Investor Presentation Highlights Forward-Looking Statements

Investor Presentation
August 2016

Forward-looking Information
Certain matters contained in this presentation include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections
provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical fact, included in this presentation including the prospects of our industry, our anticipated financial performance,
our anticipated annual dividend growth rate, management's plans and objectives for future operations, planned capital expenditures, business prospects, outcome
of regulatory proceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that the expectations reflected in
these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are
subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in
these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the closing, expected timing, and benefits of the
proposed transaction pursuant to which SemGroup Corporation (“SemGroup”) will acquire all of the outstanding common units of its subsidiary, Rose Rock
Midstream, L.P. (“Rose Rock”), not already owned by SemGroup; the ability of SemGroup to generate sufficient cash flow from operations to enable it to pay its debt
obligations and its current and expected dividends or to fund its other liquidity needs; insufficient cash from operations following the establishment of cash reserves
and payment of fees and expenses for Rose Rock to pay current, expected or minimum quarterly distributions; any sustained reduction in demand for, or supply of,
the petroleum products we gather, transport, process, market and store; the effect of our debt level on our future financial and operating flexibility, including our
ability to obtain additional capital on terms that are favorable to us; our ability to access the debt and equity markets, which will depend on general market conditions
and the credit ratings for our debt obligations and equity; the loss of, or a material nonpayment or nonperformance by, any of our key customers; the amount of cash
distributions, capital requirements and performance of our investments and joint ventures; the amount of collateral required to be posted from time to time in our
purchase, sale or derivative transactions; the impact of operational and developmental hazards and unforeseen interruptions; our ability to obtain new sources of
supply of petroleum products; competition from other midstream energy companies; our ability to comply with the covenants contained in our credit agreements and
the indentures governing our senior notes, including requirements under our credit agreements to maintain certain financial ratios; our ability to renew or replace
expiring storage, transportation and related contracts; the overall forward markets for crude oil, natural gas and natural gas liquids; the possibility that the
construction or acquisition of new assets may not result in the corresponding anticipated revenue increases; changes in currency exchange rates; weather and other
natural phenomena, including climate conditions; a cyber attack involving our information systems and related infrastructure, or that of our business associates; in
the case of SemGroup, the risks and uncertainties of doing business outside of the U.S., including political and economic instability and changes in local
governmental laws, regulations and policies; costs of, or changes in, laws and regulations and our failure to comply with new or existing laws or regulations,
particularly with regard to taxes, safety and protection of the environment; the possibility that our hedging activities may result in losses or may have a negative
impact on our financial results; general economic, market and business conditions; as well as other risk factors discussed from time to time in each of SemGroup’s
and Rose Rock’s documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this presentation which reflect management's opinions only as of
the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
SemGroup and Rose Rock Midstream use their Investor Relations website and social media outlets as channels of distribution of material company information.
Such information is routinely posted and accessible on our Investor Relations websites at ir.semgroupcorp.com and ir.rrmidstream.com.
Both companies are present on Twitter and LinkedIn, follow us at the links below:
SemGroup Twitter and LinkedIn Rose Rock Midstream Twitter and LinkedIn
2

In connection with the proposed merger of SemGroup and Rose Rock, SemGroup filed a registration statement on Form S-4 with the Securities and Exchange
Commission (the "Commission") that includes a joint solicitation statement/prospectus and other relevant documents concerning the proposed transaction. YOU
ARE URGED TO READ THE JOINT SOLICITATION STATEMENT/PROSPECTUS AND THE OTHER RELEVANT DOCUMENTS FILED WITH THE
COMMISSION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT SemGroup, Rose Rock AND THE PROPOSED TRANSACTION. The joint
solicitation statement/prospectus and the other documents filed with the Commission may be obtained free of charge at the Commission’s website, www.sec.gov.
In addition, you may obtain free copies of the joint solicitation statement/prospectus and the other documents filed by SemGroup and Rose Rock with the
Commission by requesting them in writing from SemGroup Corporation, Two Warren Place, 6120 S. Yale Avenue, Suite 700, Tulsa, Oklahoma 74136-4216,
Attention: Investor Relations, or by telephone at (918) 524-8100, or from Rose Rock Midstream, L.P., Two Warren Place, 6120 S. Yale Avenue, Suite 700, Tulsa,
Oklahoma 74136-4216, Attention: Investor Relations, or by telephone at (918) 524-7700.
SemGroup and Rose Rock and their respective directors and executive officers may be deemed under the rules of the Commission to be participants (as defined in
Schedule 14A under the Exchange Act) in respect of the proposed transaction. Information about SemGroup’s directors and executive officers and their ownership
of SemGroup common stock is set forth in SemGroup’s proxy statement on Schedule 14A filed on April 13, 2016 with the Commission. Information about the
directors and executive officers and their ownership of RRMS common units representing limited partnership interests is set forth in Rose Rock’s Annual Report on
Form 10-K for the year ended December 31, 2015 filed on February 26, 2016 with the Commission. Information regarding the identity of the potential participants,
and their direct or indirect interests in the proposed transaction, by security holdings or otherwise, is contained in the joint solicitation statement/prospectus and
other materials filed by SemGroup with the Commission, as amended from time to time. Stockholders may obtain additional information about the interests of the
directors and executive officers in the proposed transaction by reading the joint solicitation statement/prospectus.
3
Where You Can Find Additional Information

