Exhibit (c)(19)
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Project Rushmore Discussion Materials
March 29th, 2019
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Table of Contents
I. Situation Overview II. Projections Overview III. Abe Financial Analysis IV. Pro Forma Financial Analysis V. Transaction Analysis
Appendix
Cost of Capital
2
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
I. Situation Overview
3
PRELIMINARY CONFIDENTIAL DRAFT Summary of Transaction Terms Subject to Further Review & Revision
Transaction Component Description
Exchange Ratio Detail
Each Abe Common Unit held by public to receive: Current Implied Offer 3/28/2019 3/28/2019
0.500 Ulysses shares Spot Abe Price $30.45 $35.36 Consideration Abe30-Day VWAP $28.80
$7.63 Cash Spot Ulysses Price $55.46 —Spot XR 0.5490x 0.6376x (1)
Taxable transaction to Abe unitholders
Premium to Spot 16.1% Premium to30-Day VWAP 22.8%
Status Quo Abe ownership: Pro Forma Ulysses ownership: Ownership Abe Public Unitholders: 74.7% Abe Public Unitholders: 16.5%(2)
Ulysses: 25.3% Existing Ulysses Shareholders: 83.5%
Transaction requires vote of majority of Abe common unitholders, but no vote of Ulysses shareholders
Termination rights – bilateral rights include if closing not consummated by November 1, 2019 outside date or if Abe unitholders do not approve the transaction
Other Term
Recommendation change provision - Audit Committee is allowed to change its recommendation of the merger agreement in the event of a superior proposal from a third party or an intervening event Voting agreement - Ulysses will agree to vote its Abe units in favor of the proposed transaction
Other Ulysses has discussed with the special committee the likelihood of a 20% distribution cut in the absence of a deal
Source: Company filings, Bloomberg, FactSet as of 3/28/2019. 4 (1) Impliedall-in XR calculated as equity XR of 0.5000x plus $7.63 cash consideration divided by Ulysses share price.
(2) Issuance of shares equivalent to 19.7% of status quo(pre-transaction) Ulysses outstanding shares results in 16.5% Abe public unitholder ownership in pro forma entity.
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Two Year Historical Exchange Ratios
1.20x
1.00x
0.80x
Transaction Consideration: 0.5000x +
$7.63/unit; Implied XR: 0.6376x
0.60x
All-In XR at
Exchange Ratio XR Premium Proposal Spot Current (3/28/2019) 0.5490x 0.6376x 16.1%30-Day 0.5274x 0.6394x 21.2%
0.40x60-Day 0.5370x 0.6394x 19.1% Avg.90-Day 0.5310x 0.6386x 20.3%180-Day 0.6278x 0.6392x 1.8%360-Day 0.7725x 0.6504x (15.8%)
0.20x
Mar-17Jun-17Oct-17Jan-18Apr-18Aug-18Nov-18Feb-19
5
Source: FactSet as of 3/28/2019.
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Challenges Facing Abe Partners
2019E Coverage Net Debt / 2019E EBITDA
2.36x
5.4x 4.9x 5.0x 4.7x 4.7x 4.8x
Average: 4.5x 4.5x 4.6x 4.6x
1.62x 1.59x 4.2x 4.4x 4.4x 4.4x 1.49x 4.1x 4.2x 1.39x 4.0x 4.0x
Average: 1.27x 3.8x
1.30x
1.23x 1.20x 1.20x 1.19x 1.18x
1.08x 1.06x 1.03x 1.03x
1.00x 0.96x 0.91x
SPB NGL TCP KNOP GEL SPH BPL GMLP SUN NS GLP PBFX USAC Abe MMLP SMLP HEP GLOP PBFX SPB HEP NGL MMLP SMLP USAC SPH GMLP NS TCP Abe GLOP SUN GLP KNOP GEL BPL
Yearly Heating Degree Days(1) EBITDA Expectations & Delivery
$708 $700 $700 $700 $700
15-Yr Average: 3,648 $690 $690 $675 $680 $666 $672 $670 $674 $655 $664 $663 $654 $660 $660 $658 $645 $650 $635 $618
$605
4,065 $570
3,743 3,794 3,710 3,824 3,892 3,885 3,673 3,840 3,737 $566 3,565 3,5953,586 3,182 3,183 3,190 $538 $536
2014 2015 2016 2017 2018
03—04—05—06—07—08—09—10—11—12—13—14—15—16—17—18 -
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19E WS Estimate WS Mean Actual Actual Mgmt. Guidance WS Median After Internal Range(2) Estimate Outperform Underperform Range(3) Initial Guidance(4) Budget
Source: Company filings, NOAA, FactSet as of 3/28/2019.
(1) Represents sum of population-weighted daily heating degree days in the continental U.S. across October 1st – March 31st heating season each year.
(2) Range represents estimates immediately prior to release of actuals. 6 (3) Uses guidance provided in FQ4 immediately prior to the guidance year.
(4) Median estimates five days after initial management guidance.
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
II. Projections Overview
7
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Abe Forecasts
(USD in millions, except per share data)
EBITDA DCF(1)
Historical Weather Case—Committee Sensitivity Historical Weather Case Capital Investment Case Capital Investment Case—Committee Sensitivity Updated Abe Case Historical DCF
Updated Abe Case—Management $702 Historical
Abe’19-’23 CAGR: $4.03 $665 $670 $3.96
1.7% $652 $3.88 $3.79 $3.77 $3.81 $641 $643 $3.72 $3.72 $3.69 $619 $625 $3.60 $3.76 $3.80 $606 $610 $634 $615 $3.32 $3.33 $3.59 $3.59 $3.59 $624 $3.54 $610 $615 $606 $551 $597 $543
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E Updated Abe Case 1.15x 1.05x 0.89x 0.88x 0.98x 0.97x 0.98x 0.99x 1.00x 1.00x Historical Weather 1.15x 1.05x 0.89x 0.88x 0.98x 0.97x 0.93x 0.94x 0.94x 0.94x
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2023E Case Coverage
Capital Investment 1.15x 1.05x 0.89x 0.88x 0.98x 0.97x 0.95x 0.99x 1.02x 1.06x
Case Coverage
DCF and Distributions with Coverage/Leverage Targets
1.2x 2019E Coverage, Flat Distribution Thereafter Subject to 4.0x Leverage
Updated Abe Case Historical Weather Capital Investment
DCF Targeted Dist. DCF Targeted Dist. DCF Targeted Dist.
$4.14 $3.98 $3.92 $3.95 $3.86 $3.80 $3.77 $3.80 $3.80 $3.71 $3.80 $3.71 $3.75 $3.70 $3.67 $3.68 $3.72 $3.59 $3.61 $3.72 $3.72 $3.45
$3.08 $3.08 $3.08 $3.08 $3.08 $3.08 $3.08 $3.08 $3.08 $3.08 $3.07 $3.07 $3.07 $3.07
2018A 2019E 2020E 2021E 2022E 2023E 2018A 2019E 2020E 2021E 2022E 2023E 2018A 2019E 2020E 2021E 2022E 2023E 0.98x 1.20x 1.22x 1.25x 1.27x 1.29x 0.98x 1.20x 1.16x 1.19x 1.20x 1.22x 0.98x 1.20x 1.18x 1.24x 1.29x 1.20x
8 Source: Management.
(1) Assumes $3.80/unit annual distribution.
PRELIMINARY CONFIDENTIAL DRAFT Ulysses Forecasts Subject to Further Review & Revision
Incorporating Updated Abe Case
(USD in millions, except per share data)
EBITDA – Ulysses 4 + 8 Management Case EBITDA – Ulysses Downside Committee Sensitivity
Historical Ulysses Utilities Ulysses’19-’22 Historical Ulysses Utilities Ulysses’19-’22 Abe Propane Ulysses International CAGR: 8.3% Abe Propane Ulysses International CAGR: 5.9% Midstream & Marketing Corporate and other Midstream & Marketing Corporate and other $1,861 Misc. Income WSC $1,766 Misc. Income WSC $1,740 $1,653 $1,650 $1,520 $312 $1,520 $1,547 $1,421 $1,467 $283 $1,421 $1,467 $236 $1,369 $1,389 $242 $1,369 $1,389 $175 $210 $1,209 $160 $1,209 $160 $465 $491 $446 $432 $392 $422 $376 $376
$634 $643 $634 $643 $610 $625 $610 $625
$314 $350 $389 $420 $314 $350 $389 $420
-$12 -$10 -$10 -$11 -$12 -$10 -$10 -$11 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
WSC $1,335 $1,629 $1,698 $1,750 WSC $1,335 $1,629 $1,698 $1,750
Adjusted EPS(1) and Dividends Per Share CapEx
4 + 8 Case EPS Downside EPS Maintanence & Growth Capex Acquisitions
Historical EPS WSC EPS DPS $3.63 $3.37 $3.07 $3.20 $3.36 $2.74 $2.68 $923 $3.05 $844 $2.29 $3.13 $782 $775 $2.02 $2.01 $2.05 $2.90 $725 $753 $719 $15 $15 $2.47 $2.64 $666 $10 $2.47 $448 $102 $187 $1.20 $1.25 $1.30 $61 $0.98 $1.02 $1.10 $474 $0.89 $0.93 $0.71 $37 $753 $760 $829 $709 $605 $624 $594 $436 $475
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Ending Cash $436 $439 $518 $568 $462 $409 $426 $462 $462 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Balance
Source: Management and Wall Street consensus estimates. 9 (1) Adjustments to GAAP EPS include losses/gains on commodity derivatives and foreign currency derivatives, extinguishments of debt and associated costs, gains and expenses associated with acquisitions, impairment of tradenames and trademarks, and changes in tax law.
