PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Project Francis Conflicts Committee GP LLC Discussion Materials of the Board of Directors of Arkose June 6, 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. Discussion Materials Appendix A: Appendix B: Cost of Capital Valuation Materials 3

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY I. Discussion Materials

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 $ 19.51 1.80 x $ 19.51 Midstream Transaction GP converts into Delaware C-Corp 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 (<$20mm) cash taxes in 2022 Distribution coverage held constant between status quo and pro forma in 2019 and 2022 — In 2018, one-time reduction in coverage ratio, from 1.28x to 1.10x (Subject to board approval), resulting in an increase in distributions to mitigate dilution to legacy Arkose Midstream unitholders Pro Forma Shares Outstanding GP Shares 186.19 186.19 Midstream Units (+) Midstream LTIP 187.03 1.03 187.03 1.03 Midstream Fully Diluted Units (x) Exchange Ratio 188.06 1.60 x 188.06 1.80 x Shares to Midstream 300.89 338.51 GP Shares to Series B 18.50 18.50 Pro Forma Ownership Settlement of Series B Profit Interests in IDR LLC Series B units of IDR LLC exchanged at Transaction Announcement for 18.5mm shares of GP Conditioned on completion of the Midstream transaction GP Share Holders Midstream Unitholders Series B Unitholders 36.8 % 59.5 3.7 34.3 % 62.3 3.4 Proposed Shareholder / Unitholder Votes Majority of public unaffiliated shareholders of GP and Midstream to vote separately to approve transaction Source: Arkose Midstream and Arkose GP 2017 1Q 10-Qs and Bloomberg market data as of 04-Jun-2018 Discussion Materials 5 Pro Forma Shares Outstanding505.58543.20 Implied Midstream Unit Price$ 31.22$ 35.12

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Sources and Uses and Pro Forma Capitalization 1.6 x Exch. Ratio to Midstream | 18.5mm Shares To Series B Unitholders Sources Uses Midstream Existing Balance Sheet Cash RCF Draw for Settlement of Series B Units $ 9 0 Purchase of Midstream Equity Settlement of Series B Units Cash to Balance Sheet $ 5,870 361 23 GP Existing Balance Sheet Cash Issuance of New Equity to Midstream Issuance of New Equity to Series B Unitholders $ 14 5,870 361 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 $ 23 660 650 Consolidated Liquidity Profile Consolidated Cash and Cash Equivalents (+) RCF Availability (-) RCF Borrowings $ 23 1,500 (660) $ 23 1,500 (660) Source: Arkose Midstream and Arkose GP 1Q2018 10-Qs, filed 25-Apr-2018, Bloomberg market data as of 04-Jun-2018 6 Discussion Materials LTM Adj. EBITDA$ 571 Total Consolidated Liquidity$ 863$ 863 Total Debt$ 1,3102.3 x$ 1,3102.3 x Net Debt1,2872.31,2872.3 Total Uses$ 6,255 Total Sources$ 6,255

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”) Legacy Midstream Public 67% LP Interest Non-Economic General Partner Interest 33% LP Interest Arkose Upstream Former Series B Unitholders Series B Unitholders Common Stock Common Stock Common Shares (27% Interest) 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 (53% LP interest) Common Units (47% LP interest) Arkose Midstream Partners (“Midstream”) Arkose Midstream Partners (“Midstream”) Source: Status Quo Arkose Management Project Francis Due Diligence Materials dated 14-Mar-2018, Vinson & Elkins “Arkose Simplification – Structure Charts” dated 21-Mar-2018 7 Discussion Materials GP Converted from Delaware Limited Partnership to Delaware C-Corp Arkose Midstream GP Inc (“GP”) Arkose Midstream GP LP (“GP”) Series A (Capital Int Arkose Midstream Partners GP LLC (“AMP GP”) Pending Final Transaction Steps / Structure

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary Ownership Impact Midstream Midstream Public Investor Base 1.6x Exchange Ratio Management & Board 1% Management & Board 12% Invests in Midstream Only 19% Sponsors 14% Public 43% Public 46% Upstream 53% Invests in Midstream + GP 81% Upstream 31% GP GP Public Investor Base 1.8 x Exchange Ratio Management & Board 11% Management & Board 22% Invests in GP Only 36% Sponsors 13% Public 41% Public 43% Invests in Midstream + GP 64% Sponsors 37% Upstream 33% Source: Arkose Midstream and Arkose GP 2017 10-K, 1Q2018 10-Q, Form 4 &5 filings, and Thomson Discussion Materials 8 Pro Forma Status Quo

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] Discussion Materials 9 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 Exchange Shares [Fixed at 18.5mm GP common 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 conditioned on closing of a merger of Arkose GP and Arkose Midstream All Series B Units exchanged Definitive Documentation Pending

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 Apr-2018 Jun-2018 Feb-2018 Apr-2018 Jun-2018 Source: Bloomberg market data as of 04-Jun-2018 Discussion Materials 10 GP (3)% Upstream 1 % Midstream 5 % GP 1 % Upstream (1)% Midstream 13 % 18-Jan-2018 Analyst Day 26-Feb-2018 Special Committee Formation 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 1.60 x 1.50x 1.40x 1.30x 1.20x May-2017 Sep-2017 Jan-2018 Jun-2018 Midstream / GP Source: Bloomberg market data as of 04-Jun-2018 11 Discussion Materials 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% 61% 60% 59% 59% 58% 57% 56% 55% 54% May-2017 Sep-2017 @ Continuous Series B Conversion² Jan-2018 @ 18.5mm Series B Conversion Jun-2018 Source: Company filings and press releases, Bloomberg market data as of 04-Jun-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. Discussion Materials 12 % Ownership to Midstream e IPO¹ 60 % 59 % Average Ownership 30 Trading 60 Trading 90 Trading Days Days Days YTD Sinc Continuous Conversion 60 % 61 % 60 % 60 % 18.5mm Conversion 59 % 59 % 58 % 58 % 26-Feb-2018 Special Committee Formation

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Implied Premiums and Illustrative Ownership Impact at Various Exchange Ratios 30 Trading-Day VWAP Last close Shares Issued for Midstream¹ 282 298 301 320 339 357 376 Metrics Current Last Close 30-Trading Day VWAP Midstream GP (6)% (5) (1)% (0) 0 % 1 6 % 7 13 % 14 19 % 20 25 % 26 $ 31.20 28.41 $ 19.51 17.94 At 23-Feb-2018 (Committee Formation) Last Close 30-Trading Day VWAP 9 % 5 15 % 11 16 % 12 23 % 19 30 % 26 38 % 33 45 % 41 $ 26.49 29.44 $ 19.19 20.68 At 26-Jan-2018 (Year-to-Date GP High) Last Close 30-Trading Day VWAP (0)% (1) 5 % 4 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 19 4 4 4 4 3 3 3 89 99 27 % 30 28 % 31 28 % 31 29 % 32 30 % 33 30 % 33 31 % 34 Total Fully Diluted Shares Outstanding Source: Arkose Midstream and GP 2017 10-Ks and Bloomberg market data as of 04-Jun-2018 487 502 505 524 543 562 581 1 Includes ~1mm units under Midstream’s LTIP and ~187mm common units outstanding. 2 Illustrative number based on Series B settlement at 18.5mm fixed shares. 3 Includes ~1mm units under Midstream’s LTIP. 13 Discussion Materials Total Former Midstream Unitholders18858 %59 %60 %61 %62 %64 %65 % GP Current Shareholders18638 %37 %37 %36 %34 %33 %32 % Illustrative Exchange Ratios (Midstream / GP)1.50 x1.58 x1.60 x1.70 x1.80 x1.90 x2.00 x

