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PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Process Timeline Summary of Key Events to Date January 2018 February 2018 March 2018 April 2018 S M 1 8 15 22 T 2 9 16 23 30 W 3 10 17 24 31 T 4 11 F 5 12 19 26 S 6 13 20 27 S M T W T 1 8 15 22 F 2 9 16 23 S 3 10 17 24 S M T W T 1 F 2 S 3 10 17 24 31 S 1 8 15 22 29 M 2 9 16 23 30 T W 4 11 18 25 T 5 12 19 26 F 6 13 20 27 S 7 14 21 28 7 14 21 28 4 11 18 25 5 12 19 6 13 20 27 7 14 21 28 4 11 18 25 5 12 19 26 6 10 17 24 25 27 28 Pre-Formation Post Formation Pre Special Committee Formation Key Diligence Items January 18 Analyst Day Notable Items: January 29 Announcement of Strategic Review February 26 Special Committee Formation Transaction Structure Charts Received and Reviewed Post Special Committee Formation Initial and Updated Tax Models Received and Reviewed March 09 Management Presentation to Special Committee and Advisors Financial Forecasts for Arkose Upstream, Midstream, and GP Received and Reviewed March 14 Initial Diligence Call March 15 Company / Advisors Model Diligence Call Committee and Advisors Discussion Outstanding (Status): March 16 Advisors-only Tax Due Diligence Call Downside Case (Company to Provide) March 20 Company / Advisors Initial Tax Due Diligence Call Further Updated Tax Model (Company to Provide) March 29 Second Advisors-Only Tax Due Diligence Call Detailed Structure Charts (Company to Provide) 3 April 03Presentation March 23Presentation March 16Special Committee / Advisors Discussion March 08Special Committee / Advisors Introduction 29 26 18 7 89 13 141516 20 2122 23 29 30 3

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Midstream Last 5 Years Restructurings Have Increased Midstream Company Restructurings and Recapitalizations (Archrock Partners Holdings) 2013 2014 2015 2016 2017 2018 YTD 2 2 3 3 10 6 Restructurings IDR Recapitalization Parent-to-LP Merger LP Buy-In / LP Repurchase LP-to-LP Merger Announced Structural Review Source: Company press releases and Wall Street research Executive Summary 6 No. of No. of IPOs15145140 Key “Acquirer/Parent (Target)” or “MLP Recapitalizating” : Sunoco Logistics (Energy Transfer Partners) Energy Transfer Partners (PennTex ) WPT GP (World Point Terminals) Vitol / Buckeye (VTTI Partners) Williams Partners Archrock Partners) ONEOK (ONEOK Partners) USA Compression Andeavor Logistics Spectra Energy Access Midstream (Williams Partners) Targa Resources (Targa Resources Partners) Andeavor Logistics (Western Refining Logistics) NuStar (NuStar Pioneer (Pioneer Southwest Energy Partners) Kinder Morgan (Kinder Morgan Partners) Crestwood (Crestwood Midstream) SemGroup (Rose Rock Midstream) Holly Energy Partners Tallgrass Energy Plains (Plains Natural Gas Storage) Kinder Morgan (El Paso Pipeline Partners) Energy Transfer Partners (Regency) Plains All American MPLX Antero

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Overview of Tallgrass Energy GP’s Announced Acquisition of Tallgrass Energy Partners Announced 26-Mar-2018 | Values Public TEP Units at ~$1.7bn Based on TEGP Price Eliminates IDRs Reduces cost of capital Enhances accretion from capex and M&A Streamlines governance, reduces complexity, and aligns interests Increased access to equity markets due to C-Corp tax structure Current Pro Forma for Transaction 1-Day Price Performance Management, EMG, Kelso, Management, EMG, Kelso, TEGP Public TGE Public Investors and Minority Investors and Minority 7 % m B .7mm ~126.7mm units (~45% economic interest) ic ) its 9% omic No change of control All debt remains in place rest) No changes to TEGP’s Federal taxpaying limited partnership structure ~58.1mm units ~ economic economic Taxable to TEP public unitholders No cash federal income taxes expected at pro forma entity for at least 10 years ~25.6mm LP Units 100% interest (~35% LP in % GP interest, IDRs (1)% (1)% (1)% No distribution cut at TEP Pro forma 2018 guidance: — 5-8% distribution growth for TEP unitholders — 38-42% dividend growth for TEGP shareholders c estors mm ts % t) TEGP GP Peers³ TEP MLP Pipeline Peers AMZ Source: Tallgrass Press Release (26-Mar-2018); Tallgrass Transaction Presentation (26-Mar-2018) 1 Excludes ~25.6mm LP units owned by Tallgrass Equity, LLC. 2 Current TEGP shareholders will own 58.1mm shares (~21% interest). Current TEP unitholders will own ~95.2mm shares (~34% interest). 3 GP Peers include GP, ENLC, EQGP and WGP. 4 MLP Pipeline Peers include BPMP, BWP, DM, EQM, MMP, PAA, SEP, SHLX and TCP. Executive Summary 7 Guidance Taxes Governance Debt 3 % Investors on-~153.2mm Class A Shares (~55% interest)2 ~126.7m Class Shares (~45% n econom interest Tallgrass Energy, LP (NYSE: TGE) 153.2mm units (~55% interest) Tallgrass Equity LLC Tallgrass Energy Partners, LP Operating Subsidiaries (Including 75% of REX) Investors - ~126 un (~6 econ inte ~58.1mm Class A Shares (~31% interest) ~126.7mm Class B Shares (~69% non economic interest) Tallgrass Energy GP, LP (NYSE: TEGP) (~31% interest) Tallgrass Equity LLC (“Tallgrass Equity”) 25.01% interest terest), ~1.1 REX TEP Publi Inv ~47.6 LP Uni (~65 LP interes Tallgrass Energy Partners, LP (NYSE: TEP) Operating Subsidiaries Stated Benefits Taxable all-stock transaction represents a 10% premium to TEP (taking it private and eliminating IDRs) based on 30-day VWAP to day prior to February 2018 restructuring announcements

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary Observations on the Tallgrass Simplification Announced March 26, 2018 Selected Rationale Highlighted by Management and Research No / Low DPU Growth Poor LP Cash Coverage Low Capex / No Drops Prior IDR “Givebacks” Balance Sheet / Equity Access Tax Benefits LP Unitholder Distn. Cut Structure Type Parent Acquire LP None Proactive Parent Status Transaction Consideration Pro Forma Combined LP Target Change in Status Governance Tax Governance Tax Governance Tax Partnership-Style 1099 Stock Partnership Style 1099 None Stated Rationale Related Commentary CEO David Dehaemers: “We are executing this transaction from a position of fundamental business strength, and the result is a win for the TEP unitholders and TEGP shareholders alike. This non-dilutive combination differentiates our transaction from most other recent combinations in the MLP universe. Eliminating TEP’s incentive distribution rights will immediately improve our cost of capital and will enhance our ability to compete for, and the returns generated by, acquisitions and organic growth projects. In addition, our single public entity will be more streamlined, simplified and closely align all of our equity holders’ future financial incentives. We expect the combined company, which will be taxed as a corporation, will appeal to an even wider set of potential investors.” Wells Fargo: “The deal simplifies the structure, eliminates the GP IDRs, lowers the long-term cost of capital and improves alignment. Further, the surviving entity is a c-corp., which should attract a larger pool of potential investors.” Reduces equity cost of capital Streamline governance Reduce complexity Align interests of all investors Increase market depth Full tax shield for 10+ years Source: Company press releases and filings, Wall Street research 8 Executive Summary

