, however
 By Each Selling Holder provided however
 Registration Rights Agreement, Page 11




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##### 



Notice Section 2.08 Section 2.08 provided, however
 Contribution Section 2.08 provided, however
 Registration Rights Agreement, Page 12




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Other Indemnification Section 2.08
 Rule 144 Reporting
    Transfer or Assignment of Registration Rights provided, however
 Limitation on Subsequent Registration Rights
 ARTICLE III
MISCELLANEOUS
 Communications
 Section 3.01
 Section 2.10
 Registration Rights Agreement, Page 13




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Section 3.01
  Successor and Assigns
 Assignment of Rights Section 2.10
 Aggregation of Purchased Units
 Recapitalization, Exchanges, Etc. Affecting the Common Units
 Specific Performance
 Counterparts
 Headings
 Governing Law
 Severability of Provisions
 Registration Rights Agreement, Page 14




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Entire Agreement
 Amendment provided, however
 Termination
 No Presumption
 Registration Rights Agreement, Page 15




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COPANO ENERGY, L.L.C.By:
    /s/ John R. Eckel, Jr.Name:
    John R. Eckel, Jr.Title:
    Chairman of the Board and Chief Executive Officer




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LEHMAN BROTHERS MLP OPPORTUNITY FUND L.P.By:
    Lehman Brothers MLP Opportunity Associates L.P. its general partnerBy:
    Lehman Brothers MLP Opportunity Associates L.L.C. its general partnerBy:
    /s/ Jeff WoodJeff WoodVice PresidentLEHMAN BROTHERS MLP PARTNERS, L.P.By:
    Lehman Brothers MLP Associates, L.P.its general partnerBy:
    LB I Group, Inc.its general partnerBy:
    /s/ Jeff WoodJeff WoodVice PresidentZLP FUND, LPBy:
    Zimmer Lucas Partners, LLCits general partnerBy:
    /s/ Stuart J. ZimmerStuart J. ZimmerManaging MemberSTRUCTURED FINANCE AMERICAS, LLCBy:
    /s/ Sunil HarianiSunil HarianiVice PresidentBy:
    /s/ Andrea LeungAndrea LeungVice PresidentJENNISON EQUITY INCOME FUND, A SERIES OF THE STRATEGIC
PARTNERS MUTUAL FUNDS, INC.By:
    Jennison Associates LLCas subadvisor to the FundBy:
    /s/ Ubong EdemekaUbong EdemekaManaging Director




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##### 



JENNISON UTILITY FUND, A SERIES OF THE JENNISON SECTOR
FUNDS, INC.By:
    Jennison Associates LLCas subadvisor to the FundBy:
    /s/ Ubong EdemekaUbong EdemekaManaging DirectorING LIFE INSURANCE AND ANNUITY COMPANYBy:
    ING Investment Management LLCas agentBy:
    /s/ Paul AronsonPaul AronsonVice PresidentING USA ANNUITY AND LIFE INSURANCE COMPANYBy:
    ING Investment Management LLCas agentBy:
    /s/ Paul AronsonPaul AronsonVice PresidentRELIASTAR LIFE INSURANCE COMPANY OF NEW YORKBy:
    ING Investment Management LLCas agentBy:
    /s/ Paul AronsonPaul AronsonVice PresidentRELIASTAR LIFE INSURANCE COMPANYBy:
    ING Investment Management LLCas agentBy:
    /s/ Paul AronsonPaul AronsonVice PresidentSECURITY LIFE OF DENVER INSURANCE COMPANYBy:
    ING Investment Management LLCas agentBy:
    /s/ Paul AronsonPaul AronsonVice President




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##### 



RCH ENERGY OPPORTUNITY FUND II, L.P.By:
    RCH Energy Opportunity Fund II GP, L.P.its general partnerBy:
    RR Advisors, LLCits general partnerBy:
    /s/ Robert RaymondRobert RaymondSole MemberRCH ENERGY MLP FUND, L.P.By:
    RCH Energy MLP Fund GP, L.P.its general partnerBy:
    RR Advisors, LLCits general partnerBy:
    /s/ Robert RaymondRobert RaymondSole MemberRCH ENERGY MLP FUND A, L.P.By:
    RCH Energy MLP Fund A GP, L.P.its general partnerBy:
    RR Advisors, LLCits general partnerBy:
    /s/ Robert RaymondRobert RaymondSole MemberKAYNE ANDERSON MLP INVESTMENT COMPANYBy:
    /s/ James C. BakerJames C. BakerVice PresidentKAYNE ANDERSON ENERGY DEVELOPMENT COMPANYBy:
    /s/ James C. BakerJames C. BakerVice President




