Deutsche Bank Leveraged Finance Conference Bob Fitzgerald, CFO September 30, 2014

Forward-looking Information

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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, including distributable cash flow, cash distributions, management's plans and objectives for future operations, capital investments, 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, insufficient cash from operations following the establishment of cash reserves and payment of fees and expenses to pay the minimum quarterly distribution; any sustained reduction in demand for crude oil in markets served by our midstream assets; our ability to obtain new sources of supply of crude oil; the amount of collateral required to be posted from time to time in our transactions; competition from other midstream energy companies; our ability to comply with the covenants contained in and maintain certain financial ratios required by our credit facility; our ability to access credit and capital markets; our ability to renew or replace expiring storage contracts; the loss of or a material nonpayment or nonperformance by any of our key customers; the overall forward market for crude oil; the possibility that our hedging activities may result in losses or may have a negative impact on our financial results; weather and other natural phenomena; hazards or operating risks incidental to the gathering, transporting or storing of crude oil; our failure to comply with new or existing environmental laws or regulations; the possibility that the construction or acquisition of new assets may not result in the corresponding anticipated revenue increases; as well as other risk factors discussed from time to time in each of our 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. Rose Rock Midstream uses 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 website at ir.rrmidstream.com. Rose Rock Midstream is present on Twitter and LinkedIn, follow us at the links below: Rose Rock Midstream Twitter and LinkedIn

Non-GAAP Financial Measures SemGroup Adjusted EBITDA is presented in this presentation for certain periods. Adjusted EBITDA is not a U.S. generally accepted accounting principles (“GAAP”) measure and is not intended to be used in lieu of a GAAP presentation of net income (loss). Adjusted EBITDA is presented in this presentation because SemGroup believes it provides 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. Because all companies do not use identical calculations, SemGroup’s presentation of Adjusted EBITDA may be different from similarly titled measures of other companies, thereby diminishing its utility. Reconciliations of net income (loss) to Adjusted EBITDA for the periods presented are included on our website. 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. Our website provides reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. 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.

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SemGroup Ownership Structure

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Business Strategy

Risk Management

Mitigate commodity price exposure

Maintain financial flexibility and utilize leverage prudently

Quality Cash Flows

Generate consistent earnings and cash flows

Focus on fee-based activities

Focused Growth

Capitalize on organic growth opportunities with existing and

new assets

Grow our business through strategic and accretive asset acquisitions

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Crude and Gas Assets in Key Growth Areas

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Crude Business Overview

Glass Mountain Pipeline – In service February 2014 210-mile pipeline Two laterals – Granite Wash and Mississippi

Lime Play join and terminate in Cushing 140,000 bpd current capacity

Wattenberg Oil Trunkline – In service November 2013 37-mile, 12-inch pipeline and storage in DJ Basin Transports Noble Energy production to White Cliffs

Wattenberg Oil Trunkline extension – Expected 4Q 2014 38-mile pipeline extension backed by long-term agreement with

Noble Energy

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SemGroup Corporation

Crude Business Overview

Cushing 7.6 million barrels of storage 86% under long-term fixed fee contracts with first expiration

2016 2014 average storage rate of $0.37 per month Connectivity to all major inbound/outbound pipelines

White Cliffs Pipeline 51% ownership DJ Basin to Cushing, OK 527-mile, 12-inch pipeline 150,000 bpd current capacity

Field Services

Fleet of more than 250 crude oil trucks Servicing the Bakken, DJ/Niobrara, Eagle Ford, Granite Wash,

Mississippi Lime, Permian, San Juan and Utica plays Tampa Pipeline

12-mile, 12-inch pipeline from Platteville to Tampa, CO rail facility

Constructed a new 5-mile lateral pipeline segment

Rose Rock Midstream Kansas/Oklahoma System Approximately 600-mile gathering and

transportation pipeline system Currently operating at full capacity Connects to third-party pipelines, Kansas and

Oklahoma refineries and Cushing terminal 620,000 barrels of storage capacity Platteville 16-lane truck unloading facility Origin of White Cliffs Pipeline 230,000 barrels of storage capacity 4 new truck unloading bays and 100,000 barrels of

additional storage – Expected completion 2Q 2015

Bakken Shale 17 gathering trucks Transport via truck, third-party pipeline or rail