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Summary of Selected Restructuring, Recapitalization, and Simplification Transactions Remaining Midstream-Related Securities Pro Forma GP Shareholder Security Transaction Structure Pro Forma GP Shareholder Future Cash Flow Relevant Precedents (GP and Midstream (Unchanged) examples (Midstream survives Markwest (2007) Buys GP (Changed) 1 (Midstream survives w/ IDRs) Assets: Upstream assets + IDRs 1099 N/A Taxes: Upstream cash tax profile 2 (GP and Midstream remain w/ IDRs) EQT’s pending separation of EQT Midstream Assets: IDRs + Midstream units 1099 (Unchanged) Taxes: GP remains cash taxpaying entity 9 Executive Summary Inc’l. Upstream Upstream Buys GP Upstream Spins-and-Merges Its 53% Interest in Midstream Into GP Midstream – GP Only Midstream IDR Recapitalization 21099 Assets: Midstream assetsMany recent w/ no IDRs) Taxes: GP remains cash taxpaying entity (GP survives w/ no1099 Taxes: GP has expected reduction in near-Many recent Midstream entity likely will have some Midstream1K-1entity-level cash tax friction post transaction w/ no IDRs) GP shareholder converted to pass-through treatment GP Buys Midstream Assets: Midstream assets 1 IDRs)(Unchanged)term cash taxesexamples — Long-term, will remain cash taxpaying entity

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Summary Comparison of Potential Structural Alternatives (1/2) (Preliminary analysis subject to final structure and further simplification) Midstream IDR Recapitalization GP Buys Midstream Summary Description Midstream issues new LP units to IDR LLC in exchange for elimination of IDRs GP becomes 1099 derivative equity of Midstream, while remaining a taxable partnership GP acquires Midstream in a 100% share transaction GP remains taxable partnership IDR Elimination? Yes Yes Midstream Equity Value 2 pools of equity (1099 and K-1) Mkt. Cap. 1 common pool of equity (1099) Mkt. Cap. Float Float Midstream $7.6bn $2.5bn Midstream ---- GP $3.0bn $1.2bn GP $7.6bn $3.7bn Cash Distribution Potential Reduced vs. status quo: more near-term cash Increased vs. status quo: cash tax savings due to taxable transaction to target unitholders flow directed through cash-tax paying entity IDR LLC Series B Treatment Potential Change of Control for Series B units, which would result in vesting and exchange right Requires renegotiation or conversion of Series B interest as part of transaction Governance In either scenario, can keep status quo governance or potential to alter governance to have a more “corporate-style” arrangement with vote equal to economic interest Broad-based Equity Index Potential No in either scenario as result of i) LP status of remaining entities, and ii) partnership-style governance are both specifically excluded from broad-based indices Unitholder / Shareholder Approvals Midstream: Not required GP: Approval of majority of outstanding GP common shares (61% held by insiders) Midstream: Approval of majority of outstanding LP unitholders (53% held by Upstream) GP: Not required Note: Subject to determination of structure and further simplification. 10 Executive Summary

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Summary Comparison of Potential Structural Alternatives (2/2) (Preliminary analysis subject to final structure and further simplification) GP Buys Midstream GP Buys Midstream --“C-Corp NewCo” Summary Description GP acquires Midstream in a 100% share transaction GP remains a partnership taxable as a corporation GP acquires Midstream C-corp formed as Newco and becomes publicly traded surviving corporation IDR Elimination? Yes Yes Midstream Equity Value 1 common pool of equity (1099) Mkt. Cap. Same as GP Buys Midstream Float Midstream ---- GP $7.6bn $3.7bn Cash Distribution Potential Increased vs. status quo: cash tax savings due to taxable transaction to target unitholders Same as GP Buys Midstream IDR LLC Series B Treatment Requires renegotiation or conversion of Series B interest as part of transaction Potential Change of Control for Series B units, which would result in vesting and exchange right Governance Partnership-style (absent change to status quo) Corporate-style Broad-based Equity Index Potential No as result of i) LP status of remaining entities, and ii) partnership-style governance are both specifically excluded from broad-based indices Yes – removes both “red flags” for broad-based index inclusion Unitholder / Shareholder Approvals Midstream: Approval of majority of outstanding LP unitholders (53% held by Upstream) GP: Not required Midstream: Approval of majority of outstanding LP unitholders (53% held by Upstream) GP: Approval required if GP shares exchanged or converted and Newco is trading entity 11 Executive Summary

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Ownership Based on Management Cash Flow Projections and Current Market Value ($ in millions) IDR Recap GP Buys Midstream IDR LLC Distributions to Midstream Distributions to Midstream Units To IDR LLC¹ Exchange Ratio To Midstream² Series A Series B IDR LLC LP Unitholders Ratio of Cash Distributions IDR Recap GP Buys Midstream Midstream Units To IDR LLC³ Exchange Ratio To Midstream² GP IDR LLC - Series B Total GP Midstream Ratio of Equity Value GP (IDR LLC) Midstream Source: Arkose Projections and Bloomberg market data as of 29-Mar-2018. 1Calculated using total cash flow ownership of IDR LLC Series A and Series B units . 2 Assumes ~4.3mm GP common shares issued to Series B unitholders per current GP market cap and Series B methodology. 3 Calculated based on market cap of GP common shares and implied value of IDR LLC Series B units. 13 Executive Summary Market Current Cap $ 2,977 $ 65 $ 3,042 $ 4,840 117 1.62 x 39 % 61 % Status Quo Cash Distributions to Equity (Midstream and IDR LLC) FY 2018E $ 136 $ 7 $ 143 $ 320 83 2.29 x FY 2019E 223 12 $ 236 414 106 1.79 FY 2020E 336 20 $ 355 533 125 1.53 FY 2021E 436 26 $ 462 640 135 1.41 FY 2022E 556 34 $ 589 767 144 1.33 43 % 57 % 42 % 58 % 40 % 60 % 36 % 64 % 31 % 69 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Pro Forma Ownership Range t DR atio) ange Source: Upstream, Midstream, and GP 2017 10-Ks and Bloomberg market data as of 29-Mar-2018 1 Assumes Series B convert based on current GP market cap. 14 Executive Summary IDR Recap Approximate assumptions used in the 9-Mar-2018 Managemen Presentation (155m units issued to I LLC, 1.79x exchange r IDR LLC % Ownership 36 % 38 % 40 % 42 % 44 % 46 % Units Issued to IDR LLC 105 115 Implied Aggregate Value at Market $ 2,722 $ 2,966 125 $ 3,226 135 147 $ 3,505 $ 3,803 159 $ 4,123 Total Midstream Units Outstanding 292 302 312 322 334 346 Pro Forma Ownership Total IDR LLC 36 % 38 % 40 % 42 % 44 % 46 % Midstream Midstream - Public Ownership 30 % 29 % Midstream - Upstream Ownership 34 33 28 % 32 27 % 26 % 31 30 25 % 29 Total Midstream 64 % 62 % 60 % 58 % 56 % 54 % IDR LLC % Ownership 36 % 38 % 40 % 42 % 44 % 46 % Shares Issued to Midstream Implied Aggregate Value at Market 338 $ 5,408 310 $ 4,963 285 $ 4,563 263 242 223 $ 4,200 $ 3,871 $ 3,571 Implied Exchange Ratio (Midstream / G 1.81 x 1.66 x 1.53 x 1.41 x 1.30 x 1.19 x Pro Forma Ownership IDR LLC IDR LLC - Series B Holders¹ GP Common Shareholders 1 % 35 1 % 37 1 % 39 Ownership r 1 % 1 % 1 %used in this 41 43 45presentation Total IDR LLC 36 % 38 % 40 % 42 % 44 % 46 % Midstream Midstream - Public Ownership Midstream - Upstream Ownership 30 % 34 29 % 33 28 % 32 27 % 26 % 25 % 31 30 29 Total Midstream 64 % 62 % 60 % 58 % 56 % 54 % GP Buys Midstream

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Impact to Shareholder / Unitholder Economics Assuming 40% Ownership Scenario Midstream Unitholders GP Shareholders1 $4.58$4.58 $4.29 $3.00 $3.24$3.33$3.33 3 3 9 $1.01 2 $0.54 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E Incremental DCF/share accretion in GP Buys Midstream scenario partially due to reduction in coverage ratio on legacy Midstream cash flows Increase in both DCF/share and DPS in GP Buys Midstream scenario due to cash tax savings attributable to basis step-up in $4.35$4.35 taxable transaction $2.85 $4.10 3 3 9 1 $0.97$0.89 $1.49 $1.49 $0.72 2018E 2019E 2020E 2021E 2022E Status Quo 2018E 2019E 2020E 2021E 2022E IDR Recap GP Buys Midstream Source: Arkose Projections, Upstream, Midstream, and GP 2017 10-Ks and Bloomberg market data as of 29-Mar-2018 1 Assumes Series B convert based on current GP market cap. Executive Summary 15 DCF Metrics $2.31$2.22 $2.1 $1.87$1.74$1.7 $1.36$1.34$1.3 $1.0 $0.54 $3.42$3.54$3.54 $2.85$2.85$2.85 $2.21$2.08 $2.08 $1.72 DPU Metrics $2.57 $2.18 $2.22 $2.1 $1.79 $1.74$1.7 $1.25 $1.34$1.3 $0.7 $0.89 $3.93$3.93 $3.75 $2.76$2.74 $2.74 $2.07 $1.91 $1.91

