PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Project Francis Conflicts Committee GP LLC Discussion Materials of the Board of Directors of Arkose August 11rd, 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 Review of Offers to Date Summary of Economic Terms Date Proposal Summary 4-Jun-2018 GP Proposal 1.60x Exchange Ratio (All equity) 20-Jul-2018 Revised GP Proposal 1.65x Exchange Ratio (All equity) 1.91x Exchange Ratio (1.71x + $3.84/unit cash) Response 3 25-Jul-2018Revised Midstream / Upstream 14-Jul-2018Midstream / Upstream Response1.96x Exchange Ratio (1.75x + $4/unit cash)

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 $ 36.00 $ 24.00 $ 34.00 $ 22.00 $ 32.25 $ 32.00 $ 31.79 $ 21.13 $ 21.00 $ 30.00 $ 20.00 $ 28.99 $ 19.34 $ 28.00 $ 18.00 $ 26.00 $ 24.00 $ 16.00 $ 22.00 $ 20.00 $ 14.00 Jan-2018 Mar-2018 May-2018 Aug-2018 Jan-2018 Mar-2018 May-2018 Aug-2018 Absolute Price AMZ Indexed (26-Jan) AMZ Indexed (23-Feb) Source: Bloomberg market data as of 10-Aug-2018 4

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Historical Midstream and GP Market Cap Based on 5-Trading Day VWAP & AMZ Mechanics | Since 01-Jun-2017 Index | Status Quo Series B Conversion 66% 64% 63% 62% 60% 60% 58% 57% 56% 54% Jun-17 Aug-17 Oct-17 Dec-17 Mar-18 May-18 Aug-18 Source: Bloomberg market data as of 10-Aug-2018 5

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Historical Midstream and GP Market Cap Based on 5-Trading Day VWAP & AMZ Index | Status Quo Series B Conversion Mechanics | Since 01-Jun-2017 Exchange Ratio Required To Equal Percent of Total Status Quo Equity (Assuming 18.5mm Shares to Series B) 2.0000 x 1.8041 x 1.8000 x 1.6221 x 1.6000 x 1.4602 x 1.4000 x 1.2000 x 1.0000 x Jun-17 Aug-17 Oct-17 Dec-17 Mar-18 May-18 Aug-18 2.0000 x 1.8000 x 1.6840 x 1.6000 x 1.5140 x 1.3629 x 1.4000 x 1.2000 x 1.0000 x Jun-17 Aug-17 Oct-17 Dec-17 AMZ Indexed (26-Jan) Mar-18 May-18 Aug-18 Absolute AMZ Indexed (23-Feb) Source: Bloomberg market data as of 10-Aug-2018 1 Defined as the exchange ratio that results in Midstream owning an percent of the pro forma company equivalent to their percentage of the observed market cap, with GP’s shares plus the 18.5mm shares equivalent to GP’s percentage of the observed market cap. 2 Defined as the exchange ratio that results in GP owning a percent of the pro forma company equivalent to its percentage of the observed market cap, with Midstream’s units plus the portion of the 18.5mm shares issued to the Series B that is in excess of the market conversion mechanism of the Series B equivalent to GP’s portion of the observed market cap. The portion of the 18.5mm units issued to the Series B that would also be issued based on the status quo mechanism is included in GP’s ownership. 6 GP Perspective2 Midstream Perspective1