PRELIMINARY CONFIDENTIAL DRAFT
PF Ulysses Management Projections Subject to Further Review & Revision
Updated Abe Case
(USD in millions, except per share data)
EBITDA - Ulysses 4 + 8 Case EBITDA - Ulysses Downside Committee Sensitivity
Ulysses’19-’22
Historical Ulysses Utilities CAGR: 9.9% Historical Ulysses Utilities Ulysses’19-’22 Abe Propane Ulysses International Abe Propane Ulysses International CAGR: 7.5% Midstream & Marketing Corporate and other $1,948 Midstream & Marketing Corporate and other Misc. Income Incremental Acquisitions Misc. Income Incremental Acquisitions Synergies $1,817 Synergies $1,828 $1,674 82 $1,702
47 $1,567 82 $1,520 $1,469 15 312 $1,520 $1,469 47 $1,369 $1,389 $1,421 283 $1,369 $1,389 $1,421 15 236 242 210 $1,209 $1,209 175 160 491 160 465 422 446 432 392 376 376
634 643 634 643 610 625 610 625
314 350 389 420 314 350 389 420 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Adjusted EPS(1) and Dividends Per Share CapEx
Maintanence & Growth Capex Acquisitions
DPS Base Downside Historical
$3.32 $3.59 $1,146 $3.02 $1,042 $2.74 $923 $956 $317 $2.47 $866 $2.29 $3.17 $782 $282 $2.02 $2.01 $2.05 $2.93 $725 $113 $246 $2.66 $666 $2.47 $448 $187 $1.30 $61 $102 $1.20 $1.25 $474 $0.98 $1.02 $1.10 $0.89 $0.93 $0.71 $37 $753 $760 $829 $709 $605 $624 $594 $436 $475
2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Ending Cash $436 $439 $518 $568 $462 $409 $503 $624 $712 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E
Balance
Source: Management and Wall Street consensus estimates.
Note: Each outstanding public Abe common unit exchanged for 0.5000x Ulysses shares and $7.63 / per unit cash consideration. 10 (1) Adjustments to GAAP EPS include losses/gains on commodity derivatives and foreign currency derivatives, extinguishments of debt and associated costs, gains and expenses associated with acquisitions, impairment of tradenames and trademarks, and changes in tax law.
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
III. Abe Financial Analysis
11
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Selected Publicly Traded Company Metrics
(USD in millions, except per share data)
A B C D E F G H I J K L M N O P
Enterprise Value / EBITDA Price / DCF/Unit Distribution Yield Distribution Metrics Debt Metrics
Low Growth MLPs(1)
Unit (Share) Price Total Equity Market Value Enterprise Value Distribution CAGR 2019E to 2022E 2019E Coverage(2) Net Debt / 2019E EBITDA S&P Credit Company Name 2018A 2019E 2020E 2018A 2019E 2020E Current 2019E Rating Buckeye Partners LP $34.06 $5,294 $10,051 10.0x 11.4x 10.5x 8.2x 9.2x 8.4x 8.8% 8.8% 2.3% 1.23x 5.4xBBB-GasLog Partners LP 22.39 1,087 2,730 11.7x 9.9x 9.5x 6.2x 10.8x 11.3x 9.8% 10.0% 0.6% 0.91x 4.7x NA Genesis Energy LP 23.07 2,836 7,046 10.6x 10.1x 9.5x 9.3x 7.8x 7.1x 9.5% 9.5% 0.0% 1.39x 5.0x B+ Global Partners LP 19.37 685 1,790 5.8x 8.3x 8.1x 5.5x 7.6x 7.4x 10.3% 10.3% 0.0% 1.18x 4.8x B+ Golar LNG Partners LP 12.92 989 2,214 8.5x 8.6x 8.6x 6.9x 4.7x 4.8x 12.5% 12.5% 0.0% 1.20x 4.4x NA Holly Energy Partners LP 27.13 2,866 4,420 12.7x 12.3x 11.9x 10.5x 10.1x 9.9x 9.8% 10.0% 1.0% 0.96x 4.0x Ba3 KNOT Offshore Partners LP 18.94 657 1,782 8.2x 8.5x 8.5x 7.0x 7.1x 7.1x 11.0% 11.0% 0.0% 1.49x 4.9x NA Martin Midstream Partners LP 12.68 513 1,174 9.5x 7.4x 7.0x 9.5x 5.9x 6.3x 15.8% 15.8% 0.0% 1.03x 4.2x B NGL Energy Partners LP 13.86 1,758 4,221 10.3x 8.4x 7.7x 8.8x 6.2x 6.3x 11.3% 11.3% 2.7% 1.62x 4.1x B+ NuStar Energy LP 26.81 3,534 7,965 12.0x 11.6x 10.8x 7.8x 9.4x 8.3x 9.0% 9.0% 0.0% 1.19x 4.5x BB PBF Logistics LP 21.15 1,186 2,016 11.6x 11.5x 10.4x 9.6x 9.2x 8.6x 9.5% 9.8% 2.4% 1.08x 3.8x NA Summit
Midstream Partners LP 9.68 804 2,395 8.1x 7.9x 7.4x 4.5x 4.4x 4.0x 23.8% 11.9% 0.0% 1.00x 4.2xBB-Sunoco LP 31.10 3,321 6,273 9.8x 10.0x 9.8x 7.0x 8.4x 8.4x 10.6% 10.6% 0.0% 1.20x 4.7xBB-TC PipeLines LP 37.53 2,802 4,995 9.5x 11.1x 11.0x 12.0x 8.2x 7.7x 6.9% 6.9% 0.0% 1.59x 4.6xBBB-USA Compression Partners LP 15.69 1,535 3,787 11.8x 9.3x 8.6x 6.7x 6.9x 6.8x 13.4% 13.4% 0.0% 1.06x 4.4x B+
Low $513 $1,174 5.8x 7.4x 7.0x 4.5x 4.4x 4.0x 6.9% 6.9% 0.0% 0.91x 3.8x Mean $1,991 $4,191 10.0x 9.8x 9.3x 8.0x 7.7x 7.5x 11.5% 10.7% 0.6% 1.21x 4.5x Median $1,535 $3,787 10.0x 9.9x 9.5x 7.8x 7.8x 7.4x 10.3% 10.3% 0.0% 1.19x 4.5x High $5,294 $10,051 12.7x 12.3x 11.9x 12.0x 10.8x 11.3x 23.8% 15.8% 2.7% 1.62x 5.4x
Propane Distributors(4)
Ferrellgas Partners LP $1.32 $128 $2,163 8.9x 9.2x 8.9x NM NM NM NM NM NA NA 8.7x CCC Suburban Propane Partners LP 22.30 1,397 2,671 9.4x 9.3x 9.2x 7.0x 7.0x 6.8x 10.8% 10.8% 5.1% 1.30x 4.4xBB-Superior Plus Corporation(3) 8.53 1,509 2,896 10.4x 8.3x 7.9x 5.9x 6.7x 6.4x 6.3% 6.3% 0.0% 2.36x 4.0x BB
Low $128 $2,163 8.9x 8.3x 7.9x 5.9x 6.7x 6.4x 6.3% 6.3% 0.0% 1.30x 4.0x Mean $1,011 $2,577 9.6x 8.9x 8.7x 6.5x 6.9x 6.6x 8.5% 8.5% 2.6% 1.83x 5.7x Median $1,397 $2,671 9.4x 9.2x 8.9x 6.5x 6.9x 6.6x 8.5% 8.5% 2.6% 1.83x 4.4x High $1,509 $2,896 10.4x 9.3x 9.2x 7.0x 7.0x 6.8x 10.8% 10.8% 5.1% 2.36x 8.7x
Abe Partners, L.P. (WS) $30.45 $3,236 $6,114 10.1x 9.6x 9.5x 8.2x 7.9x 7.8x 12.5% 12.5% (2.4%) 1.03x 4.5x NA Abe Partners, L.P. (Updated Abe Case) 10.1x 10.0x 9.8x 8.2x 8.2x 8.2x 12.5% 12.5% 0.0% 0.97x 4.6x NA At Transaction (WS Estimates) $35.36 $3,297 $6,572 10.9x 10.3x 10.2x 9.6x 9.1x 9.0x 10.7% 10.7% 0.0% 1.03x 4.5x NA At Transaction (Updated Abe Case) $35.36 $3,297 $6,572 10.9x 10.8x 10.5x 9.6x 9.6x 9.5x 10.7% 10.7% 0.0% 0.97x 4.6x NA
Source: Company forecasts & filings, investor presentations, Wall Street research and estimates as compiled by FactSet as of 3/28/2019. (1) Low growth group defined as MLPs below 5% 2019E-2022E distribution CAGR and with enterprise value between $1.0 BB and $10 BB.
