Tudor, Pickering, Holt & Co Investment Banking
(in millions, unless otherwise noted)
AM LP
AMGP)
Series B
Historical XR & Distribution Comparison
Since AMGP IPO (5/4/17) | Based on Spot Prices
(3)
Historical AM/AMGP Exchange Ratio
2.20x
2.00x
1.80x
1.60x
1.40x
1.20x
100%
Q1 '15
100%
Q2 '15
AMGP Proposal
Spot XR
Adj. XR
$27/50.18 $29/$0.19
99%
QO '15
$36/50.21
50
98%
Q4 '15
$39 / 50.22
$1
46
96%
AMP Units und
www
Q1 '16
AGP Market V
200 Sof
20
541 / 50.24
$2
SerThreshold
AGP Units Outstanding including Serie
Ad AMP Share Price
Current AM Share Price
6%
94%
Q2 '16
$44/$0.25
53
9%
91%
Q3 '16
Contractual
121
NA
STA!
May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18
Antero Midstream Historical Distribution Split by Entity (3)
DAM DAMGP
Series B
AM Distribution CAGR: 29%
$47 / $0.27
$5
MA
60%
18.5
SINI
150
At 2/23/2018
12%
87%
Yield-Based
Valuation
$50 / 50.28
$7
$0
13
1%
MA
37
MA
M
SNI
20417
16
83%
Transaction
Contractual
Waluation
Q1 17
$5 / $0.30
$11
$1
13
142 AMGP Proposal
327 Current
$17.28 3-Month Average (Current
58.81030-Day Average (Current)
NA 2/23/2018
MA
3-Month Average (at 2/23/2018)
30-Day Average (at 2/23/2018
saySince AMGP IPO Average
6.00%
AM CAGR is calculated from Q1'15 to 01'18. AMGP CAGR is calculated from Q2'17 to Q118 based on initial post-IPO distribution grossed up for full quarter.
AMGP attributable distribution per AM LP unit pre-IPO. AMGP CAFD & declared distribution post-IPO.
530.5
$17.29
1.77x
19%
Period
80%
Q2 17
$60 / 50.32
$5 / $0.05
$1
22%
77%
6117
AMGP Distribution CAGR: 136%
$63/$0.34
$11 / 50.06
$1
24%
748
Spot XR
Q4 17
$68/$0.37
$14/50.08
$1
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
1.632x
1.668
1.380x
2%
01 18
Adj. XR
$73 / $0.39
$20 / 50.11
$2
2%
1.850x
1.788x
1.478x
1.481x
1.850x
1.797x
1.721x
Q2 '18
$71 / $0.42
$20 / 50.11
$2
Source: Company filings, FactSet as of 8/30/2018.
(1) Proposal 8 Premium / (Discount) calculated as premium / (discount) between current proposal (1.775x) and adjusted XR.
(2)
Adjusted to reflect proposed Series B conversion, with AMGP share price calculated as (AMGP equity value + [(AWGP equity value - $2bn) x 68])/(AMGP fully diluted shares outstanding TUDORPICKERING
+18.5mm).
HOLT&COI:
AMGP Proposal
Premium/
Discount
EVERUT NYES MENTA
MERCHANT BANKING
2.7%
0.5%
21.54
13.1%
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