Citi Midstream / Energy Infrastructure Conference August 14-15, 2019 Cautionary Statements

This presentation contains forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. In particular, statements, express or implied, concerning future actions, conditions or events, future operating results or the ability to generate revenues, income or cash flow or to make distributions or pay dividends are forward- looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future actions, conditions or events and future results of operations of Tallgrass Energy, LP or Rockies Express Pipeline LLC and their respective affiliates may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond Tallgrass Energy, LP’s and Rockies Express Pipeline LLC’s ability to control or predict and are necessarily based upon various assumptions involving judgements with respect to the future. Forward-looking statements contained in this presentation specifically include, without limitation, TGE 2019 Guidance, statements regarding the expected strategy and benefits resulting from the investment in Tallgrass Energy, LP by affiliates of Blackstone Infrastructure Partners and its co-investors, the feasibility, cost, execution and in-service timing of capital and other growth and joint venture projects at Rockies Express Pipeline LLC and Tallgrass Energy, LP, and their respective affiliates, including, without limitation, the Cheyenne Connector pipeline, the Cheyenne Hub enhancements, the expansion of capacity on the Pony Express System, the Seahorse Pipeline Project, the Plaquemines Liquids Terminal Project, and the identified growth opportunities of Gathering and Processing and BNN Water Solutions, the recontracting of contracts at Rockies Express Pipeline LLC, and the 2020 projected EBITDA at Rockies Express Pipeline LLC, including its currently contracted 2020 EBITDA, its 2020 DCF and its 2020 Leverage. These statements also include, among others, Tallgrass Energy, LP’s and Rockies Express Pipeline LLC’s respective ability to complete and integrate acquisitions, implement their respective business plans and complete internal growth projects; changes in general economic conditions; competitive conditions; actions taken by third-party operators, processors and transporters; demand for natural gas transportation, storage and processing services and crude oil transportation services; price and availability of debt and equity financing; availability and price of natural gas and crude oil compared to alternative fuels; energy efficiency and technology trends; operating hazards and other risks incidental to the business; natural disasters, weather-related delays and casualty losses; interest rates; labor relations; customer defaults; changes in tax status; effects of existing and future laws and governmental regulations; effects of future litigation; and other uncertainties. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Because of these uncertainties, you are cautioned not to put undue reliance on any forward-looking statement.

This presentation does not constitute an offer to sell any securities of Tallgrass Energy, LP or its respective affiliates or a solicitation of an offer to buy any securities of Tallgrass Energy, LP or its respective affiliates.

NYSE: TGE │ www.tallgrassenergy.com 2 Non-GAAP Measures

Adjusted EBITDA (“EBITDA”), Cash Available for Dividends (“CAD”), and Distributable Cash Flow (“DCF”) are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements and financial statements of our subsidiaries and unconsolidated investments, such as industry analysts, investors, lenders and rating agencies, may use to assess:

• Our operating performance as compared to other publicly traded midstream infrastructure companies, without regard to historical cost basis or, in the case of EBITDA, financing methods; • The ability of our assets to generate sufficient cash flow to make dividends to our shareholders; • Our ability to incur and service debt and fund capital expenditures; and • The viability of acquisitions and other capital expenditure projects and the returns on investment of various expansion and growth opportunities.

We believe that the presentation of EBITDA, CAD, and DCF provides useful information to investors in assessing our financial condition and results of operations. EBITDA, CAD, and DCF should not be considered alternatives to net income, operating income, net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP, nor should EBITDA, CAD, and DCF be considered alternatives to available cash or other definitions in our partnership agreement. EBITDA, CAD, and DCF have important limitations as analytical tools because they exclude some but not all items that affect net income and net cash provided by operating activities. Additionally, because EBITDA, CAD, and DCF may be defined differently by other companies in our industry, our definition of EBITDA, CAD, and DCF may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

