Tallgrass Energy SC 13E3/A Going private transaction (amended)

Exhibit (c)8

Citigroup Global Markets Inc. | Corporate and Investment Banking March 2019 Project Prairie Step 2 Financing Alternatives

Executive Summary Key Objectives Current Capitalization Table Facility Size Availability Rate Constraints Determine optimal capital structure for Prairie 2.0 ($mm) – Cost / rate optimization Prairie Holdco >5.75x TGE consolidated look through leverage – Financial flexibility (2) covanent (including REX @ share) equates to Prairie HoldCo Term Loan B $1,155 $200 L+475bps $1.4bn incremental debt capacity (including Limit system leverage to 5.5x – 6.0x RCF draw s) Prairie HoldCo Total $1,155 $200 – At 6.0x; ~$500mm of additional debt possible REX (@ 75% Share) Expected liquidity needs over two years: Term Loan due 2020 $394—ND No Dividend Blockers – ~$1.0bn growth capex – $490mm free cash flow(1) 2020 Senior Notes 563—5.625% No Dividend Blockers – $23mm required amortization from existing HoldCo Term Loan B 2038 Senior Notes 188—7.500 No Dividend Blockers Expected equity needs for Prairie 2.0 of ~$4.0bn 2040 Senior Notes 375—6.875 No Dividend Blockers – $400mm open market purchases REX Total (@ 75% Share) $1,519 $0 –$1.0-1.5bn GIC / Enagás participation Tallgrass –$2.1-2.6bn new equity capital Dividend Blockers: RCF subject to >3.75x Secured Leverage(3) / >5.50x Total Leverage(3) / Revolver (3) TGE RCF $2,250 $1,025 <2.50x Interest Coverage equates to $2.1bn Grid incremental OpCo debt capacity under existing maintenance covenants 2023 Senior Notes 500—4.750% No Dividend Blockers 2024 Senior Notes 750—5.500 Dividend Blocker: >1.75x FCCR(3) 2028 Senior Notes 750—5.500 No Dividend Blockers Tallgrass Total $4,250 $1,025 Source: Blackstone forecast, Company filings. Total Consolidated Debt $6,924 $1,225 (1) Free cash flow defined as cash available for dividends less growth capex. 1 (2) Term Loan B uncommitted accordion feature. (3) Deconsolidated at TGE metrics. Excludes REX debt and EBITDA, includes distributions from REX.

Prairie 2.0 Financing Options Total Estimated Annual Total Financing Cash Equity Borrowing Fees Interest Required Description Amt. ($mm) Rate Fees (%) ($mm) ($mm)(1) ($bn)(2) Pros / Cons Preserves 5.5x leverage proportionally through the HoldCo level Preserves flexibility in the structure to allow for future additional 1 Holdco / OpCo debt Results in no additional financing costs or interest expense in the 100% Equity structure 100% Equity (5.5x Initial Requires no debt repayment Financed -———- $270 $3.8 – $4.5 Total additional Leverage) Purchase Requires substantial equity investment – no benefit of leverage HoldCo term loan remains – continues to restrict leverage at the OpCo to 5.75x proportional leverage (inclusive of RCF / deemed RCF amounts) Higher cost of capital with HoldCo term loan vs. OpCo financings Additional ~$500mm of debt reduces total amount of incremental Incremental 2.25% equity required HoldCo Debt Financing 2 $200 L+475bps $6 Requires no existing repayment – utilizesadd-on capabilities within (Accordion Fees the current capital structure Incremental Feature) 99.25 OID OpCo & Utilizes revolver capacity / reduces OpCo liquidity HoldCo Debt Due to the 5.75x HoldCo covenant, financing at OpCo will restrict $299 $3.3 – $4.0 (6.0x Initial RCF availability Total Results in additional costs / interest Leverage) financing expense Incremental HoldCo term loan remains – which continues to restrict leverage at TGE RCF $300 L + 225bps -—- the OpCo to 5.75x proportional leverage (inclusive of RCF / Draw deemed RCF amounts) Higher cost of capital with HoldCo term loan vs. OpCo financings Consolidates and simplifies structure and eliminates HoldCo term 3 loan (which removes the 5.75x leverage restriction) Lower cost of capital with all OpCo structure 100% OpCo OpCo term loan facility may put pressure on RCF sizing 2.00% Debt OpCo Term Financing Results in additional financing costs / interest expense (depending (5.1x Initial $700 L+300bps $21 $229 $4.3 – $4.9 Loan B Fees on final structure, may result in lower costs if executed with Total 99.00 OID substantial OpCo term loan) Leverage) Additional leverage at OpCo likely to put some pressure on ratings / future funding costs of OpCo Largest equity check Source: Total leverage based on total system debt / 2019E EBITDA. 2 (1) Total cash interest based on 2019 figures. (2) Range based on illustrative $24.00 – $28.00 per share purchase price.

Prairie 2.0 Leverage Comparison Total System Leverage(1) Consolidated TGE Leverage(2) TGE RCF Covenant Total Leverage Covenant: 5.50x 1 6.1x 6.2x HoldCo Covenant: 5.75x Senior Secured Covenant: 3.75x 5.9x 5.0x 5.2x 100% Equity 4.8x 4.0x 4.3x (5.5x Initial 3.7x Total Leverage) 2.0x 1.7x 1.6x 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E 2 Total Leverage Covenant: 5.50x 6.3x 6.6x 6.7x HoldCo Covenant: 5.75x Incremental 5.3x 5.5x Senior Secured Covenant: 3.75x OpCo & 5.1x 4.4x 4.6x HoldCo Debt 4.0x (6.0x Initial Total 2.3x Leverage) 2.0x 1.9x 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E Total Leverage Covenant: 5.50x 3 6.0x Senior Secured Covenant: 3.75x 5.8x 6.0x 5.8x 100% OpCo 5.5x 5.5x 4.8x 5.1x 4.5x Debt (5.1x Initial 2.8x Total 2.4x 2.4x Leverage) 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E (1) End of Year debt / EBITDA, proportionately consolidated for REX. Includes HoldCo term loan at 100% equity collateralization. Secured Leverage Total Leverage 3 (2) End of Year debt / EBITDA, proportionately consolidated for REX.