Non-GAAP Financial Measures
SemGroup
Adjusted EBITDA and cash available for dividends are not U.S. generally accepted accounting principles (GAAP) measures and are not intended to be used in lieu
of GAAP presentation of net income (loss). Adjusted EBITDA and cash available for dividends are presented in this presentation because SemGroup believes they
provide additional information with respect to its performance. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization,
adjusted for selected items that SemGroup believes impact the comparability of financial results between reporting periods. Although SemGroup presents selected
items that it considers in evaluating its performance, you should also be aware that the items presented do not represent all items that affect comparability
between the periods presented. Variations in SemGroup’s operating results are also caused by changes in volumes, prices, exchange rates, mechanical
interruptions and numerous other factors. These types of variances are not separately identified in this presentation. Cash available for dividends is based on
Adjusted EBITDA, as described above, adjusted to exclude the earnings of our subsidiary, Rose Rock Midstream, cash income taxes, cash interest expense and
maintenance capital expenditures and include cash distributions received from Rose Rock Midstream. Because all companies do not use identical calculations,
SemGroup’s presentations of Adjusted EBITDA and cash available for dividends may be different from similarly titled measures of other companies, thereby
diminishing their utility.
Rose Rock Midstream
This presentation includes the non-GAAP financial measures of Adjusted gross margin, Adjusted EBITDA and distributable cash flow, which may be used
periodically by management when discussing our financial results with investors and analysts. Adjusted gross margin, Adjusted EBITDA and distributable cash
flow are presented as management believes they provide additional information and metrics relative to the performance of our business.
Operating income (loss) is the GAAP measure most directly comparable to Adjusted gross margin, net income (loss) and cash provided by (used in) operating
activities are the GAAP measures most directly comparable to Adjusted EBITDA, and net income (loss) is the GAAP measure most directly comparable to
distributable cash flow. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures.
These non-GAAP financial measures have important limitations as analytical tools because they exclude some, but not all, items that affect the most directly
comparable GAAP financial measures. You should not consider Adjusted gross margin, Adjusted EBITDA or distributable cash flow in isolation or as substitutes
for analysis of our results as reported under GAAP. Because Adjusted gross margin, Adjusted EBITDA and distributable cash flow may be defined differently by
other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies,
thereby diminishing their utility.
Management compensates for the limitation of Adjusted gross margin, Adjusted EBITDA and distributable cash flow as analytical tools by reviewing the
comparable GAAP measures, understanding the differences between Adjusted gross margin, Adjusted EBITDA and distributable cash flow, on the one hand, and
operating income (loss), net income (loss) and net cash provided by (used in) operating activities, on the other hand, and incorporating this knowledge into its
decision-making processes. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating our
operating results.
4

Positioned for Long-Term Value Creation
Strong balance sheet, sound business model, clear strategic growth plan
 Visibility to incremental secure cash flow from Maurepas Pipeline in early 2017
 Pursuing high-return organic growth around existing footprints and strategic acquisitions
 Managing for “lower for longer” commodity price environment with focus on diversifying
for a more balanced midstream portfolio
 Enhanced credit profile, dividend growth beyond 2016 and lower cost of capital to support
growth targets
5