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 7-Feb-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 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 Kinder Morgan Management, LLC Tallgrass Energy GP, LP NuStar Energy Archrock, Inc. ONEOK, Inc. Semgroup Corporation Targa Resources Corp. Crestwood Equity Partners LP Kinder Morgan, Inc. Kinder Morgan Kinder Morgan, Inc. Stock Stock Stock Stock Stock Stock Stock Mix Mix Stock Yes No Yes Yes Yes Yes No Yes Yes Yes 6 % 2 23 26 0 18 17 12 15 17 3 % 0 28 22 27 16 20 10 10 18 LP Buy-In 17-May-18 2-Jun-17 18-May-17 2-Mar-17 26-Sep-16 27-Aug-13 12-Aug-13 Williams Partners L.P. World Point Terminals, LP PennTex Midstream Partners VTTI Energy Partners Columbia Pipeline Partners PAA Natural Gas Storage Pioneer Southwest Energy Partners The Williams Companies, Inc. World Point Terminals Inc. Energy Transfer Partners Vitol / Buckeye Partners TransCanada Plains All American Pipeline Pioneer Natural Resources Stock Cash Cash Cash Cash Stock Stock Yes Yes Yes Yes Yes No Yes 6 1 18 6 11 7 1 13 2 20 7 17 4 7 Pending Publicly Announced LP Buy Ins³ 17-May-18 17-May-18 17-May-18 17-May-18 17-May-18 Spectra Energy Partners, LP Enbridge Energy Partners, L.P. Enbridge Energy Management, L.L.C. Enbridge Income Fund Holdings Inc. Cheniere Energy Partners LP Holdings, LLC Enbridge Inc. Enbridge Inc. Enbridge Inc. Enbridge Inc. Cheniere Energy, Inc. Stock Stock Stock Stock Stock Yes Yes No No No 0 0 0 5 1 (2) 2 3 5 2 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 rat io 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). 14 Discussion Materials High 26 % 28 % Median 11 13 Mean 11 13 Low 0 0

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Accretion / (Dilution Analysis) GP Pro Forma DCF / Share Acc. (Dil.) GP Pro Forma DPS Acc. (Dil.) Cumulative 2H 18 - 22 2H 18 - 20 2H 2018 2019 2020 2021 2022 2H 2018 2019 2020 2021 2022 Acc. (Dil.) (%) Acc. (Dil.) ($) 1.5 x 1.6 1.7 1.8 1.9 2.0 96 % 88 82 75 70 64 50 % 45 40 35 30 26 36 % 31 27 22 18 14 30 % 25 21 17 13 9 24 % 20 16 12 8 5 35 % 30 26 21 17 13 $ 1.22 1.08 0.96 0.83 0.72 0.62 Midstream PF LP DCF / Unit Acc. (Dil.) Midstream Pro Forma DPU Acc. (Dil.) Cumulative 2H 18 - 22 2H 18 - 20 2H 2018 2019 2020 2021 2022 2H 2018 2019 2020 2021 2022 Acc. (Dil.) (%) Acc. (Dil.) ($) 1.5 x 1.6 1.7 1.8 1.9 2.0 (2)% 1 3 6 8 10 (9)% (7) (5) (3) (1) 1 (4)% (1) 1 3 5 7 (1)% 2 4 7 9 11 1 % 4 7 9 11 13 (2)% 0 3 5 7 9 $(0.34) (0.19) (0.04) 0.09 0.21 0.32 Source: Arkose Projections and Bloomberg market data as of 04-Jun-2018 Note: Pro forma analysis assumes 1.1x coverage ratio in 2018 and 2019-2022 coverage ratios held constant to current standalone forecasts. Assumes 18.5mm shares issued to Series B. 15 Discussion Materials (10)% (5)% (2)% 1 % 2 % (8) (2) 1 3 5 (5) 0 4 6 7 (3) 3 6 8 10 (1) 5 8 10 12 1 7 10 13 14 Exchange Ratio Projection Year Projection Year Midstream Perspective 115 % 98 % 59 % 44 % 31 % 107 90 53 39 26 100 83 48 34 22 93 77 43 29 18 86 71 38 25 14 80 66 33 21 10 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 9.0 % - 4.8 % 2020E Assumes 2020E yield range of 10.4 % - 5.8 % Price / LP DCF 2019E Assumes 2019E multiple range of 9.1 x - 14.9 x 2020E Assumes 2020E multiple range of 8.6 x - 13.6 x EV / EBITDA 2019E Assumes 2019E multiple range of 9.1 x - 13.9 x 2020E Assumes 2020E multiple range of 7.6 x - 12.9 x Precedent Transactions 30-Trading Day VWAP: $ 28.41 Current Price: $ 31.20 $ 24.57 $ 45.76 $ 27.49 $ 49.08 $ 25.09 8 $ 27.86 4.23 $ 25.08 4 $ 26.03 $ 47.23 Premiums Paid - 1 Day Trading Premium Assumes Range of 0 % - 26 % Premium Premiums Paid - 30 Trading Day VWAP Assumes Range of 0 % - 28 % Premium $ 31.20 $ 28.49 Intrinsic Value $ 44.06 $ 73.19 Dividend Discount Analysis Based on 1.5% - 3.0% PGR and 8.0% - 10.0% Cost of Equity $ 34.2 $ 51.28 Present Value of Future Share Price Assumes Range of 7.0 % - 8.0 % 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 03-Aug-2017 Source: Arkose Projections, company filings, and Bloomberg market data as of 04-Jun-2018 16 Discussion Materials $ 40.9 $ 4 $ 40.3 2 $ 39.26 $ 36.28 $ 35.10

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative GP / Midstream Contribution ($ in millions) Analysis 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 2.28 x FY 2019E 236 414 1.79 FY 2020E 355 533 1.53 FY 2021E 462 640 1.41 FY 2022E 589 767 1.33 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 3.14 x FY 2019E 165 12 414 2.45 FY 2020E 249 20 533 2.10 FY 2021E 324 26 640 1.94 FY 2022E 413 34 767 1.82 +50 Bps PGR Source: Arkose Projections 1 Calculated assuming fixed 18.5mm 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. 2 Equivalent PGR DDM assumes 2.0% PGR and a 9% discount rate for both Midstream and GP. Secondary case assumes 2.5% PGR for GP and 2.0% for Midstream. All cases exclude Series B value. 17 Discussion Materials Status Quo Cash Distributions to Equity (Midstream and IDR LLC) DDM 2 for GP 5,579 9,947 36 % 64 % Equivalent PGR $ 5,228 $ 9,947 34 % 66 % 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 Illustrative DDM-Implied Value Prices Uplift vs. Market Implied Midstream Value ($ / Unit) Implied GP Value ($ / share) 1.50 % 2.00 % 2.50 % 3.00 % 1.50 % 2.00 % 2.50 % 3.00 % 8.0 % 8.5 9.0 9.5 10.0 1.50 % 2.00 % 2.50 % 3.00 % 1.50 % 2.00 % 2.50 % 3.00 % 8.0 % 8.5 9.0 9.5 10.0 Source: Arkose Projections and Bloomberg market data as of 04-Jun-2018 Note: Pro forma analysis assumes 1.1x coverage ratio in 2018 and 2019-2022 coverage ratios held constant to current standalone forecasts. 18 Discussion Materials 58 % 69 % 83 % 99 % 46 56 67 81 36 44 54 65 27 34 42 52 19 25 32 40 86 % 100 % 116 % 135 % 73 84 97 113 61 70 82 95 50 59 68 79 41 48 57 66 Cost of Equity Upside to Current Share Price Upside to Current Unit Price $ 30.77 $ 33.03 $ 35.70 $ 38.91 28.45 30.36 32.59 35.23 26.45 28.08 29.96 32.16 24.69 26.10 27.71 29.57 23.15 24.37 25.76 27.35 $ 58.17 $ 62.34 $ 67.27 $ 73.19 53.88 57.41 61.53 66.39 50.17 53.19 56.66 60.72 46.92 49.53 52.50 55.93 44.06 46.33 48.89 51.83 Cost of Equity Perpetuity Growth Rate Perpetuity Growth Rate

