Investor Relations Presentation

October 2018

Disclosures in this presentation contain certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQGP Holdings, LP (EQGP) and its subsidiaries, including EQM Midstream Partners, LP (EQM), including guidance regarding EQM’s gathering, transmission and storage and water revenue and volume growth; revenue and expense projections; infrastructure programs (including the timing, cost, capacity and sources of funding with respect to gathering, transmission and water projects); the cost, capacity, timing of regulatory approvals and anticipated in-service date of the Mountain Valley Pipeline (MVP) and MVP Southgate projects; the ultimate terms, partners and structure of, and EQM's ownership interests in, the MVP joint venture; the timing of the proposed separation of EQT Corporation’s (EQT) production and midstream businesses, and EQT’s and Equitrans Midstream Corporation’s (ETRN) ability to complete the separation and the effects of the change of control of EQM and EQGP on the partnerships; the expected synergies resulting from the streamlining transactions and the expected dis-synergies associated with the separation of EQT’s production and midstream businesses; asset acquisitions, including EQM’s ability to complete any asset purchases and anticipated synergies and accretion associated with any acquisition; the expected benefits to EQM resulting from EQT's acquisition of Rice Energy Inc. and EQM’s acquisition of Rice Midstream Partners, LP (RMP); internal rate of return (IRR); compound annual growth rate (CAGR); capital commitments, projected capital contributions and capital and operating expenditures, including the amount and timing of capital expenditures reimbursable by EQT, capital budget and sources of funds for capital expenditures including EQM’s plan to increase its borrowing capacity to $3 billion; projected capital avoidance; liquidity and financing requirements, including funding sources and availability; distribution amounts, rates and growth; projected net income, projected adjusted EBITDA, projected firm project EBITDA, projected water EBITDA, projected distributable cash flow, and projected coverage ratio and projected return on capital employed (ROCE); the timing and amount of future issuances of EQM common units; the structure and timing of any simplification of the midstream structure to address EQM’s incentive distribution rights (IDRs), if pursued and implemented; changes in EQM’s credit ratings; the effects of government regulation and litigation; and tax position. These forward looking statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. EQM and EQGP have based these forward-looking statements on current expectations and assumptions about future events. While EQM and EQGP consider these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the partnerships’ control. The risks and uncertainties that may affect the operations, performance and results of EQM’s and EQGP’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors” of EQM’s Form 10-K for the year ended December 31, 2017 as filed with the Securities and Exchange Commission (SEC) and Item 1A, “Risk Factors” of EQGP’s Form 10-K for the year ended December 31, 2017 as filed with the SEC, in each case as may be updated by any subsequent Form 10-Qs. Any forward-looking statement speaks only as of the date on which such statement is made, and neither EQM nor EQGP intends to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise. Information in this news release regarding EQT Corporation and its subsidiaries, other than EQM and EQGP, is derived from publicly available information published by EQT.

2

Cautionary Statements

EQM adjusted EBITDA means net income attributable to EQM plus net interest expense, depreciation, amortization of intangible assets, payments on EQM's preferred interest in EQT

Energy Supply, LLC (Preferred Interest), non-cash long-term compensation expense and transaction costs less equity income, AFUDC - equity and adjusted EBITDA of assets prior to

acquisition. Adjusted EBITDA attributable to Rice Midstream Partners, LP (RMP) for the three months ended September 30, 2018 was calculated as net income plus net interest

expense, depreciation and non-cash compensation expense. Run rate adjusted EBITDA as used in this presentation means EQM’s adjusted EBITDA for the third quarter of 2018 plus the

RMP adjusted EBITDA prior to merger, annualized for four quarters. As used in this presentation, distributable cash flow means EQM adjusted EBITDA less net interest expense

excluding interest income on the Preferred Interest, capitalized interest and AFUDC - debt, ongoing maintenance capital expenditures net of expected reimbursements and transaction

costs. Distributable cash flow should not be viewed as indicative of the actual amount of cash that EQM has available for distributions from operating surplus or that EQM plans to

distribute. Adjusted EBITDA, run rate adjusted EBITDA and distributable cash flow are non-GAAP supplemental financial measures that management and external users of EQM’s

consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, use to assess:

• EQM’s operating performance as compared to other publicly traded partnerships in the midstream energy industry without regard to historical cost basis or, in the case of adjusted

EBITDA, financing methods;

• the ability of EQM’s assets to generate sufficient cash flow to make distributions to EQM unitholders;

• EQM’s ability to incur and service debt and fund capital expenditures; and

• the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities.

