Baird Investment Banking Pitch

VALUE COMPARISON: DIVIDEND WAIVER versus 500,000 SERIES B SHARE REDUCTION Based on AMGP's August 27 counter DIVIDEND WAIVER Total Series B Shares 1/3 Tranche x 2019 Pro Forma "AMC" Dividend Forgone Dividends for 2019 18,500,000 6,166,667 $1.25 $7.7 mm 500,000 SERIES B SHARE REDUCTION 500,000 shares @ vreliminar. Praft Market Value AMGP Share Prices 08/28/18 Closing $17.67 $8.8 mm BAIRD 10-day VWAP ended 08/28/18 $18.71 $9.4 mm Project Bronco I Page 2

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