61,800 barrels of storage capacity

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24.1 22.1 25.6

48.7 49.6 39.3

0102030405060

1Q 2Q 3Q 4Q 1Q 2Q

55.7 57.3 54.6 57.1 67.3 64.9

66.8 66.8 67.3 77.4 72.7 74.1

11.0 26.6 28.5 43.7 61.7

0

50

100

150

200

250

1Q 2Q 3Q 4Q 1Q 2Q

2013

2014

2013

2014

29.7 30.9 42.7 44.8

0

10

20

30

40

50

3Q 4Q 1Q 2Q

2013

2014

Crude Key Performance Metrics

(1) Updated for contract changes effective May 1, 2014; 100% of storage contract volumes included in year of contract expiration (2) Pipeline volumes include KS/OK system, ND transportation and Tampa pipeline (3) White Cliffs Pipeline is currently owned 51% by RRMS; includes Platteville and Healy volumes; 100% throughput (4) Glass Mountain Pipeline is owned 50% by SEMG; average volumes Q1 2014 reflects two months operational; 100% throughput (5) Field Services average volumes for Q3 2013 reflects one month operational

Crude Transportation Volumes

(Thousand Barrels per Day)

Contracted(1) Operational / Marketing Uncontracted

Crude Cushing Storage 7.6 million Barrels Capacity

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Pipeline Volumes(2) White Cliffs PL(3) Wattenberg Oil Trunkline Glass Mountain PL(4)

Crude Marketing Volumes (Thousand Barrels per Day)

Field Services Transportation Volumes(5)

(Thousand Barrels per Day)

6.50 6.50 6.00 4.65

3.15

1.10 1.10 1.10

1.10

1.10

0.50 1.85

3.35

0

2

4

6

8

2014 2015 2016 2017 2018

0

100

200

300

400

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

Capacity Processing Volumes

2011

2012

2013

2014

Areas of Operation Mississippi Lime Play

Northern Oklahoma Average Processed Volume (mmcf/d)

1Q 2014 2Q 2014 mid-2015

Processing Capacity 365 mmcf/d 365 mmcf/d 565 mmcf/d

Avg. Processing Volumes 168 mmcf/d 251 mmcf/d

Miles of Pipeline ~600 ~600

# of Rigs in Dedicated Acreage ~15 ~17

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Located in liquids rich oil plays Four processing facilities - 388 mmcf/d of current capacity 1,300 miles of gathering lines Significant growth in Mississippi Lime Play

– Rose Valley I – 200 mmcf/d capacity – In service March 2014 – Rose Valley II – 200 mmcf/d capacity – Expected completion

mid-2015

SemGas Natural Gas Business

213.9 250.3

283.9 272.6 285.8

148.2

162.6 128.5

159.6 146.9

152.6

186.1

0

100

200

300

400

500

Q1 Q2 Q3 Q4 Q1 Q2 2013

2014

SemCAMS Natural Gas Business Areas of Operation Average Throughput Volume (mmcf/d)(1)

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Located in: – Western Canadian Sedimentary Basin – sour gas – Montney – liquids rich sour gas – Duvernay – liquids rich sweet gas

Current operational capacity – 694 mmcf/d 600 miles of transport and gathering lines K3 Plant KA Plant

(1) Second quarter throughput volumes reflect a planned shutdown of the K3 plant in May 2014

SemGroup Corporation 2014 Updated Capital Expenditure Guidance

2014 Capital Expenditures – $475 million(1)(2)

Nearly 90% of capital expenditures are focused on growth capital

Mid-teens or higher returns on organic growth projects in key asset plays

Maintenance and Regulatory capital focused on pipeline integrity

Natural Gas Crude Other Growth Projects Maintenance and Regulatory

$185 48% 39%

2%

11%

$227

$11

$52

(1) Includes Rose Rock Midstream and excludes potential acquisitions (2) Guidance updated June 23, 2014

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SemGroup Corporation 2014 Updated Capital Expenditure Guidance(1)

(1) Guidance updated June 23, 2014 (2) Investments in affiliate; reflects our ownership in joint ventures (3) Includes amounts paid to acquire additional ownership

Delivering organic growth with mid-teen or higher returns

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(in millions) Segment Description