EQM believes that adjusted EBITDA, run rate adjusted EBITDA and distributable cash flow provide useful information to investors in assessing EQM’s results of operations and financial

condition. Adjusted EBITDA, run rate adjusted EBITDA and distributable cash flow should not be considered as alternatives to net income, operating income, net cash provided by

operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA, run rate adjusted EBITDA and distributable cash

flow have important limitations as analytical tools because they exclude some, but not all, items that affect net income and net cash provided by operating activities. Additionally,

because adjusted EBITDA and distributable cash flow may be defined differently by other companies in its industry, EQM’s definitions of adjusted EBITDA, run rate adjusted EBITDA and

distributable cash flow may not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measures.

3

EQM Midstream Partners, LP Non-GAAP Measures

Projected firm project EBITDA means the projected earnings before interest, taxes and depreciation of EQM’s firm capacity gathering and transmission projects, including

the Hammerhead, Equitrans Expansion and other gathering projects, plus EQM’s proportionate interest of the projected earnings before interest, taxes and depreciation of

Mountain Valley Pipeline, LLC’s MVP and MVP Southgate projects. Projected water EBITDA means the projected earnings before interest, taxes and depreciation of EQM’s

water services business. Projected firm project EBITDA and projected water EBITDA are non-GAAP supplemental financial measures that management and external users

of EQM’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, use to assess the anticipated impact of EQM’s firm capacity

projects, both on an aggregate and project-by-project basis, and EQM’s water services business on EQM’s operating performance, the project returns on firm capacity

projects and EQM’s ability to incur and service debt and fund capital expenditures. Firm project EBITDA and water EBITDA should not be considered as alternatives to net

income, operating income or any other measure of financial performance presented in accordance with GAAP. Firm project EBITDA and water EBITDA have important

limitations as analytical tools because they exclude some, but not all, items that affect net income. Additionally, because firm project EBITDA and water EBITDA may be

defined differently by other companies in EQM’s industry, the definitions of firm project EBITDA and water EBITDA may not be comparable to similarly titled measures of

other companies, thereby diminishing the utility of the measures.

EQM has not provided projected net income from the firm projects or the projected net income of EQM’s water business segment, the most comparable financial

measures calculated in accordance with GAAP, or reconciliation of projected firm project EBITDA or projected water EBITDA to projected net income of the firm projects or

projected net income of EQM’s water business segment. The projects are under construction projects that, upon completion, will be reported in EQM’s Gathering and

Transmission business segments. EQM does not allocate certain costs, such as interest expenses, to individual assets within its business segments. In addition, for the

MVP and MVP Southgate projects, EQM does not provide guidance with respect to the intra-year timing of its or Mountain Valley Pipeline, LLC’s capital spending, which

impact AFUDC-debt and equity and equity earnings, among other things, that are reconciling items between adjusted firm project EBITDA and net income of the projects.

The timing of capital expenditures is volatile as it depends on weather, regulatory approvals, contractor availability, system performance and various other items.

Therefore, the projected net income of the firm projects, in the aggregate or on a project-by-project basis, and the projected net income of EQM’s water business

segment, and reconciliations of projected firm project EBITDA and projected water EBITDA to projected net income of the firm projects and projected net income of EQM’s

water business segment are not available without unreasonable effort.