1. 100% Equity

Transaction Overview – 100% Equity Assumptions Pro Forma Capitalization (at 1/1/2019) Illustrative transaction date of 1/1/2019 Blackstone acquires the remaining 56% of TGE for a total TGE PF ($mm) SA Adj. 44% TGE(3) 100% TGE(3) consideration of $4,139mm Proportionate REX Debt $1,519 — $1,519 $1,519 – $4,139mm for LP stake [$26.00] per share for the 159.2mm Total Proportionate Subsidiary Debt $1,519 $1,519 $1,519 remaining shares TGE Revolving Credit Facility 1,224 — 1,224 1,224 Total Secured Debt $1,224 $1,224 $1,224 – Blackstone pro forma equity ownership of 100% 4.750% Senior Notes Due 2023 500 — 500 500 Dividend profile based on 5% annual growth consistent with 5.500% Senior Notes Due 2024 750 — 750 750 Prairie 1.0 DPS forecast 5.500% Senior Notes Due 2028 750 — 750 750 Total Debt $4,743 $4,743 $4,743 Assumes Senior Notes issuance of $750mm with an interest rate of 7.00% in 2021 and 2023, with proceeds used to pay down revolver Cash & Cash Equivalents (10) — (10) (10) Net Debt $4,733 $4,733 $4,733 $10mm in transaction costs Common Equity (Market Value)(2) 6,813 552 7,366 7,366 Total Capitalization $11,556 $12,108 $12,108 Sources and Uses HoldCo New Term Loan 1,155 1,155 1,155 Sources & Uses HoldCo Total Debt $1,155 $1,155 $1,155 Transaction Sources ($mm) (%) HoldCo Equity 2,236 2,236 6,385 Incremental Equity $4,149 100% HoldCo Capitalization $3,391 $3,391 $7,540 Total Sources $4,149 100% Credit Stats HoldCo Total Debt $1,155 $1,155 $1,155 Transaction Uses ($mm) (%) Debt Service Reserve Account (55) (55) (55) Purchase of 56.2% of TGE Equity $4,139 100% HoldCo Net Debt $1,100 $1,100 $1,100 Transaction Costs 10 0 Q4 2018 Annualized Distribution $258 $258 $589 Total Uses $4,149 100% 2018E Distributions 250 250 571 2019E Distributions 259 259 592 HoldCo Net Debt / Q4 2018E Annualized Distribution 4.3x 4.3x 1.9x Sensitivity Analysis HoldCo Net Debt / 2018E EBITDA 4.4 4.4 1.9 HoldCo Net Debt / 2019E EBITDA 4.2 4.2 1.9 2019E Interest Coverage 2.8 2.8 6.3 Purchase Implied Equity Debt / Total Debt / Total Capitalization 34.1% 34.1% 15.3% Price Premium(4) Requirement Capitalization HoldCo Consolidated Debt (Proportionate TGE + HoldCo) $3,232 $5,898 $5,898 2018E EBITDA @ HoldCo Share $434 $990 $990 $24.00 (0.2%) $3,831 46.5% 2018ERun-Rate EBITDA @ HoldCo Share (1) 450 1,027 1,027 25.00 4.0 3,990 45.4 2019E EBITDA @ HoldCo Share 468 1,069 1,069 Total Debt / 2018E EBITDA 7.5x 6.0x 6.0x 26.00 8.1 4,149 44.5 (1) Total Debt / 2018ERun-Rate EBITDA 7.2 5.7 5.7 27.00 12.3 4,309 43.5 Total Debt / 2019E EBITDA 6.9 5.5 5.5 Total Debt / Total Capitalization 46.4% 44.5% 44.5% 28.00 16.4 4,468 42.6 Note: “Blackstone” includes investor group including GIC and other LPs. Source: Blackstone forecast, Company filings, Citi estimates, Wall Street Research, and FactSet. Market Data as of 3/15/2019. (1)Run-rate EBITDA includes $58mm of EBITDA adjustments to reflect full year impact of 2018 acquisitions and ramp of GP&T and Cheyenne Connector. (2) Pro forma market value of equity rebased to new purchase price of $26 / share. 4 (3) Metrics include 44% and 100% of TGE equity contributed as collateral to HoldCo, respectively. (4) Based on current TGE price of $24.05 as of 3/15/2019.

Pro Forma HoldCo Projections (44% TGE Shares at HoldCo) ($mm) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Total HoldCo Distributions $250 $259 $272 $286 $300 $315 $331 $347 (–) Interest Expense on Term Loan (82) (85) (85) (84) (83) (82) (81) Levered Free Cash Flow $177 $187 $201 $216 $233 $249 $266 Cumulative Levered Free Cash Flow $177 $365 $565 $781 $1,014 $1,263 $1,529 (–) Mandatory Amortization (12) (12) (12) (12) (12) (12) (12) (–) Cash Sw eep(1) 0 0 0 0 0 0 0 Total Cash to Sponsor $166 $176 $189 $205 $221 $238 $255 Check -——————- EOP Cash Balance $55 $221 $396 $585 $790 $1,011 $1,249 $1,503 DSRA Cash Balance 55 55 0 0 0 0 0 0 EOP Step 1 Term Loan Balance $1,155 $1,143 $1,132 $1,120 $1,109 $1,097 $1,086 $1,074 EOP Step 2 Term Loan Balance 0 0 0 0 0 0 0 0 HoldCo EOP Debt Balance $1,155 $1,143 $1,132 $1,120 $1,109 $1,097 $1,086 $1,074 HoldCo Standalone EOP Net Debt Balance 1,100 923 735 535 319 86 (163) (429) Sponsor Total Debt / Dist. Received 4.6x 4.4x 4.2x 3.9x 3.7x 3.5x 3.3x 3.1x Sponsor Net Debt / Dist. Received 4.4x 3.6x 2.7x 1.9x 1.1x 0.3x (0.5x) (1.2x) Leverage Metrics Interest Rate (L + 475) 7.1% 7.5% 7.6% 7.5% 7.5% 7.5% 7.5% HoldCo Ow nership in OpCo 43.8 43.8 43.8 43.8 43.8 43.8 43.8 43.8 HoldCo Share of OpCo EOP Debt Balance $2,077 $2,245 $2,394 $2,566 $2,698 $2,837 $2,977 $3,125 HoldCo Share of OpCo Asset EBITDA 434 468 475 491 518 547 562 580 HoldCo Consolidated EOP Debt Balance $3,232 $3,389 $3,526 $3,687 $3,806 $3,934 $4,063 $4,200 HoldCo Consolidated EOP Net Debt Balance 3,173 3,164 3,125 3,097 3,012 2,919 2,810 2,692 HoldCo Consolidated EOP Debt Balance / HoldCo Share of OpCo Asset EBITDA 7.5x 7.2x 7.4x 7.5x 7.3x 7.2x 7.2x 7.2x HoldCo Consolidated EOP Net Debt Balance / HoldCo Share of OpCo Asset EBITDA 7.3 6.8 6.6 6.3 5.8 5.3 5.0 4.6 Citi Classification Metrics Interest Coverage Ratio(2) 2.8x 2.8x 3.0x 3.1x 3.3x 3.6x 3.7x Cumulative Free Cash Flow as % of Initial Debt(3) 15.3% 36.3% 53.7% 72.4% 92.5% 114.1% 137.2% Source: Blackstone forecast. 2018E projections include pro forma transaction entry balances. Market data as of 3/15/2019. (1) Assumes no cash sweep. 5 (2) Total HoldCo distributions / (interest plus amortization). (3) Includes DSRA release.