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Pro Forma Trading at Various Yields and Implied Ownerships Implied Unit Price / Accretion / (Dilution) to Midstream Implied Share Price / Accretion / (Dilution) to GP Current Midstream Yield Current Total Equity Yield Current Midstream Yield Current Total Equity Yield GP Breakeven Yield DPU / DPS % r vs. Current 2019 DPU/DPS Midstream GP Midstream GP 8.5 % 7.5 % 8.5 % 7.5 % 46 % $ 1.88 $ 1.17 (15)% 32 % 7.3 % 44 1.94 1.12 (12) 26 7.0 42 2.01 1.07 (9) 20 6.7 40 2.08 1.02 (6) 14 6.4 38 2.15 0.96 (3) 9 6.0 36 2.22 0.91 1 3 5.7 46 % $ 1.87 $ 1.57 (15)% 77 % 9.8 % 44 1.94 1.50 (12) 69 9.4 42 2.01 1.43 (9) 61 9.0 40 2.08 1.36 (6) 54 8.5 38 2.15 1.30 (3) 46 8.1 36 2.22 1.23 1 39 7.7 Source: Arkose Projections and Bloomberg market data as of 29-Mar-2018 20 Executive Summary IDR Recap $ 18.41 / 15 %$ 20.95 / 31 % 17.60 / 1020.03 / 25 16.78 / 519.10 / 19 15.99 / 018.20 / 14 15.21 / (5) 14.40 / (10) 17.31 / 8 16.39 / 2 $ 21.95 / (15)%$ 24.98 / (4)% 22.77 / (12) 23.60 / (9) 24.41 / (6) 25.20 / (3) 25.91 / 0 26.86 / 4 27.78 / 7 28.69 / 11 26.03 / 129.63 / 14 Implied IDR LLC Ownership GP Buys Midstream $ 13.70 / (14)%$ 15.59 / (2)% 13.10 / (18)14.91 / (7) 12.50 / (22)14.23 / (11) 11.90 / (26)13.54 / (15) 11.30 / (29)12.86 / (20) 10.70 / (33)12.18 / (24) $ 21.97 / (15)%$ 25.00 / (3)% 22.78 / (12) 23.59 / (9) 24.41 / (6) 25.22 / (3) 25.93 / 0 26.85 / 4 27.78 / 7 28.71 / 11 26.03 / 129.63 / 14 Implied IDR LLC Ownership Current Prices GP: $15.99 Midstream: $25.89

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary Observations on Potential Shareholder Reaction to an Arkose Simplification 1099 vs K-1 Securities Pro Forma Grow Growth Rate: Pro forma entity, however, would still have a sector-leading growth rate and exceed Liquidity / Governance 21 Executive Summary Elevated Volumes: An event that leads to elevated trading volumes could cause some investors to reduce their positions given underlying weakness in the broader MLP market Governance: A switch to more traditional governance, where voting rights are equal to economic participation, would strengthen sentiment from many key midstream investors who are increasingly vocal about lack of midstream governance Investor Overlap: Substantial overlap in Midstream and GP’s investor bases at the institutional level; possible that some may invest in GP as a levered play on Midstream’s underlying assets — Lower “non-levered” growth rate may cause certain investors scale back their Arkose position th Midstream’s current growth profile — Change in growth profile, in isolation, is unlikely to result in meaningful selling Depth of Market: The investor following and liquidity of the Midstream/Energy C-Corp market is significantly deeper than that of the MLP market — 505 investors are invested in the AMZ companies, with the top 20 managing a combined $2.2 trillion in AUM — Comparatively, 3,600+ investors have positions in Energy companies the S&P 1500, with the top 20 managing a combined $7.4 trillion in equity AUM Dedicated Funds: While some funds are prevented from owning MLPs, we are not aware of any MLP-dedicated fund that is prevented from owning 1099 securities

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Midstream Delaware Corporations vs. 1099 GPs Investment Observations Top 25 Midstream Delaware Corporation Active Investors Equity AUM ($mm) Delaware Corps Pos. ($mm)¹ 1099 GPs Pos. ($mm)² AMZ Pos. ($mm) Meaningful overlap between top active Midstream 1099 GP Partnership investors and Midstream Delaware Corporation investors, suggesting indifference between 1099 structures Investor Tortoise Capital 15,502 1,525 213 10,455 Kayne Anderson 7,956 1,067 84 5,475 GSAM 139,583 1,045 104 5,325 Harvest 8,978 830 82 6,245 ClearBridge 111,692 660 48 3,315 Of the top 50 Midstream Delaware C-Corp investors, 12 do not hold any positions in 1099 GPs Neuberger Berman 91,995 639 2 1,658 Salient Capital 5,804 628 213 2,311 Deutsche AM 13,719 558 34 689 — But 7 of those investors hold positions in MLPs, suggesting governance is not the driving factor of their lack of investment Chickasaw Capital 4,804 552 230 2,455 OFI SteelPath 9,746 510 336 7,076 Fidelity 1,222,242 390 1 1,807 Eagle Global 3,230 378 102 1,353 FPR Partners 4,659 370 95 0 JP Morgan AM 349,427 349 41 0 Cushing 3,337 342 76 1,946 CIBC Atlantic Trust 23,316 340 42 2,593 UBS Financial Services, Inc. 180,549 328 4 3,745 BlackRock (UK) 320,409 291 1 0 Millennium 69,332 287 42 0 Source: Thomson Reuters as of 4Q 2017. Note: Blue shading denotes no overlap between Delaware C-Corp investors and 1099 GPs. ¹ Delaware Corp peers include KMI, OKE, SEMG, and TRGP. ² 1099 GP peers include AMGP, ENLC, and TEGP. Executive Summary 22 Total (25) $ 15,046 $ 1,751 $ 62,546 Brookfield Investment Mgmt 9,457 304 0 3,006 Center Coast Capital 3,717 344 0 0 Energy Income Partners 6,190 505 0 2,727 Franklin Advisers 56,807 511 0 243 Norges Bank 623,837 565 0 0 Wellington Management $ 512,659 $ 1,728 $ 0 $ 121

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Arkose Currently Has Limited Index Ownership Perspectives on Pro-Forma Index Ownership “GP” Investor Base “Midstream” Investor Base Retail 4% Limited number of Midstream units and GP shares are currently held by passive / index investors Institutional (Active) 45% Institutional (Active) 36% Upstream / Sponsors / Insiders 53% Among the indices that Midstream and GP are part of, only the Alerian AMZ and AMZI indices have meaningful investor following Sponsors / Insiders 59% Institutional (Passive) 1% Institutional (Passive) 2% All members of the AMZ and AMZI indices are MLPs Bloomberg Relevance Rating Bloomberg Relevance Rating Index Index As a result, passive investors focused on MLP strategies may be sellers should GP acquire Midstream Alerian Energy Infrastructure Index 1 Yorkville MLP General Partners 0 Cushing 30 MLP Index 1 American Energy Independence 0 Tortoise MLP Index 1 Cushing MLP Mkt Cap 0 J.P. Morgan iDex U.S. SMID Cap Energy 0 Solactive US Energy Infrastructure MLP 1 But, due to the limited index holdings of Midstream, we do not expect price pressure or meaninful “churn” from this class of investors Bloomberg State Index of Colorado 0 Alerian Natural Gas MLP 0 Yorkville MLP Infrastructure Universe 0 Yorkville MLP Gathering & Processing 0 Yorkville PTP Universe Price Index 0 Yorkville MLP Distribution Growth Leaders 0 Wells Fargo Securities MLP Index 0 Yorkville MLP Distribution GLA Idx TR 0 Source: Thomson Reuters as of 4Q 2017, Bloomberg Note: Bloomberg relevance rating based on Bloomberg client usage and scaled from 0 – 5 with 5 being the most widely used. Executive Summary 23 Top Indices Shareholder Composition S&P MLP Index1 S&P MLP Index1 Alerian MLP Index4 Alerian MLP Infrastructure Index2

