4th Annual NGLs Conference September 2014

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Topics for Discussion

Blue Racer Overview Executing the Plan Residue Takeaway Challenges and Solutions NGL Takeaway Challenges and Solutions Handling Condensate A Look to the Future

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Company Overview Formation of Blue Racer

Blue Racer Midstream, LLC Blue Racer is an equal partnership between Dominion Resources and Caiman Energy II

Leveraged Dominion’s existing presence in Ohio and West Virginia with Caiman’s access to capital ($800 MM)

Lays perfectly over the Utica Shale

Attractive Asset Base

Rich gas gathering, NGL gathering Natrium Processing and Fractionation Anchor customers committed to long term,

demand fee contracts System could be expanded to gather and

process at least 2 Bcf/day

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Inception – Q3 2014

Immediately available and cost effective midstream capacity

~690 miles of gas and NGL pipelines

Natrium Processing & Fractionation Complex

400+ MMcf/d processing capacity

47,000 Bbl/d C2+ fractionation capacity

Ready inventory of growth projects

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Expanding Infrastructure Q3 2014 – EOY 2015

Over $1.4 billion in CapEx approved/ under construction

Expanding the gathering system

950 miles of gas, NGL and condensate pipelines

Berne 1 & 2 cryogenic processors expected to be completed by Q4 ’14 and Q2 ’15, respectively

Strategically locating plants along the system

Next Processing facility at Lewis

1.0+ Bcf/d processing capacity

Expanding Fractionation at Natrium

125,000 Bbl/d frac capacity

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Natrium Complex

Natrium I Processing & Fractionation Complex - May 2013

Natrium II Processing Plant - April 2014.

400+ MMcf/d of Processing Capacity

125,000 Bbls/d fractionation capacity – April 2015

Pipeline connectivity

Rail and trucking facilities

Barge loading facilities

Condensate – 2,500 Bbls/d of onsite stabilization

Multiple Residue Options – Existing and Future:

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Berne Complex Berne I & II are under construction.

1st 200+ MMcf/d - expected November 2014 completion

2nd 200+ MMcf/d - expected April 2015 completion

Expandable to 600+ MMcf/d

10,000 Bbls/day stabilization

Multiple Residue Options – Existing and Future

Condensate NGL Transportation:

NGLs – transportation via pipeline to Natrium for fractionation

Condensate – transportation to Natrium for fractionation, rail or barge loading

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Areas for Growth Significant upside opportunity as producers

continue to expand operations in the Utica & Marcellus

Prospective rich acreage Significant opportunity to provide

midstream solutions, specifically in the RED areas outlined in the chart

Prospective condensate gathering

Utica condensate window has provided robust early results

BRM strategically located assets and stabilization should allow for growth, specifically in the GREEN area outline in the chart

Prospective lean acreage BRM provides access to highly

productive lean Utica acreage outlined in BLUE in the chart

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Natural Gas - Historical Import Region Southwest Production

TETCO Tennessee Gas Transco

Appalachian Production

Dominion Columbia

Rockies Production

Rex Canadian Production

Iroquois Canadian Gas

Dominion

Cove Point LNG Import

Source: Bentek Energy; Investor Presentations

10 Source: Bentek Energy; Investor Presentations 10

MIDWEST Rex, Dominion, TET,

Rover

The New Normal

Reversal of historical basis Supply growth will convert

northeast to a net supplier domestically vs net consumer

Transmission systems are reversing flows to accommodate movement away from region

Expansion projects are all designed to move gas away from the region

Export conversion of Cove Point adds international market access

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Blue Racer Residue Options Natrium/Clarington

Dominion Transmission (DTI) Dominion East Ohio (DEO) Texas Eastern (TETCO) Rockies Express (REX) Columbia (TCO) EQT (EQT) ET Rover (ETC)

Berne Texas Eastern Rockies Express ET Rover TCO

Lewis Dominion Transmission Dominion East Ohio Tennessee Gas (TGP) ET Rover

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Pennsylvania

West Virginia

New York

Ohio

Ontario

Virginia

Addressing the Ethane Issue

Mariner East I

Mariner West (Sunoco)

Transport ethane from MW Houston Complex to Sarnia

Mariner East I (Sunoco)

Transport product from MW Houston Complex to Marcus Hook, PA export terminal

Propane 2H 2014; EP in 1H 2015

ATEX Express (Enterprise) Transport ethane from PA to Mont

Belvieu

Proposed Local Markets Shell Ethane Cracker – PA

80 MBbl/d planned capacity 5 year build out

Braskem Ethane Cracker – WV 60+ MBbl/d planned capacity 5 year build out

Shell

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NGLs: Additional/Proposed Solutions

Kinder Morgan Utopia Ethane/Propane to Sarnia

ATEX Propane Expansion Project on hold

Bluegrass (Williams/Boardwalk) Deliver mixed NGLs to

fractionation and storage facilities in LA

Export facility also being developed

Project on hold

Kinder Morgan Gulf Coast NGL 200 MBbl/d C2+ NGL pipeline

from Tuscarawas Co., OH to Gulf Coast

Conversion of 900 miles plus new build

Expandable to 400 MBpd

West Virginia

New York

Ohio

Ontario

Virginia

Mariner East II

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Blue Racer NGL Outlets Ethane

