Aon Hewitt Retirement and Proprietary and Confidential

InTotal

Global Investment Management

Quantum Energy Partners Fund VII

March 2017

Risk. Reinsurance. Human Resources. Aon Hewitt Retirement and Investment Proprietary and Confidential

Executive Summary Overall Rating Quantum Energy Partners (“QEP”, “Quantum”, or the “Firm”) has an excellent reputation within the industry that helps it attract top management teams. The Firm has an experienced and stable team who are capable of leading the Firm for several more funds. Firm Summary

Head Office Houston, TX Parent Name Quantum Energy Partners Locations Firm AUM $11.0 billion Investment Staff 30 investment professionals Strategy Summary

Target Geography N. America Ownership Target Control Target Industries Oil and Gas Upstream, Midstream, Oilfield Services, and Power Generation

Quantum Energy Partners Fund VII 2 Data is as of 9/30/2016 unless otherwise noted. Aon Hewitt Retirement and Investment Proprietary and Confidential

Investment Evaluation

Fund Overview Quantum Energy Partners is forming Quantum Energy Partners VII (the “Fund”) to focus primarily on opportunities in the North American energy sector with a primary emphasis on upstream oil and gas and a secondary focus on energy midstream, power generation and related services. The Firm’s investment strategy has been honed since its founding and is predicated on partnering with operationally-focused management teams. History Quantum was founded in 1998 to make across the energy value chain and, together with its affiliates, has invested approximately $11.0 billion of capital commitments. Quantum continues to invest a majority of its capital and resources in the oil and gas upstream sector. The Firm also seeks to make select investments in the oil and gas midstream, oilfield services and power generation sectors. The vast majority of Quantum’s investments are in North American focused companies.

Headquartered in Houston, Texas, Quantum has a team of 30 investment professionals that have spent nearly their entire career in the energy industry. The team has a balanced skill set encompassing technical, financial and operating expertise. Quantum’s investment team represents a broad, deep bench of senior talent that is actively involved in all aspects of the business. Business Strategy Since its founding, Quantum has been focused on upstream energy private equity investing within North America. The Firm will invest selectively in midstream, power generation and energy services. As energy investing has shifted, particularly upstream from traditional to unconventional, so has Quantum. The Firm utilizes an equity-line of credit approach with its management teams which involves capital being committed to a management team up front, but only released in stages as results prove positive. Competitive Landscape Quantum invests across the energy spectrum; however the majority of its investments will be within the upstream oil and gas industry with some exposure to midstream, power generation and oilfield services. Quantum’s competitors include both generalist firms and energy specialists which include:

Encap Investments Natural Gas Partners Denham Capital Management Energy Riverstone Energy Partners Kayne Anderson Energy

Quantum Energy Partners Fund VII 3 Data is as of 9/30/2016 unless otherwise noted. Aon Hewitt Retirement and Investment Proprietary and Confidential

Investment Team Quantum’s investment team is comprised of over 30 experienced investment professionals. The background of the investment professionals is diverse and complementary, with each member having spent most, if not their entire career, evaluating, managing, financing and investing across the energy industry.

Biographies of the key personnel are included in the Appendix.

Key Staff Position Background S. Wil VanLoh, Jr. CEO . Co-Founder of Quantum . Co-Founder at Windrock Capital, Ltd. . Kidder, Peabody, & Co. . B.B.A. from Texas Christian University Dheeraj Verma President . JPM M&A New York Group. . B.A./B.S. in Mathematics and Finance from Ithaca College . Masters in International Management from Thunderbird School of Global Management James Baird Partner & . Partner at Andrews Kurth LLP General . B.S. in Commerce from Washington and Lee Counsel University . J.D. from Southern Methodist University William Montgomery Partner . Partner at Goldman, Sachs & Co. . B.B.A. from the University of Texas . MBA from The Wharton School at the University of Pennsylvania Garry Tanner Partner . Executive VP and COO at Enerplus Resource Fund . Sr. VP at Encap Investments . Exxon Company USA . B.S. in Chemical Engineering from University of Kansas . MBA from University of Texas Jeffrey Harris Venture . Founder of Global Reserve Group, LLC Partner . Warburg Pincus – Leader of Global Energy Practice . Adjunct Professor at Columbia University’s Graduate School of Business . BS Economics from The Wharton School at the University of Pennsylvania . MBA from Harvard Business School Chuck Davidson Venture . CEO of Noble Energy from 2000 to 2015 Partner . Chairman, President and Chief Executive of Vastar Resources . Various engineering, operations and executive assignments at ARCO. . BS in chemical engineering from Purdue University . Master’s degree in management from the University of Texas at Dallas