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Key Index Inclusion Criteria Current Structure and Limited Public Float Exclude Midstream and GP from Major Indices Criteria Description Midstream GP Pro Forma S&P Mid Cap 400 S&P Mid Cap 400 S&P 500 and $450mm-2.1bn, respectively) ? Minimum of 250k shares traded in each of 6 months leading up to evaluation Viability Company ETFs, royalty trusts, ADRs and ADSs are excluded Russell 1000 Russell 2000 Russell 1000 Sorted into Russell 1000 (currently $3.4bn+) and 2000 (~$144mm - 3.4bn) based on market cap rank $170,000 No mention in index methodology Viability Company Companies that produce unrelated business taxable income (UBTI) and do not block UBTI to equity Source: S&P U.S. Indices Methodology March 2018; FTSE Russell Methodology March 2018, and SEC Brief Overview for Foreign Private Issuers Note: S&P also considers sector balance in indices. 24 Executive Summary Russell Market CapMinimum of $30mm LiquidityAverage daily dollar trading volume must be larger than global median; as of 2017 Reconstitution, this was Public FloatAt least 5.5% of the shares outstanding Financial No annual filing requirement mentioned, presumed 10-K filing necessary US DomicileAsset, headquarters, incorporation, and most liquid listing test Characteristics Must trade on eligible U.S. exchange Corporate governance structure is consistent with US practice??? Royalty trusts, LLCs, closed-end investment companies, BDCs, SPACs and limited partnerships are Eligibleexcluded holders Time Since IPO At least before quarterly rank day (typically 1 month before quarter end) S&P Market CapSorted into S&P 500, Mid Cap 400, and Small Cap 600 based on market cap test ($6.1bn+, $1.6bn-6.8bn, LiquidityAnnual dollar value traded 1.0x float adjusted market cap Public FloatAt least 50% of the shares outstanding FinancialSum of last four consecutive quarters and most recent quarter GAAP (core) net income should be positive Files 10-K annual reports with SEC US DomicileSubject to fixed assets and revenues test Characteristics Primary listing of common stock on an acceptable exchange Corporate governance structure consistent with US practice??? EligibleNYSE or NASDAQ listed common equities; closed end funds, LPs, MLPs, LLCs, BDCs, mortgage REITs, Time Since IPO Public for at least 6-12 months

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Considerations For Index Inclusion Expected Index Ownership of Arkose (GP + Midstream) If Added to Various Indices Illustrative Required Insider Selling to Meet S&P’s 50% Public Float Test Index as % of Avg. Constituent's Float Value of Arkose (GP + Midstream) Upstream Index S&P 400 8 % $ 631 $ 2,560 32 % Warburg Pincus Yorktown $ 3,498 44 % S&P 600 6 % $ 473 Management / Board Public $ 881 11 % $ 694 9 $ 248 3 % Russell 2000 8 % $ 631 Management / Board 64 % Warburg Pincus Upstream Source: Thomson, company filings, Bloomberg, S&P U.S. Indices Methodology March 2018; FTSE Russell Methodology March 2018, and SEC Brief Overview for Foreign Private Issuers 1 Yorktown excluded because position is not large enough to fully exit and still pass public float test. Executive Summary 25 $ 443 million of required selling to meet S&P’s 50% public float test % of Holdings 50 % 17 % Based on current combined equity value, Arkose GP + Midstream could qualify based on size for the S&P 500 and Russell 1000 (though important criteria like C-Corp structure and % public float are not met) Required Selling at %of Holdings1 Russell 1000 3 % $ 236 S&P 500 12 % $ 946

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Anticipating Shareholder Behavior Upon Combination While Some Top Pro-Forma Investors Might Sell to Normalize Positions… …There is a Large Pool of Underinvested Investors Who Represent Natural Holders of Pro-Forma Peers¹ Held Pro-Forma Pos. ($mm) Pro-Forma % Mkt Cap Avg Peer % of Mkt Cap Anticipated Buying / Selling ($mm) Investor Source: Thomson Reuters as of 4Q 2017 Note: Top investors of Pro-Forma applies an illustrative exchange ratio of 1.5285x to Midstream. Room to Add is based on average % shares outstanding held by an investor per peer, applied pro-rata to Pro-Forma market cap then deducting any current positons held in Pro-Forma. Pro-Forma cap is $7.7bn. ¹ Pro-forma peers include BPMP, CNXM, EQM, ENLC, ENLK, EQGP, HESM, NBLX, PSXP, VLP, WES, and WGP. Executive Summary 26 Tortoise Capital 12 $ 490 6.4 % 5.4 % $(72) GSAM 12 459 6.0 1.8 (323) Harvest 7 240 3.1 4.7 124 Neuberger Berman 8 223 2.9 1.7 (92) Salient Capital 9 194 2.5 2.7 13 OFI SteelPath 7 189 2.4 2.2 (21) Chickasaw Capital 9 180 2.3 3.6 94 Tinicum Capital 0 166 2.1 0.0 (166) Natixis 3 143 1.9 0.3 (123) Kayne Anderson 10 112 1.5 3.5 155 FPR Partners 0 95 1.2 0.0 (95) CIBC Atlantic Trust 8 87 1.1 0.6 (41) Eagle Global 6 78 1.0 0.7 (26) Deutsche Asset & Wealth 3 74 1.0 0.2 (62) Alyeska 0 61 0.8 0.0 (61) Cohen & Steers 6 57 0.7 1.1 30 Cushing 10 55 0.7 1.0 25 ClearBridge 8 51 0.7 2.8 162 JP Morgan AM 1 41 0.5 0.0 (41) Dividend Assets Capital 7 36 0.5 0.3 (11) Miller/Howard 8 31 0.4 0.3 (5) David Lerner 10 30 0.4 0.6 20 Jennison Associates 6 27 0.4 0.5 13 Hite Hedge 7 26 0.3 0.9 45 Duff & Phelps 10 26 0.3 0.4 5 Total (25) $ 3,173 $(459) Peers¹ Avg Peer % of Pro-Forma Demand Based Investor Held Mkt Cap Pos. ($mm) on Peers ($mm) Theoretical Room to Add ($mm) Energy Income Partners 4 2.4 %$ 0 $ 182 $ 182 ClearBridge 8 2.851 213 162 Fidelity 9 2.10 159 159 Kayne Anderson 10 3.5112 267 155 NFJ Investment Group 3 2.00 152 152 Magnetar Capital 2 1.80 138 138 Harvest 7 4.7240 365 124 Center Coast Capital 8 1.30 98 98 Chickasaw Capital 9 3.6180 274 94 Allianz Global 5 1.10 88 88 Advisory Research 6 1.224 95 71 Baron Capital 2 0.90 71 71 RR Advisors 7 0.90 70 70 Principal Global 3 0.90 66 66 MFS 3 0.80 65 65 American Century 4 0.80 61 60 Westwood 8 0.813 64 51 LSP Investment 2 0.60 49 49 OppenheimerFunds 6 0.60 46 45 Hite Hedge 7 0.926 72 45 RGT Capital Management 2 0.60 43 43 Gen IV Investment 2 0.60 43 43 Anchor Bolt 2 0.50 37 37 Edge Asset Mgmt 3 0.50 35 35 NBW Capital 8 0.41 34 33 Total (25) $ 649 $ 2,751 $ 2,103