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Implied Premiums and Illustrative Ownership Impact at Various Exchange Ratios Last Close 30 Trading Day VWAP Illustrative Exchange Ratio Range Based on Initial GP Offer and Current Midstream Counter Shares Issued for Midstream¹ 314 307 310 320 329 339 348 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 $ 32.25 31.05 31.05 $ 19.34 19.04 19.34 0 % 2 4 (2)% 0 2 (1)% 1 3 2 % 4 6 5 % 7 9 $ 26.49 29.47 29.47 $ 19.19 20.66 19.19 23 % 27 % 23 30 % 26 34 % 30 20 9 6 7 11 14 17 At 26-Jan-2018 (1 Trading Day Prior to Strategic Review) Last Close 30-Trading Day VWAP Midstream VWAP / GP Current Price Pro Forma Ownership - All Equity Midstream Series B GP $ 33.13 30.23 30.23 $ 22.02 19.93 22.02 8 % 8 23 % 22 35 9 12 15 19 21 19 60.5 % 3.6 35.9 60.0 % 3.6 36.4 60.3 % 3.6 36.1 61.0 % 3.5 35.5 61.7 % 3.5 34.9 62.3 % 3.4 34.3 63.0 % 3.3 33.7 10-20% Premium Source: Arkose Midstream and GP 2017 10-Ks and Bloomberg market data as of 10-Aug-2018 1 Includes ~1mm units under Midstream’s LTIP and ~187mm common units outstanding. 7 10 %13 %16 %20 % 20 242731 11 % 10 20 % 1619 21 % 18 % 1714 8 % 11 % 1013 1215 Illustrative Exchange Ratios (Midstream / GP)1.67 x1.63 x1.65 x1.70 x1.75 x1.80 x1.85 x

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Analysis at Various Equity Values Pro Forma Arkose GP + Midstream Illustrative Equity Uplift Before Cash Consideration 0 % 5 % 10 % 15 % 25 % 35 % 45 % 55 % 65 % 75 % Illustrative Equity Value Before Cash Consideration (Current Combined Equity, 5-75% Increase in Value) (-) Cash Consideration (Illustrative $400mm Cash Pool) $ 9,762 $ 10,250 $ 10,739 $ 11,227 $ 12,203 $ 13,179 $ 14,155 $ 15,132 $ 16,108 $ 17,084 0 0 0 0 0 0 0 0 0 0 % PF Change in Equity Value 0 % 5 % 10 % 15 % 25 % 35 % 45 % 55 % 65 % 75 % Implied Share Price / % Change vs. Current Share Price ($19.34) 1.650 x 1.750 1.850 Implied Share Price + Pro Rata Cash Proceeds / % Premium vs. Current Share Price ($32.25) 1.650 x 1.750 1.850 % Premium vs. 23-Feb-2018 Indexed Price ($28.53) 1.650 x 1.750 1.850 % Premium vs. 26-Jan-2018 Indexed Price ($31.28) 1.650 x 1.750 1.850 Source: Arkose Projections, Arkose Merger Model, and Bloomberg market data as of 10-Aug-2018 Note: Analysis assumes 18.5mm shares issued to Series B. Exchange ratios shown reflect 1.65x, 1.75x, and 1.85x all in exchange ratios after incorporating the $400mm cash pool. 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 03-Aug-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. 8 (0)% 5 % 10 % 15 % 25 % 35 % 45 % 55 % 65 % 75 % 2 % 7 % 13 % 18 % 28 % 38 % 48 % 59 % 69 % 79 % 4 % 10 % 15 % 20 % 31 % 41 % 51 % 62 % 72 % 83 % Exchange Ratio to Midstream 10 % 15 % 21 % 26 % 37 % 48 % 59 % 70 % 81 % 92 % 12 % 18 % 23 % 29 % 40 % 51 % 63 % 74 % 85 % 96 % 15 % 20 % 26 % 32 % 43 % 55 % 66 % 78 % 89 % 100 % Exchange Ratio to Midstream $ 31.27 / (3)% $ 32.00 / (1)% $ 32.83 / 2 % $ 34.40 / 7 % $ 35.96 / 12 % $ 39.09 / 21 % $ 42.22 / 31 % $ 45.34 / 41 % $ 48.47 / 50 % $ 51.60 / 60 % $ 54.72 / 70 % $ 33.60 / 4 % $ 35.20 / 9 % $ 36.80 / 14 % $ 40.00 / 24 % $ 43.20 / 34 % $ 46.40 / 44 % $ 49.60 / 54 % $ 52.80 / 64 % $ 56.00 / 74 % $ 32.67 / 1 % $ 34.31 / 6 % $ 35.94 / 11 % $ 37.58 / 17 % $ 40.84 / 27 % $ 44.11 / 37 % $ 47.38 / 47 % $ 50.65 / 57 % $ 53.91 / 67 % $ 57.18 / 77 % Exchange Ratio to Midstream Midstream Perspective $ 18.95 / (2)% $ 19.90 / 3 % $ 20.85 / 8 % $ 21.80 / 13 % $ 23.69 / 22 % $ 25.59 / 32 % $ 27.48 / 42 % $ 29.38 / 52 % $ 31.27 / 62 % $ 33.17 / 71 % $ 18.28 / (5)% $ 19.20 / (1)% $ 17.66 / (9)% $ 18.55 / (4)% $ 20.11 / 4 % $ 21.03 / 9 % $ 22.86 / 18 % $ 24.68 / 28 % $ 26.51 / 37 % $ 28.34 / 47 % $ 30.17 / 56 % $ 32.00 / 65 % $ 19.43 / 0 % $ 20.31 / 5 % $ 22.08 / 14 % $ 23.84 / 23 % $ 25.61 / 32 % $ 27.38 / 42 % $ 29.14 / 51 % $ 30.91 / 60 % Exchange Ratio to Midstream GP Perspective Illustrative PF Equity Value² $ 9,762 $ 10,250 $ 10,739 $ 11,227 $ 12,203 $ 13,179 $ 14,155 $ 15,132 $ 16,108 $ 17,084 Illustrative Uplift from $289mm PV10 of Forecasted S.Q. GP Cash Taxes + Residual Step Up: $10,1271 Illustrative Uplift from $289mm PV10 of Forecast S.Q. GP Cash Taxes: $9,6511

