Tudor, Pickering, Holt & Co Investment Banking
Antero Midstream Timeline
Relative Performance Since Committee Announcement (2/23/2018) (1)
130%
120%
110%
100%
90%
80%
Feb-18
— AM
Mar-18
AM Peers
Apr-18
AMGP
May-18
AMGP Peers
May-18
AM E&P Sponsored Peers
my
Jun-18
Jul-18
AR
my
My
Source: Company filings, FactSet as of 8/30/2018.
Note: AM peers include BPMP, CNXM, EQM, HESM, NBLX, PXSP, SHLX, WES, and VLP. AM E&P Sponsored peers include CNXM, EQM, HESM, and NBLX, AMGP peers
include EQGP and WGP.
Note: AM peer selection considered E&P sponsored MLPs and high-growth MLPs, categorized as such if current - 2022E distribution growth CAGR is greater than 10%.
(1) Indexed values reflect total return on investment. Distributions and dividends reinvested at current market price on date paid.
AMZ
Aug-18
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
Aug-18
12%
7%
(0%)
(6%)
(10%)
(12%)
TUDORPICKERING
HOLT&COI:
MERCHANT BANKING
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