(2) Coverage defined as distributable cash flow divided by total distributions to GP and LP. 12 (3) Uses exchange rate of 0.7448 USD per CAD.
(4) Propane distributor Equity Value / DCF and Yield metrics exclude Ferrellgas from group median.
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Select Propane Transactions
A B C D E F G H I
Date Transaction EBITDA EBITDA Purchase Price / Purchase Price / Buyer Seller Asset Announced Value ($MM) LTM FY1/NTM LTM EBITDA NTM EBITDA
5/30/2018 Superior Plus Corporation NGL Energy Partners LP Retail Propane Operations 900 85 84 10.5x (1) 10.7x 11/7/2017 DCC LPG NGL Energy Partners LP Retail West 200 25 28 8.0x 7.1x
7/24/2017 SHV Energy American Midstream Partners Pinnacle Propane 170 24 19 7.0x 9.0x 2/13/2017 Superior Plus Corporation Gibson Energy Canwest Propane 412 38 33 10.8x 12.3x 6/23/2016 World Fuel Services PAPCO, Associated Petroleum Products Misc. Fuel Services 230 NA 38 NA 6.0x 5/19/2015 DCC LPG Shell Butagaz 517 139 136 3.7x 3.8x 7/2/2014 UGI Corp. Total SA Totalgaz SNC 580 NA 95 NA 6.1x 4/26/2012 Suburban Propane Partners Inergy Retail Propane Assets 1,800 197 NA 9.1x NA 10/17/2011 AmeriGas Partners, L.P. Energy Transfer Partners Heritage Propane Operations 2,890 253 325 11.4x 8.9x 1/4/2010 Inergy Sterling Partners Liberty Propane 223 NA 36 NA 6.2x 11/18/2004 Inergy Star Gas Partners LP Star Gas Propane 475 49 50 9.6x 9.5x 4/20/2004 Ferrellgas Blue Rhino—343 34 44 10.0x 7.8x 12/23/2003 Suburban Propane Partners Agway Energy—206 41 34 5.0x 6.0x 11/7/2003 Energy Transfer Company Ltd. Heritage Propane Partners—980 90 119 10.9x 8.3x 1/31/2001 AmeriGas Partners, L.P. NiSource Columbia Propane 216 NA NA NA NA
Low $170 $24 $19 3.7x 3.8x Mean $676 $89 $80 8.7x 7.8x Median $412 $49 $44 9.6x 7.8x High $2,890 $253 $325 11.4x 12.3x
>$1B Mean $2,345 $225 $325 10.3x 8.9x
>$1B Median $2,345 $225 $325 10.3x 8.9x
At Transaction Ulysses Abe $6,572 $622 $610 10.6x 10.8x
13 Source: Company filings, Wall Street research, IHS Market.
(1) Transaction multiple before acquisition synergies; 8.2x synergy adjusted multiple.
PRELIMINARY CONFIDENTIAL DRAFT Abe DCF Analysis Subject to Further Review & Revision
Updated Abe Case | Valuation Effective Date: 3/31/2019 Abe Current Unit Price: $30.45
Implied Transaction Value: $35.36
Discounted Levered DCF Analysis Discounted Levered DCF Analysis
Abe Levered LP DCF | $3.80 Annual Dist. Policy Abe Levered LP DCF | Targeted Leverage & Coverage Policy
2023E DCF Multiple 2023E DCF Multiple
$33 6.0x 8.0x 10.0x $34 6.0x 8.0x 10.0x
8.0% $28.98 $34.81 $40.63 8.0% $29.97 $36.04 $42.12
Rate Rate
Discount 10.0% $27.55 $33.01 $38.47 Discount 10.0% $28.47 $34.17 $39.87 12.0% $26.22 $31.35 $36.47 12.0% $27.09 $32.44 $37.79
Discounted Distribution Analysis Discounted Distribution Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Abe LP Distributions | Targeted Leverage & Coverage Policy
2023E Distribution Yield 2023E Distribution Yield
###### 13.0% 10.5% 8.0% ###### 13.0% 10.5% 8.0%
8.0% $33.99 $39.30 $47.94 8.0% $27.56 $31.87 $38.88
RateRate
Discount 10.0% $32.24 $37.23 $45.33 Discount 10.0% $26.15 $30.19 $36.76 12.0% $30.63 $35.31 $42.92 12.0% $24.84 $28.64 $34.81
PV of Illustrative Future Unit Price Analysis PV of Illustrative Future Unit Price Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Yield Abe LP Distributions | Targeted Leverage & Coverage Policy $46.48 Yield $47.14 $45.88 $45.33
8.0% $37.70 8.0% $36.36 $36.68 $36.97 $37.23 $38.23 $37.21 $36.76 $31.48 $32.24 10.5% 10.5% $29.73 $30.65 $29.75 $29.98 $30.19 $29.49 $30.45 $30.45
13.0% 13.0% Current $24.85 $25.53 Current $26.15
Price $24.11 Price
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
PV of Illustrative Future Share Price Assumptions
Management projections Illustrative future share price calculated at FY1 annual distributions Valuation date as of 3/31/19 divided by yield
Discounted to 3/31/19 at 10% cost of equity 14 Source: Management projections and Factset as of 3/28/2019. Interim distributions discounted upon receipt to 3/31/19
PRELIMINARY CONFIDENTIAL DRAFT Abe DCF Analysis Subject to Further Review & Revision
Abe Historical Weather Case | Valuation Effective Date: 3/31/2019 Abe Current Unit Price: $30.45
Implied Transaction Value: $35.36
Discounted Levered DCF Analysis Discounted Levered DCF Analysis
Abe Levered LP DCF | $3.80 Annual Dist. Policy Abe Levered LP DCF | Targeted Leverage & Coverage Policy
2023E DCF Multiple 2023E DCF Multiple
$31 6.0x 8.0x 10.0x $32 6.0x 8.0x 10.0x
8.0% $27.45 $32.93 $38.41 8.0% $28.52 $34.26 $40.01
RateRate
Discount 10.0% $26.10 $31.23 $36.37 Discount 10.0% $27.10 $32.49 $37.88 12.0% $24.84 $29.67 $34.49 12.0% $25.79 $30.85 $35.91
Discounted Distribution Analysis Discounted Distribution Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Abe LP Distributions | Targeted Leverage & Coverage Policy
2023E Distribution Yield 2023E Distribution Yield
###### 13.0% 10.5% 8.0% ###### 13.0% 10.5% 8.0%
8.0% $33.99 $39.30 $47.94 8.0% $27.56 $31.87 $38.88
Rate Discount 10.0% $32.24 $37.23 $45.33 10.0% $26.15 $30.19 $36.76 12.0% $30.63 $35.31 $42.92 12.0% $24.84 $28.64 $34.81
PV of Illustrative Future Unit Price Analysis PV of Illustrative Future Unit Price Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Yield Abe LP Distributions | Targeted Leverage & Coverage Policy
Yield $47.14 $46.48 $45.88 $45.33
8.0% 8.0% $36.68 $36.97 $37.23 $38.23 $37.70 $37.21 $36.76 $36.36 $32.24 10.5% 10.5% $30.65 $31.48 $29.73 $29.49 $29.75 $29.98 $30.19 $30.45 $30.45
13.0% 13.0% Current $25.53 Current $26.15
Price $24.85 $24.11 Price
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
PV of Illustrative Future Share Price Assumptions
Management projections Illustrative future share price calculated at FY1 annual distributions Valuation date as of 3/31/19 divided by yield
Discounted to 3/31/19 at 10% cost of equity 15 Source: Management projections and Factset as of 3/28/2019. Interim distributions discounted upon receipt to 3/31/19
PRELIMINARY CONFIDENTIAL DRAFT Abe DCF Analysis Subject to Further Review & Revision
Abe Capital Investment Case | Valuation Effective Date: 3/31/2019 Abe Current Unit Price: $30.45
Implied Transaction Value: $35.36
Discounted Levered DCF Analysis Discounted Levered DCF Analysis
Abe Levered LP DCF | $3.80 Annual Dist. Policy Abe Levered LP DCF | Targeted Leverage & Coverage Policy
2023E DCF Multiple 2023E DCF Multiple
$34 6.0x 8.0x 10.0x $35 6.0x 8.0x 10.0x
8.0% $29.94 $36.10 $42.26 8.0% $30.63 $36.98 $43.33
RateRate
Discount 10.0% $28.44 $34.22 $39.99 Discount 10.0% $29.09 $35.05 $41.00 12.0% $27.05 $32.47 $37.90 12.0% $27.67 $33.26 $38.85
Discounted Distribution Analysis Discounted Distribution Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Abe LP Distributions | Targeted Leverage & Coverage Policy
2023E Distribution Yield 2023E Distribution Yield
###### 13.0% 10.5% 8.0% ###### 13.0% 10.5% 8.0%
8.0% $33.99 $39.30 $47.94 8.0% $29.68 $34.51 $42.35
RateRate
Discount 10.0% $32.24 $37.23 $45.33 Discount 10.0% $28.14 $32.66 $40.02 12.0% $30.63 $35.31 $42.92 12.0% $26.71 $30.96 $37.86
PV of Illustrative Future Unit Price Analysis PV of Illustrative Future Unit Price Analysis
Abe LP Distributions | $3.80 Annual Dist. Policy Yield Abe LP Distributions | Targeted Leverage & Coverage Policy
Yield $47.14 $46.48 $45.88 $45.33 8.0% $37.54 $40.02 8.0% $36.36 $36.68 $36.97 $37.23 $38.07 $37.05 $31.48 $32.24 10.5% $32.66 10.5% $29.73 $30.65 $29.62 $29.85 $29.36 $30.45 13.0% $30.45 $28.14 13.0% Current $24.75 $25.43 Current Price $24.01 Price
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
PV of Illustrative Future Share Price Assumptions
Management projections Illustrative future share price calculated at FY1 annual distributions Valuation date as of 3/31/19 divided by yield
Discounted to 3/31/19 at 10% cost of equity 16 Source: Management projections and Factset as of 3/28/2019. Interim distributions discounted upon receipt to 3/31/19
PRELIMINARY CONFIDENTIAL DRAFT Summary of Financial Analyses Subject to Further Review & Revision
Updated Abe Case | Management
Current Offer at $35.36
Dividend Discount Model $3.80 Distribution $30.63 $47.94
Targeted Distribution $24.84 $38.88
Discounted Cash Flow
Analysis $3.80 Distribution $26.22 $40.63
Value
Targeted Distribution $27.09 $42.12
Present PV of Illustrative Future
Unit Price $3.80 Distribution $29.73 $47.14
Targeted Distribution $24.11 $38.23 Reference Multiple
Low Median High
Public Market (Trading) 2018A $37.19 $21.39 5.7x 7.0x 10.0x
2019E $19.92 $35.72 5.4x 7.6x 9.7x
P/DCF at $3.80 Distribution(1)
2020E $21.05 $34.01 5.7x 7.1x 9.1x Metrics 2019E $20.00 $35.87 5.4x 7.6x 9.7x
Market P/DCF at Targeted Distribution(1)
2020E $21.32 $34.45 5.7x 7.1x 9.1x
Private Market (Transactions) LTM $11.59 $41.09 7.0x 10.0x 11.4x
Transaction Value / EBITDA(2)(3)
NTM $4.37 $45.88 6.0x 8.3x 12.3x
Source: Management projections and Factset as of 3/28/2019.