Connection to ATEX via G-150 Future Conversion to Propane

Connection to Mariner East I via interconnect with WPZ/OVM

Currently negotiating agreements to deliver ethane to potential local market ethane crackers

Propane Connection to TEPPCO Via G-150 Connection to Mariner East II via G-150 On-site rail loading On-site truck loading

Butane Connection to Mariner East II via G-150 On site rail loading On-site truck loading

Natural Gasolines/Condensate On-site rail loading On-site barge loading On-site truck loading

TEPPCO/ATEX

ME2

Mariner West

G-150

OVM

Natrium to Oak Grove

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Blue Racer NGL Arrangements

Create Access to Diverse Markets and Pricing What we have done to date

ATEX Contract (Ethane) ME2 Contract (Propane/Butane) BP Contract (Propane/Butane) Confidential Export Contract (Ethane) Cracker Solutions

Braskem Appalachian Resins Shell

Constructing Natrium to Oak Grove Converting G-150 to C3/C4 Service

Various Rail Markets – C3 – C5

2,000 dedicated cars

Upcoming Barge Markets – Condensate, C5 April, 2015

Utica Condensate is a Challenge Understanding the Quality of the

Product at the Wellhead – Gravity – RVP – Composition

Understanding Where/How to Stabilize – Decentralized – Centralized

Transportation Options Blue Racer is experienced in

handling Utica condensate

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BRM Condensate Solutions

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Building separate condensate lines 2-phase flow is not an option

Constructing centralized stabilization at Berne and Natrium Wellhead stabilization is

ineffective and expensive Very volatile

Constructed condensate line from

Berne to Natrium Access to Fractionation Multiple transportation options

Rail Barge Truck

Continuing to seek alternative pipeline outlets

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A Look to the Future > 1100 miles of Gas, NGL and Condensate

pipelines ~ 1.6 Bcf/day processing capacity

Natrium Berne Lewis Clarington Belmont?

~ 200,000 Bbls/day Frac Capacity Natrium Lewis

Multiple Residue Options Tetco, Tennessee, Rockies Express, Rover TCO, EQT Dominion (DEO/DTI)

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Appendix

4th Annual NGLs Conference September 2014

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The Pipelines are Coming: Creating the Necessary Residue Takeaway

Residue Infrastructure

Pipeline Project Capacity (MMcfd) Receipt Points Delivery Points In-Service

TETCO OPEN 550 Kensington to TETCO Egan Hub, LA Q2 2015

Rockies Express Clarington West 1,600 Seneca lateral; Clarington Lebanon, OH, Midwest Q2 2017

Tennessee Broad Run 200 Cobb, WV TN 100/500 laterals Q4 2017

TCO Utica Access 200 Unspecified Unspecified Q4 2016

ETP Rover 3,200 Berne, Seneca, Clarington Defiance, OH Q4 2016

Columbia Leach Express 1,500 Majorsville TCO (Columbus) Q4 2017

EQT Ohio Valley Connector 1,500 EQT Mainline; Mobley Clarington, OH Q2 2016

EQT MVP 2,000 EQT Mainline; Ohio Valley Project Transco Sta. 165 (VA) Q4 2018

DTI Atlantic Coast 1,500 Harrison Co., WV Lumberton, NC Q4 2018

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NGLs: Where do we NEED to go? Northeast is Oversupplied

Local ethane market developing

Natural Gasoline – Canada Propanes/Butanes – Where? The export market changes the need for where new production has to go

East Coast vs. Gulf Coast

Reduced pipeline transportation cost Mont Belvieu is about three times

the distance Repurposed pipeline options to Gulf

Coast help rate potential

East Coast closer to Europe

Both have comparable shipping

rates to Asia Pacific (via Panama Canal)

East Coast $0.07-$0.10 / Gallon

Pennsylvania

West Virginia

New York

Ohio

Ontario

Virginia

Local Demand?

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Propane Supply – Where is the Market?

Export Markets will become increasingly important for North American producers − International demand growth in Asia, Europe and Latin America

− North American supply only real net supply increase

Regional Propane Balances [MBbl/d]2008 2009 2010 2011 2012 2013E 2014E 2015E

Asia Pacific (489) (536) (552) (581) (616) (641) (712) (872)Middle East 516 461 487 572 561 575 562 567NW Europe 0 10 (37) (74) (36) (37) (44) (45)Mediterranean (48) (48) (80) (79) (95) (100) (102) (110)Africa 71 63 75 69 70 71 70 71F. Soviet Union 15 36 51 42 30 20 24 21N. America (54) 3 41 11 101 172 378 525Latin America (1) (12) (40) (41) (49) (51) (47) (51)

Global 12 (24) (54) (81) (21) 9 129 107