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Implications of New GP Expected Dividend Policy New GP Pro Forma DCF – Status Quo Coverage New GP Pro Forma DCF – Expected Dividend Policy 2019 2020 2021 2022 2019 2020 2021 2022 Assumed Coverage 1.31 x 1.17 x 1.11 x 1.05 x Dividend Guidance Retained Cash Flow $ 198 $ 143 $ 121 $ 70 Implied Coverage 1.31 x 1.23 x 1.23 x 1.19 x Retained Cash Flow $ 193 $ 186 $ 229 $ 218 Source: Midstream Standalone Projections, GP Pro Forma Projections, Bloomberg market data as of 5-Oct-2018 1 As communicated by Management during week of October 1st, and which is subject to New GP board approval. Mid-point of guidance reflected in forecast provided by management. Financial Analyses 2 % Change in DCF/ Share 0 % 0 % 0 % 0 % % Change in Dividend 1 % (5)% (10)% (11)% $mm Increase in Retained Cash Flow $(5) $ 43 $ 108 $ 149 Mid Point $ 1.24 $ 1.60 $ 1.93 $ 2.31 Implied Dividend $ 1.23 $ 1.69 $ 2.14 $ 2.60 DCF / Share $ 1.62 $ 1.97 $ 2.38 $ 2.74 DCF / Share $ 1.62 $ 1.97 $ 2.38 $ 2.74 The expected change in GP Dividend Policy1 to retain more cash flow rather than maximizing dividends implies DCF should become the more important valuation metric to accurately measure the value of the cash flows generated by the assets

Public Company Trading Midstream Comparable Companies ($ in millions, except per share / unit values) 19E-20E DCF YoY Growth 19E-20E DPU YoY Growth Price / LP DCF DPU Yield Total Debt / 2018E EBITDA Company 2019E 2020E 2019E 2020E CNX Midstream Crestwood DCP Midstream Enable Midstream EnLink Midstream EQT Midstream Hess Midstream Noble Midstream Shell Midstream Targa Resources Western Gas 11.2 x 11.2 10.7 10.9 11.4 9.0 12.3 9.1 14.3 12.9 10.2 10.0 x 10.9 10.1 10.1 11.1 7.8 10.7 8.0 13.1 10.6 9.9 12 % 3 7 7 3 NA² 15 15 9 22 3 7.9 % 6.6 7.3 7.5 8.4 9.6 7.1 6.5 7.8 6.2 8.9 9 % 7 8 8 9 11 8 8 8 6 9 15 % 6 3 2 2 15 15 20 8 0 5 2.5 x 3.7 4.3 3.5 3.9 3.4 0.0 2.4 3.5 4.3 3.5 Sources: IBES, latest publicly available financial statements, and Bloomberg market data as of 5-Oct-2018. Projected EBITDA and DPS are based on IBES median estimates; projected LP DCF calculated based on median of brokers who provide LP DCF and/or total DCF and LP units outstanding. All research estimates have been calendarized to December. 1 Source: Management Status Quo 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 based on Management Status Quo Projections in the Arkose management case; IBES case follows the same methodology as peers. 2 NA due to lack of broker consensus for status quo and pro forma Additional Reference Materials 5 High Valuation 14.3 x 13.1 x 22 % 6.2 % 6.5 % 20 % 4.3 x Mean 11.2 10.2 10 7.6 8.3 8 3.2 Median 11.2 10.1 8 7.5 8.1 6 3.5 Low Valuation 9.0 7.8 3 9.6 11.0 0 0.0 Arkose Midstream¹ (Management) 10.8 x 9.2 x 20 % 7.4 % 9.6 % 29 % 1.9 x