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PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Key Terms and Conditions Description of Transactions Consideration to Midstream 14-Aug Offers Midstream Transaction GP Midstream GP converts into Delaware C-Corp GP acquires all outstanding units of Midstream for a mix of cash and stock, issuing [1.5449x] shares and paying [$3.00 per unit] in cash, representing an aggregate exchange ratio of 1.70x as of 10-Aug-2018, the reference date used in prior negotiations 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 and substantial tax attributes remaining at the end of the forecast period Assumed that coverage ratio adjusted so that Midstream unitholders are made whole on an “All-In” Exchange Ratio basis through Q4 2019, pending approval by New AMGP board Equity Exchange Ratio (x) GP Share Price (10-Aug-2018) 1.5449 x $ 19.34 1.7100 x $ 19.34 Equity Value of Offer (+) Cash Consideration Per Unit $ 29.88 3.00 $ 33.07 3.00 Pro Forma Shares Outstanding GP Shares 186.2 186.2 Midstream Units (+) Midstream LTIP 187.0 1.1 187.0 1.1 Midstream Fully Diluted Units (x) Equity Exchange Ratio 188.1 1.5449 x 188.1 1.7100 x Shares Issued to Midstream 290.6 321.7 GP Shares to Series B Unitholders 18.5 18.5 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 Pro Forma Shares Outstanding 495.3 526.4 Pro Forma Ownership GP Shareholders Midstream Unitholders Series B Unitholders 37.6 % 58.7 3.7 35.4 % 61.1 3.5 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 16-Aug-2018 4 Total Offer Value $ 32.88 $ 36.07 "All In" Exchange Ratio¹1.7000 x1.8651 x

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Sources and Uses and Pro Forma Capitalization 1.70 x Exchange Ratio to Midstream | 18.5mm Shares to Series B Unitholders Sources Uses Midstream Existing Balance Sheet Cash (Est. YE 2018) Issuance of New Debt to Fund Transaction¹ $ 5 577 Purchase of Midstream Equity - Equity Consideration Purchase of Midstream Equity - Cash Consideration Settlement of Series B Units Cash to Balance Sheet Transaction Expenses $ 5,621 564 358 5 13 GP Existing Balance Sheet Cash (Est. YE 2018) Issuance of New Equity to Midstream Issuance of New Equity to Series B Unitholders $ 0 5,621 358 Estimated Capitaliation at YE 2018 Status Quo Pro Forma x LTM $ EBITDA x LTM $ EBITDA Consolidated Arkose Midstream (Midstream + GP) Cash RCF Borrowings Senior Notes New Debt to Fund Transaction Capitalization of Water Drop Down (2019E) $ 5 498 1,150 - 125 $ 5 498 1,150 577 125 Consolidated Liquidity Profile Consolidated Cash and Cash Equivalents (+) RCF Availability (-) RCF Borrowings (Assumes Cash Payment Funded by Revolver) $ 5 1,500 (498) $ 5 1,500 (1,075) Source: Arkose Projections, Arkose Midstream and Arkose GP 2Q2018 10-Qs, and Bloomberg market data as of 16-Aug-2018 Note: GP and AM prices as of 10-Aug-2018. 1 Includes transaction expenses. 5 LTM Adj. EBITDA (YE 2018) $ 730 Total Consolidated Liquidity $ 1,007 $ 430 Total Debt $ 1,773 2.4 x $ 2,350 3.2 x Nebt Debt 1,768 2.4 2,345 3.2 Total Uses $ 6,561 Total Sources $ 6,561

