a BARCLAYS ARCLIGHT Project Trans Am Discussion Materials August 2018Disclaimer ‘Petoeara ope ont raat wo pss Capt Pes Le Cue) a emer hop aot ans ie Corp) ‘rn tan aay Tn scryapa aloo en hts reg papa ona ooo intuit nest oye tn men et eT se cen TREE tere eros pmrcnmcmnn ons an een ec acne ‘eyes aetna nn, ct tern red even iy ann Cay nt ee eo, anna prea ang arse SEES aaa Ne LTS Se pts nnn popu sven ogra as Serta era ty wan apt ett pt yp ay te rc st (Sito teeuae be mney pay ae roams ny a is rg whan ers mane sect ter att ry meng an een omer oin a pte ped Bc oe ‘ca matin stan nani a tnanntonmtcnh i ucan ‘een tater yey pt trier pun won nf eer pany tenn ene et ‘SSrscanmoneran sn attach enonmeauns aay Wan Sa ae, era intne en ne Ses mrt at el na PLC ae a PL and ye es aps atom sense Nea Seer cman en een sre para agape apa age ae BARCLAYS 1Trans Am Price Performance on 2 aad me eenTrans Am Implied Premiums (cor) Promiam Discount to Unit Price Period Value | “53500 _ SHH _FWDO $41.00 $iz00 $43.00 $4.00 SSD__S1600 TP ndaaaed UmPree TARDIB) $3811 | 526 | 80% 10BK 135% 163K 191% 218K 24BW 27am TP Curent UnitPrise (832018) $8035 | (BAN) | OOK) LTH 42K BT OB TEKS 18H Premium /(iecount to VWAPs ‘Trang Day VWAP sweet | 30% |" eam 20% 7% 175% 22% Tey a50% 10 Trading Day WAP sust | 324 | Som 87% tam 141% 10am tosm 222% 25OH 0,reang Day WAP $9752 | 12% | 39% 66% 99% 119% MEH 179% 190% ZOR 30,Tiaang Day WAP $3775 53% 60% GE% 115% 1EH TeeK 192% 219K 2Montn VAP 83770 1 61% 86% 14K MI 167% 184m 220% ‘Month VAP $97.08 10% 50% 83% 109% 190% 162% team 215% Month VAP s380¢ 2M 62% 78% 104% 120% 187% 182% 209% ‘Yea VAP 02 Gm (OOK) 16% 44% Gem BAN Hew THA @ BARCLAYS 3Trans Am Historical Premiums Paid AnalysisImplied TLP Prices Versus a Range of Premiums rupee : som { | saute $41.00 S078 : sate { sae oe ! $39.00 ' se ' sra0 son} so ‘ 000 L i io) vay races en; EveeaeWPT Anaya” 1 pacts Atte or S 4 1 Meare Median: Maan Median: te we ORME Oe —— Last MLP Deals @ BARCLAYS 5Trans Am Purchase Price Ratio ComparisonTrans Am Purchase Price Ratio Comparison (Cont‘d)Trans Am Peer Trading Comparables MLPTrans Am Peer Trading Comparables (Cont'd) E To a er °Trans Am Tax Analysis Premim eau ome: imanpom ve 2 04)) oe te Qe Se tw “ta Ge Te ne aioe a Se Se Se te te Ses ry Tne rc ‘Ses Cp iy Fel 8S) Taal toxuaey es tran ty esr 0) str ep ei eS an Ma Mr ay ta atarax emu co TW nace unre 7920) 20/627) Gasm 209 2H aE) Goes so SOL se Biman 2m! “sul “wan “aa) “ain “Gm “uy ‘aay way “aie SStesston ae 63) 8S) 63) BS) Gos Gay fey iy Ben aay Soamaa METRE BERT ————— -— 8219184333 BARCLAYS 0Disclaimer