Tudor, Pickering, Holt & Co Investment Banking

AMGP Illustrative Discounted Future Value AR Base Volumes Case " AMGP Status Quo Assumptions $31.08 $22.90 0 $18.23 Management projections Valuation date as of 6/30/18 2019E Future share price calculated at FY1 annual distributions divided by yield Discounted to 6/30/18 at 10% cost of equity Interim distributions discounted upon receipt to 6/30/18 Source: Management projections and FactSet as of 8/30/2018. Note: Valuation based on annual distributions. Net of Series B value. $37.69 $28.01 $22.47 2020E $44.70 $33.45 $27.03 $17.28 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE Yield 4.0% 5.5% 7.0% Current Share Price TUDORPICKERING HOLT&CO MERCHANT BANKING 22

View entire presentation