PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Project Francis Conflicts Committee GP LLC Discussion Materials of the Board of Directors of Arkose July 18, 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 Summary of Midstream / Upstream Counter Proposals – Key Points of Difference Counter Proposals GP Proposal (08-Jun-2018) Midstream (14-Jul-2018) Upstream Supplement (14-Jul-2018) 1.6 x All stock 1.75 x + $4.00 / unit cash Same as Midstream Dividend policy set to result in exchange ratio adjusted pro forma distributions paid to legacy Midstream unitholders held equal to status quo distributions paid for the first four quarters following close Same as Midstream Unspecified, but indicated willingness to discuss optimal distribution policy Same as Midstream (+) Additional requirement that the final 1/3 of shares (Dec-2019 tranche) vest conditioned on free cash flow test at Upstream Shares issued to settle Series B Units subject to same vesting schedule as Series B Units Shares issued to settle Series B fully vest at transaction close New GP to have Board consisting of a majority of independent directors, with private equity sponsors not considered independent directors Unspecified Same as Midstream Not conditioned upon Midstream vote beyond that required by Partnership agreement and Delaware law “Majority of minority” vote of Midstream independent public unitholders Unspecified Registration rights for GP shares equivalent to Upstream’s current registration rights for its position in Midstream Registration rights for GP shares not subordinate to or otherwise less favorable than rights granted to Series B unitholders Acceleration of water earn out None None 3 Materials for Full GP Board Other Items Midstream Voting Board Composition Series B Vesting Dividend Assurance Consideration

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Understanding of Key Priorities / Differences Midstream Upstream “Best interest” of Upstream “Appropriate premium” / “market” exchange ratio Equitable sharing of benefits, such as accretion Cash for public unit holder cash taxes 1 year (4 quarters) of dividend assurance — — Cash flow to Upstream from Midstream Cash to repurchase shares –“Meaningful” quantity desired Compensation for NOL usage — Cash goal to move Upstream share price “Alignment” to create value at Upstream — Concerned about relative economic interest based on relative ownership of GP and Upstream by insiders / management Symmetry with original structure Registration rights for future share selling flexibility “Minority of Majority vote” — Although not priority for Upstream with their higher standard Acceleration of water earn out for additional cash Impact of cash on leverage, bonds, disclosure Debt funded cash at 5 % is dilutive to cash flow 4 Materials for Full GP Board Likely Diligence Issues Other Apparent Priorities Series B Vesting / Restrictions Economics

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 $ 19.00 1.75 x $ 19.00 Midstream Transaction GP converts into Delaware C-Corp GP acquires all outstanding units of Midstream for a mix of cash and stock at a fixed exchange ratio of [1.75 x] and [$4.00] of cash per Midstream unit 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 policy adjusted so that Midstream unitholders kept whole on a 2018 and 2019 basis, then maintain status quo coverage levels Value of Equity Consideration (+) Cash Consideration $ 30.40 0.00 $ 33.25 4.00 Aggregate Exchange Ratio 1.60 x 1.96 x Pro Forma Shares Outstanding GP Shares 186.2 186.2 Midstream Units (+) Midstream LTIP 187.0 1.0 187.0 1.0 Midstream Fully Diluted Units (x) Exchange Ratio 188.1 1.60 x 188.1 1.75 x Shares to Midstream 300.9 329.1 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 Shares to Series B 18.5 18.5 Pro Forma Ownership Proposed Shareholder / Unitholder Votes Majority of public unaffiliated shareholders of GP and Midstream to vote separately to approve transaction GP Shareholders Midstream Unitholders Series B Unitholders 36.8 % 59.5 % 3.7 34.9 % 61.7 3.5 Source: Arkose Midstream and Arkose GP 2017 1Q 10-Qs and Bloomberg market data as of 04-Jun-2018 Materials for Full GP Board 5 Pro Forma Shares Outstanding505.6533.8 Total Consideration$ 30.40$ 37.25

