PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Project Francis Conflicts Committee GP LLC Discussion Materials of the Board of Directors of Arkose May 8, 2018 PRIVATE AND CONFIDENTIAL. This document is being sent to you for your information only as an investment banking client of Gol dman Sachs and should not be forwarded outside of your organization. This document has been prepared by the Investment Banking Division and is not a produ ct of Goldman Sachs Global Investment Research. This document should not be used as a basis for trading in the securities or loans of the companies name d herein or for any other investment decision. This document does not constitute an offer to sell the securities or loans of the companies named herein or a solic itation of proxies or votes and should not be construed as consisting of investment advice. Goldman Sachs does not provide accounting, tax, or legal advice.

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PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Table of Contents I. II. Fairness Committee Materials Board Book Appendix A: Appendix B: Cost of Capital Midstream and GP Valuation Materials 3

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY I. Fairness Committee Materials

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Arkose Equity ($ in millions) Capitalization Table Total Equity Linked Instruments Reported in Latest Applicable SEC Filing (3/31/2018) Fully Diluted Shares at Transaction Price (Treasury Method) Provided by Client As of 04-May-2018 Arkose Midstream LP Basic Units Outstanding Common Units Outstanding 187.0 187.0 Total Basic Midstream Units Price 187.0 $ 26.41 187.0 $ 26.41 Arkose Midstream LP Potentially Dilutive Securities Midstream LTIP 1.03 1.03 Price $ 26.41 $ 26.41 Arkose Midstream GP LP ("GP") Basic Shares Outstanding Common Shares Outstanding 186.2 186.2 Total Basic GP Shares Price 186.2 $ 16.91 186.2 $ 16.91 Arkose Midstream GP LP ("GP") Potentially Dilutive Securities Series B Conversion (Based on S.Q. GP Market Cap) 3.97 3.97 Price $ 16.91 $ 16.91 Total Debt Cash Net Debt $ 1,310 (23) $ 1,287 $ 1,310 (23) $ 1,287 Source: Company filings and Bloomberg market data as of 04-May-2018 5 Fairness Committee Materials Total Debt / Total 2017E EBITDA2.5 x2.5 x Total Debt / Total 2018E EBITDA1.81.8 Family Enterprise Value$ 9,469$ 9,469 Total Family Value$ 8,182$ 8,182 Fully Diluted Equity Value$ 3,216$ 3,216 Total Shares Outstanding190.2190.2 Fully Diluted Equity Value$ 3,148$ 3,148 Fully Diluted Equity Value$ 4,967$ 4,967 Total Units Outstanding188.1188.1 Equity Value$ 4,940$ 4,940

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Process Timeline Summary of Key Events to Date Pre Special Committee Formation January 18 Analyst Day January 29 Announcement of Strategic Review (Before Market Open) February 26 Special Committee Formation (Before Market Open) Post Special Committee Formation March 09 Management Presentation to Special Committee and Advisors March 14 Initial Diligence Call March 15 Company / Advisors Model Diligence Call Committee and Advisors Discussion March 16 First Advisors-only Tax Due Diligence Call March 20 First Company / Advisors Tax Due Diligence Call March 29 Second Advisors-Only Tax Due Diligence Call April 02 Second Company / Advisors Tax Due Diligence Call April 27 Company / Advisors Downside Case and Series B Valuation Analysis Diligence Call Fairness Committee Materials 6 April 30Telephonic Meeting Between Special Committee and Advisors (Series B) May 3Telephonic Meeting Between Special Committee and Advisors (Series B) April 03Telephonic Meeting Between Special Committee and Advisors (IDR Recap vs. GP Buys Midstream Discussion, Pro Forma Trading) April 08Telephonic Meeting Between Special Committee and Advisors (Board Meeting Pre-Discussion) April 10Advisors / GP Board Meeting; Advisors / GP Independent Directors Meeting (Initial Report to the Board) April 12Telephonic Meeting Between Special Committee and Advisors (Upstream Buys GP, Series B) April 18Telephonic Meeting Between Special Committee and Advisors (Series B) April 20Telephonic Meeting Between Special Committee and Advisors (Series B) April 23Telephonic Meeting Between Special Committee and Advisors (Series B) April 27Telephonic Meeting Between Special Committee and Advisors (Series B) March 23Telephonic Meeting Between Special Committee and Advisors (Midstream Market and Restructuring Overview) March 16Special Committee / Advisors Discussion (Initial Reaction to Management Presentation and Diligence Session) March 08Special Committee / Advisors Introduction

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY II. Board Book

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Key Terms and Conditions Description of Transactions Consideration to Midstream Illustrative Exchange Ratio GP Share Price 1.60 x $ 16.91 1.80 x $ 16.91 Midstream Transaction  GP acquires all outstanding units of Midstream in 100% stock transaction at a fixed exchange ratio of [•]x Taxable transaction to Midstream unitholders — Basis step up, combined with the step-up from Series B transaction, expected to fully shield the pro forma company from cash taxes through 2021, with minimal (<$20mm) cash taxes in 2022 Distribution coverage held constant between status quo and pro forma in 2019 and 2022 — In 2018, one-time reduction in coverage ratio, from 1.28x to 1.10x, resulting in an increase in distributions to mitigate dilution to legacy Arkose Midstream unitholders  Pro Forma Shares Outstanding GP Shares 186.19 186.19 Midstream Units (+) Midstream LTIP 187.03 1.03 187.03 1.03  Midstream Fully Diluted Units (x) Exchange Ratio 188.06 1.60 x 188.06 1.80 x Shares to Midstream 300.89 338.51 GP Shares to Series B 11.20 11.20 Settlement of Series B Profit Interests in IDR LLC  Series B units of IDR LLC exchanged at transaction close for i) $190mm in cash, and ii) shares representing 2.0% of pro forma market cap in excess of $2.0bn at the time of Midstream transaction close — Conversion calculation per current agreement methodology, but conversation percentage reduced from 6.0% to 2.0% — Conversion capped at 11.2mm GP Shares  Conditioned on completion of the Midstream transaction Pro Forma Ownership GP Share Holders Midstream Unitholders Series B Unitholders 37.4 % 60.4 2.2 34.7 % 63.2 2.1 Source: Arkose Midstream and Arkose GP 2017 1Q 10-Qs and Bloomberg market data as of 04-May-2018 Board Book 8 Pro Forma Shares Outstanding498.28535.90 Implied Midstream Unit Price$ 27.06$ 30.44

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Sources and Uses and Pro Forma Capitalization 1.8 x Exch. Ratio to Midstream | $190mm Cash + 11.2mm Shares To Series B Unitholders Sources Uses Midstream Existing Balance Sheet Cash RCF Draw for Settlement of Series B Units $ 9 190 Purchase of Midstream Equity Settlement of Series B Units Cash to Balance Sheet $ 5,724 379 23 GP Existing Balance Sheet Cash Issuance of New Equity to Midstream Issuance of New Equity to Series B Unitholders $ 14 5,724 189 Capitalization Status Quo Pro Forma x LTM $ EBITDA x LTM $ EBITDA Consolidated Arkose Midstream (Midstream + GP) Cash RCF Borrowings 5.375% Senior Notes $ 23 660 650 $ 23 850 650 Consolidated Liquidity Profile Consolidated Cash and Cash Equivalents (+) RCF Availability (-) RCF Borrowings $ 23 1,500 (660) $ 23 1,500 (850) Source: Arkose Midstream and Arkose GP 1Q2018 10-Qs, filed 25-Apr-2018 9 Board Book LTM Adj. EBITDA$ 571 Total Consolidated Liquidity$ 863$ 673 Total Debt$ 1,3102.3 x$ 1,5002.6 x Net Debt1,2872.31,4772.6 Total Uses$ 6,127 Total Sources$ 6,127

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Arkose Simplified Ownership Structure Pro Forma1 Status Quo 100% Membership Interests Management and Sponsors Management and Sponsors Legacy GP Public Public AMGP GP LLC (“General Partner”) General Partner 67% LP Interest Non-Economic General Partner Interest 33% LP Interest Legacy Midstream Public Non Economic General Partner Interest Series B Unitholders Arkose Upstream Common Shares (27% Interest) Former Series B Unitholders Series B Units (Profits Interests) Units erests) Arkose IDR Holdings LLC (“IDR LLC”) Non Economic General Partner Interest 100% Incentive Distribution Rights Arkose Upstream Public Common Units (47% LP interest) Common Units (47% LP interest) Arkose Midstream Partners (“Midstream”) Arkose Midstream Partners (“Midstream”) Source: Arkose Management Project Francis Due Diligence Materials dated 14-Mar-2018, Vinson & Elkins “Arkose Simplification – Structure Charts” dated 21-Mar-2018 1 Assumes elimination of IDRs concurrent with the transaction and exchange of Series B units. 10 Board Book Common Shares Common Shares GP Arkose Midstream GP LLC (“GP”) Series A (Capital Int Arkose Midstream Partners GP LLC (“AMP GP”)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Summary Term Sheet Exchange of Series B Units into GP Common Shares Summary of Key Terms and Conditions Distribution Amount Board Book 11 Existing Security  Series B Units, as defined in the LLC Agreement of Arkose IDR Holdings LLC Current Issued  98,600 Series B Units Exchange Consideration  GP common shares received in a taxable transaction  $190mm cash Exchange Shares  2.0% of the combined market cap of GP and Midstream upon closing of the transaction, exclusive of the dilutive impact of the shares and distributions issued to the Series B unitholders  Conversion capped at a maximum of 11.2mm shares Effective Date  The date of the closing of a merger of Arkose GP and Arkose Midstream Distribution Rights  Same as other holders of GP common shares Arrearages  Immediate payment in cash upon vesting to holders of the Series B Units of the Unvested Reallocated Voting Rights  Same as other holders of GP common shares Vesting  One-third vested upon exchange; two-thirds vest on same schedule as Series B Units Subordination  None Transferability  Not transferable for three years after the Effective Date Conditions  Exchange of Series B Units into GP common shares and cash conditioned on closing of a merger of Arkose GP and Arkose Midstream  All Series B Units exchanged

