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

Exhibit (c)31

Citigroup Global Markets Inc. | Corporate and Investment Banking July 2019 Project Prairie 2.0 Step 2 Financing Discussion

Executive Summary We understand Blackstone is evaluating the Step 2 transaction of buying in the remaining TGE public units with proceeds from new equity and $500 million of debt financing The existing capital structure would present the following constraints to be considered: · Existing HoldCo TLB – Limits incremental pari accordion to $200mm without amendment – Limits incremental OpCo debt via 5.75x “look-through” OpCo leverage covenant provides for ~$1.0bn incremental OpCo debt capacity · OpCo RCF – Currently $1.35bn drawn with $901mm available for draws We have evaluated the following financing alternatives: 1) $500mm accordion to existing $1.155bn TLB · Requires consents from existing lenders for a onetime increase of accordion size from $200mm to $500mm—we estimate this would cost 10 bps on a standalone,non-fungible basis · New TLB would price at L+ 425 bps, 99.5 OID · Alternatively, the Company could execute theadd-on on a fungible basis with concurrentre-price of the existing TLB to L+425bps at the same 99.5 OID (with no amendment fee)(1) 2) $500mm Sister HoldCo TLB at a new entity collateralized by newly acquired units · No consents required, however, increases structural complexity · New TLB would price at L+ 425 bps, 99.5 OID 3) $500mm of new OpCo senior unsecured bonds · No consents required, however, results in reduced OpCo debt capacity due to increased leverage to ~5.0x (vs. 5.5x and 5.75x limitations in the OpCo RCF and HoldCo TLB covenants, respectively) · New10-year bond would price at ~5.75% (1) Assumes executed contemporaneous with theroll-off of the existing 101 Soft Call in September. 1

Prairie 2.0 Financing Options To minimize cost while obtaining funding certainty, would recommend obtaining either structure 2 or 3 on a committed basis with a best efforts execution of either scenario 1a and 1b. 1a 1b 2 3 Incremental HoldCo $500mm TLB Repriced HoldCo TLB & Incremental New Sister HoldCo $500mm TLB Incremental $500mm OpCo Debt(4)(Non-fungible) $500mm Fungible Tranche Underwritten / Best Best Efforts (Underwritten via Scenario 2 or 3) Underwritten Efforts 2019 Leverage (x) 6.1x Initial Total Leverage 6.1x Initial Total Leverage 6.1x Initial Total Leverage (@ Opening Debt)(1) 4.6x OpCo Proportionate Leverage 4.6x OpCo Proportionate Leverage 5.0x OpCo Proportionate Leverage Rate L+425 bps (Incremental TLB Only) L+425 bps (Existing & Incremental TLBs) L+425 bps 5.75% New TLB: 0.75% Arranger Fee (rebated New TLB: 0.75% Arranger Fee (rebated against Scenario 2 Underwrite Fee) Fees against Scenario 2 Underwrite Fee) 1.50% Underwritten Fee 50bps Bridge Commitment Fee(364-day), Existing TLB: 12.5 bps Arranger Fee; no 75bpsTake-out Fee Existing TLB: 10.0 bps Amendment Fee to Amendment Fee to market (covered with OID market in reprice) OID 99.50, payable on Incremental TLB 99.50, payable on Existing & Incremental TLB 99.50, payable on New TLB — Estimated Financing $10 $16 $10 $6 Fees ($mm) 2019 Total System $299 $293 $299 $295 Cash Interest ($mm) Total Equity Required (2) $3.0 – $3.7 ($bn) Additional 2019 OpCo Leverage Capacity $1,007 $478 ($mm)(3) Retain single HoldCo structure No requirement for consent on existing Marginally lower equity check without HoldCo additional DSRA requirement Preserves OpCo debt capacity Preserves OpCo debt capacity Preserves accordion feature of existing Improved pro forma collateral would provide opportunity tore-price existing TLB HoldCo Term Loan B Preserves accordion feature of existing Exercising accordion feature reduces liquidity options at the existing HoldCo level Pros / Cons HoldCo Term Loan B Lower cost of capital at OpCo level Requires amendment from existing lenders; however such amendment should be Added complexity of second HoldCo 100% OpCo senior notes reduces future straightforward given strong pro forma credit metrics OpCo liquidity Does not provide clear opportunity to reprice existing term loan Note: Total leverage based on total system debt / 2019E EBITDA. (1) Based on $500mm incremental debt financing. (2) Range based on illustrative $22.00 – $26.00 per share purchase price. (3) Max 2019 leverage capacity under RCF covenant, OpCo JV incurrence and HoldCo look through leverage covenant , whichever is more restrictive. Calculated as incremental debt available to be borrowed based off the more restrictive covenant / incurrence test. 2 (4) Metrics include 100% of TGE equity contributed as collateral to HoldCo.

Prairie 2.0 Leverage Comparison 1 2 3 New Sister HoldCo, $500mm Term Term Loan B Upsize of $500mm Loan B Incremental $500mm of OpCo Debt (6.1x Initial Total Leverage)(1) (6.1x Initial Total Leverage)(1) (6.1x Initial Total Leverage) (1)(4) 6.5x 6.6x 6.5x 6.6x 6.6x 6.7x 6.3x 6.3x 6.4x 5.6x 5.7x 5.2x 5.2x 5.3x 5.0x 5.0x 4.8x 4.8x Consolidated Prairie YE Leverage(2) 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E Total System Leverage(3) Consolidated TGE Leverage Dividends Received $592 $621 $652 $332 $349 $366 $592 $621 $652 ($mm) Total Leverage Covenant: 5.50x Total Leverage Covenant: 5.50x Total Leverage Covenant: 5.50x Senior Secured Covenant: 3.75x Senior Secured Covenant: 3.75x Senior Secured Covenant: 3.75x 4.6x 4.8x 4.2x 4.2x 4.2x 4.0x 4.0x 3.7x 3.7x TGE RCF Covenant 2.0x 2.0x 2.0x 1.6x 1.5x 1.6x 1.5x 1.7x 1.6x 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E Secured Leverage Total Leverage (1) Initial total leverage calculated as Total System Debt / 2019E EBITDA. (2) End of Year debt / EBITDA, proportionately consolidated for REX. 3 (3) End of Year debt / EBITDA, proportionately consolidated for REX. Includes HoldCo term loan at 100% equity collateralization. (4) Metrics include 100% of TGE equity contributed as collateral to HoldCo.

