Baird Investment Banking Pitch Book

HISTORICAL & PROJECTED WATER DELIVERY VOLUMES 2019 EARN-OUT TARGET Target Volumes (2017-2019) Cumulative Volumes to Date (2017-1Q18) Remaining Volumes to Fill 9 mos. ended 12/31/18 Forecast 2019 Forecast Total Forecast Forecast + Cumulative to Date 2020 EARN-OUT TARGET Target Volumes (2018-2020) Cumulative Volumes to Date (1Q18) Remaining Volumes to Fill 9 mos. ended 12/31/18 Forecast 2019 Forecast 2020 Forecast Total Forecast Forecast + Cumulative to Date Total (Mbbl) 176,295 75,761 100,534 47,225 74,553 121,778 197,539 Total (Mbbl) 219,200 19,869 199,331 47,225 74,553 80,352 202,130 221,999 Daily (Mbbld) 161 167 157 172 204 190 180 Daily (Mbbld) 200 221 198 172 204 220 201 203 % of Target 100% 43% 57% 27% 42% 69% 112% % of Target 100% 9% 91% 22% 34% 37% 92% 101% FORECAST VS. EARN-OUT Cumulative Daily (Mbbl) 250,000 200,000 150,000 100,000 50,000 0 (Mbbld) 250 200 150 100 50 Earn-Out Target 197,539 176,295 2019 Earn-Out Earn-Out Target 180 161 2019 Earn-Out Source: Sept 2015 Water Services Agreement and Contribution Agreement in connection with the contribution of water assets from AR to AM. Base Case projections as of March 23. Confidential Mgmt. Forecast 221,999 219,200 2020 Earn-Out Mgmt. Forecast 203 200 BAIRD 2020 Earn-Out Project Bronco Page 4

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