#1Plan X Illustrative Valuation Analysis March 14, 2019 Bank of America Merrill Lynch LOX For more investment banking materials, visit www.10xebitda.com I Strictly Confidential Ban Mer ARCLIGHT#2Notice to Recipient Confidential Strictly Confidential Bank of America Merrill Lynch "Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. 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ARCLIGHT#3Illustrative Valuation Analysis Financial Model Assumptions 1 AMID Management Financial Model 11/28/2018 AMID Management Financial Model 3/1/2019 3/1/2019 Adjusted Case · - - ■ ■ ▪ ■ - ■ Gas G&P Segment - Reduction in base EBITDA, from 2018 to 2023 driven by the sales of Lavaca and Chatom Liquids Pipeline Segment - EBITDA decline throughout projection period driven by the sale of two key assets in 2019 (Bakken and Silver Dollar pipelines) Natural Gas Transmission Segment - Modest growth after 2019 due to several small growth projects totaling $10MM in capex Offshore Pipelines Segment- EBITDA is heavily impacted by rate reduction at the Delta House floating production system Terminalling Segment - Refined products and Cushing asset sales complete exit from Terminalling segment Growth projects (financed with proceeds of asset sales) include: ■ ■ Baton Rouge in 2019 (EBITDA: $2.5MM/year; Capex: $18.0MM) Longview Frac Expansion in 2019 (EBITDA: $11.6MM/year; Capex: $57.0MM) Includes estimated annualized cost savings of $5.6MM per year No cash distributions on common units and preferred units after Q3 2018: preferred units are paid-in-kind Convert Series A and Series C preferred equity to common in Q4 2023 Includes 40, 2018 actual results Offshore pipeline segment projections adjusted to account for newly discovered GoM reserves Changes in Growth Projects: No Baton Rouge project Started with the 3/1/2019 model and made the following adjustments: No preferred equity conversion during forecast period ■ Projections per corporate models provided by AMID management Preferred distributions paid in kind. For illustrative purposes, we have assumed DCF is burdened for cash distribution amount. LOX For more investment banking materials, visit www.10xebitda.com (SMM) Adj. EBITDA DCF (Net of Pref. Dist.) Total LP Distributions Total Leverage H - ■ L · Acquisition (financed with preferred equity): Jan. 2019: Pascagoula Gas Plant (PGP) - $36.3MM Divestitures: ■ ■ ■ H ■ ■ ■ (SMM) Adj. EBITDA DCF (Net of Pref. Dist.) Tota! LP Distributions Total Leverage ■ Completed: Aug. 2018: Marine Terminals - $210.0MM Announced: 2018E 2019E 2020E 2021E 2022E 2023E $179.2 $189.1 $163.4 $146.5 $135.2 $120.2 55.8 Changes in Divestitures: 72.1 22.3 5.94x 3.66x 3.75% 4.10x 4.36x 57.7 38.2 43.6 22.5 78.2 Strictly Confidential Bank of America Merrill Lynch (SMM) Adj. EBITDA DCF (Net of Pref. Dist.) Total LP Distributions Total Leverage Dec. 2018: Refined Product Terminals - $125MM Jan. 2019: Lavaca - $150MM Feb. 2019: Chatom, Bazor Ridge & Glade Crossing - $10MM, Bakken - $50MM Sep. 2019: Silver Dollar - $150MM Dec. 2019: Cushing - $30MM 2018E 2019E 2020E 2021E ZOZZE 2023E $184.0 $178.6 $142.1 $122.6 $112.1 $97.4 54.6 9.1 60.8 32.7 5.76x 4.13x 3.45x 3.48x 3.79x 4.36x 17.0 0.0 57.2 60.8 32.7 5.76x 26.4 22.5 4.99x 33.5 Sale of Natural Gas Transportation business in November 2019 for $200MM April 2019: Chatom, Bazor Ridge & Glade Crossing - $5MM, Bakken - $50MM June 2019: Silver Dollar-$125MM Sep. 2019: Lavaca - $125MM 20180 2019E 2020€ 2021E 2022E $184.0 $178.6 $142.1 54.6 0.0 4.13x 3.45% 57.2 0.0 2023E (5.9) $132.6 $112.1 $97.4 33.5 17.0 0.0 3.48 3.79x 0.0 4.36x ARCLIGHT#4Illustrative Valuation Analysis Implied Reference Range Summary - 3/1/2019 Adjusted Case 2 (S/Unit) $8.00 $6.00 (AP (2) 3) $4.00 $2.00 $0.00 MethodologyE Assumptions: Informational Public Reference Range $4.51 $4.31 II Premium to Current II Current Price $3.92 II Premium to Unit Price II 11 Selected Premium Range 10.00% 15.00% $4.61 $4.41 11 Premium to 20-Day VWAP LOX For more investment banking materials, visit www.10xebitda.com 20-Day VWAP $4.01 11 II T I T I illustrative Reference Range Based on 3/1/2019 Adjusted Case Financial Model illustrative Reference Range assumes Series A and C Preferred valued at liquidation value Mutually Considered Price: $5.25 | Revised Public Offer Price: $4.50 20-Day VWAP: $4.01 Current Price: $3.92 I $6.63 I I I 1 $2.83 2020E EBITDA I $142 | Selected Publicly Traded Comparables 3/1/2019 Adjusted Case Model Valuations are pro forma for planned asset sales Cashflows discounted to January 1, 2019 sing mid-year convention Bounded to the nearest 0.05% Arctight and the Conflicts Committee are considering transaction at 55.25/unt. Amerper ogreement has not yet been signed. I Forward Year + 1 EBITDA I 8.5x 11 Public Partnerships' 2020E EV EBITDA Range 7,0x I I I II 1 II II 11 11 $6.63 $4.10 "I 11 III Selected Precedent Transactions Forward Year + 1 EBITDA 2020E EBITDA $142 Precedent Transactions" Forward Year EV EBITDA Range I I T II Bank of America Merrill Lynch I II Strictly Confidential II $2.79 $0.64 Intrinsic Valuation" 8.55% Discounted Cash Flow (AMID Weighted Average Cost of Capital 9.30% Terminal Value EBITDA Exit Multiple of 7.0x ARCLIGHT#5#6Illustrative Valuation Analysis Selected Precedent Transactions (S in millions) Announcement Date Acquiror Offshore Infrastructure and Pipeline Transactions 4 10/2/18 BP Midstream Partners, LP. 5/10/18 11/28/17 Shell Midstream Partners, LP, 10/2/17 12/28/16 9/27/16 11/11/15 Shell Midstream Partners, LP. 7/16/15 Source: Note: (2) Shell Midstream Partners, L.P. Shell Midstream Partners, LP. BP Plc American Midstream Partners LP Arclight Capital Partners LLC Shell Midstream Partners, LP. Genesis Energy. LP. Royal Dutch Shell plc 4/25/16 American Midstream Partners LP Arclight Capital Partners LLC Target Royal Dutch Shell pic BP pic Royal Dutch Shell plc Royal Dutch Shell plc; Shell Pipeline Corp. Mean Median Key Assets Equity interests in Gulf of Mexico pipelines and 13 refined product terminals, including 45% interest in Mardi Gras Transportation System Company, 22.7% interest in URSA Oil Pipeline Company and 25% interest in KM-Phoenix Holdings LOX For more investment banking materials, visit www.10xebitda.com Ownership interest in Amberjack Pipeline US storage and pipeline assets Additional 15.5% interest in Delta House floating and processing system 10% interest in Proteus Oil Pipeline, 10% interest in Endymion Oil Pipeline, and 1% interest in Cleopatra Gathering system Additional 20% interest in Mars Oil Pipeline and 49% interest in Odyssey Pipeline Auger pipeline system and Lockport crude oil terminal 9 crude oil pipeline systems with 1,100 miles of pipeline; 9 Enterprise Products Partners LP. natural gas pipeline systems with 1,200 miles of pipeline; and ownership interests in 6 offshore hub platforms Interest in Destin natural gas pipeline, Tri-States and Wilprise natural gas liquids pipelines, 1.2 Bcf/d of natural gas gathering and transport capacity, 60% interest in crude, natural gas, and salt water onshore and offshore pipelines, and additional 1% interest in Delta House Company filings and Wall Street research Transaction value based on press release where available: if transaction value not disclosed, calculated based on disclosed terms and latest available quarterly dato 2019-2020E average EBITDA of $49.8 million as per BP Midstreom Partners press release on October 2, 2018 Transaction Value $468 1,220 825 125 350 225 390 1,500 $539 $370 Bank of America Merrill Lynch EBITDA Multiple Current Year 7.9x 7.1x 7.7x t 6.0x I Strictly Confidential 7.5x 7,4x 7.6x EBITDA Multiple Forward Year 7.8x 7,7x 8.4x 1 8.6x 8.3x 8.1x ARCLIGHT#7#8#9#10#11