4

Continued

EQM Midstream Partners, LP Non-GAAP Measures

EQM is unable to project net cash provided by operating activities or provide the related reconciliation of projected net cash provided by operating activities to projected

distributable cash flow, the most comparable financial measure calculated in accordance with GAAP, because net cash provided by operating activities includes the impact

of changes in operating assets and liabilities. Changes in operating assets and liabilities relate to the timing of EQM’s cash receipts and disbursements that may not relate

to the period in which the operating activities occurred, and EQM is unable to project these timing differences with any reasonable degree of accuracy to a specific day,

three or more months in advance. EQM is also unable to provide a reconciliation of its projected adjusted EBITDA or run rate adjusted EBITDA to projected net income, the

most comparable financial measure calculated in accordance with GAAP, because EQM does not provide guidance with respect to the intra-year timing of its or Mountain

Valley Pipeline, LLC’s capital spending, which impact AFUDC-debt and equity and equity earnings, among other items, that are reconciling items between adjusted EBITDA

and net income. The timing of capital expenditures is volatile as it depends on weather, regulatory approvals, contractor availability, system performance and various other

items. EQM provides a range for the forecasts of net income, adjusted EBITDA and distributable cash flow to allow for the variability in the timing of cash receipts and

disbursements, capital spending and the impact on the related reconciling items, many of which interplay with each other. Therefore, the reconciliations of projected

distributable cash flow, run rate adjusted EBITDA and adjusted EBITDA to projected net cash provided by operating activities and net income, as applicable, are not

available without unreasonable effort.

RMP adjusted EBITDA and distributable cash flow are non-GAAP supplemental financial measures that management and external users of EQM’s consolidated financial

statements, such as industry analysts, investors, lenders and rating agencies, may use to assess impact of the measures on EQM’s future financial results and cash flows.

EQM believes that RMP adjusted EBITDA and distributable cash flow provide useful information to investors in assessing its financial condition and results of operations.

RMP adjusted EBITDA and distributable cash flow should not be considered as alternatives to RMP’s net income, operating income, net cash provided by operating

activities or any other measure of financial performance or liquidity presented in accordance with GAAP. RMP adjusted EBITDA and distributable cash flow have important

limitations as analytical tools because they exclude some, but not all, items that affect net income and net cash provided by operating activities. Additionally, because RMP

adjusted EBITDA and distributable cash flow may be defined differently by other companies in EQM’s industry, RMP adjusted EBITDA and distributable cash flow may not

be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measures.

EQM Midstream Partners, LP Non-GAAP Measures

5

Continued

6

Investment Highlights

Growing

Third-party

Business

Significant

Revenue from

Capacity

Reservation

Charges

Growth Project

Backlog

Supported by

Firm

Commitments

Premier

Assets in the

Marcellus /

Utica

Revenue

Backed by

Long-term

Demand Based

Contracts

Strong

Balance Sheet

Targeting

3.5x-4.0x

Debt/EBITDA

1.2x EQM

Coverage Ratio

over trailing 12-

months

EQM Coverage Ratio includes RMP Distributable Cash Flow for Q2 2018.

Assets Overlay Prolific Nat Gas Play

7

Equitrans Transmission & Storage

• 4.4 Bcf/d current capacity

• 950 mile FERC-regulated interstate pipeline

• 43 Bcf of working gas storage capacity

• Ohio Valley Connector

• Placed into service October 2016

• Allegheny Valley Connector

• Acquired October 2016

Assets traverse core Marcellus

Transmission and Storage Assets

Asset statistics as of December 31, 2017.

8

Integrated asset footprint across core Marcellus & Utica development areas

Gathering Assets

PA Marcellus Gathering• 330 miles of high pressure pipeline

• 203,000 HP compression

• 1,035 MMcf per day firm capacity commitment from EQT

• 10-year demand based fixed-fee contracts

• 600 MMcf per day high pressure header pipeline for Range Resources

• 286,000 total gathering dedicated acres

• Supports development in prolific Greene and Washington counties

WV Marcellus Gathering• 150 miles high pressure pipeline

• 71,000 HP compression

• Supports wet & dry gas development

• 775 MMcf per day firm capacity commitment from EQT

• 10-year demand based fixed-fee contracts

OH Utica Gathering• 150 miles high pressure pipeline

• 31,000 HP compression

• 5-year Minimum Volume Commitment from Gulfport

• Dry gas gathering in core acreage in Belmont and Monroe counties

• 166,000 total acreage dedication

• ~320,000 acres in AMI*

Statistics based on EQM recast for the EQM/RMP mergers as of December 31, 2017.*Represents Strike Force AMI.