Pro Forma HoldCo Projections (100% TGE Shares at HoldCo) ($mm) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Total HoldCo Distributions $571 $592 $622 $653 $685 $720 $755 $793 (–) Interest Expense on Term Loan (82) (85) (85) (84) (83) (82) (81) Levered Free Cash Flow $510 $537 $567 $601 $637 $674 $712 Cumulative Levered Free Cash Flow $510 $1,047 $1,614 $2,215 $2,852 $3,526 $4,238 (–) Mandatory Amortization (12) (12) (12) (12) (12) (12) (12) (–) Cash Sw eep(1) 0 0 0 0 0 0 0 Total Cash to Sponsor $498 $525 $556 $590 $625 $662 $701 Check -——————- EOP Cash Balance $55 $553 $1,078 $1,634 $2,224 $2,849 $3,512 $4,212 DSRA Cash Balance 55 0 0 0 0 0 0 0 EOP Step 1 Term Loan Balance $1,155 $1,143 $1,132 $1,120 $1,109 $1,097 $1,086 $1,074 EOP Step 2 Term Loan Balance 0 0 0 0 0 0 0 0 HoldCo EOP Debt Balance $1,155 $1,143 $1,132 $1,120 $1,109 $1,097 $1,086 $1,074 HoldCo Standalone EOP Net Debt Balance 1,100 590 53 (514) (1,115) (1,752) (2,426) (3,138) Sponsor Total Debt / Dist. Received 2.0x 1.9x 1.8x 1.7x 1.6x 1.5x 1.4x 1.4x Sponsor Net Debt / Dist. Received 1.9x 1.0x 0.1x (0.8x) (1.6x) (2.4x) (3.2x) (4.0x) Leverage Metrics Interest Rate (L + 475) 7.1% 7.5% 7.6% 7.5% 7.5% 7.5% 7.5% HoldCo Ow nership in OpCo 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 HoldCo Share of OpCo EOP Debt Balance $4,743 $5,126 $5,466 $5,859 $6,159 $6,477 $6,798 $7,136 HoldCo Share of OpCo Asset EBITDA 990 1,069 1,084 1,121 1,183 1,249 1,283 1,324 HoldCo Consolidated EOP Debt Balance $5,898 $6,269 $6,598 $6,979 $7,268 $7,574 $7,883 $8,210 HoldCo Consolidated EOP Net Debt Balance 5,833 5,706 5,510 5,336 5,034 4,715 4,362 3,988 HoldCo Consolidated EOP Debt Balance / HoldCo Share of OpCo Asset EBITDA 6.0x 5.9x 6.1x 6.2x 6.1x 6.1x 6.1x 6.2x HoldCo Consolidated EOP Net Debt Balance / HoldCo Share of OpCo Asset EBITDA 5.9 5.3 5.1 4.8 4.3 3.8 3.4 3.0 Citi Classification Metrics Interest Coverage Ratio(2) 6.3x 6.4x 6.7x 7.2x 7.6x 8.1x 8.6x Cumulative Free Cash Flow as % of Initial Debt(3) 48.9% 95.4% 144.5% 196.5% 251.7% 310.0% 371.7% Source: Blackstone forecast. 2018E projections include pro forma transaction entry balances. Market data as of 3/15/2019. (1) Assumes no cash sweep. 6 (2) Total HoldCo distributions / (interest plus amortization). (3) Includes DSRA release.

TGE Standalone Projections ($mm) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E REX EBITDA @ Share $555 $490 $467 $461 $461 $425 $397 PXP EBITDA 309 291 283 283 280 282 284 Natural Gas Pipeline EBITDA 79 90 90 90 90 90 90 G, P & T EBITDA 136 167 167 167 167 167 167 Seahorse EBITDA 0 0 0 0 0 0 0 Other Grow th / Acquisitions EBITDA 0 56 125 193 262 330 399 KMI JV Incremental EBITDA 0 0 0 0 0 0 0 Corporate G&A (10) (10) (11) (11) (11) (12) (12) Total EBITDA $990 $1,069 $1,084 $1,121 $1,183 $1,249 $1,283 $1,324 YoY Grow th — 8.0% 1.4% 3.4% 5.5% 5.5% 2.7% 3.2% (Less): Maintenance Capex ($22) ($32) ($35) ($36) ($36) ($36) ($40) ($43) (Less): Interest Expense (161) (188) (208) (247) (245) (281) (278) (294) (Less): REX DCF Adj. @ Share (120) (96) (105) (105) (105) (105) (105) (105) Cash Available for Dividends $687 $753 $736 $733 $798 $826 $860 $882 Coverage (x) 1.20x 1.27x 1.18x 1.12x 1.16x 1.15x 1.14x 1.11x Coverage ($) $116 $161 $114 $80 $112 $106 $105 $89 Total Dividends Paid $571 $592 $622 $653 $685 $720 $755 $793 YoY Grow th — 3.6% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Grow th Capex $405 $544 $455 $461 $400 $400 $400 $400 REX Debt @ Share 1,519 1,519 1,519 1,519 1,519 1,519 1,519 1,519 Revolver Balance 1,224 1,607 1,948 1,579 1,866 1,410 1,706 2,017 TGE Debt (End of Period) 3,224 3,607 3,948 4,329 4,616 4,910 5,206 5,517 Total Proportionate TGE Debt (End of Period)(1) 4,743 5,126 5,466 5,847 6,135 6,429 6,724 7,035 Total Proportionate Debt / EBITDA(1) 4.8x 4.8x 5.0x 5.2x 5.2x 5.1x 5.2x 5.3x Covenant Calculations TGE 2024 Notes Metric FCCR 1.75x 5.40x 5.18x 4.71x 4.11x 4.41x 4.06x 4.23x 4.14x TGE Revolving Credit Facility Max Senior Secured Leverage Ratio(2) 3.75x 1.41x 1.65x 1.99x 1.55x 1.73x 1.23x 1.45x 1.65x Max Total Leverage Ratio(2) 5.50 3.70 3.71 4.03 4.26 4.28 4.29 4.42 4.52 Min. Interest Coverage Ratio(2) 2.50 5.40 5.18 4.71 4.11 4.41 4.06 4.23 4.14 OpCo/JV Incurrence Test Max Proportionate Leverage Ratio(1) 5.75x 4.79x 4.79x 5.04x 5.22x 5.18x 5.15x 5.24x 5.31x Source: Blackstone forecast. 2018E projections include pro forma transaction entry balances. Market data as of 3/15/2019. (1) Includes proportionate REX debt and EBITDA. 7 (2) Max Senior Leverage Ratio calculated as Secured Debt / Deconsolidated EBITDA. Max Total Leverage Ratio calculated as TGE Debt / Deconsolidated EBITDA (TGE EBITDA plus REX Distributions). Min. Interest Coverage Ratio calculated as Deconsolidated EBITDA / Cash Interest Expense. Deconsolidated EBITDA is Proportionate EBITDA less REX DCF.

