Forward-Lookin Looking g Statemen ements ts This presentation - PowerPoint PPT Presentation

J.P. P. Mo Morgan an 4 th th An Annua nual l Infrastruct rastructure ure / ML / MLP P 1x1 x1 Forum rum May 14, 2015 Strong. ong. Inn nnovativ tive. . Growing. g. 1

Forward-Lookin Looking g Statemen ements ts This presentation contains forward-looking statements within the meaning of the federal securities laws. Although these statements reflect the current views, assumptions and expectations of our management, the matters addressed herein involve certain assumptions, risks and uncertainties that could cause actual activities, performance, outcomes and results to differ materially than those indicated herein. Such forward-looking statements include, but are not limited to, statements about future financial and operating results, guidance, projected or forecasted financial results, objectives, project timing, expectations and intentions and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect our financial condition, results of operations and cash flows include, without limitation, (a) the dependence on Devon for a substantial portion of the natural gas that we gather, process and transport, (b) our lack of asset diversification, (c) our vulnerability to having a significant portion of our operations concentrated in the Barnett Shale, (d) the amount of hydrocarbons transported in our gathering and transmission lines and the level of our processing and fractionation operations, (e) fluctuations in oil, natural gas and NGL prices, (f) construction risks in our major development projects, (g) our ability to consummate future acquisitions, successfully integrate any acquired businesses, realize any cost savings and other synergies from any acquisition, (h) changes in the availability and cost of capital, (i) competitive conditions in our industry and their impact on our ability to connect hydrocarbon supplies to our assets, (j) operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control, (k) a failure in our computing systems or a cyber-attack on our systems, and (l) the effects of existing and future laws and governmental regulations, including environmental and climate change requirements and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in EnLink Midstream Partners, LP’s and EnLink Midstream, LLC’s filings with the Securities and Exchange Commission, including EnLink Midstream Partners, LP’s and EnLink Midstream, LLC’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Neither EnLink Midstream Partners, LP nor EnLink Midstream, LLC assumes any obligation to update any forward-looking statements contained herein. The assumptions and estimates underlying the forecasted financial information included in the guidance information in this press release are inherently uncertain and, though considered reasonable by the EnLink Midstream management team as of the date of its preparation, are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the forecasted financial information. Accordingly, there can be no assurance that the forecasted results are indicative of EnLink Midstream’s future performance or that actual results will not differ materially from those presented in the forecasted financial information. Inclusion of the forecasted financial information in this press release should not be regarded as a representation by any person that the results contained in the forecasted financial information will be achieved. 2

Non Non-GAAP AAP Fi Financia ial Informati rmation on This presentation contains non-generally accepted accounting principle financial measures that we refer to as adjusted EBITDA, gross operating margin, segment cash flow, adjusted EBITDA of EnLink Midstream Holdings (EMH) and maintenance capital expenditures. We define adjusted EBITDA as net income from continuing operations plus interest expense, provision for income taxes, depreciation and amortization expense, impairment expense, stock-based compensation, gain on noncash derivatives, transaction costs, distribution of equity investment and non-controlling interest and income on equity investment. Gross operating margin is defined as revenue minus the cost of purchased gas, NGL, condensate and crude oil. Segment cash flows is defined as revenue less the cost of purchased gas, NGLs, condensate, crude oil and operating and maintenance expenditures. Adjusted EBITDA of EMH is defined as earnings plus depreciation, provisions for income taxes and distribution of equity investment less income on equity investment. The amounts included in the calculation of these measures are computed in accordance with generally accepted accounting principles (GAAP) with the exception of maintenance capital expenditures. Maintenance capital expenditures are capital expenditures made to replace partially or fully depreciated assets in order to maintain the existing operating capacity of the assets and to extend their useful lives. We believe these measures are useful to investors because they may provide users of this financial information with meaningful comparisons between current results and prior- reported results and a meaningful measure of the Partnership’s and the General Partner's cash flow after satisfaction of the capital and related requirements of their respective operations. 3

Our ur Strat ateg egy: y: Stab abil ilit ity y Pl Plus us Growth wth Top tier midstr strea eam m energy gy service ice for our customer omers  Mastio Service Award winner in 2014 Stabil ility ty of cash h flows ws ~95% fee-based contracts   ~50% of gross operating margin from long-term Devon contracts Leverage age Devon on Energy sponsor nsorshi ship p for growth  Expect significant growth from dropdowns  Serve Devon E&P portfolio in its growth areas Strong g organic ic growth th  South Louisiana, West Texas and Ohio River Valley (ORV) expansion projects Top-ti tier er balan ance ce sheet  Investment grade credit rating at ENLK since inception Strong liquidity with a $1.5 billion credit facility  4 Note: Adjusted EBITDA and gross operating margin are non-GAAP financial measures and are explained on page 3.

The e Veh ehic icle le for r Sus usta tain inabl able e Growth wth Powered red By a Diver erse se Set et of Asse sets ts & Services ices Signi nifican icant t Size e & S & Scale le  ~ 9,100 miles of pipelines  16 gas processing plants, 3.6 Bcf/d capacity  7 NGL fractionators, 280,000 Bbl/d capacity Diversity ty of Basi sins ns  Barnett  Permian  Midcontinent: Cana & Arkoma-Woodford  Eagle Ford  Ohio River Valley: Utica & Marcellus  Louisiana: demand market (gas, NGLs) Diversity sity of Servi vice ces  Natural Gas: transport, processing, storage & mktng.  NGL: transport, fractionation, storage & mktng.  Condensate: transport, storage & mktng.  Crude: transport, storage & mktng. 5

The e Veh ehic icle le for r Sus usta tain inabl able e Growth wth: MLP Stru tructure cture with h a Premier emier Sponsor nsor Devon Ener ergy Public Corp. Unitholders NYSE: DVN (BBB+ / Baa1) ~70% ~30% EnLink nk Midstream, am, LLC ENLC ow owns 100% % of IDRs General Partner ~32% ~50% NYSE: ENLC LP LP ~1% GP ~17% LP EnLink nk Midstream am Pa Partner ers, s, LP Dist./Q Split Level Master Limited Partnership NYSE: ENLK < $0.2500 2% / 98% ~25% (BBB / Baa3) LP < $0.3125 15% / 85% GP + 75% LP < $0.3750 25% / 75% EnLink k Mids dstre tream am Holdings Q1-15 Q1 15 Dist./ ./Q: Q: (formerly Devon Midstream Holdings) > $0.3750 50% / 50% $0.3 .38 6 Note: The ownership percentages shown above are as of the date of this presentation.

The e Veh ehic icle le for r Sus usta tain inabl able e Growth wth Well Position sitioned ed with h a Strong ng Balanc ance e Sheet t  Investment grade balance sheet at ENLK (BBB, Baa3) Strong ong Balanc lance e Shee eet & Target debt / adjusted EBITDA of ~3.5x  Cred edit it Prof ofile ile Strong liquidity with $1.5 billion credit facility   ~ 95% fee-based margin Diver erse se, , Balanced cash flow (Devon ~50%)  Fee-Base ased d Cash h Flow Balanced portfolio of rich gas processing and NGL/crude oil  Total consolidated enterprise value of ~$13 billion  Substa stant ntial  Projected 2015 Combined Adjusted EBITDA: ~$740 MM Scale & Scope  Geographically diverse assets with multi-commodity exposure  Stable base cash flow supported by long-term contracts Sustai staina nable  Organic growth opportunities through Devon’s upstream portfolio Growth th Expect significant growth from drop downs  7 Note: Adjusted EBITDA is a non-GAAP financial measure and is explained in greater detail on page 3.