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Conversion Mechanism of Series B Units of Arkose IDR LLC Conversion of Series B units to common shares equal to the quotient determined by dividing — (a) the product of (i) the Per Vested B Unit Entitlement (defined below) and (ii) the number of vested Series B Units being redeemed, by — (b) GP common share 20 trading day VWAP (ending on and including the trading day prior to the notice date) “Per Vested B Unit Entitlement” equals the quotient of — (a) the product of (i) the equity value of GP calculated by multiplying the VWAP Price and the number of then-outstanding common shares minus $2.0 billion and (ii) the product of (A) 6%, (B) the percentage of authorized Series B Units that are outstanding at such time and (C) the percentage of outstanding Series B Units that have vested, divided by — (b) the total number of vested Series B Units outstanding Upon the earliest of (x) December 31, 2026, (y) a change of control transaction of GP or of IDR LLC, or (z) a liquidation of IDR LLC, GP may redeem each outstanding Series B Unit in exchange for GP common shares The proceeding formula is captured by (also see illustration on next page): Conversion Mechanism Illustration % Authorized % Outstanding ) GP Common GP Outstanding Vested Per Vested Outstanding Source: GP 2017 10-K dated 13-Feb-2018, 424 B4 filing dated 05-May-2017, and GP IDR Holdings LLC Limited Liability Company Agreement dated 31-Dec-2016 Executive Summary 29 Per VestedVested B UnitXUnits Being EntitlementRedeemed Conversion = GP 20 Trading Day VWAP (VWAP XShares— $2billion) X (6% X Series B Units X Series B Units B Unit= EntitlementVested Series B Units Outstanding

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Conversion Calculation For Series B Units of Arkose IDR LLC Class B Conversion Into Status Quo GP Shares Management Presentation 25mm Share Calculation GP Common Shares Outstanding (x) GP Share Price as of 7-Mar 186 $ 18.08 20 Trading-Day GP VWAP (Current) (x) Common Shares Outstanding $ 16.82 186 GP Market Cap (+) Equity Issued to Midstream $ 3,366 6,048 GP Market Cap (-) $2.0bn Threshold $ 3,132 (2,000) Pro Forma Market cap (-) $2.0bn Threshold $ 9,414 (2,000) (x) Series B Take 6.0 % (x) Series B Take 6.0 % (x) Units Outstanding (x) Percent Vested 100 % 100 % (x) Units Outstanding (x) Percent Vested 100 % 100 % (/) Vested Units Outstanding 99 (/) Vested Units Outstanding 99 (x) Vested Units Redeemed (/) 20 Day GP VWAP (Current) 99 $ 16.82 (x) Vested Units Redeemed (/) 20 Day GP VWAP (as of Magement Presentation) 99 $ 18.08 (+) Pro Forma GP Common Shares Outstanding 521 Total Shares Outstanding (x) GP Share Price as of 7-Mar 545 $ 18.08 Source: GP 424 B4 filing dated 05-May-2017 and GP IDR Holdings LLC Limited Liability Company Agreement dated 31-Dec-2016; Bloomberg market data as of 29-Mar-2018 30 Executive Summary GP Market Cap (Incl. Converted Series B)$ 9,859 Conversion - Common Shares Issued25 Conversion - Common Shares Issued 4 Per Vested B Unit Entitlement$ 4.51 Per Vested B Unit Entitlement $ 0.69 Total Entitlement$ 445 Total Entitlement $ 68 Memo: illustrative assumption Class B Share$ 445 Class B Share $ 68 Equity Value Subject to Series B Take$ 7,414 Equity Value Subject to Series B Take $ 1,132

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Series ($ in millions) B Value on Constant GP Yield1 2018E 2019E 2020E $ 456 GP Share Price GP DPS GP Tax Adj. DPS GP Yield GP Tax. Adj. Yield Series B Dist. $ 223 2018E 2019E 2020E 2018E 2019E 2020E Market Value (26-Mar-2018) DPS Yield Implied Value at Year End Based on NTM Cash Flows and Current GP Yield Source: Arkose Projections, Wall Street research and Bloomberg market data as of 29-Mar-2018; Note: 2021E GP DPS yield of $1.74. 1 Calculated based on assumed future market cap at year end and Series B conversion mechanism. Future GP market cap calculated based on 1-year forward DPS at year end, current 2018 GP DPS yield of 3.4%, and current shares outstanding. 2 Assumes GP and Midstream combination at market value and Series B conversion into pro forma market cap. 31 Executive Summary GP DPS YieldTax Adjusted Yield Status Quo GP Buys Midstream2 $15.99$15.99$15.99 $0.54$0.88$1.34 $0.72$1.18$1.78 3.4 %5.5 %8.3% $ 323 4.5 %7.4 %11.1 % $ 341 $ 7$ 12$ 20 $ 234 $ 173 $ 200 $ 175 $ 167 $ 150 $ 65 Illustrative Future Value Based Illustrative Value Based on GP Trading Value Based on Series B Conversion Mechanism

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Potential Next Steps and Process Tactics Potential Items to Refine From March 9th Presentation Potential Decisions to Narrow Options and Focus Alternatives Possible Path: Committee Resolves Specific action: Committee posts For structural alternatives, present narrower range and more comparable economic terms than “illustrative 20% premium” Evaluation of operational downside case — Potentially helpful to better answer “why now” Number of structural alternatives for evaluation and comparison: GP Board on progress, narrowing of options, and open items Subsequent steps: Committee and advisors drive resolution on — 2 alternatives: – – Status quo vs. IDR recap Status quo vs. GP buys Midstream open items and create specificity on transaction terms — 1 alternative: Primary objective: Committee decides to maintain status quo or make proposal to Midstream – Status quo vs. GP buys Midstream Series B treatment Refine pro forma tax profile for structural alternatives — Tax synergies large driver of transaction, in particular GP buys MLP Governance in GP buys MLP Importance of downside case to break status quo? Possible Path: GP Board Resolves Specific action: Committee reverts back to GP Board on — Midstream market context could be sufficient (e.g., investor aversion to IDRs, preference for 1099s) progress, narrowing of options, and provides direction and requests clarification on open items Evaluation of C-Corp “NewCo” (or conversion from LP to C-Corp) Maintain status quo governance arrangements — C-Corp “NewCo” (or conversion from LP to C-Corp) LP with direct or vote equal to economics LLC status quo Subsequent steps: Management and GP Board drive resolution on open items and create more specificity on transaction terms Primary objective: full GP Board — — decides to break status quo and have Committee negotiate a more specific proposal with Midstream Executive Summary 32

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Precedent MLP Buy-ins (3/3) GP and LP Equity Values Over Time Versus Alerian Index TRGP / NGLS | Transaction Date: 03-Nov-2015 EPB / KMP / KMR / KMI | Transaction Date: 10-Aug-2014 $ 85,100 $ 12,979 $ 8,782 $ 8,749 6M Prior 3M Prior 1 Day Prior 1 Day Post 3M Post 6M Post 6M Prior 3M Prior 1 Day Prior 1 Day Post 3M Post 6M Post LP GP Indexed to AMZ as of 6M Prior Indexed to AMZ as of 1 Day Prior Source: Company filings and press releases, Bloomberg market data as of 28-Mar-2018 Note: KMI excludes the ATM program registered on 21-Nov-2014. KMP and EPB exchange ratios based on total consideration received (majority stock plus some cash). Additional Shareholder Analysis 36 $ 5,151 $ 10,793 $ 10,039$ 10,001 $ 9,168$ 9,103 $ 3,701 $ 3,262 $ 8,212$ 7,963 $ 2,808 $ 7,525 $ 6,878 $ 7,828 $ 6,583 $ 4,316 $ 5,466 $ 5,521 $ 5,403 $ 70,276$ 74,578 $ 77,311 $ 73,323 $ 40,481 $ 78,143$ 77,501 $ 69,684 $ 66,090 $ 67,047 $ 63,588 $ 68,888 $ 70,732 $ 37,139 $ 65,168 $ 34,322 $ 32,827 $ 44,619 $ 37,439 $ 34,566 $ 32,340