We generally define EBITDA as net income excluding the impact of interest, income taxes, depreciation and amortization, non-cash income or loss related to derivative instruments, non-cash long-term compensation expense, impairment losses, gains or losses on asset or business disposals or acquisitions, gains or losses on the repurchase, redemption or early retirement of debt, and earnings from unconsolidated investments, but including the impact of distributions from unconsolidated investments and deficiency payments received from or utilized by our customers. In addition, EBITDA at Rockies Express excludes the impact of other non-cash gains or losses and includes the impact of the change in contract asset, which represents the difference between the revenue recognized and the actual cash collected from the customer. We also use CAD and DCF, which we generally define as EBITDA, less cash interest costs, maintenance capital expenditures, current income tax, and certain cash reserves permitted by our governing documents. EBITDA and CAD are both calculated and presented at the Tallgrass Equity, LLC (“Tallgrass Equity”) level, before consideration of noncontrolling interest associated with the Exchange Right Holders or calculating distributions from Tallgrass Equity to us, on one hand, and to the Exchange Right Holders, on the other. We believe calculating these measures at Tallgrass Equity provides investors the most complete and comparable picture of our overall financial and operational results and provides a consistent metric for period over period comparisons that is not impacted by any future exercises by the Exchange Right Holders of the right to exchange TGE Class B Shares and Tallgrass Equity Units for an equal number of TGE Class A Shares (the "Exchange Right"), which does not have a dilutive effect on TGE's net income per share. For a reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, please see EBITDA Reconciliations in the appendix.

We are unable to project net cash provided by operating activities or net income attributable to TGE to provide the related reconciliation of projected EBITDA and CAD to the most comparable financial measures calculated in accordance with GAAP, because the impact of changes in operating assets and liabilities and the volume and timing of deficiency payments received and utilized from our customers are out of our control and cannot be reasonably predicted. We provide a range for the forecasts of EBITDA and CAD to allow for the variability in the timing of cash receipts and disbursements, customer utilization of our assets, and maintenance capital spending and the impact on the related reconciling items, many of which interplay with each other. The timing of maintenance capital expenditures is volatile as it depends on weather, regulatory approvals, contractor availability, system performance and various other items. Therefore, the reconciliation of projected EBITDA to projected net cash provided by operating activities and net income attributable to TGE and the reconciliation of projected CAD to projected net cash provided by operating activities is not available without unreasonable effort.

NYSE: TGE │ www.tallgrassenergy.com 3 Tallgrass Energy Overview

Unique platform with large scale, diversified asset base with long-term contracted cash flows

(1) • 3 FERC-regulated natural gas transportation & storage systems totaling >6,800 miles of pipe EBITDA Natural Gas 56% • Rockies Express Pipeline (“REX”): ~4.4 Bcf/d long haul capacity Transportation • Tallgrass Interstate Gas Transmission (“TIGT”) and Trailblazer Pipeline Company (“Trailblazer”): ~2.0 Bcf/d of transportation and ~16 Bcf of storage design capacity $1,035 $872 • Pony Express: 834-mile FERC-regulated crude oil pipeline system with ~400 kbbls/d of $965 Crude Oil capacity 35% Transportation • Powder River Gateway (“PRG”): 2 FERC-regulated crude oil pipelines with ~190 kbbls/d of capacity and 2 associated terminals

• Gathering and Processing: ~1,500 miles of natural gas gathering and ~190 mmcf/d of $500 processing capacity 1H 2019 Actual G&P and 9% • Water services: Fresh water transportation, recycling, and/or salt water gathering and disposal Terminalling systems across 6 active basins 2018 2019 • Terminalling: 6 terminals serving the Pony Express Crude Oil System Guidance Consolidated Footprint

Represents % of Q2 2019 Consolidated EBITDA by segment (1) Includes 75% REX distributions, 2019 reflects TGE 2019 guidance and 1H 2019 actual results. NYSE: TGE │ www.tallgrassenergy.com 4 Key Investment Highlights

Tallgrass Energy is a core midstream infrastructure company with a solid platform providing a unique combination of both stability and growth

1 Simple organizational structure, taxed as a C-corp  1 public company with no IDR burden  1099 instead of K-1

2 Stable cash flows, backed by long-term, fee-based, firm commitments  96% of Tallgrass Energy’s 2018 EBITDA was fee based  90% of Tallgrass Energy’s 2018 EBITDA was from firm fee commitments

3 History of investment in high return midstream infrastructure projects

 ~$3.6bn invested in core midstream assets from 2013 - 2018 at an average multiple of ~5.6x

4 Conservative financial profile

 Debt / EBITDA of 3.6x(1) or proportionally consolidated (REX) financial leverage of ~4.7x  Q2 2019 dividend coverage ratio of 1.35x

(1) As of 6/30/2019. Calculated in accordance with the definitions in Tallgrass Energy’s revolving credit facility. NYSE: TGE │ www.tallgrassenergy.com 5 Organizational Structure

Tallgrass’ platform combined with world class infrastructure investors’ experience and access to capital to drive ongoing stability and growth