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

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Analysis at Various Equity Values Pro Forma Arkose GP + Midstream Illustrative Equity Uplift Before Cash Consideration 0 % 5 % 10 % 15 % 25 % 35 % 45 % 55 % 65 % 75 % Illustrative Equity Value Before Cash Consideration (Current Combined Equity, 5-75% Increase in Value) (-) Cash Consideration (Illustrative $400mm Cash Pool) $ 9,762 $ 10,250 $ 10,739 $ 11,227 $ 12,203 $ 13,179 $ 14,155 $ 15,132 $ 16,108 $ 17,084 (400) (400) (400) (400) (400) (400) (400) (400) (400) (400) % PF Change in Equity Value (4)% 1 % 6 % 11 % 21 % 31 % 41 % 51 % 61 % 71 % Implied Share Price / % Change vs. Current Share Price ($19.34) 1.540 x 1.64 1.74 Implied Share Price + Pro Rata Cash Proceeds / % Premium vs. Current Share Price ($32.25) 1.540 x 1.640 1.740 % Premium vs. 23-Feb-2018 Indexed Price ($28.53) 1.540 x 1.640 1.740 % Premium vs. 26-Jan-2018 Indexed Price ($31.28) 1.540 x 1.640 1.740 Source: Arkose Projections, Arkose Merger Model, and Bloomberg market data as of 10-Aug-2018 Note: Analysis assumes 18.5mm shares issued to Series B. Exchange ratios shown reflect 1.65x, 1.75x, and 1.85x all in exchange ratios after incorporating the $400mm cash pool. 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 03-Aug-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. 10 Additional Reference Materials 0 % 2 % 5 % 10 % 15 % 24 % 34 % 44 % 53 % 63 % 73 % 7 % 12 % 17 % 27 % 37 % 47 % 57 % 67 % 77 % 5 % 10 % 15 % 20 % 30 % 40 % 51 % 61 % 71 % 81 % Exchange Ratio to Midstream 10 % 15 % 20 % 26 % 36 % 47 % 58 % 68 % 79 % 90 % 12 % 18 % 23 % 29 % 40 % 51 % 62 % 72 % 83 % 94 % 15 % 20 % 26 % 32 % 43 % 54 % 65 % 76 % 88 % 99 % Exchange Ratio to Midstream $ 31.29 / (3)% $ 32.81 / 2 % $ 34.33 / 6 % $ 35.85 / 11 % $ 38.89 / 21 % $ 41.93 / 30 % $ 44.97 / 39 % $ 48.01 / 49 % $ 51.05 / 58 % $ 54.09 / 68 % $ 32.04 / (1)% $ 33.60 / 4 % $ 35.16 / 9 % $ 36.72 / 14 % $ 39.84 / 24 % $ 42.96 / 33 % $ 46.08 / 43 % $ 49.20 / 53 % $ 52.32 / 62 % $ 55.44 / 72 % $ 32.75 / 2 % $ 34.34 / 6 % $ 35.94 / 11 % $ 37.53 / 16 % $ 40.73 / 26 % $ 43.92 / 36 % $ 47.11 / 46 % $ 50.31 / 56 % $ 53.50 / 66 % $ 56.69 / 76 % Exchange Ratio to Midstream Midstream Perspective $ 18.94 / (2)% $ 18.24 / (6)% $ 19.92 / 3 % $ 20.91 / 8 % $ 21.90 / 13 % $ 23.87 / 23 % $ 25.85 / 34 % $ 27.82 / 44 % $ 29.80 / 54 % $ 31.77 / 64 % $ 33.75 / 74 % $ 19.19 / (1)% $ 20.14 / 4 % $ 21.10 / 9 % $ 23.00 / 19 % $ 24.90 / 29 % $ 26.80 / 39 % $ 28.70 / 48 % $ 30.61 / 58 % $ 32.51 / 68 % $ 17.60 / (9)% $ 18.51 / (4)% $ 19.43 / 0 % $ 20.35 / 5 % $ 22.18 / 15 % $ 24.02 / 24 % $ 25.85 / 34 % $ 27.69 / 43 % $ 29.52 / 53 % $ 31.36 / 62 % Exchange Ratio to Midstream GP Perspective Illustrative PF Equity Value² $ 9,362 $ 9,850 $ 10,339 $ 10,827 $ 11,803 $ 12,779 $ 13,755 $ 14,732 $ 15,708 $ 16,684 Illustrative Uplift from $289mm PV10 of Forecasted S.Q. GP Cash Taxes + Residual Step Up: $10,1271 Illustrative Uplift from $289mm PV10 of Forecast S.Q. GP Cash Taxes: $9,6511