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 $ 31.20 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 $ 19.51 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 % $ 594 NA 32 % $ 540 NA 28 % 38 % $ 854 44 % 36 % $ 1,036 21 % $ 649 20 % $ 889 37 % Source: Arkose Projections and Bloomberg market data as of 04-Jun-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 status quo Series B conversion. 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. Discussion Materials 19 Arkose Midstream Total Basic Equity Value (Incl. Series B)$9,558 Implied Equity Value / Total DCF 17.1 x 12.0 x 10.1 x Implied Distribution Yield 4.5 % 6.2 % 8.4 % GP Equity Value$3,633 Implied Yield 2.8 % 4.5 % 6.9 % Implied Yield 5.5 % 7.1 % 9.1 % Midstream Basic Equity Value$5,835

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary Present Value of Future Price Share / Unit 1.6x Exchange Ratio 1.8x Exchange Ratio $ 33.03 $ 30.96 $ 30.78 $ 30.96 $ 26.36 $ 28.32 $ 33.03 $ 30.9$6 25.63 $ 27.05 $ 27.05 $ 27.05 $ 28.32 $ 25.63 $ 22.29 $ 2$5.263.80 $ 20.72 $ 17.92 $ 23.80 $ 22.29 $ 22.29 $ 22.16 $ 20.72 $ 20.72 $ 17.92 $ 17.92 YE 2019 YE 2020 YE 2021 YE 2019 YE 2020 YE 2021 YE 2019 YE 2020 YE 2021 S.Q. GP @ 6.0% Yield S.Q. GP @ 7.0% Yield P.F. GP @ 7.0% Yield Source: Arkose Projections and Bloomberg market data as of 04-Jun-2018 Note: Pro forma analysis assumes 1.1x coverage ratio in 2018 and 2019-2022 coverage ratios held constant to current standalone forecasts. Discussion Materials 20 Current GP DPS Yield: 2019: 4.5% 2020: 6.9% 2021: 9.4%

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary Give-Gets Analysis Status Quo P.F. @ 1.6 x P.F. @ 1.8 x Status Quo P.F. @ 1.6 x P.F. @ 1.8 x Low Value High Value Source: Arkose Projections Note: Pro forma yield based on blended 2019 and 2020 Midstream and GP status quo yields. Note: Pro forma DDM does not include value of tax attributes beyond the forecast period 1 Low DDM values calculated using a 1.5% PGR and a 10% discount rate. High values calculated using a 3.0% PGR and a 8% discount rate . 2 Low value calculated as 2019E dividend capitalized at a 7.0% and 7.5 % for status quo and pro forma respectively. High value calculated as 2021E dividend capitalized at a 6.0% and 7.5% yield for status quo and pro forma respectively. Analysis assumes 9% cost of equity Discussion Materials 21 $ 30.96 $ 35.20 $ 32.80 $ 22.33 $ 20.79 $ 17.92 For pro forma DDM and PV of FSP analyses please see pages 41-44 Based on PV of FSP-Implied Value2 $ 36.49 $ 23.15 $ 24.06 $ 22.35 Pro forma analysis does not include: A) Any value of tax synergies beyond management’s guidance period B) Potential Lower cost of capital post transaction Based on DDM-Implied Value1 $ 38.91$ 39.29

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 Market Cap $ 9,000 $ 9,000 Annc. $ 8,000 $ 8,000 $ 7,000 $ 7,000 Jun-2017 Sep-2017 Jan-2018 May-2018 Jan-2018 Feb-2018 Apr-2018 May-2018 Source: Company filings, Bloomberg market data as of 04-Jun-2018 Note: 1-Jun-2017 represents 21st day of public trading. Historical market cap does not include Midstream LTIP. 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. Discussion Materials 22 $ in millions GP Market Cap (+) Midstream Market Cap (+) Illustrative Series B Value $ in millions Combined $ 9,558 GP Peak Implied $ 9,307 Committee $ 8,804 Combined Market Cap $ 9,558 GP Peak Implied $ 9,307 Committee Annc. $ 8,804

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Analysis at Various Equity Values Pro Forma Arkose GP + Midstream Broker Median Total Equity Value: $11,761 % Uplift from Current Equity Value¹ Net Debt 0 % 1,287 5 % 1,287 10 % 1,287 15 % 1,287 20 % 1,287 30 % 1,287 40 % 1,287 50 % 1,287 60 % 1,287 75 % 1,287 High Growth Arkose Peer Blended¹ Median Comps EV / EBITDA 2018 2019 2020 Metric EQT $ 730 989 1,222 15.5 x 11.5 16.2 x 11.9 16.8 x 12.4 10.0 17.5 x 12.9 10.4 20.1 x 14.8 12.0 21.4 x 15.8 22.7 x 16.8 13.6 24.7 x 18.2 14.7 11.2 Price / DCF 2018 2019 2020 Metric Shell $ 594 854 1,036 19.3 x 13.4 11.1 20.9 x 22.5 x 15.7 12.9 24.1 x 16.8 25.8 x 17.9 14.8 28.2 x 19.6 16.1 9.2 9.7 10.1 10.6 12.0 Distribution Yield 2018 2019 2020 Metric Noble $ 540 649 889 5.6 % 6.8 9.3 5.4 % 6.5 8.9 5.1 % 4.9 % 5.9 3.8 % 4.5 6.2 3.5 % 4.2 3.2 % 3.9 5.3 5.7 7.7 5.2 7.2 6.6 Source: Arkose Projections and Bloomberg market data as of 04-Jun-2018 Note: Analysis assumes 18.5mm shares issued to Series B. 1 Arkose status quo equity value and blended multiples/yields calculated based on combined Midstream basic equity value (excludes LTIP), market implied Series B value, and GP equity value; DCF and total distributions net of cash taxes and SG&A at GP. 23 Discussion Materials 5.8 6.2 8.5 8.1 4.5 % 6.2 8.4 7.3 % 7.6 8.2 4.0 % 4.8 5.8 4.7 % 4.3 % 4.0 % 4.9 13.8 14.6 17.1 x 12.0 10.1 12.4 x 10.8 9.8 18.0 x 14.9 13.6 16.1 x 16.9 x 11.8 17.7 x 18.5 x 12.3 12.9 11.2 12.8 14.9 x 11.0 8.9 13.1 x 10.6 9.5 18.8 x 13.9 12.9 18.8 x 13.9 14.9 x 11.0 8.9 9.3 9.7 Illustrative Enterprise Value $ 10,845 $ 11,323 $ 11,801 $ 12,279 $ 12,757 $ 13,713 $ 14,669 $ 15,625 $ 16,581 $ 18,014 Implied Equity Value $ 9,558 $ 10,036 $ 10,514 $ 10,992 $ 11,470 $ 12,426 $ 13,381 $ 14,337 $ 15,293 $ 16,727