Estimated Completion Date

Project Spend Through

12/31/2013 2014 Capex 2015 Capex Total

CapEx Crude-RRMS White Cliffs Pipeline expansion(2) August 2014 32 30 — 62

Crude-RRMS Tampa Pipeline lateral July 2014 — 5 — 5

Crude-RRMS Chesapeake trucking acquisition June 2014 — 46 — 46

Crude-RRMS Platteville expansion 2Q 2015 7 4 11

Crude-SEMG Glass Mountain Pipeline and truck unloading facilities(2)(3) February 2014 128 8 — 136

Crude-SEMG Wattenberg Oil Trunkline extension 4Q 2014 — 34 16 50

Crude-SEMG White Cliffs Pipeline expansion(2) August 2014 66 23 — 89

SemGas Northern Oklahoma gas gathering and processing expansion varies 157 135

SemGas Cryo Plant redeployment 4Q 2014 — 6 — 6

SemCAMS Montney and Duvernay Pipeline growth varies 24 9 — 33

SemCAMS K3 Plant projects varies 4 14 — 18

SemCAMS Northwest Wapiti Loop 2Q 2015 — 11 14 25

Other/undesignated growth projects varies — 73 131-181

Maintenance, refurbishment & regulatory — 52 —

Total $254 $475 $300 - $350

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SemGroup Corporation 2014 Updated Adjusted EBITDA Guidance

(1) Non-GAAP Financial Data Reconciliations can be found on the company’s website, includes fully consolidated Rose Rock Midstream

(2) Guidance updated June 23, 2014 (3) CAGR is based on the midpoint of 2014 Adjusted EBITDA Guidance

2014 Updated Adjusted EBITDA guidance reflects approximately 42% increase over 2013

SemGroup Credit Metrics(1)

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(1) Includes fully consolidated Rose Rock (2) ProForma to reflect Rose Rock bond proceeds of $392 million received on July 2, 2014, which were

used to repay Rose Rock revolver debt

Proforma(2)

(in millions) June 30, 2014 December 31, 2013

Senior Secured Debt $ 125 $ 315 High Yield Bond 700 300 Cash 75 79 Net Debt $ 750 $ 536 Credit Metrics Net Debt/Adjusted EBITDA LTM 3.2x 2.8x Interest Coverage Ratio 6.7x 6.5x

Rose Rock Midstream 2014 Adjusted EBITDA Guidance

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2014 Updated Adjusted EBITDA guidance reflects approximately 73% increase over 2013

(1) Non-GAAP Financial Data Reconciliations can be found on the company’s website (2) Guidance updated June 23, 2014 (3) CAGR is based on the midpoint of 2014 Adjusted EBITDA Guidance

Rose Rock Credit Metrics

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Proforma(1)

(in millions) June 30, 2014 December 31, 2013

Senior Secured Debt $ 56 $ 245 High Yield Bond 400 - Cash 3 15 Net Debt $ 453 $ 230 Credit Metrics Net Debt/Adjusted EBITDA LTM(2) 3.9x 2.1x Interest Coverage Ratio 15.0x 15.2x

(1) ProForma to reflect Rose Rock bond proceeds of $392 million received on July 2, 2014, which were used to repay Rose Rock revolver debt

(2) Proforma to include $30 million LTM EBITDA related to the dropdown of one-third interest in SemCrude Pipeline – June 2014

• Four natural gas processing facilities • Total processing capacity of 388 mmcf/d • ~1,300 miles of gathering lines

• 8.7 million barrels of owned multi-product storage • Two deep water jetties • 100% fixed-fee gross margin

Glass Mountain Pipeline • Joint venture with NGL Energy Partners – 50% ownership • 210-mile, 140,000 barrel per day crude oil pipeline and storage • Completed February 2014

Wattenberg Oil Trunkline • 37-mile, 12-inch pipeline and storage in DJ Basin to move crude oil from Noble

Energy production to White Cliffs Pipeline • Completed November 2013

SemLogistics

Future Growth in Drop Downs

SemCAMS • Two sour and two sweet natural gas processing plants • Total capacity of 694 mmcf/d • ~600 miles of transport and gathering lines

Rose Rock Midstream’s relationship with SemGroup allows for potential future drop downs

SemGas

Asset Description

Wattenberg Oil Trunkline Extension

• 38-mile, 12-inch pipeline extension and storage in DJ Basin to move crude oil from Noble Energy production to White Cliffs Pipeline