Organizational Structure Strengths of the Blackstone Platform

 Highly reputable and experienced investor Blackstone, as a firm, has invested in over $40 billion of infrastructure-related projects globally in the last 15 years TGE Public and BIP / GIC / Enagas  The principals of Blackstone Infrastructure Partners have extensive Management experience investing in energy infrastructure assets  Strategic partnership with co-investors GIC and Enagas who (1) 100% GP Control combined have global investment portfolios worth well over $100 ~56% economic interest (1) ~44% economic interest billion across over 40 countries worldwide

Tallgrass Energy, LP Blackstone Investment Thesis (NYSE: TGE)  Blackstone views Tallgrass as a platform for additional long-term investment in critical U.S. energy infrastructure

Tallgrass Equity, LLC  Essential high-capacity, long-haul pipelines connecting prolific supply basins to key markets  Highly contracted assets backed by take-or-pay commitments  World-class team with outstanding track record to manage Tallgrass Energy Tallgrass Partners, LP  Robust backlog of high value growth projects

Operating Subsidiaries

(1) As of 6/30/2019. NYSE: TGE │ www.tallgrassenergy.com 6 Tallgrass Energy Key Accomplishments

Strong track record of organic project execution, third party M&A and capital markets access

2013 2014 2015 2016 2017 2018 2019

REX Capacity TMID Casper Pony placed into Pony Expansion Buckhorn Bakken Closed Powder River Enhancement placed Expansion service Project placed into Buckingham Terminal Water Acquisition Gateway JV, including into service service Constructed the Iron Horse and Acquired 38% interest TMID Douglas REX Signs Capacity Successful Platteville Powder River Express Extension Open in Deeprock North Pipelines Expansion Enhancement PAs Seneca Lateral Seasons Cushing Terminal Achieves REX Capacity Full Capacity Announced new Pony CES Marcellus / Utica TIGT West End Enhancement Project Acquired 51% interest REX Signs E2W PAs Refinery & Supply Water Acquisition Expansion Fully Contracted in Pawnee Terminal Connections REX Zone 3 E2W North Sterling Water NGL Bakken BIP Closed Acquisition Contract Trailblazer’s Sterling Terminal Project placed into Pipeline placed into Water Acquisition of controlling interest Redtail Lateral Constructed service 25.0% REX service in Tallgrass for $3.2bn Acquisition 25.01% REX Acquisition TMID Redtail NGL Successful Open BNN Water from Sempra Pony Northeast Pipeline Seasons for Cheyenne $550mm REX Senior Business Acquisition Connector & Colorado Lateral Open placed into service 2% Pony Acquisition Notes Offering Season Cheyenne Hub

33.3% Pony Acquisition 31.3% Pony PRB Oil Gathering PXP modifies Whiting Water Acquisition System Acquisition Contract REX’s CLR contract Business Acquisition PRB & DJ Water Seneca Lateral Trailblazer Acquisition Asset Acquisitions TGE/TEP Merger REX modifies 33.3% Pony PRB Gas Gathering 20% interest in Encana contract REX Repays $550mm REX Settles with 3 Acquisition System Acquisition Cushing Terminal MFN Shippers 2018 Notes Acquisition Acquired additional REX Settles with final 49% interest in REX Upgraded to Settle TIGT Rate Case TMID POP MFN Shipper Deeprock Investment Grade TMID Keep Whole Contract Conversion Development Credit by S&P Contract Conversion 24.99% REX Acquisition Settle Trailblazer Rate TEGP IPO TEP Revolver upsize File REX PDO For Case TEP increases Terminals and NatGas and repricing Zone 3 East-to-West Revolver to $1.75bn Operator Acquisition Transportation ~$570mm TEP follow- ~$330mm TEP follow- on Equity Offering REX reaches TEP and REX Issued on Equity Offering settlement Investment Grade TEP IPO with Ultra Credit Ratings by Fitch $400mm TEP Senior $350mm & $750mm Commence ATM REX Repays $450mm Notes Offering TEP Senior Notes $500mm TEP Senior REX Refinances Notes Equity Program 2015 Notes Offerings Notes Offering

3rd Party Drop Down Project Other Financing Acquisition Acquisition

NYSE: TGE │ www.tallgrassenergy.com 7 Financial Update and 2019 Guidance

TGE Financial Update

Q2 2019 1H 2019

Adjusted EBITDA ~$254 million ~$500 million

CAD ~$205 million ~$405 million

Coverage Ratio 1.35x 1.35x

Leverage Ratio(1) ~3.6x ~3.6x

TGE 2019 Guidance

Adjusted EBITDA $965 – 1,035 million

CAD $760 – 835 million

Coverage Ratio >1.25x

DPS Growth ~6.0% – 8.0%

(1) As of 6/30/2019. Calculated in accordance with the definitions in Tallgrass Energy’s revolving credit facility. NYSE: TGE │ www.tallgrassenergy.com 8 Consistent Infrastructure Investment

