Tudor, Pickering, Holt & Co Investment Banking

AM Illustrative Discounted Future Value AR Base Volumes Case " AM Status Quo Assumptions $46.08 $39.91 0 $35.28 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. $52.36 $45.63 $40.58 2020E $29.74 $59.16 $51.83 $46.33 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE Yield 6.0% 7.0% 8.0% Current Unit Price TUDORPICKERING HOLT&CO EVERGY INVESTMENTS MERCHANT BANKING 15

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