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Historical Midstream / GP Exchange Ratio Since GP IPO | 03-May-2017 | GP “Unadjusted” Per Midstream Method 2.00x 1.96 x 1.90x 1.80x 1.75 x 1.70x 1.60 x 1.58 x 1.60x 1.50x 1.40x 1.30x 1.20x May-2017 Sep-2017 Feb-2018 Jul-2018 Observed Midstream / GP Initial Bid Counter Exchange Ratio (Equity) Counter Exchange Ratio (Equity + Cash)¹ Source: Bloomberg market data as of 13-Jul-2018 1 Based on the total per Midstream unit value calculated from on the 1.75x equity component of Midstream’s counter offer and $4/unit cash consideration and GP’s closing price on 13-Jul-2018. 6 Materials for Full GP Board Exchange Ratio 26-Feb-2018 Special Committee Formation

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Perspectives on “Appropriate” 30-Trading Day VWAP Basis Premium 28 % 27 % Stock Consideration Mixed Consideration saction 16 % Date Jan-18 May-16 Feb-17 May-15 May-17 Aug-14 Sep-16 Nov-15 May-18 Aug-14 Aug-14 Aug-13 Mar-17 Jun-18 Aug-13 Feb-181 Jun-17 Feb-18 WPT Inc. Acquirer AROC SEMG OKE CEQP ETP KMI TRP TRGP WMB KMI KMI PXD VTTI B.V. LNG PAA TEGP NS Target APLP RRMS OKS CMLP PTXP KMR CPPB NGLS WPZ EPB KMP PSE VTTI CQH PNG TEP WPT NSH Source: Bloomberg market data as of 13-Jul-2018 Note: All premia calculated based on an offer value derived from the offered exchange ratio times acquirer’s 1-day prior closing share/unit price plus any cash consideration divided by the target’s 30-trading day VWAP. 1 TEGP calculated based on the date on which a strategic review was announced. 7 Materials for Full GP Board 22 % Cash ConsiderationTax-Deferred Tran 20 %20 % 18 %17 % 13 % 10 %10 % 7 %7 %7 % 4 % 3 %2 % 0 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Research Analyst Assessment of Potential Transaction Discusses Transaction Models Transaction Expresses Recommendation Broker Recommendation / Commentary States that any merger would improve equity value in current environment Suggests merger will improve short-term value but foregoes maximized total long-term value if left independent  Baird Cites management efforts to explore transaction options, but takes no position on certainty or structure of potential transaction Ladenburg Thalmann  Suggests GP acquiring Midstream most beneficial to Upstream  Views GP buying Midstream as most likely outcome Cites historical precedent of GP buying LP if GP is a C-Corp Wells Fargo Reiterates support generally for GP buying in LP transactions  JP Morgan citing investor sentiment favoring simplification of corporate structures Goldman Sachs*  Research discusses general benefits of C-Corps over MLPs Forecasts combined entity trading at 11.4x EBITDA with 2019 – 2021 EBITDA CAGR of 22%  Morgan Stanley Recommends GP acquisition of Midstream Raymond James  Suggests New GP would maintain best in class dividend and share growth outlook with a ~1.5-2x exchange ratio Cites concerns over aligning incentives between Upstream, GP, Midstream, and management team regardless of transaction structure Seaport Global Securities  Views market sentiment favoring simplification Suggests benefits of MLP structure dwindling, favoring likelihood  TD Securities of GP acquiring Midstream if transaction occurs Source: Wall Street Research Note: * Indicates commentary found in general Midstream or Antero Resources coverage report 8 Executive Summary

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 $ 22.00 $ 30.00 $ 30.01 $ 29.10 $ 20.00 $ 28.00 $ 19.34 $ 19.22 $ 19.00 $ 26.54 $ 26.00 $ 18.00 $ 24.00 $ 16.00 $ 22.00 $ 20.00 $ 14.00 Jan-2018 Mar-2018 May-2018 Jul-2018 Jan-2018 Mar-2018 May-2018 Jul-2018 Absolute Price AMZ Indexed (26-Jan) AMZ Indexed (23-Feb) Source: Bloomberg market data as of 13-Jul-2018 Supplemental Materials 9