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative 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 % Implied 2019E Total Yield 6.8 % 6.5 % 6.2 % 5.9 % 5.7 % 5.2 % 4.9 % 4.5 % 4.2 % 3.9 % 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-Jun-2018 Note: Analysis assumes 18.5mm shares issued to Series B. 1 Arkose status quo equity value based on combined Midstream basic equity value (excludes LTIP), market implied Series B value, and GP equity value. 24 Discussion Materials $ 29.45 / (6)% $ 30.93 / (1)% $ 32.40 / 4 % $ 33.87 / 9 % $ 35.34 / 13 % $ 38.29 / 23 % $ 41.23 / 32 % $ 44.18 / 42 % $ 47.13 / 51 % $ 51.54 / 65 % $ 30.25 / (3)% $ 30.99 / (1)% $ 31.76 / 2 % $ 33.27 / 7 % $ 34.79 / 11 % $ 36.30 / 16 % $ 39.32 / 26 % $ 42.35 / 36 % $ 45.37 / 45 % $ 48.40 / 55 % $ 52.93 / 70 % $ 32.54 / 4 % $ 34.08 / 9 % $ 35.63 / 14 % $ 37.18 / 19 % $ 40.28 / 29 % $ 43.38 / 39 % $ 46.48 / 49 % $ 49.58 / 59 % $ 54.23 / 74 % $ 31.67 / 2 % $ 33.26 / 7 % $ 34.84 / 12 % $ 36.42 / 17 % $ 38.01 / 22 % $ 41.18 / 32 % $ 44.34 / 42 % $ 47.51 / 52 % $ 50.68 / 62 % $ 55.43 / 78 % $ 32.31 / 4 % $ 33.93 / 9 % $ 35.55 / 14 % $ 37.16 / 19 % $ 38.78 / 24 % $ 42.01 / 35 % $ 45.24 / 45 % $ 48.47 / 55 % $ 51.70 / 66 % $ 56.55 / 81 % $ 32.91 / 5 % $ 34.56 / 11 % $ 36.20 / 16 % $ 37.85 / 21 % $ 39.50 / 27 % $ 42.79 / 37 % $ 46.08 / 48 % $ 49.37 / 58 % $ 52.66 / 69 % $ 57.60 / 85 % Exhange Ratio to Midstream Midstream Perspective $ 19.64 / 1 % $ 20.62 / 6 % $ 21.60 / 11 % $ 22.58 / 16 % $ 23.56 / 21 % $ 25.53 / 31 % $ 27.49 / 41 % $ 29.45 / 51 % $ 31.42 / 61 % $ 34.36 / 76 % $ 18.91 / (3)% $ 19.85 / 2 % $ 20.80 / 7 % $ 21.74 / 11 % $ 22.69 / 16 % $ 24.58 / 26 % $ 26.47 / 36 % $ 28.36 / 45 % $ 30.25 / 55 % $ 33.08 / 70 % $ 18.23 / (7)% $ 19.14 / (2)% $ 20.05 / 3 % $ 20.96 / 7 % $ 21.87 / 12 % $ 23.70 / 21 % $ 25.52 / 31 % $ 27.34 / 40 % $ 29.16 / 49 % $ 31.90 / 63 % $ 17.60 / (10)% $ 18.48 / (5)% $ 19.36 / (1)% $ 17.01 / (13)% $ 17.86 / (8)% $ 18.71 / (4)% $ 20.24 / 4 % $ 21.12 / 8 % $ 22.88 / 17 % $ 24.63 / 26 % $ 26.39 / 35 % $ 28.15 / 44 % $ 30.79 / 58 % $ 19.56 / 0 % $ 20.41 / 5 % $ 22.11 / 13 % $ 23.81 / 22 % $ 25.51 / 31 % $ 27.21 / 39 % $ 29.76 / 53 % $ 16.46 / (16)% $ 17.28 / (11)% $ 18.10 / (7)% $ 18.93 / (3)% $ 19.75 / 1 % $ 21.39 / 10 % $ 23.04 / 18 % $ 24.69 / 27 % $ 26.33 / 35 % $ 28.80 / 48 % Exhange Ratio to Midstream GP Perspective Implied PF Equity Value $ 9,558 $ 10,036 $ 10,514 $ 10,992 $ 11,470 $ 12,426 $ 13,381 $ 14,337 $ 15,293 $ 16,727 Current ’19E Total Equity Yield: 6.2% Current Prices: $19.51 (GP) $31.20 (Midstream)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Public Midstream Comparable Peers DPU Yield 2018E DPU Yield Median: 7.3 % 8.8 % 7.8 % 6.5 % 7.4 % 7.5 % 7.5 % 7.3 % 7.3 % 5.5 % 7.1 % 4.0 % 5.5 % 6.8 % Noble Midstream Arkose Midstream¹ (IBES) Arkose Midstream¹ (Management) Shell Midstream Hess Midstream Crestwood CNX Midstream Western Gas Enable Midstream Targa Resources DCP Midstream EQT Midstream² EnLink Midstream 2019E DPU Yield Median: 7.5 % 9.0 % 8.8 % 8.4 % 7.8 % 7.8 % 7.5 % 7.5 % 7.5 % 7.6 % 7.4 % 7.1 % 7.1 % Noble Midstream Arkose Midstream¹ (IBES) Arkose Midstream¹ (Management) Crestwood Targa Resources Shell Midstream DCP Midstream Enable Midstream Hess Midstream Western Gas CNX Midstream EnLink Midstream EQT Midstream² 2020E DPU Yield Median: 8.2 % 10.4 % 9.6 % 9.1 % 8.9 % 9.0 % 9.0 % 8.2 % 8.2 % 7.7 % 7.8 % 7.8 % 7.5 % Noble Midstream Targa Resources DCP Midstream Enable Midstream Crestwood Western Gas Shell Midstream Hess Midstream EnLink Midstream Arkose Midstream¹ (IBES) Arkose Midstream¹ (Management) CNX Midstream EQT Midstream² ’18-’20E DPU CAGR 20 % 0 % 1 % 3 % 5 % 6 % 12 % 15 % 1 % 28 % 29 % 15% 15 % Source: Wall street research and Bloomberg market data as of 04-Jun-2018 1 Source: Arkose Projections, latest publicly available financial statements, IBES/Wall Street research, and Bloomberg market data as of 04-Jun-2018. Projected EBITDA, LP DCF, and DPS are sourced from 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. Discussion Materials 25 5.8 % 4.8 %

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 % 2.9 % 3.2 % 3.4 % 0.81 0.90 1.00 1.07 1.20 1.30 1.37 Midpoint of Beta Range 1.07 Equity Risk Premium 5.4 % GP vs. MLP Historical Beta Comparison Implied Arkose GP Beta GP / MLP GP Beta MLP Beta ENLC / ENLK EQGP / EQM ETE / ETP WGP / WES 0.90 0.95 0.89 0.91 1.13 0.81 1.22 1.03 (0.23) 0.13 (0.33) (0.11) 1.00 1.37 0.90 1.12 Low 0.90 Source: Arkose Management, Company filings and press releases, Axioma Historical Betas, Duff and Phelps, and Bloomberg market data as of 04-Jun-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. Midpoint of beta range calculated as the median between midstream beta, 1.23, and median of GP betas, 0.91. Implied Arkose GP beta calculated as midstream beta minus the delta in the peer family beta. Cost of Capital 27 High1.37 High and low implied Arkose GP beta used approximate bookends for equity beta range Cost of Equity 8.7 % 7.0 %7.2 %7.3 %7.6 %7.8 % 7.57.77.88.18.3 8.08.28.38.68.8 8.48.68.79.09.2 9.19.39.49.79.9 9.69.810.010.210.4 10.010.210.310.610.8 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 1.23x 1.20 1.10 1.00 0.94x 0.90 0.80 Jun-2016 Oct-2016 Feb-2017 Jun-2017 Oct-2017 Feb-2018 Jun-2018 Historical Beta Predicted Beta Source: Axioma as of 04-Jun-2018 28 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 0.77 0.78 0.75 0.79 1.13 0.81 0.97 0.91 1.05 0.61 1.03 0.89 0.93 0.94 0.93 0.98 1.05 0.95 0.91 1.00 0.99 0.95 64 71 150 433 350 120 55 40 224 219 153 $ 18.77 33.90 41.45 17.15 17.76 57.87 20.83 54.25 22.80 48.71 52.14 $ 1,194 2,415 6,226 7,427 6,220 6,970 1,137 2,152 5,103 10,691 7,957 $ 678 1,469 4,664 3,639 3,839 2,955 0 435 871 5,364 4,176 $ 2 7 2 60 17 9 38 25 185 220 521 36.2 % 37.9 42.8 33.1 38.2 29.8 0.0 17.0 15.0 33.9 36.0 0.1 % 0.2 0.0 0.5 0.2 0.1 3.4 1.0 3.2 1.4 4.5 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 0.95 0.89 0.91 0.98 0.98 0.70 0.89 181 302 1,079 219 $ 18.25 25.15 16.92 38.12 $ 3,304 7,607 18,259 8,346 $ 0 0 6,752 28 $ 0 0 3 2 0.0 % 0.0 27.0 0.3 0.0 % 0.0 0.0 0.0 GP vs. MLP Historical Beta Comparison Implied Arkose GP Beta GP / MLP GP Beta MLP Beta ENLC / ENLK EQGP / EQM ETE / ETP WGP / WES 0.90 0.95 0.89 0.91 1.13 0.81 1.22 1.03 (0.23) 0.13 (0.33) (0.11) 1.00 1.37 0.90 1.12 Source: Management, public filings, Axioma Historical Betas, Duff and Phelps, and Bloomberg market data as of 04-Jun-2018 Note: Assumes risk free rate of 2.9%, market risk premium of 5.4%, pre-tax cost of debt for Midstream of 5.5% and tax rate of 0%; GP Historical Equity Beta based on Peer Median. 1 ETE beta reflects unlevered beta. Cost of Capital 29 High 0.95 0.98 $ 18,259 $ 6,752 $ 3 27.0 % 0.0 % Mean 0.91 0.89 9,379 1,695 1 6.8 0.0 Median 0.91 0.93 7,976 14 1 0.2 0.0 Low 0.89 0.70 3,304 0 0 0.0 0.0 GP - - 186 $ 19.51 $ 3,633 $ 0 $ 2 0.0 % 0.1 % High 1.13 1.05 $ 10,691 $ 5,364 $ 521 42.8 % 4.5 % Mean 0.87 0.96 5,227 2,554 99 29.1 1.3 Median 0.81 0.95 6,220 2,955 25 33.9 0.5 Low 0.61 0.89 1,137 0 2 0.0 0.0 Midstream 1.23 0.94 187 $ 31.20 $ 5,835 $ 1,310 $ 9 18.4 % 0.1 %

