The document provides a summary of merger and acquisition activity in the energy sector, detailing a total deal value of approximately $113.4 billion and average transaction multiples. It highlights the geographical distribution of transactions, with 59% in the Americas and lists active buyers in the market. Additionally, it discusses corporate finance services offered by Alps Venture Partners, including due diligence, financial modeling, and business valuation.

1. ENERGY
M&A Tearsheet
August 2015
Alps Venture Partners

2. 1pageA L P S V E N T U RE P A R T N E R S
Merger & Acquisition Summary - Energy
Valuation Summary
Total Deal Value ($mm) 113,428
Average Deal Value ($mm) 373
Average TEV/Revenue 4.6x
Average TEV/EBITDA 9.0x
Average Day Prior Premium (%) 15
Average Week Prior Premium (%) 17
Average Month Prior Premium (%) 15
Transaction Ranges
Greater than $1 billion 26
$500 - $999.9 mm 17
$100 - $499.9 mm 66
Less than $100 mm 248
Undisclosed 315
*Source – CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2015 – August 10, 2015
info@alpsvp.com

3. ENERGY – HISTORICAL TREND ANALYSIS

4. 2pageA L P S V E N T U RE P A R T N E R S
Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis;
8.5x
9.3x
7.4x
8.4x
13.2x
14.8x
16.2x
10.5x
11.3x
9.8x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
2010 2011 2012 2013 2014
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2010 2011 2012 2013 2014
Average TEV/Revenue 8.5x 9.3x 7.4x 8.4x 13.2x
Average TEV/EBITDA 14.8x 16.2x 10.5x 11.3x 9.8x
info@alpsvp.com

5. 3pageA L P S V E N T U RE P A R T N E R S
Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis;
54 60 57 60 66
45 52 51 39 48
217 195
243
176
218
902
950
819
725
672
717 717 697
589
666
0
100
200
300
400
500
600
700
800
900
1000
2010 2011 2012 2013 2014
NumberofTransactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
Undisclosed
(in $ Million) 2010 2011 2012 2013 2014
Average Deal Value 237 234 262 292 318
info@alpsvp.com

6. 4pageA L P S V E N T U RE P A R T N E R S
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific – 21%Americas – 59% Europe/MENA/Africa – 20%
info@alpsvp.com

7. 5pageA L P S V E N T U RE P A R T N E R S
Active Buyers
Company Name Number Of Transactions
NGP Energy Capital Management 7
Southern Energy Group, Inc. 7
EnLink Midstream Partners, LP (NYSE:ENLK) 5
Kayne Anderson Capital Advisors, L.P. 5
LG Capital Funding, LLC 5
Kinder Morgan, Inc. (NYSE:KMI) 4
UK Oil & Gas Investments PLC (AIM:UKOG) 4
Adar Bays LLC 3
EnCap Flatrock Midstream 3
*Source – CapitalIQ, AlpsVP Analysis
info@alpsvp.com

8. Corporate Finance Services
We provide clients with high quality
research, analytical and advisory
support for transactions. We offer a
range of services such as initial
opportunity assessment, market
analysis, financial modeling,
commercial and financial due
diligence, valuation, capital structure
planning, and deal structuring.
 Investment Opportunity
Assessment
 Target Identification
 Preparation of Pitch Books
 Buyer & Seller Services
 Fairness Opinions
 Financial Modeling
 Business and Financial Due
Diligence etc.
Transaction advisory
6pageA L P S V E N T U RE P A R T N E R S
Financial Modeling
Whether it is evaluating new
business ventures, proposed
transactions or financial and
operational strategies, a robust and
dynamic financial model is an
integral component to the decision-
making process.
Transaction Identification
We can help by global target
identification considering the
requirements with maximum
synergy.
The financial due diligence process
is a necessity to any transaction. Our
aim is to enable owners and
managers to make such investments
with confidence by supporting and
advising at every stage. We will help
reduce the risk – and stress – of
investing at home or in another
country.
Due Diligence
Custom Research
We provide clients with customized
research report, model, decks with
client specific requirements such as:
 Business plan development,
 Diagnostic review of operations
 Competitor benchmark analysis
 Intellectual Property
info@alpsvp.com

9. US Financial Reporting and Tax Compliance Services
IRC 409a
We have experience of handling
more than 2000+ 409a valuations
across Industries. With the team
having experience of both valuations
and audits, our detailed and
insightful Section 409A appraisal
reports, along with our responsive
support, help our clients easily pass
through any stringent audit review
process in a smooth, efficient and
time-bound manner.
Fair Value Measurement
We help PE and VC clients to
comply with ASC 820 and IFRS 13
standard’s complex provisions and
avoid any audit issues in their
quarterly and annual reporting.
Relative TSR Programs
We value the awards with Relative
TSR metrics, using sophisticated
modeling techniques which allow
clients to quickly and accurately
value new grants.
Our business valuation experienced
team along with the team of veteran
Patent lawyers position us uniquely
to assist clients in completing annual
Goodwill and Investment
Impairment testing.
ASC 350 / IAS 38
ASC 718 (FAS 123R)/IFRS 2
Our experienced team at Alps
Venture Partners has performed
hundreds of stock options valuations
for ASC 718 for privately held
companies and publicly listed
companies across diverse industry
sectors and enterprise development
stages.
ASC 805 / IFRS 3
We have unmatched proficiency in
delivering Business Combinations
Accounting solutions to clients in
varied industries. Our
comprehensive USPAP compliant
appraisal reports are auditable and
cost-effective, and help our clients
stay focused on the deal.
IRC 83 B Election
Alps Venture Partners has extensive
experience in assisting companies
seeking to comply with IRC 83 B
election. Failing to make a timely
83(b) election may lead to disastrous
tax consequences for a start-up
company founder or employee.
7pageA L P S V E N T U RE P A R T N E R S
info@alpsvp.com

10. Disclaimer
The contents of this presentation are protected by copyright. You may read the contents and make copies for your own personal use. You
may also give copies of reasonable extracts, on an occasional basis, free of charge to your contacts for their personal use provided that
Alps Venture Partners is acknowledged as the source, the text is not altered in any way, and this warning is brought to their attention. Any
other use or copying of the contents of this presentation is prohibited, unless Alps Venture Partners gives its prior written consent.
For further information please contact us at info@alpsvp.com
Pursuant to Title 17, United States Code, Section 512(c)(2), notifications of claimed copyright infringement under United States copyright
law should be sent to Service Provider’s Designated Agent. ALL INQUIRIES NOT RELEVANT TO THE ABOVE PROCEDURE WILL
RECEIVE NO RESPONSE.
This Agreement (and any further rules, policies, or guidelines incorporated by reference) shall be governed and construed in accordance
with the laws of the United States (USA), United Kingdom, Canada, Brazil, France, and India without giving effect to any principles of
conflicts of law.
Alps Venture Partners welcomes your questions or comments regarding this Statement of Privacy. If you believe that Alps Venture
Partners has not adhered to this Statement, please contact Alps Venture Partners at our given toll free contact numbers.
Copyright © 2015 ALPS VENTURE PARTNERS. All Rights Reserved
pageA L P S V E N T U RE P A R T N E R S 8