Pro Forma SemGroup Positioned for Long-Term Success
 Immediately accretive to SemGroup shareholders
 Targeting pro forma 8% compound annual dividend growth rate and dividend coverage of
over 1.5x through 2018
 Increased retained cash flows strengthens dividend growth outlook and provides
financial flexibility to execute on strategic growth plan
 Strengthens outlook in a “lower for longer” environment
 SemGroup expected to benefit from an improved cost of and access to capital
 C-Corp structure expected to attract a broader universe of investors
 Increased public float of SemGroup will raise trading liquidity
 SemGroup will receive tax benefits from the asset step-up and, combined with current
NOLs, does not anticipate being a significant U.S. cash taxpayer through 2020(1)
 Ownership of 100% of Rose Rock’s EBITDA
 One public entity with simplified governance
 Allows SemGroup to maintain expected leverage levels going forward; targeting leverage
of 4.5x or better
 Expected to be viewed ratings positive by ratings agencies
 No significant debt maturities until 2021
Improved Credit
Profile
Value Enhancing
& Stronger
Long-Term Growth
Outlook
Simplified
Structure
Improved Cost of
Capital and Capital
Markets Access
(1) Assumes projected accelerated tax depreciation for future capital expenditures and no significant acquisitions or
divestments during the forecast period
6

SemGroup Company Strengths
88% of total LTM gross margin from fixed-fee based cash flows
35% of total LTM gross margin secured by take-or-pay contracts
17%
65%
18%
30%
55%
15%
74%
14%
12%
19%
68%
13%
$0
$100
$200
$300
$400
$500
$600
2014 2015 LTM
($ in millions)
Take or Pay Fixed Fee (non TOP) POP/Marketing
64%
23%
13%
59%
30%
11%
53%
35%
12%
More than 70% of SemGroup's revenue is derived from
investment grade counterparties
Investment Grade Non-Investment Grade
29%
71%
(1)
Stable Cash Flows Counterparty Strength(1)(2)
SemGroup derives a significant portion of its margin from fixed-fee contracted arrangements
with strong counterparties; SemGroup is well-positioned to drive future growth
(1) LTM June 30, 2016
(2) Counterparty ratings LTM June 30, 2016 excludes SemLogistics and SemMaterials Mexico
7

Illustrative Pro Forma Organizational Structure
SemGroup Status Quo SemGroup Pro Forma
GP &
IDRs +
20.7mm
LP units
16.3mm
units(1)
Rose Rock
Rose Rock
Unitholders
SemGroup
Shareholders
SemGroup
Rose Rock Operating
Subsidiaries
SemGroup Operating
Subsidiaries
100%
SemGroup
SemGroup
Shareholders
SemGroup Operating
Subsidiaries
Rose Rock and Rose
Rock Operating
Subsidiaries
Transaction simplifies SemGroup’s corporate structure
SemGroup
acquires
Rose Rock
public units
100%
(1) Includes unvested restricted units
8

Crude and Gas Assets in Key Growth Areas
9

Crude Business Overview
White Cliffs Pipeline – 51% ownership
 DJ Basin to Cushing, OK
 Two 527-mile, 12-inch pipelines
 150,000 bpd current capacity
 Expanding capacity to approximately 215,000 bpd
– Expected completion third quarter 2016
Wattenberg Oil Trunkline
 75-mile, 12-inch pipeline and storage in DJ Basin
 Transports Noble Energy production to White Cliffs
 360,000 barrels of storage capacity
Platteville Truck Unloading Facility
 30-lane truck unloading facility
 Origin of White Cliffs Pipeline
Tampa Pipeline
 16-mile, 12-inch pipeline from Platteville to Tampa, CO rail facility
DJ Basin
10

(1) Average remaining contract life as of 6/30/2016
(2) Average Rate ($/bbl)
(3) FERC Filing No. 4.2.0
(4) Shipper receives credit for the committed volumes towards their uncommitted volume incentive rate
White Cliffs Pipeline Contract & Rate Structure
11
Committed Take or Pay Volumes
Origination Volumes (bpd) Rate ($/bbl)
Wtd. Avg.
Remaining
Contract Life(1)
Platteville, CO 72,000 $5.20 ~ 3.5 years
Healy, KS 5,000 $2.09 ~ 5.1 years
77,000 $5.00(2)
~ 3.7 years
Uncommitted Volumes(3)
Volumes (bpd) Incentive Rate ($/bbl)
0 – 9,999 $4.90
10,000 – 19,999 $4.65
20,000 – 29,999 $4.40
30,000 – 39,999 $4.15
40,000 – 49,999 $3.90
50,000 and up $3.65
Shipper Example - 1 Month
51,000 bpd shipped during the month, 10,000 of those barrels are committed volumes
Below is an example the shipper’s tariff structure
Total Volumes
(bpd)
Rate ($/bbl)
Committed
Volumes
10,000 $5.20
Uncommitted
Volumes
41,000 $3.65(4)
51,000 $4.43(2)
All Uncommitted Volumes Shipped At Lowest Applicable Incentive Rate

