Tudor, Pickering, Holt & Co Investment Banking

PF AMGP Projections at AMGP Proposal AR Base Volumes Case & AR Downside Volumes Case (in millions, unless otherwise noted) EBITDA $783 730 729 $729 2H 2018 $1.19 $1.07 Mgmt. Projections at AR Base Case 2H 2018 $989 $851 2019E Distributable Cash Flow / Share $1.61 0 $1.36 $1,222 2019E $1,105 2020E $1.97 $1.81 2020E $1,413 $1,229 2021E $2.35 $2.01 2021E Source: Management Projections, Thomson One, FactSet as of 8/30/2018. Note: Analysis based on fully diluted share count. ⒸMgmt. Projections at AR Downside Production Case FY 2018E EBITDA Distributable Cash Flow 2019E- 2022E CAGR 1---1 $1,642 i 18% 18% $1,409 2022E $2.71 O $2.08 2022E I I 2019E- 2022E CAGR 24% 20% $605 $553 2H 2018 Dividend / Share $1.01 $0.93 2H 2018 $817 $691 2019E $1.33 $1.12 2019E $1,001 $918 2020E $1.74 $1.60 CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2020E $1,194 $1,021 2021E $2.10 O $1.80 2019E- 2022E CAGR $1,425 20% 15% $1,058 2022E 2019E- 2022E CAGR |---| 19% 15% $2.52 $1.93 1 2022E 1 I 2021E TUDORPICKERING 82 HOLT&COCHANT BANKING 1

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