(1) Upper and lower bounds represents the 90th and 10th percentile, respectively, of the Propane andLow-Growth MLP peer group. 17 (2) GP / IDR value estimated by taking current GP/IDR distributions capitalized by Abe’s current yield.
(3) Excludes Shell (Butagaz)/DCC LPG and Agway/Suburban deals as outliers.
PRELIMINARY CONFIDENTIAL DRAFT Summary of Financial Analyses Subject to Further Review & Revision
Abe Historical Weather Case | Committee Sensitivity
TUDORPICKERING HOLT$CO ENERGY INVESTMENT $ MERCHANT BANKING
Current Offer at $35.36
Dividend Discount Model $3.80 Distribution $30.63 $47.94
Targeted Distribution $24.84 $38.88
Analysis Discounted Cash Flow $3.80 Distribution $24.84 $38.41
Value
Targeted Distribution $25.79 $40.01
Present PV of Illustrative Future Unit Price $3.80 Distribution $29.73 $47.14
Targeted Distribution $24.11 $38.23 Reference Multiple
Low Median High
Public Market (Trading)
2018A $21.39 $37.19 5.7x 7.0x 10.0x
2019E $19.92 $35.72 5.4x 7.6x 9.7x
P/DCF at $3.80 Distribution(1)
2020E $19.99 $32.30 5.7x 7.1x 9.1x Metrics 2019E $20.00 $35.87 5.4x 7.6x 9.7x
Market P/DCF at Targeted Distribution(1)
2020E $20.40 $32.96 5.7x 7.1x 9.1x
Private Market (Transactions)
LTM $11.59 $41.09 7.0x 10.0x 11.4x
Transaction Value / EBITDA(2)(3)
NTM $3.92 $44.96 6.0x 8.3x 12.3x
Source: Management projections and Factset as of 3/28/2019.
(1) Upper and lower bounds represents the 90th and 10th percentile, respectively, of the Propane andLow-Growth MLP peer group. 18 (2) GP / IDR value estimated by taking current GP/IDR distributions capitalized by Abe’s current yield.
(3) Excludes Shell (Butagaz)/DCC LPG and Agway/Suburban deals as outliers.
PRELIMINARY CONFIDENTIAL DRAFT Summary of Financial Analyses Subject to Further Review & Revision
Abe Capital Investment Case | Committee Sensitivity
Current Offer at $35.36
TUDORPICKERING HOLT$CO ENERGY INVESTMENT $ MERCHANT BANKING
Dividend Discount Model $3.80 Distribution $30.63 $47.94
Targeted Distribution $26.71 $42.35
Analysis Discounted Cash Flow $3.80 Distribution $27.05 $42.26
Value
Targeted Distribution $27.67 $43.33
Present PV of Illustrative Future Unit Price $3.80 Distribution $29.73 $47.14
Targeted Distribution $24.01 $40.02 Reference Multiple
Low Median High
Public Market (Trading) 2018A $21.39 $37.19 5.7x 7.0x 10.0x
2019E $19.92 $35.72 5.4x 7.6x 9.7x
P/DCF at $3.80 Distribution(1)
2020E $20.38 $32.93 5.7x 7.1x 9.1x Metrics 2019E $19.92 $35.72 5.4x 7.6x 9.7x
Market P/DCF at Targeted Distribution(1)
2020E $20.49 $33.11 5.7x 7.1x 9.1x
Private Market (Transactions)
LTM $11.59 $41.09 7.0x 10.0x 11.4x
Transaction Value / EBITDA(2)(3)
NTM $4.21 $45.55 6.0x 8.3x 12.3x
Source: Management projections and Factset as of 3/28/2019.
(1) Upper and lower bounds represents the 90th and 10th percentile, respectively, of the Propane andLow-Growth MLP peer group. 19 (2) GP / IDR value estimated by taking current GP/IDR distributions capitalized by Abe’s current yield.
(3) Excludes Shell (Butagaz)/DCC LPG and Agway/Suburban deals as outliers.
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
IV. Pro Forma Financial Analysis
TUDORPICKERING HOLT$CO ENERGY INVESTMENT $ MERCHANT BANKING
20
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Selected Publicly Traded Company Metrics
(USD in millions, except per share data)
A B C D E F G H I J K L M N O P Q
LDCs EV / EBITDA Price / Earnings Price / CFPS Dividend Metrics Debt Metrics
Share Total Equity Enterprise Payout Div. CAGR Net Debt / S&P Credit LT EPS Company Name Price Value Value 2019E 2020E 2019E 2020E 2019E 2020E Current 2019E Ratio(2) 19E to ‘21E(3) EBITDA Rating Growth Rate Atmos Energy $102.48 $12,035 $15,502 13.1x 11.9x 23.4x 22.0x 13.2x 11.5x 2.0% 2.0% 38.7% 8.0% 2.9x A 6.0% Chesapeake Utilities Corporation 91.16 1,505 2,152 14.5x 13.5x 24.7x 23.2x NA NA 1.6% 1.7% 40.4% 9.9% 4.4x NA 8.0% NiSource Inc 28.54 10,683 20,643 12.3x 11.6x 21.8x 20.5x 9.0x 8.7x 2.8% 2.8% 61.5% 6.7% 5.4x BBB+ 6.0% New Jersey Resources Corporation 49.81 4,443 5,908 21.5x(1) 19.6x (1) 24.8x 23.0x 18.5x 15.7x 2.3% 2.4% 40.1% NA 5.3x NA 7.0% Northwest Natural Holding Co. 65.50 1,905 2,880 12.6x 11.6x 27.7x 26.0x 11.3x 11.4x 2.9% 2.9% 85.1% 0.7% 4.3x A+ 4.5% ONE Gas Inc 89.09
4,713 6,288 13.3x 12.5x 25.9x 24.7x 13.2x 12.5x 2.2% 2.2% 61.6% 7.7% 3.3x A 5.0% Spire Inc 82.07 4,523 7,174 14.2x 13.2x 22.0x 21.1x 11.7x 11.4x 2.9% 2.9% 55.1% 5.1% 5.2xA- 3.4% Southwest Gas Holdings Inc 82.59 4,416 6,720 10.0x 9.3x 21.3x 19.7x 8.7x 8.3x 2.6% 2.6% 59.2% 6.9% 3.3x BBB+ 7.0%
Low $1,505 $2,152 10.0x 9.3x 21.3x 19.7x 8.7x 8.3x 1.6% 1.7% 38.7% 0.7% 2.9x 3.4% Mean $5,528 $8,408 12.9x 11.9x 24.0x 22.5x 12.2x 11.4x 2.4% 2.5% 55.2% 6.4% 4.3x 5.9% Median $4,483 $6,504 13.1x 11.9x 24.1x 22.5x 11.7x 11.4x 2.5% 2.5% 57.1% 6.9% 4.3x 6.0% <60% Payout Ratio Median $4,443 $6,720 13.7x 12.5x 23.4x 22.0x 12.5x 11.5x 2.3% 2.4% 40.4% 7.4% 4.4x 7.0% High $12,035 $20,643 14.5x 13.5x 27.7x 26.0x 18.5x 15.7x 2.9% 2.9% 85.1% 9.9% 5.4x 8.0%C-Corp Midstream EV / EBITDA Price / Earnings Price / DCF/Unit Dividend (Distribution) Metrics Debt Metrics