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

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY YTD Stock Price Performance Arkose Absolute Price and AMZ Indexed Prices | Indexed based on GP Peak (26-Jan-2018) and Day Prior to Special Committee Formation (23-Feb-2018) Midstream GP $ 34.00 $ 24.00 $ 32.00 $ 31.20 $ 22.00 $ 30.00 $ 29.65 $ 20.00 $ 19.70 $ 19.59 $ 19.51 $ 28.00 $ 27.04 $ 26.00 $ 18.00 $ 24.00 $ 16.00 $ 22.00 $ 20.00 $ 14.00 Jan-2018 Feb-2018 Apr-2018 Jun-2018 Jan-2018 Feb-2018 Apr-2018 Jun-2018 Absolute Price AMZ Indexed (26-Jan) AMZ Indexed (23-Feb) Source: Bloomberg market data as of 04-Jun-2018 Valuation Materials 31

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Research Analyst Views Midstream and GP ($ in millions, except per share and unit data) Midstream GP Implied Total Basic Equity Value Target Upside from Current Target Upside from Current Date Firm Rating Price Target Rating Price Target 17-May-18 JPM Buy $ 34.00 9% Buy $ 22.00 13% $ 10,456 3-May-18 Wells Fargo* Strong Buy 36.00 15 Buy 24.00 23 11,202 3-May-18 Ladenburg Thalmann Strong Buy 41.00 31 Strong Buy 26.00 33 12,510 27-Apr-18 MUFG Buy 40.00 28 Buy 28.00 44 12,695 9-Apr-18 Baird* Buy 49.00 57 Buy 26.00 33 14,006 9-Apr-18 GS Buy 31.00 (1) Buy 20.00 3 9,522 19-Feb-18 Seaport Buy 37.00 19 Buy 26.00 33 11,761 17-Feb-18 Stifel Nicolaus Strong Buy 37.00 19 – – – – 15-Feb-18 Raymond James Strong Buy 36.00 15 Strong Buy 27.00 38 11,761 14-Feb-18 Guggenheim Buy 40.00 28 – – – – 14-Feb-18 Barclays Buy 37.00 19 – – – – 31-Jan-18 CS Buy 35.00 12 Hold 21.00 8 10,456 29-Jan-18 Scotia Howard Weil Buy 40.00 28 Hold 24.00 23 11,950 Janney Montgomery Scott 18-Aug-17 Buy 41.00 31 – – – – – Tudor Pickering Buy 38.00 22 – 22.00 13 11,204 Source: Bloomberg, IBES and Wall Street research as of 04-Jun-2018 * Denotes brokers that value Series B units. Baird Midstream price target based on assumed 1.88x exchange ratio and GP target price. Valuation Materials 32 High $ 49.00 57% $ 28.00 44% $ 14,006 Mean 38.13 22 24.18 24 11,593 Median 37.00 19 24.00 23 11,761 Low 31.00 (1) 20.00 3 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 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 $ 31.20 30-Trading Day VWAP $ 28.41 Source: IBES, Wall Street research, and Bloomberg market data as of 04-Jun-2018 33 Valuation Materials $ 28.49$ 32.18$ 32.01$ 36.28 0.3 %13.3 %12.7 %27.7 % $ 31.20$ 34.62$ 34.67$ 39.26 0.0 %11.0 %11.1 %25.8 % $ 26.03$ 35.56$ 33.64$ 47.23 7.6 x10.0 x9.5 x12.9 x $ 25.08$ 31.56$ 29.91$ 40.34 9.1 x11.1 x10.6 x13.9 x $ 27.86$ 33.15$ 31.79$ 44.23 8.6 x10.2 x9.8 x13.6 x $ 25.09$ 30.74$ 29.81$ 40.98 9.1 x11.2 x10.8 x14.9 x $ 27.49$ 34.46$ 34.80$ 49.08 10.4 %8.3 %8.2 %5.8 % $ 24.57$ 28.93$ 29.16$ 45.76 9.0 %7.6 %7.6 %4.8 %

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 CNX Midstream Crestwood DCP Midstream Enable Midstream EnLink Midstream EQT Midstream4 Hess Midstream Noble Midstream Shell Midstream Targa Resources Western Gas 87 99 97 99 96 73 88 94 73 94 91 1,194 2,415 6,226 7,427 6,220 6,970 1,137 2,152 5,103 10,815 7,957 211 0 2,166 0 1,732 6,344 33 0 2,151 0 5,732 1,405 2,415 8,393 7,427 7,952 13,315 1,170 2,660 7,254 10,815 13,689 2,081 4,668 13,585 11,379 13,623 16,261 1,133 3,070 7,963 17,056 17,406 12.7 11.3 12.3 11.1 13.7 18.8 NM NM 13.1 13.1 14.3 9.1 10.3 10.5 10.6 13.0 13.9 NM NM 9.5 11.0 12.3 7.6 9.4 9.5 10.5 12.3 12.9 NM NM 7.8 9.1 11.0 29 10 14 3 6 21 27 37 30 8 14 12.1 11.1 12.4 11.1 10.9 10.7 12.8 13.9 18.0 13.1 13.0 10.6 10.1 10.4 10.8 10.9 9.1 11.2 12.3 14.9 10.8 11.7 9.5 9.8 9.8 10.1 10.5 8.6 9.7 10.7 13.6 8.8 11.3 13 7 12 5 2 12 15 14 15 22 7 7.3 7.1 7.5 7.4 8.8 7.8 6.8 4.0 6.5 7.5 7.3 8.4 7.4 7.5 7.6 8.8 9.0 7.8 4.8 7.5 7.5 7.8 9.6 7.8 7.7 7.8 9.0 10.4 8.9 5.8 8.2 7.5 8.2 15 5 1 3 1 15 15 20 12 0 6 5.0 3.7 4.6 3.9 4.4 4.3 0.0 2.5 4.3 4.7 4.2 Sources: IBES, latest publicly available financial statements, and Bloomberg market data as of 04-Jun-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-Jun-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. Valuation Materials 34 High99 %$ 10,815$ 6,344$ 13,689$ 17,40618.8 x13.9 x12.9 x37.3 %18.0 x14.9 x13.6 x22 %8.8 %9.0 %10.4 %20 %5.0 x Mean905,2381,6706,9549,83913.411.110.01812.611.210.2117.17.68.383.8 Median946,2202117,42711,37913.110.69.51412.410.89.8127.37.68.264.3 Low731,13701,1701,13311.19.17.6310.79.18.624.04.85.800.0 Arkose Midstream² (Management)89 %$ 5,867$ 3,723$ 9,590$ 10,89214.9 x11.0 x8.9 x29 %15.1 x11.3 x9.6 x21 %5.5 %7.1 %9.1 %29 %2.5 x Arkose Midstream² (IBES)895,8673,7239,59010,88315.211.59.12915.012.310.3215.57.19.0282.5