9

Complementary service with significant growth potential

Water Assets

2018 Expansion Projects

• Investing $25 MM in fresh water infrastructure• Installing 25 miles of pipe

Provides full service sourcing and hauling for drilling and completion activities

Approximately 140 miles of fresh water pipelines*

Fresh water access via major rivers and regional sources

• PA capacity: 29 MMgal per day* • OH capacity: 14 MMgal per day*

Customers include EQT, GPOR, CNX, Range, and XTO

Significant cost and safety advantage versus trucking

Potential for produced water solution provides upside

2018E EBITDA of approximately $65 MM**

• 50% EBITDA growth expected in 2019

*Recast for EQM/RMP mergers as of December 31, 2017.**See slide 4 for important disclosures regarding the non-GAAP financial measure projected water EBITDA.

Connect Supply and DemandExpand Supply Hub

Leverage existing asset footprint to expand

Marcellus/Utica supply hub

• Gathering 6.6 Bcf/d*

• Transmission capacity of 4.4 Bcf/d is a 7-fold increase from 2009

• Access to diverse sales points and providing shipper optionality

• Targeting 1.5 Bcf/d of incremental capacity

• Hammerhead Pipeline Project

• Equitrans Expansion Project

Extend network to connect supply hub to growing

demand markets

• Assets interconnect with all major interstate

pipelines in basin

• Ohio Valley Connector provides access to Midwest

markets

• Mountain Valley Pipeline will provide access to

growing Southeast markets

• Direct connects with power plants and industrial

users

• Potential demand driven partnership opportunities

10

Growth Strategies

*EQM gathered volumes for the three months ended September 30, 2018.

$MM

Run Rate Annual Adj.

EBITDA**$1,172

Plus: Firm Project

EBITDA$375

Run Rate Annual Adj.

EBITDA +

Firm Project EBITDA

$1,547

% Increase 32%

ProjectExpected

In-Service Date

EQM Capital

($MM)

Estimated Annual Firm

Project EBITDA ($MM)***

Mountain Valley Pipeline (MVP)* Q4 2019 $2,200 $220

Hammerhead Q4 2019 $555 $75

Equitrans Expansion Project Q4 2019 $140 $20

MVP Southgate* Q4 2020 $140 $20

Gathering - Firm Capacity Q3 2019 + $230 $40

Total Firm Projects $3,265 $375

11

Backlog includes $3.27 B of investments in projects backed by firm commitments

Near Term Growth Driven by Firm Projects

32% Increase in Current Run Rate Adjusted EBITDA from Firm Projects

*Represents EQM ownership percentage of MVP and MVP Southgate adjusted EBITDA. MVP and MVP Southgate will be accounted for as equity investments.**See slide 3 for important disclosures regarding the non-GAAP financial measure run rate annual adjusted EBITDA. ***See slide 4 for important disclosures regarding the non-GAAP financial measure firm project EBITDA.

-

5

10

15

20

25

30

35

40

45

50

2011 2014 2017 2020 2023 2026

Bcf

/d

Marcellus North Marcellus South Utica

Assets Overlay Heart of MarcellusMarcellus / Utica Supply Growth*

12

Marcellus / Utica basin becoming the leading supply source in the U.S.

Growth Strategy – Supply Hub

*Source: Wood Mackenzie Fall 2017 Long-Term Outlook

Transmission

Map depicts gas in place estimates

Project Scope

Gathering header pipeline

• 64-mile pipeline from Southwestern PA to

Mobley WV

• Aggregate supply from several existing PA gathering systems and future WV gathering systems

1.6 Bcf per day maximum capacity

• 1.2 Bcf per day firm commitment from EQT

Expecting Q4 2019 in-service

Approximately $555 MM capex

Expected annual firm project EBITDA of $75 MM*

Hammerhead Map

13

Hammerhead Pipeline Project

Growth Strategy – Supply Hub

*See slide 4 for important disclosures regarding the non-GAAP financial measure projected water EBITDA.

