Baird Investment Banking Pitch Book

CASE STUDY: TALLGRASS SIMPLIFICATION (CONT.) Structural Overview PRE-SIMPLIFICATION -58,1mm Class A Shares (-31% interest) TEP Public Investors TEGP Public Investors 47.6mm LP Units (-65% LP Management, EMG, Kelso, and Minority Investors 126.7mm Class B Shares (69% non-economic interest) Tallgrass Energy GP, LP (NYSE: TEGP) -58.1mm units (31% economic interest) Tallgrass Equity LLC ("Tallgrass Equity") 25.6mm LP Units (-35% LP interest), 1.1% GP interest, IDRS Tallgrass Energy Partners, LP (NYSE: TEP) Operating Subsidiaries 25.01% interest +126,7mm units (-69% economic interest) REX POST-SIMPLIFICATION -153.2mm Class & Shares (-55% interest) (3) Source: Tallgrass acquisition press release dated March 26, 2018. Current TEGP shareholders will own 58.1 MM shares (-21% interest), Current TEP unitholders will own 95.2 MM shares (-34% interest). TGE Public Investors Confidential Management, EMG, Kelso, and Minority Investors 126,7mm Class B Shares (-45% non-economic interest) Tallgrass Energy, LP (NYSE: TGE) 100% interes -153.2mm units (55% economic interest) Tallgrass Equity LLC ("Tallgrass Equity") Tallgrass Energy Partners, LP Operating Subsidiaries (including 75% of REX) BAIRD 126.7mm units (-45% economic interest) Project Bronco | Page 10

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