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Series B Settlement at Various Assumed GP Share Prices at Closing Pro Forma Arkose GP + Midstream | Illustrative 1.8x Exchange Ratio Share Price IPO Price Current GP Shares (+) Pro Forma Midstream Units (at 1.8 x Ech. Ratio) (+) Shares Issued to Series B Units @ 2.0 % PF Interest 186.2 338.5 7.8 186.2 338.5 8.1 186.2 338.5 8.3 186.2 338.5 8.5 186.2 338.5 8.8 Total Pro Forma Shares Outstanding 532.5 532.8 533.0 533.2 533.5 % Change From Current Share Price (11)% 0 % 6 % 18 % 39 % Implied # of GP Shares Issued for Series B Pro Forma Series B Take 2.00 % 7.8 8.1 8.3 8.5 8.8 (w/ 11.2mm share cap) Implied Value of Series B Interest (Based on Implied GP Share Price) Value of Shares Issued 2.00 % Value of Cash Component Total Consideration for Series B Implied # of GP Shares / Total Consideration 6.7 7.1 7.5 7.8 8.2 8.6 / $290 7.0 / $308 7.1 / $319 7.4 / $337 7.7 / $370 1.5 x 1.6 1.7 1.8 1.9 2.0 / / / / / 296 302 307 313 319 7.4 7.8 8.1 8.5 8.9 / / / / / 315 321 327 334 340 7.5 7.9 8.3 8.6 9.0 / / / / / 325 332 339 346 352 7.7 8.1 8.5 8.9 9.2 / / / / / 345 352 360 367 375 8.0 8.4 8.8 9.2 9.5 / / / / / 379 388 397 405 414 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 04-May-2018 12 Board Book Exchange Ratio to Midstream $ 117$ 137$ 149$ 170$ 207 190190190190190 $ 307$ 327$ 339$ 360$ 397 Current Prices GP: $16.91 GP IPO Price: $23.50 Assumed GP 20-Day VWAP at Closing$ 15.00$ 16.91$ 18.00$ 20.00$ 23.50

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Relative Stock Price Performance Indexed Arkose Family | 5 Trading Day VWAP Basis Year-to-Date Since Special Committee 20 % 20 % 15 % 15 % 10 % 10 % 5 % 5 % 0 % 0 % (5)% (5)% (10)% (10)% (15)% (15)% (20)% (20)% (25)% (25)% Dec-2017 Feb-2018 Mar-2018 May-2018 Feb-2018 Mar-2018 May-2018 Source: Bloomberg market data as of 04-May-2018 Board Book 13 GP (12)% Midstream (8)% GP (8)% Upstream (2)% Upstream 0 % Midstream (1)% 26-Feb-2018 Special Committee Formation 18-Jan-2018 Analyst Day 29-Jan-2018 Upstream Strategic Review

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Historical Midstream Since GP IPO | 03-May-2017 / GP Exchange Ratio 2.00x 1.90x 1.80x 1.70x 1.60x 1.56 x 1.50x 1.40x 1.30x 1.20x May-2017 Sep-2017 Dec-2017 May-2018 Midstream / GP Source: Bloomberg market data as of 04-May-2018 14 Board Book Exchange Ratio 26-Feb-2018 Special Committee Formation

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Historical Midstream / GP Exchange Ratio – Illustrative Ownership Expression Since GP IPO | 5 Trading Day VWAP Basis 64% 63% 62% 61% 60% 60% 59% 59% 58% 57% 56% May-2017 Sep-2017 @ Continuous Series B Conversion² Jan-2018 @ 11.2mm Series B Conversion May-2018 Source: Company filings and press releases, Bloomberg market data as of 04-May-2018 1 Since 1-Jun-2017 , the 21st day of public trading. 2 Continuous Series B Conversion assumes 6% Series B take on Standalone GP Market Cap above $2.0bn and on a 20-Day VWAP basis. Board Book 15 % Ownership to Midstream e IPO¹ 60 % 59 % Average Ownership 30 Trading 60 Trading 90 Trading Days Days Days YTD Sinc Continuous Conversion 61 % 60 % 60 % 60 % 11.2mm Conversion 60 % 59 % 59 % 59 % 26-Feb-2018 Special Committee Formation

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Implied Premiums and Illustrative Ownership Impact at Various Exchange Ratios Shares Issued for Midstream¹ 282 301 320 339 357 376 Metrics Current Last Close 30-Trading Day VWAP Midstream GP (4)% (2) 2 % 4 9 % 11 15 % 17 22 % 24 28 % 31 $ 26.41 25.77 $ 16.91 16.33 At 23-Feb-2018 (Committee Formation) Last Close 30-Trading Day VWAP $ 26.49 29.44 $ 19.19 20.68 9 % 5 16 % 12 23 % 19 30 % 26 38 % 33 45 % 41 At 26-Jan-2018 (YTD GP High) Last Close 30-Trading Day VWAP (0)% (1) 6 % 5 13 % 12 20 % 19 26 % 25 33 % 32 $ 33.13 32.91 $ 22.02 21.74 Pro Forma Ownership SQ Metric Illustrative Shares to Former Series B Shareholders² Former Midstream Unit Holders Midstream Public³ Upstream 11 2 2 2 2 2 2 89 99 28 % 31 29 % 32 29 % 33 30 % 33 31 % 34 31 % 34 Total Fully Diluted Shares Outstanding 479 498 517 536 555 574 Source: Arkose Midstream and GP 2017 10-Ks and Bloomberg market data as of 04-May-2018 1 Includes ~1mm units under Midstream’s LTIP and ~187mm common units outstanding. 2 Illustrative number based on Series B settlement; assumes maximum dilution from Series B take. 3 Includes ~1mm units under Midstream’s LTIP. 16 Board Book Total Former Midstream Unitholders 188 59 % 60 % 62 % 63 % 64 % 66 % GP Current Shareholders 186 39 % 37 % 36 % 35 % 34 % 32 % Illustrative Exchange Ratios (Midstream / GP) 1.50 x 1.60 x 1.70 x 1.80 x 1.90 x 2.00 x

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Accretion / (Dilution Analysis) GP Pro Forma DCF / Share Acc. (Dil.) GP Pro Forma DPS Acc. (Dil.) 18-20 DPU Acc (Dil) 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E 1.5 x 1.6 1.7 1.8 1.9 2.0 107 % 99 92 85 79 73 51 % 46 40 35 31 26 37 % 32 27 23 19 15 31 % 26 22 17 13 10 25 % 21 16 12 9 5 55 % 49 44 39 34 30 Midstream Pro Forma LP DCF / Unit Acc. (Dil.) Midstream Pro Forma DPU Acc. (Dil.) 18-20 DPU Acc (Dil) 2018E 2019E 2020E 2021E 2022E 2018E 2019E 2020E 2021E 2022E 1.5 x 1.6 1.7 1.8 1.9 2.0 (3)% (0) 2 4 6 8 (9)% (7) (4) (2) (0) 2 (3)% (1) 2 4 6 8 0 % 3 5 7 10 12 2 % 5 7 10 12 14 (5)% (2) (0) 2 4 6 Source: Arkose Projections and Bloomberg market data as of 04-May-2018 Note: Pro forma analysis assumes 1.1x coverage ratio in 2018 and 2019-2022 coverage ratios held constant to current standalone forecasts. GP ownership excludes series B ownership. Assumes 11.2mm shares issued to Series B and cash payment of $190mm funded by debt issuance at the pro forma company. 17 Board Book (11)%(4)%(1)%1 %2 % (9)(1) 245 (7) 1 4 7 8 (5) 3 6 9 10 (3) 5 9 11 12 (1) 7 11 13 15 Exchange Ratio Projection Year Projection Year Midstream Perspective 128 %99 %60 %46 %32 % 11991544027 11184493523 10478433018 9772382614 9066342211 Exchange Ratio Projection Year Projection Year GP Perspective