Tallgrass has made significant investments over the last 6 years to build a platform of core midstream infrastructure, and has a full slate of future projects to continue its growth trajectory

Tallgrass Energy EBITDA(1) Tallgrass Energy Invested Capital

$900 $872 $1,000 $4,000 $797 $876 $3,572 $800 $3,500 $709 $31 $700 $750 $700 $3,000 $580 $675 $600 $2,500 $500 $266 $500 $446 $429 $444 $446 $2,000 $400 $845 $292 $76 $1,500 $300 $231 $249 $200 $250 $1,000 $446 $409 $353 $100 $256 $197 $500 $0 (2) $0 $0 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 Growth Capex 3rd Party Acquisitions Cumulative Investment

Capital Investment Summary

Invested Capital $3,572 (÷) Growth EBITDA 641 Multiple on Invested Capital 5.6x

All $ in millions (1) Adjusted EBITDA amounts include Deficiency Payments. (2) Excludes $150mm Ultra settlement payment to REX. NYSE: TGE │ www.tallgrassenergy.com 9 Asset Summary

NYSE: TGE │ www.tallgrassenergy.com Summary of Segments

Sizable asset footprint which serves some of the largest, most economic domestic basins

1 Natural Gas Transportation Segment 2 Crude Oil Transportation Segment

• Consists of 3 FERC-regulated natural gas transportation & storage • Pony: 834-mile FERC-regulated crude oil pipeline system from systems (REX, TIGT and Trailblazer) Guernsey, WY / NE Colorado to Cushing, OK ▪ >6,800 miles of pipelines ▪ Total transportation capacity of ~400 kbbls/d ▪ ~6.6 Bcf/d of transportation design capacity ▪ Take or pay contracts for a total of ~310 kbbls/d • Access to multiple high-growth basins in the Rockies and • PRG: 2 FERC-regulated crude oil pipelines with ~190 kbbls/d of Appalachia, and multiple large demand centers across the capacity and 2 associated terminals northern US • REX Pipeline 3 Gathering, Processing and Terminalling Segment ▪ Placed in service in November 2009 ▪ ~1,712 miles of 42” and 36” pipeline • Processing and treating ▪ ~1.8 Bcf/d of West-to-East long-haul capacity ▪ ~1,500 miles of natural gas gathering pipeline through the core of the Powder River Basin ▪ ~2.6 Bcf/d of Zone 3 East-to-West capacity ▪ ~190 mmcf/d of processing capacity in the PRB and Wind River ▪ Contracted capacity supports stable cash flow Basin in Wyoming ▪ Access to substantially all major natural gas supply basins in the • Water business services Rocky Mountain region, Ohio and Pennsylvania corridors ▪ Fresh water transportation and salt water gathering and disposal ▪ Favorable proximity to numerous major end-use markets with systems in the DJ Basin significant demand load ▪ Water disposal and gathering in the Bakken ▪ Water disposal infrastructure in the Marcellus / Utica, PRB and Permian ▪ Effluent management operations in the Eagle Ford Shale and Permian • Terminals ▪ 6 terminals serving the Pony Express System

NYSE: TGE │ www.tallgrassenergy.com 11 Natural Gas Transportation

Asset Overview Recent Updates

 Consists of 3 FERC-regulated natural gas transportation &  Cheyenne Connector and Cheyenne Hub projects received storage systems (REX, TIGT, and Trailblazer) Environmental Assessments in December 2018. Expected in- service for both projects is Q1 2020. ▪ >6,800 miles of pipelines  TIGT reached an agreement in principle on a pre-filing rate ▪ ~6.6 Bcf/d of transportation design capacity case settlement in May 2019.  Access to multiple high-growth basins in the Rockies and Appalachia, and multiple large demand centers across the northern US

Current Footprint

(1)

(1) Cheyenne Connector expected in-service is Q1 2020. NYSE: TGE │ www.tallgrassenergy.com 12 REX Pipeline Overview