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Midstream Perspective: Dilutive Impact of Series B Settlement on Current GP Share Price Illustrative Calculation of Adjusted GP Share Price Current 7/13/2018 GP Share Price (x) GP Shares Outstanding $ 19.00 186 GP Basic Market Cap (-) $2bn Threshold $3,538 (2,000) Market Cap Subject To Series B Assumed Series B Take $1,538 6.0 % Illustrative Series B Value¹ (+) GP Basic Market Cap $ 92 3,538 Total GP Equity Value (/) GP Shares (P.F. for 18.5mm Shares to Series B) $ 3,630 205 Observed and Adjusted Share Prices | Implied Premia to Midstream Closing Price Premia @ 1.60x Premia @ 1.75x 6 % (0)% 16 % 8 % (2)% (9)% 1 % (5)% 16 % 9 % 27 % 18 % 7 % (0)% 11 % 3 % $ 22.02 $20.65 $ 19.19 $ 19.24 $ 19.00 $17.92 $17.96 $17.73 Strategic Review (26-Jan-2018) Committee Formation (23-Feb-2018) GP Offer (7-Jun-2018)¹ Adj. GP Share Price Current (13-Jul-2018) Observed GP Share Price Source: Bloomberg market data as of 13-Jul-18 ¹ Calculation based on closing price (not VWAP) and assumed 6% Series B take based on commentary from Midstream's advisors. 10 GP Adj. Share Price$17.73 Midstream’s offer assumes shares issued to settle the Series B that are in excess of the shares implied by the conversion mechanism and status quo market cap should reduce the status quo value of GP’s shares Analysis calculates total equity value, including status quo Series B conversion value, then divides by pro forma GP share count after Series B units are exchanged for 18.5mm GP shares to estimate an adjusted GP share price

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Accretion / (Dilution) Analysis | Midstream Perspective 1.96 x Exchange Ratio | Pro Forma DPU Adjusted Per Midstream’s Counter LP DCF Per Share Accretion / (Dilution) DPS Accretion / (Dilution) 6% 9% 12% 13% $ 4.85 0% 7% 10% 12% $ 4.61 $ 3.77 $ 3.42 $ 3.24 $ 3.04 $ 2.92 $ 2.85 $ 2.76 2019 2020 2021 2022 2019 2020 2021 2022 -3% 1% 4% 56% 0% -1% 2% 5% $ 4.53 $ 4.29 $ 4.30 $ 4.10 $ 3.89 $ 3.75 2019 2020 2021 2022 2019 2020 2021 2022 Status Quo Pro Forma Accretion / (Dilution) Source: Arkose Projections and Bloomberg market data as of 13-Jul-2018 Note: Assumes 18.5mm shares issued to Series B. Pro forma coverage assumes distribution policy for 2019 set so that Midstream unitholders receive the same distribution as in the status quo case on an adjusted exchange ratio basis, then constant coverage thereafter. 11 Materials for Full GP Board ($4.00 Cash + 1.75 x Exchange $ 3.42 $ 3.50 $ 2.85 $ 2.81 $ 2.21 $ 2.21 $ 3.24 $ 3.27 $ 2.76 $ 2.68 Mix of Cash and Stock Ratio) $ 4.10 $ 2.21 $ 2.21 $ 4.19$ 4.29 $ 3.54$ 3.75 All Equity Consideration (1.96 x Exchange Ratio)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Impact of Cash Consideration to Offset Midstream Unitholders’ Tax Liabilities ($ in millions, except per share data) Implied Midstream Purchase Price Wtd. Avg. Tax Liability Adj. Exchange Ratio1 $ 33.25 $ 2.36 1.63 x 1.60 x 1.65 x 1.70 x 1.75 x 1.60 x 1.65 x 1.70 x 1.75 x All-in Exchange Ratio 1.60 x 1.65 x 1.70 x 1.75 x Incremental Debt Pro Forma Leverage at Y.E. 2018 Pro Forma 2019 Coverage2 $ 444 2.87 x S.Q. Coverage: 1.23 x S.Q. Leverage: 1.22 x $ 316 All-in Exchange Ratio 1.60 x 1.65 x 1.70 x 1.75 x 1.60 x 1.65 x 1.70 x 1.75 x 1.60 x 1.65 x 1.70 x 1.75 x Source: Arkose Projections, Arkose Merger Model, and tax basis calculations provided by PWC 1 Adjusted exchange ratio defined as the equity portion of a mixed cash and stock offer that would imply a given all-in exchange ratio assuming the cash portion were set to equal the weighted average tax liability. 2 Pro forma coverage assumes distribution policy for 2019 set so that Midstream unitholders receive the same distribution as in the status quo case on an adjusted exchange ratio basis, then constant coverage thereafter. 12 1.32 x 1.22 x 1.21 x 2.26 x 2.81 x 2.75 x 2.69 x $ 401 $ 359 1.59 x 1.55 x 1.51 x $ 2.13 $ 1.91 $ 1.68 $ 32.30 $ 31.35 $ 30.40

