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(1) Based on Wall Street research. (2) Non-adjusted transaction TEV values affiliated and non-affiliated units at offer price. (3) Adjusted transaction TEV value affiliated units at market price and non-affiliated units at offer price. (4) Illustrative transaction value for PF AMGP at AMGP Proposal includes conversion of Series B units, AH existing debt, and the purchase of AH units outstanding. Excluded transaction fees. Premium to Series B implied current XR of 1.871. (5) Illustrative transaction value for PF AMGP at AM Proposal includes conversion of Series B units, cash consideration to avoid share selling, AH existing debt, and the purchase of AH units outstanding. Excluded transaction fees. Assumes cash consideration of $3.84 per public unit outstanding. 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After-Tax Pro Forma Impact Supplemental Materials for AMGP Proposal", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:37:57.994+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "243f863b-5932-44b7-b400-a9603ab7d33d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 70, "type": "analysis", "title": "Includes detailed tax calculations for different investor profiles (Public Unitholders vs IPO Investors).", "function": "quantify_impact", "rawType": "financial_analysis", "block": null, "metadata": { "slideType": "financial_analysis", "slideTypeCanon": { "name": "Financial analysis", "slug": "financial_analysis", "status": "active", "canonId": "019de52d-0b45-709c-bfcc-0cf83dd00f13", "version": 1, "description": null }, "function": "quantify_impact", "functionCanon": { "name": "Quantify impact", "slug": "quantify_impact", "status": "active", "canonId": "019de52d-1630-720d-b57d-fa7f76bebd8d", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 6, "textChars": 885, "nDataPoints": 60, "notes": "Includes detailed tax calculations for different investor profiles (Public Unitholders vs IPO Investors).", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 10:37:58.782+00", "seconds": 3.391, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de50f-2706-763f-9734-587d3867eb97/70", "deck": "/decks/019de50f-2706-763f-9734-587d3867eb97", "deckAnchor": "/decks/019de50f-2706-763f-9734-587d3867eb97#slide-70", "deckJson": "/decks/019de50f-2706-763f-9734-587d3867eb97.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.18, "x": 0.8, "y": 0.02 }, "kind": "callout", "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:37:58.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38d90593-962d-4afe-932b-ff3a1f5086a9", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.05, "y": 0.18 }, "kind": "list", "text": "Average tax basis of $23.27 per unit for public AM unitholders as of YE 2017. The average public AM unit holder would need to receive cash consideration of $2.43 per unit to avoid having to sell shares post-transaction to pay transaction related taxes.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:37:58.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c19e41fc-4789-4117-9a62-79012b143d93", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.05, "y": 0.91 }, "kind": "source-note", "text": "Source: FactSet as of 8/10/2018 and Wall Street research. (1) Provided by management. (2) Assumed passive activity loss and tax on ordinary gain for IPO investor utilizes company provided estimates based on a per unit basis range of $19.00-$22.00. (3) Passive activity loss calculated to be $2.00 for an IPO investor. (4) State tax rate determined by using a weighted average of 50 state income tax rates and median federal taxable income brackets for married and single filers.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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(1) Return of capital per share / unit calculated as the total distributions to holders when Current Earnings & Profits are less than 0. (2) Qualified dividend calculated as equal to the lesser of Current Earnings & Profits or Distributions to Shareholder assuming Current Earnings & Profit is greater than 0. 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