Unit (Share) Market Enterprise 2019E Div. CAGR 2019E S&P Credit 19E to ‘22E Company Name Price Value Value 2019E 2020E 2019E 2020E 2019E 2020E Current 2019E Coverage(5) ‘19E to ‘22E EBITDA Rating DCF CAGR Enbridge Inc $36.63 $74,200 $130,918 13.4x 12.5x 19.5x 18.3x 10.1x 9.7x 6.0% 6.1% 1.5x 3.2% 4.9x BBB+ 7.4% Kinder Morgan Inc 19.95 45,422 79,588 10.2x 9.9x 20.3x 19.0x 9.1x 8.5x 4.0% 5.0% 2.2x 11.3% 4.3x BBB NA SemGroup Corporation 14.64 1,336 3,455 7.9x 7.1x NM 39.6x 5.0x 4.7x 12.9% 12.9% 1.6x 2.0% 4.0x B+ 5.2% Targa Resources Corp. 40.99 9,687 15,942 11.7x 9.1x NM 45.0x 11.5x 7.6x 8.9% 8.9% 1.0x 3.5% 3.5x BB 21.5% Tallgrass Energy LP 24.76 7,014 10,720 11.0x 12.0x 13.4x 16.8x 10.1x 9.9x 8.4% 8.7% 1.3x 4.9% 3.3xBBB- 0.3% Williams Companies Inc 28.66 35,697 59,315 11.8x 11.1x 30.6x 26.8x 11.1x 10.4x 4.7% 5.3% 1.7x 9.3% 4.4x BBB 26.9%
Low $1,336 $3,455 7.9x 7.1x 13.4x 16.8x 5.0x 4.7x 4.0% 5.0% 1.0x 2.0% 3.3x 0.3% Mean $28,893 $49,990 11.0x 10.3x 21.0x 27.6x 9.5x 8.4x 7.5% 7.8% 1.5x 5.7% 4.1x 12.2% Median $22,692 $37,629 11.4x 10.5x 19.9x 22.9x 10.1x 9.1x 7.2% 7.4% 1.5x 4.2% 4.2x 7.4% High $74,200 $130,918 13.4x 12.5x 30.6x 45.0x 11.5x 10.4x 12.9% 12.9% 2.2x 11.3% 4.9x 26.9% Propane Distributors(6) EV / EBITDA Price / Earnings Price / DCF/Unit Dividend (Distribution) Metrics Debt Metrics
Abe Partners $30.45 $3,236 $6,114 9.6x 9.5x 12.7x 12.4x 7.9x 7.8x 12.5% 12.5% 1.0x (2.4%) 4.5x NA 1.8% Ferrellgas Partners LP 1.32 128 2,163 9.2x 8.9x NM NM NM NM NM NM NA NA 8.7x CCC 44.7% Suburban Propane Partners LP 22.30 1,397 2,671 9.3x 9.2x 16.6x 15.6x 7.0x 6.8x 10.8% 10.8% 1.3x 5.1% 4.4xBB- 3.9% Superior Plus Corporation(7) 8.53 1,509 2,896 8.3x 7.9x 18.3x 15.0x 6.7x 6.4x 6.3% 6.3% 2.4x 0.0% 4.0x BB 4.8%
Low $128 $2,163 8.3x 7.9x 12.7x 12.4x 6.7x 6.4x 6.3% 6.3% 1.0x (2.4%) 4.0x 1.8% Mean $1,567 $3,461 9.1x 8.9x 15.9x 14.3x 7.2x 7.0x 9.8% 9.8% 1.6x 0.9% 5.4x 13.8% Median $1,453 $2,784 9.2x 9.1x 16.6x 15.0x 7.0x 6.8x 10.8% 10.8% 1.3x 0.0% 4.5x 4.4% High $3,236 $6,114 9.6x 9.5x 18.3x 15.6x 7.9x 7.8x 12.5% 12.5% 2.4x 5.1% 8.7x 44.7%
Ulysses Corporation (WS) $55.46 $9,871 $16,379 12.3x 10.1x 21.1x 18.2x 10.3x (4) 8.6x (4) 1.9% 2.0% 28.1% 5.4% 3.3x NA 8.0% Ulysses Corporation (Mgmt.) 11.2x 9.9x 22.5x 18.1x 9.0x (4) 7.8x (4) 1.9% 2.0%35-45% 4.0% 3.0x NA6-10%
Source: Company forecasts & filings, investor presentations, Wall Street research and estimates as compiled by FactSet as of 3/28/2019. (4) P/CFPS shown for Ulysses.
(1) New Jersey Resources Corporation 2019E and 2020E EBITDA multiples are excluded from (5) Coverage defined as distributable cash flow divided by total distributions. summary statistics due to disproportionately high multiples resulting from investment tax (6) Propane distributor Equity Value / DCF and Yield metrics exclude Ferrellgas from group credit benefits for the company’s solar assets. median. 21 (2) Payout ratio defined as last quarter dividend divided by LTM earnings. (7) Uses exchange rate of 0.7448 USD per CAD.
(3) CAGR estimated ends at 2021E due to insufficient Wall Street research estimates for 2022E.
PRELIMINARY CONFIDENTIAL DRAFT
PF Ulysses DCF Analysis | Updated Abe Case Subject to Further Review & Revision
Valuation Effective Date: 3/31/2019
Ulysses 4 + 8 Case | Unlevered Disc. Cash Flow(1,2) Analysis Ulysses 4 + 8 Case | Levered DCF Analysis
Ulysses SQ Dividends Policy
2022E Terminal Multiple 2022E Price/Earnings Multiple
$64 8.5x 10.0x 11.5x $65 17.0x 20.0x 23.0x Rate 4.50% $52.92 $65.20 $77.47 Rate 5.00% $56.84 $66.37 $75.90 5.25% $51.63 $63.68 $75.74 5.75% $55.86 $65.23 $74.59 Discount 6.00% $50.37 $62.21 $74.06 Discount 6.50% $54.91 $64.11 $73.31
Committee Downside EPS Sensitivity| Unlevered Disc. Cash Flow(1,2) Committee Downside EPS Sensitivity| Levered DCF Analysis
Ulysses SQ Dividends Policy
2022E Terminal Multiple 2022E Price/Earnings Multiple
$58 8.5x 10.0x 11.5x $58 17.0x 20.0x 23.0x Rate 4.50% $47.64 $59.15 $70.67 Rate 5.00% $50.57 $59.00 $67.42 5.25% $46.43 $57.74 $69.05 5.75% $49.70 $57.98 $66.26 Discount 6.00% $45.25 $56.37 $67.48 Discount 6.50% $48.85 $56.99 $65.12
PF PV of Future Share Price Analysis(3)
Ulysses SQ Dividends Policy 4 + 8 Case Downside Sensitivity PF Ulysses(4)
Terminal P/E Multiple 23.0x
Assumptions
20.0x $74.59
Management projections $71.97 17.0x Valuation date as of 3/31/19 $68.16 $66.26
Illustrative future share price calculated at FY1 annual earnings per $63.61 share multiplied by terminal P/E multiple $60.09 $65.23 $62.80 $57.98 to 3/31/19 at 5.75% cost of $59.34 $55.53 Discounted equity $52.32 $55.46
Interim dividends discounted upon receipt to 3/31/19 $55.86 $50.52 $53.63 Current
Cash consideration of $7.63 per unit added to value of 0.5000x pro Price $49.70 $47.45 forma Ulysses shares received by Abe unitholders $44.55
2H 2019E 2020E 2021E
Source: Management projections and FactSet as of 3/28/2019.
(1) Discounted cash flow analysis assumes normalized net working capital.
(2) Fully consolidated enterprise value analysis; implied Ulysses share price calculated based on eliminating Abe publicly-owned LP interest at transaction consideration. 22 (3) Dividend policy assumed same as SQ policy, across all operating scenarios.
(4) Pro forma analysis incorporates EBITDA synergies of $5 MM per year.