2. Incremental HoldCo and OpCo Debt

Transaction Overview – Incremental HoldCo and OpCo Debt Assumptions Pro Forma Capitalization Illustrative transaction date of 1/1/2019 (at 1/1/2019) Blackstone acquires the remaining 56% of TGE for a total consideration of $4,139mm TGE PF ($mm) SA Adj. 44% TGE(3) 100% TGE(3) – $4,139mm for LP stake [$26.00] per share for the 159.2mm Proportionate REX Debt $1,519 — $1,519 $1,519 remaining shares – Blackstone pro forma equity ownership of 100% Total Proportionate Subsidiary Debt $1,519 $1,519 $1,519 TGE Revolving Credit Facility 1,224 300 1,524 1,524 Blackstone issues incremental $200mm of HoldCo Term Loan (via Total Secured Debt $1,224 $1,524 $1,524 accordion feature) at original loan terms (L+475 , 99.25 OID, 2.25% 4.750% Senior Notes Due 2023 500 — 500 500 fees) 5.500% Senior Notes Due 2024 750 — 750 750 – Incremental DSRA of $10mm 5.500% Senior Notes Due 2028 750 — 750 750 Total Debt $4,743 $5,043 $5,043 Tallgrass draws $300mm on revolver targeting 6.0x total proportional Cash & Cash Equivalents (10) — (10) (10) leverage Net Debt $4,733 $5,033 $5,033 Dividend profile based on 5% annual growth profile consistent with Common Equity (Market Value)(2) 6,813 552 7,366 7,366 Prairie 1.0 DPS forecast Total Capitalization $11,556 $12,408 $12,408 Assumes Senior Notes issuance of $750mm with an interest rate of 7.00% in 2021 and 2023, with proceeds used to pay down revolver HoldCo New Term Loan 1,155 1,355 1,355 $10mm in transaction costs; $6mm in financing fees HoldCo Total Debt $1,155 $1,355 $1,355 Sources and Uses HoldCo Equity 2,236 2,236 5,901 HoldCo Capitalization $3,391 $3,591 $7,256 Sources & Uses Credit Stats Transaction Sources ($mm) (%) HoldCo Total Debt $1,155 $1,355 $1,355 Incremental Equity $3,665 88% Debt Service Reserve Account (55) (65) (65) TGE Revolving Credit Facility Draw 300 7 HoldCo Net Debt $1,100 $1,290 $1,290 Incremental HoldCo Term Loan 200 5 Q4 2018 Annualized Distribution $258 $258 $589 Total Sources $4,165 100% 2018E Distributions 250 250 571 Transaction Uses ($mm) (%) 2019E Distributions 259 259 592 Purchase of 56.2% of TGE Equity $4,139 99% HoldCo Net Debt / Q4 2018E Annualized Distribution 4.3x 5.0x 2.2x Incremental DSRA 10 0 HoldCo Net Debt / 2018E EBITDA 4.4 5.2 2.3 HoldCo Net Debt / 2019E EBITDA 4.2 5.0 2.2 Financing Fees (Issuance Fees) 6 0 2019E Interest Coverage 2.8 5.4 5.4 Transaction Costs 10 0 Total Debt / Total Capitalization 34.1% 37.7% 18.7% Total Uses $4,165 100% HoldCo Consolidated Debt (Proportionate TGE + HoldCo) $3,232 $6,398 $6,398 Sensitivity Analysis 2018E EBITDA @ HoldCo Share $434 $990 $990 2018ERun-Rate EBITDA @ HoldCo Share (1) 450 1,027 1,027 Purchase Implied Equity Debt / 2019E EBITDA @ HoldCo Share 468 1,069 1,069 Price Premium(4) Requirement Capitalization Total Debt / 2018E EBITDA 7.5x 6.5x 6.5x $24.00 (0.2%) $3,347 48.5% Total Debt / 2018ERun-Rate EBITDA (1) 7.2 6.2 6.2 25.00 4.0 3,506 47.5 Total Debt / 2019E EBITDA 6.9 6.0 6.0 Total Debt / Total Capitalization 46.4% 46.5% 46.5% 26.00 8.1 3,665 46.5 27.00 12.3 3,825 45.5 28.00 16.4 3,984 44.6 Note: “Blackstone” includes investor group including GIC and other LPs. Source: Blackstone forecast, Company filings, Citi estimates, Wall Street Research, and FactSet. Market Data as of 3/15/2019. (1)Run-rate EBITDA includes $58mm of EBITDA adjustments to reflect full year impact of 2018 acquisitions and ramp of GP&T and Cheyenne Connector. (2) Pro forma market value of equity rebased to new purchase price of $26 / share. 8 (3) Metrics include 44% and 100% of TGE equity contributed as collateral to HoldCo, respectively. (4) Based on current TGE price of $24.05 as of 3/15/2019.

