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: Supporting 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 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 1.6 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 (<$20mm) cash taxes in 2022 Distribution coverage held constant between status quo and pro forma in 2019 and 2022 — In 2018, one-time reduction in coverage ratio, from 1.28x to 1.10x (Subject to board approval), resulting in an increase in distributions to mitigate dilution to legacy Arkose Midstream unitholders Pro Forma Shares Outstanding GP Shares 186.19 Midstream Units (+) Midstream LTIP 187.03 1.03 Midstream Fully Diluted Units (x) Exchange Ratio 188.06 1.60 x Shares to Midstream 300.89 GP Shares to Series B 18.50 Pro Forma Ownership Settlement of Series B Profit Interests in IDR LLC Series B units of IDR LLC exchanged at Transaction Announcement for 18.5mm shares of GP Conditioned on completion of the Midstream transaction GP Shareholders Midstream Unitholders Series B Unitholders 36.8 % 59.5 3.7 Proposed Shareholder / Unitholder Votes Majority of public unaffiliated shareholders of GP and Midstream to vote separately to approve transaction Source: Arkose Midstream and Arkose GP 2017 1Q 10-Qs and Bloomberg market data as of 04-Jun-2018 Discussion Materials 5 Pro Forma Shares Outstanding505.58 Implied Midstream Unit Price$ 31.22

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 6 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 & Transferability Fully vested with customary registration rights No transfer restrictions (excluding standard trading restrictions for insiders) Subordination None 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

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 GP 1.6x Exchange Ratio Management & Board 1% Management & Board 12% Management & Board 22% Sponsors 14% Public 41% Public 43% Public 46% Upstream 53% Sponsors 37% Upstream 31% Midstream Public Investor Base GP Public Investor Base Invests in Midstream Only 19% Invests in GP Only 36% Invests in Midstream + GP 64% Invests in Midstream + GP 81% 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 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 9 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 10 % 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 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 11 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 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 Discussion Materials 12

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 282 296 301 320 339 357 376 Metrics Current Last Close 30-Trading Day VWAP Midstream VWAP / GP Current Price At 23-Feb-2018 (Committee Formation) Last Close 30-Trading Day VWAP Midstream GP (6)% (5) 4 (2)% 0 9 0 % 2 10 6 % 8 17 13 % 14 24 19 % 21 31 25 % 27 38 $ 31.20 28.24 28.24 $ 19.51 17.96 19.51 9 % 5 14 % 10 16 % 12 23 % 19 30 % 26 38 % 33 45 % 40 $ 26.49 29.47 $ 19.19 20.66 At 26-Jan-2018 (Year-to-Date GP High) Last Close 30-Trading Day VWAP (0)% (1) 4 % 4 6 % 6 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 1 Includes ~1mm units under Midstream’s LTIP and ~187mm common units outstanding. 487 500 505 524 543 562 581 2 Illustrativ e 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 x1.57 x1.60 x1.70 x1.80 x1.90 x2.00 x

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Accretion / (Dilution) Analysis 1.6x Exchange Ratio to Midstream DCF Per Share Accretion / (Dilution) to GP DPS Accretion / (Dilution) to GP 107% 90% 53% 39% 26% $ 2.80 88% 45% 31% 25% 20% $ 2.66 $ 2.22 2H 2018 2019 2020 2021 2022 2H 2018 2019 2020 2021 2022 LP DCF Per Unit Accretion / (Dilution) to Midstream DPU Accretion / (Dilution) to Midstream (8)% (2)% 1% 3% 5% 1% (7)% (1)% 2% 4% $ 4.48 $ 4.29 $ 4.10 $ 4.26 2H 2018 2019 2020 2021 Status Quo 2022 2H 2018 2019 2020 2021 2022 Pro Forma Accretion / (Dilution) 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. 14 Discussion Materials $ 3.42 $ 3.49 $ 2.85 $ 2.81 $ 2.21 $ 2.05 $ 0.91 $ 0.92 $ 3.75 $ 3.88 $ 3.24 $ 3.28 $ 2.76 $ 2.70 $ 1.09 $ 1.01 $ 2.18$ 2.22 $ 1.76$ 1.74 $ 1.28$ 1.34 $ 0.89 $ 0.57 $ 0.30 $ 2.42 $ 2.05 $ 1.69 $ 1.74 $ 0.89 $ 1.34 $ 0.63 $ 0.30

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary Price Present Value of Future Share / Unit 1.6x Exchange Ratio $ 40.00 $ 35.00 $ 32.50 $ 30.00 $ 25.00 $ 20.00 $ 15.00 YE 2019 YE 2020 YE 2021 S.Q. GP @ 6.0% Yield S.Q. GP @ 7.0% Yield P.F. GP @ 6.0% 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 15 $ 37.72 $ 33.03 $ 28.32$ 30.96 $ 27.48 $ 27.05 $ 23.80$ 25.63 $ 22.29 $ 20.72 $ 17.92 Current GP 2020 DPS Yield: 6.9%

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 Implied GP Share Price % Upside from Current Implied Midstream Unit Price % Upside from Current 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. 16 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 $30.25 (3)% $31.76 $33.27 $34.79 $36.30 $39.32 $42.35 $45.37 $48.40 $52.93 2 % 7 % 11 % 16 % 26 % 36 % 45 % 55 % 70 % $18.91 (3)% $19.85 $20.80 $21.74 $22.69 $24.58 $26.47 $28.36 $30.25 $33.08 2 % 7 % 11 % 16 % 26 % 36 % 45 % 55 % 70 % 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 Appendix A: Supporting Materials

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 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). 18 Supporting Materials High 26 % 28 % Median 11 13 Mean 11 13 Low 0 0

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. Supporting 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 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. Supporting Materials 20 5.8 % 4.8 %

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. 21 Supporting 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 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 6.0 % 6.0 % 6.5 6.5 7.0 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. 22 Supporting 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 $ 27.48 $ 32.50 $ 37.72 25.50 30.25 35.20 23.80 28.32 33.03 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