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Investor Reaction to OKE and Arkose’s Top 25 (GP + Midstream) Active (Selling) OKS Merger Institutional Shareholders Net Buying / PF Midstream/GP % OS Shares Held at Announce (mm) % 1Q Post-Announce % 1Q Post-Close Institution Tinicum Capital Partners, L.P. 1.5 0.0 N/A N/A Chickasaw Capital Management, L.L.C. 1.5 0.0 N/A N/A FPR Partners 1.2 0.0 N/A N/A Alyeska Investment Group, L.P. 0.7 0.0 N/A N/A Yale University 0.3 0.0 N/A N/A Source: Thomson (PF Midstream/GP based on Thomson shares outstanding and exchange ratio of 1.5465, corresponding to Midstream and GP prices on 15-Mar-2018) Note: Applies the 0.985x exchange ratio to seller’s shares pre-merger. New positions deemed to be 100% increases. 37 Additional Shareholder Analysis ClearBridge Investments, LLC0.35.2 (6) (23) Overall1 32.2 %100.6(2)%(30)% Top 51 14.7 %49.7(8)%(39)% Deutsche Asset & Wealth Management0.71.6 (100)(100) Cohen & Steers Capital Management, Inc.0.70.3 (4) 918 Bank of America Merrill Lynch (US)0.60.5 49492 Cushing Asset Management, LP0.62.7 (39) (28) J.P. Morgan Securities LLC0.42.5 27 (79) UBS Financial Services, Inc.0.42.9 85 (19) JP Morgan Asset Management0.30.1 210 Natixis Asset Management1.20.0N/A 100 Morgan Stanley Investment Management Inc. (US)1.11.6 63 (97) Kayne Anderson Capital Advisors, L.P.0.916.0 (16) (41) CIBC Atlantic Trust Private Wealth Management0.81.0 (1) 5 Eagle Global Advisors, LLC0.82.9 (1) (13) Deal announced on 1-Feb-17 and closed on 30-Jun-17 Tortoise Capital Advisors, LLC4.3 %21.1 (14)% (37)% Goldman Sachs Asset Management (US)4.19.3 (21) (41) Alps Advisors, Inc.2.311.3 6 (92) OFI SteelPath, Inc.2.04.2 (12) (29) Harvest Fund Advisors LLC2.03.8 1599 Neuberger Berman, LLC1.88.1 1316 Salient Capital Advisor LLC1.65.4 (1) (1)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Investor Reaction to SEMG and RRMS Merger Arkose’s (Selling) Top 25 (GP + Midstream) Active Institutional Shareholders Net Buying / PF Midstream/GP % OS Shares Held at Announce (mm) % 1Q Post-Announce % 1Q Post-Close Institution OFI SteelPath, Inc. 2.0 0.0 N/A N/A Tinicum Capital Partners, L.P. 1.5 0.0 N/A N/A FPR Partners 1.2 0.0 N/A N/A Natixis Asset Management 1.2 0.0 N/A N/A Alyeska Investment Group, L.P. 0.7 0.0 N/A N/A Deutsche Asset & Wealth Management 0.7 0.0 N/A N/A Yale University 0.3 0.0 N/A N/A Source: Thomson (PF Midstream/GP based on Thomson shares outstanding and exchange ratio of 1.5465, corresponding to Midstream and GP prices on 15-Mar-2018) Note: Applies the 0.814x exchange ratio to seller’s shares pre-merger. New positions deemed to be 100% increases. 38 Additional Shareholder Analysis ClearBridge Investments, LLC0.32.6 0 (38) Overall1 32.2 %23.123 %19 % Top 51 14.7 %6.4(0)%31 % Cohen & Steers Capital Management, Inc.0.70.4 180284 Bank of America Merrill Lynch (US)0.60.1 (12) (77) Cushing Asset Management, LP0.61.5 2927 J.P. Morgan Securities LLC0.40.3 (8) (91) UBS Financial Services, Inc.0.40.3 (6) (67) JP Morgan Asset Management0.30.0 00 Morgan Stanley Investment Management Inc. (US)1.10.7 46 (97) Kayne Anderson Capital Advisors, L.P.0.90.4 286328 CIBC Atlantic Trust Private Wealth Management0.82.5 (13) (43) Eagle Global Advisors, LLC0.82.0 1918 Chickasaw Capital Management, L.L.C.1.54.2 4544 Harvest Fund Advisors LLC2.02.2 1042 Neuberger Berman, LLC1.80.0 1127 Salient Capital Advisor LLC1.61.7 3937 Deal announced on 31-May-16 and closed on 30-Sep-16 Tortoise Capital Advisors, LLC4.3 %1.5 40 %20 % Goldman Sachs Asset Management (US)4.12.7 (33) 27 Alps Advisors, Inc.2.30.0 100100

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Investor Reaction to TRGP and NGLS Merger Arkose’s (Selling) Top 25 (GP + Midstream) Active Institutional Shareholders Net Buying / PF Midstream/GP % OS Shares Held at Announce (mm) % 1Q Post-Announce % 1Q Post-Close Institution Tinicum Capital Partners, L.P. 1.5 0.0 N/A N/A FPR Partners 1.2 0.0 N/A N/A Natixis Asset Management 1.2 0.0 N/A N/A Deutsche Asset & Wealth Management 0.7 0.0 N/A N/A Yale University 0.3 0.0 N/A N/A Source: Thomson (PF Midstream/GP based on Thomson shares outstanding and exchange ratio of 1.5465, corresponding to Midstream and GP prices on 15-Mar-2018) Note: Applies the 0.620x exchange ratio to seller’s shares pre-merger. New positions deemed to be 100% increases. 39 Additional Shareholder Analysis ClearBridge Investments, LLC0.34.8 (11) (23) Overall1 32.2 %64.911 %(15)% Top 51 14.7 %33.8(6)%(29)% Cohen & Steers Capital Management, Inc.0.70.2 (7) 12 Bank of America Merrill Lynch (US)0.63.1 (19) (22) Cushing Asset Management, LP0.62.2 (7) 34 J.P. Morgan Securities LLC0.41.7 78 (51) UBS Financial Services, Inc.0.43.6 66 (6) JP Morgan Asset Management0.31.6 (100)(100) Morgan Stanley Investment Management Inc. (US)1.10.9 291 (98) Kayne Anderson Capital Advisors, L.P.0.95.7 7 (43) CIBC Atlantic Trust Private Wealth Management0.82.3 (8) (57) Eagle Global Advisors, LLC0.81.0 1948 Alyeska Investment Group, L.P.0.70.0N/A 100 Chickasaw Capital Management, L.L.C.1.53.5 38114 Deal announced on 3-Nov-15 and closed on 17-Feb-16 Tortoise Capital Advisors, LLC4.3 %6.5 8 % (26)% Goldman Sachs Asset Management (US)4.18.0 (33) 10 Alps Advisors, Inc.2.37.5 9 (100) OFI SteelPath, Inc.2.07.3 111 Harvest Fund Advisors LLC2.04.5 (15) (48) Neuberger Berman, LLC1.80.1 (46) 10 Salient Capital Advisor LLC1.60.4 980833