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Financial Midstream Valuations Analyses Comparable Companies DPS / DPU Yield 2019E Assumes 2019E yield range of 10.1 % - 6.0 % 2020E Assumes 2020E yield range of 11.1 % - 7.2 % Price / LP DCF 2019E Assumes 2019E multiple range of 8.5 x - 14.2 x 2020E Assumes 2020E multiple range of 8.1 x - 13.1 x EV / EBITDA 2019E Assumes 2019E multiple range of 8.7 x - 13.3 x 2020E Assumes 2020E multiple range of 7.1 x - 12.0 x Precedent Transactions 30 day VWAP: $ 25.77 Current Price: $ 26.41 $ 21.87 $ 37.02 $ 25.69 9.73 $ 23.54 .24 $ 26.20 $ 42.35 $ 23.9 69 $ 24.31 $ 43.77 Premiums Paid - 1 Day Trading Premium Assumes Range of 0 % - 26 % Premium Premiums Paid - 30 Trading Day VWAP Assumes Range of -9 % - 28 % Premium $ 2 $ 23.37 Intrinsic Value $ 3 $ 55.09 Dividend Discount Analysis Based on 1.5% - 3.0% PGR and 9.5% - 11.5% Cost of Equity $ 29 .99 Present Value of Future Share Price Assumes Range of 8.0 % - 9.0 % NTM Yield based on 2019E - 2020E Public Information $ 31.00 $ 49.00 Analyst Price Target Range $ 24.20 52-Week Stock Price Range Low date of 09-Apr-2018 & high date of 01-Jun-2017 Source: Arkose Projections, company filings, and Bloomberg market data as of 04-May-2018 1 30 Trading Day VWAP. 18 Board Book $ 3 $ 39 9 $ 38. 6.41 $ 33.23 $ 32.91 6.62 .82 $ 37 $ 35.55

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Financial Analyses GP Valuations Intrinsic Value 30 day VWAP: $ 16.33 Current Price: $ 16.91 Dividend Discount Analysis Based on 1.5% - 3.0% PGR and 9.5% - 11.5% Cost of Equity $ 19.6 $ 28.07 Present Value of Future Share Price Assumes Range of 6.9 % - 7.9 % NTM Yield based on 2019E - 2020E Public Information $ 15.43 $ 21.44 $ 20.00 $ 30.00 Analyst Price Target Range 52-Week Stock Price Range Low date of 04-Apr-2018 & high date of 02-Jun-2017 $ 14.85 $ 22.02 Source: Arkose Projections, company filings, and Bloomberg market data as of 04-May-2018 19 Board Book 5

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY GP / Midstream Contribution Analysis ($ in millions) GP Buys Midstream IDR LLC Midstream IDR LLC Distributions to Midstream Distributions To Exchange Ratio To Midstream¹ Series A Series B IDR LLC LP Unitholders Ratio of Cash Distributions FY 2018E $ 143 $ 320 2.32 x FY 2019E 236 414 1.83 FY 2020E 355 533 1.57 FY 2021E 462 640 1.45 FY 2022E 589 767 1.37 Arkose GP Common Shares IDR LLC - Series B Series B Midstream LP Unitholders Exchange Ratio To Midstream Ratio of Cash Distributions FY 2018E $ 100 $ 7 $ 320 3.18 x FY 2019E 165 12 414 2.49 FY 2020E 249 20 533 2.14 FY 2021E 324 26 640 1.97 FY 2022E 413 34 767 1.86 Source: Arkose Projections 1 Calculated assuming fixed 11.2mm shares issued to retire Series B units and exchange ratio to Midstream required to set GP’s pro forma ownership equal to its portion of cash distributions. 20 Board Book Status Quo Cash Distributions to Equity (Midstream and IDR LLC) 37 % 63 % 35 % 65 % 34 % 66 % 30 % 70 % 25 % 75 % Status Quo Cash Distributions to Equity (Midstream, IDR LLC, and GP) 43 % 57 % 42 % 58 % 40 % 60 % 36 % 64 % 31 % 69 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Impact of PGR Assumptions on DDM-Implied Exchange Ratios Implied Midstream Value ($ / Unit) Implied GP Value ($ / Share) 1.50 % 2.00 % 2.50 % 2.00 % 2.50 % 3.00 % Implied Exchange Ratio 9.5 % Avg. 10.0 1.82 x 10.5 11.0 Median 11.5 1.82 1.50 % 2.00 % 2.50 % 2.50 % 3.00 % Implied Exchange Ratio 9.5 % Avg. 10.0 1.77 x 10.5 11.0 Median 11.5 1.76 Source: Arkose Projections and Bloomberg market data as of 04-May-2018 Note: Pro forma analysis assumes 1.1x coverage ratio in 2018 and 2019-2022 coverage ratios held constant to current standalone forecasts. 21 Board Book 1.87 x 1.74 x 1.85 x 1.73 1.83 x 1.72 1.81 x 1.71 1.79 x 1.69 $ 24.81 $ 28.07 23.53 26.39 22.41 24.93 21.41 23.65 20.51 22.51 $ 46.28 $ 48.83 $ 51.73 43.44 45.65 48.15 40.91 42.84 45.02 38.65 40.36 42.26 36.62 38.13 39.81 Cost of Equity Perpetuity Growth Rate Perpetuity Growth Rate Higher GP Perpetuity Growth Rates 1.87 x 1.86 x 1.84 x 1.85 x 1.84 1.82 1.83 x 1.82 1.81 1.81 x 1.80 1.79 1.79 x 1.78 1.77 $ 24.81 $ 26.32 $ 28.07 23.53 24.87 26.39 22.41 23.59 24.93 21.41 22.46 23.65 20.51 21.45 22.51 $ 46.28 $ 48.83 $ 51.73 43.44 45.65 48.15 40.91 42.84 45.02 38.65 40.36 42.26 36.62 38.13 39.81 Cost of Equity Perpetuity Growth Rate Perpetuity Growth Rate Higher GP Perpetuity Growth Rates

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Summary Term GP-Acquires-Midstream Transaction Sheet Proposed Terms Benefits to Midstream formation of the Special Committee security) constant between status quo and pro increasing distributions and mitigating agreement with Series B unitholders 22 Board Book Consideration  GP acquires all outstanding units of Midstream in 100% stock transaction at a fixed exchange ratio of [•]x  Taxable transaction to Midstream unitholders  [•]% and [•]% premium to Midstream based on the last close and 30-day VWAP as of February 23rd, the last trading day prior to public announcement of the  [•]% ownership in pro forma entity, a premium to ownership based on market capitalizations of [•]% year-to-date and [•]% since IPO  Accretive to Midstream unitholder cash distributions in Year 1 (2018), over 3-years (‘18-’20), and 5-years (‘18-’22) — Unlike most GP-to-LP transaction, Midstream unitholders do not suffer dilution  Maintains Midstream’s best-in-class distribution growth profile  Exchanges Midstream LP units (K-1) for more attractive 1099 security — Enhanced trading liquidity and access to broader investor universe via 1099 stock — Common pool of equity without IDR drag  Catalyst to improve overall trading and valuation through simplified structure, no IDRs, and combined shareholder base Surviving Security  GP shares (NYSE: AMGP, a 1099 Distribution Policy  Midstream distribution coverage held forma in 2019 and 2022  In 2018, recommend one-time reduction in coverage ratio, from 1.28x to 1.10x, transaction dilution to Midstream — (Subject to Board approval) Treatment of Series B Units in IDR LLC  Permanently eliminated at transaction closing — See separate termsheet describing — Cash component of consideration funded from pro forma entity balance sheet at closing

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Combined Market Capitalization ($ in millions) Historical Combined Market Cap | Since 1-Jun-2017 YTD Combined Market Cap $ 11,000 $ 11,000 $ 10,000 $ 10,000 $ 9,000 $ 9,000 $ 8,000 $ 8,000 $ 7,000 $ 7,000 Jun-2017 Sep-2017 Mar-2018 May-2018 Source: Company filings, Bloomberg market data as of 04-May-2018 Note: 1-Jun-2017 represents 21st day of public trading. The GP Peak Implied combined market cap is calculated by indexing the combined Arkose market cap from 26-Jan-2018 to the present based on the performance of the Alerian MLP index since that date. The Committee Announced implied market cap is calculated using the same methodology since 23-Feb-2018. Board Book 23 $ in millions Jan-2018 MApary--22001188 Jan-2018Feb-2018 GP Market Cap (+) Midstream Market Cap (+) Illustrative Series B Value Combined Market Cap $ 8,155 Combined Market Cap $ 8,155 Committee Annc. $ 8,276 GP Peak Implied $ 8,750 GP Peak Implied $ 8,750 Committee Annc. $ 8,276 $ in millions

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Absolute and Relative Changes in Family Equity Value in Precedent Transactions One Day % Change in Family Equity Value and Alerian Index Performance 14 % (1)% (6)% 6 Month % Change in Family Equity Value and Alerian Index Performance¹ 41 % (22)% Source: Thomson, Alerian, Bloomberg market data as of 04-May-2018 ¹ ArchRock and Tallgrass percent change between current market data and day after announcement (ArchRock transaction announced 02-Jan-2018 and Tallgrass transaction announced 26-Mar-2018). Board Book 24 4 %(9)% 8 %6 %9 % (10)% 0 %(15)%8 % (7)% 10 %10 % (0)% 5 %5 % 2 % 4 % 2 %2 % Change in Family Market Cap Alerian Performance