Pro Forma HoldCo Projections (44% TGE Shares at HoldCo) ($mm) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Total HoldCo Distributions $250 $259 $272 $286 $300 $315 $331 $347 (–) Interest Expense on Term Loan (96) (100) (100) (99) (97) (96) (95) Levered Free Cash Flow $163 $173 $186 $202 $218 $235 $252 Cumulative Levered Free Cash Flow $163 $336 $521 $723 $941 $1,176 $1,429 (–) Mandatory Amortization (14) (14) (14) (14) (14) (14) (14) (–) Cash Sw eep(1) 0 0 0 0 0 0 0 Total Cash to Sponsor $150 $159 $172 $188 $205 $222 $239 Check -——————- EOP Cash Balance $65 $215 $374 $546 $734 $938 $1,160 $1,399 DSRA Cash Balance 65 65 0 0 0 0 0 0 EOP Step 1 Term Loan Balance $1,355 $1,341 $1,328 $1,314 $1,301 $1,287 $1,274 $1,260 EOP Step 2 Term Loan Balance 0 0 0 0 0 0 0 0 HoldCo EOP Debt Balance $1,355 $1,341 $1,328 $1,314 $1,301 $1,287 $1,274 $1,260 HoldCo Standalone EOP Net Debt Balance 1,290 1,127 954 769 567 349 114 (139) Sponsor Total Debt / Dist. Received 5.4x 5.2x 4.9x 4.6x 4.3x 4.1x 3.8x 3.6x Sponsor Net Debt / Dist. Received 5.2x 4.3x 3.5x 2.7x 1.9x 1.1x 0.3x (0.4x) Leverage Metrics Interest Rate (L + 475) 7.1% 7.5% 7.6% 7.5% 7.5% 7.5% 7.5% HoldCo Ow nership in OpCo 43.8 43.8 43.8 43.8 43.8 43.8 43.8 43.8 HoldCo Share of OpCo EOP Debt Balance $2,209 $2,383 $2,540 $2,719 $2,858 $3,006 $3,155 $3,312 HoldCo Share of OpCo Asset EBITDA 434 468 475 491 518 547 562 580 HoldCo Consolidated EOP Debt Balance $3,564 $3,725 $3,867 $4,033 $4,159 $4,293 $4,429 $4,573 HoldCo Consolidated EOP Net Debt Balance 3,494 3,506 3,490 3,483 3,421 3,350 3,264 3,170 HoldCo Consolidated EOP Debt Balance / HoldCo Share of OpCo Asset EBITDA 8.2x 8.0x 8.1x 8.2x 8.0x 7.8x 7.9x 7.9x HoldCo Consolidated EOP Net Debt Balance / HoldCo Share of OpCo Asset EBITDA 8.1 7.5 7.4 7.1 6.6 6.1 5.8 5.5 Citi Classification Metrics Interest Coverage Ratio(2) 2.4x 2.4x 2.5x 2.7x 2.9x 3.0x 3.2x Cumulative Free Cash Flow as % of Initial Debt(3) 12.0% 29.6% 43.3% 58.2% 74.3% 91.6% 110.2% Source: Blackstone forecast. 2018E projections include pro forma transaction entry balances. Market data as of 3/15/2019. (1) Assumes no cash sweep. 9 (2) Total HoldCo distributions / (interest plus amortization). (3) Includes DSRA release.

Pro Forma HoldCo Projections (100% TGE Shares at HoldCo) ($mm) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E Total HoldCo Distributions $571 $592 $622 $653 $685 $720 $755 $793 (–) Interest Expense on Term Loan (96) (100) (100) (99) (97) (96) (95) Levered Free Cash Flow $496 $522 $553 $587 $623 $660 $698 Cumulative Levered Free Cash Flow $496 $1,018 $1,570 $2,157 $2,779 $3,439 $4,137 (–) Mandatory Amortization (14) (14) (14) (14) (14) (14) (14) (–) Cash Sw eep(1) 0 0 0 0 0 0 0 Total Cash to Sponsor $482 $508 $539 $573 $609 $646 $684 Check -——————- EOP Cash Balance $65 $547 $1,056 $1,594 $2,168 $2,777 $3,423 $4,107 DSRA Cash Balance 65 0 0 0 0 0 0 0 EOP Step 1 Term Loan Balance $1,355 $1,341 $1,328 $1,314 $1,301 $1,287 $1,274 $1,260 EOP Step 2 Term Loan Balance 0 0 0 0 0 0 0 0 HoldCo EOP Debt Balance $1,355 $1,341 $1,328 $1,314 $1,301 $1,287 $1,274 $1,260 HoldCo Standalone EOP Net Debt Balance 1,290 794 272 (280) (867) (1,489) (2,149) (2,847) Sponsor Total Debt / Dist. Received 2.4x 2.3x 2.1x 2.0x 1.9x 1.8x 1.7x 1.6x Sponsor Net Debt / Dist. Received 2.3x 1.3x 0.4x (0.4x) (1.3x) (2.1x) (2.8x) (3.6x) Leverage Metrics Interest Rate (L + 475) 7.1% 7.5% 7.6% 7.5% 7.5% 7.5% 7.5% HoldCo Ow nership in OpCo 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 HoldCo Share of OpCo EOP Debt Balance $5,043 $5,441 $5,798 $6,208 $6,525 $6,862 $7,203 $7,563 HoldCo Share of OpCo Asset EBITDA 990 1,069 1,084 1,121 1,183 1,249 1,283 1,324 HoldCo Consolidated EOP Debt Balance $6,398 $6,783 $7,126 $7,522 $7,826 $8,150 $8,477 $8,823 HoldCo Consolidated EOP Net Debt Balance 6,323 6,226 6,061 5,918 5,649 5,363 5,044 4,706 HoldCo Consolidated EOP Debt Balance / HoldCo Share of OpCo Asset EBITDA 6.5x 6.3x 6.6x 6.7x 6.6x 6.5x 6.6x 6.7x HoldCo Consolidated EOP Net Debt Balance / HoldCo Share of OpCo Asset EBITDA 6.4 5.8 5.6 5.3 4.8 4.3 3.9 3.6 Citi Classification Metrics Interest Coverage Ratio(2) 5.4x 5.5x 5.7x 6.1x 6.5x 6.9x 7.3x Cumulative Free Cash Flow as % of Initial Debt(3) 41.4% 79.9% 120.7% 164.0% 209.9% 258.6% 310.1% Source: Blackstone forecast. 2018E projections include pro forma transaction entry balances. Market data as of 3/15/2019. (1) Assumes no cash sweep. 10 (2) Total HoldCo distributions / (interest plus amortization). (3) Includes DSRA release.