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Accretion / (Dilution) Analysis | Midstream Perspective 1.65 x Exchange Ratio | Pro Forma DPU Adjusted Per Midstream’s Counter LP DCF Per Share Accretion / (Dilution) DPS Accretion / (Dilution) -1% 2% 5% 56% 0% 0% 3% 5% $ 4.54 $ 4.29 $ 4.31 $ 4.10 $ 3.92 $ 3.75 $ 3.32 $ 3.24 2019 2020 2021 2022 2019 2020 2021 2022 -5% 0% -2% 1% 12% -4% -1% 1% $ 4.37 $ 4.29 $ 4.15 $ 4.10 2019 2020 2021 2022 2019 2020 2021 2022 Status Quo Pro Forma Accretion / (Dilution) Source: Arkose Projections and Bloomberg market data as of 13-Jul-2018 Note: Assumes 18.5mm shares issued to Series B. Pro forma coverage assumes distribution policy for 2019 set so that Midstream unitholders receive the same distribution as in the status quo case on an adjusted exchange ratio basis, then constant coverage thereafter. 13 Materials for Full GP Board ($1.91 Cash + 1.55 x Exchange $ 3.42 $ 3.39 $ 2.85 $ 2.73 $ 2.21 $ 2.21 $ 3.75 $ 3.77 $ 3.24 $ 3.18 $ 2.76 $ 2.61 Mix of Cash and Stock Ratio) $ 3.42 $ 3.53 $ 2.85 $ 2.85 $ 2.21 $ 2.21 $ 2.76 $ 2.73 All Equity Consideration (1.65 x Exchange Ratio)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Accretion / (Dilution) Analysis | Midstream Perspective 1.75 x Exchange Ratio | Pro Forma DPU Adjusted Per Midstream’s Counter LP DCF Per Share Accretion / (Dilution) DPS Accretion / (Dilution) 2% 5% 7% 8% 0% 2% 6% 8% $ 4.65 $ 4.42 $ 4.29 $ 4.10 $ 3.40 $ 3.24 $ 2.80 $ 2.76 2019 2020 2021 2022 2019 2020 2021 2022 -4% 0% 2% 34% 0% -3% 1% 3% $ 4.45 $ 4.29 $ 4.22 $ 4.10 2019 2020 2021 2022 2019 2020 2021 2022 Status Quo Pro Forma Accretion / (Dilution) Source: Arkose Projections and Bloomberg market data as of 13-Jul-2018 Note: Assumes 18.5mm shares issued to Series B. Pro forma coverage assumes distribution policy for 2019 set so that Midstream unitholders receive the same distribution as in the status quo case on an adjusted exchange ratio basis, then constant coverage thereafter. 14 Materials for Full GP Board ($2.36 Cash + 1.63 x Exchange $ 3.42 $ 3.45 $ 2.85 $ 2.77 $ 2.21 $ 2.21 $ 3.75 $ 3.83 $ 3.24 $ 3.23 $ 2.76 $ 2.65 Mix of Cash and Stock Ratio) $ 3.42 $ 3.61 $ 2.85 $ 2.91 $ 2.21 $ 2.21 $ 4.01 $ 3.75 All Equity Consideration (1.75 x Exchange Ratio)