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Precedent MLP Buy-ins GP and LP Equity Values Over Time Versus Alerian Index TEP / TEGP | Transaction Date: 26-Mar-2018 OKS / OKE | Transaction Date : 01-Feb-2017 $ 26,083 $ 6,718 $ 6,527 $ 5,621 $ 17,266 5 Out / (Under) Performance vs. Alerian 6 Months Prior 1-Day Prior 6M Prior 3M Prior 1 Day Prior 8% --1 Day Post 3M Post 6M Post Current 6M Prior 3M Prior 1 Day Prior 1 Day Post Current ---- (5)% --(13)% --(8)% 6% (7)% 7% ---- 16% --17% 8% 18% 9% 37% 27% 105% 89% LP GP Indexed to AMZ as of 6M Prior Indexed to AMZ as of 1 Day Prior Source: Company filings and press releases, Bloomberg market data as of 04-May-2018 Board Book 25 $ 4,442 $ 6,228$ 6,041 $ 4,047 $ 5,663$ 5,609 $ 5,169 $ 5,263 $ 3,688 $ 4,934 $ 4,887 $ 3,384 $ 3,258 $ 2,277 $ 2,181 $ 1,933 $ 1,785 $ 1,676 $ 20,884$ 20,581 $ 26,083 $ 13,76 $ 12,718 $ 18,734$ 19,002 $ 19,305 $ 17,836 $ 11,697 $ 18,868 $ 16,217 $ 14,983 $ 15,953 $ 10,478 $ 16,514 $ 16,134 $ 11,564 $ 17,557 $ 11,602 $ 9,867 $ 9,188 $ 8,390 $ 7,400 $ 7,170 $ 6,647

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY ONEOK Family Pro Forma Trading NTM DPU Yield | Simplification Announced 01-Feb-2017 9.0 % 8.0 % 7.0 % 6.0 % 1 % 5.0 % 4.0 % Sep-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 OKE NTM DPU Yield OKS NTM LP DPU Yield Total ONEOK Family DPU Yield Pro Forma ONEOK DPU Yield Source: Wall street research and Bloomberg market data as of 04-May-2018 26 Board Book % % % 6 Months 3 Months At 3 Months 1 Yr Prior Prior Prior Announce. 1 Day After 1 Month After Close OKE 10.4 % 5.7 % 5.1 % 4.5 % 5.1 % 4.9 % 5.1 % 5.2 OKS 11.9 % 8.0 % 8.1 % 7.3 % 5.2 % 5.0 % 5.2 % 5.3 Wtd. Avg 11.1 % 6.7 % 6.3 % 5.6 % 5.1 % 5.0 % 5.2 % 5.2 7.3 % 5.6 %5. 4.5 % 01-Feb-2017: ONEOK, Inc. Agrees to Acquire the Remaining Public Stake in ONEOK Partners valued at $17.2bn (Exchange Ratio: 0.985x)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Tallgrass Family Pro Forma Trading NTM DPU Yield | Simplification Announced 26-Mar-2018 16.0 % 14.0 % 12.0 % 10.0 % % % % 8.0 % 6.0 % 4.0 % 2.0 % Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 TEGP NTM DPU Yield TEP NTM DPU Yield Total Family DPU Yield Source: Wall street research and Bloomberg market data as of 04-May-2018 27 Board Book % % % 6 Months 3 Months At 1 Yr Prior Prior Prior Announce. 1 Day After 1 Month Today TEGP 4.8 % 4.9 % 5.2 % 10.7 % 10.4 % 8.9 % 9.8 TEP 7.0 % 7.7 % 7.7 % 10.8 % 10.1 % 9.0 % 9.6 Wtd. Avg 6.2 % 6.7 % 6.9 % 10.8 % 10.2 % 9.0 % 9.7 07-Feb-2018: Tallgrass announces consideration of simplification alternatives 9.8 9.7 9.6 26-Mar-2017: Tallgrass Energy GP to Acquire Tallgrass Energy Partners

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Determining Arkose’s Overall Status Quo Yield ($ in millions, except per share / unit data) Calculation of Combined Equity Value Calculation of Equity Yield 2018E 2019E 2020E Basic Midstream Units (x) Midstream Unit Price 187 $ 26.41 Midstream LP DPU $ 1.72 $ 2.21 $ 2.85 Y.o.Y. Dist. Growth '18-'20E CAGR 29 % 29 % 29 % 29 % GP Shares (x) GP Share Price 186 $ 16.91 GP DPS $ 0.54 $ 0.89 $ 1.34 Y.o.Y. Dist. Growth¹ '18-'20E CAGR 163 % 58 % 65 % 51 % Blended Status Quo Family Multiples / Yields Distributable Cash Flow² Distributed Cash³ $ 558 427 $ 796 591 $ 950 802 Y.o.Y. Dist. Growth4 Pro Forma Distributable Cash Y.o.Y. Dist. Growth '18-'20E CAGR Pro Forma Distributed Cash5 Y.o.Y. Dist. Growth '18-'20E CAGR 47 % $ 587 NA 32 % $ 533 NA 29 % 38 % $ 846 44 % 36 % $ 1,028 22 % $ 643 21 % $ 882 37 % Source: Arkose Projections and Bloomberg market data as of 04-May-2018 Note: Share counts based on 2017 Midstream and GP 10-K. 1 Based on 2017A DPS of $0.20 2 Based on GP status quo market cap and Series B conversion mechanism. 3 Based on total DCF at Midstream, excluding taxes at GP. 4 2017 total distributions based on actual LP distributions and IDR cash flows adjusted for Series B take, G&A, and taxes at GP to approximate total distributions if GP had been public on 1-Jan-2017. 5 Pro forma growth rates assuming 1.1x coverage in 2018; assumes $190mm incremental debt to settle Series B units. 6 PV of status quo 2018E-2022E cash taxes at GP discounted at illustrative 10% cost of equity. Board Book 28 Memo: PV of Tax Synergies (GP Cash Taxes '18-22)6 $325 Arkose Midstream Total Basic Equity Value (Incl. Series B) $8,155 Implied Equity Value / Total DCF 14.6 x 10.3 x 8.6 x Implied Distribution Yield 5.2 % 7.2 % 9.8 % GP Equity Value $3,148 Implied Yield 3.2 % 5.2 % 7.9 % Midstream Basic Equity Value $4,940 Implied Yield 6.5 % 8.4 % 10.8 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY LQA DPU Yield vs. 2018 – 2020 DPU CAGR 16.0 % 14.0 % 12.0 % 10.0 % 8.0 % WPZ TRGP WGP 6.0 % TRP 4.0 % 2.0 % P 0.0 % 0 % 10 % 20 % '18-20 LP DPU CAGR 30 % 640 % GP Peers and High Growth MLPs C-Corps and MLPs without IDRs Combined Source: Company filings, Wall Street research, IBES, and Bloomberg market data as of 04-May-2018 1 Excludes APLP (due to delisting 27-Apr-2018) and MIC. 29 Board Book Current Yield 029x 2 1x 26x y = 9.0998e-0.0 R² = 0.5756 y = 8.9395e-0.04 R² = 0.7935 y = 8.5881e-0. R² = 0.599 HEPCEQP SEMGANDX ETEEQM EPDENBSHLXHESM ENLC MPLX PAGPOKEPAAAM NBLXEQGP KMI AMG

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY 2018 DPU Yield vs. 2018 – 2020 DPU CAGR 16.0 % 14.0 % 12.0 % 10.0 % ENB 8.0 % WPZ WGPSHLX TRGP EPD AM MPLX 6.0 % EQGP PAGP PAA 4.0 % P 2.0 % 0.0 % 0 % 10 % 20 % '18-20 LP DPU CAGR 30 % 640 % GP Peers and High Growth MLPs C-Corps and MLPs without IDRs Combined Source: Company filings, Wall Street research, IBES, and Bloomberg market data as of 04-May-2018 1 Excludes APLP (due to delisting 27-Apr-2018) and MIC. 30 Board Book 2018 Yield 02x 66 025x 022x 7 y = 9.1892e-0. R² = 0.499 y = 8.3494e-0. R² = 0.397 y = 8.3031e-0. R² = 0.36 HEPANDX CEQP SEMGETEEQM ENLCHESM TRP OKE NBLX KMI AMG