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##### 



KAYNE ANDERSON MLP FUND, LPBy:
    Kayne Anderson Capital Advisors, L.P.its general partnerBy:
    /s/ David ShladovskyDavid ShladovskyGeneral CounselKAYNE ANDERSON CAPITAL INCOME PARTNERS (QP), LPBy:
    Kayne Anderson Capital Advisors, L.P.its general partnerBy:
    /s/ David ShladovskyDavid ShladovskyGeneral CounselKAYNE ANDERSON MIDSTREAM OPPORTUNITY FUND, LPBy:
    Kayne Anderson Capital Advisors, L.P.its general partnerBy:
    /s/ David ShladovskyDavid ShladovskyGeneral CounselKAYNE ANDERSON NON-TRADITIONAL INVESTMENTS, LPBy:
    Kayne Anderson Capital Advisors, L.P.its general partnerBy:
    /s/ David ShladovskyDavid ShladovskyGeneral CounselARBCO II, LPBy:
    Kayne Anderson Capital Advisors, L.P.its general partnerBy:
    /s/ David ShladovskyDavid ShladovskyGeneral CounselTORTOISE ENERGY INFRASTRUCTURE CORPORATIONBy:
    /s/ Zachary A. HamelZachary A. HamelSenior Vice President




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##### 



TORTOISE ENERGY CAPITAL CORPORATIONBy:
    /s/ Zachary A. HamelZachary A. HamelSenior Vice PresidentTORTOISE GAS AND OIL CORPORATIONBy:
    /s/ Zachary A. HamelZachary A. HamelSenior Vice PresidentTORTOISE TOTAL RETURN FUND, LLCBy:
    /s/ Zachary A. HamelZachary A. HamelSenior Vice PresidentAT MLP FUND, LLCBy:
    Atlantic Trust, N.A.its managerBy:
    /s/ Paul McPheetersPaul McPheetersManaging DirectorMORGAN STANLEY STRATEGIC INVESTMENTS, INC.By:
    /s/ Alan ThomasAlan ThomasVice PresidentHARTZ CAPITAL MLP, LLCBy:
    Hartz Capital, Inc.its managerBy:
    /s/ Ronald J. BangsRonald J. BangsChief Operating OfficerCITIGROUP FINANCIAL PRODUCTS INC.By:
    /s/ Peter SantoroPeter SantoroManaging DirectorWEXFORD SPECTRUM TRADING LIMITEDBy:
    /s/ Arthur AmronArthur AmronVice President and Assistant Secretary




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##### 



WEXFORD CATALYST TRADING LIMITEDBy:
    /s/ Arthur AmronArthur AmronVice President and Assistant SecretaryDEBELLO TRADING LIMITEDBy:
    /s/ Arthur AmronArthur AmronVice President and Assistant SecretaryCAPITAL VENTURES INTERNATIONALBy:
    Heights Capital Management, Inc.its authorized signatoryBy:
    /s/ Martin RobingerName:
    Martin RobingerTitle:
    Investment ManagerSTROME MLP FUND, LPBy:
    Strome Investment Management, LPits general partnerBy:
    /s/ Peter DaviesPeter DaviesChief Executive OfficerHOWARD L. TERRYBy:
    /s/ Howard L. TerryHoward L. TerryHARVEST SHARING LLCBy:
    Harvest Fund Advisors LLCits managerBy:
    /s/ Anthony MerhigeAnthony MerhigeCAO & General CounselHARVEST INFRASTRUCTURE PARTNERS FUND LLCBy:
    Harvest Fund Advisors LLCits managerBy:
    /s/ Anthony MerhigeAnthony MerhigeCAO & General Counsel




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##### 



GERALD SMITHBy:
    /s/ Nancy CookeNancy CookeAttorney-in-factMLP & STRATEGIC EQUITY FUND INC.By:
    /s/ James J. Cunnane, Jr.James J. Cunnane, Jr.Portfolio Manager