Provides natural gas transportation service for North American energy markets • Developed REX into the nation’s northernmost natural gas header system • Attractive access to both supply basins and large end user markets with significant demand load • Currently moving both Rocky Mountain and Appalachian production “Shale to Shining Shale” Zone 1 Zone 2 Zone 3 Opal Wamsutter

Kanda

Cheyenne >2.6 Bcf/d Clarington Meeker

ROCKIES EXPRESS PIPELINE Lebanon SENECA LATERAL LEASE OF OVERTHRUST CAPACITY REX COMPRESSOR STATION

Highlights

• Long-term West-end Contracts • >95% of the 2019 recontracting cash flow risk has been mitigated, ▪ >700 mmcf/d West-to-East contracted post-2019 based on FY2013 revenue ▪ Recontracting conversations with current and potential new west-end • 98% of 2018 revenue was take or pay shippers underway • Weighted Average Contract Life(1) • Cheyenne Hub ▪ East-to-West Contracts: ~14 years ▪ Contracted 600 mmcf/d for firm hub service ▪ West-to-East Contracts: ~3 years ▪ Discussing expansion opportunities with multiple shippers • Repaid $550mm of debt in July 2018 through partner ▪ Provides DJ basin gas access to REX capital contributions • East-end Incremental Contracts • 4.4 Bcf/d nameplate capacity, but have flowed up to 4.9 Bcf/d ▪ Incremental 105 mmcf/d contracted for 3-5 year terms ▪ Brings total contracted capacity on East-end to ~2.7 Bcf/d

Note: Overthrust Pipeline is owned by Dominion and consists of ~255 miles of pipeline. (1) As of 12/31/2018. NYSE: TGE │ www.tallgrassenergy.com 13 Securing Visible REX Cash Flow REX is currently expected to have ~$500mm of contracted EBITDA in 2020 with additional capacity available for renewal(1)  East End ▪ ~2.7 Bcf/d of East End volume contracted long-term(2) ▪ Evaluating additional expansion opportunities  West End ▪ >0.7 Bcf/d of West End volume contracted long-term(2) ▪ Discussing post-2019 contracting with multiple parties across multiple basins

REX 2020 Projected EBITDA REX West End Recontracting

100% TGE (75%)  Potential incremental revenue from West End REX Currently Contracted EBITDA $500(1) recontracting: (3) (–) Interest Expense (122) Volume (–) Maintenance Capital (15) (MMcf/d) REX Currently Contracted DCF $363 $272 Encana and Ultra Contracts 706 (+) Assumed Recontracting: 1,094 Case 1 Case 2 Total 1,800 Currently Contracted DCF $363 $363 (+) Recontracting Cash Flow 100 150 100% Incremental Total REX DCF (100%) $463 $513 $/Mcf REX CF TGE (75%) $347 $385 $0.250 $100 0.300 120 REX EBITDA $600 $650 Average 0.375 150 REX Leverage 3.4x 3.1x Recontracting 0.400 160 Rate 0.500 200 0.600 240

All $ in millions 0.700 280 (1) Amount estimated based on currently expected Contracted Revenue for 2020 less anticipated cash 0.800 319 operating expenses for such annual period (forecasted to be in line with the Company's historical costs). (2) As of 12/31/2018. (3) For illustrative purposes, assumes current interest expense. NYSE: TGE │ www.tallgrassenergy.com 14 Crude Oil Transportation

Current Footprint Pony System Overview • 834-mile FERC regulated crude oil pipeline system from Guernsey, WY / NE Colorado to Cushing, OK • Currently expanding system capacity to ~420 kbbls/d by late summer 2019 • Take or pay contracts for a total of ~310 kbbls/d

Updates and Growth Opportunities • 2018 throughput averaged ~336 kbbls/d and 1H 2019 throughput averaged ~342 kbbls/d • July 2019 throughput averaged ~355 kbbls/d, with August nominations of ~380 kbbls/d • Demand interconnects ▪ Holly Frontier El Dorado refinery ▪ CHS McPherson refinery • Recent supply interconnects ▪ Natoma – Access to Kansas production ▪ Platteville and Hereford Extensions – Access to additional DJ Basin production – Expected in-service for the Hereford Extension is August

Powder River Gateway Overview • Includes Powder River Express and Iron Horse pipelines and 2 associated terminals in Guernsey, WY • ~190 kbbls/d of total capacity across the systems

NYSE: TGE │ www.tallgrassenergy.com 15 Seahorse Pipeline Project

Tallgrass Energy is developing a new batch-capable, crude oil pipeline from Cushing, Oklahoma to the Gulf Coast