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Accretion / (Dilution) Analysis | Upstream Perspective Value of Midstream Distributions to Upstream on a Per Upstream Share Basis 1.65 x | No Cash 1.75 x | No Cash 1.96 x | No Cash 0% 7% 10% 12% 0% 0% 3% 5% 0% 2% 6% 8% 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 1.55 x | $1.91 / Midstream Unit 1.63x | $2.36 / Midstream Unit 1.75 x | $4.00 / Midstream Unit 3% -2% 2% 4% 4% 1% 4% 7% 6% 5% 9% 11% 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 Status Quo Pro Forma Accretion / (Dilution) Source: Arkose Projections and Bloomberg market data as of 13-Jul-2018 Note: Assumes 18.5mm shares issued to Series B. Pro forma coverage assumes distribution policy for 2019 set so that Midstream unitholders receive the same distribution as in the status quo case on an adjusted exchange ratio basis, then constant coverage thereafter. 15 $0.69 $0.69 $0.71 $0.69 $0.89 $0.89 $0.88 $0.89 $1.07 $1.07 $1.09 $1.11 $1.28 $1.28 $1.34 $1.35 $0.69 $0.69 $0.72 $0.69 $0.89 $0.89 $0.90 $0.91 $1.07 $1.07 $1.12 $1.13 $1.28 $1.28 $1.37 $1.38 $0.69 $0.69 $0.73 $0.69 $0.89 $0.89 $0.93 $0.95 $1.07 $1.07 $1.16 $1.18 $1.28 $1.28 $1.43 $1.44 Mix of Cash and Stock (Assumes Cash Portion Funds Stock Buy Back at Upstream) All Equity Consideration

