PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Project Francis Conflicts Committee of the Board of Directors of Arkose GP LLC Perspectives on Alternative Consideration Mix for Series B Settlement August 23, 2018 STRICTLY PRIVATE AND CONFIDENTIAL. This document is being sent to you for your information only as an investment banking clie nt of Goldman Sachs and should not be forwarded outside of your organization. This document has been prepared by the Investment Banking Division and is not a product of Goldman Sachs Global Investment Research. This document should not be used as a basis for trading in the securities or loans of the compani es named 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 solicitation of proxies or votes and should not be construed as consisting of investment advice. Goldman Sachs does not provide accounting, tax, or legal advice.

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Summary of Value Distribution At Various Exchange Ratios (Shares and $ in millions, except per share data) Pro Forma Ownership Summary Assumed Equity Value ($mm) (-) Cash Consideration $ 10,000 (564) Pro Forma Equity Cash Consideration Per Share (/) GP Common Share Price¹ $ 9,436 $ 3.00 18.88 Exchange Ratio Credit for Cash Consideration 0.159 x Illustrative All In Exchange Ratios Bid-Ask Midpoint Ask All In Exchange Ratio (-) Cash Equivalent 1.775 x (0.159) 1.800 x (0.159) 1.865 x (0.159) Equity Component 1.616 x 1.641 x 1.706 x Status Quo Metric Pro Forma Share Count Midstream Public² Upstream Series B GP Common Shares 89 99 NA 186 144.2 159.8 18.5 186.2 146.5 162.3 18.5 186.2 152.3 168.7 18.5 186.2 Ask - Mid Value Received Midstream Public Upstream Series B GP $ 2,943 $ 2,959 3,278 340 3,422 $ 58 64 (11) (111) 3,324 332 3,342 Status Quo Metric Value to Paul and Glen Series B Settlement Exhange of Midstream Units Existing Interest in GP Common Shares 81 % 0.5 34.9 $ 278 17 648 $ 276 17 642 $ 269 17 627 $(9) 0 (21) Source: Company filings 1 Based on GP closing price on 17-Aug-2018, the reference date in prior negotiations. 2 Includes Midstream’s LTIP. 1 Total Value $ 943 $ 935 $ 914 $(30) Target value 3,260 343 3,454 $ 3,001 Pro Forma Shares Outstanding 508.7 513.4 525.7 Implied Pro Forma Share Price $ 18.55 $ 18.38 $ 17.95

PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY Potential Alternatives To Bridge the “Pain” of a ~$60mm Value Gap Assumes $10bn Equity Value Before Cash Distribution Paid | ($ in millions) Midstream / Series B Split Midstream, GP, Series B Split All Parties Split Deal Terms All in Exchange Ratio Midstream Units Cancelled by Upstream (Receive No Merger Consideration) Shares Issued to Settle Series B 1.792 x 0.92 17.00 1.800 x 0.98 17.75 1.795 x 1.10 18.00 Midstream Public Total Value Delta from Target Upstream Total Value Delta from Target GP Common Shares Total Value Delta from Target Series B Value of Equity Consideration Delta from Target Paul and Glen Total Value Delta from Target "Sharing of Pain" Midstream Public Delta from Target Upstream Delta from Target Series B Delta from Target GP Delta from Target Target Value $ 3,001 $ 2,971 $(30) $ 2,973 $(28) $ 2,969 $(32) $ 3,260 $ 3,260 0 $ 3,261 0 $ 3,253 (7) $ 3,454 $ 3,453 (0) $ 3,439 (15) $ 3,445 (9) $ 343 $ 315 (28) $ 328 (15) $ 333 (10) $ 943 $ 915 (28) $ 925 (18) $ 932 (11) $(30) 0 (28) (0) $(28) 0 (15) (15) $(32) (7) (10) (9) Memo: Paul and Glen Source: Company filings (28) (18) (11) 2 Total "Pain"$(58)$(58)$(58) Pro Forma Shares Outstanding508.9511.1510.2 Total Cash Payments$ 562$ 561$ 561