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Analysis at Various Yields Pro Forma Arkose GP + Midstream (at Market) Broker Median Total Equity Value: $11,761 % Uplift from Current Equity Value¹ Net Debt 0 % 1,477 5 % 1,477 10 % 1,477 15 % 1,477 20 % 1,477 30 % 1,477 40 % 1,477 50 % 1,477 60 % 1,477 75 % 1,477 High Growth Arkose Peer Blended¹ Median Comps EV / EBITDA 2018 2019 2020 Metric EQT $ 730 989 1,222 13.2 x 13.8 x 14.3 x 10.6 8.5 14.9 x 11.0 15.4 x 11.4 16.6 x 12.2 9.9 19.9 x 14.7 21.6 x 15.9 10.6 11.2 11.9 12.9 Price / DCF 2018 2019 2020 Metric Shell $ 587 846 1,028 13.9 x 9.6 7.9 16.0 x 11.1 19.5 x 20.9 x 22.2 x 15.4 24.3 x 16.9 11.6 9.5 12.5 10.3 13.5 14.5 11.1 11.9 12.7 13.9 Distribution Yield 2018 2019 2020 Metric Noble $ 533 643 882 6.5 % 7.9 10.8 4.1 % 4.9 6.8 3.7 % 4.5 6.2 Source: Arkose Projections and Bloomberg market data as of 04-May-2018 Note: Analysis assumes 11.2mm shares issued to Series B, corresponding to ~2% pro forma ownership, and cash payment of $190mm funded by debt issuance at the pro forma company. 1 Arkose status quo blended multiples/yields calculated based on combined Midstream basic equity value, market implied Series B value, and GP equity value; DCF and total distributions net of cash taxes and SG&A at GP. 31 Board Book 5.2 % 7.2 9.8 7.9 % 8.4 9.3 5.0 % 6.0 7.2 6.2 % 5.9 % 5.7 % 5.4 % 5.0 % 4.7 % 6.1 5.6 4.4 % 5.3 7.5 7.2 6.9 6.6 10.3 9.8 9.4 9.0 8.3 7.7 7.2 14.6 x 10.3 8.6 11.3 x 10.0 8.7 17.2 x 14.2 13.1 16.7 x 18.1 x 14.6 x 15.3 x 10.1 10.6 8.3 8.7 9.1 8.9 9.2 9.7 10.2 7.9 8.2 12.9 x 9.6 7.7 12.7 x 9.7 9.1 18.0 x 13.3 12.0 17.7 x 18.8 x 13.0 13.9 Illustrative Enterprise Value $ 9,632 $ 10,040 $ 10,448 $ 10,855 $ 11,263 $ 12,079 $ 12,894 $ 13,710 $ 14,526 $ 15,749 Implied Equity Value $ 8,155 $ 8,563 $ 8,971 $ 9,378 $ 9,786 $ 10,602 $ 11,417 $ 12,233 $ 13,048 $ 14,271

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Implied Ownership and Pro Forma Trading At Various Total Equity Values Broker Median: $11,761 % Upside from Current NA 5 % 10 % 15 % 20 % 30 % 40 % 50 % 60 % 75 % 1.5 x 1.6 1.7 1.8 1.9 2.0 1.5 x 1.6 1.7 1.8 1.9 2.0 Source: Arkose Projections and Bloomberg market data as of 04-May-2018 Note: Analysis assumes 11.2mm shares issued to Series B, corresponding to ~2% pro forma ownership, and cash payment of $190mm funded by debt issuance at the pro forma company. 1 Assumes current market price and Series B units convert into SQ GP market cap. 2 PV of status quo 2018E-2022E cash taxes at GP discounted at illustrative 10% cost of equity 32 Board Book $ 25.51 / (3)% $ 26.19 / (1)% $ 26.79 / 1 % $ 28.06 / 6 % $ 29.34 / 11 % $ 30.61 / 16 % $ 33.17 / 26 % $ 35.72 / 35 % $ 38.27 / 45 % $ 40.82 / 55 % $ 44.65 / 69 % $ 27.50 / 4 % $ 28.80 / 9 % $ 30.11 / 14 % $ 31.42 / 19 % $ 34.04 / 29 % $ 36.66 / 39 % $ 39.28 / 49 % $ 41.90 / 59 % $ 45.83 / 74 % $ 26.81 / 2 % $ 28.15 / 7 % $ 29.49 / 12 % $ 30.83 / 17 % $ 32.17 / 22 % $ 34.85 / 32 % $ 37.54 / 42 % $ 40.22 / 52 % $ 42.90 / 62 % $ 46.92 / 78 % $ 27.39 / 4 % $ 28.76 / 9 % $ 30.13 / 14 % $ 31.50 / 19 % $ 32.87 / 24 % $ 35.61 / 35 % $ 38.35 / 45 % $ 41.09 / 56 % $ 43.83 / 66 % $ 47.94 / 82 % $ 27.93 / 6 % $ 29.33 / 11 % $ 30.73 / 16 % $ 32.12 / 22 % $ 33.52 / 27 % $ 36.31 / 37 % $ 39.11 / 48 % $ 41.90 / 59 % $ 44.69 / 69 % $ 48.88 / 85 % $ 28.44 / 8 % $ 29.86 / 13 % $ 31.28 / 18 % $ 32.71 / 24 % $ 34.13 / 29 % $ 36.97 / 40 % $ 39.82 / 51 % $ 42.66 / 62 % $ 45.50 / 72 % $ 49.77 / 88 % Exhange Ratio to Midstream Midstream Perspective $ 17.01 / 1 % $ 17.86 / 6 % $ 18.71 / 11 % $ 19.56 / 16 % $ 20.41 / 21 % $ 22.11 / 31 % $ 23.81 / 41 % $ 25.51 / 51 % $ 27.21 / 61 % $ 29.76 / 76 % $ 16.37 / (3)% $ 17.18 / 2 % $ 18.00 / 6 % $ 18.82 / 11 % $ 19.64 / 16 % $ 21.28 / 26 % $ 22.91 / 35 % $ 24.55 / 45 % $ 26.19 / 55 % $ 28.64 / 69 % $ 15.77 / (7)% $ 16.56 / (2)% $ 15.22 / (10)% $ 15.98 / (6)% $ 14.70 / (13)% $ 15.44 / (9)% $ 14.22 / (16)% $ 14.93 / (12)% $ 17.35 / 3 % $ 18.14 / 7 % $ 18.93 / 12 % $ 20.50 / 21 % $ 22.08 / 31 % $ 23.66 / 40 % $ 25.23 / 49 % $ 27.60 / 63 % $ 16.74 / (1)% $ 17.50 / 3 % $ 18.26 / 8 % $ 19.78 / 17 % $ 21.30 / 26 % $ 22.83 / 35 % $ 24.35 / 44 % $ 26.63 / 57 % $ 16.17 / (4)% $ 16.91 / (0)% $ 17.64 / 4 % $ 19.11 / 13 % $ 20.58 / 22 % $ 22.05 / 30 % $ 23.52 / 39 % $ 25.73 / 52 % $ 15.64 / (8)% $ 16.35 / (3)% $ 17.06 / 1 % $ 18.49 / 9 % $ 19.91 / 18 % $ 21.33 / 26 % $ 22.75 / 35 % $ 24.88 / 47 % Exhange Ratio to Midstream GP Perspective Implied PF Equity Value $ 8,155 $ 8,563 $ 8,971 $ 9,378 $ 9,786 $ 10,602 $ 11,417 $ 12,233 $ 13,048 $ 14,271 Current ’19E Total Equity Yield: 7.2% Current Prices: $16.91 (GP) $26.41 (Midstream)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Public Midstream Comparable Peers DPU Yield 2018E DPU Yield Median: 7.9 % 10.1 % 9.0 % 8.6 % 8.4 % 8.3 % 7.9 % 7.9 % 6.8 % 6.5 % 6.5 % 5.0 % 7.2 % 7.1 % EnLink Midstream Enable Midstream DCP Midstream Crestwood EQT Midstream² Western Gas Targa Resources CONE Midstream Hess Midstream Shell Midstream Arkose Midstream¹ (Management) Arkose Midstream¹ (IBES) Noble Midstream 2019E DPU Yield Median: 8.4 % 10.1 % 9.6 % 9.2 % 6.0 % 8.6 % 8.7 % 8.4 % 8.3 % 8.4 % 8.4 % 8.2 % 7.9 % 7.9 % EnLink Midstream Enable Midstream DCP Midstream Crestwood EQT Midstream² Western Gas Targa Resources CONE Midstream Hess Midstream Shell Midstream Arkose Midstream¹ (Management) Arkose Midstream¹ (IBES) Noble Midstream 2020E DPU Yield Median: 9.4 % 11.1 % 10.8 % 10.6 % 10.2 % 7.2 % 9.5 % 9.6 % 9.4 % 9.1 % 9.3 % 8.8 % 8.0 % 8.7 % EnLink Midstream Enable Midstream DCP Midstream Crestwood EQT Midstream² Western Gas Targa Resources CONE Midstream Hess Midstream Shell Midstream Arkose Midstream¹ (Management) Arkose Midstream¹ (IBES) Noble Midstream ’18-’20E DPU CAGR 1 % 3 % 3 % 5 % 16 % 6 % 0 % 15 % 15 % 13 % 29 % 28 % 20 % Source: Wall street research and Bloomberg market data as of 04-May-2018 1 Source: Arkose Projections, latest publicly available financial statements, IBES/Wall Street research, and Bloomberg market data as of 04-May-2018. Projected EBITDA, LP DCF, and DPS are based on Arkose Projections in the Arkose management case; IBES case follows the same methodology as peers; GP Adjusted Market Cap calculated by adding Implied GP Value to Adjusted Equity Market Cap. 2 EQM pro forma for the simplifying transaction announced on 25-Apr-2018. Board Book 33