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Investor Reaction to KMI and KMP / KMR / EPB Mergers Arkose’s Top 25 (GP + Midstream) Active Institutional Shareholders Net Buying / (Selling) PF Midstream/GP % OS Shares Held at Announce (mm) % 1Q Post-Announce % 1Q Post-Close Institution Tinicum Capital Partners, L.P. 1.5 0.0 N/A N/A Yale University 0.3 0.0 N/A N/A Source: Thomson (PF Midstream/GP based on Thomson shares outstanding and exchange ratio of 1.5465, corresponding to Midstream and GP prices on 15-Mar-2018) Note: Applies the 2.193x, 2.485x, and 0.945x exchange ratios to KMP, KMR, and EPB’s shares pre-merger, respectively. New positions deemed to be 100% increases. 40 Additional Shareholder Analysis ClearBridge Investments, LLC0.323.6 (18) (46) Overall1 32.2 %234.89 %(43)% Top 51 14.7 %76.8(12)%(83)% Chickasaw Capital Management, L.L.C.1.50.1 (65) (100) FPR Partners1.25.2 00 Natixis Asset Management1.20.9 (3) (93) Morgan Stanley Investment Management Inc. (US)1.13.1 561 (28) Kayne Anderson Capital Advisors, L.P.0.952.2 (2) (19) CIBC Atlantic Trust Private Wealth Management0.86.1 56 (30) Eagle Global Advisors, LLC0.87.9 (1) (26) Alyeska Investment Group, L.P.0.70.0 100100 Deutsche Asset & Wealth Management0.70.3 (90)(90) Cohen & Steers Capital Management, Inc.0.73.0 11 (25) Bank of America Merrill Lynch (US)0.613.4 70 (1) Cushing Asset Management, LP0.65.1 (6) (4) J.P. Morgan Securities LLC0.416.7 53 (79) UBS Financial Services, Inc.0.43.8 12239 JP Morgan Asset Management0.37.4 (26) (34) Deal announced on 10-Aug-14 and closed on 26-Nov-14 Tortoise Capital Advisors, LLC4.3 %10.4 (28)% (45)% Goldman Sachs Asset Management (US)4.14.5 (8) 62 Alps Advisors, Inc.2.333.6 (6) (100) OFI SteelPath, Inc.2.011.6 28 (100) Harvest Fund Advisors LLC2.016.7 (41) (100) Neuberger Berman, LLC1.81.4 (19) (20) Salient Capital Advisor LLC1.67.9 (9) (42)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Side-by-Side Summary of Key Financial Metrics Assumes Full Tax Shield If GP Buys Midstream | 40% Pro Forma IDR LLC Ownership ($ in millions, except per share data) IDR Recap GP Buys Midstream 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 At Operating Entity Total Distributable Cash Flow Cash Coverage Total Distributions Units/Shares Outstanding $ 594 131 463 312 $ 854 204 649 312 $ 1,036 148 889 312 $ 1,225 123 1,102 312 $ 1,428 71 1,356 312 $ 594 131 463 476 $ 854 204 649 476 $ 1,036 148 889 476 $ 1,225 123 1,102 476 $ 1,428 71 1,356 476 At GP HoldCo Attributable DCF From Midstream (-) G&A (-) Taxes $ 238 (2) (59) $ 341 (2) (85) $ 415 (2) (103) $ 490 (2) (122) $ 571 (2) (142) Total Attributable DCF $ 177 $ 255 $ 309 $ 366 $ 427 Distributions from Midstream (-) G&A (-) Taxes $ 185 (2) (46) $ 260 (2) (64) $ 355 (2) (88) $ 441 (2) (110) $ 543 (2) (135) Total Distributions $ 137 $ 193 $ 265 $ 329 $ 405 Shares Outstanding 190 190 190 190 190 Source: Arkose Projections and Bloomberg market data as of 29-Mar-2018 43 Summary Information on IDR Recap and GP Buys Midstream $ 0.93$ 1.34$ 1.63$ 1.92$ 2.24 0.721.021.391.732.13 Attributable DCF / Unit DPU/DPS $ 1.25$ 1.79$ 2.18$ 2.57$ 3.00 0.971.361.872.322.85 $ 1.91$ 2.74$ 3.33$ 3.93$ 4.58 1.492.082.853.544.35 DCF / Unit DPU/DPS Reference Items 20182019202020212022 Exchange Ratios @ 40% IDR LLC Ownership Status Quo Midstream LP DCF/Unit$ 2.07$ 2.76$ 3.24$ 3.75$ 4.29 Status Quo Midstream DPU1.722.212.853.424.10 Status Quo GP DCF/Share and DPS0.540.891.341.742.22 IDR Recap0.66 x GP Buys Midstream1.53

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Sources and Uses | Capitalization Table IDR Recap | 40% Pro Forma IDR LLC Ownership | ($ in millions, except per share data) Sources of Funds Issuance of Midstream Units $ % Uses of Funds Acquisition of IDRs $ % $ 3,226 100.0 % $ 3,226 100.0 % Pro Forma Capitalization (Midstream - Constant Unit Price) Cash First Lien Credit Facility Long Term Debt Pro Forma Capitalization (Midstream - Constant Capitalization) Cash First Lien Credit Facility Long Term Debt $ 5 550 650 $ 5 550 650 Units $ / Unit Market Cap Units $ / Unit Market Cap Status Quo Capitalization (Midstream + GP Value) Cash First Lien Credit Facility Long Term Debt $ 5 550 650 Units (Shares) $ / Unit (Share) Market Cap Midstream Equity GP Equity Series B Equity 187 186 4 $ 25.89 15.99 15.99 $ 4,840 2,977 65 Source: Arkose Projections and Bloomberg market data as of 29-Mar-2018 Note: Analysis does not include transaction costs. 44 Summary Information on IDR Recap and GP Buys Midstream Total Capitalization $ 9,076 Total Equity $ 7,881 Net Debt $ 1,195 Total Capitalization $ 9,076 Total Capitalization $ 9,261 Common Equity 312 $ 25.30 $ 7,881 Common Equity 312 $ 25.89 $ 8,066 Net Debt $ 1,195 Net Debt $ 1,195 Total Uses $ 3,226 100.0 % Total Sources $ 3,226 100.0 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Status Quo GP vs. Pro Forma Comparison Midstream Issues Units to GP In Exchange for Elimination of IDRs | 40% Pro Forma Ownership | ($ in millions, except per share data) Standalone Case Adjustments Pro Forma 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E EBITDA (-) Interest expense (-) Maintenance capital (-) Tax Witholding Reimbursement Paid to AR $ 730 (63) (67) (6) $ 989 (90) (39) (6) $ 1,222 (117) (63) (6) $ 1,413 (139) (44) (6) $ 1,642 (150) (58) (6) $ 0 0 0 0 $ 0 0 0 0 $ 0 0 0 0 $ 0 0 0 0 $ 0 0 0 0 $ 730 (63) (67) (6) $ 989 (90) (39) (6) $ 1,222 (117) (63) (6) $ 1,413 (139) (44) (6) $ 1,642 (150) (58) (6) IDR LLC Cash Flow Received from Midstream Cash Flow to / Reserved for Series B Units 143 (7) 236 (12) 355 (20) 462 (26) 589 (34) 43 7 24 12 0 20 (21) 26 (47) 34 185 0 260 0 355 0 441 0 543 0 GP G&A GP Interest Expense GP Cash Taxes (2) 0 (34) (2) 0 (56) (2) 0 (85) (2) 0 (110) (2) 0 (140) 0 0 (12) 0 0 (8) 0 0 (4) 0 0 0 0 0 5 (2) (2) (2) (2) (2) (46) (64) (88) (110) (135) GP Coverage Ratio GP Shares Outstanding 1.0 x 186 1.0 x 186 1.0 x 186 1.0 x 186 1.0 x 186 1.0 x 190 1.0 x 190 1.0 x 190 1.0 x 190 1.0 x 190 4 4 4 4 4 Midstream Financial Metrics LP DCF GP DCF $ 386 208 $ 516 338 $ 607 429 $ 701 523 $ 803 625 $ 594 0 $ 854 0 $ 1,036 0 $ 1,225 0 $ 1,428 0 Total DCF $ 594 $ 854 $ 1,036 $ 1,225 $ 1,428 $ 594 $ 854 $ 1,036 $ 1,225 $ 1,428 LP DCF / Unit GP DCF / Unit $ 2.07 1.11 $ 2.76 1.81 $ 3.24 2.29 $ 3.75 2.80 $ 4.29 3.34 $(0.16) $(0.02) $ 0.08 $ 0.18 $ 0.29 $ 1.91 0.00 $ 2.74 0.00 $ 3.33 0.00 $ 3.93 0.00 $ 4.58 0.00 Total DCF / Unit Midstream Coverage LP Distributions GP Distributions $ 3.18 1.3 x $320 143 $ 4.56 1.3 x $414 236 $ 5.54 1.2 x $533 355 $ 6.54 1.1 x $640 462 $ 7.63 1.1 x $767 589 $ 1.91 1.3 x $463 0 $ 2.74 1.3 x $649 0 $ 3.33 1.2 x $889 0 $ 3.93 1.1 x $1,102 0 $ 4.58 1.1 x $1,356 0 Total Distributions $463 $649 $889 $1,102 $1,356 $463 $649 $889 $1,102 $1,356 LP Dist. / Unit GP Dist. / Unit $1.72 0.76 $2.21 1.26 $2.85 1.90 $3.42 2.47 $4.10 3.15 $(0.23) $(0.13) $ 0.00 $ 0.12 $ 0.25 $1.49 0.00 $2.08 0.00 $2.85 0.00 $3.54 0.00 $4.35 0.00 Total Dist. / Unit $2.48 $3.47 $4.75 $5.89 $7.25 $1.49 $2.08 $2.85 $3.54 $4.35 Source: Arkose Projections, Bloomberg market data as of 29-Mar-2018 45 Summary Information on IDR Recap and GP Buys Midstream LP DCF / Unit - Accretion / Dilution (8)% (1)% 3 % 5 % 7 % LP Dist. / Unit - Accretion / Dilution (13)% (6)% 0 % 3 % 6 % Total DCF / Unit - Accretion / Dilution 34 % 14 % 4 % (1)% (4)% Total Dist. / Unit - Accretion / Dilution 34 % 14 % 4 % (1)% (4)% Total Distributions $ 100 $ 165 $ 249 $ 324 $ 413 $ 137 $ 193 $ 265 $ 329 $ 405 Distribution Per Share (DPS) 0.54 0.89 1.34 1.74 2.22 0.72 1.02 1.39 1.73 2.13 Distributable Cash Flow Per Share 0.54 0.89 1.34 1.74 2.22 0.72 1.02 1.39 1.73 2.13 Distributable Cash Flow to GP $ 100 $ 165 $ 249 $ 324 $ 413 $ 37 $ 28 $ 16 $ 5 $(8) $ 137 $ 193 $ 265 $ 329 $ 405 Cash Flow Available to GP LP $ 136 $ 223 $ 336 $ 436 $ 556 $ 49 $ 36 $ 20 $ 5 $(13) $ 185 $ 260 $ 355 $ 441 $ 543 Midstream Distributable Cash Flow $ 594 $ 854 $ 1,036 $ 1,225 $ 1,428 $ 0 $ 0 $ 0 $ 0 $ 0 $ 594 $ 854 $ 1,036 $ 1,225 $ 1,428