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
V. Transaction Analysis
23
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Analysis at Transaction Consideration
($ in millions, unless otherwise noted)
A B C D E F G H I
Transaction
Exchange Ratio Consideration (XR) 0.5000x Stock Consideration (Ulysses Share Price of $55.46 x XR) $27.73 Cash Consideration $7.63
Implied Abe Unit Price $35.36 Implied Premium to Current Abe Unit Price (Ulysses Share Price x XR + Cash) 16.1% Fully Diluted Abe Units Outstanding 93.2 Implied Fully-Diluted Abe Equity Value $3,297 Net Debt 2,846
GP Equity Value(1) 397Non-Controlling Interest 32
Implied Abe Enterprise Value(1) $6,572
Comparable Metrics
Propane Propane Propane Propane AbeLow-GrowthLow-Growth Distributor Distributor Transaction Transaction Multiples: Statistic MLP Median MLP Mean Median(3) Mean(3) Median Mean
EV / EBITDA
2018A $606 10.9x 10.0x 10.0x 9.4x 9.6x 9.6x 8.7x 2019E $636 10.3x 9.9x 9.8x 9.2x 8.9x 7.8x 7.8x 2020E $644 10.2x 9.5x 9.3x 8.9x 8.7x Consensus P / LP DCF(2)
Case
WS 2018A $347 9.5x 7.8x 8.0x 6.5x 6.5x 2019E $361 9.1x 7.8x 7.7x 6.9x 6.9x Abe 2020E $366 9.0x 7.4x 7.5x 6.6x 6.6x
Propane Propane Propane Propane AbeLow-GrowthLow-Growth Distributor Distributor Transaction Transaction Multiples: Statistic MLP Median MLP Mean Median(3) Mean(3) Median Mean
EV / EBITDA
Case 2018A $606 10.9x 10.0x 10.0x 9.4x 9.6x 9.6x 8.7x 2019E $610 10.8x 9.9x 9.8x 9.2x 8.9x 7.8x 7.8x 2020E $625 10.5x 9.5x 9.3x 8.9x 8.7x Updated P / LP DCF(2) 2018A $347 9.5x 7.8x 8.0x 6.5x 6.5x Abe 2019E $344 9.6x 7.8x 7.7x 6.9x 6.9x 2020E $347 9.5x 7.4x 7.5x 6.6x 6.6x
Source: Company filings, and FactSet as for 3/28/2019.
(1) GP / IDR value estimated by taking current GP/IDR distributions capitalized by Abe’s current yield. 24 (2) DCF attributable to LP unitholders.
(3) Propane distributor Equity Value / DCF and Yield metrics exclude Ferrellgas from group median.
PRELIMINARY CONFIDENTIAL DRAFT
Has / Gets Analysis | Updated Abe Case Subject to Further Review & Revision
Valuation Effective Date: 3/31/2019
Stand Alone Abe Implied Unit PriceXR-Adj. PF Ulysses Implied Share Price | (0.5000x + $7.63 Cash)(1)
Discounted Cash Flow | Unlevered FCF(2) | Ulysses 4 + 8 Case $3.80 Distribution
2023E DCF Multiple 2022E Terminal Multiple
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x Analysis Rate 8.0% $28.98 $34.81 $40.63 Rate 4.50% $34.09 $40.23 $46.37 DCF 10.0% $27.55 $33.01 $38.47 5.25% $33.44 $39.47 $45.50 Discount 12.0% $26.22 $31.35 $36.47 Discount 6.00% $32.81 $38.74 $44.66
Levered Target Coverage Distribution Discounted Cash Flow | Unlevered FCF(2) | Committee Downside EPS Sensitivity
2023E DCF Multiple 2022E Terminal Multiple
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x Rate 8.0% $29.97 $36.04 $42.12 Rate 4.50% $31.45 $37.21 $42.96 Discounted 10.0% $28.47 $34.17 $39.87 5.25% $30.85 $36.50 $42.16 Discount 12.0% $27.09 $32.44 $37.79 Discount 6.00% $30.26 $35.81 $41.37
$3.80 Distribution Levered DCF Analysis(3) | Ulysses 4 + 8 Case
2023E Distribution Yield 2022E Price/Earnings Multiple
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x Analysis Rate 8.0% $33.99 $39.30 $47.94 Rate 5.00% $36.05 $40.82 $45.58 10.0% $32.24 $37.23 $45.33 5.75% $35.56 $40.24 $44.93 Discount 12.0% $30.63 $35.31 $42.92 Discount 6.50% $35.08 $39.68 $44.28
Distribution Target Coverage Distribution Levered DCF Analysis(3) | Committee Downside EPS Sensitivity
2023E Distribution Yield 2022E Price/Earnings Multiple
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x Rate 8.0% $27.56 $31.87 $38.88 Rate 5.00% $32.91 $37.13 $41.34
Discounted
10.0% $26.15 $30.19 $36.76 5.75% $32.48 $36.62 $40.76 Discount 12.0% $24.84 $28.64 $34.81 Discount 6.50% $32.06 $36.12 $40.19
Source: Management projections and FactSet as of 3/28/2019. Note: Pro forma dividend savings from elimination of Abe distribution payout are used to fund 100%-equity acquisitions at a 7.5x EV/EBITDA multiple.
(1) Implied XR at 0.5000x equity XR and cash consideration of $7.63 / unit. Cash consideration added to implied share price at 0.5000x XR. 25 (2) Unlevered free cash flow defined as PF Ulysses EBITDA less cash taxes and capital expenditures.
(3) Levered DCF analysis calculated by discounting interim dividends and implied terminal equity value based on a P/E multiple applied to 2022E EPS.
PRELIMINARY CONFIDENTIAL DRAFT
Has / Gets Analysis | Abe Historical Weather CaseSubject to Further Review & Revision
Valuation Effective Date: 3/31/2019
Stand Alone Abe Implied Unit PriceXR-Adj. PF Ulysses Implied Share Price | (0.5000x + $7.63 Cash)(1)
Discounted Cash Flow | Unlevered FCF(2) | Ulysses 4 + 8 Case $3.80 Distribution
2023E DCF Multiple 2022E Terminal Multiple
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x Analysis Rate 8.0% $27.45 $32.93 $38.41 Rate 4.50% $33.46 $39.51 $45.56 DCF 10.0% $26.10 $31.23 $36.37 5.25% $32.83 $38.77 $44.71 Discount 12.0% $24.84 $29.67 $34.49 Discount 6.00% $32.21 $38.04 $43.88
Levered Target Coverage Distribution Discounted Cash Flow | Unlevered FCF(2) | Committee Downside EPS Sensitivity
2023E DCF Multiple 2022E Terminal Multiple
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x Rate 8.0% $28.52 $34.26 $40.01 Rate 4.50% $31.02 $36.72 $42.42 Discounted 10.0% $27.10 $32.49 $37.88 5.25% $30.43 $36.03 $41.62 Discount 12.0% $25.79 $30.85 $35.91 Discount 6.00% $29.85 $35.34 $40.84
$3.80 Distribution Levered DCF Analysis(3) | Ulysses 4 + 8 Case
2023E Distribution Yield 2022E Price/Earnings Multiple
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x Analysis Rate 8.0% $33.99 $39.30 $47.94 Rate 5.00% $35.09 $39.69 $44.29 10.0% $32.24 $37.23 $45.33 5.75% $34.62 $39.14 $43.66 Discount 12.0% $30.63 $35.31 $42.92 Discount 6.50% $34.16 $38.60 $43.04
Distribution Target Coverage Distribution Levered DCF Analysis(3) | Committee Downside EPS Sensitivity
2023E Distribution Yield 2022E Price/Earnings Multiple
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x Rate 8.0% $27.56 $31.87 $38.88 Rate 5.00% $32.20 $36.29 $40.38
Discounted
10.0% $26.15 $30.19 $36.76 5.75% $31.78 $35.80 $39.81 Discount 12.0% $24.84 $28.64 $34.81 Discount 6.50% $31.37 $35.32 $39.26
Source: Management projections and FactSet as of 3/28/2019. Note: Pro forma dividend savings from elimination of Abe distribution payout are used to fund 100%-equity acquisitions at a 7.5x EV/EBITDA multiple.
(1) Implied XR at 0.5000x equity XR and cash consideration of $7.63 / unit. Cash consideration added to implied share price at 0.5000x XR. 26 (2) Unlevered free cash flow defined as PF Ulysses EBITDA less cash taxes and capital expenditures.
(3) Levered DCF analysis calculated by discounting interim dividends and implied terminal equity value based on a P/E multiple applied to 2022E EPS.
PRELIMINARY CONFIDENTIAL DRAFT
Has / Gets Analysis | Abe Capital Investment CaseSubject to Further Review & Revision
Valuation Effective Date: 3/31/2019
Stand Alone Abe Implied Unit PriceXR-Adj. PF Ulysses Implied Share Price | (0.5000x + $7.63 Cash)(1)
Discounted Cash Flow | Unlevered FCF(2) | Ulysses 4 + 8 Case $3.80 Distribution
2023E DCF Multiple 2022E Terminal Multiple
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x Analysis Rate 8.0% $29.94 $36.10 $42.26 Rate 4.50% $34.50 $40.72 $46.94 DCF 10.0% $28.44 $34.22 $39.99 5.25% $33.84 $39.95 $46.07 Discount 12.0% $27.05 $32.47 $37.90 Discount 6.00% $33.20 $39.21 $45.21
Levered Target Coverage Distribution Discounted Cash Flow | Unlevered FCF(2) | Committee Downside EPS Sensitivity
2023E DCF Multiple 2022E Terminal Multiple
6.0x 8.0x 10.0x 8.5x 10.0x 11.5x Rate 8.0% $30.63 $36.98 $43.33 Rate 4.50% $31.93 $37.78 $43.63 Discounted 10.0% $29.09 $35.05 $41.00 5.25% $31.32 $37.06 $42.81 Discount 12.0% $27.67 $33.26 $38.85 Discount 6.00% $30.72 $36.37 $42.01
$3.80 Distribution Levered DCF Analysis(3) | Ulysses 4 + 8 Case
2023E Distribution Yield 2022E Price/Earnings Multiple
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x Analysis Rate 8.0% $33.99 $39.30 $47.94 Rate 5.00% $36.47 $41.31 $46.16 10.0% $32.24 $37.23 $45.33 5.75% $35.98 $40.73 $45.49 Discount 12.0% $30.63 $35.31 $42.92 Discount 6.50% $35.49 $40.16 $44.84
Distribution Target Coverage Distribution Levered DCF Analysis(3) | Committee Downside EPS Sensitivity
2023E Distribution Yield 2022E Price/Earnings Multiple
13.0% 10.5% 8.0% 17.0x 20.0x 23.0x Rate 8.0% $29.68 $34.51 $42.35 Rate 5.00% $33.41 $37.71 $42.01
Discounted
10.0% $28.14 $32.66 $40.02 5.75% $32.97 $37.19 $41.42 Discount 12.0% $26.71 $30.96 $37.86 Discount 6.50% $32.53 $36.68 $40.84 Discount rate Distribution levered DCF Analysis Discount Distribution Analysis
Source: Management projections and FactSet as of 3/28/2019. Note: Pro forma dividend savings from elimination of Abe distribution payout are used to fund 100%-equity acquisitions at a 7.5x EV/EBITDA multiple.