TGE Standalone Projections ($mm) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E REX EBITDA @ Share $555 $490 $467 $461 $461 $425 $397 PXP EBITDA 309 291 283 283 280 282 284 Natural Gas Pipeline EBITDA 79 90 90 90 90 90 90 G, P & T EBITDA 136 167 167 167 167 167 167 Seahorse EBITDA 0 0 0 0 0 0 0 Other Grow th / Acquisitions EBITDA 0 56 125 193 262 330 399 KMI JV Incremental EBITDA 0 0 0 0 0 0 0 Corporate G&A (10) (10) (11) (11) (11) (12) (12) Total EBITDA $990 $1,069 $1,084 $1,121 $1,183 $1,249 $1,283 $1,324 YoY Grow th — 8.0% 1.4% 3.4% 5.5% 5.5% 2.7% 3.2% (Less): Maintenance Capex ($22) ($32) ($35) ($36) ($36) ($36) ($40) ($43) (Less): Interest Expense (161) (203) (224) (276) (275) (324) (324) (343) (Less): REX DCF Adj. @ Share (120) (96) (105) (105) (105) (105) (105) (105) Cash Available for Dividends $687 $738 $720 $704 $768 $783 $815 $834 Coverage (x) 1.20x 1.25x 1.16x 1.08x 1.12x 1.09x 1.08x 1.05x Coverage ($) $116 $146 $98 $51 $82 $63 $59 $40 Total Dividends Paid $571 $592 $622 $653 $685 $720 $755 $793 YoY Grow th — 3.6% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Grow th Capex $405 $544 $455 $461 $400 $400 $400 $400 REX Debt @ Share 1,519 1,519 1,519 1,519 1,519 1,519 1,519 1,519 Revolver Balance 1,524 1,922 2,279 1,939 2,257 1,844 2,184 2,544 TGE Debt (End of Period) 3,524 3,922 4,279 4,689 5,007 5,344 5,684 6,044 Total Proportionate TGE Debt (End of Period)(1) 5,043 5,441 5,798 6,208 6,525 6,862 7,203 7,563 Total Proportionate Debt / EBITDA(1) 5.1x 5.1x 5.3x 5.5x 5.5x 5.5x 5.6x 5.7x Covenant Calculations TGE 2024 Notes Metric FCCR 1.75x 5.40x 4.79x 4.37x 3.68x 3.93x 3.52x 3.64x 3.56x TGE Revolving Credit Facility Max Senior Secured Leverage Ratio(2) 3.75x 1.75x 1.98x 2.33x 1.91x 2.09x 1.61x 1.85x 2.09x Max Total Leverage Ratio(2) 5.50 4.05 4.03 4.37 4.61 4.64 4.67 4.83 4.96 Min. Interest Coverage Ratio(2) 2.50 5.40 4.79 4.37 3.68 3.93 3.52 3.64 3.56 OpCo/JV Incurrence Test Max Proportionate Leverage Ratio(1) 5.75x 5.09x 5.09x 5.35x 5.54x 5.51x 5.50x 5.61x 5.71x Source: Blackstone forecast. 2018E projections include pro forma transaction entry balances. Market data as of 3/15/2019. (1) Includes proportionate REX debt and EBITDA. 11 (2) Max Senior Leverage Ratio calculated as Secured Debt / Deconsolidated EBITDA. Max Total Leverage Ratio calculated as TGE Debt / Deconsolidated EBITDA (TGE EBITDA plus REX Distributions). Min. Interest Coverage Ratio calculated as Deconsolidated EBITDA / Cash Interest Expense. Deconsolidated EBITDA is Proportionate EBITDA less REX DCF.

3. 100% OpCo Debt

Transaction Overview – 100% OpCo Debt Assumptions Pro Forma Capitalization Illustrative transaction date of 1/1/2019 (at 1/1/2019) Blackstone acquires the remaining 56% of TGE for a total consideration of TGE ($mm) SA Adj. PF $4,139mm Proportionate REX Debt $1,519 — $1,519 – $4,139mm for LP stake [$26.00] per share for 159.2mm remaining shares Total Proportionate Subsidiary Debt $1,519 $1,519 TGE Revolving Credit Facility 1,224 — 1,224 – Blackstone pro forma equity ownership of 100% TGE Term Loan B — 700 700 Blackstone refinances and closes $1,155mm TL B facility Total Secured Debt $1,224 $1,924 4.750% Senior Notes Due 2023 500 — 500 Tallgrass issues $700mm Term Loan B at L+300bps 5.500% Senior Notes Due 2024 750 — 750 – 99.0 OID, 2.00% issuance fees 5.500% Senior Notes Due 2028 750 — 750 Total Debt $4,743 $5,443 Dividend profile based on 5% annual growth profile consistent with Prairie 1.0 Debt Service Reserve Account 0 (30) (30) DPS forecast Cash & Cash Equivalents (10) — (10) Assumes Senior Notes issuance of $750mm with an interest rate of 7.00% in Net Debt $4,733 $5,403 Common Equity (Market Value)(3) 6,813 552 7,366 2021 and 2023, with proceeds used to pay down revolver Total Capitalization $11,556 $12,808 $10mm in transaction costs; $21mm in financing fees HoldCo New Term Loan 1,155 (1,155) — Sources and Uses HoldCo Total Debt $1,155 $0 HoldCo Equity 2,236 4,600 6,836 Sources & Uses HoldCo Capitalization $3,391 $6,836 Transaction Sources ($mm) (%) Credit Stats Incremental Equity $4,600 86% TGE Total Debt $4,743 $5,443 New OpCo Term Loan 700 13 2018E EBITDA $990 $990 HoldCo DSRA 55 1 2018E RR EBITDA (2) 1,027 1,027 Total Sources $5,355 100% 2019E EBITDA 1,069 1,069 Total Debt / 2018E EBITDA 4.8x 5.5x Transaction Uses ($mm) (%) Total Debt / 2019E EBITDA 4.4 5.1 Purchase of 56.2% of TGE Equity $4,139 77% Total Debt / Total Capitalization 41.0% 42.5% Refinance of HoldCo Term Loan 1,155 22 HoldCo Total Debt $1,155 $0 OpCo DSRA 30 1 Debt Service Reserve Account (55) 55 0 Financing Fees (OID, Issuance Fees) 21 0 HoldCo Net Debt $1,100 $0 Q4 2018 Annualized Distribution $258 $0 Transaction Costs 10 0 2018E Distributions 250 0 Total Uses $5,355 100% 2019E Distributions 259 0 HoldCo Net Debt / Q4 2018E Annualized Distribution 4.3x 0.0x Sensitivity Analysis HoldCo Net Debt / 2018E EBITDA 4.4 0.0 Purchase Implied Equity Debt / HoldCo Net Debt / 2019E EBITDA 4.2 0.0 2019E Interest Coverage 2.8 NA Price Premium(4) Requirement Capitalization Total Debt / Total Capitalization 34.1% 0.0% HoldCo Consolidated Debt (Proportionate TGE + HoldCo) $3,232 $5,443 $24.00 (0.2%) $4,282 44.5% 2018E EBITDA @ HoldCo Share $434 $990 25.00 4.0 4,441 43.5 2018ERun-Rate EBITDA @ HoldCo Share (2) 450 1,027 26.00 8.1 4,600 42.5 2019E EBITDA @ HoldCo Share 468 1,069 Total Debt / 2018E EBITDA 7.5x 5.5x 27.00 12.3 4,760 41.6 Total Debt / 2018ERun-Rate EBITDA (2) 7.2 5.3 28.00 16.4 4,919 40.7 Total Debt / 2019E EBITDA 6.9 5.1 Total Debt / Total Capitalization 46.4% 42.5% Note: “Blackstone” includes investor group including GIC and other LPs. Source: Blackstone forecast, Company filings, Citi estimates, Wall Street Research, and FactSet. Market Data as of 3/15/2019. (1) Total proportional leverage includes REX debt and REX EBITDA @ share. Distributions to sponsor restricted in 2019 to avoid tripping incurrence tests.(2) Run-rate EBITDA includes $58mm of EBITDA adjustments to reflect full year impact of 2018 acquisitions and ramp of GP&T and Cheyenne Connector. 12 (3) Pro forma market value of equity rebased to new purchase price of $26 / share. (4) Based on current TGE price of $24.05 as of 3/15/2019.