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Appendix A: Cost of Capital

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Weighted Average Midstream and GP Cost of Equity Analysis Midpoint of Cost of Equity Range Cost of Equity Sensitivity Analysis Risk Free Rate Risk Free Rate 2.9 % 2.6 % 2.8 % 3.0 % 3.2 % 3.4 % Midpoint of Beta Range 1.05 0.85 0.95 1.05 1.15 1.25 Equity Risk Premium 6.9 % Source: Arkose Management, Company filings and press releases, Axioma Historical Betas, Duff and Phelps, and Bloomberg market data as of 04-May-2018 Note: Two year historical Levered Beta per Axioma. Risk Free Rate represents yield of 30-year U.S. Government Treasury Notes with 20 years remaining life. Equity Risk Premium per Duff & Phelps. Cost of Capital 35 Cost of Equity10.2 % 8.5 %8.7 %8.9 %9.1 %9.3 % 9.29.49.69.810.0 9.810.010.210.410.6 10.510.710.911.111.3 11.211.411.611.812.0 Equity Beta

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Midstream Historical & Predicted Beta Last Two Years | Based on Midstream’s Market Performance 1.80 1.70 1.60 1.50 1.40 1.30 1.25x 1.20 1.10 1.00 0.90 0.90x 0.80 May-2016 Sep-2016 Jan-2017 May-2017 Sep-2017 Jan-2018 May-2018 Historical Beta Predicted Beta Source: Axioma as of 04-May-2018 36 Cost of Capital Beta 1.44 x 1.02 x 26-Feb-2018 Special Committee Formation

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Weighted Average Cost of Capital Analysis $ in millions Company Historical Equity Beta Predicted Beta Basic Shares Share Price Basic Market Cap Debt Cash Debt / Cap Cash / Cap Selected Comparable Companies 0.72 NA 0.66 0.82 1.14 0.86 1.00 0.86 1.02 0.56 0.96 0.89 0.88 0.95 0.93 0.93 1.05 0.95 1.01 0.95 1.01 0.91 64 71 143 433 350 120 55 40 224 219 153 $ 18.69 $ 28.55 35.60 14 15 56 20 44 21.55 47.43 47.73 $ 1,189 $ 2,034 5,102 6,121 5,131 6,798 1,099 1,746 4,823 10,379 7,284 $ 658 $ 1,470 4,707 3,450 3,839 1,630 0 439 871 5,053 4,176 $ 2 $ 7 156 5 17 (1,316) 48 25 185 137 521 35.7 % 42.0 % 48.8 36.1 42.9 16.7 0.0 20.3 15.8 33.0 38.2 0.1 % 0.2 % 1.6 0.1 0.2 (13.5) 4.6 1.2 3.4 0.9 4.8 CNXM CEQP DCP ENBL ENLK EQM HESM NBLX SHLX TRGP WES Historical Equity Beta Predicted Beta Basic Shares Share Price Basic Market Cap Debt Cash Debt / Cap Cash / Cap Company Selected Comparable Companies ENLC EQGP ETE 1 WGP 0.90 0.94 0.76 0.87 1.01 0.93 0.61 0.91 181 302 1,079 219 $ 15.20 25 16 34 $ 2,752 7,410 16,932 7,542 $ 3,400 433 8,382 4,176 $(8) (175) (248) 0 55.2 % 5.4 32.8 35.6 (0.1)% (2.2) (1.0) 0.0 GP vs. MLP Historical Beta Comparison GP / MLP GP Beta MLP Beta ENLC / ENLK EQGP / EQM ETE / ETP WGP / WES 0.90 0.94 0.79 0.87 1.14 0.86 1.15 0.96 (0.24) 0.09 (0.36) (0.09) Source: Management, public filings, Axioma Historical Betas, Duff and Phelps, and Bloomberg market data as of 02-May-2018 Note: Assumes risk free rate of 3.0%, market risk premium of 6.9%, pre-tax cost of debt for Midstream of 5.5% and tax rate of 0%; GP Historical Equity Beta based on Peer Median. Cost of Capital 37 High 0.94 1.01 $ 16,932 $ 8,382 $ 0 55.2 % 0.0 % Mean 0.87 0.87 8,659 4,098 (108) 32.3 (0.8) Median 0.89 0.92 7,476 3,788 (92) 34.2 (0.5) Low 0.76 0.61 $ 2,752 $ 433 $(248) 5.4 % (2.2)% GP 0.89 0.85 186 $ 17.58 $ 3,273 $ 0 $ 2 0.0 % 0.1 % High 1.14 1.05 $ 10,379 $ 5,053 $ 521 48.8 % 4.8 % Mean 0.86 0.95 4,700 2,390 (19) 30.0 0.3 Median 0.86 0.95 5,102 1,630 25 35.7 0.9 Low 0.56 0.88 $ 1,099 $ 0 $(1,316) 0.0 % (13.5)% Midstream 1.25 0.90 187 $ 26.42 $ 4,939 $ 1,196 $ 8 19.5 % 0.1 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Appendix B: Midstream and GP Valuation Materials

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Research Analyst Views Midstream and GP ($ in millions, except per share and unit data) Midstream GP Implied Exchange Ratio Implied Total Basic Equity Value Target Upside from Current Target Upside from Current Date Firm Rating Price Target Rating Price Target 27-Apr-18 MUFG Buy $ 40.00 62% Buy $ 28.00 75% 1.43 x $ 12,695 9-Apr-18 Baird* Buy 49.00 99 Buy 26.00 62 1.88 14,006 9-Apr-18 GS Buy 31.00 26 Buy 20.00 25 1.55 9,522 4-Apr-18 JPM Buy 34.00 38 Buy 21.00 31 1.62 10,269 19-Feb-18 Seaport Buy 37.00 50 Buy 26.00 62 1.42 11,761 16-Feb-18 Wells Fargo Strong Buy 40.00 62 Buy 30.00 87 1.33 13,067 17-Feb-18 Ladenburg Thalmann Strong Buy 41.00 66 Strong Buy 28.00 75 1.46 12,882 17-Feb-18 Stifel Nicolaus Strong Buy 37.00 50 – – – – – 15-Feb-18 Raymond James Strong Buy 36.00 46 Strong Buy 27.00 69 1.33 11,761 14-Feb-18 Guggenheim Buy 40.00 62 – – – – – 14-Feb-18 Barclays Buy 37.00 50 – – – – – 31-Jan-18 CS Buy 35.00 42 Hold 21.00 31 1.67 10,456 29-Jan-18 Scotia Howard Weil Buy 40.00 62 Hold 24.00 50 1.67 11,950 Janney Montgomery Scott 18-Aug-17 Buy 41.00 66 – – – – – – Tudor Pickering Buy 38.00 54 – 22.00 37 1.73 11,204 Source: Bloomberg, IBES and Wall Street research as of 04-May-2018 * Denotes analysis that incorporates merger premium. Baird Midstream price target based on assumed 1.88x exchange ratio and GP target price. Midstream and GP Valuation Materials 39 High $ 49.00 99% $ 30.00 87% 1.88 x $ 14,006 Mean 38.40 56 24.82 55 1.55 11,779 Median 38.00 54 26.00 62 1.55 11,761 Low 31.00 26 20.00 25 1.33 9,522