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary Give Gets Analysis at Various Exchange Ratios Status Quo $ 23.15 $ 38.91 Status Quo $ 17.92 $ 30.96 P.F @ 1.700 x P.F @ 1.725 x P.F @ 1.750 x P.F @ 1.775 x P.F @ 1.800 x P.F @ 1.825 x P.F @ 1.850 x P.F @ 1.865 x P.F @ 1.700 x P.F @ 1.725 x P.F @ 1.750 x P.F @ 1.775 x P.F @ 1.800 x P.F @ 1.825 x P.F @ 1.850 x P.F @ 1.865 x $ 22.19 $ 21.97 $ 21.76 $ 21.55 $ 21.34 $ 21.14 $ 35.13 $ 34.79 $ 34.46 $ 34.14 $ 25.04 $ 24.81 $ 24.58 $ 24.35 $ 24.12 $ 23.90 $ 40.48 $ 40.11 $ 39.74 $ 39.36 $ 33.82 $ 33.51 $ 33.21 $ 33.03 $ 38.98 $ 38.62 $ 38.27 $ 38.07 $ 20.95 $ 20.83 $ 23.68 $ 23.56 P.F @ 1.700 x P.F @ 1.725 x P.F @ 1.750 x P.F @ 1.775 x P.F @ 1.800 x $ 21.55 $ 21.35 $ 21.16 $ 20.96 $ 20.77 $ 33.86 $ 33.56 $ 33.26 $ 32.96 $ 32.67 P.F @ 1.700 x P.F @ 1.725 x P.F @ 1.750 x P.F @ 1.775 x P.F @ 1.800 x $ 24.22 $ 24.02 $ 23.80 $ 23.59 $ 23.38 $ 39.14 $ 38.81 $ 38.46 $ 38.12 $ 37.77 Source: Arkose Projections and Bloomberg market data as of 16-Aug-2018 1 Low DDM values calculated using a 1.5% PGR and a 10% discount rate and 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 6.5% yield for status quo and pro forma respectively. Analysis assumes 9% cost of equity in both the status quo case and the pro forma case. 7 All Equity $3 / Unit Cash Pool Present Value of Future Share Price² Dividend Discount Model¹

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative GP / ($ in millions) Midstream Contribution Analysis Aggregate Exchange Ratio To Midstream¹ Arkose GP Common Shares IDR LLC Series B Midstream LP Unitholders Ratio of Cash Distributions FY 2018E $ 100 $ 7 $ 320 3.140 x FY 2019E 165 12 414 2.454 FY 2020E 249 20 533 2.097 FY 2021E 324 26 640 1.935 FY 2022E 413 34 767 1.819 1.700 x All In Exchange Ratio (All Equity) 1.700 x 1.800 x All In Exchange Ratio (All Equity) 1.800 1.865 x All In Exchange Ratio (All Equity) 1.865 Source: Arkose Projections 1 In the status quo case analysis, calculated assuming fixed 18.5mm shares issued to retire Series B units and exchange ratio t o Midstream required to set GP’s pro forma ownership equal to its portion of cash distributions. For New AMGP, represents proportional ownership based on an all-equity offer at a given exchange ratio. 8 New AMGP 33.5 % 3.3 % 63.2 % 34.3 % 3.4 % 62.3 % 35.5 % 3.5 % 61.0 % 34.0 % 2.8 % 63.2 % 32.7 % 2.6 % 64.6 % 31.1 % 2.4 % 66.5 % 27.9 % 2.1 % 70.0 % 23.4 % 1.6 % 75.0 % Status Quo Cash Distributions to Equity (Midstream, IDR LLC, and GP)

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 1.7938 x 1.8000 x 1.6223 x 1.6000 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 1.6015 x 1.4414 x 1.6000 x 1.4000 x 1.2000 x 1.0000 x Jun-17 Aug-17 Oct-17 Dec-17 Mar-18 May-18 Aug-18 AMZ Indexed (26-Jan) Absolute Source: Bloomberg market data as of 16-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. 10 GP Perspective2 Midstream Perspective1

