PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of General Partner Equity Issuance GPs Historically Have Issued Limited Equity Aside Last 10 Years From Simplification Transactions 509 % 7 % 178 % 15 % 157 % 102 % 100 % 21 % 10 % 2 % KMI 1 CEQP TRGP 2 SEMG 3 OKE AROC NSH TEGP 4 ETE 5 ENLC 6 EQGP WGP Initial Share Count¹ Net Shares Issued Pre-Simplification Shares Issued for Simplification Shares Issued Post Simplification Prior to its simplification, KMI issued equity in 2012 to fund its acquisition of El Paso Prior to its simplification, TEGP issued equity in 2018 to acquire privately-held Tallgrass Development Company – but announced a strategic review of its structure concurrent with the issuance ETE issued equity in 2012 as part of its merger with Southern Union and in 2017 to fund the purchase of newly-issued Energy Transfer Partners common units ENLC issued equity in 2016 to fund its acquisition of Tall Oak Midstream (acquired jointly with ENLK) 1 4 Prior to its simplification, TRGP issued equity in 2014 to fund its acquisition of Atlas Energy 2 5 Prior to its simplification, SEMG issued equity in 2016 to repay debt and for general corporate purposes 3 6 Source: Company filings, press releases, and Bloomberg market data as of 23-Apr-2018 1 Reflects share count as of Q1 2008 or at as of the first quarterly or annual filing post-IPO. 400 % 130 % 192 %199 %197 % 316 % 286 % 7 % 247 % 15 % 155 % 31 % 29 % 2 % 89 % 82 % 61 % 121 %110 % 33 % 9 % 56 % 1 % 45 % 32 % 18 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % GP HoldCos Issue Almost No Equity Aside From Simplifications Simplification Completed Traditional MLP/IDR Structure Simplification Announced