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Comparable Company Analysis Midstream ($ in millions, except per unit amounts) Comparable Companies Implied Value of Midstream Unit Arkose Financial Metric Implied Transaction Multiple Low Valuation High Valuation Low Valuation High Valuation Calendar Year Statistic Mean Median Mean Median Dividend / Distribution Yield 2019 Distribution Yield $ 2.21 - 2020 Distribution Yield $ 2.85 - Price / LP DCF 2019E LP DCF $ 2.76 - 2020E LP DCF $ 3.24 - EV / EBITDA 2019E EBITDA $ 989 - 2020E EBITDA $ 1,222 - Premiums Paid Analysis 1 Day Prior Close $ 26.41 - 30-Trading Day VWAP $ 25.77 - Source: IBES, Wall Street research, and Bloomberg market data as of 04-May-2018 40 Midstream and GP Valuation Materials $ 23.37$ 28.92$ 28.44$ 32.91 (9.3)%12.2 %10.4 %27.7 % $ 26.41$ 29.29$ 29.34$ 33.23 0.0 %10.9 %11.1 %25.8 % $ 24.31$ 33.04$ 32.08$ 43.77 7.1 x9.3 x9.1 x12.0 x $ 23.99$ 29.52$ 27.10$ 38.69 8.7 x10.4 x9.7 x13.3 x $ 26.20$ 30.00$ 28.21$ 42.35 8.1 x9.2 x8.7 x13.1 x $ 23.54$ 27.85$ 27.51$ 39.24 8.5 x10.1 x10.0 x14.2 x $ 25.69$ 31.10$ 30.75$ 39.73 11.1 %9.2 %9.3 %7.2 % $ 21.87$ 26.18$ 26.28$ 37.02 10.1 %8.4 %8.4 %6.0 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Public Company Trading Midstream Comparable Companies ($ in millions, except per share / unit values) % of 52 Week High Adj. Equity Market Cap GP Adj. Market Cap³ GP Adj. Enterprise Value 18E-20E EV / EBITDA Multiples EBITDA 18E-20E DCF CAGR 18E-20E DPU CAGR Implied GP Value¹ Price / LP DCF DPU Yield LTM Leverage Company 2018E 2019E 2020E CAGR 2018E 2019E 2020E 2018E 2019E 2020E CONE Midstream Crestwood DCP Midstream Enable Midstream EnLink Midstream EQT Midstream4 Hess Midstream Noble Midstream Shell Midstream Targa Resources Western Gas 85 98 85 83 83 69 76 76 67 88 83 1,205 2,044 5,191 6,128 5,408 6,554 1,083 1,747 4,886 10,220 7,384 213 0 1,806 0 1,466 6,081 26 0 2,063 0 5,094 1,418 2,044 6,997 6,128 6,874 12,635 1,109 2,255 6,949 10,220 12,479 2,093 4,297 12,069 10,080 12,545 15,581 1,061 2,665 7,658 16,461 16,196 12.8 10.4 10.9 10.0 12.7 18.0 NM NM 13.0 12.6 13.3 9.2 9.7 9.5 9.4 12.0 13.3 NM NM 9.1 10.7 11.4 7.5 8.9 8.5 9.3 11.3 12.0 NM NM 7.3 9.1 10.2 31 8 13 4 6 22 27 44 33 3 14 12.2 9.4 10.8 9.1 9.5 10.1 12.2 11.3 17.2 12.4 12.1 10.7 8.5 9.1 8.9 9.4 8.6 10.7 10.0 14.2 10.2 10.8 9.5 8.3 8.6 8.3 9.2 8.1 9.3 8.7 13.1 8.3 10.5 13 7 12 5 2 12 15 14 15 22 7 7.2 8.4 8.6 9.0 10.1 8.3 7.1 5.0 6.8 7.9 7.9 8.3 8.7 8.6 9.2 10.1 9.6 8.2 6.0 7.9 7.9 8.4 9.6 9.3 9.1 9.5 10.2 11.1 9.4 7.2 8.7 8.0 8.8 15 5 3 3 1 16 15 20 13 0 6 5.0 3.7 4.6 3.9 4.4 2.4 0.0 2.5 4.3 4.7 4.2 Sources: IBES, latest publicly available financial statements, and Bloomberg market data as of 04-May-2018. Projected EBITDA and DPS are based on IBES median estimates; projected LP DCF calculated based on median of brokers who provide LP DCF and/or total DCF and LP units outstanding. All research estimates have been calendarized to December. 1 Implied GP Value calculated based on market cap of LP grossed up by the percentage of cash distributions attributable to IDRs for private GPs and based on market-implied IDR value for MLPs with public GPs. 2 Source: Arkose Projections, latest publicly available financial statements, IBES/Wall Street research, and Bloomberg market data as of 04-May-2018. Projected EBITDA, LP DCF, and DPS are based on Arkose Projections in the Arkose management case; IBES case follows the same methodology as peers (defined in footnote 3). 3 GP Adjusted Market Cap calculated by adding Implied GP Value to Adjusted Equity Market Cap. 4 EQM pro forma for the simplifying transaction announced on 25-Apr-2018. Midstream and GP Valuation Materials 41 High98 %$ 10,220$ 6,081$ 12,635$ 16,46118.0 x13.3 x12.0 x43.6 %17.2 x14.2 x13.1 x22 %10.1 %10.1 %11.1 %20 %5.0 x Mean814,7141,5236,2829,15512.610.59.31911.510.19.2117.88.49.293.6 Median835,1912136,87410,08012.79.79.11411.310.08.7127.98.49.364.2 Low671,08301,1091,06110.09.17.339.18.58.125.06.07.200.0 Arkose Midstream² (Management)74 %$ 4,967$ 3,216$ 8,182$ 9,47513.0 x9.6 x7.8 x29 %12.8 x9.6 x8.2 x21 %6.5 %8.4 %10.8 %29 %2.5 x Arkose Midstream² (IBES)744,9673,2168,1829,47513.210.08.02912.710.48.7216.58.410.6282.5

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Precedent Premia Analysis Midstream Simplification Transactions | Last Five Years Premia Paid¹ Announcement Date 30 Trading Day VWAP Target Acquirer Consideration Mix Taxable? 1 Day Parent to LP Merger 26-Mar-18 8-Feb-18 2-Jan-18 1-Feb-17 31-May-16 3-Nov-15 6-May-15 10-Aug-14 10-Aug-14 Tallgrass Energy Partners, LP² NuStar GP Holdings Archrock Partners, LP ONEOK Partners RoseRock Midstream Targa Resources Partners LP Crestwood Midstream Partners LP Kinder Morgan Partners El Paso Pipeline Partners Tallgrass Energy GP, LP NuStar Energy Archrock, Inc. ONEOK, Inc. Semgroup Corporation Targa Resources Corp. Crestwood Equity Partners LP Kinder Morgan, Inc. Kinder Morgan Stock Stock Stock Stock Stock Stock Stock Mix Mix Yes No Yes Yes Yes Yes No Yes Yes 6 % 2 23 26 0 18 17 12 15 (9)% 0 28 22 27 16 20 10 10 LP Buy-In 2-Jun-17 18-May-17 2-Mar-17 26-Sep-16 27-Aug-13 12-Aug-13 World Point Terminals, LP PennTex Midstream Partners VTTI Energy Partners Columbia Pipeline Partners PAA Natural Gas Storage Pioneer Southwest Energy Partners World Point Terminals Inc. Energy Transfer Partners Vitol / Buckeye Partners TransCanada Plains All American Pipeline Pioneer Natural Resources Cash Cash Cash Cash Stock Stock Yes Yes Yes Yes No Yes 1 18 6 11 7 1 2 20 7 17 4 7 Source: Company filings and press releases, CapIQ, Bloomberg 1 For the all stock transactions, the 1-Day Premia paid is based on the Offer price based on acquirer stock price on the day prior to announcement effected for the exchange ratio offered to the target compared with the target’s market price on the day prior to announcement. The 30 Trading Day VWAP Premia Paid is calculated using the 30 Trading Day VWAP of the target as calculated on the day prior to the announcement of the target. The premia also include cash consideration on a per share basis when applicable. 2 Based on implied exchange ratio calculated as of announcement date of structural alternatives (07-Feb-2018). 42 Midstream and GP Valuation Materials High 26 % 28 % Median 11 10 Mean 11 12 Low 0 (9)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Arkose Midstream Discounted Distributions Analysis Status Quo – Midstream Standalone | ($ in millions, except per share data) Assumptions Illustrative Discounted Cash Flow  Implied value as of 3/31/2018 Midstream Status Quo 2Q-4Q 2018E 2019E 2020E 2021E 2022E LP DPU YoY Growth Perpetuity Growth Rate $ 1.33 $ 2.21 66.8 % $ 2.85 29.0 % $ 3.42 20.0 % $ 4.10 19.9 % 2.00 %  Discounted using mid-year convention  Perpetuity growth rate of 2.0% Equity Discount Rate 10.5 %  Ke of 10.5% Implied Terminal NTM Yield 8.5 % Implied Midstream Value ($ / Unit) Implied Tot. Midstream Value ($mm) Implied Terminal Yield 1.50 % 2.00 % 2.50 % 3.00 % 1.50 % 2.00 % 2.50 % 3.00 % 1.50 % 2.00 % 2.50 % 3.00 % 9.5 % 9.5 % 9.5 % 10.0 10.0 10.0 10.5 10.5 10.5 11.0 11.0 11.0 11.5 11.5 11.5 Source: Arkose Projections and Bloomberg market data as of 04-May-2018 Midstream and GP Valuation Materials 43 8.0 % 7.5 % 7.0 % 6.5 % 8.5 8.0 7.5 7.0 9.0 8.5 8.0 7.5 9.5 9.0 8.5 8.0 10.0 9.5 9.0 8.5 Midstream Cost of Equity $ 8,656 $ 9,132 $ 9,676 $ 10,303 8,124 8,538 9,006 9,542 7,651 8,013 8,421 8,883 7,228 7,548 7,905 8,307 6,848 7,132 7,447 7,798 Midstream Cost of Equity $ 46.28 $ 48.83 $ 51.73 $ 55.09 43.44 45.65 48.15 51.02 40.91 42.84 45.02 47.49 38.65 40.36 42.26 44.41 36.62 38.13 39.81 41.70 Midstream Cost of Equity Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate Implied Value of Midstream ($ / Unit)$ 42.84 Implied Total Value of Midstream ($mm)8,013 Discounted Cash Flows$ 1.28$ 1.95$ 2.28$ 2.47$ 34.87 Terminal Value$ 49.20

