Tudor, Pickering, Holt & Co Investment Banking

AMGP Illustrative Discounted Future Value AR Downside Volumes Case AMGP Status Quo Assumptions $26.71 0 $19.70 D $15.69 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. Net of Series B value. $30.95 $23.04 $18.52 2020E $35.28 $26.48 $21.45 $17.28 2021E CONFIDENTIAL DRAFT SUBJECT TO CHANGE Yield 4.0% 5.5% 7.0% Current Share Price TUDORPICKERING HOLT&CO ENERGY INVESTMENTS MERCHANT BANKING 24

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