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Investor Presentaiton

Adjusted Net Income Reconciliation (in thousands) Adjusted Net Income Net income (1) Adjustments for certain items affecting comparability: Transaction costs Tax impact of adjustments Adjusted net income (2) (in thousands) Total Share Count Diluted weighted average of Class A Common Stock outstanding during the period MAGNOLIA OIL & GAS For the Quarter Ended March 31, 2019 $22,713 For the Quarter Ended December 31, 2018 $57,808 353 2,241 (74) $22,992 (471) $59,578 For the Quarter Ended March 31, 2019 158,140 For the Quarter Ended December 31, 2018 158,998 Weighted average shares of Class B Common Stock, outstanding during the period (3) 93,312 93,189 Total weighted average shares of Class A and B Common Stock, including dilutive impact of other securities 251,452 252,187 (1) Includes net income attributable to noncontrolling interest. (2) Adjusted Net Income is a non-GAAP measure. For reasons management believes this is useful to investors, refer to slide 2 "Non-GAAP Financial Measures." (3) Shares of Class B Common Stock, and corresponding Magnolia LLC Units, are anti-dilutive in the calculation of weighted average number of common shares outstanding. 24
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