Crude Business Overview
Cushing Storage
 7.6 million barrels of storage
 82% under long-term fixed fee contracts with first
expiration 2017
 2016 average storage rate of $0.34 per month
 Connectivity to all major inbound/outbound pipelines
Kansas/Oklahoma System
 390-mile gathering and transportation pipeline system
 Connects to third-party pipelines, Kansas and
Oklahoma refineries and Cushing terminal
 More than 630,000 barrels of storage capacity
Oklahoma/Kansas Assets
Field Services
Crude Oil Trucking Fleet
 Fleet of more than 270 crude oil transport trucks
 Servicing the Bakken, DJ/Niobrara, Eagle Ford,
Granite Wash, Mississippi Lime, Permian and Utica
plays
12
Glass Mountain Pipeline – 50% ownership
 215-mile pipeline
 140,000 bpd current capacity
 Two laterals – Granite Wash and Mississippi Lime Play join
and terminate in Cushing
Isabel Pipeline
 48 mile, 8-inch crude oil pipeline from Isabel Junction, KS
to Alva, OK
 Connects Kansas barrels to Glass Mountain Pipeline

2015 2016
Crude Key Performance Metrics
(1) Weighted average term of storage contracts
(2) Prior period volumes recast to include intersegment volumes for comparability
(3) Volumes on pipelines 100% owned by RRMS
(4) Reflects 100% throughput on Joint Venture pipelines
Transportation Volumes
(Thousand Barrels per Day)
Supply and Logistics Volumes(2)
(Thousand Barrels per Day)
Facilities - Cushing Storage
7.6 million Barrels Capacity
Joint Venture Transportation Volumes
(Thousand Barrels per Day)(4)
n Third-party contracted(1) n Operational / Marketing n Uncontracted
n White Cliffs Pipeline n Glass Mountain Pipeline
0.7
2015 2016
2015 2016
187.9
212.3 201.0 201.1 196.2
n Pipelines(3) n Field Services
197.6
13

SemGas Areas of Operation Northern Oklahoma Average Processed Volume (mmcf/d)
 Located in liquids rich oil plays
 Five processing facilities - 595 mmcf/d of current capacity
 1,000 miles of gathering lines
 Inventory of drilled but uncompleted wells to support production volumes
SemGas Natural Gas Business
14
2015 2016

SemCAMS Natural Gas Business
SemCAMS Areas of OperationAverage Throughput Volume (mmcf/d)
 Located in:
– Western Canadian Sedimentary Basin – sour gas
– Montney – liquids rich sour gas
– Duvernay – liquids rich sweet gas
 600 miles of transport and gathering lines
 Strong incumbent position to serve industry’s growing
infrastructure needs
15
384.7394.4 385.3
348.0 373.4
2015 2016
Capacity n K3 Plant n KA Plant
304.1

Maurepas Pipeline Overview
Project
 Construct, own and operate three pipelines for Motiva Enterprises, LLC in St. James, LA connecting Motiva's refineries
– 24-inch, 34 mile crude oil pipeline connected to LOCAP, crossing the Mississippi River and terminating at Motiva's Norco refinery;
– 12-inch, 35 mile intermediates pipeline between Motiva's Norco and Convent refineries;
– 6-inch, 35 mile intermediates pipeline between Motiva's Norco and Convent refineries
 This pipeline project is supported by multi-decade transportation agreements with Motiva and is part of an overall refinery
optimization project
Strategic Rationale
 First step in establishing a SemGroup presence in US Gulf Coast crude markets and it provides a more balanced risk
profile through geographic diversity, new customer base and potential for product expansion
 Platform for future participation in the build-out of infrastructure in the Gulf Coast
 Accomplishes strategic goal of becoming more refinery facing
Project Progress
 Construction has begun on all fronts
 Expected to be operational in early 2017
16