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 6/30/2018 Midstream Status Quo 2H 2018 2019 2020 2021 2022 LP DPU YoY Growth Perpetuity Growth Rate $ 0.91 $ 2.21 142.9 % $ 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 9.0 % Ke of 9.0% Implied Terminal NTM Yield 6.7 % 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 % 8.0 % 8.0 % 8.0 % 8.5 8.5 8.5 9.0 9.0 9.0 9.5 9.5 9.5 10.0 10.0 10.0 Source: Arkose Projections and Bloomberg market data as of 04-Jun-2018 Valuation Materials 35 6.3 % 5.8 % 5.3 % 4.8 % 6.7 6.2 5.8 5.3 7.2 6.7 6.2 5.7 7.6 7.2 6.7 6.2 8.1 7.6 7.2 6.7 Midstream Cost of Equity $ 10,880 $ 11,660 $ 12,582 $ 13,689 10,078 10,738 11,507 12,417 9,384 9,947 10,598 11,357 8,776 9,263 9,819 10,461 8,241 8,665 9,145 9,694 Midstream Cost of Equity $ 58.17 $ 62.34 $ 67.27 $ 73.19 53.88 57.41 61.53 66.39 50.17 53.19 56.66 60.72 46.92 49.53 52.50 55.93 44.06 46.33 48.89 51.83 Midstream Cost of Equity Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate Implied Value of Midstream ($ / Unit)$ 53.19 Implied Total Value of Midstream ($mm)9,947 Discounted Cash Flows$ 0.89$ 2.03$ 2.40$ 2.64$ 45.23 Terminal Value$ 59.74

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Present Value of Future Unit Price - Midstream ($ in per unit amounts) Midstream 2H 2018E 2019E 2020E 2021E 2022E Cash Flows to Equity Distribution Per Unit Discount Period for Distribution Received¹ Illustrative Cost of Equity Discount Factor $ 0.91 0.25 9.0 % 0.98 $ 2.21 1.00 $ 2.85 2.00 $ 3.42 3.00 $ 4.10 4.00 0.92 0.84 0.77 0.71 Present Value of Future Unit Price at Year End NTM Distribution Per Unit at Year End Illustrative NTM Yield Implied Year End Unit Price Discount Period for Unit Price¹ Discount Factor $ 2.85 7.5 % $38.00 1.5 0.88 $ 3.42 $ 4.10 $45.60 2.5 0.81 $54.67 3.5 0.74 (+) PV of Cumulative Distributions Received 2.92 5.32 7.96 Implied Value at Various Yields 2019E 2020E 2021E 7.0 % 7.5 8.0 Source: Arkose Management, Bloomberg market data as of 04-Jun-2018 1 Distributions discounted according to the mid-period convention; all values discounted to 30-Jun-2018. 36 Valuation Materials $ 38.70$ 44.70$ 51.28 36.3142.0848.39 34.2239.7845.86 NTM Yield PV of Unit Price and Distributions$36.31$42.08$48.39 PV of Future Unit Price$33.39$36.76$40.43 Present Value of Distributions Received$0.89$2.03$2.40$2.64$2.90 Midstream Yield range based on peer median and Midstream 2019E DPU yield

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Financial Analyses GP Valuations Intrinsic Value Dividend Discount Analysis Based on 1.5% - 3.0% PGR and 8.0% - 10.0% Cost of Equity $ 23.1 $ 38.91 30 Trading Day VWAP: $ 17.94 Current Price: $ 19.51 Present Value of Future Share Price Assumes Range of 6.0 % - 7.0 % NTM Yield based on 2019E - 2020E Public Information $ 17.92 $ 30.96 $ 20.00 00 Analyst Price Target Range 52-Week Stock Price Range Low date of 04-Apr-2018 & high date of 06-Jun-2017 $ 14.85 Source: Arkose Projections, company filings, and Bloomberg market data as of 04-Jun-2018 37 Valuation Materials 5 $ 28. $ 22.57

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Public Company Trading GP Comparable Companies ($ in millions, except per share / unit values) Closing Price @ 4-Jun-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 $ 18.25 25.15 16.92 38.12 91 % 79 87 87 $ 3,304 7,607 18,259 8,346 14.1 x 21.8 11.7 16.2 13.3 x 17.6 11.0 14.7 12.0 x 14.4 9.8 12.8 8.5 % 23.1 9.0 12.3 5.9 % 4.8 7.6 6.2 6.2 % 6.6 8.3 6.8 6.6 % 7.6 9.2 7.7 5 % 26 11 11 High Growth MLPs EQT Midstream Hess Midstream Noble Midstream Shell Midstream $ 57.87 20.83 54.25 22.80 73 % 88 94 73 $ 13,315 1,170 2,660 7,254 10.7 x 12.8 13.9 18.0 9.1 x 11.2 12.3 14.9 8.6 x 9.7 10.7 13.6 11.6 % 15 14 15 7.8 % 6.8 4.0 6.5 9.0 % 7.8 4.8 7.5 10.4 % 8.9 5.8 8.2 15 % 15 20 12 Sources: IBES, latest publicly available financial statements, and Bloomberg market data as of 04-Jun-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-Jun-2018. ³ EQGP pro forma for announced simplifying transaction on 25-Apr-2018. Valuation Materials 38 High94 %$ 13,31518.0 x14.9 x13.6 x15 %7.8 %9.0 %10.4 %20 % Mean826,10013.811.910.7146.37.3 8.316 Median814,95713.311.810.2146.77.68.615 Low731,17010.79.18.6124.04.85.812 High94 %$ 18,25921.8 x17.6 x14.4 x23 %7.8 %9.0 %10.4 %26 % Mean847,88215.013.011.5136.27.1 8.014 Median846,85314.012.611.3136.27.18.014 Low731,17010.79.18.694.04.85.85 High91 %$ 18,25921.8 x17.6 x14.4 x23 %7.6 %8.3 %9.2 %26 % Mean869,37915.914.212.3136.17.07.813 Median877,97615.214.012.4116.16.77.611 Low793,30411.711.09.894.86.26.65 Arkose GP² (Management)$ 19.5186 %$ 3,63336.3 x22.0 x14.6 x3.0 %2.8 %4.5 %6.9 %58 % Arkose GP² (IBES)$ 19.51863,63336.122.114.63.02.84.56.958

