Tudor, Pickering, Holt & Co Investment Banking

AM Illustrative Discounted Future Value AR Downside Volumes Case AM Status Quo Assumptions $41.88 $36.29 0 $32.11 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. $45.83 $39.98 $35.60 2020E $29.74 $49.98 $43.86 $39.27 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE Yield 6.0% 7.0% 8.0% Current Unit Price TUDORPICKERING 17 HOLT&COI: MERCHANT BANKING

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