Maurepas Pipeline Construction
17

2016 Capital Expenditure Guidance
2016 Capital Expenditures – $455 million
n Maurepas Pipeline
n Rose Rock Midstream(1)
n Natural Gas
n Other Growth Projects
n Maintenance
$325
10%
72%
1%
12%
$45
$5
$55
Key Committed Projects
 Crude Projects
- Maurepas Pipeline (expected completion early 2017): $325 million
- Isabel Pipeline (completed March 2016): $9 million
 Natural Gas Projects
- Northern OK well connects & compression: $15 million
- KA Plant Projects: $18 million
- Wapiti Pipeline Expansion (expected completion 3Q 2016): $9 million
 Maintenance Capital
- SemGroup: $45 million
- Rose Rock: $10 million
 Focus to complete projects already in progress and maintain
existing assets
 Prudent organic capital investments at attractive EBITDA
multiples
$25
5%
(1) Includes investments in Glass Mountain Pipeline and White Cliffs Pipeline
19

Second Quarter 2016 Adjusted EBITDA(1)
(1) Non-GAAP Financial Data Reconciliations are included in the Appendix to this presentation
(2) SemGroup includes fully consolidated Rose Rock Midstream
(3) Rose Rock Transportation segment adjusted EBITDA includes equity method investments on a cash basis
Segment Adjusted EBITDA
(in millions, unaudited) 2Q 2016 1Q 2016
Crude - Transportation $27.1 $32.0
Crude - Facilities 9.4 9.6
Crude - Supply and Logistics 10.1 9.3
SemGas 12.5 12.4
SemCAMS 9.3 10.3
SemLogistics 2.2 2.8
SemMaterials Mexico 2.6 2.6
Corporate and Other (5.6) (1.3)
SemGroup(2) $67.6 $77.7
Transportation(3) $27.8 $31.8
Facilities 9.4 9.6
Supply and Logistics 10.1 9.3
Corporate and Other (2.4) (1.7)
Rose Rock Midstream $44.9 $49.0
20

Leverage & Liquidity
SemGroup(1) Rose Rock
(in millions, unaudited) June 30, 2016 June 30, 2016
$500 million revolver - 2018
$585 million revolver - 2018 $41.0
7.500% Senior unsecured notes - 2021 $300.0
5.625% Senior unsecured notes - 2022 400.0
5.625% Senior unsecured notes - 2023 350.0
Total consolidated debt $300.0 $791.0
Compliance leverage ratio(2) 0.4x 4.2x
Target leverage 3.0x 4.5x
Liquidity:
Cash and cash equivalents(3) $226.5 $7.9
Revolver availability(4) 494.0 506.3
Total liquidity $720.5 $514.2
(1) SemGroup stand-alone basis
(2) Calculated per revolving credit agreement definitions; maximum total leverage covenant of 5.5x
(3) SemGroup cash excludes Rose Rock and SemMaterials Mexico
(4) Revolver availability excludes outstanding letters of credit
$1.2 Billion of Combined Liquidity
21

SemGroup’s Fee-based Business Model
Margin Descriptions
 Fixed Fee
– Storage fees
– Transportation fees
– Unloading fees
– Gathering and processing fees
 Variable Fee
– Gas processing – percent of
proceeds
 Marketing
– Back-to-back marketing and
blending transactions
(1) LTM June 30, 2016
Fixed Fee Variable Fee Marketing
SemGas 75% 25%
SemCAMS 100%
SemLogistics 100%
SemMaterials Mexico 100%
White Cliffs Pipeline 100%
Rose Rock Midstream 84% 16%
Margin Contribution(1)
n Fixed Fee n Variable Fee n Marketing
88%
7%
5%
22

23
A Look Ahead
Strong Balance
Sheet
High Return Growth
Projects & Strategic
Acquisitions
Focus on Portfolio
Balance and Secure
Cash Flows
Dividend Growth
Beyond 2016