Asset Summary Project Design  ~700 miles; up to 30” pipeline  Initial capacity of up to 400 kbbls/d Destinations  St. James, Louisiana ▪ Interconnectivity to more than 2.5 million barrels per day of refining capacity  Plaquemines Liquids Terminal (see next page for details)  Potential direct refinery connections

Project Highlights  Currently conducting binding open season  Gives producers access to premium St. James and international markets  Provides international refinery markets with access to field production from five separate basins  Provides Pony shippers with access to WTI, LLS and Brent-based markets

NYSE: TGE │ www.tallgrassenergy.com 16 Plaquemines Liquids Terminal Project

Tallgrass Energy is developing the Gulf Coast Plaquemines Liquids Terminal (“PLT”)

Asset Summary Project Design  Storage capacity of up to 20 million bbls  Ability to load Suezmax (up to one million barrels) and VLCC (up to two million barrels) tankers

Project Highlights  Project is developed specifically for large scale export of light shale production  Gives producers access to premium international markets  Provides international refinery markets with access to field production from five separate basins  Provides Pony and Seahorse shippers with access to WTI, LLS and Brent-based markets  Strategic location provides significant logistical efficiencies over competing Gulf Coast ports in Texas and Louisiana

NYSE: TGE │ www.tallgrassenergy.com 17 Gathering & Processing Overview

Gathering and Processing Tallgrass PRB Footprint Current Assets (1)

• ~1,500 miles of natural gas gathering pipeline through the core of the PRB

• ~190 mmcf/d of processing capacity in the PRB and Wind River Basin in Wyoming

Identified Growth Opportunities

• Additional processing capacity in the PRB is permitted

• Expansion of Douglas gas gathering system

• On-going discussions with multiple producers to underwrite expansion projects

Recent Updates

• Recently signed 15-year agreement with a significant producer to gather and process future volumes

NYSE: TGE │ www.tallgrassenergy.com 18 BNN Water Solutions Overview

Water Business Services

Current Assets Bakken Assets • Freshwater transportation and saltwater gathering and disposal system in the DJ Basin • Water disposal and gathering in the Bakken • Water disposal infrastructure in the Marcellus / Utica • Water disposal infrastructure in the PRB • Water disposal infrastructure in the Permian Basin • Effluent management operations in the Eagle Ford Shale and Permian Basin Identified Growth Opportunities • Clarkelen (PRB) expansion complete • Additional expansion under construction in PRB • Additional expansion opportunities in the Permian • Continued freshwater expansion in DJ • Additional Bakken acquisitions and/or system expansions • Acquisitions to enter new basins

SW DJ Basin Assets NE DJ Basin Assets

NYSE: TGE │ www.tallgrassenergy.com 19 Terminals Overview

Tallgrass currently owns and/or operates 8 crude oil terminals positioned along the Pony Express system

Guernsey Pawnee Sterling

• ~0.4 million bbl terminal serving Powder River • Serves as injection point for NECL with ~0.3 million • Located at the point of intersection between Pony Express Pipeline bbls of storage Express’s Guernsey and Northeast Colorado Lines • ~0.5 million bbl terminal serving Iron Horse Pipeline • Serves as operational storage for Pony Express • Guernsey Terminals are part of PRG joint venture • ~1.3 million bbls of storage and TGE’s crude oil transportation segment

Buckingham Grasslands Natoma Cushing

• 4 truck unloading skids • ~0.3 million bbl terminal at Platteville • Serves as receipt point for Pony • Offload point for Pony Express ▪ Capable of receiving ~42,000 to serve Platteville Extension Express’s new Kansas supply sources • Maintains neat batches of crude bbls/d • Facilitates delivery into almost every • Expanding to add ~0.3 million bbls of other terminal in Cushing storage to serve Platteville Extension • ~4 million bbls of storage

NYSE: TGE │ www.tallgrassenergy.com 20 Tallgrass Joint Ventures

Existing Joint Venture Overview

Tallgrass’s ownership in non-wholly owned investments currently consists of the following:

Natural Gas Transportation  75% of Rockies Express Pipeline LLC  Each of Western Gas Partners and DCP Midstream have a one-time option to acquire a minority interest in Cheyenne Connector prior to in-service Crude Oil Transportation  51% of Powder River Gateway, which owns Iron Horse Pipeline, Powder River Express Pipeline, and 2 crude oil terminal facilities in Guernsey, WY Gathering, Processing and Terminalling  Water Solutions ▪ ~92% of Central Environmental Services, Inc. ▪ ~75% of BNN West Texas ▪ 63% of BNN Colorado Water  Terminals ▪ ~60% of a crude oil terminal facility in Cushing, OK ▪ 51% of a crude oil terminal facility in Pawnee, CO ▪ 100% preferred and 80% common interest in PLT