1. Status Quo + $500mm Upsize

Transaction Overview – Status Quo + $500mm Upsize Assumptions Pro Forma Capitalization · Illustrative effective date of 1/1/2019 (at 1/1/2019) · Blackstone acquires the remaining 56% of TGE for a total TGE PF consideration of $4,135mm ($mm) SA Adj. 100% TGE(2) Proportionate REX Debt $1,538 — $1,538 – $4,135mm for LP stake [$26.00] per share for the 159.0mm Total Proportionate Subsidiary Debt $1,538 $1,538 remaining shares TGE Revolving Credit Facility 1,349 — 1,349 · New Holdco $500mm Term Loan priced at L+425bps/99.5,1.25- Total Secured Debt $1,349 $1,349 4.750% Senior Notes Due 2023 500 — 500 1.50% net fees(1) on the new TL B and amendment fee of 10.0bps 5.500% Senior Notes Due 2024 750 — 750 on existing TLB to upsize accordion feature from $200mm to 5.500% Senior Notes Due 2028 750 — 750 $500mm Total Debt $4,887 $4,887 Cash & Cash Equivalents (15) — (15) – Incremental6-month rolling DSRA of $20mm; funds are Net Debt $4,872 $4,872 released when HoldCo leverage drops below 3.25x Common Equity (Market Value)(3) 6,179 1,182 7,361 · $10mm in transaction costs; $10mm in financing fees Total Capitalization $11,065 $12,247 Opco Secured Debt / 2018A EBITDA 1.4x 1.4x Opco Secured Debt / 2019E EBITDA 1.3 1.3 Sources and Uses Opco Total Debt / 2018A EBITDA 4.9 4.9 Opco Total Debt / 2019E EBITDA 4.6 4.6 Sources & Uses HoldCo Transaction Sources ($mm) (%) Step 1 Term Loan $1,155 $500 $1,655 Incremental Equity $3,674 88% HoldCo Total Debt $1,155 $1,655 Incremental HoldCo Term Loan (Upsize) 500 12 HoldCo Equity 2,253 3,674 5,927 HoldCo Capitalization $3,408 $7,582 Total Sources $4,174 100% Credit Stats Transaction Uses ($mm) (%) HoldCo Total Debt $1,155 $1,655 Debt Service Reserve Account (51) (20) (71) Purchase of 56.2% of TGE Equity $4,135 99% Financing Fees (Issuance Fees, Amendment Fee, OID) 10 0 HoldCo Net Debt $1,104 $1,584 Q1 2019 Annualized Distribution $258 $589 Incremental Term Loan DSRA 20 0 2018A Distributions 250 571 Transaction Costs 10 0 2019E Distributions 259 592 Total Uses $4,174 100% HoldCo Net Debt / Q4 2018A Annualized Distribution 4.3x 2.7x HoldCo Net Debt / 2018A EBITDA 4.4 2.8 Sensitivity Analysis HoldCo Net Debt / 2019E EBITDA 4.3 2.7 2019E Interest Coverage 2.8 4.5 Purchase Implied Equity Debt / Total Debt / Total Capitalization 33.9% 21.8% Price Premium(5) Requirement Capitalization HoldCo Consolidated Debt (Proportionate TGE + HoldCo) $3,297 $6,542 2018A EBITDA @ HoldCo Share $434 $990 2018ARun-Rate EBITDA @ HoldCo Share (4) 450 1,027 $22.00 0.2% $3,038 51.2% 2019E EBITDA @ HoldCo Share 469 1,069 23.00 4.8 3,197 50.1 Total Debt / 2018A EBITDA 7.6x 6.6x 24.00 9.3 3,356 49.1 Total Debt / 2018ARun-Rate EBITDA (4) 7.3 6.4 25.00 13.9 3,515 48.0 Total Debt / 2019E EBITDA 7.0 6.1 26.00 18.5 3,674 47.1 Total Debt / Total Capitalization 49.4% 47.1% 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 7/11/2019. (1) Committed via either option 2 or 3. (2) Metrics include 100% of TGE equity contributed as collateral to HoldCo. (3) Pro forma market value of equity rebased to new purchase price of $26 / share. 4 (4)Run-rate EBITDA includes $58mm of EBITDA adjustments to reflect full year impact of 2018 acquisitions and ramp of GP&T and Cheyenne Connector. (5) Based on current TGE price of $21.95 as of 7/11/2019.

Pro Forma HoldCo Projections ($mm) 2018A 2019E 2020E 2021E 2022E 2023E 2024E 2025E Total HoldCo Distributions $571 $592 $621 $652 $685 $719 $755 $793 (–) Interest Expense on Term Loan (115) (115) (105) (101) (100) (99) (98) Levered Free Cash Flow $477 $507 $547 $583 $620 $656 $695 Cumulative Levered Free Cash Flow $477 $983 $1,530 $2,113 $2,733 $3,389 $4,084 (–) Mandatory Amortization (17) (17) (17) (17) (17) (17) (17) (–) Cash Sw eep(1) 0 0 0 0 0 0 0 Total Cash to Sponsor $460 $490 $530 $567 $603 $640 $678 Check -——————- EOP Cash Balance $71 $531 $1,021 $1,551 $2,118 $2,721 $3,361 $4,039 DSRA Cash Balance 71 0 0 0 0 0 0 0 EOP Term Loan Balance $1,155 $1,143 $1,132 $1,120 $1,109 $1,097 $1,086 $1,074 EOP Upsized Term Loan Balance 500 495 490 485 480 475 470 465 HoldCo EOP Debt Balance $1,655 $1,638 $1,622 $1,605 $1,589 $1,572 $1,556 $1,539 HoldCo Standalone EOP Net Debt Balance 1,584 1,107 601 54 (529) (1,149) (1,805) (2,500) Sponsor Total Debt / Dist. Received 2.9x 2.8x 2.6x 2.5x 2.3x 2.2x 2.1x 1.9x Sponsor Net Debt / Dist. Received 2.8x 1.9x 1.0x 0.1x (0.8x) (1.6x) (2.4x) (3.2x) Leverage Metrics Interest Rate (L + 475) on Term Loan B 7.1% 7.2% 6.7% 6.5% 6.4% 6.5% 6.5% Interest Rate (L + 425) on Term Loan B Upsize 6.6 6.7 6.2 6.0 5.9 6.0 6.0 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 $4,762 $5,140 $5,464 $5,803 $6,068 $6,317 $6,588 $6,869 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 $6,417 $6,778 $7,086 $7,408 $7,657 $7,890 $8,143 $8,408 HoldCo Consolidated EOP Net Debt Balance 6,330 6,232 6,050 5,842 5,523 5,154 4,768 4,354 HoldCo Consolidated EOP Debt Balance / HoldCo Share of OpCo Asset EBITDA 6.5x 6.3x 6.5x 6.6x 6.5x 6.3x 6.3x 6.3x HoldCo Consolidated EOP Net Debt Balance / HoldCo Share of OpCo Asset EBITDA 6.4 5.8 5.6 5.2 4.7 4.1 3.7 3.3 Citi Classification Metrics Interest Coverage Ratio(2) 4.5x 4.7x 5.3x 5.8x 6.2x 6.6x 6.9x Cumulative Free Cash Flow as % of Initial Debt(3) 33.1% 63.7% 96.7% 132.0% 169.4% 209.1% 251.0% Source: Blackstone forecast. 2018A projections include pro forma transaction entry balances. Market data as of 7/11/2019. (1) Assumes no cash sweep. 5 (2) Total HoldCo distributions / (interest plus amortization). (3) Includes DSRA release.