TGE Standalone Projections ($mm) 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E REX EBITDA @ Share $555 $490 $467 $461 $461 $425 $397 PXP EBITDA 309 291 283 283 280 282 284 Natural Gas Pipeline EBITDA 79 90 90 90 90 90 90 G, P & T EBITDA 136 167 167 167 167 167 167 Seahorse EBITDA 0 0 0 0 0 0 0 Other Grow th / Acquisitions EBITDA 0 56 125 193 262 330 399 KMI JV Incremental EBITDA 0 0 0 0 0 0 0 Corporate G&A (10) (10) (11) (11) (11) (12) (12) Total EBITDA $990 $1,069 $1,084 $1,121 $1,183 $1,249 $1,283 $1,324 YoY Grow th — 8.0% 1.4% 3.4% 5.5% 5.5% 2.7% 3.2% (Less): Maintenance Capex ($22) ($32) ($35) ($36) ($36) ($36) ($40) ($43) (Less): Interest Expense (161) (229) (252) (305) (305) (356) (357) (378) (Less): OpCo Term Loan Mandatory Amortization 0 (7) (7) (7) (7) (7) (7) (7) (Less): REX DCF Adj. @ Share (120) (96) (105) (105) (105) (105) (105) (105) Cash Available for Dividends $687 $705 $685 $668 $731 $744 $775 $792 Coverage (x) 1.20x 1.19x 1.10x 1.02x 1.07x 1.03x 1.03x 1.00x Coverage ($) $116 $113 $64 $16 $45 $25 $19 ($1) Total Dividends Paid $571 $592 $622 $653 $685 $720 $755 $793 YoY Grow th — 3.6% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Grow th Capex $405 $544 $455 $461 $400 $400 $400 $400 REX Debt @ Share 1,519 1,519 1,519 1,519 1,519 1,519 1,519 1,519 Revolver Balance 1,224 1,655 2,047 1,742 2,096 1,722 2,102 2,504 Term Loan B 700 693 686 679 672 665 658 651 TGE Debt (End of Period) 3,924 4,348 4,733 5,171 5,518 5,887 6,260 6,655 Total Proportionate TGE Debt (End of Period)(1) 5,443 5,867 6,251 6,690 7,037 7,405 7,779 8,173 Total Proportionate Debt / EBITDA(1) 5.5x 5.5x 5.8x 6.0x 5.9x 5.9x 6.1x 6.2x Covenant Calculations TGE 2024 Notes Metric FCCR 1.75x 5.40x 4.25x 3.89x 3.33x 3.54x 3.21x 3.30x 3.23x TGE Revolving Credit Facility Max Senior Secured Leverage Ratio(2) 3.75x 2.21x 2.41x 2.79x 2.38x 2.57x 2.09x 2.34x 2.59x Max Total Leverage Ratio(2) 5.50 4.51 4.47 4.84 5.09 5.12 5.15 5.32 5.46 Min. Interest Coverage Ratio(2) 2.50 5.40 4.25 3.89 3.33 3.54 3.21 3.30 3.23 Source: Blackstone forecast. 2018E projections include pro forma transaction entry balances. Market data as of 3/15/2019. (1) Includes proportionate REX debt and EBITDA. 13 (2) Max Senior Leverage Ratio calculated as Secured Debt / Deconsolidated EBITDA. Max Total Leverage Ratio calculated as TGE Debt / Deconsolidated EBITDA (TGE EBITDA plus REX Distributions). Min. Interest Coverage Ratio calculated as Deconsolidated EBITDA / Cash Interest Expense. Deconsolidated EBITDA is Proportionate EBITDA less REX DCF.

