PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Project Francis Conflicts Committee GP LLC Discussion Materials of the Board of Directors of Arkose May 11, 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 Series B Discussion Points We thought a brief recap of the history on our discussions would be a helpful level set  — Starting point: Status Quo – Series B at 6.0% converts into 4mm shares Pro Forma – Series B at 6.0% converts into 25mm shares Counter proposals: 9-10-11.2mm fixed shares equates to approximate 3.0% Series B take Management offer to adjust Series B to 4.5% which equates to ~18mm shares and a $310mm value Special Committee looks to separate Series B to 4.5% into cash and equity components –Settling all or a portion of a liability with cash potentially more attractive for all GP shareholders Negotiations lead to $190mm cash and Series B adjustment to 2.0% settlement — — — —  Non-management directors robustly debated merits of $190mm cash and 2.0% Series B settlement — Value and form of compensation — Implications of cash settlement The board members decided that a Series B settlement with a cash component is not optimal at this time  — — Cash payment is inconsistent with Series B participating alongside other equity holders in GP equity performance Perception of misalignment of management and shareholders which could impact value and potentially cause reputational harm to Antero family constituents Scrutiny of all facets of a GP/Midstream transactions heightened given current market sentiment which drove the initial review of simplification transactions —  Stock settlement into a fixed number of shares is key for directors — Eliminate conflict of higher exchange ratio potentially benefiting Series B — Measurement period of “play” is relatively narrow and share price appreciation on fixed number of shares is upside  We are focused on resolving this equitably and concretely by reinforcing the side-by-side nature of Series B and other GP equity owners in participating in GP equity performance over time 2

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Series B Settlement at Various Assumed GP Total Equity Values at Closing Pro Forma Arkose GP + Midstream | Various Exchange Ratios % Uplift from Current Equity Value Current GP Shares (+) Pro Forma Midstream Units (at 1.8 x Ech. Ratio) (4)% 186.2 338.5 0 % 186.2 338.5 10 % 186.2 338.5 15 % 186.2 338.5 25 % 186.2 338.5 35 % 186.2 338.5 Total Pro Forma Shares Outstanding 542.2 542.5 543.0 543.2 543.6 544.0 % Change From Current Share Price (14)% (10)% (1)% 3 % 12 % 21 % Implied Share Price at Closing 1.5 x $ 16.53 $ 17.22 $ 18.96 $ 19.78 $ 21.48 $ 23.19 1.6 15.89 16.56 18.23 19.02 20.66 22.29 1.7 15.30 15.94 17.55 18.31 19.89 21.46 1.8 14.75 15.37 16.92 17.65 19.17 20.70 1.9 14.24 14.84 16.34 17.04 18.51 19.98 2.0 13.77 14.34 15.79 16.47 17.89 19.31 Implied # of GP Shares / Pro Forma Ownership / Consideration Value (No Cash / No 11.2mm Cap) 1.5 x 15.6 / 1.5 % / $258 15.8 / 1.5 % / $273 16.3 / 1.5 % / $310 16.5 / 1.6 % / $327 16.9 / 1.6 % / $363 17.2 / 1.6 % / $399 1.6 16.3 / 2.2 % / $258 16.5 / 2.2 % / $273 