SemGroup Non-GAAP Adjusted EBITDA Calculation
(in thousands, unaudited) Three Months Ended Six Months Ended
June 30, March 31, June 30,
Reconciliation of net income to Adjusted EBITDA: 2016 2015 2016 2016 2015
Net income (loss) $ 9,931 $ 28,433 $ (6,248) $ 3,683 $ 34,209
Add: Interest expense 18,875 16,822 18,935 37,810 31,413
Add: Income tax expense (benefit) 4,658 14,861 (21,407) (16,749) 19,603
Add: Depreciation and amortization expense 25,048 24,674 24,047 49,095 48,408
EBITDA 58,512 84,790 15,327 73,839 133,633
Selected Non-Cash Items and
Other Items Impacting Comparability 9,121 (4,764) 62,340 71,461 16,375
Adjusted EBITDA $ 67,633 $ 80,026 $ 77,667 $ 145,300 $ 150,008
Other Items Impacting Comparability
Loss on disposal or impairment, net $ 1,685 $ 1,372 $ 13,307 $ 14,992 $ 2,430
Loss from discontinued operations, net of income taxes 2 2 2 4 2
Foreign currency transaction (gain) loss 1,543 (295) 1,469 3,012 (814)
Remove NGL equity losses (earnings) including loss (gain) on issuance of common units — (12,117) (2,191) (2,191) (11,812)
Remove loss (gain) on sale or impairment of NGL units (9,120) (6,623) 39,764 30,644 (14,517)
NGL cash distribution — 4,468 4,873 4,873 9,483
M&A transaction related costs — — — — 10,000
Inventory valuation adjustments — 48 — — 1,235
Employee severance and relocation expense 836 21 259 1,095 21
Unrealized loss (gain) on derivative activities 4,477 (1,415) (4,548) (71) 1,230
Depreciation and amortization included within equity earnings 7,138 6,346 6,539 13,677 12,722
Bankruptcy related expenses — 2 — — 191
Non-cash equity compensation 2,560 3,427 2,866 5,426 6,204
Selected Non-Cash items and
Other Items Impacting Comparability $ 9,121 $ (4,764) $ 62,340 $ 71,461 $ 16,375
25

SemGroup Non-GAAP Financial Data Reconciliations
2016 2015 2016 2016 2015
Net income $ 11,797 $ 10,844 $ 19,296 $ 31,093 $ 26,594
Add: Interest expense 193 101 264 457 257
EBITDA 18,161 19,983 25,419 43,580 44,507
Other Items Impacting Comparability 8,954 6,324 6,606 15,560 12,855
Adjusted EBITDA $ 27,115 $ 26,307 $ 32,025 $ 59,140 $ 57,362
Selected Non-Cash Items and Other Items Impacting Comparability
Loss (gain) on disposal or impairment, net $ 1,714 $ (22) $ 67 $ 1,781 $ 133
Employee severance and relocation expense 102 — — 102 —
Depreciation and amortization included within
equity earnings 7,138 6,346 6,539 13,677 12,722
Other Items Impacting Comparability $ 8,954 $ 6,324 $ 6,606 $ 15,560 $ 12,855
26
Crude - Transportation Segment

2016 2015 2016 2016 2015
Net income $ 7,450 $ 6,557 $ 7,703 $ 15,153 $ 13,590
EBITDA 9,371 7,963 9,587 18,958 16,365
Other Items Impacting Comparability 4 — — 4 —
Adjusted EBITDA $ 9,375 $ 7,963 $ 9,587 $ 18,962 $ 16,365
Employee severance expense $ 4 $ — $ — $ 4 $ —
Other Items Impacting Comparability $ 4 $ — $ — $ 4 $ —
27
Crude - Facilities Segment

2016 2015 2016 2016 2015
Net income $ 5,370 $ 12,241 $ 13,461 $ 18,831 $ 14,753
Add: Depreciation and amortization expense 40 40 40 80 79
EBITDA 5,592 12,393 13,641 19,233 15,043
Other Items Impacting Comparability 4,477 (1,346) (4,321) 156 2,369
Adjusted EBITDA $ 10,069 $ 11,047 $ 9,320 $ 19,389 $ 17,412
Loss (gain) on disposal or impairment, net $ — $ — $ 227 $ 227 $ (3)
Employee severance expense — 21 — — 21
Unrealized loss (gain) on derivative activities 4,477 (1,415) (4,548) (71) 1,116
Inventory valuation adjustments — 48 — — 1,235
Other Items Impacting Comparability $ 4,477 $ (1,346) $ (4,321) $ 156 $ 2,369
28
Crude - Supply and Logistics Segment

2016 2015 2016 2016 2015
Net income (loss) $ (321) $ 7,043 $ (13,469) $ (13,790) $ 11,934
EBITDA 12,304 17,671 (992) 11,312 32,551
Other Items Impacting Comparability 256 1,778 13,391 13,647 1,978
Adjusted EBITDA $ 12,560 $ 19,449 $ 12,399 $ 24,959 $ 34,529
Loss (gain) on disposal or impairment, net $ (1) $ 1,450 $ 13,052 $ 13,051 $ 1,449
Employee severance expense 13 — — 13 —
Non-cash equity compensation 244 328 339 583 529
Other Items Impacting Comparability $ 256 $ 1,778 $ 13,391 $ 13,647 $ 1,978
29
SemGas Segment