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Analysis at Various Equity Values Pro Forma Arkose GP + Midstream % Upside from Current NA 5 % 10 % 15 % 20 % 30 % 40 % 50 % 60 % 75 % Implied Share Price / % Change vs. Current Share Price ($19.00) 1.60 x 1.65 1.70 1.75 Implied Share Price / % Change vs. Current Share Price ($30.01) 1.60 x 1.65 1.70 1.75 % Change vs. 23-Feb-2018 Indexed Price ($26.54) 1.60 x 1.65 1.70 1.75 % Change vs. 26-Jan-2018 Indexed Price ($29.10) 1.60 x 1.65 1.70 1.75 Source: Arkose Projections, Arkose Merger Model, and Bloomberg market data as of 13-Jul-2018 Note: Analysis assumes 18.5mm shares issued to Series B. 1 PV10 calculated based on midyear convention and discounted to 30-Jun-2018. PV10 of residual step up calculated from PWC/Arkose provided depreciation schedule for step up in tax basis assuming 1.75x exchange ratio and share/unit prices as of 13-Jul-2018; analysis assumes 25.3% tax rate. 2 Arkose status quo equity value 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. Pro forma share count includes LTIP. 16 Materials for Full GP Board 1 % 6 % 11 % 16 % 21 % 31 % 41 % 51 % 61 % 76 % 2 % 7 % 12 % 17 % 22 % 32 % 42 % 53 % 63 % 78 % 3 % 8 % 13 % 18 % 24 % 34 % 44 % 54 % 65 % 80 % 4 % 9 % 15 % 20 % 25 % 35 % 46 % 56 % 67 % 82 % Exhange Ratio to Midstream 10 % 16 % 21 % 27 % 32 % 43 % 54 % 65 % 76 % 93 % 12 % 17 % 23 % 28 % 34 % 45 % 56 % 67 % 79 % 95 % 13 % 19 % 24 % 30 % 35 % 47 % 58 % 69 % 81 % 98 % 14 % 20 % 26 % 31 % 37 % 48 % 60 % 71 % 83 % 100 % Exhange Ratio to Midstream $ 29.25 / (3)% $ 29.61 / (1)% $ 29.96 / (0)% $ 30.71 / 2 % $ 32.17 / 7 % $ 33.64 / 12 % $ 35.10 / 17 % $ 38.02 / 27 % $ 40.95 / 36 % $ 43.87 / 46 % $ 46.80 / 56 % $ 51.18 / 71 % $ 31.09 / 4 % $ 32.57 / 9 % $ 34.05 / 13 % $ 35.53 / 18 % $ 38.49 / 28 % $ 41.46 / 38 % $ 44.42 / 48 % $ 47.38 / 58 % $ 51.82 / 73 % $ 31.46 / 5 % $ 32.96 / 10 % $ 34.46 / 15 % $ 35.95 / 20 % $ 38.95 / 30 % $ 41.95 / 40 % $ 44.94 / 50 % $ 47.94 / 60 % $ 52.43 / 75 % $ 30.30 / 1 % $ 31.81 / 6 % $ 33.33 / 11 % $ 34.84 / 16 % $ 36.36 / 21 % $ 39.39 / 31 % $ 42.42 / 41 % $ 45.45 / 51 % $ 48.48 / 62 % $ 53.02 / 77 % Exhange Ratio to Midstream Midstream Perspective $ 18.28 / (4)% $ 19.19 / 1 % $ 20.11 / 6 % $ 21.02 / 11 % $ 21.94 / 15 % $ 23.76 / 25 % $ 25.59 / 35 % $ 27.42 / 44 % $ 29.25 / 54 % $ 31.99 / 68 % $ 17.95 / (6)% $ 18.84 / (1)% $ 17.62 / (7)% $ 18.51 / (3)% $ 17.31 / (9)% $ 18.18 / (4)% $ 19.74 / 4 % $ 20.64 / 9 % $ 21.54 / 13 % $ 23.33 / 23 % $ 25.12 / 32 % $ 26.92 / 42 % $ 28.71 / 51 % $ 31.41 / 65 % $ 19.39 / 2 % $ 20.27 / 7 % $ 21.15 / 11 % $ 22.91 / 21 % $ 24.67 / 30 % $ 26.44 / 39 % $ 28.20 / 48 % $ 30.84 / 62 % $ 19.05 / 0 % $ 19.91 / 5 % $ 20.78 / 9 % $ 22.51 / 18 % $ 24.24 / 28 % $ 25.97 / 37 % $ 27.70 / 46 % $ 30.30 / 59 % Exhange Ratio to Midstream GP Perspective Illustrative PF Equity Value² $ 9,242 $ 9,704 $ 10,166 $ 10,628 $ 11,091 $ 12,015 $ 12,939 $ 13,863 $ 14,787 $ 16,174 Illustrative Uplift from $299mm PV10 of Forecasted S.Q. GP Cash Taxes + Residual Step Up: $10,1531 Illustrative Uplift from $299mm PV10 of Forecast S.Q. GP Cash Taxes: $9,5411