17.0 / 2.3 % / $310 17.2 / 2.3 % / $327 17.6 / 2.4 % / $363 17.9 / 2.4 % / $399 1.7 16.9 / 2.9 % / $258 17.1 / 2.9 % / $273 17.6 / 3.0 % / $310 17.8 / 3.0 % / $327 18.2 / 3.1 % / $363 18.6 / 3.2 % / $399 17.5 / 3.2 % / $258 17.8 / 3.3 % / $273 18.3 / 3.4 % / $310 18.5 / 3.4 % / $327 18.9 / 3.5 % / $363 19.3 / 3.5 % / $399 1.8 18.1 / 3.6 % / $258 18.4 / 3.6 % / $273 18.9 / 3.7 % / $310 19.2 / 3.8 % / $327 19.6 / 3.8 % / $363 20.0 / 3.9 % / $399 1.9 2.0 18.8 / 3.9 % / $258 19.0 / 4.0 % / $273 19.6 / 4.1 % / $310 19.8 / 4.1 % / $327 20.3 / 4.2 % / $363 20.6 / 4.3 % / $399 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 09-May-2018 3 Exchange Ratio to Midstream (Assumes 4.5% Series B Take) Exchange Ratio to Midstream (Assumes 4.5% Series B Take) Current GP Price: $17.16 GP IPO Price: $23.50 Implied Share Price at Closing $ 14.75 $ 15.37 $ 16.92 $ 17.65 $ 19.17 $ 20.70 (+) Shares Issued to Series B Units @ 4.5 % PF Interest 17.5 17.8 18.3 18.5 18.9 19.3 Assumed Total Equity Value at Closing $ 8,000 $ 8,339 $ 9,189 $ 9,590 $ 10,424 $ 11,257

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Ownership Impact on Key Arkose Assumes Constant Total Equity Value Management Pro Forma Rady / Warren Ownership Status Quo 1.6 x 1.8 x Upstream Upstream Diluted Shares Outstanding Upstream Share Price Rady / Warren Upstream Shares 317.1 $ 18.97 26.6 317.1 $ 18.97 26.6 317.1 $ 18.97 26.6 Midstream Midstream Diluted Units Outstanding Midstream Share Price Rady / Warren Midstream Shares 188.1 $ 26.98 0.5 GP GP Diluted Shares Outstanding / PF Shares Outstanding GP Share Price Rady / Warren GP Shares - Common Rady / Warren GP Shares - Series B 190.3 $ 17.16 34.9 3.3 505.1 $ 16.51 35.7 14.6 542.7 $ 15.37 35.8 14.6 % of Value in Midstream Entities Difference (GP - AR | PF GP - AR) $ Value % Ownership Equalization (GP Shares Sold) Target Equal Value Target Equal % Ownership 57 % 62 % 61 % $ 152 11.7 % $ 327 1.6 % $ 271 0.9 % 8.9 22.3 19.8 8.0 17.7 5.0 Source: Arkose Upstream, Midstream, and GP 2017 10-Ks, 1Q2-18 10-Qs, Forms 4 & 5, and Bloomberg market data as of 09-May-2018 4 Value $ 656 $ 831 $ 775 % of Outstanding 20.1 % 10.0 % 9.3 % Value $ 14 % of Outstanding 0.3 % Value $ 504 $ 504 $ 504 % of Outstanding 8.4 % 8.4 % 8.4 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Appendix A: Additional Reference Materials

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Calculation Value of Arkose’s Total Midstream Equity Status Quo Midstream Total Equity Value Midstream Basic Units (+) Midstream LTIP 187.03 1.03 Midstream Diluted Units Outstanding (x) Midstream Unit Price 188.06 $ 26.98 GP Basic Shares Outstanding (+) Series B Conversion at Status Quo Market Cap 186.19 4.08 GP Diluted Shares Outstanding (x) GP Share Price 190.27 $ 17.16 Calculation of Status Quo Series B Converted Shares GP Share Count (x) GP 20-Day VWAP 186.2 $ 16.91 Market Value for Series B Conversion (-) $2.0bn Threshold $ 3,149 (2,000) Value Subject to Series B Take (x) Series B Take $ 1,149 6.0 % Series B Market Value (/) GP 20-Day VWAP $ 69 16.91 Source: Arkose 1Q18 10-Q and Bloomberg market data as of 9-May-2018 6 Additional Reference Materials Series B Converted Shares4.1 Total Midstream + GP Equity Value$ 8,339 GP Diluted Equity Value$ 3,265 Midstream Diluted Equity Value$ 5,074