TGE Standalone Projections ($mm) 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 Other Grow th / Acquisitions EBITDA 0 56 125 193 262 330 399 Corporate G&A (10) (10) (11) (11) (11) (12) (12) Total EBITDA $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 ($32) ($35) ($36) ($36) ($36) ($40) ($43) (Less): Interest Expense (184) (191) (206) (222) (238) (254) (265) (Less): REX DCF Adj. @ Share (96) (105) (105) (105) (105) (105) (105) Cash Available for Dividends $757 $752 $774 $820 $869 $885 $911 Coverage (x) 1.28x 1.21x 1.19x 1.20x 1.21x 1.17x 1.15x Coverage ($) $165 $131 $122 $135 $150 $130 $118 Total Dividends Paid $592 $621 $652 $685 $719 $755 $793 YoY Grow th 3.6% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Grow th Capex $544 $455 $461 $400 $400 $400 $400 REX Debt @ Share 1,538 1,538 1,538 1,538 1,538 1,538 1,538 Revolver Balance 1,603 1,926 1,515 1,780 1,280 1,550 1,832 TGE Debt (End of Period) 3,603 3,926 4,265 4,530 4,780 5,050 5,332 Total Proportionate TGE Debt (End of Period)(1) 5,140 5,464 5,803 6,068 6,317 6,588 6,869 Total Proportionate Debt / EBITDA(1) 4.8x 5.0x 5.2x 5.1x 5.1x 5.1x 5.2x Covenant Calculations TGE 2024 Notes Metric FCCR 1.75x 5.30x 5.12x 4.93x 4.85x 4.81x 4.64x 4.60x TGE Revolving Credit Facility Max Senior Secured Leverage Ratio(2) 3.75x 1.65x 1.97x 1.49x 1.65x 1.12x 1.32x 1.50x Max Total Leverage Ratio(2) 5.50 3.70 4.01 4.20 4.20 4.18 4.29 4.37 Min. Interest Coverage Ratio(2) 2.50 5.30 5.12 4.93 4.85 4.81 4.64 4.60 Additional Leverage Capacity(3) $1,747 $1,457 $1,323 $1,400 $1,510 $1,428 $1,375 Source: Blackstone forecast. 2018A projections include pro forma transaction entry balances. Market data as of 7/11/2019. (1) Includes proportionate REX debt and EBITDA. (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 6 Ratio calculated as Deconsolidated EBITDA / Cash Interest Expense. Deconsolidated EBITDA is Proportionate EBITDA less REX DCF. (3) Max leverage capacity under RCF covenant and OpCo JV incurrence covenant, whichever is more restrictive.

2. Sister HoldCo

Transaction Overview – Sister HoldCo Assumptions Pro Forma Capitalization · Illustrative effective date of 1/1/2019 (at 1/1/2019) TGE PF · Blackstone acquires the remaining 56% of TGE for a total ($mm) SA Adj. 56% TGE consideration of $4,135mm Proportionate REX Debt $1,538 — $1,538 – $4,135mm for LP stake [$26.00] per share for the Total Proportionate Subsidiary Debt $1,538 $1,538 TGE Revolving Credit Facility 1,349 — 1,349 159.0mm remaining shares Total Secured Debt $1,349 $1,349 4.750% Senior Notes Due 2023 500 — 500 · Blackstone creates a Sister HoldCo and issues a Term Loan B of $500mm with an interest rate of L+ 425bps and 1.50% 5.500% Senior Notes Due 2024 750 — 750 5.500% Senior Notes Due 2028 750 — 750 financing fees and 99.50 OID Total Debt $4,887 $4,887 Cash & Cash Equivalents (15) — (15) – New Term Loan DSRA of $20mm; funds are released Net Debt $4,872 $4,872 when HoldCo leverage drops below 3.25x Common Equity (Market Value)(1) 6,179 1,182 7,361 Total Capitalization $11,065 $12,247 · $10mm in transaction costs; $10mm in financing fees Opco Secured Debt / 2018A EBITDA 1.4x 1.4x Opco Secured Debt / 2019E EBITDA 1.3 1.3 Sources and Uses Opco Total Debt / 2018A EBITDA 4.9 4.9 Sources & Uses Opco Total Debt / 2019E EBITDA 4.6 4.6 Sister HoldCo Transaction Sources ($mm) (%) Sister HoldCo Term Loan — $500 $500 Incremental Equity $3,675 88% Sister HoldCo Total Debt — $500 New HoldCo Term Loan 500 12 Sister HoldCo Equity — 3,675 3,675 Sister HoldCo Capitalization — $4,175 Total Sources $4,175 100% Credit Stats Transaction Uses ($mm) (%) Sister HoldCo Total Debt — $500 Debt Service Reserve Account — (20) (20) Purchase of 56.2% of TGE Equity $4,135 100% Financing Fees (Issuance Fees, OID) 10 0 Sister HoldCo Net Debt — $480 Q1 2019 Annualized Distribution — $331 New Term Loan DSRA 20 0 2018A Distributions — 321 Transaction Costs 10 0 2019E Distributions — 332 Total Uses $4,175 100% HoldCo Net Debt / Q4 2018A Annualized Distribution — 1.5x HoldCo Net Debt / 2018A EBITDA — 1.5 HoldCo Net Debt / 2019E EBITDA — 1.4 Sensitivity Analysis 2019E Interest Coverage — 8.7 Purchase Implied Equity Debt / Total Debt / Total Capitalization — 12.0% Price Premium(3) Requirement Capitalization HoldCo Consolidated Debt (Proportionate TGE + HoldCo) — $3,245 2018A EBITDA @ HoldCo Share — $556 2018ARun-Rate EBITDA @ HoldCo Share (2) — 577 $22.00 0.2% $3,038 46.4% 2019E EBITDA @ HoldCo Share — 600 23.00 4.8 3,197 45.3 Total Debt / 2018A EBITDA — 5.8x 24.00 9.3 3,357 44.2 Total Debt / 2018ARun-Rate EBITDA (2) — 5.6 Total Debt / 2019E EBITDA — 5.4 25.00 13.9 3,516 43.2 Total Debt / Total Capitalization — 42.3% 26.00 18.5 3,675 42.3 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 7/11/2019. (1) Pro forma market value of equity rebased to new purchase price of $26 / share. 7 (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. (3) Based on current TGE price of $21.95 as of 7/11/2019.

Pro Forma Sister HoldCo Projections ($mm) 2018A 2019E 2020E 2021E 2022E 2023E 2024E 2025E Total HoldCo Distributions $321 $332 $349 $366 $385 $404 $424 $445 (–) Interest Expense on Term Loan (33) (33) (30) (29) (28) (28) (28) Levered Free Cash Flow $299 $316 $336 $356 $375 $396 $417 Cumulative Levered Free Cash Flow $299 $615 $951 $1,307 $1,683 $2,079 $2,496 (–) Mandatory Amortization (5) (5) (5) (5) (5) (5) (5) (–) Cash Sw eep(1) 0 0 0 0 0 0 0 Total Cash to Sponsor $294 $311 $331 $351 $370 $391 $412 Check -——————- EOP Cash Balance $20 $314 $625 $956 $1,307 $1,678 $2,069 $2,481 DSRA Cash Balance 20 0 0 0 0 0 0 0 HoldCo EOP Debt Balance $500 $495 $490 $485 $480 $475 $470 $465 HoldCo Standalone EOP Net Debt Balance 480 181 (135) (471) (827) (1,203) (1,599) (2,016) Sponsor Total Debt / Dist. Received 1.6x 1.5x 1.4x 1.3x 1.2x 1.2x 1.1x 1.0x Sponsor Net Debt / Dist. Received 1.5x 0.5x (0.4x) (1.3x) (2.2x) (3.0x) (3.8x) (4.5x) Leverage Metrics Interest Rate (L + 425) 6.6% 6.7% 6.2% 6.0% 5.9% 6.0% 6.0% HoldCo Ow nership in OpCo 56.2 56.2 56.2 56.2 56.2 56.2 56.2 56.2 HoldCo Share of OpCo EOP Debt Balance $2,675 $2,887 $3,069 $3,260 $3,408 $3,549 $3,700 $3,859 HoldCo Share of OpCo Asset EBITDA 556 600 609 630 665 701 721 744 HoldCo Consolidated EOP Debt Balance $3,175 $3,382 $3,559 $3,745 $3,888 $4,024 $4,170 $4,324 HoldCo Consolidated EOP Net Debt Balance 3,146 3,059 2,925 2,780 2,573 2,337 2,093 1,834 HoldCo Consolidated EOP Debt Balance / HoldCo Share of OpCo Asset EBITDA 5.7x 5.6x 5.8x 5.9x 5.8x 5.7x 5.8x 5.8x HoldCo Consolidated EOP Net Debt Balance / HoldCo Share of OpCo Asset EBITDA 5.7 5.1 4.8 4.4 3.9 3.3 2.9 2.5 Citi Classification Metrics Interest Coverage Ratio(2) 8.7x 9.2x 10.4x 11.3x 12.1x 12.8x 13.5x Cumulative Free Cash Flow as % of Initial Debt(3) 63.9% 127.1% 194.3% 265.4% 340.5% 419.7% 503.2% Source: Blackstone forecast. 2018A projections include pro forma transaction entry balances. Market data as of 7/11/2019. (1) Assumes no cash sweep. 8 (2) Total HoldCo distributions / (interest plus amortization). (3) Includes DSRA release.