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Analysis at Various Equity Pro Forma Arkose GP + Midstream Values Combined Market Cap - Current Value Approx. Combined Market Cap - Indexed Value Illustrative Equity Value Before Cash (-) Cash Consideration $ 9,272 (564) $ 9,500 (564) $ 9,750 (564) $ 10,000 (564) $ 10,250 (564) $ 10,500 (564) Implied Share Price / % Premium vs. Current Share Price ($18.72) 1.700 x 1.725 1.750 1.775 1.800 Implied Share Price + Pro Rata Cash Proceeds / % Premium vs. Current Unit Price ($30.28) 1.700 x 1.725 1.750 1.775 1.800 % Premium vs. 26-Jan-2018 Indexed Price ($31.06) 1.700 x 1.725 1.750 1.775 1.800 Source: Arkose Projections, Arkose Merger Model, and Bloomberg market data as of 16-Aug-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 16-Aug-2018; analysis assumes 25.3% tax rate. 2 Arkose status quo equity value based on combined Midstream diluted equity value, market implied Series B value, and GP equity value. Pro forma share count includes LTIP. 11 (3)% (1)% (2) (0) 2 % 4 % 7 % 9 % 2 5 7 10 (2) (1) (1) 0 3 6 8 11 1 4 6 9 11 2 4 7 9 12 All In Exchange Ratio $ 30.12 / (1)% $ 30.83 / 2 % $ 31.61 / 4 % $ 32.39 / 7 % $ 33.17 / 10 % $ 33.95 / 12 % $ 30.30 / 0 % $ 31.02 / 2 % $ 31.80 / 5 % $ 32.58 / 8 % $ 33.37 / 10 % $ 34.15 / 13 % $ 30.48 / 1 % $ 31.20 / 3 % $ 31.99 / 6 % $ 32.78 / 8 % $ 33.56 / 11 % $ 34.35 / 13 % $ 30.65 / 1 % $ 31.38 / 4 % $ 32.17 / 6 % $ 32.96 / 9 % $ 33.76 / 11 % $ 34.55 / 14 % $ 30.82 / 2 % $ 31.55 / 4 % $ 32.35 / 7 % $ 33.15 / 9 % $ 33.95 / 12 % $ 34.75 / 15 % All In Exchange Ratio Midstream Perspective $ 17.61 / (6)% $ 18.08 / (3)% $ 18.58 / (1)% $ 17.45 / (7)% $ 17.90 / (4)% $ 18.41 / (2)% $ 19.09 / 2 % $ 19.59 / 5 % $ 20.10 / 7 % $ 18.91 / 1 % $ 19.41 / 4 % $ 19.91 / 6 % $ 17.29 / (8)% $ 17.74 / (5)% $ 18.23 / (3)% $ 18.73 / 0 % $ 17.13 / (9)% $ 17.57 / (6)% $ 18.07 / (3)% $ 18.56 / (1)% $ 16.97 / (9)% $ 17.41 / (7)% $ 17.90 / (4)% $ 18.39 / (2)% $ 19.23 / 3 % $ 19.72 / 5 % $ 19.05 / 2 % $ 19.54 / 4 % $ 18.87 / 1 % $ 19.36 / 3 % All In Exchange Ratio GP Perspective Illustrative PF Equity Value² $ 8,708 $ 8,936 $ 9,186 $ 9,436 $ 9,686 $ 9,936 PV10 of 2019-2022 Cash Tax Savings: ~$289mm1 PV10 of Residual Step Up in Tax Basis at End of Forecast: $488mm1

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary Financial Impact All In Exchange Ratios | $3 / Unit Cash Pool | Mixed Election Unitholder Perspective 2019 2020 2021 2022 Total 2019 2020 2021 2022 Total 1.700 x 1.725 1.750 1.775 1.800 2019 2020 2021 2022 Total 2019 2020 2021 2022 Total 2019 2020 2021 2022 1.700 x 1.28 x 1.22 x 1.20 x 1.16 x 1.725 1.29 1.22 1.21 1.17 1.750 1.30 1.23 1.21 1.17 1.775 1.30 1.23 1.22 1.18 1.800 1.31 1.24 1.23 1.18 Source: Arkose Projections, Arkose Merger Model, and Bloomberg market data as of 16-Aug-2018 1 DPS accretion (dilution) based on constant coverage in ’20-22 and Midstream unitholders kept whole on an all-in exchange ratio basis in ’19 2 Breakeven coverage calculated as the coverage ratio required to keep Midstream unitholders’ cash distributions whole on an all-in exchange ratio basis. 12 Status Quo Coverage1.31 x1.17 x1.11 x1.05 x (7)%(3)%(1)%0 %(2)%(9)%(6)%(2)%(0)%(4)% (6)(3)01(1)(9)(5)(1) 1(3) (6)(2)12(1)(9)(4)(1) 1(2) (5)(1)12(0)(9)(4)(0) 2(2) (4)(1)230(9)(3)13(1) Breakeven Coverage² Midstream P.F. DPU / Share Acc. (Dil.)¹ Midstream P.F. DCF / Unit Acc. (Dil.) Midstream Perspective 88 %52 %39 %26 %44 %47 %31 %25 %20 %27 % 86513825434429241926 84493624424228231825 83483523404027221624 81473421393826201522 Midstream Tax on Gain Federal $ 1.96 2.07 2.18 2.29 2.40 +State $ 2.40 2.54 2.67 2.81 2.95 GP P.F. DPS / Share Acc. (Dil.)¹ GP P.F. DCF / Share Acc. (Dil.) GP Perspective