(1) Implied XR at 0.5000x equity XR and cash consideration of $7.63 / unit. Cash consideration added to implied share price at 0.5000x XR. 27 (2) Unlevered free cash flow defined as PF Ulysses EBITDA less cash taxes and capital expenditures.
(3) Levered DCF analysis calculated by discounting interim dividends and implied terminal equity value based on a P/E multiple applied to 2022E EPS. tudorpickering holt&co energy investment & merchant banking
PRELIMINARY CONFIDENTIAL DRAFT
Has/Gets Analysis | Updated Abe Case Subject to Further Review & Revision
PV of Illustrative Future Equity Value
Ulysses 4 + 8 Case | $3.80 Annual Dist. Policy Committee Downside EPS Sensitivity| $3.80 Dist. Policy
$47.14 $47.14 $46.48 $46.48 $45.88 $45.88 $43.62 $41.71 $44.93 $40.24 $40.76 $39.03 $39.43 $37.30 $36.97 $37.67 $36.97 $36.68 $36.68 $36.36 $36.36 $36.62 $35.56 $35.39 $32.89 $34.45 $31.35 $32.48 $33.79 $31.48 $29.91 $30.65 $30.45 $30.65 $31.48 $29.73 $30.45 $29.73
Abe Abe Current Current Price Price
2H 2019E 2020E 2021E 2H 2019E 2020E 2021E
Ulysses 4 + 8 Case | Target Dist. Policy Committee Downside EPS Sensitivity| Target Dist. Policy
$45.56 $44.09 $42.02 $40.80 $42.04 $39.44 $40.64 $38.23 $38.23 $37.21 $37.21 $38.82 $37.70 $37.70 $37.73 $37.57 $36.03 $34.79 $36.45 $33.42 $34.80 $32.25 $30.75 $33.12 $29.75 $29.98 $29.98 $30.45 $30.45 $29.49 $29.75 $29.49
Abe Abe
Current $25.53 Current $25.53 $24.85 $24.85 Price $24.11 Price $24.11
2H 2019E 2020E 2021E 2H 2019E 2020E 2021E
SQ Abe PF Ulysses(XR-Adj)(1)
Terminal Yield Terminal P/E Multiple 8.0% 23.0x 10.5% 20.0x 13.0% 17.0x
Source: Management projections and Factset as of 3/28/2019. Note: Pro forma dividend savings from elimination of Abe distribution payout are used to fund
100%-equity acquisitions at a 7.5x EV/EBITDA multiple. 28 Note: Utilizes 10.0% cost of equity for SQ Abe and 5.75% cost of equity for PF Ulysses.
(1)XR-Adj. PF Ulysses (0.5000x + $7.63). Pro forma analysis incorporates EBITDA synergies of $5 MM per year and incremental acquisitions. tudorpickering holt&co energy investment & merchant banking
PRELIMINARY CONFIDENTIAL DRAFT Summary of Material Changes Subject to Further Review & Revision
Updates Since 3/18/2019 Materials
Revised forecast for Ulysses Committee Downside EPS Sensitivity to target 15% reduction of Ulysses management’s original EPS forecast on an unadjusted basis Adjusted range of Abe PV of Illustrative Future
Share Price Analysis to 2H 2019E – 2021E (previously 2H 2019E – 2022E) Removed supplemental / illustrative analyses tudorpickering holt&co energy investment & merchant banking
29
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Appendix
30
tudorpickering holt&co energy investment & merchant banking
PRELIMINARY CONFIDENTIAL DRAFT
PF Ulysses Supplemental Calculation Detail Subject to Further Review & Revision
Valuation Effective Date: 3/31/2019 | Updated Abe Case
PF Discounted Unlevered DCF Analysis PF Levered DCF Analysis
2H 2019E 2020E 2021E 2022E 2H 2019E 2020E 2021E 2022E
EBITDA $735 $1,674 $1,817 $1,948 PF Ulysses Dividend/Sh. $0.55 $1.20 $1.25 $1.30 Unlevered Cash Taxes(1) (77) (126) (125) Discount Factor 0.986 0.946 0.894 Capex (433) (956) (1,042) PV of Dividend/Sh. $0.54 $1.13 $1.11 FCF $224 $592 $650 Discount Factor 0.987 0.950 0.903 Disc. GP Dist. Total $2.79 Disc. FCF $221 $563 $587 PF Ulysses EPS $3.59 Disc. PF Ulysses FCF Total $1,371 Terminal Multiple 10.0x Terminal P/E 20.0x Terminal Disc. Factor 0.880x Terminal Disc. Factor 0.870 Implied Terminal PV EV $17,143 (2) ($4,932) Implied Terminal PV per Share $62.44 Less PF Ulysses Net Debt Implied PF Ulysses Equity Value $13,582 PF Ulysses Value per Share $65.23 PF Ulysses Equity Value per Share $63.68 Equity Consideration XR / Abe Unit 0.5000x Equity Consideration XR / Abe Unit 0.5000x Cash Consideration / Abe Unit $7.63 Cash Consideration / Abe Unit $7.63 Abe Equity Value per Unit $39.47 Abe Equity Value per Unit $40.24
Source: Management projections and FactSet as of 3/28/2019. 31 (1) Cash taxesde-levered by removing interest expense tax shield.
(2) Includes additional debt issued for payment of cash consideration of $7.63 per unit.
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Cost of Capital
32
PRELIMINARY CONFIDENTIAL DRAFT SQ Abe Cost of Equity Analysis Subject to Further Review & Revision
Comparable Public Company Yield-Based Cost of Equity
Abe Cost of Equity Cost of Equity
Barra Beta Low High Sensitized Peer Total Return Low High
Raw Beta(1) 0.75 1.02 Spot Risk-Free Rate(2) 2.6% 2.6% Equity Risk Premium(3) 6.0% 6.0%
Cost of Equity 7.2% 8.8% Cost of Equity 13.2% 14.2%
Expected Total Return
A B C D E F Expected 2019E—2022E Long-Term Economic
Company Distribution CAGR Growth Estimate Expected Growth(4) Current Yield Implied Total Return
Buckeye Partners LP 2.3% 4.0% 3.7% 8.8% 12.6% GasLog Partners LP 0.6% 4.0% 3.5% 9.8% 13.3% Genesis Energy LP 0.0% 4.0% 3.4% 9.5% 12.9% Global Partners LP 0.0% 4.0% 3.4% 10.3% 13.7% Golar LNG Partners LP 0.0% 4.0% 3.4% 12.5% 15.9% MLPs Holly Energy Partners LP 1.0% 4.0% 3.5% 9.8% 13.4% 4.0% 3.4% 11.0% 14.4% KNOT Offshore Partners LP 0.0% Martin Midstream Partners LP 0.0% 4.0% 3.4% 15.8% 19.2% Growth NGL Energy Partners LP 2.7% 4.0% 3.8% 11.3% 15.1% Low NuStar Energy LP 0.0% 4.0% 3.4% 9.0% 12.4% PBF Logistics LP 2.4% 4.0% 3.8% 9.5% 13.2% Summit Midstream Partners LP 0.0% 4.0% 3.4% 23.8% 27.2% Sunoco LP 0.0% 4.0% 3.4% 10.6% 14.0% TC PipeLines LP 0.0% 4.0% 3.4% 6.9% 10.3% USA Compression Partners LP 0.0% 4.0% 3.4% 13.4% 16.8% NA NA NA NA
Ferrellgas Partners LP NA
Dist. Suburban Propane Partners LP 5.1% 4.0% 4.2% 10.8% 14.9% Propane Superior Plus Corporation 0.0% 4.0% 3.4% 6.3% 9.7%
Median 0.0% 4.0% 3.4% 10.3% 13.7% Mean 0.8% 4.0% 3.5% 11.1% 14.6%
Abe 0.0% 4.0% 3.4% 12.5% 15.9%
Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 3/28/2019.
(1) Barra beta as of 2/28/2019. Illustrative low and high range reflects a -/+ 15% range around Barra beta. (2)20-year treasury bond yield as of 3/28/2019.