TGE Standalone Projections ($mm) 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 Other Grow th / Acquisitions EBITDA 0 56 125 193 262 330 399 Corporate G&A (10) (10) (11) (11) (11) (12) (12) Total EBITDA $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 ($32) ($35) ($36) ($36) ($36) ($40) ($43) (Less): Interest Expense (184) (191) (206) (222) (238) (254) (265) (Less): REX DCF Adj. @ Share (96) (105) (105) (105) (105) (105) (105) Cash Available for Dividends $757 $752 $774 $820 $869 $885 $911 Coverage (x) 1.28x 1.21x 1.19x 1.20x 1.21x 1.17x 1.15x Coverage ($) $165 $131 $122 $135 $150 $130 $118 Total Dividends Paid $592 $621 $652 $685 $719 $755 $793 YoY Grow th 3.6% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Grow th Capex $544 $455 $461 $400 $400 $400 $400 REX Debt @ Share 1,538 1,538 1,538 1,538 1,538 1,538 1,538 Revolver Balance 1,603 1,926 1,515 1,780 1,280 1,550 1,832 TGE Debt (End of Period) 3,603 3,926 4,265 4,530 4,780 5,050 5,332 Total Proportionate TGE Debt (End of Period)(1) 5,140 5,464 5,803 6,068 6,317 6,588 6,869 Total Proportionate Debt / EBITDA(1) 4.8x 5.0x 5.2x 5.1x 5.1x 5.1x 5.2x Covenant Calculations TGE 2024 Notes Metric FCCR 1.75x 5.30x 5.12x 4.93x 4.85x 4.81x 4.64x 4.60x TGE Revolving Credit Facility Max Senior Secured Leverage Ratio(2) 3.75x 1.65x 1.97x 1.49x 1.65x 1.12x 1.32x 1.50x Max Total Leverage Ratio(2) 5.50 3.70 4.01 4.20 4.20 4.18 4.29 4.37 Min. Interest Coverage Ratio(2) 2.50 5.30 5.12 4.93 4.85 4.81 4.64 4.60 Additional Leverage Capacity(3) $1,747 $1,457 $1,323 $1,400 $1,510 $1,428 $1,375 Source: Blackstone forecast. 2018A projections include pro forma transaction entry balances. Market data as of 7/11/2019. (1) Includes proportionate REX debt and EBITDA. (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 9 Ratio calculated as Deconsolidated EBITDA / Cash Interest Expense. Deconsolidated EBITDA is Proportionate EBITDA less REX DCF. (3) Max leverage capacity under RCF covenant and OpCo JV incurrence covenant, whichever is more restrictive.

3. Incremental $500mm of OpCo Debt

Transaction Overview – Incremental $500mm of OpCo Debt Assumptions Pro Forma Capitalization (at 1/1/2019) · Illustrative effective date of 1/1/2019 TGE PF PF TGE for ($mm) SA Adj. 44% TGE(2) 100% TGE(2) · Blackstone acquires the remaining 56% of a total Proportionate REX Debt $1,538 — $1,538 $1,538 consideration of $4,135mm Total Proportionate Subsidiary Debt $1,538 $1,538 $1,538 – $4,135mm for LP stake [$26.00] per share for the TGE Revolving Credit Facility 1,349 — 1,349 1,349 Total Secured Debt $1,349 $1,349 $1,349 159.0mm remaining shares 4.750% Senior Notes Due 2023 500 — 500 500 5.500% Senior Notes Due 2024 750 — 750 750 · Tallgrass issues $500mm of Senior Notes with an interest 5.500% Senior Notes Due 2028 750 — 750 750 rate of 5.75%, bridge commitment fee (on a364-day 5.750% Senior Notes Due 2029 — 500 500 500 basis) of 50bps andtake-out fee of 75bps (with new HY Total Debt $4,887 $5,387 $5,387 issuance) Cash & Cash Equivalents (15) — (15) (15) Net Debt $4,872 $5,372 $5,372 Common Equity (Market Value)(3) 6,179 1,182 7,361 7,361 · $10mm in transaction costs; $6mm in financing fees Total Capitalization $11,065 $12,747 $12,747 Sources and Uses Opco Secured Debt / 2018A EBITDA 1.4x 1.4x 1.4x Opco Secured Debt / 2019E EBITDA 1.3 1.3 1.3 Opco Total Debt / 2018A EBITDA 4.9 5.4 5.4 Sources & Uses Opco Total Debt / 2019E EBITDA 4.6 5.0 5.0 Transaction Sources ($mm) (%) HoldCo Incremental Equity $3,651 88% Step 1 Term Loan $1,155 — $1,155 $1,155 HoldCo Total Debt $1,155 $1,155 $1,155 New Senior Notes 500 12 HoldCo Equity 2,253 — 2,253 5,904 Total Sources $4,151 100% HoldCo Capitalization $3,408 $3,408 $7,059 Transaction Uses ($mm) (%) Credit Stats Purchase of 56.2% of TGE Equity $4,135 100% HoldCo Total Debt $1,155 $1,155 $1,155 Financing Fees(Backstop/Take-out Fee, OID, Issuance Fees) 6 0 Debt Service Reserve Account (51) — (51) (51) Transaction Costs 10 0 HoldCo Net Debt $1,104 $1,104 $1,104 Total Uses $4,151 100% Q1 2019 Annualized Distribution $258 $258 $589 2018A Distributions 250 250 571 2019E Distributions 259 259 592 Sensitivity Analysis HoldCo Net Debt / Q4 2018A Annualized Distribution 4.3x 4.3x 1.9x HoldCo Net Debt / 2018A EBITDA 4.4 4.4 1.9 Purchase Implied Equity Debt / HoldCo Net Debt / 2019E EBITDA 4.3 4.3 1.9 Price Premium(1) Requirement Capitalization 2019E Interest Coverage 2.8 3.6 6.3 Total Debt / Total Capitalization 33.9% 33.9% 16.4% $22.00 0.2% $3,015 51.2% HoldCo Consolidated Debt (Proportionate TGE + HoldCo) $3,297 $6,542 $6,542 23.00 4.8 3,174 50.1 2018A EBITDA @ HoldCo Share $434 $990 $990 24.00 9.3 3,333 49.1 2018ARun-Rate EBITDA @ HoldCo Share (4) 450 1,027 1,027 25.00 13.9 3,492 48.0 2019E EBITDA @ HoldCo Share 469 1,069 1,069 26.00 18.5 3,651 47.1 Total Debt / 2018A EBITDA 7.6x 6.6x 6.6x Total Debt / 2018ARun-Rate EBITDA (4) 7.3 6.4 6.4 Total Debt / 2019E EBITDA 7.0 6.1 6.1 Total Debt / Total Capitalization 49.4% 47.1% 47.1% 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 7/11/2019. (1) Based on current TGE price of $21.95 as of 7/11/2019. (2) Metrics include 44% and 100% of TGE equity contributed as collateral to HoldCo, respectively. 10 (3) Pro forma market value of equity rebased to new purchase price of $26 / share.(4) Run-rate EBITDA includes $58mm of EBITDA adjustments to reflect full year impact of 2018 acquisitions and ramp of GP&T and Cheyenne Connector.