2016 2015 2016 2016 2015
Net income $ 2,021 $ 915 $ 2,756 $ 4,777 $ 2,114
Add: Income tax expense 451 616 965 1,416 1,167
EBITDA 9,001 7,835 9,898 18,899 15,763
Other Items Impacting Comparability 381 697 383 764 1,121
Adjusted EBITDA $ 9,382 $ 8,532 $ 10,281 $ 19,663 $ 16,884
Foreign currency transaction (gain) loss $ (1) $ 145 $ 6 $ 5 $ 101
Non-cash equity compensation 382 552 377 759 1,020
Other Items Impacting Comparability $ 381 $ 697 $ 383 $ 764 $ 1,121
30
SemCAMS Segment

2016 2015 2016 2016 2015
Net income (loss) $ (1,447) $ 103 $ (246) $ (1,693) $ (1,823)
Add: Income tax expense (benefit) (273) 167 59 (214) (202)
EBITDA 616 2,867 2,149 2,765 3,077
Other Items Impacting Comparability 1,562 (674) 687 2,249 131
Adjusted EBITDA $ 2,178 $ 2,193 $ 2,836 $ 5,014 $ 3,208
Foreign currency transaction loss (gain) $ 1,391 $ (873) $ 510 $ 1,901 $ (222)
Other Items Impacting Comparability $ 1,562 $ (674) $ 687 $ 2,249 $ 131
31
SemLogistics Segment

2016 2015 2016 2016 2015
Net income $ 1,187 $ 3,199 $ 696 $ 1,883 $ 6,210
Add: Interest expense — 2 — — 2
Add: Income tax expense 194 764 607 801 1,754
Add: Depreciation and amortization expense 949 1,037 941 1,890 2,090
EBITDA 2,330 5,002 2,244 4,574 10,056
Other Items Impacting Comparability 244 260 370 614 479
Adjusted EBITDA $ 2,574 $ 5,262 $ 2,614 $ 5,188 $ 10,535
Gain on disposal of long-lived assets, net $ (28) $ — $ (39) $ (67) $ (19)
Foreign currency transaction loss 153 94 256 409 225
Other Items Impacting Comparability $ 244 $ 260 $ 370 $ 614 $ 479
32
SemMaterials México Segment

2016 2015 2016 2016 2015
Net loss $ (16,126) $ (12,469) $ (36,445) $ (52,571) $ (39,163)
Add: Income tax expense (benefit) 4,286 13,314 (23,038) (18,752) 16,884
Add: Depreciation and amortization expense 496 453 490 986 864
EBITDA 1,137 11,076 (46,619) (45,482) (3,729)
Other Items Impacting Comparability (6,757) (11,803) 45,224 38,467 (2,558)
Adjusted EBITDA $ (5,620) $ (727) $ (1,395) $ (7,015) $ (6,287)
Loss (gain) on disposal or impairment, net $ — $ (56) $ — $ — $ 870
Loss from discontinued operations, net of income taxes 2 2 2 4 2
Foreign currency transaction (gain) loss — 339 697 697 (918)
Remove NGL equity earnings including gain on issuance of common
units — (12,117) (2,191) (2,191) (11,812)
Remove loss (gain) on impairment or sale of NGL units (9,120) (6,623) 39,764 30,644 (14,517)
NGL cash distribution — 4,468 4,873 4,873 9,483
M&A transaction related costs — — — — 10,000
Employee severance and relocation expense 717 — 259 976 —
Unrealized loss on derivative activities — — — — 114
Bankruptcy related expenses — 2 — 191
Non-cash equity compensation 1,644 2,182 1,820 3,464 4,029
Other Items Impacting Comparability $ (6,757) $ (11,803) $ 45,224 $ 38,467 $ (2,558)
33
Corporate & Other Segment