NYSE: TGE │ www.tallgrassenergy.com 21 Tallgrass Energy 2019 EBITDA and CAD Reconciliation

Summary Financial Information Three Months Ended Six Months Ended (in millions) June 30, 2019 June 30, 2019

Net income attributable to TGE $ 71.6 $ 122.2 Add: Interest expense, net(1) 40.6 80.3 Depreciation and amortization expense(1) 32.6 63.3 Distributions from unconsolidated investments 125.5 240.6 Deficiency payments, net(1) 4.4 16.6 Non-cash compensation expense 3.5 20.6 Income tax expense 22.0 39.0 Net income attributable to Exchange Right Holders 53.4 103.9 Less: Equity in earnings of unconsolidated investments (99.0) (187.5) Non-cash (gain) loss related to derivative instruments (0.2) 1.0 Adjusted EBITDA $ 254.3 $ 500.0 Less: Cash interest cost (39.1) (77.2) Maintenance capital expenditures, net(1) (10.4) (17.4) Current income tax expense(1) (0.0) (0.0) Cash Available for Dividends $ 204.8 $ 405.4 Less: Dividends to Class A (TGE) (96.8) (191.7) Dividends to Class B (Exchange Right Holders) (55.2) (109.3) Amounts in excess of dividends $ 52.9 $ 104.4 Dividend coverage 1.35x 1.35x

(1) Net of noncontrolling interest associated with less than wholly owned subsidiaries of Tallgrass Equity.

NYSE: TGE │ www.tallgrassenergy.com 22 Tallgrass Energy 2018 EBITDA and CAD Reconciliation

Summary Financial Information Year Ended (in millions, except coverage) December 31, 2018(1)

Net income $ 455.9 Net income attributable to noncontrolling interests (235.2) Net income attributable to TGE 220.8 Add: Interest expense, net 133.3 Depreciation and amortization expense(2) 109.7 Distributions from unconsolidated investments 387.1 Deficiency payments, net(2) 21.8 Non-cash compensation expense 10.7 Loss on debt retirement 2.2 Distributions received by Tallgrass Development(3) 11.5 Income tax expense 67.4 Net income attributable to Exchange Right Holders 229.0 Less: Equity in earnings of unconsolidated investments (306.8) Gain on disposal of assets(2) (10.7) Non-cash gain related to derivative instruments(2) (4.3) Adjusted EBITDA $ 871.9 Less: Cash interest cost (128.0) Maintenance capital expenditures, net(2) (21.0) Cash Available for Dividends $ 723.0 Less: Dividends to Class A (TGE) (266.4) Dividends to Class B (Exchange Right Holders) (251.7) Distribution to TEP public unitholders (46.4) Amounts in excess of dividends $ 158.5 Dividend coverage 1.28x

(1) Indicated amounts presented for the year ended Dec. 31, 2018, are on a pro forma basis assuming that the merger transaction with TEP had closed on Jan. 1, 2018. (2) Net of noncontrolling interest associated with less than wholly owned subsidiaries of Tallgrass Equity. (3) Represents distributions received by Tallgrass Development from its (i) 25.01 percent membership interest in REX from Jan. 1, 2018 to Feb. 6, 2018 and its (ii) 2 percent membership interest in Pony Express from Jan. 1, 2018 to Jan. 31, 2018 NYSE: TGE │ www.tallgrassenergy.com 23 Tallgrass Energy EBITDA Reconciliation

Summary Financial Information Year Ended December 31, 2017 2016 2015 2014 2013 Tallgrass Energy Partners, LP ("TEP") (1) (in millions) Net income attributable to partners 434.0 270.5 172.9 77.1 15.1 Add: Interest expense, net of noncontrolling interest 83.5 40.7 15.5 7.6 11.0 Depreciation and amortization expense, net of noncontrolling interest 92.5 88.1 77.1 45.7 37.9 Distributions from unconsolidated investments 306.6 78.6 4.6 2.0 - Non-cash compensation expense 8.7 5.8 5.1 5.1 1.8 (Gain) loss from disposal of assets, net of noncontrolling interest (0.7) 1.8 4.8 - 0.4 Non-cash loss (gain) related to derivative instruments, net of noncontrolling interest 0.2 1.5 - (0.2) - Deficiency payments, net of noncontrolling interest 27.2 33.5 16.5 5.4 - Loss on extinguishment of debt - - 0.2 - 17.5 Less: Equity in earnings of unconsolidated investments (237.1) (54.5) (2.8) (1.6) - Gain on remeasurement of unconsolidated investment (9.7) - - (9.4) - Non-cash loss allocated to noncontrolling interest - - (9.4) (10.2) - TEP Adjusted EBITDA 705.2 466.0 284.7 121.6 83.7