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Upstream Supplement Acceleration of Water Earn-out Illustrative Earn-Out Forecast (mm of barrels) Contingent Acquisition Consideration Liability 225 $ 250 2017-'19 Test 2018 - '20 Test 2017 - '19 Test 2018 - '20 Test Q4 '17A Q1 '18A Q2 '18A¹ Earn-out Threshold Forecast Total Estimated Payments Book Value Source: SEC filings and management projections 1 Cumulative millions of barrels of freshwater delivered from 2017 through March 31, 2018. Materials for Full GP Board 17 $ 125 $ 208 $ 212 $ 125 200 219 41 176 97 Terms of Water Acquisition Contingent Consideration Agreement to pay AR $125mm if AM delivers > 161k bpd of fresh water between January 1, 2017 and December 31, 2019 Additional $125mm if AM delivers > 200k bpd between January 1, 2018 and December 31, 2020 The liability is recorded on AM’s balance as the net present value of the contingent consideration — As time passes, AM recognizes accretion expense from the contingent consideration ($4mm in Q1 2018)

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

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Implied Premiums and Illustrative Ownership Impact at Various Exchange Ratios Last Close 30 Trading Day VWAP Illustrative Multiple Range Based on GP Offer and Midstream Counter Shares Issued for Midstream¹ 297 302 301 310 320 329 369 Metrics Current Last Close 30-Trading Day VWAP Midstream VWAP / GP Closing Price At 23-Feb-2018 (Committee Formation) Last Close 30-Trading Day VWAP Midstream VWAP / GP Current Price Midstream GP Implied Premia $ 30.01 30.55 30.55 $ 19.00 19.02 19.00 0 % (2) (2) 2 % 0 (0) 1 % (0) (1) 4 % 3 3 8 % 6 6 24 % 22 22 $ 26.49 29.47 29.47 $ 19.19 20.66 19.19 14 % 11 3 16 % 13 5 23 % 27 % 23 42 % 37 28 4 7 11 14 At 26-Jan-2018 (1 Trading Day Prior to Strategic Review) Last Close 30-Trading Day VWAP Midstream VWAP / GP Current Price $ 33.13 30.23 30.23 $ 22.02 19.93 22.02 5 % 4 15 7 % 6 17 6 % 5 30 % 29 43 9 12 15 Source: Arkose Midstream and GP 2017 10-Ks and Bloomberg market data as of 13-Jul-2018 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. 19 Supplemental Materials 10 %13 %16 % 1720 2427 16 %20 % 121619 11 % 9 9 Illustrative Exchange Ratios (Midstream / GP)1.58 x1.61 x1.60 x1.65 x1.70 x1.75 x1.96 x

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Estimated Unitholder Basis Tax on Gain % of Public Groups 26% 31% 10% 11% 23% $ 4.11 Per Unit Basis Range $ 14 - 18 $ 19 - 22 $ 23 - 25 $ 26 - 28 $ 29 - 31 Tax on Gain¹ Source: Arkose Merger Model and tax basis calculation provided by PwC Note: Arkose Merger Model and tax basis calculation provided by PWC show bookend tax estimates based on assumed Midstream purchase prices of $32.35 and $25; tax on gain adjusted by the estimating capital gain taxes on incremental gains above $32.35 that are implied by a 1.75x exchange ratio. 1 Tax on gain calculation assumes a 37.0% ordinary income tax rate, 20.0% ordinary income deduction, a 23.8% capital gains tax rate, and 3.8% incremental tax rate on dividends and capital gains under the Affordable Care Act. Supplemental Materials 20 Public unitholders’ weighted average tax on gain: $2.36 $ 2.92 $ 1.89 $ 1.17 $ 0.39 $33.25 / Unit Assumed Total Consideration (1.75x Exchange Ratio | No Cash Consideration)

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 Mar-2018 May-2018 Jul-2018 Feb-2018 Apr-2018 May-2018 Jul-2018 Source: Bloomberg market data as of 13-Jul-2018 Supplemental Materials 21 GP (3)% GP 2 % Midstream 5 % Midstream 13 % Upstream 15 % 18-Jan-2018 Analyst Day 26-Feb-2018 Special Committee Formation Upstream 18 % 29-Jan-2018 Upstream Strategic Review