Quantum Energy Partners Fund VII 4 Data is as of 9/30/2016 unless otherwise noted. Aon Hewitt Retirement and Investment Proprietary and Confidential

Key Staff Position Background A.V. Jones, Jr. Co-Founder . Jones Company, Ltd. . JHJ Exploration, Ltd. . Van Operating, Ltd. . B.S. Geology, University of Oklahoma Michael Dalton Managing . at Jefferies & Co. Director . Financial Analyst with Meridian Resources Corporation. . B.S. in Government from University of Texas Michael Denham CFO & . CPA for a private independent oil and gas company. CCO . B.B.A. in Accounting from Midwestern State University . J.D. from Texas Tech University School . LLM in Taxation from New York University Thomas Field Managing . Director with BAML Capital Partners Director . Associate at Merrill Lynch Investment Banking . Associate at UBS Investment Banking . B.B.A. from Baylor University . MBA from The Wharton School at the University of Pennsylvania Eric Nielsen Managing . Managing Director at Korn/Ferry International Director . Executive Sr. Recruiter within Energy and Industrial Sectors . BHP Petroleum . B.S. in Petroleum Engineering from University of Tulsa . MBA from Rice University Jeffrey Jones Director - . Quantum’s Technical team Geology . B.S. in Geology from West Texas State University Blake Webster Managing . Associate at Morgan Stanley Director . Associate at Southwest Bank of Texas . B.A. from University Texas . MBA from Rice University . CFA charterholder Jeff Donahue Managing . Managing Director, Natural Resources Principal Director Investing at Canada Pension Plan Investment Board . Vice President, Strategy and Business Development at BHP Billiton in London . Enron Corp . Applied mathematics from Harvard University . MBA from the University of Chicago Sean O’Donnell Managing . President and Chief Financial Officer of Quantum Director Utility Generation . Managing Director in the Global Natural Resources investment banking group at J. P. Morgan . U.S. Navy’s Civil Engineering Corps . B.S. in Civil Engineering from The Catholic University of America . M.B.A. in Finance from The Wharton School at The University of Pennsylvania

Quantum Energy Partners Fund VII 5 Data is as of 9/30/2016 unless otherwise noted. Aon Hewitt Retirement and Investment Proprietary and Confidential

Key Staff Position Background Jonathan Regan Director . Manager at PetroQuest Energy . Senior Associate with American Capital’s Energy Group . Analyst with Citigroup’s investment bank . B.B.A. in Management and an M.S. in Finance from Texas A&M University John Campbell Jr. Venture . President and COO of Quantum Resources Partner Management and QR Energy LP. . MD at Quantum Energy Partners . Sr. Operational positions with Ocean Energy, Inc. and Burlington Resources, Inc. . B.S. in Petroleum Engineering from University of Alabama . M.E. in Petroleum Engineering from Texas A&M University Mike Linn Sr. Advisor . President and CEO of MCL Ventures, LLC, . CEO of LINN Energy, LLC, . Meridian Exploration . BA in Political Science from Villanova . JD from University of Baltimore Franklin Myers Sr. Advisor . Senior Advisor to Cameron International Corporation . Senior Vice President and Chief Financial Officer of Cameron . President of Cooper Energy Service Division . Senior VP and General Counsel of Baker Hughes Incorporated . BS in Industrial Engineering from Mississippi State University . JD from University of Mississippi Rick Bott Sr. Advisor . Global Energy Advisors LLC . President and Chief Operating Officer of Continental Resources Inc. . Executive Director and Chief Operating Officer of Cairn India Ltd . Vice President-Exploration at Devon Energy Corporation’s International Division . President of Ocean Egypt Companies . President Of Ocean Yemen Corporation . M.S. (Geology) and a B.S. (Marines Sciences) from Texas A&M University

Quantum Energy Partners Fund VII 6 Data is as of 9/30/2016 unless otherwise noted. Aon Hewitt Retirement and Investment Proprietary and Confidential

Key Staff Position Background Tony Best Sr. Advisor . President and Chief Executive Officer of SM Energy . President and Chief Executive Officer of Pure Resources, Inc. . Engineering, operations and executive assignments at ARCO . U.S. Air Force as an Engineering Officer. . Master’s of Science in Engineering Management from the University of Alaska . Bachelor’s of Science in Mechanical Engineering from Texas A&M University

Quantum Energy Partners Fund VII 7 Data is as of 9/30/2016 unless otherwise noted. Aon Hewitt Retirement and Investment Proprietary and Confidential

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Quantum Energy Partners Fund VII 8 Data is as of 9/30/2016 unless otherwise noted.