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary Financial Impact All In Exchange Ratios | $3 / Unit Cash Pool | All-Equity Election Unitholder Perspective 2019 2020 2021 2022 Total 2019 2020 2021 2022 Total 1.700 x 1.725 1.750 1.775 1.800 2019 2020 2021 2022 Total 2019 2020 2021 2022 Total 2019 2020 2021 2022 1.700 x 1.28 x 1.22 x 1.20 x 1.16 x 1.725 1.29 1.22 1.21 1.17 1.750 1.30 1.23 1.21 1.17 1.30 1.23 1.22 1.18 1.775 1.800 1.31 1.24 1.23 1.18 Source: Arkose Projections, Arkose Merger Model, and Bloomberg market data as of 16-Aug-2018 1 DPS accretion (dilution) based on constant coverage in ’20-22 and Midstream unitholders kept whole on an all-in exchange ratio basis in ’19 2 Breakeven coverage calculated as the coverage ratio required to keep Midstream unitholders’ cash distributions whole on an all-in exchange ratio basis. 13 Status Quo Coverage1.31 x1.17 x1.11 x1.05 x 3 %7 %10 %11 %8 %0 %4 %8 %10 %7 % 3710119059117 4811129059117 481113100610128 591213100610138 Breakeven Coverage² Midstream P.F. DPU / Share Acc. (Dil.)¹ Midstream P.F. DCF / Unit Acc. (Dil.) Midstream Perspective 88 %52 %39 %26 %44 %47 %31 %25 %20 %27 % 86513825434429241926 84493624424228231825 83483523404027221624 81473421393826201522 Midstream Tax on Gain Federal $ 1.96 2.07 2.18 2.29 2.40 +State $ 2.40 2.54 2.67 2.81 2.95 GP P.F. DPS / Share Acc. (Dil.)¹ GP P.F. DCF / Share Acc. (Dil.) GP Perspective

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Potential Midstream Proposal Discussion Points for – To Be Discussed Primary Objectives Main Observations About Proposal Prior Areas of “Push-Back” Need to reach agreement expeditiously or move on Near-term value of $[32] - $[33] per unit in New AMGP Equitable accretion Appropriate premium — Not a “short-change” of the individual unitholder Not a “back-door” distribution cut scenario Greater upside for AM in New AMGP versus status quo Merger consideration — Aggregate exchange ratio — Implied mixed consideration AR governance proposal Series B vesting Acceptable status quo Desire for something compelling and worth-doing — — Large cash pool as you’ve requested Value of governance enhancements to protect unitholders/shareholders — Majority of AM unitholders will look at this on a pre-tax basis Still, conceded large cash pool –Public: Covers hypothetical cash taxes for average unitholder –AR: Minimum of $3/unit and potentially much more — Equitable split of accretion — AM unitholder receiving mixed consideration essentially whole over 4-year period on DCF – exclusive of cash consideration 14

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Implied Premiums and Illustrative Ownership Impact at Various Exchange Ratios Last Close 30 Trading Day VWAP Illustrative All Equity Exchange Ratio Range Shares Issued for Midstream¹ (+) Series B Conversion (+) GP Shares Outstanding 304 19 186 312 19 186 320 19 186 325 19 186 329 19 186 334 19 186 339 19 186 343 19 186 348 19 186 351 19 186 Total Shares Outstanding 509 516 525 529 534 539 543 548 553 556 Metrics Current Last Close 30-Trading Day VWAP Midstream VWAP / GP Closing Pric Midstream GP Implied Premia $ 30.28 31.59 31.59 $ 18.72 19.06 18.72 0 % (2) (4) 2 % 0 (2) 5 % 3 1 7 % 4 2 8 % 6 4 10 % 7 5 11 % 9 7 13 % 10 8 14 % 12 10 15 % 13 11 At 26-Jan-2018 (1 Trading Day Prior to Strategic Review) Last Close 30-Trading Day VWAP Midstream VWAP / GP Closing Pric $ 33.13 30.23 30.23 $ 22.02 19.93 22.02 8 % 7 18 10 % 9 21 13 % 12 24 15 % 14 26 16 % 15 27 18 % 17 29 20 % 19 31 21 % 20 33 23 % 22 35 24 % 23 36 Pro Forma Ownership - All Equity Midstream Series B GP 59.8 % 3.6 36.6 60.4 % 3.6 36.1 61.0 % 3.5 35.5 61.3 % 3.5 35.2 61.7 % 3.5 34.9 62.0 % 3.4 34.6 62.3 % 3.4 34.3 62.6 % 3.4 34.0 63.0 % 3.3 33.7 63.2 % 3.3 33.5 Source: Arkose Midstream and GP 2017 10-Ks and Bloomberg market data as of 16-Aug-2018 Note: Some values not shaded due to rounding. 1 Includes ~1mm units under Midstream’s LTIP and ~187mm common units outstanding. 16 Additional Reference Materials Illustrative Exchange Ratios (Midstream / GP) 1.62 x 1.66 x 1.700 x 1.725 x 1.750 x 1.775 x 1.800 x 1.825 x 1.850 x 1.865 x

