Baird Investment Banking

AM-AMGP EXCHANGE RATIO Represents the historical implied exchange ratio of AM/ AMGP Implied Exchange Ratio 2.00x 1.90x 1.80x 1.70x 1.60x 1.50x 1.40x 1.30x 01/01/18 Source: Capital IQ. 03/13/18 huur 05/24/18 10/9/18 (Pre-mkt): Announced AM/AMGP simplification 08/04/18 Preliminary Praft Mayo 10/15/18 Current: 1.924x BAIRD Ratio to AM: 1.833x Ratio to AR: 1.776x 12/26/18 Project Bronco Page 2

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