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Sources and Uses | Capitalization Table GP Buys Midstream With 100% Equity | 40% Pro Forma IDR LLC Ownership | ($ in millions, except per share data) Sources of Funds Issuance of GP Shares $ % Uses of Funds Acquisition of Midstream $ % $ 4,563 100.0 % $ 4,563 100.0 % Pro Forma Capitalization (Midstream - Constant Unit Price) Cash First Lien Credit Facility Long Term Debt Pro Forma Capitalization (Midstream - Constant Capitalization) Cash First Lien Credit Facility Long Term Debt $ 5 550 650 $ 5 550 650 Units $ / Unit Market Cap Units $ / Unit Market Cap Status Quo Capitalization (Midstream + GP Value) Cash First Lien Credit Facility Long Term Debt $ 5 550 650 Units (Shares) $ / Unit (Share) Market Cap Midstream Equity GP Equity Series B Equity 187 186 4 $ 25.89 15.99 15.99 $ 4,840 2,977 65 Source: Arkose Projections and Bloomberg market data as of 29-Mar-2018 Note: Analysis does not include transaction costs. 46 Summary Information on IDR Recap and GP Buys Midstream Total Capitalization $ 9,076 Total Equity $ 7,881 Net Debt $ 1,195 Total Capitalization $ 9,076 Total Capitalization $ 8,799 Common Equity 476 $ 16.57 $ 7,881 Common Equity 476 $ 15.99 $ 7,604 Net Debt $ 1,195 Net Debt $ 1,195 Total Uses $ 4,563 100.0 % Total Sources $ 4,563 100.0 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Status Quo GP vs. Pro Forma Comparison GP Buys Midstream at Market | ($ in millions, except per share data) Standalone Case Adjustments Pro Forma 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E EBITDA (-) Interest expense (-) Maintenance capital (-) Tax Witholding Reimbursement Paid to AR $ 730 (63) (67) (6) $ 989 (90) (39) (6) $ 1,222 (117) (63) (6) $ 1,413 (139) (44) (6) $ 1,642 (150) (58) (6) $ 0 0 0 0 $ 0 0 0 0 $ 0 0 0 0 $ 0 0 0 0 $ 0 0 0 0 $ 730 (63) (67) (6) $ 989 (90) (39) (6) $ 1,222 (117) (63) (6) $ 1,413 (139) (44) (6) $ 1,642 (150) (58) (6) IDR LLC Cash Flow Received from Midstream Cash Flow to / Reserved for Series B Units 143 (7) 236 (12) 355 (20) 462 (26) 589 (34) 451 7 618 12 681 20 763 26 839 34 594 0 854 0 1,036 0 1,225 0 1,428 0 GP G&A GP Cash Taxes (2) (34) (2) (56) (2) (85) (2) (110) (2) (140) 2 34 2 56 2 85 2 110 2 140 0 0 0 0 0 0 0 0 0 0 GP Coverage Ratio GP Shares Outstanding 1.0 x 186 1.0 x 186 1.0 x 186 1.0 x 186 1.0 x 186 1.3 x 476 1.3 x 476 1.2 x 476 1.1 x 476 1.1 x 476 289 289 289 289 289 Midstream Financial Metrics LP DCF GP DCF $ 386 208 $ 516 338 $ 607 429 $ 701 523 $ 803 625 $ 594 0 $ 854 0 $ 1,036 0 $ 1,225 0 $ 1,428 0 Total DCF $ 594 $ 854 $ 1,036 $ 1,225 $ 1,428 $ 594 $ 854 $ 1,036 $ 1,225 $ 1,428 LP DCF / Unit GP DCF / Unit $ 2.07 1.11 $ 2.76 1.81 $ 3.24 2.29 $ 3.75 2.80 $ 4.29 3.34 $(0.16) $(0.02) $ 0.08 $ 0.18 $ 0.29 $ 1.91 0.00 $ 2.74 0.00 $ 3.33 0.00 $ 3.93 0.00 $ 4.58 0.00 Total DCF / Unit Midstream Coverage LP Distributions GP Distributions $ 3.18 1.3 x $320 143 $ 4.56 1.3 x $414 236 $ 5.54 1.2 x $533 355 $ 6.54 1.1 x $640 462 $ 7.63 1.1 x $767 589 $ 1.91 1.3 x $463 0 $ 2.74 1.3 x $649 0 $ 3.33 1.2 x $889 0 $ 3.93 1.1 x $1,102 0 $ 4.58 1.1 x $1,356 0 Total Distributions $463 $649 $889 $1,102 $1,356 $463 $649 $889 $1,102 $1,356 LP Dist. / Unit GP Dist. / Unit $1.72 0.76 $2.21 1.26 $2.85 1.90 $3.42 2.47 $4.10 3.15 $(0.23) $(0.13) $ 0.00 $ 0.12 $ 0.25 $1.49 0.00 $2.08 0.00 $2.85 0.00 $3.54 0.00 $4.35 0.00 Total Dist. / Unit $2.48 $3.47 $4.75 $5.89 $7.25 $1.49 $2.08 $2.85 $3.54 $4.35 Source: Arkose Projections and Bloomberg market data as of 29-Mar-2018 47 Summary Information on IDR Recap and GP Buys Midstream LP DCF / Unit - Accretion / Dilution (8)% (1)% 3 % 5 % 7 % LP Dist. / Unit - Accretion / Dilution (13)% (6)% 0 % 3 % 6 % Total Dist./ Share Accretion / Dilution 81 % 54 % 40 % 33 % 28 % Total DCF / Share Accretion / Dilution 133 % 102 % 63 % 48 % 35 % Total Distributions $ 100 $ 165 $ 249 $ 324 $ 413 $ 463 $ 649 $ 889 $ 1,102 $ 1,356 Distribution Per Share (DPS) 0.54 0.89 1.34 1.74 2.22 0.97 1.36 1.87 2.32 2.85 Distributable Cash Flow Per Share 0.54 0.89 1.34 1.74 2.22 1.25 1.79 2.18 2.57 3.00 Distributable Cash Flow to GP $ 100 $ 165 $ 249 $ 324 $ 413 $ 494 $ 688 $ 787 $ 900 $ 1,014 $ 594 $ 854 $ 1,036 $ 1,225 $ 1,428 Cash Flow Available to GP LP $ 136 $ 223 $ 336 $ 436 $ 556 $ 458 $ 630 $ 701 $ 788 $ 872 $ 594 $ 854 $ 1,036 $ 1,225 $ 1,428 Midstream Distributable Cash Flow $ 594 $ 854 $ 1,036 $ 1,225 $ 1,428 $ 0 $ 0 $ 0 $ 0 $ 0 $ 594 $ 854 $ 1,036 $ 1,225 $ 1,428