Tudor, Pickering, Holt & Co Investment Banking
Prior vs. Current
Since August 14, 2018 Special Committee Meeting
■Updated materials to reflect most recent AMGP and AM Proposals
0 AMGP Proposal: 1.614x AMGP shares, $3.00 of cash consideration, and a special one-time distribution on the
unaffiliated AM units of $0.415 (All-in exchange ratio of 1.797x)
☐ For post- unitholder tax analysis, cash used to pay taxes and remaining cash assumed to be used to purchase
additional secondary shares
CONFIDENTIAL DRAFT
SUBJECT TO CHANGE
AM Proposal: 1.710x AMGP shares and $3.00 of cash consideration for each AM Unit (All-in exchange ratio of
1.884x)
■ Cash consideration financed by term loan at 5.5% interest rate per company guidance
■ Special distribution taxed as ordinary income
■Updated materials for market prices at close 8/30/2018
TUDORPICKERING
HOLT&CO CHANT BANKING
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