• Expected 4Q 2014 completion

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Growing today with a focus for tomorrow

Safety

Glass Mountain Pipeline Oklahoma

Disciplined Investment Execution Increase Equity

Holders Return

Rose Valley I Oklahoma

K3 Plant Canada

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Q&A

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Rose Rock Midstream Ownership Structure

SemGroup Segment Results

(1) Non-GAAP Financial Data Reconciliations can be found on the company’s website (2) Crude segment includes fully consolidated Rose Rock Midstream

Key Highlights (2Q 2014 vs 1Q 2014)

Crude decreased $4.8 million – $1.7 million margin decrease due to lower marketing volumes – $1.2 million increase in one-time charges related to transactional costs associated with the dropdown of the remaining one-third interest in SemCrude Pipeline – $1.9 million increase in operating and G&A expenses related to employment costs

SemGas increased $1.8 million – Increase reflects higher gathering and processing volumes

SemCAMS decreased $3.7 million – Decrease primarily due to lower volumes from the planned outage at the K3 Plant

SemMaterials decreased $2.1 million – Decrease is a result of lower volumes compared to a record first quarter and increased operating and G&A costs

Segment Adjusted EBITDA(1) (in millions, unaudited) 2Q 2014 1Q 2014 Crude(2) $ 30.3 $ 35.1 SemGas 14.6 12.8 SemCAMS 8.0 11.7 SemLogistics 0.4 1.1 SemMaterials Mexico 3.0 5.1 SemStream 5.7 5.2 Corporate and Other (4.5) (3.7) Total Adjusted EBITDA(1) $ 57.5 $ 67.3

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SemGroup’s Fee-based Business Model

(1) LTM June 30, 2014 (2) SemGas 2Q 2014 margin contribution 55% fixed fee, 45% variable fee (3) Rose Rock Midstream includes White Cliffs cash distributions resulting from 17% ownership for 6

months and 34% ownership for 6 months

Fixed Fee Variable Fee Marketing SemGas(2) 49% 51% SemCAMS 100% SemLogistics 100% SemMaterials Mexico 100% White Cliffs Pipeline 100% Rose Rock Midstream(3) 81% 19%

Margin Contribution(1)

Fixed Fee Variable Fee Marketing

86 %

5 % 9 %

Fixed Fee – Storage fees – Transportation fees – Unloading fees – Gathering and processing fees

Variable Fee – Gas processing – percent of proceeds

Marketing – Back-to-back marketing transactions

Margin Descriptions

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SemLogistics Business

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Largest independent petroleum products storage facility in U.K.

Receive Product from the Middle East and Europe and deliver to Europe, West Africa and the United States

8.7 million barrels of storage –Two deep water jetties –Ability for build-bulk, break-bulk, storage, blending and

water processing/treatment –67% of tanks are multi-product or dual purpose –100% fixed fee Gross Margin

SemMaterials Mexico Asphalt Business

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Provide asphalt products and services 14 in-country terminals 2 National labs Importing product to diversify suppliers Diversified customer base

$0.1900 $0.2000

$0.2100 $0.2200

$0.2400

$0.2700

$0.1500

$0.2500

$0.3500

1Q 2Q 3Q 4Q 1Q 2Q 2013

2014

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SemGroup Corporation Dividend Growth

42% cumulative increase in dividends since initiation in 1Q 2013

Our current dividend policy is to pass through the after-tax cash distributions received from our MLP investments

Targeting dividend growth of 40-45% year over year

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2014 Target Annual Coverage Ratio 1.1x-1.2x 2014 Target Distribution Growth 25% year-over-year(1)

Rose Rock Midstream Distribution Per LP Unit

48% cumulative increase in distributions since IPO

(1) Assumes no further drop downs or acquisitions

1.44x 1.38x

1.42x

1.13x

1.84x

2012

2013

2014

$0.4025 $0.4300 $0.4400 $0.4500

$0.4650 $0.4950

$0.5350

0.94x

1.43x 1.37x

1.12x

1.40x

1.79x

1.01x

0.75

0.95

1.15

1.35

1.55

1.75

1.95

2.15

2.35

$0.2000

$0.3000

$0.4000

$0.5000

$0.6000

4Q 1Q 2Q 3Q 4Q 1Q 2Q