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 6/30/2018 GP Status Quo 2H 2018 2019 2020 2021 2022 Dividends Per Share YoY Growth Perpetuity Growth Rate $ 0.30 $ 0.89 191 % $ 1.34 51 % $ 1.74 30 % $ 2.22 28 % 2.00 % Discounted using mid-year convention Perpetuity growth rate of 2.0% Equity Discount Rate 9.0 % Ke of 9.0% Implied Terminal NTM Yield 6.7 % 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 % 8.0 % 8.0 % 8.0 % 8.5 8.5 8.5 9.0 9.0 9.0 9.5 9.5 9.5 10.0 10.0 10.0 Source: Arkose Projections and Bloomberg market data as of 04-Jun-2018 Valuation Materials 39 6.3 % 5.8 % 5.3 % 4.8 % 6.7 6.2 5.8 5.3 7.2 6.7 6.2 5.7 7.6 7.2 6.7 6.2 8.1 7.6 7.2 6.7 GP Cost of Equity $ 5,729 $ 6,150 $ 6,647 $ 7,244 5,298 5,654 6,069 6,559 4,924 5,228 5,579 5,988 4,598 4,860 5,160 5,506 4,310 4,538 4,797 5,093 GP Cost of Equity $ 30.77 $ 33.03 $ 35.70 $ 38.91 28.45 30.36 32.59 35.23 26.45 28.08 29.96 32.16 24.69 26.10 27.71 29.57 23.15 24.37 25.76 27.35 GP Cost of Equity Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate Implied Value of GP ($ / Share)$ 28.08 Implied Value of GP ($mm)5,228 Discounted Cash Flows$ 0.30$ 0.81$ 1.13$ 1.34$ 24.50 Terminal Value$ 32.36

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Present Value of Future Share Price - GP ($ in per share amounts) GP 2H 2018E 2019 2020 2021 2022 Cash Flows to Equity Dividend Per Share Discount Period for Dividend Received¹ Illustrative Cost of Equity Discount Factor $ 0.30 0.25 9.0 % 0.98 $ 0.89 1.00 $ 1.34 2.00 $ 1.74 3.00 $ 2.22 4.00 0.92 0.84 0.77 0.71 Present Value of Future Share Price at Year End NTM Dividend Per Share at Year End Illustrative NTM Dividend Yield Implied Year End Share Price Discount Period for Share Price¹ Discount Factor $ 1.34 6.5 % $20.60 1.5 0.88 $ 1.74 $ 2.22 $26.78 2.5 0.81 $34.16 3.5 0.74 (+) PV of Cumulative Dividends Received 1.11 2.24 3.58 Implied Value at Various Yields 2019E 2020E 2021E 6.0 % 6.5 7.0 Source: Arkose Management, Bloomberg market data as of 04-Jun-2018 1 Distributions discounted according to the mid-period convention; all values discounted to 30-Jun-2018. 40 Valuation Materials $ 20.72$ 25.63$ 30.96 19.2123.8328.85 17.9222.2927.05 NTM Yield PV of Future Share Price and Dividends$19.21$23.83$28.85 PV of Future Share Price$18.10$21.59$25.27 Present Value of Dividend Received$0.30$0.81$1.13$1.34$1.57 GP assumed NTM yield based on 2020E yield at the high end of the sensitivity range

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Arkose GP Discounted Dividends Analysis Pro Forma GP | 1.6 x Exchange Ratio | ($ in millions, except per share data) Assumptions Illustrative Discounted Cash Flow Implied value as of 6/30/2018 Pro Forma 2H 2018 2019 2020 2021 2022 Dividends Per Share YoY Growth Terminal DPS¹ Perpetuity Growth Rate $ 0.57 $ 1.28 124 % $ 1.76 37 % $ 2.18 24 % $ 2.66 22 % $ 2.14 2.0 % Discounted using mid-year convention Perpetuity growth rate of 2.0% Equity Discount Rate 9.0 % Ke of 9.0% Implied Terminal NTM Yield 6.7 % P.F. Implied GP Value ($/share) P.F. Implied GP Value ($mm) Pro Forma 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 % 8.0 % 8.0 % 8.0 % 8.5 8.5 8.5 9.0 9.0 9.0 9.5 9.5 9.5 10.0 10.0 10.0 Source: Arkose Projections and Bloomberg market data as of 04-Jun-2018 1 2022E PF DPS includes partial tax shield; terminal DPS calculated based on assumed 20% effective cash tax rate per management’s guidance. Valuation Materials 41 6.3 % 5.8 % 5.3 % 4.8 % 6.7 6.2 5.8 5.3 7.2 6.7 6.2 5.7 7.6 7.2 6.7 6.2 8.1 7.6 7.2 6.7 GP Cost of Equity $ 15,908 $ 17,007 $ 18,306 $ 19,865 14,771 15,701 16,785 18,066 13,786 14,581 15,497 16,566 12,924 13,610 14,393 15,297 12,164 12,760 13,436 14,209 GP Cost of Equity $ 31.46 $ 33.64 $ 36.21 $ 39.29 29.22 31.05 33.20 35.73 27.27 28.84 30.65 32.77 25.56 26.92 28.47 30.26 24.06 25.24 26.58 28.10 GP Cost of Equity Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate Implied Value of GP ($ / Share)$ 28.84 Implied Value of GP ($mm)14,581 Discounted Cash Flows$ 0.56$ 1.18$ 1.48$ 1.68$ 23.94 Terminal Value$ 31.13

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Arkose GP Discounted Dividends Analysis Pro Forma GP | 1.8 x Exchange Ratio | ($ in millions, except per share data) Assumptions Illustrative Discounted Cash Flow Implied value as of 6/30/2018 Pro Forma 2H 2018 2019 2020 2021 2022 Dividends Per Share YoY Growth Terminal DPS¹ Perpetuity Growth Rate $ 0.53 $ 1.19 124 % $ 1.64 37 % $ 2.03 24 % $ 2.48 22 % $ 1.98 2.0 % Discounted using mid-year convention Perpetuity growth rate of 2.0% Equity Discount Rate 9.0 % Ke of 9.0% Implied Terminal NTM Yield 6.7 % P.F. Implied GP Value ($/share) P.F. Implied GP Value ($mm) Pro Forma 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 % 8.0 % 8.0 % 8.0 % 8.5 8.5 8.5 9.0 9.0 9.0 9.5 9.5 9.5 10.0 10.0 10.0 Source: Arkose Projections and Bloomberg market data as of 04-Jun-2018 1 2022E PF DPS includes partial tax shield; terminal DPS calculated based on assumed 20% effective cash tax rate per management’s guidance. Valuation Materials 42 6.3 %5.8 %5.3 %4.8 % 6.76.25.85.3 7.26.76.25.7 7.67.26.76.2 8.17.67.26.7 GP Cost of Equity $ 15,874 $ 16,970 $ 18,265 $ 19,820 14,74115,66716,74818,026 13,75814,55015,46416,530 12,89913,58214,36315,265 12,14012,73513,40914,180 GP Cost of Equity $ 29.22$ 31.24$ 33.63$ 36.49 27.1428.8430.8333.18 25.3326.7928.4730.43 23.7525.0026.4428.10 22.3523.4424.6926.10 GP Cost of Equity Perpetuity Growth Rate Perpetuity Growth Rate Perpetuity Growth Rate Implied Value of GP ($ / Share)$ 26.79 Implied Value of GP ($mm)14,550 Discounted Cash Flows$ 0.52$ 1.10$ 1.38$ 1.57$ 22.22 Terminal Value$ 28.89

