Tudor, Pickering, Holt & Co Investment Banking

Contribution Analysis | AR Downside Volumes Case AMGP DCF Contribution Based On Actual Forecasted Taxes (Including on Series B Cash Flow) (1) (12) Contribution Analysis Implied Ownership 2017A DCF 2018E DCF 2019E DCF 2020E DCF 2021E DCF 2022E DCF 2017A Distributions 2018E Distributions 2019E Distributions 2020E Distributions 2021E Distributions 2022E Distributions 76.1% 70.8% 69.1% 66.2% 65.7% 65.0% 82.9% 75.9% 71.9% 69.4% 67.9% A.M 66.6% AMGP 23.9% 29.2% 30.9% 33.8% 34.3% 35.0% 17.1% 24.1% 28.1% 30.6% 32.1% 33.4% Implied Exchange Ratio | Series B Adjusted (1,2) AMGP Proposal: 1.797x 2017A DCF 2018E DCF 2019E DCF 2020E DCF 2021E DCF 2022E DCF 2017A Distributions 2018E Distributions 2019E Distributions 2020E Distributions 2021E Distributions 2022E Distributions Source Management projections. FactSet as of 8/30/2018 Note: AM DCF calculated as LP interest in EBITOA less interest expense, maintenance capex, and tax withholding reimbursements paid to AR. AMGP DCF calculated as IDR DCF from M DR LLC GBA and cash taxes plus post-tax Series B payments. Note: AM distributions calculated as distributions attributable to LP unitholders. AMGP distributions defined as distributions attributable to IDR, LLC less taxes paid on full distributions available to IDR, LLC GRA Note: Cach taxshield from Series 8 depreciation of -S6mm per year. Impled exchange ratios utilize adjusted AMGP share count of fully diluted AMGP shares outstanding 18.5mm converted Series 8 units. AM Proposal: 1.710x XR and $3.00 cash consideration / unit, AMGP Proposal: 1.614x XR and $3.415 cach consideration / unit. I I I U LL | | II I I U 11 I I I I I TI 11 II AM Proposal: 1.884x 2.421x 2.234x 1.959x 1.919x 1.856x CONFIDENTIAL DRAFT SUBJECT TO CHANGE 2.270x 2.559x 2.115x 1.996x 3.193x 3.158x TUDORPICKERING HOLT&COI: ENERGY INVESTMENTS MERCHANT BANKING 5.364x 28

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