Regional Supply/Demand Balance*

Shifting market dynamics requires new infrastructure solutions

EQM assets positioned to capitalize on demand driven opportunities

Access to Multiple Markets

14

Supply / demand dynamics creating new opportunities

Growth Strategy – Extend Pipeline Network

(20)

(10)

-

10

20

30

40

2017 2022 2027

Bcf

/ d

Supply less Demand

Northeast Gulf Region Southeast

*Source: Wood Mackenzie Fall 2017 Long-Term Outlook

Local

Demand

NortheastMidwest

Market Takeaway PipelinesNortheast TETCO, TCO, DTI, TGP, NFG

Midwest REX, ET RoverGulf TETCO, TCO, TGP

Southeast Transco (Q4 2019)Local Demand EGC / PNG

Overview

Pipeline to growing natural gas demand market in

southeast U.S.

• 300-mile FERC-regulated pipeline

• 42” pipe diameter

• $4.6 B estimated project cost

• Q4 2019 targeted in-service

JV with NextEra, ConEd, AltaGas, RGC Resources

• 45.5% EQM ownership interest

2 Bcf per day capacity commitments

• 20-year terms

• Expansion capability

Project Map

15

Mountain Valley Pipeline

Growth Strategy – Extend Pipeline Network

Overview

Demand pull pipeline project from MVP

• 70-mile extension to North Carolina

• $350 - $500 MM total estimated capital

• PSNC Energy is anchor shipper with 300 MMcfper day firm capacity

• Estimated capacity of 0.5 Bcf per day with expansion capability up to 1.0 Bcf per day

• Q4 2020 targeted in-service

• EQM ownership in project 33%

• EQM to operate pipeline

MVP Southgate Map

16

MVP Southgate

Growth Strategy – Extend Pipeline Network

EQM EQGP

17

Distribution Growth

$0.104

$0.134

$0.165

$0.191

$0.228

$0.258

$0.315

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.35

Q2

'15*

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Dis

trib

uti

on

s p

er

un

it

$0.350$0.370

$0.430

$0.490

$0.550

$0.610

$0.675

$0.745

$0.815

$0.890

$0.980

$1.065

$1.115

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

Q3

'12

Q2

'13

Q1

'14

Q4

'14

Q3

'15

Q2

'16

Q1

'17

Q4

'17

Q3

'18

Dis

trib

uti

on

s p

er

un

it

• 1.0x target coverage• 1.2x coverage trailing 12-months

*Actual distribution was $0.04739 which reflected the prorated distribution for the 47 days after the IPO.EQM Coverage Ratio includes RMP Distributable Cash Flow for Q2 2018.

Long-term fixed-fee firm contracts

• 93% transmission revenue and 45% of gathering revenue from firm reservation fees in

Q3 2018

• 15-year weighted average transmission and storage contract life and 8-year weighted

average gathering contract life*

• ~80% of revenue from investment grade rated counterparties*

Balance sheet strength to support growth profile

• Targeting 3.5x – 4.0x Debt to EBITDA

• No equity issuance in the foreseeable future

Strong Cash Flow Profile and Balance Sheet

18

Predictable and growing cash flows

*Revenue from investment grade counterparties as of the nine months ended September 30, 2018. Contract life as of December 31, 2017.

19

Investment Highlights

Growing

Third-party

Business

Significant

Revenue from

Capacity

Reservation

Charges

Growth Project

Backlog

Supported by

Firm

Commitments

Premier

Assets in the

Marcellus /

Utica

Revenue

Backed by

Long-term

Demand Based

Contracts

Strong

Balance Sheet

Targeting

3.5x-4.0x

Debt/EBITDA

1.2x EQM

Coverage Ratio

over trailing 12-

months

Coverage Ratio includes RMP Distributable Cash Flow for Q2 2018.

Appendix

21

Post-Spinoff Structure

15.4 MM LP units12.7% ownership

276.0 MM LP units91.3% ownership

21.8 MM LP units1.4 MM GP units19.1% ownership100% IDR

Public

Public

8.7%ownership

68.2%ownership

Targeting 3.5x – 4.0x Debt to EBITDA

• Current ratings

• BBB- (S&P)

• BBB- (Fitch)

• Ba1 (Moody’s)

1.2x distribution coverage ratio over trailing 12-months

EQM Capitalized for Growth

22EQM Coverage Ratio includes RMP Distributable Cash Flow for Q2 2018.