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 LP Buy-In 19-Jun-18 17-May-18 2-Jun-17 18-May-17 2-Mar-17 26-Sep-16 27-Aug-13 12-Aug-13 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 Cheniere Energy Partners LP Holdings, LLC 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 Cheniere Energy, Inc. The Williams Companies, Inc. World Point Terminals Inc. Energy Transfer Partners Vitol / Buckeye Partners TransCanada Plains All American Pipeline Pioneer Natural Resources Stock Stock Cash Cash Cash Cash Stock Stock Yes Yes Yes Yes Yes Yes No Yes 2 6 1 18 6 11 7 1 7 13 2 20 7 17 4 7 Pending Publicly Announced LP Buy Ins³ 10-Jul-18 17-May-18 17-May-18 17-May-18 17-May-18 Transmontaigne Partners L.P. Spectra Energy Partners, LP Enbridge Energy Partners, L.P. Enbridge Energy Management, L.L.C. Enbridge Income Fund Holdings Inc. ArcLight Enbridge Inc. Enbridge Inc. Enbridge Inc. Enbridge Inc. Cash Stock Stock Stock Stock Yes Yes Yes No No 5 0 0 0 5 1 (2) 2 3 5 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). 22 Supplemental Materials High 26 % 28 % Median 9 12 Mean 10 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 $ 30.01 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 $ 19.00 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 % $ 560 NA 34 % $ 523 NA 28 % 38 % $ 819 46 % 36 % $ 1,001 22 % $ 674 29 % $ 858 27 % Source: Arkose Projections and Bloomberg market data as of 13-Jun-2018 Note: Share counts based on 1Q2018 Midstream and GP 10-Qs. 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. Supplemental Materials 23 Arkose Midstream Total Basic Equity Value (Incl. Series B)$9,242 Implied Equity Value / Total DCF 16.6 x 11.6 x 9.7 x Implied Distribution Yield 4.6 % 6.4 % 8.7 % GP Equity Value$3,538 Implied Yield 2.8 % 4.7 % 7.0 % Midstream Basic Equity Value$5,613 Implied Yield 5.7 % 7.4 % 9.5 %

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Sources and Uses and Pro Forma Capitalization 1.75 x Exch. Ratio All-In Exchange Ratio | 1.63x GP Shares + & $2.36 Cash / Unit to Midstream | 18.5mm Shares To Series B Unitholders Sources Uses Midstream Existing Balance Sheet Cash $ 9 Purchase of Midstream Equity Settlement of Series B Units Transaction Costs Cash to Balance Sheet $ 6,339 352 13 10 GP Existing Balance Sheet Cash Cash Payment to Midstream Issuance of New Equity to Midstream Issuance of New Equity to Series B Unitholders $ 14 444 5,896 352 Capitalization Status Quo Pro Forma x LTM $ EBITDA x LTM $ EBITDA Consolidated Arkose Midstream (Midstream + GP) Cash RCF Borrowings 5.375% Senior Notes New Debt To Fund Cash Payment to Midstream $ 23 660 650 NA $ 23 660 650 444 Consolidated Liquidity Profile Consolidated Cash and Cash Equivalents (+) RCF Availability (-) RCF Borrowings $ 23 1,500 (660) $ 23 1,500 (660) Source: Arkose Merger Model tax basis calculations provided by PWC, Arkose Midstream and Arkose GP 1Q2018 10-Qs, filed 25-Apr-2018, Bloomberg market data as of 13-Jul-2018 24 Supplemental Materials LTM Adj. EBITDA$ 571 Total Consolidated Liquidity$ 863$ 863 Total Debt$ 1,3102.3 x$ 1,7543.1 x Net Debt1,2872.31,7313.0 Total Uses$ 6,714 Total Sources$ 6,714

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 13-Jul-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. Supplemental Materials 25 $ in millions GP Market Cap (+) Midstream Market Cap (+) Illustrative Series B Value $ in millions Combined $ 9,241 GP Peak Implied $ 9,134 Committee $ 8,640 Combined Market Cap $ 9,241 GP Peak Implied $ 9,134 Committee Annc. $ 8,640