Pro Forma HoldCo Projections (44% TGE Shares at HoldCo) ($mm) 2018A 2019E 2020E 2021E 2022E 2023E 2024E 2025E Total HoldCo Distributions $321 $332 $349 $366 $385 $404 $424 $445 (–) Interest Expense on Term Loan (82) (82) (75) (72) (71) (70) (70) Levered Free Cash Flow $250 $267 $291 $312 $333 $354 $375 Cumulative Levered Free Cash Flow $250 $517 $809 $1,121 $1,454 $1,807 $2,182 (–) Mandatory Amortization (12) (12) (12) (12) (12) (12) (12) (–) Cash Sw eep(1) 0 0 0 0 0 0 0 Total Cash to Sponsor $239 $256 $279 $301 $321 $342 $364 Check -——————- EOP Cash Balance $51 $239 $494 $774 $1,075 $1,396 $1,738 $2,101 DSRA Cash Balance 51 51 51 51 51 51 51 51 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 1,104 905 638 346 34 (299) (652) (1,027) Sponsor Total Debt / Dist. Received 3.6x 3.4x 3.2x 3.1x 2.9x 2.7x 2.6x 2.4x Sponsor Net Debt / Dist. Received 3.6x 2.7x 1.8x 0.9x 0.1x (0.7x) (1.5x) (2.3x) Leverage Metrics Interest Rate (L + 475) 7.1% 7.2% 6.7% 6.5% 6.4% 6.5% 6.5% HoldCo Ow nership in OpCo 56.2 56.2 56.2 56.2 56.2 56.2 56.2 56.2 HoldCo Share of OpCo EOP Debt Balance $2,955 $3,185 $3,384 $3,592 $3,759 $3,919 $4,091 $4,270 HoldCo Share of OpCo Asset EBITDA 556 600 609 630 665 701 721 744 HoldCo Consolidated EOP Debt Balance $4,110 $4,328 $4,516 $4,712 $4,868 $5,016 $5,177 $5,344 HoldCo Consolidated EOP Net Debt Balance 4,102 4,081 4,013 3,930 3,785 3,612 3,430 3,234 HoldCo Consolidated EOP Debt Balance / HoldCo Share of OpCo Asset EBITDA 7.4x 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 7.4 6.8 6.6 6.2 5.7 5.1 4.8 4.3 Citi Classification Metrics Interest Coverage Ratio(2) 3.6x 3.7x 4.2x 4.6x 4.9x 5.2x 5.5x Cumulative Free Cash Flow as % of Initial Debt(3) 21.7% 44.8% 70.0% 97.0% 125.8% 156.5% 188.9% Source: Blackstone forecast. 2018A projections include pro forma transaction entry balances. Market data as of 7/11/2019. (1) Assumes no cash sweep. 11 (2) Total HoldCo distributions / (interest plus amortization). (3) Includes DSRA release.

Pro Forma HoldCo Projections (100% TGE Shares at HoldCo) ($mm) 2018A 2019E 2020E 2021E 2022E 2023E 2024E 2025E Total HoldCo Distributions $571 $592 $621 $652 $685 $719 $755 $793 (–) Interest Expense on Term Loan (82) (82) (75) (72) (71) (70) (70) Levered Free Cash Flow $510 $539 $577 $612 $648 $685 $723 Cumulative Levered Free Cash Flow $510 $1,049 $1,626 $2,238 $2,886 $3,571 $4,293 (–) 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 $528 $565 $601 $636 $673 $711 Check -——————- EOP Cash Balance $51 $549 $1,077 $1,642 $2,243 $2,879 $3,552 $4,263 DSRA Cash Balance 51 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 1,104 594 55 (522) (1,134) (1,782) (2,467) (3,189) 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) (1.7x) (2.5x) (3.3x) (4.0x) Leverage Metrics Interest Rate (L + 475) 7.1% 7.2% 6.7% 6.5% 6.4% 6.5% 6.5% 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 $5,262 $5,669 $6,024 $6,395 $6,693 $6,977 $7,283 $7,602 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 $6,417 $6,813 $7,156 $7,515 $7,801 $8,074 $8,368 $8,676 HoldCo Consolidated EOP Net Debt Balance 6,350 6,249 6,064 5,858 5,543 5,179 4,801 4,397 HoldCo Consolidated EOP Debt Balance / HoldCo Share of OpCo Asset EBITDA 6.5x 6.4x 6.6x 6.7x 6.6x 6.5x 6.5x 6.6x HoldCo Consolidated EOP Net Debt Balance / HoldCo Share of OpCo Asset EBITDA 6.4 5.8 5.6 5.2 4.7 4.1 3.7 3.3 Citi Classification Metrics Interest Coverage Ratio(2) 6.3x 6.7x 7.5x 8.2x 8.7x 9.2x 9.7x Cumulative Free Cash Flow as % of Initial Debt(3) 48.5% 95.2% 145.2% 198.2% 254.3% 313.6% 376.1% Source: Blackstone forecast. 2018A projections include pro forma transaction entry balances. Market data as of 7/11/2019. (1) Assumes no cash sweep. 12 (2) Total HoldCo distributions / (interest plus amortization). (3) Includes DSRA release.

TGE Standalone Projections ($mm) 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 Other Grow th / Acquisitions EBITDA 0 56 125 193 262 330 399 Corporate G&A (10) (10) (11) (11) (11) (12) (12) Total EBITDA $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 ($32) ($35) ($36) ($36) ($36) ($40) ($43) (Less): Interest Expense (213) (222) (238) (255) (272) (289) (303) (Less): REX DCF Adj. @ Share (96) (105) (105) (105) (105) (105) (105) Cash Available for Dividends $728 $722 $742 $787 $835 $849 $874 Coverage (x) 1.23x 1.16x 1.14x 1.15x 1.16x 1.12x 1.10x Coverage ($) $136 $101 $90 $102 $116 $94 $81 Total Dividends Paid $592 $621 $652 $685 $719 $755 $793 YoY Grow th 3.6% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Grow th Capex $544 $455 $461 $400 $400 $400 $400 REX Debt @ Share 1,538 1,538 1,538 1,538 1,538 1,538 1,538 Revolver Balance 1,632 1,986 1,607 1,905 1,439 1,745 2,064 TGE Debt (End of Period) 4,132 4,486 4,857 5,155 5,439 5,745 6,064 Total Proportionate TGE Debt (End of Period)(1) 5,669 6,024 6,395 6,693 6,977 7,283 7,602 Total Proportionate Debt / EBITDA(1) 5.3x 5.6x 5.7x 5.7x 5.6x 5.7x 5.7x Covenant Calculations TGE 2024 Notes Metric FCCR 1.75x 4.57x 4.41x 4.27x 4.22x 4.20x 4.07x 4.03x TGE Revolving Credit Facility Max Senior Secured Leverage Ratio(2) 3.75x 1.68x 2.03x 1.58x 1.77x 1.26x 1.48x 1.69x Max Total Leverage Ratio(2) 5.50 4.25 4.58 4.78 4.78 4.76 4.88 4.97 Min. Interest Coverage Ratio(2) 2.50 4.57 4.41 4.27 4.22 4.20 4.07 4.03 Additional Leverage Capacity(3) $1,217 $897 $731 $775 $850 $733 $642 Source: Blackstone forecast. 2018A projections include pro forma transaction entry balances. Market data as of 7/11/2019. (1) Includes proportionate REX debt and EBITDA. (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 13 Ratio calculated as Deconsolidated EBITDA / Cash Interest Expense. Deconsolidated EBITDA is Proportionate EBITDA less REX DCF. (3) Max leverage capacity under RCF covenant and OpCo JV incurrence covenant, whichever is more restrictive.