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Determining Arkose’s Overall Status ($ in millions, except per share / unit data) Quo Yield Calculation of Combined Equity Value Calculation of Yield AMZ Based on Current Prices Based on 26-Jan Index Indexed From 26-Jan Current Close 2019 2020 2019 2020 Basic Midstream Units (+) Midstream LTIP 187 1 Midstream Diluted Unit Count (x) Midstream Unit Price 188 $ 30.28 Midstream LP DPU (/) Midstream Unit Price $ 2.21 30.28 $ 2.85 30.28 31.06 31.06 $ 31.06 Current Premium (Discount) to Index (3)% GP Shares (+) Series B Converted Shares¹ 186 4.8 186 5.3 GP Diluted Share Count (x) GP Share Price 191 $ 18.72 191 $ 20.64 GP DPS (/) GP Share Price $ 0.89 18.72 $ 1.34 18.72 20.64 20.64 Current Premium (Discount) to Index (10)% Distributable Cash Flow² Distributed Cash³ $ 795 591 $ 950 802 Current Premium (Discount) to Index (5)% Source: Arkose Projections and Bloomberg market data as of 16-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 19 12.3 x 10.3 x 6.0 % 8.2 % Implied Equity Value / Total DCF 11.7 x 9.8 x Implied Distribution Yield 6.4 % 8.7 % Arkose GP Diluted Equity Value $ 9,272 $ 9,795 4.3 % 6.5 % Implied Yield 4.7 % 7.2 % GP Diluted Equity Value $ 3,576 $ 3,953 7.1 % 9.2 % Implied Yield 7.3 % 9.4 % Midstream Diluted Equity Value $ 5,696 $ 5,842

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Arkose GP Discounted Dividends Analysis Pro Forma GP | 1.7000 x All-Exh. Ratio (1.5397 x Equity + $3.00 / Unit Cash) ($ in millions, except per share data) Assumptions Illustrative Discounted Cash Flow Pro Forma DDM 2H18 2019 2020 2021 2022 Terminal Implied value as of 6/30/2018 Dividends Received Perpetuity Growth Rate Implied Terminal Value Implied NTM Yield at Y.E. 2022 $ 0.54 $ 1.30 $ 1.75 $ 2.18 $ 2.66 $ 2.14 2.0% $ 31.22 6.7 % Discounted using mid-year convention Total Cash Flows $ 0.54 $ 1.30 $ 1.75 $ 2.18 $ 2.66 $ 31.22 Perpetuity growth rate of 2.0% Present Value of Cash Flows $0.52 $1.19 $1.47 $1.68 $1.88 $22.12 Ke of 9.0% Ann. Avg. Pro Forma Tax Attributes 2023 2024 2025 2026 2027 2028-2032 Distribution policy set so that Midstream unitholders do not incur dilution in 2018 or 2019, then based on constant coverage thereafter Step Up Depreciation (x) Tax Rate Cash Tax Savings $551 25% 140 $507 25% 128 $464 25% 117 $452 25% 115 $442 25% 112 $379 25% $ 96 Present Value of Cash Tax Savings $ 91 $ 77 $ 64 $ 57 $ 52 $ 35 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 16-Aug-2018 1 2022E PF DPS includes partial tax shield; terminal DPS calculated based on assumed 20% effective cash tax rate per management’s guidance. Additional Reference Materials 20 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 $ 32.63$ 34.81$ 37.38$ 40.48 30.3332.1734.3236.87 28.3329.9131.7333.85 26.5827.9429.5031.29 25.0426.2227.5629.10 Cost of Equity Implied Terminal Yield Perpetuity Growth Rate Implied Per Share Value of Pro Forma GP + Tax Synergies $29.91 Total PV of Cash Tax Savings $ 513 Value Per Pro Forma Share $1.04 Implied Per Share Value of Pro Forma GP $ 28.87