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Present Value of Future Share Price - Pro Forma 1.6 x Exchange Ratio | ($ in per share amounts) Pro Forma 2H 2018E 2019 2020 2021 2022 Cash Flows to Equity Dividend Per Share Discount Period for Dividend Received¹ Illustrative Cost of Equity Discount Factor $ 0.57 0.25 9.0 % 0.98 $ 1.28 1.00 $ 1.76 2.00 $ 2.18 3.00 $ 2.66 4.00 0.92 0.84 0.77 0.71 Present Value of Future Share Price at Year End NTM Dividend Per Share at Year End Illustrative NTM Dividend Yield Implied Year End Share Price Discount Period for Share Price¹ Discount Factor $ 1.76 7.0 % $25.11 1.5 0.88 $ 2.18 $ 2.66 $31.14 2.5 0.81 $38.03 3.5 0.74 (+) PV of Cumulative Dividends Received 1.74 3.22 4.90 Pro Forma Implied Value at Various Yields Status Quo Implied Value at Various Yields Break Even Yield 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E 6.5 % 6.0 % 7.0 6.5 7.5 7.0 Source: Arkose Management, Bloomberg market data as of 04-Jun-2018 1 Distributions discounted according to the mid-period convention; all values discounted to 30-Jun-2018. 43 Valuation Materials 8.1 % 7.8 % 7.6 % 8.8 % 8.5 % 8.2 % 9.5 % 9.2 % 8.9 % $ 20.72 $ 25.63 $ 30.96 19.21 23.83 28.85 17.92 22.29 27.05 $ 25.50 $ 30.25 $ 35.20 23.80 28.32 33.03 22.33 26.65 31.16 NTM Yield PV of Future Share Price and Dividends$23.80$28.32$33.03 PV of Future Share Price$22.06$25.10$28.13 Present Value of Dividend Received$0.56$1.18$1.48$1.68$1.89 Pro forma yield based on blended 2019 and 2020 Midstream and GP status quo yields

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Present Value of Future Share Price - Pro Forma 1.8 x Exchange Ratio | ($ in per share amounts) Pro Forma 2H 2018E 2019 2020 2021 2022 Cash Flows to Equity Dividend Per Share Discount Period for Dividend Received¹ Illustrative Cost of Equity Discount Factor $ 0.53 0.25 9.0 % 0.98 $ 1.19 1.00 $ 1.64 2.00 $ 2.03 3.00 $ 2.48 4.00 0.92 0.84 0.77 0.71 Present Value of Future Share Price at Year End NTM Dividend Per Share at Year End Illustrative NTM Dividend Yield Implied Year End Share Price Discount Period for Share Price¹ Discount Factor $ 1.64 7.0 % $23.37 1.5 0.88 $ 2.03 $ 2.48 $28.98 2.5 0.81 $35.45 3.5 0.74 (+) PV of Cumulative Dividends Received 1.62 3.00 4.56 at Various Yields at Various Yields Break Even Yield 2019E 2020E 2021E 2019E 2020E 2021E 2019E 2020E 2021E 6.5 % 6.0 % 7.0 6.5 7.5 7.0 Source: Arkose Management, Bloomberg market data as of 04-Jun-2018 1 Distributions discounted according to the mid-period convention; all values discounted to 30-Jun-2018. 44 Valuation Materials 7.5 % 7.2 % 7.0 % 8.2 % 7.8 % 7.6 % 8.8 % 8.5 % 8.2 % $ 20.72 $ 25.63 $ 30.96 19.21 23.83 28.85 17.92 22.29 27.05 $ 23.73 $ 28.16 $ 32.80 22.16 26.36 30.78 20.79 24.80 29.03 NTM Yield PV of Future Share Price and Dividends$22.16$26.36$30.78 PV of Future Share Price$20.54$23.36$26.22 Present Value of Dividend Received$0.52$1.10$1.38$1.57$1.76 Pro forma yield based on blended 2019 and 2020 Midstream and GP status quo yields

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Tax Analysis Basis Of Presentation P.F. GP Assuming 18.5mm Shares to Series B & 1.80 Exh. Ratio 2018 2019 2020 2021 2022 Terminal Total Operating Revenues - Total Operating Expenses (Including depreciation) $ 916 (438) $ 1,182 (508) $ 1,459 (620) $ 1,723 (725) $ 1,982 (799) $ 1,982 (799) Operating Income (+) Book depreciation (+) Equity in Earnings of Unconsolidated Affiliates (-) Interest Expense (-) Depreciation of Goodwill and Current Assets (-) Additional Depreciation from Step Up in Basis (Capex in Years 2018+) (-) Capex Expense for Tangible Assets (-) Interest Expense Add-back 478 159 39 (77) (858) (27) (214) 0 674 179 72 (101) (828) (116) (164) 0 838 201 104 (122) (761) (233) (176) 0 998 214 120 (130) (718) (282) (393) 0 1,183 219 146 (77) (705) (235) (352) 0 1,183 219 146 (77) - Taxable Income Before NOLs (-) NOLs applied from previous years (501) 0 (284) 0 (148) 0 (190) 0 179 (144) 1,471 Federal Tax Rate State Tax Rate Long Term Assumed Effective Cash Tax Rate (Adjusted to Account for Depreciation and Capex) 21% 4% 21% 4% 21% 4% 21% 4% 21% 4% 20% Implied Run Rate Deductions Ending NOL Balance DPS Build 308 $ 501 2Q-4Q 2018 $ 785 2019 $ 932 2020 $ 1,123 2021 $ 979 2022 Terminal Total Pre Tax Distributable Cash Flow (-) Cash Taxes $ 319 0 $ 854 0 $ 1,036 0 $ 1,225 0 $ 1,428 (9) $ 1,428 (294) Distributable Cash Flow (/) Coverage Ratio $ 319 1.10 x $ 854 1.32 x $ 1,036 1.17 x $ 1,225 1.11 x $ 1,419 1.05 x $ 1,134 1.05 x Total Distributions (/) P.F. Shares Outstanding $290 543 $649 543 $889 543 $1,102 543 $1,348 543 $1,077 543 Source: Arkose Projections, Arkose Merger Model, and Bloomberg market data as of 04-Jun-2018 45 Valuation Materials Valued separately in perpetuity DPS $0.53 $1.19 $1.64 $2.03 $2.48 $1.98 Cash Taxes $0 $0 $0 $0 $9 $294 Taxable Income $(501) $(284) $(148) $(190) $ 36 $ 1,471 - - 0 -

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Arkose Analysis Pro Forma Tax Attributes GP Discounted Dividends | ($ in millions, except per share data) Assumptions Illustrative Discounted Cash Flow Ann. Avg. 2028-2032 Implied value as of 6/30/2018 P.F. GP Assuming 18.5mm Shares to Series B & 1.60 Exh. Ratio 2023 2024 2025 2026 2027 Depreciation of Existing Assets and Transaction Step Up (x) Tax Rate $ 638 25 % $ 595 25 % $ 551 25 % $ 540 25 % $ 530 25 % $ 505 25 % Discounted using mid-year convention Discount Period Discount Factor 5.0 0.65 6.0 0.60 7.0 0.55 8.0 0.50 9.0 0.46 NA NA Ke of 9.0% PV of Tax Attributes ($ / share) Total P.V. of Tax Attributes 1.5 x 1.6 x 1.7 x 1.8 x 1.9 x 2.0 x 1.5 x 1.6 x 1.7 x 1.8 x 1.9 x 2.0 x 8.0 % 8.5 9.0 9.5 10.0 Source: Arkose Projections and Bloomberg market data as of 04-Jun-2018 Valuation Materials 46 $ 649 $ 682 $ 715 $ 748 $ 781 $ 815 624 656 687 719 751 783 600 630 661 691 722 752 577 606 635 664 694 723 555 583 611 639 667 695 $ 1.33 $ 1.35 $ 1.36 $ 1.38 $ 1.39 $ 1.40 1.28 1.30 1.31 1.32 1.34 1.35 1.23 1.25 1.26 1.27 1.28 1.29 1.18 1.20 1.21 1.22 1.23 1.24 1.14 1.15 1.17 1.18 1.19 1.20 GP Cost of Equity Exh. Ratio to Midstream Exh. Ratio to Midstream P.V. Per Pro Forma GP Share $ 1.25 Total P.V. of Terminal Tax Attributes 630 Present Value $105 $90 $76 $69 $62 $46 Cash Tax Savings $ 162 $ 150 $ 140 $ 137 $ 134 $ 128