Baird Investment Banking Pitch Book

IMPLIED PREMIUM / DISCOUNT AT VARIOUS EXCHANGE RATIOS Current AMGP Price $18.61 18.61 18.61 18.61 18.61 X Exchange Ratio 1.6x 1.7x 1.8x 1.9x 2.0x Note: Represents closing prices as of June 28, 2018. Red box represents current proposal. = Implied AM Takeout Price $29.78 31.64 33.50 35.36 37.22 Confiden31 Freliminar Draft ÷ Current AM Price $29.73 29.73 29.73 29.73 29.73 = BAIRD Implied Premium 0.2% 6.4% 12.7% 18.9% 25.2% Project Bronco Page 8

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