Tallgrass Development, LP ("TDEV") (2) Net income 169.1 192.7 178.1 89.8 158.5 Add: Interest expense, net - - 7.8 38.8 33.3 Depreciation and amortization expense 3.9 3.5 2.6 1.9 0.2 Distributions from unconsolidated investments 222.9 272.8 337.7 223.7 168.3 Non-cash loss (gain) related to derivative instruments 1.9 (1.3) - - - Loss on extinguishment of debt - - 18.9 - 0.1 Gain on deconsolidation of TEP - - - - (96.6) Less: Equity in earnings of unconsolidated investments (173.4) (194.2) (210.3) (146.2) (105.4) TDEV Adjusted EBITDA 224.4 273.4 334.9 208.1 158.6 Less: Distributions to TEP & TDEV from REX' Ultra Resources settlement (112.9) - - - - Distributions to TDEV from TEP (19.8) (30.8) (39.2) (37.5) (11.4) Tallgrass Energy Adjusted EBITDA (3) 796.9 708.7 580.4 292.2 230.9

(1) The financial results for all periods presented in the TEP table have been recast to include the applicable results of operations of Trailblazer Pipeline Company LLC, the initial 33.3 percent membership interest in Tallgrass Pony Express Pipeline, LLC ("Pony Express"), Tallgrass Terminals, LLC, and Tallgrass NatGas Operator, LLC. The acquisitions of an additional 33.3 percent and 31.3 percent membership interest in Pony Express effective Mar. 1, 2015 and Jan. 1, 2016, respectively, are presented prospectively from the dates of acquisition, and as a result, financial information for periods prior to Mar. 1, 2015 and Jan. 1, 2016, have not been recast to reflect the additional 33.3 percent and 31.3 percent membership interests. (2) The financial results for the periods presented in the TDEV table include the applicable results of operations of (i) a 50 percent membership interest in Rockies Express Pipeline, LLC ("Rockies Express") from Jan. 1, 2013 to Mar. 31, 2017 and a 25.01 membership interest in Rockies Express from Apr. 1, 2017 to Dec. 31, 2017 and (ii) a 66.6 percent membership interest in Pony Express from Jan. 1, 2013 to Feb. 28, 2015, a 33.3 percent membership interest in Pony Express from Mar. 1, 2015 to Dec. 31, 2015, and a 2 percent membership interest from Jan. 1, 2016 to Dec. 31, 2017. (3) Represents EBITDA across the Tallgrass Energy Family of Companies. NYSE: TGE │ www.tallgrassenergy.com 24 Tallgrass Energy Q2 2019 Segment EBITDA Reconciliation

Summary Financial Information(1) Three Months Ended June 30, 2019 Natural Gas Transportation (in millions) Operating income $ 17.0 Add: Depreciation and amortization expense 5.0 Distributions from unconsolidated investment(2) 121.7 Other income, net 0.6 Segment Adjusted EBITDA $ 144.3

Crude Oil Transportation Operating income $ 69.0 Add: Depreciation and amortization expense 13.7 Distributions from unconsolidated investment(3) 2.1 Deficiency payments, net 5.1 Segment Adjusted EBITDA $ 90.0

Gathering, Processing & Terminalling Operating income $ 12.0 Add: Depreciation and amortization expense(4) 12.8 Distributions from unconsolidated investment(5) 1.7 Less: Adjusted EBITDA attributable to noncontrolling interests (1.2) Non-cash gain related to derivative instruments (0.2) Deficiency payments, net(4) (1.1) Other expense, net (0.0) Segment Adjusted EBITDA $ 23.9

(1) Segment reporting does not include corporate general and administrative costs or intersegment eliminations. (2) Includes 75% of REX. (3) Includes 51% of PRG. (4) Net of noncontrolling interest associated with less than wholly owned subsidiaries of Tallgrass Equity. (5) Includes 51% of Pawnee Terminal. NYSE: TGE │ www.tallgrassenergy.com 25