Term Sheets

1 Prairie ECI Acquiror Incremental TLB (w/ Amendment) Borrower: Prairie ECI Acquiror LP Scenario: 1aNon-fungible IncrementalAdd-on 1b Fungible Incremental Tranche + Repriced Existing Term Loan Facilities: $500 million Incremental Senior Secured Term Loan $1,655 million Amended & Upsized Senior Secured Term Loan Guarantees: Same as existing Term Loan Security: Same as existing Term Loan (with acquired equity interests increasing Collateral pool) Incremental Facility: Incremental Fixed Dollar Basket TBD Debt Service Reserve Same as existing Term Loan Maturity: March 11, 2016 (same as existing) Amortization: 1% p.a., paid quarterly, with remainder due at maturity Drawn Pricing: L+425 bps LIBOR Floor: 0.00% OID: 99.50, Payable on $500 million Incremental Term Loan 99.50, Payable on $1,655 million Term Loan Call Protection: 6 Months of 101 Soft Call Protection Change of Control: Same as existing Term Loan Certain Covenants: Same as existing Term Loan Financial Covenants: Debt Service Coverage Ratio of 1.1x OID: 99.50, payable on $500 million Incremental Term Loan OID: 99.50, payable on $1,655 million Term Loan Fees to Market: Amendment Fee: 10 bps, payable on $1,155 million Existing Term Loan Amendment Fee: None Arranger Fee: 75 bps, payable on $500mm Incremental Term Loan Arranger Fee: 75 bps, payable on $500mm Incremental Term Loan Fees to Arrangers: and rebated against Underwrite Fee in Scenario 2 and rebated against Underwrite Fee in Scenario 2 Reprice Fee: 12.5 bps, payable on $1,155mm Existing Term Loan 14

2 New Sister HoldCo Senior Secured TLB Borrower: Sister HoldCo TBD Facilities: $500 million Senior Secured Term Loan Guarantees: Guaranteed on a first lien senior secured basis by each of the Borrower’s existing and future wholly-owned subsidiaries Security: A perfected first priority lien on substantially all tangible and intangible assets and capital stock of the Borrower and Guarantors Incremental Facility: Incremental Fixed Dollar Basket TBD Debt Service Reserve None Tenor: 7 Years Amortization: 1% p.a., paid quarterly, with remainder due at maturity Drawn Pricing: L+425 bps LIBOR Floor: 0.00% OID: 99.50 Call Protection: 6 Months of 101 Soft Call Protection Change of Control: Same as existing Prairie ECI Acquiror LP HoldCo Term Loan B Certain Covenants: Substantially similar to existing Prairie ECI Acquiror LP HoldCo Term Loan B Financial Covenants: Substantially similar to existing Prairie ECI Acquiror LP HoldCo Term Loan B Price Flex: 100 bps (with up to 37.5 bps in the form of OID) Underwriting Fee: 150 bps Citi Commitment / Duration: 100% / TBD, but not expected to exceed 4 months

3 364 Day Senior Unsecured OpCo Bridge Facility Borrower: Tallgrass Energy Partners (“TEP”) Facility: $500 million Senior Unsecured OpCo Bridge Facility Guarantors: Same as existing Senior Unsecured OpCo Notes Security: None Tenor: 364 days Initial Margin: L + 325 bps; increasing by 50 bps at 180 days and 50 bps at 270 days after close i. 100% of asset sale proceeds, subject to customary exceptions and other exceptions to be agreed Mandatory Prepayments: ii. 100% of debt issuance proceeds iii. 100% of equity issuance proceeds, subject to exceptions to be agreed Certain Covenants: Same as existing Senior Unsecured OpCo Notes Commitment Fee: 50 bpsTake-out Fee: 75 bps Duration Fee: 25 bps at 180 days and 25 bps at 270 days after close Citi Commitment / Duration: 100% / TBD, but not expected to exceed 4 months 16

Peer Comps & Levels

Credit Comparables – HoldCo 1 2 ($mm) Tallgrass HoldCo—$1,155 Term Loan Tallgrass HoldCo—$1,655 Term Loan Tallgrass HoldCo—$500 Term Loan ETRN HoldCo BRM HoldCo Stetson HoldCo Corporate Rating (Moody’s) B1 Ba3 B3 Ba3 Corporate Rating (S&P) B+ BBB- B+ Loans Term Loan B Term Loan B Term Loan B Term Loan B Term Loan B Term Loan B MaturityMar-2026Jan-2024Dec-2023Jul-2025 Ratings (Moody’s) B1 Ba3 B3 Ba3 Ratings (S&P) B+ BB+B- B+ Coupon L+475 L+450 L+575 L+425 Size ($mm) $1,155 $1,655 $500 $600 $516 $1,000 Recent Price 100.125 100.500 Thinly Traded 99.625 YTM (%) 7.047% 6.686% — 6.649% STW (bps) 472 bps 436 bps — 433 bps Equity Value $2,751 $6,281 $3,528 $4,265 $720 $1,405 Total Debt 1,155 1,655 500 581 500 998 (–) Cash (51) (71) (20) (5) 0 0 Firm Value $3,855 $7,865 $4,008 $4,841 $1,220 $2,403 Total Debt 1,155 1,655 500 581 500 998 Market Equity 2,751 6,281 3,528 4,265 720 1,405 Total Capitalization $3,906 $7,936 $4,028 $4,846 $1,220 $2,403 HoldCo Operating Statistics(1) 2019E EBITDA $259 $592 $332 $543 $114 $254 2020E EBITDA 272 621 349 574 144 274 HoldCo Statistics Firm Value / 2019E EBITDA 14.9x 13.3x 12.1x 8.9x 10.7x 9.5x 2020E EBITDA 14.2 12.7 11.5 8.4 8.5 8.8 HoldCo Current Net Debt / $1,104 $1,584 $480 $576 $500 $998 2019E EBITDA 4.3x 2.7x 1.4x 1.1x 4.4x 3.9x 2020E EBITDA 4.1 2.6 1.4 1.0 3.5 3.6 Net Debt / Firm Value 28.6% 20.1% 12.0% 11.9% 41.0% 41.5% Consolidated Statistics(2) REX @ Proportion REX as Reported(3) REX @ Proportion REX as Reported(3) REX @ Proportion REX as Reported(3) Consolidated Current Net Debt / $3,253 $2,580 $6,456 $4,933 $3,216 $2,361 $3,179 $1,068 $3,061 2019E EBITDA 6.9x 6.1x 6.0x 5.1x 5.4x 4.3x 3.8x 8.5x 6.0x 2020E EBITDA 6.9 6.0 6.0 5.0 5.3 4.3 3.4 6.1 5.5 Consolidated YE19E Net Debt / $3,173 $2,682 $6,648 $5,187 $3,734 $2,504 $4,127 $1,233 $3,197 2019E EBITDA 6.8x 6.3x 6.2x 5.3x 6.2x 4.6x 4.9x 9.8x 6.3x 2020E EBITDA 6.7 6.3 6.1 5.3x 6.1 4.6 4.4 7.1 5.8 Source: Bloomberg, FactSet, Company filings, Wall Street Research. Market data as of 7/11/2019. (1) Represents HoldCo’s proportional ownership share of distributions from OpCo. 17 (2) Consolidated Net Debt represents 100% of HoldCo EOP Net Debt plus HoldCo’s proportional ownership share of OpCo EOP Net Debt. (3) REX as equity investment, excluding proportionate REX debt and includes REX distribution in EBITDA.

