Tudor, Pickering, Holt & Co Investment Banking
Exchange Ratio
Pro Forma Trading
AM Share Price as of 8/30/2018: $29.74
Cash Adj.
AMGP Proposal
Current Adj.
XR
Cash Adj. XR
at AM Proposal
1.797x
1.800x
1.825x
1.850x
1.884x
B
Implied
AM
Ownership
59.7%
59.8%
60.1%
60.5%
61.0%
6.00%
$28.46
$28.50
$28.90
$29.29
$29.83
D
Exchange Ratio Adjusted Implied AM Unit Price
AM
2018E ($1.82)
6.12%
$27.90
$27.94
$28.33
$28.72
$29.24
Source: Company Management, FactSet as of 8/30/2018.
Note: 2018E Dividend / Distribution Yields based on Annualized 2H 2018E dividends / distributions.
(1) Assumes equity ownership based on exchange ratio net of cash credit.
E
2H Annualized 2018E Dividend Yield
PF Mkt Cap Weighted
Yield ($0.95)
5.14%
$33.25
$33.30
$33.76
$34.22
F
$34.85
5.00%
$34.15
$34.20
$34.68
$35.15
$35.79
4.00%
$42.69
$42.75
$43.34
$43.94
$44.74
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
H
AMGP
2018E ($0.61)
3.54%
$48.21
$48.28
$48.95
$49.62
$50.53
TUDORPICKERING 49
HOLT&COCHANT BANKINGView entire presentation