Tudor, Pickering, Holt & Co Investment Banking

Illustrative Discounted Future Value Pre - Unitholder Tax | SQ AMGP & PF AMGP | AR Base Case & AR Downside Volumes Case SQ AMGP | AR Base Case $31.08 $22.90 $18.23 2019E $26.71 $19.70 $15.69 2019E $37.69 Assumptions $28.01 $22.47 2020E SQ AMGP | AR Downside Volumes Case $30.95 $23.04 $18.52 2020E $44.70 $33.45 Source: Management projections and FactSet as of 8/30/2018. Note: Valuation based on annual distributions. $27.03 $17.281 2021E $35.28 $26.48 $21.45 $17.28 2021E Management projections | Valuation date as of 6/30/18 Future share price calculated at FY1 distributions divided by yield Discounted to 6/30/18 at 10% cost of equity 0 Interim distributions discounted upon receipt to 6/30/18 Yield 4.0% 5.5% 7.0% Current AMGP Share Price Yield 4.0% 5.5% 7.0% Current AMGP Share I 1 I 11 1 I 1 1 PF AMGP | AR Base Case $32.86 $27.59 $23.82 2019E $30.15 $25.31 $21.85 537.33 PF AMGP | AR Downside Volumes Case 2019E $31.55 $27.42 2020E $32.13 $27.18 $23.65 2020E CONFIDENTIAL DRAFT SUBJECT TO CHANGE $42.09 $35.78 $31.27 2021E $32.83 $27.99 $24.53 2021E TUDORPICKERING HOLT&COI: EVERGY INVESTMENTS MERCHANT BANKING Yield 5.0% 6.0% 7.0% Yield 5.0% 7.0% 47 I T I 1 I I I 1 I I I I

View entire presentation