Credit Comparables – HoldCo (Cont’d) 1 2 ($mm) Tallgrass HoldCo—$1,155 Term Loan Tallgrass HoldCo—$1,655 Term Loan Tallgrass HoldCo—$500 Term Loan Crestw ood Holdings SMP Holdings (Summit) Blackstone CQP HoldCo Corporate Rating (Moody’s) B1 B3 B3 B1 Corporate Rating (S&P) B+B-B- B Loans Term Loan B Term Loan B Term Loan B Term Loan B Term Loan B Term Loan B MaturityMar-2026Mar-2023May-2022Jun-2024 Ratings (Moody’s) B1 B3 B3 B1 Ratings (S&P) B+B-B- B+ Coupon L+475 L+750 L+600 L+350 Size ($mm) $1,155 $1,655 $500 $347 $294 $2,600 Recent Price 100.125 97.000 98.500 100.125 YTM (%) 7.047% 10.849% 8.941% 5.789% STW (bps) 472 bps 851 bps 660 bps 347 bps Equity Value $2,751 $6,281 $3,528 $297 $19 $6,161 Total Debt 1,155 1,655 500 343 295 2,600 (–) Cash (51) (71) (20) 0 0 0 Firm Value $3,855 $7,865 $4,008 $640 $314 $8,761 Total Debt 1,155 1,655 500 343 295 2,600 Market Equity 2,751 6,281 3,528 297 19 6,161 Total Capitalization $3,906 $7,936 $4,028 $640 $314 $8,761 HoldCo Operating Statistics(1) 2019E EBITDA $259 $592 $332 $42 $47 $504 2020E EBITDA 272 621 349 43 47 555 HoldCo Statistics Firm Value / 2019E EBITDA 14.9x 13.3x 12.1x 15.3x 6.7x 17.4x 2020E EBITDA 14.2 12.7 11.5 14.7 6.7 15.8 HoldCo Current Net Debt / $1,104 $1,584 $480 $343 $295 $2,600 2019E EBITDA 4.3x 2.7x 1.4x 8.2x 6.3x 5.2x 2020E EBITDA 4.1 2.6 1.4 7.9 6.3 4.7 Net Debt / Firm Value 28.6% 20.1% 12.0% 53.6% 93.9% 29.7% Consolidated Statistics(2) REX @ Proportion REX as Reported(3) REX @ Proportion REX as Reported(3) REX @ Proportion REX as Reported(3) Consolidated Current Net Debt / $3,253 $2,580 $6,456 $4,933 $3,216 $2,361 $814 $1,082 $9,274 2019E EBITDA 6.9x 6.1x 6.0x 5.1x 5.4x 4.3x 5.9x 7.0x 7.8x 2020E EBITDA 6.9 6.0 6.0 5.0 5.3 4.3 5.2 6.6 7.7 Consolidated YE19E Net Debt / $3,173 $2,682 $6,648 $5,187 $3,734 $2,504 $888 $948 $8,953 2019E EBITDA 6.8x 6.3x 6.2x 5.3x 6.2x 4.6x 6.4x 6.1x 7.5x 2020E EBITDA 6.7 6.3 6.1 5.3x 6.1 4.6 5.7 5.8 7.5 Source: Bloomberg, FactSet, Company filings, Wall Street Research. Market data as of 7/11/2019. (1) Represents HoldCo’s proportional ownership share of distributions from OpCo. 18 (2) Consolidated Net Debt represents 100% of HoldCo EOP Net Debt plus HoldCo’s proportional ownership share of OpCo EOP Net Debt. (3) REX as equity investment, excluding proportionate REX debt and includes REX distribution in EBITDA.