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Historical Midstream and GP Market Cap Based on 5-Trading Day VWAP & AMZ Index | Status Quo Series B Conversion Mechanics | Since 1-Jun-2018 Midstream Market cap $ 7,000 $ 6,500 $ 6,027 $ 5,940 $ 5,526 $ 6,000 $ 5,500 $ 5,000 $ 4,500 $ 4,000 Jun-17 Aug-17 Oct-17 Dec-17 Mar-18 May-18 Aug-18 GP Market Cap $ 4,500 $ 4,119 $ 3,985 $ 4,000 $ 3,635 $ 3,500 $ 3,000 $ 2,500 Jun-17 Aug-17 Oct-17 Dec-17 Mar-18 May-18 Aug-18 Source: Bloomberg market data as of 10-Aug-2018 Additional Reference Materials 11

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 Yield Based on Current Prices Based on 26-Jan Index Based on 23-Feb Index AMZ Indexed Price Current Close 26-Jan 23-Feb 2019 2020 2019 2020 2019 2020 Basic Midstream Units (+) Midstream LTIP 187 1 Midstream Diluted Unit Count (x) Midstream Unit Price 188 $ 32.25 Midstream LP DPU (/) Midstream Unit Price $ 2.21 32.25 $ 2.85 32.25 $ 31.79 $ 28.99 31.79 31.79 28.99 28.99 Current Premium (Discount) to Index 1 % 11 % GP Shares (+) Series B Converted Shares¹ 186 4.9 186 5.5 186 5.5 GP Diluted Share Count (x) GP Share Price 191 $ 19.34 192 $ 21.13 192 $ 21.00 GP DPS (/) GP Share Price $ 0.89 19.34 $ 1.34 19.34 21.13 21.13 21.00 21.00 Current Premium (Discount) to Index (9)% (8)% Distributable Cash Flow² Distributed Cash³ $ 795 591 $ 950 802 Current Premium (Discount) to Index (3)% 3 % Source: Arkose Projections and Bloomberg market data as of 10-Aug-2018 Note: Share counts based on 2Q2018 Midstream and GP 10-Qs. 1 Current Close based on 20-day VWAP; Indexed Series B values based on GP status quo market cap and status quo Series B conversion. 2 Based on total DCF at Midstream, excluding taxes at GP. 3 Based on distributions to LPs at Midstream, distributions to Series B unitholders, and dividends to GP shareholders. Additional Reference Materials 12 11.9 x10.0 x 6.2 %8.5 % 12.6 x10.6 x 5.9 %8.0 % Implied Equity Value / Total DCF12.3 x10.3 x Implied Distribution Yield6.1 %8.2 % Arkose GP Diluted Equity Value$ 9,763$ 10,030$ 9,479 4.2 %6.4 % 4.2 %6.3 % Implied Yield4.6 %6.9 % GP Diluted Equity Value$ 3,696$ 4,050$ 4,025 7.6 %9.8 % 7.0 %9.0 % Implied Yield6.9 %8.8 % Midstream Diluted Equity Value$ 6,067$ 5,980$ 5,454