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Series B Settlement at Various Assumed GP Total Equity Values at Closing Pro Forma Arkose GP + Midstream | Illustrative 1.8x Exchange Ratio % Uplift from Current Equity Value Current GP Shares (+) Pro Forma Midstream Units (at 1.8 x Ech. Ratio) (+) Shares Issued to Series B Units @ 2.0 % PF Interest (4)% 186.2 338.5 7.8 0 % 186.2 338.5 7.9 10 % 186.2 338.5 8.2 15 % 186.2 338.5 8.3 25 % 186.2 338.5 8.4 35 % 186.2 338.5 8.6 Total Pro Forma Shares Outstanding 532.5 532.6 532.9 533.0 533.1 533.3 % Change From Current Share Price (12)% (9)% 0 % 5 % 14 % 23 % Implied # of GP Shares Issued for Series B Pro Forma Series B Take 2.00 % 7.8 7.9 8.2 8.3 8.4 8.6 (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 / Pro Forma Ownership / Consideration Value (No Cash / No 11.2mm Cap) 2.0 % 3.0 4.0 4.5 5.0 5.5 6.0 7.8 / 1.5 % / $118 11.7 / 2.2 % / $175 15.6 / 2.9 % / $231 17.5 / 3.2 % / $258 19.4 / 3.6 % / $286 21.4 / 3.9 % / $313 23.3 / 4.2 % / $340 7.9 / 1.5 % / $124 11.9 / 2.2 % / $185 15.8 / 2.9 % / $244 17.8 / 3.3 % / $273 19.7 / 3.6 % / $302 21.7 / 4.0 % / $330 23.6 / 4.3 % / $359 8.2 / 1.5 % / $141 12.2 / 2.3 % / $209 16.3 / 3.0 % / $277 18.3 / 3.4 % / $310 20.3 / 3.7 % / $342 22.3 / 4.1 % / $375 24.3 / 4.4 % / $407 8.3 / 1.6 % / $149 12.4 / 2.3 % / $221 16.5 / 3.0 % / $292 18.5 / 3.4 % / $327 20.5 / 3.8 % / $361 22.6 / 4.1 % / $396 24.6 / 4.5 % / $430 8.4 / 1.6 % / $165 12.6 / 2.4 % / $245 16.8 / 3.1 % / $324 18.9 / 3.5 % / $363 21.0 / 3.8 % / $401 23.1 / 4.2 % / $439 25.2 / 4.6 % / $477 8.6 / 1.6 % / $182 12.9 / 2.4 % / $270 17.1 / 3.2 % / $356 19.3 / 3.5 % / $399 21.4 / 3.9 % / $441 23.5 / 4.3 % / $483 25.6 / 4.7 % / $524 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 09-May-2018 7 Additional Reference Materials Series B Take $ 118$ 124$ 141$ 149$ 165$ 182 190190190190190190 $ 308$ 314$ 331$ 339$ 355$ 372 Current GP Price: $17.16 GP IPO Price: $23.50 Implied Share Price at Closing$ 15.02$ 15.66$ 17.25$ 17.99$ 19.55$ 21.11 Assumed Total Equity Value at Closing$ 8,000$ 8,339$ 9,189$ 9,590$ 10,424$ 11,257

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Series B Settlement at Various Assumed GP Total Equity Values at Closing Pro Forma Arkose GP + Midstream | Illustrative 1.6x Exchange Ratio % Uplift from Current Equity Value Current GP Shares (+) Pro Forma Midstream Units (at 1.6 x Ech. Ratio) (+) Shares Issued to Series B Units @ 2.0 % PF Interest (4)% 186.2 300.9 7.3 0 % 186.2 300.9 7.4 10 % 186.2 300.9 7.6 15 % 186.2 300.9 7.7 25 % 186.2 300.9 7.8 35 % 186.2 300.9 8.0 Total Pro Forma Shares Outstanding 494.4 494.5 494.7 494.8 494.9 495.1 % Change From Current Share Price (6)% (2)% 8 % 13 % 23 % 33 % Implied # of GP Shares Issued for Series B Pro Forma Series B Take 2.00 % 7.3 7.4 7.6 7.7 7.8 8.0 (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 / Pro Forma Ownership / Consideration Value (No Cash / No 11.2mm Cap) 2.0 % 3.0 4.0 4.5 5.0 5.5 6.0 7.3 / 1.5 % / $118 10.9 / 2.2 % / $175 14.5 / 2.9 % / $231 16.3 / 3.2 % / $258 18.0 / 3.6 % / $286 19.8 / 3.9 % / $313 21.6 / 4.2 % / $340 7.4 / 1.5 % / $124 11.0 / 2.2 % / $185 14.7 / 2.9 % / $244 16.5 / 3.3 % / $273 18.3 / 3.6 % / $302 20.1 / 4.0 % / $330 21.9 / 4.3 % / $359 7.6 / 1.5 % / $141 11.4 / 2.3 % / $209 15.1 / 3.0 % / $277 17.0 / 3.4 % / $310 18.8 / 3.7 % / $342 20.7 / 4.1 % / $375 22.6 / 4.4 % / $407 7.7 / 1.6 % / $149 11.5 / 2.3 % / $221 15.3 / 3.0 % / $292 17.2 / 3.4 % / $327 19.1 / 3.8 % / $361 21.0 / 4.1 % / $396 22.8 / 4.5 % / $430 7.8 / 1.6 % / $165 11.7 / 2.4 % / $245 15.6 / 3.1 % / $324 17.6 / 3.5 % / $363 19.5 / 3.8 % / $401 21.4 / 4.2 % / $439 23.3 / 4.6 % / $477 8.0 / 1.6 % / $182 12.0 / 2.4 % / $270 15.9 / 3.2 % / $356 17.9 / 3.5 % / $399 19.9 / 3.9 % / $441 21.8 / 4.3 % / $483 23.8 / 4.7 % / $524 Source: Arkose Projections, Wall Street research and Bloomberg market data as of 09-May-2018 8 Additional Reference Materials Series B Take $ 118$ 124$ 141$ 149$ 165$ 182 190190190190190190 $ 308$ 314$ 331$ 339$ 355$ 372 Current GP Price: $17.16 GP IPO Price: $23.50 Implied Share Price at Closing$ 16.18$ 16.86$ 18.58$ 19.38$ 21.06$ 22.74 Assumed Total Equity Value at Closing$ 8,000$ 8,339$ 9,189$ 9,590$ 10,424$ 11,257

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Ownership Across the Complex Assumes Constant Total Equity Value Arkose Pro Forma (Assumes Constant Total Equity Value) Status Quo 1.6 x Exch. Ratio 1.8 x Exch. Ratio # % $ # % $ # % $ Upstream Management Paul Rady & Glen Warren Other Named Officers Incentive Plans Warburg Yorktown Board Public 28.4 26.6 1.9 0.0 46.6 14.0 0.7 227.3 9 % 8 1 0 15 4 0 72 $ 539 504 35 0 884 265 14 4,312 28.4 26.6 1.9 0.0 46.6 14.0 0.7 227.3 9 % 8 1 0 15 4 0 72 $ 539 504 35 0 884 265 14 4,312 28.4 26.6 1.9 0.0 46.6 14.0 0.7 227.3 9 % 8 1 0 15 4 0 72 $ 539 504 35 0 884 265 14 4,312 Midstream Management Paul Rady & Glen Warren Other Named Officers Long Term Incentive Plan Warburg Yorktown Upstream Board Public 1.8 0.5 0.3 1.0 0.0 0.0 98.9 0.0 87.3 1 % 0 0 1 0 0 53 0 46 $ 49 14 8 28 0 0 2,668 1 2,356 GP Management Paul Rady & Glen Warren Other Named Officers Series B Paul Rady & Glen Warren Others Midstream LTIP Warburg Yorktown Upstream Board Public 42.0 34.9 3.0 4.1 3.3 0.8 0.0 55.1 15.5 0.0 0.0 77.6 22 % 18 2 2 2 0 0 29 8 0 0 41 $ 721 599 52 70 57 13 0 946 267 0 1 1,331 58.9 35.7 3.5 18.00 14.6 3.4 1.6 55.1 15.5 158.2 0.1 217.3 12 % 7 1 4 3 1 0 11 3 31 0 43 $ 972 590 57 297 241 56 27 910 256 2,612 2 3,587 59.2 35.8 3.5 18.00 14.6 3.4 1.8 55.1 15.5 178.0 0.1 234.8 11 % 7 1 3 3 1 0 10 3 33 0 43 $ 910 551 54 277 224 52 28 847 239 2,735 2 3,607 Source: Arkose Upstream, Midstream, and GP 2017 10-Ks, 1Q2-18 10-Qs, Forms 4 & 5, and Bloomberg market data as of 09-May-2018 9 Additional Reference Materials Midstream + GP Equity Value$ 8,339$ 8,339$ 8,339 GP Share Price Based on Current Total Diluted Equity Value17.1616.5115.37 Total Diluted Shares Outstanding190.3100 %$ 3,265505.1100 %$ 8,339542.7100 %$ 8,339 Total Diluted Units Outstanding188.1100 %$ 5,074 Total Diluted Shares Outstanding317.1100 %$ 6,014317.1100 %$ 6,014317.1100 %$ 6,014