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Present Value of Future Share Price - Pro Forma 1.7000 x All-Exh. Ratio (1.5397 x Equity + $3.00 / Unit Cash) | ($ in per share amounts) Pro Forma 2H18 2019 2020 2021 2022 Cash Flows to Equity Dividend Per Share Discount Period for Dividend Received¹ Illustrative Cost of Equity Discount Factor $ 0.54 0.25 9% 0.98 $ 1.30 1.00 $ 1.75 2.00 $ 2.18 3.00 $ 2.66 0.92 0.84 0.77 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 $ 1.75 7.0% $24.96 1.5 0.88 $ 2.18 $ 2.66 $31.09 2.5 0.81 $37.99 3.5 0.74 (+) PV of Cumulative Dividends Received 1.72 3.19 4.87 Pro Forma Implied Value at Various Yields Status Quo Implied Value at Various Yields 2019 2020 2021 2019 2020 2021 6.5 % 7.0 % 7.5 % 6.0 % 6.5 % 7.0 % Source: Arkose Management, Bloomberg market data as of 16-Aug-2018 1 Distributions discounted according to the mid-period convention; all values discounted to 30-Jun-2018. 21 Additional Reference Materials $ 20.72 $ 25.63 $ 30.96 19.21 23.83 28.85 17.92 22.29 27.05 $ 25.34 $ 30.18 $ 35.13 23.65 28.25 32.96 22.19 26.58 31.09 NTM Dividend Yield PV of Future Share Price and Dividends $23.65 $28.25 $32.96 PV of Future Share Price $21.94 $25.07 $28.10 Present Value of Dividend Received $0.52 $1.19 $1.47 $1.68 Pro forma yield based on blended 2019 and 2020 Midstream and GP status quo yields

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Arkose GP Discounted Dividends Analysis Status Quo GP | ($ in millions, except per share data) Assumptions Illustrative Discounted Cash Flow Status Quo DDM 2H18 2019 2020 2021 2022 Terminal Implied value as of 6/30/2018 Dividends Received Perpetuity Growth Rate Implied Terminal Value Implied NTM Yield at Y.E. 2022 Total Cash Flows $ 0.31 $ 0.89 $ 1.34 $ 1.74 $ 2.22 $ 2.22 2.0% $ 32.36 6.7 % $ 32.36 Discounted using mid-year convention $ 0.31 $ 0.89 $ 1.34 $ 1.74 $ 2.22 Present Value of Cash Flows $0.30 $0.81 $1.13 $1.34 $1.57 $22.92 Perpetuity growth rate of 2.0% Ke of 9.0% 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 16-Aug-2018 Additional Reference Materials 22 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 $ 30.77 $ 33.03 $ 35.70 $ 38.91 28.45 30.37 32.59 35.23 26.45 28.08 29.97 32.16 24.69 26.10 27.71 29.57 23.15 24.38 25.77 27.35 Cost of Equity Implied Terminal Yield Perpetuity Growth Rate Implied Per Share Value of Pro Forma GP $ 28.08

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Illustrative Present Value of Future Share Price - Status Quo ($ in per share amounts) Pro Forma 2H18 2019 2020 2021 2022 Cash Flows to Equity Dividend Per Share Discount Period for Dividend Received¹ Illustrative Cost of Equity Discount Factor $ 0.31 0.25 9.0% 0.98 $ 0.89 1.00 $ 1.34 2.00 $ 1.74 3.00 $ 2.22 0.92 0.84 0.77 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 2019 2020 2021 6.0 % 6.5 % 7.0 % Source: Arkose Management, Bloomberg market data as of 16-Aug-2018 1 Distributions discounted according to the mid-period convention; all values discounted to 30-Jun-2018. 23 Additional Reference Materials $ 20.72 $ 25.63 $ 30.96 19.21 23.83 28.85 17.92 22.29 27.05 NTM Dividend 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 Pro forma yield based on blended 2019 and 2020 Midstream and GP status quo yields