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Appendix B: Potential Exhibits for Revised Offer Letter

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Many of Midstream’s Investors Sensitive Are Not Tax More Than Half Of the Units Are Shielded by Upstream’s NOLs … Estimated Burdens | 1.65x Exchange Ratio PPublic 47% UUpstream 53% $ 3.42 … And Many Of The Public Units Are Held In Entities That Are Less Sensitive to Tax Considerations Other 39% Corporations 53% Federal Taxes Only Federal Taxes + State and Local Taxes Federal Taxes + State and Local Taxes + Taxes On Incremental Consideration to Cover Taxes Tax Exempt Entities 7% Foreign Entities 7% Source: Arkose Merger Model, tax basis information provided by PWC, and Bloomberg market data as of 10-Aug-2018 Note: Tax exempt entities include exempt organizations, pension plans, IRAs, and Roth IRAs. Other includes partnerships, individuals, trusts, clearing entities, estates, qualified retirement plans, unknown entities, and educational IRAs. 14 Potential Exhibits for Revised Offer Letter $ 2.43 $ 1.98

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Turnover in Midstream’s Investor Base Suggest Tax Implications are Primarily a Matter of Timing The present value impact of accelerating a unitholder’s tax liability is minimal3 On average, ~1% of Midstream’s float is traded on a given day 1,200 1,000 $ 2.43 800 600 400 322 200 187 161 0 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Sell Midstream Unit in ~1.25 Years Taxable Exchange of Midstream Unit for 1.65 x GP Shares Days to Turn Over Top Quartile Bottom Quartile Source: Arkose Merger Model and tax basis information provided by PWC, Thomson Reuters shareholder data, Blomberg market data as of 10-Aug-2018 1 Float based on total public units and daily VWAP. 2 Assumes 252 trading days per year. 3 Includes state and local taxes, implying a tax liability of $2.27 today. For illustrative purpose, analysis assumes no change in tax liability upon sale in 1.25 years. Present value analysis assuming 10% discount rate. 15 Potential Exhibits for Revised Offer Letter Trading Days to Turnover (Float / Daily Value Traded)¹ $2.15 Summary Statistics Days toYears to TurnoverTurnover² Bottom Quartil 161 0.64 Median 225 0.89 Top Quartile 322 1.28

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Midstream Unitholders Are Better Off Even Accounting for Incremental Cash Taxes $ 2.21 $ 0.00 $ 0.01 $ 0.00 $ 31.91 $ 3.53 $ 2.85 $ 0.40 $ 0.11 At Close 2019 2020 2021 2022 Sale at YE 2022 Pre Tax Cash Flow || Cash Taxes || After Tax Cash Flow Source: Arkose Projections, Arkose Merger Model, tax basis calculations provided by PWC, and Bloomberg market data as of 10-Aug-2018 16 Potential Exhibits for Revised Offer Letter (1.65 x Exchange Ratio | No Cash) $ 4.30 $ 2.21$ 0.19$ 0.28 $ 2.09 $ 29.82 $ 3.90 $ 3.25 $ 2.65 $ 2.10 $(2.43) PV10 of Cash Flows: $ 27.60 Pro Forma $ 4.10 $ 2.85$ 3.42$ 0.01 $ 32.25 $ 7.09 $ 25.16 $ 4.09 $ 3.41 $ 2.85 N/A $ 2.21 At Close2019202020212022 Sale at YE 2022 PV10 of Cash Flows: $ $27.38 Status Quo

