Preliminary Draft – Subject to Completion Confidential Analysis at Various Prices ($ in millions, except per unit amounts) Referred to as the “Perceived Evercore Methodology” by Barclays TLP’s 330,613 GP units are valued at the offer price ($38.00 to $46.00), reflecting true ownership Referred to as the “Cash Flow Parity” methodology by Barclays Assumes TLP issues LP units to its GP in order for GP to achieve cash flow parity between distributions it gets from its IDRs, and distributions it would get from the new LP units it receives as consideration for resetting IDRs Values TLP’s Q2 GP cash flows at the same LP yield as TLP’s Q2 LP distributions 1 Propos ed Cons ideration $38.00 LP Units Outs tanding1 (MM) 16.2 TLP LP Equity Value GP Value Bas ed on Owners hip $616.4 12.6 Total Equity Value TLP Net Debt2 $629.0 581.4 2 1 Transaction Value - Methodology #1 $1,210.4 TLP LP Equity Value GP Cas h Flows Valued at LP Yield $616.4 192.2 Total Equity Value TLP Net Debt2 $808.7 581.4 2 Transaction Value - Methodology #2 $1,390.1 Arclight Arclight CC Initial Counter #1 Counter #1 Offer Price $38.00 $39.00 $39.50 $40.00 $41.00 $42.00 $43.00 $44.00 $45.00 $46.00 Im plied Trans action Value - Methodology #1 Im plied Trans action Value - Methodology #2 $1,210 $1,390 $1,227 $1,411 $1,235 $1,422 $1,244 $1,433 $1,260 $1,454 $1,277 $1,475 $1,293 $1,497 $1,310 $1,518 $1,326 $1,539 $1,343 $1,560 Premium3 Unaffected Price: July 9, 2018 10-Day VWAP 20-Day VWAP 30-Day VWAP $36.11 36.82 37.54 37.76 5.2% 3.2% 1.2% 0.6% 8.0% 5.9% 3.9% 3.3% 9.4% 7.3% 5.2% 4.6% 10.8% 8.6% 6.6% 5.9% 13.5% 11.4% 9.2% 8.6% 16.3% 14.1% 11.9% 11.2% 19.1% 16.8% 14.5% 13.9% 21.8% 19.5% 17.2% 16.5% 24.6% 22.2% 19.9% 19.2% 27.4% 24.9% 22.5% 21.8% Transaction Value / EBITDA - Methodology #1 GP Value Based on Ownership 2018E 2019E Transaction Value / EBITDA - Methodology #2 GP Cash Flows Valued at LP Yield 2018E 2019E 1 $137.6 146.7 8.8x 8.2 8.9x 8.4 9.0x 8.4 9.0x 8.5 9.2x 8.6 9.3x 8.7 9.4x 8.8 9.5x 8.9 9.6x 9.0 9.8x 9.2 2 10.1x 9.5 10.3x 9.6 10.3x 9.7 10.4x 9.8 10.6x 9.9 10.7x 10.1 10.9x 10.2 11.0x 10.3 11.2x 10.5 11.3x 10.6 $137.6 146.7 Price / DCF per LP Unit 2018E 2019E Source: FactSet, Bloomberg, Partnership filings, TLP Management 10.0x 9.9 10.2x 10.2 10.4x 10.3 10.5x 10.5 10.7x 10.7 11.0x 11.0 11.3x 11.3 11.5x 11.5 11.8x 11.8 12.1x 12.0 $3.81 3.82 1. 2. 3. LP Units Outstanding excludes 330,613 GP units As of March 31, 2018 VWAPs calculated as of July 9, 2018, the unaffected date 1 Exhibit (c)(4)