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Present Value of Future Unit Price - Midstream ($ in per unit amounts) Year Ended Dec 31st of 2018E 2019E 2020E 2021E 2022E Cash Flows to Equity Midstream Distribution Per Unit Discount Period for Distribution Received Discount Factor at Cost of Equity¹ $ 1.33 0.38 0.96 $ 2.21 1.25 0.88 $ 2.85 2.25 0.80 $ 3.42 3.25 0.72 $ 4.10 Year Ended Dec 31st of 2018E 2019E 2020E 2021E 2022E Present Value of Future Unit Price Midstream Distribution Per Unit $ 2.21 $ 2.85 $ 3.42 $ 4.10 NTM Yield 8.5 % Discount Period for Unit Price Discount Factor for Unit Price at Cost of Equity¹ 0.75 0.93 1.75 0.84 2.75 0.76 3.75 0.69 PV of Unit Price PV of Cumulative Distributions Received $ 24.12 1.28 $ 28.15 3.23 $ 30.57 5.50 $ 33.17 7.98 Present Value of Future Unit Price and Distributions Sensitivity Year Ended Dec 31st of 2019E 2020E 2021E 8.0 % 8.5 9.0 Source: Arkose Management, Bloomberg market data as of 04-May-2018 1 Midstream discounted using illustrative 10.5% cost of equity. 2 Present Value discounted to 31-Mar-2018. 44 Midstream and GP Valuation Materials $ 33.14$ 37.99$ 43.22 31.3836.0841.15 29.8234.3839.30 NTM Yield PV of Midstream Unit Price and Distributions² $ 25.40 $ 31.38 $ 36.08 $ 41.15 Implied Year End Unit Price $ 26.00 $ 33.53 $ 40.24 $ 48.24 Present Value of Distributions Received² $ 1.28 $ 1.95 $ 2.28 $ 2.47 Midstream Yield range based on peer median 2019E DPU yield

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Public Company Trading GP Comparable Companies ($ in millions, except per share / unit values) Closing Price @ 4-May-18 % of 52 Week High Adj. Equity Market Cap1 18E-20E DCF DPU Yield 18E-20E DPU CAGR Price / DCF Company 2018 2019 2020 CAGR 2018E 2019E 2020E GP Peers EnLink Midstream EQT GP Holdings³ Energy Transfer Equity Western Gas Equity $ 15.65 24.03 16.29 34.35 78 % 76 84 75 $ 2,833 7,268 17,579 7,520 12.1 x 20.8 11.3 14.6 11.4 x 16.9 10.6 13.2 10.3 x 13.7 9.5 11.6 8.5 % 23.1 9.0 12.3 6.9 % 4.8 8.1 6.9 7.3 % 6.7 9.0 7.6 7.6 % 7.7 9.8 8.5 5 % 26 10 11 High Growth MLPs EQT Midstream Hess Midstream Noble Midstream Shell Midstream $ 54.41 19.85 44.05 21.83 69 % 76 76 67 $ 12,635 1,109 2,255 6,949 10.1 x 12.2 11.3 17.2 8.6 x 10.7 10.0 14.2 8.1 x 9.3 8.7 13.1 11.6 % 15 14 15 8.3 % 7.1 5.0 6.8 9.6 % 8.2 6.0 7.9 11.1 % 9.4 7.2 8.7 16 % 15 20 13 Sources: IBES, latest publicly available financial statements, and Bloomberg market data as of 04-May-2018. Projected EBITDA and DPS are based on IBES median estimates. All research estimates have been calendarized to December. 1 Adjusted Market Cap based on diluted shares/units outstanding. Arkose GP adjusted equity value excludes Series B dilutive effect because EBITDA is calculated after the Series B units receive their portion of the IDR cash flow. 2 Source: Arkose Projections, latest publicly available financial statements, IBES/Wall Street research, and Bloomberg market data as of 04-May-2018. ³ EQGP pro forma for announced simplifying transaction on 25-Apr-2018. Midstream and GP Valuation Materials 45 High76 %$ 12,63517.2 x14.2 x13.1 x15 %8.3 %9.6 %11.1 %20 % Mean725,73712.710.99.8146.87.9 9.116 Median734,60211.710.39.0147.08.09.115 Low671,10910.18.68.1125.06.07.213 High84 %$ 17,57920.8 x16.9 x13.7 x23 %8.3 %9.6 %11.1 %26 % Mean757,41013.812.010.6136.77.8 8.815 Median756,50212.411.110.0136.97.88.814 Low671,10910.18.68.194.86.07.25 High84 %$ 17,57920.8 x16.9 x13.7 x23 %8.1 %9.0 %9.8 %26 % Mean788,80014.713.011.3136.77.68.413 Median777,39413.412.310.9116.97.48.111 Low752,83311.310.69.594.86.77.65 Arkose GP² (Management)$ 16.9174 %$ 3,14931.5 x19.1 x12.6 x3.0 %3.2 %5.2 %7.9 %58 % Arkose GP² (IBES)$ 16.91743,14931.319.212.63.03.25.27.958

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Arkose GP Discounted Dividends Analysis Status Quo – GP Standalone | ($ in millions, except per share data) Assumptions Illustrative Discounted Cash Flow  Implied value as of 3/31/2018 GP Status Quo 2Q-4Q 2018E 2019E 2020E 2021E 2022E Dividends Per Share YoY Growth Perpetuity Growth Rate $ 0.43 $ 0.89 106.8 % $ 1.34 50.9 % $ 1.74 30.0 % $ 2.22 27.6 % 2.00 %  Discounted using mid-year convention  Perpetuity growth rate of 2.0% Equity Discount Rate 10.5 %  Ke of 10.5% Implied Terminal NTM Yield 8.5 % Implied GP Value ($ / Share) Implied GP Value ($mm) Implied Terminal Yield 1.50 % 2.00 % 2.50 % 3.00 % 1.50 % 2.00 % 2.50 % 3.00 % 1.50 % 2.00 % 2.50 % 3.00 % 9.5 % 9.5 % 9.5 % 10.0 10.0 10.0 10.5 10.5 10.5 11.0 11.0 11.0 11.5 11.5 11.5 Source: Arkose Projections and Bloomberg market data as of 04-May-2018 Midstream and GP Valuation Materials 46 8.0 % 7.5 % 7.0 % 6.5 % 8.5 8.0 7.5 7.0 9.0 8.5 8.0 7.5 9.5 9.0 8.5 8.0 10.0 9.5 9.0 8.5 GP Cost of Equity $ 4,372 $ 4,618 $ 4,901 $ 5,226 4,163 4,382 4,630 4,913 3,977 4,173 4,392 4,641 3,810 3,986 4,182 4,403 3,660 3,818 3,995 4,192 GP Cost of Equity $ 23.48 $ 24.81 $ 26.32 $ 28.07 22.36 23.53 24.87 26.39 21.36 22.41 23.59 24.93 20.46 21.41 22.46 23.65 19.65 20.51 21.45 22.51 GP Cost of Equity Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate Implied Value of GP ($ / Share)$ 22.41 Implied Value of GP ($mm)4,173 Discounted Cash Flows$ 0.41$ 0.78$ 1.07$ 1.26$ 18.89 Terminal Value$ 26.65

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Present Value of Future Share Price - GP ($ in per share amounts) Year Ended Dec 31st of 2018E 2019E 2020E 2021E 2022E Cash Flows to Equity GP Distribution Per Share Discount Period for Distribution Received Discount Factor at Cost of Equity¹ $ 0.43 0.38 0.96 $ 0.89 1.25 0.88 $ 1.34 2.25 0.80 $ 1.74 3.25 0.72 $ 2.22 Year Ended Dec 31st of 2019E 2020E 2021E 2022E Present Value of Future Share Price GP Distribution Per Share $ 0.89 $ 1.34 $ 1.74 $ 2.22 NTM Yield 7.4 % Discount Period for Share Price Discount Factor for Share Price at Cost of Equity¹ 1.75 0.84 2.75 0.76 3.75 0.69 PV of Share Price PV of Cumulative Distributions Received $ 15.19 1.20 $ 17.88 2.27 $ 20.64 3.52 Present Value of Future Share Price and Distributions Sensitivity Year Ended Dec 31st of 2019E 2020E 2021E 6.9 % 7.4 7.9 Source: Arkose Management, Bloomberg market data as of 04-May-2018 1 Midstream discounted using illustrative 10.5% cost of equity. 2 Present Value discounted to 31-Mar-2018. 47 Midstream and GP Valuation Materials $ 17.49$ 21.44$ 25.66 16.3920.1424.16 15.4319.0122.86 NTM Yield PV of GP Share Price and Distributions² $ 16.39 $ 20.14 $ 24.16 Implied Year End Share Price $ 18.09 $ 23.53 $ 30.01 Present Value of Distributions Received² $ 0.41 $ 0.78 $ 1.07 $ 1.26 GP assumed NTM yield based on 2020E yield at the high end of the sensitivity range