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Basis of Presentation – Status Quo After Tax Cash Flow to Midstream Unitholders 2018 2019 2020 2021 2022 Terminal Midstream Distributions (-) Projected Tax Liability1 $ 1.72 0.00 $ 2.21 (0.00) $ 2.85 (0.00) $ 3.42 (0.01) $ 4.10 (0.01) Basis at YE17 (-) Distributions Received (2018-2022) (+) Net Income Allcoated (2018-2022) $ 23.27 (14.30) (2.83) Basis at YE2022 $ 6.14 Sale at 12/31/2022 - Assumes Current Midstream Unit Price (-) Basis at YE2022 (-) Passive Activity Losses at YE2022 $ 32.25 (6.14) (3.96) Gains Subject to Tax $ 22.15 Ordinary Gain / (Loss) Capital Gain / (Loss) $ 18.94 3.21 Total Gain / (Loss) $ 22.15 Tax Rate Total Cash Taxes Upon Sale $ 7.09 Sale at 12/31/2022 - Assumes Current Midstream Unit Price (-) Total Cash Taxes Upon Sale $ 32.25 (7.09) Net Proceeds from Sale of Unit $ 25.16 Status Quo After Tax Cash Flows to Midstream Unitholders $ 2.21 $ 2.85 $ 3.41 $ 4.09 $ 25.16 Source: Arkose Projections, Arkose Merger Model, tax basis calculations provided by PWC, and Bloomberg market data as of 10-Aug-2018 1 Based on PWC projected income allocation and assumed 33.4% ordinary income tax rate. 2 Includes 37% ordinary income rate, 20% partnership deduction on ordinary income, and 3.8% investment income tax rate. 17 Potential Exhibits for Revised Offer Letter PV of Cash Flows (YE 2018)$2.11$2.47$2.69$2.93$17.18 Net Present Value$ 27.38 Ordinary Income Taxes² Capital Gain / (Loss) 33.4% $ 6.33 0.76 23.8% After Tax Distribution$ 1.72$ 2.21$ 2.85$ 3.41$ 4.09

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Basis of Presentation – Pro Forma After Tax Cash Flow to Midstream Unitholders 1.65 x Exchange Ratio | All Equity 2018 2019 2020 2021 2022 Terminal Tax Basis at Year End 2017 Taxes Incurred in Merger Cash Received from Offer Stepped Up Basis Upon Close $ 23.27 (2.43) 0.00 31.91 Dividends to Pro Forma Midstream Unitholder % RoC % QD Return of Capital $2.21 80% 20% $1.76 0.45 (0.11) $2.85 71% 29% $2.03 0.81 (0.19) $3.53 67% 33% $2.36 1.17 (0.28) $4.30 61% 39% $2.64 1.66 (0.40) Qualified Dividends Projected Tax Liability Tax Rate Sale at 12/31/22 - Assumes No Change in Value from Consideration Received in Transaction (-) Basis on Conversion (+) Dividends Treated as Return of Captial $ 31.91 (31.91) 8.79 Gain on Sale Tax on Gain Tax Rate $ 8.79 $ 2.09 Sale at 12/31/22 - Assumes No Change in Value from Consideration Received in Transaction (-) Taxes on Gain 31.91 (2.09) Net Proceeds $ 29.82 Total Cash Flow (2.43) $2.10 $2.65 $3.25 $3.90 $ 29.82 Source: Arkose Projections, Arkose Merger Model, tax basis calculations provided by PWC, and Bloomberg market data as of 10-Aug-2018 18 Potential Exhibits for Revised Offer Letter PV of Cash Flows (YE 2018)$(2.43)$ 2.00$ 2.30$ 2.56$ 2.80$ 20.37 Net Present Value$ 27.60 23.8% After Tax Distributions$2.10$2.65$3.25$3.90 23.8%