Secondary Trading Levels High Yield ($mm) Amount Ratings July 11, 2019 Issue Date Issuer Issue ($MM) Maturity Corp Issue Price YTW (yr) STW(1)Jun-2008 Rockies Express Pipeline 7.500% Sr Nts $250Jul-2038 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 113.625 6.263% (38) 389 bpsMar-2010 Rockies Express Pipeline 6.875% Sr Nts $500Apr-2040 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 110.625 5.974% (40) 356 bpsAug-2016 Tallgrass Energy LP 5.500% Sr Nts $750Sep-2024 Ba2 / BB+ /BBB- (F) Ba3 / BB+ /BBB- (F) 102.000 4.809% (22) 297 bpsSep-2017 Tallgrass Energy LP 5.500% Sr Nts $750Jan-2028 Ba2 / BB+ /BBB- (F) Ba3 / BB+ /BBB- (F) 100.000 5.500% (26) 354 bpsNov-2014 Blue Racer Midstream 6.125% Sr Nts $850Nov-2022 B1 / B+ /BB- (F) B2 / B /BB- (F) 102.000 4.553% (20) 264 bpsJun-2018 Blue Racer Midstream 6.625% Sr Nts $300Jul-2026 B1 / B+ /BB- (F) B2 / B /BB- (F) 100.125 6.595% (24) 472 bpsNov-2015 Enable Midstream Partners 3.900% Sr Nts $600May-2024 Baa3 /BBB- /BBB- (F) Baa3 /BBB- /BBB- (F) 101.250 3.601% (24) 173 bpsMar-2017 Enable Midstream Partners 4.400% Sr Nts $700Mar-2027 Baa3 /BBB- /BBB- (F) Baa3 /BBB- /BBB- (F) 100.750 4.281% (26) 227 bpsMay-2018 Enable Midstream Partners 4.950% Sr Nts $800May-2028 Baa3 /BBB- /BBB- (F) Baa3 /BBB- /BBB- (F) 104.125 4.368% (28) 230 bpsMar-2014 Enlink Midstream Partners 4.400% Sr Nts $550Apr-2024 Ba1 / BB+ /BBB- (F) Ba1 / BB+ /BBB- (F) 101.375 4.060% (24) 219 bpsMay-2015 Enlink Midstream Partners 4.150% Sr Nts $750Jun-2025 Ba1 / BB+ /BBB- (F) Ba1 / BB+ /BBB- (F) 98.250 4.491% (25) 256 bpsJul-2016 Enlink Midstream Partners 4.850% Sr Nts $500Jul-2026 Ba1 / BB+ /BBB- (F) Ba1 / BB+ /BBB- (F) 101.250 4.633% (26) 266 bpsJun-2018 EQM Midstream 4.750% Sr Nts $1,100Jul-2023 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 103.375 3.814% (23) 196 bpsJul-2014 EQM Midstream 4.000% Sr Nts $500Aug-2024 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 99.000 4.222% (24) 234 bpsNov-2016 EQM Midstream 4.125% Sr Nts $500Dec-2026 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 95.750 4.816% (26) 281 bpsJun-2018 EQM Midstream 5.500% Sr Nts $850Jul-2028 Ba1 /BBB- /BBB- (F) Ba1 /BBB- /BBB- (F) 104.625 4.846% (28) 277 bps Leveraged Loans ($mm) Ratings July 11, 2019 Issue Date Borrower Facility Amount Coupon Maturity Corp. Facility Price (%) Eff. Yld (%) Eff. Sprd (bps) Swap Yld (%)(2)Mar-2019 Tallgrass Energy Term Loan B $1,155 L+475 Mar 2026 Ba2 / B+ /BB- (F) B1 / B+ /BB- (F) 100.125 7.047% 472 bps 6.626% HoldCoJun-2018 AL Midcoast Holdings Term Loan B $650 L+550 Jun 2025 B+ /BB-(F) BB- / BB (F) 100.125 7.789% 547 bps 7.341%Jun-2019 Blackstone CQP Term Loan B $2,600 L+350 Jun 2024 B1 / B B1 / B+ 100.125 5.789% 347 bps 5.310%Dec-2018 Equitrans Midstream Term Loan B $600 L+450 Dec 2023 Ba3 / BB / BB (F) Ba3 / BB+ / BB (F) 100.500 6.686% 436 bps 6.200%Jul-2018 Stetson Midstream Term Loan B $1,000 L+425 Jul 2025 Ba3 / B+ /BB- (F) Ba3 / B+ /BB- (F) 99.625 6.649% 433 bps 6.202% JV / Low Levered OpCo Average HoldCo: 100.094 6.728% 441 bps 6.263% Sep 2017 BCP Renaissance Parent Term Loan B $1,255 L+350 Sep 2024 B1 / B+ B1 / B+ /BB- (F) 99.875 5.843% 352 bps 5.375% Mar 2013 EMG Utica Term Loan B $210 L+375 May 2020 B1 / B B1 / B+ 99.625 6.615% 429 bps 6.395% Sep 2018 Lotus Midstream Term Loan B $325 L+349 Sep 2025 Ba3 /BB- / BB (F) Ba3 / BB+ / BB+ (F) 100.000 5.809% 349 bps 5.371%Oct-2018 Northriver Midstream (Grizzly) Term Loan B $1,000 L+325 Oct 2025 Ba3 / BB+ Ba3 / BB+ 99.750 5.619% 330 bps 5.181% Sep 2017 Traverse Midstream Partners Term Loan B $1,435 L+400 Sep 2024 B2 / B+ B2 / B+ 98.750 6.603% 428 bps 6.128% Oct 2017 Utopia Pipeline Term Loan B $225 L+425 Feb 2024 — / — Ba3 /BB- 99.750 6.628% 431 bps 6.158% Permian Average JV / Low Levered OpCo: 99.625 6.186% 386 bps 5.768% Oct 2018 CapRock Midstream Term Loan B $690 L+475 Oct 2025 B2 / B / B (F) B2 / B /BB- (F) 94.875 8.087% 576 bps 7.642% May 2018 Bison Midstream Term Loan B $900 L+400 May 2025 B2 / B / B+ (F) B2 / B /BB- (F) 94.375 7.503% 518 bps 7.038% Jun 2017 EagleClaw Midstream Term Loan B $1,250 L+425 Jun 2024 B3 / B / B+ (F) B3 / B / B+ (F) 94.750 7.843% 552 bps 7.348% Feb 2018 Lucid Energy Group Term Loan B $950 L+300 Feb 2025 B2 / B / B+ (F) B2 / B /BB- (F) 95.500 6.270% 395 bps 5.799% Nov 2017 Medallion Midstream Term Loan B $700 L+325 Oct 2024 B2 / B / B+ (F) B2 / B+ / BB (F) 97.500 6.121% 380 bps 5.645% Dec 2017 Navitas Midstream Term Loan B $390 L+450 Dec 2024 B3 / B / B (F) B3 / B+ / BB (F) 96.125 7.695% 537 bps 7.220% May 2019 Oryx Midstream Term Loan B $1,500 L+400 May 2026 Ba1 / B / B+ (F) B2 / B / BB (F) 99.625 6.387% 407 bps 5.971% Other Average Permian: 96.107 7.129% 481 bps 6.666% Dec 2017 Glass Mountain Term Loan B $300 L+450 Dec 2024 B3 / B B3 / B 97.875 7.302% 498 bps 6.833% Aug 2017 Limetree Bay Terminals Term Loan B $462 L+400 Feb 2024 B1 /BB- B1 /BB- 95.500 7.501% 518 bps 7.001% Dec 2018 Par Pacific Term Loan B $250 L+675 Dec 2025 B1 / B+ B1 /BB- Thinly Traded Sep 2018 Paradigm (EIF Van Hook) Term Loan B $400 L+525 Sep 2024 B3 / B+ B3 / B+ 95.625 8.622% 630 bps 8.136% Jan 2018 Woodford Express Term Loan B $361 L+500 Jan 2025 B2 / B B2 / B+ 98.125 7.744% 542 bps 7.278% Average Other: 96.781 7.792% 547 bps 7.312% Source: Citi Trading Desk, Markit. 1) Spread to worst based on interpolated U.S. Treasury curve. 2) Based on applicable swap rates. 19

Appendix

Prairie / Tallgrass Current Capitalization Table Current Capitalization Table Facility Outstanding Availability Rate Constraints ($mm) Prairie Holdco >5.75x TGE consolidated look through leverage covenant Prairie HoldCo Term Loan B $1,155 $200(1) L+475bps (including REX @ share) equates to $1,007mm incremental debt capacity (including RCF draws) Prairie HoldCo Total $1,155 $200 REX (@ 75% Share) 2020 Senior Notes $563 — 5.625% No Dividend Blockers 2029 Senior Notes 413 — 4.950 No Dividend Blockers 2038 Senior Notes 188 — 7.500 No Dividend Blockers 2040 Senior Notes 375 — 6.875 No Dividend Blockers REX Total (@ 75% Share) $1,538 $0 Tallgrass Dividend Blockers: RCF subject to >3.75x Secured Leverage(2) / >5.50x Total Leverage(2) / <2.50x Interest Coverage(2) TGE RCF $1,349 $901 Revolver Grid equates to $1.7bn 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(2) 2028 Senior Notes 750 — 5.500 No Dividend Blockers (3) >5.75x TGE consolidated look through leverage covenant Incremental OpCo Debt Capacity — $1,007 (including REX @ share), >3.75x Secured Leverage (2) / >5.50x Total Leverage (2) / <2.50x Interest Coverage (2) Tallgrass Total(4) $3,349 $1,007 Total Consolidated Debt(4) $6,042 $1,207 Source: Company filings. (1) The aggregate principal amount of the Incremental Term Loans, together with the aggregate principal amount of Incremental Equivalent Debt, shall not exceed $200mm (the “Incremental Availability Amount”). (2) Deconsolidated at TGE metrics. Excludes REX debt and EBITDA, includes distributions from REX. 20 (3) Includes available RCF capacity. (4) Total availability shown for greater of revolver availability and amount allowed within existing OpCo covenants.

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