(3) Duff & Phelps historical arithmetic premium. 33 (4) Weights Expected Current – 2022E distribution growth estimates 15% and long-term economic growth estimate by 85% to arrive at a long-term distribution growth estimate.
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
PF Ulysses Cost of Capital Analysis
Cost of Equity
Barra Beta Low High
Raw Beta(1) 0.33 0.45
(2)
Spot Risk-Free Rate 2.6% 2.6% Equity Risk Premium(3) 6.0% 6.0%
Cost of Equity 4.6% 5.3%
Cost of Capital
Barra Beta | PF Capital Structure Low High
Cost of Equity 4.6% 5.3%
(4)
Cost of Debt 3.5% 5.0%
Market Value of Equity $11,835 $11,835 Total Debt $5,417 $5,417
Cost of Capital 4.3% 5.2%
Cost of Capital
Barra Beta | Optimal Capital Structure(5) Low High
Cost of Equity 4.6% 5.3% Cost of Debt(4) 3.5% 5.0%
Market Value of Equity $11,835 $11,835 Total Debt(5) $4,400 $4,400
Cost of Capital 4.0% 5.0%
Source: Bloomberg, Duff & Phelps, FactSet, Federal Reserve, Company filings as of 3/28/2019.
Note: In SQ, debt held at Abe is proportionally consolidated based on LP ownership in the MLP. In PF, debt held at Abe is assumed to be fully consolidated and the cash consideration of $7.63 for each Abe unit is funded using the Ulysses revolver at a 6.000% interest rate. Equity – Based on a 0.5000x XR of Ulysses shares for each Abe unit.
(1) Barra beta for Ulysses as of 2/28/2019. Illustrative low and high range reflects a -/+ 15% range around Barra beta. (2)20-year treasury bond yield as of 3/28/2019.
(3) Duff & Phelps historical arithmetic premium.
(4) Illustrative low and high range reflects a -/+ 100 bps range around current 5.65%pre-tax cost of debt at Ulysses. Ulysses cost of debt calculated using weighted average7-10 year YTW on the 34 outstanding face value of fully consolidated Ulysses debt.
(5) Optimal Capital Structure based on Total Debt/2019E EBITDA Ratio of 3.00x.
PRELIMINARY CONFIDENTIAL DRAFT
PF Ulysses Peer Group WACC Analysis Subject to Further Review & Revision
Comparable Public Company Beta-Based Cost of Equity | Barra Beta
(USD in millions, unless otherwise noted)
A B C D E F F Market Statutory Barra Beta Company Equity Value Total Debt Debt / Equity Tax Rate Levered Beta Unlevered Beta
Atmos Energy $12,035 $3,685 0.31x 21.0% 0.31 0.25 Chesapeake Utilities Corporation 1,505 653 0.43x 21.0% 0.44 0.33 NiSource Inc 10,683 9,201 0.86x 21.0% 0.30 0.18 New Jersey Resources Corporation 4,443 1,681 0.38x 21.0% 0.43 0.33 Northwest Natural Holding Co. 1,905 987 0.52x 21.0% 0.36 0.25 ONE Gas Inc 4,713 1,596 0.34x 21.0% 0.35 0.28 Spire Inc 4,523 2,793 0.62x 21.0% 0.36 0.24 Southwest Gas Holdings Inc 4,416 2,308 0.52x 21.0% 0.47 0.33 Enbridge Inc 74,200 48,380 0.65x 21.0% 0.69 0.46 Kinder Morgan Inc 45,422 36,593 0.81x 21.0% 0.95 0.58 SemGroup Corporation 1,336 2,317 1.73x 21.0% 1.45 0.61 Targa Resources Corp. 9,687 6,660 0.69x 21.0% 1.26 0.82 Tallgrass Energy LP 7,014 3,224 0.46x 21.0% 1.26 0.93 Williams Companies Inc 35,697 22,414 0.63x 21.0% 0.92 0.61 Abe Partners 3,236 2,854 0.88x 0.0% 0.89 0.47 Suburban Propane Partners LP 1,397 1,281 0.92x 0.0% 0.40 0.21 Superior Plus Corporation 1,509 1,405 0.93x 27.0% 0.77 0.46
Median 0.63x 0.47 0.33 Mean 0.69x 0.68 0.43 Implied Ulysses Median(1) 0.499 Implied Ulysses Mean(1) 0.665
Cost of Equity Cost of Debt Cost of Capital
Low High Low High Low High
(2) 0.42 0.57
Raw BetaPre-Tax Cost of Debt(5) 4.7% 6.7% Cost of Equity 5.2% 6.1% (3) 2.6% 2.6% Spot Risk-Free Rate Marginal Tax Rate(6) 21.0% 21.0% Cost of Debt 3.7% 5.3% Equity Risk Premium(4) 6.0% 6.0%
Cost of Debt 3.7% 5.3% % Equity(7) 61% 61% Cost of Equity 5.2% 6.1% % Debt(7) 39% 39%
Cost of Capital 4.6% 5.8% Source: Bloomberg, Alacra, Duff & Phelps, FactSet, Federal Reserve, company filings as of 3/28/2019.
Note: Barra betas as of 2/28/2019 per latest public release. Means and medians exclude Ferrellgas due to financial distress. Market equity values include implied GP equity value. (1) Based on target capital structure (median debt / equity ratio of select peer group) and median tax rate of select peer group excluding MLPs.
(2) Illustrative low and high range reflects a +/- 15% range on the implied Ulysses levered median beta. Median debt / equity ratio of select peer group used tore-lever beta. (3)20-year treasury bond yield as of 3/28/2019.
(4) Duff & Phelps historical arithmetic premium.
(5) Illustrative low and high range reflects a -/+ 100 bps range around 5.65%pre-tax cost of debt at Ulysses. Ulysses cost of debt calculated using weighted average7-10 year YTW on the outstanding face value of fully consolidated Ulysses debt as of 3/28/2019. 35 (6) Assumes median tax rate of select peer group.
(7) Assumes median debt/equity capital structure of select peer group.
PRELIMINARY CONFIDENTIAL DRAFT Subject to Further Review & Revision
Disclosure Statement
Tudor, Pickering, Holt & Co. does not provide accounting, tax or legal advice. This presentation does not constitute a tax opinion and cannot be used by any taxpayer for the purpose of avoiding tax penalties. We (i) make no conclusion on the valuation or About The Firm pricing for tax purposes or the effects of federal income tax laws on any party and (ii) have assumed that the party’s intended tax treatment will be respected. Each person should seek legal, regulatory, accounting and tax advice based on his, her or its Tudor, Pickering, Holt & Co. is an integrated energy investment and merchant particular circumstances from independent advisors regarding the evaluation and bank, providing high quality advice and services to institutional and corporate impact of any transactions or matters described herein. clients. Through the company’s two broker-dealer units, Tudor, Pickering, Holt & Co. Securities, Inc. (TPHCSI) and Tudor Pickering Holt & Co Advisors LP (TPHCA), The information contained herein is confidential (except for information relating to members FINRA, together with affiliates in the United Kingdom and Canada, the United States tax issues) and may not be reproduced in whole or in part except as set company offers securities and investment banking services to the energy forth in a written agreement between the Audit Committee of the Board of Directors community. Perella Weinberg Partners Capital Management LP is an SEC of AmeriGas Propane, Inc. and Tudor, Pickering, Holt & Co. registered investment adviser that delivers a suite of energy investment strategies. Tudor, Pickering, Holt & Co. assumes no responsibility for independent verification of third-party information and has relied on such information being complete and The firm, headquartered in Houston, Texas, has approximately 170 employees accurate in all material respects. To the extent such information includes estimates and offices in Calgary, Canada; Denver, Colorado; New York, New York; and and forecasts of future financial performance (including estimates of potential cost London, England. savings and synergies) prepared by, reviewed or discussed with the managements of your company and/ or other potential transaction participants or obtained from public Contact Us sources, we have assumed that such estimates and forecasts have been reasonably Houston (Research, Sales and Trading):713-333-2960 prepared on bases reflecting the best currently available estimates and judgments of Houston (Investment Banking):713-333-7100 such managements (or, with respect to estimates and forecasts obtained from public Houston (Asset Management):713-337-3999 sources, represent reasonable estimates). These materials were designed for use by Denver (Sales):303-300-1900 specific persons familiar with the business and the affairs of your company and Tudor, Denver (Investment Banking):303-300-1900 Pickering, Holt & Co. materials.
New York (Investment Banking):212-610-1660
New York (Research, Sales):212-610-1600 Under no circumstances is this presentation to be used or considered as an offer to London: +011 44(0) 20 7268 2800 sell or a solicitation of any offer to buy, any security. Prior to making any trade, you Calgary:403-705-7830 should discuss with your professional tax, accounting, or regulatory advisers how such particular trade(s) affect you. This brief statement does not disclose all of the risks www.TPHco.com and other significant aspects of entering into any particular transaction.
Copyright 2019 — Tudor, Pickering, Holt & Co. Tudor, Pickering, Holt & Co. operates in the United Kingdom under the trading name Perella Weinberg Partners UK LLP (authorized and regulated by the Financial Conduct Authority), and in Canada through its affiliate, Tudor, Pickering, Holt & Co. Securities
– Canada, ULC, located in Calgary, Alberta.
36