Appendix

Midstream Trading LevelsYield-to-Worst (Since 9/30/18) Effective Spread (Since 9/30/18) 8.5% $80 550 bps 7.5% $ ) 500 bps %)( (bps) ( 472 bps ce 6.448% i Pr ead 450 bps 443 bps 6.5% $60 441 bps Worst S pr 437 bps—$58.52 ude to 400 bps—Cr ve ld 5.5% i ie 5.366% T I ect Y 5.121% W f f 350 bps E 4.5% $40 300 bpsSep-18Oct-18Nov-18Dec-18Jan-19Feb-19Mar-19Sep-18Oct-18Nov-18Dec-18Jan-19Feb-19Mar-19 Tallgrass 5.500% due 2028 Midstream HY Index Citi HY Index WTI Crude Prairie TLB Equitrans TLB Stetson TLB B Loans High Yield ($mm) Amount Ratings March 18, 2019 (1) Issue Date Issuer Issue ($MM) Maturity Corp Issue Price YTW (yr) STWJun-2008 Rockies Express Pipeline 7.500% Sr Nts $250Jul-2038 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 112.625 6.355% (38) 356 bpsMar-2010 Rockies Express Pipeline 6.875% Sr Nts $500Apr-2040 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 106.125 6.343% (40) 351 bpsAug-2016 Tallgrass Energy LP 5.500% Sr Nts $750Sep-2024 Ba2 / BB+ /BBB- (F) Ba3 / BB+ /BBB- (F) 102.250 4.791% (22) 238 bpsSep-2017 Tallgrass Energy LP 5.500% Sr Nts $750Jan-2028 Ba2 / BB+ /BBB- (F) Ba3 / BB+ /BBB- (F) 100.750 5.366% (26) 287 bpsNov-2014 Blue Racer Midstream 6.125% Sr Nts $850Nov-2022 B1 / B+ /BB- (F) B2 / B /BB- (F) 101.000 5.478% (20) 301 bpsJun-2018 Blue Racer Midstream 6.625% Sr Nts $300Jul-2026 B1 / B+ /BB- (F) B2 / B /BB- (F) 100.750 6.453% (24) 402 bpsNov-2015 Enable Midstream Partners 3.900% Sr Nts $600May-2024 Baa3 /BBB- /BBB- (F) Baa3 /BBB- /BBB- (F) 97.750 4.392% (24) 197 bpsMar-2017 Enable Midstream Partners 4.400% Sr Nts $700Mar-2027 Baa3 /BBB- /BBB- (F) Baa3 /BBB- /BBB- (F) 96.750 4.896% (27) 236 bpsMay-2018 Enable Midstream Partners 4.950% Sr Nts $800May-2028 Baa3 /BBB- /BBB- (F) Baa3 /BBB- /BBB- (F) 100.125 4.932% (28) 235 bpsMar-2014 Enlink Midstream Partners 4.400% Sr Nts $550Apr-2024 Ba1 / BB+ /BBB- (F) Ba1 / BB+ /BBB- (F) 98.250 4.795% (24) 238 bpsMay-2015 Enlink Midstream Partners 4.150% Sr Nts $750Jun-2025 Ba1 / BB+ /BBB- (F) Ba1 / BB+ /BBB- (F) 95.750 4.954% (25) 248 bpsJul-2016 Enlink Midstream Partners 4.850% Sr Nts $500Jul-2026 Ba1 / BB+ /BBB- (F) Ba1 / BB+ /BBB- (F) 98.250 5.139% (26) 262 bpsJun-2018 EQM Midstream 4.750% Sr Nts $1,100Jul-2023 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 101.625 4.325% (23) 191 bpsJul-2014 EQM Midstream 4.000% Sr Nts $500Aug-2024 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 97.000 4.637% (24) 220 bpsNov-2016 EQM Midstream 4.125% Sr Nts $500Dec-2026 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 92.125 5.387% (26) 286 bpsJun-2018 EQM Midstream 5.500% Sr Nts $850Jul-2028 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 99.125 5.621% (28) 304 bps Source: Citi Trading Desk, TRACE, Advantage Data. (1) Spread to worst based on interpolated U.S. Treasury curve. Leveraged Loans ($mm) Rating March 18, 2019 (1) Issue Date Borrower Facility Amount Coupon Maturity Corp. Facility Price (%) Eff. Yld (%) Eff. Sprd (bps) Swap Yld (%)Mar-2019 Prairie ECI Acquiror LP Term Loan B $1,155 L+475 Mar 2026 B1 / B+ /BB- (F) B1 / B+ /BB- (F) 100.125 7.356% 472 bps 7.197% HoldCoApr-2018 Bronco Midstream Term Loan B $299 L+350 Aug 2023 Ba2 / B+ Ba2 /BB- 99.125 6.359% 373 bps 6.160%Dec-2018 Equitrans Midstream Term Loan B $600 L+450 Dec 2023 Ba3 / BB Ba3 / BB 100.375 7.040% 441 bps 6.844%Oct-2018 Northriver Midstream (Grizzly) Term Loan B $1,000 L+325 Oct 2025 Ba3 / BB+ Ba3 / BB+ 99.875 5.907% 327 bps 5.735%Jul-2018 Stetson Midstream Term Loan B $1,000 L+425 Jul 2025 Ba3 / B+ Ba3 / B+ 99.125 7.060% 443 bps 6.886% JV Sep 2017 BCP Renaissance Parent Term Loan B $1,255 L+350 Sep 2024 B1 / B+ B1 / B+ 99.625 6.213% 358 bps 6.026% Mar 2013 EMG Utica Term Loan B $210 L+375 May 2020 B1 / B B1 / B+ 99.500 6.899% 427 bps 6.870% Sep 2017 Traverse Midstream Partners Term Loan B $1,435 L+400 Sep 2024 B2 / B+ B2 / B+ 99.750 6.685% 405 bps 6.497% Oct 2017 Utopia Pipeline Term Loan B $225 L+425 Feb 2024 — / — Ba3 /BB- Thinly Traded Permian Oct 2018 CapRock Midstream Term Loan B $690 L+475 Oct 2025 B2 / B B2 / B 96.125 8.131% 550 bps 7.963% May 2018 Bison Midstream Term Loan B $900 L+400 May 2025 B2 / B B2 / B 95.375 7.564% 493 bps 7.383% Jun 2017 EagleClaw Midstream Term Loan B $1,250 L+425 Jun 2024 B3 / B B3 / B 95.500 7.933% 530 bps 7.736% Feb 2018 Lucid Energy Group Term Loan B $950 L+300 Feb 2025 B2 / B B2 / B 94.000 6.864% 423 bps 6.675% Nov 2017 Medallion Midstream Term Loan B $700 L+325 Oct 2024 B2 / B B2 / B+ 97.750 6.359% 373 bps 6.169% Dec 2017 Navitas Midstream Term Loan B $350 L+450 Dec 2024 B3 / B B3 / B+ 94.625 8.304% 567 bps 8.115% Feb 2018 Oryx Southern Delaware Term Loan B $800 L+325 Feb 2025 B2 / B+ B2 / B+ 97.500 6.383% 375 bps 6.199% Other Dec 2017 Glass Mountain Term Loan B $300 L+450 Dec 2024 B3 / B B3 / B 97.125 7.769% 514 bps 7.583% Aug 2017 Limetree Bay Terminals Term Loan B $462 L+400 Feb 2024 — / — B1 /BB- 96.000 7.635% 500 bps 7.436% Jan 2018 Woodford Express Term Loan B $364 L+500 Jan 2025 B2 / B B2 / B+ 96.625 8.380% 575 bps 8.195% (1) Based on applicable swap rates. Source: Citi Trading Desk, Markit. 14

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