Rose Rock Midstream Non-GAAP Financial Data Reconciliations
2016 2015 2016 2016 2015
Reconciliation of operating income to Adjusted gross margin:
Operating income $ 22,356 $ 27,260 $ 38,905 $ 61,261 $ 49,866
Add:
Operating expense 19,726 23,678 21,407 41,133 44,477
General and administrative expense 5,428 6,329 4,900 10,328 11,949
Depreciation and amortization expense 8,235 10,608 7,893 16,128 20,751
Loss (gain) on disposal or impairment, net 1,714 (22) 294 2,008 130
Less:
Earnings from equity method investments 17,078 17,683 20,839 37,917 38,547
Non-cash unrealized gain (loss) on derivatives, net (4,477) 1,415 4,548 71 (1,116)
Adjusted gross margin $ 44,858 $ 48,755 $ 48,012 $ 92,870 $ 89,742
Reconciliation of net income to Adjusted EBITDA:
Net income $ 9,922 $ 17,068 $ 26,468 $ 36,390 $ 31,668
Add:
Interest expense 12,434 10,197 12,437 24,871 18,203
Cash distributions from equity method investments 24,782 25,560 26,913 51,695 51,625
Inventory valuation adjustment — 48 — — 1,235
Provision for uncollectible accounts receivable — — 38 38 —
Less:
Impact from derivative instruments: —
Total gain (loss) on derivatives, net (7,127) (2,202) 3,354 (3,773) (2,846)
Total realized gain (loss) (cash flow) on derivatives, net 2,650 3,617 1,194 3,844 1,730
Adjusted EBITDA $ 44,852 $ 44,718 $ 49,021 $ 93,873 $ 86,836
34

2016 2015 2016 2016 2015
Reconciliation of net cash provided by operating activities to
Adjusted EBITDA:
Net cash provided by operating activities $ 14,080 $ 26,941 $ 14,530 $ 28,610 $ 19,871
Less:
Changes in operating assets and liabilities, net (11,462) (386) (16,811) (28,273) (36,894)
Add:
Interest expense, excluding amortization of debt issuance costs 11,606 9,515 11,606 23,212 16,994
Distributions from equity method investments in excess of equity in
earnings 7,704 7,876 6,074 13,778 13,077
Adjusted EBITDA $ 44,852 $ 44,718 $ 49,021 $ 93,873 $ 86,836
35

Transportation Segment
2016 2015 2016 2016 2015
Add:
Less:
Net income $ 12,057 $ 10,845 $ 19,469 $ 31,526 $ 26,595
Add:
Interest expense 193 101 264 457 257
Cash distributions from equity method investments 24,782 25,560 26,913 51,695 51,625
Provision for uncollectible accounts receivable — — 38 38 —
Less:
Adjusted EBITDA $ 27,839 $ 27,839 $ 31,771 $ 59,610 $ 57,719
36

Facilities Segment
(in thousands, unaudited)
Three Months Ended Six Months Ended
2016 2015 2016 2016 2015
Add:
Gain on disposal or impairment, net — — — — (34)
Net income $ 7,450 $ 6,557 $ 7,703 $ 15,153 $ 13,590
Add:
Adjusted EBITDA $ 9,371 $ 7,963 $ 9,587 $ 18,958 $ 16,365
37

Supply and Logistics Segment
2016 2015 2016 2016 2015
Add:
Operating expense 689 155 838 1,527 348
General and administrative expense 503 233 566 1,069 396
Depreciation and amortization expense 40 40 40 80 79
Loss (gain) on disposal or impairment, net — — 227 227 (3)
Less:
Net income $ 5,370 $ 12,241 $ 13,461 $ 18,831 $ 14,753
Add:
Interest expense 182 112 140 322 211
Inventory valuation adjustment — 48 — — 1,235
Loss (gain) on disposal or impairment, net — — 227 227 (3)
Less:
Impact from derivative instruments:
Total gain (loss) on derivatives, net (7,127) (2,202) 3,354 (3,773) (2,846)
Total realized gain (loss) (cash flow) on derivatives, net 2,650 3,617 1,194 3,844 1,730
Adjusted EBITDA $ 10,069 $ 11,026 $ 9,320 $ 19,389 $ 17,391
38

Corporate and Other Segment
2016 2015 2016 2016 2015
Operating loss $ (2,896) $ (2,596) $ (2,132) $ (5,028) $ (5,540)
Add:
Operating expense (1) (2) — (1) 5
Adjusted gross margin $ — $ — $ — $ — $ —
Net loss $ (14,955) $ (12,575) $ (14,165) $ (29,120) $ (23,270)
Add:
Interest expense 12,059 9,984 12,033 24,092 17,735
Adjusted EBITDA $ (2,427) $ (2,110) $ (1,657) $ (4,084) $ (4,639)
39

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