Tudor, Pickering, Holt & Co Investment Banking

Management Projections: AM AR Downside Volumes Case (in millions, unless otherwise noted) Operations & EBITDA Low Pressure (Bcf/d) | Water Handling (MBbls/d) YOY Growth Coverage 1.4 Total LP DCF Total LP Distributions 124 2016A $1.49 $1.03 20164 1.76x Low Pressure Water Delivery Produced Water EBITDA $353 $269 $529 154 40 2017A $1.61 $1.33 DCF and Distributions per Unit LP DCF per Unit T 1.33x $729 $299 $246 178 41 2018E $2.04 2017A 2018E 8%/29% 27%/29% 1.26x $384 $323 $1.72 $851 2.6 2019E $2.40 49 $2.15 2019E 18%/25% 1.16x $452 $404 $1,105 3.1 189 LP Distributions per Unit 2020E $3.02 $2.58 202.0E 26%/20% 68 1.21x $568 $485 $1,229 Source: Management Projections, Company Filings. Note: Operational volumes based on annual average volumes. YoY growth of LP DCF per unit and LP distributions per unit respectively. (2) Coverage ratio calculated as total DCF over total distributions. 172 3.5 2021E $3.33 $2.97 2021E 10%/15% 87 1.14x $627 $559 T $1,409 3.8 2022E 2018E- 2022E CAGR $3.76 $3.42 2022E 13%/15% 1.12x $708 $643 96 I I I 16% I 19% I Capital Expenditures Gathering & Compression Water Handling DEam-out payment $491 $75 $188 $228 2016A 92% $925 2016A $266 $124 $186 $349 2017A 22% 78% $2 2017A $646 Distribution Breakdown $214 $381 2018E 1% 29% $14 69% 2018E $488 $168 $96 $224 2019E 2% AM LPS AMGP (IDRS) □Series B Units 34% 64% $506 2019E $178 $68 $260 2020E 2% 37% 61% CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2020E Stonewall $272 $85 518- $168 2021E 2% 38% 60% Wastewater □MPLX JV 2021E $194 $147 2022E 2% 40% 58% 202 ZE TUDORPICKERING HOLT&COCHANT BANKING 77

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