Baird Investment Banking Pitch Book

reliminary Draft COMPONENTS OF TOTAL CONSIDERATION UNDER LATEST AMGP PROPOSAL ($ in millions) AR AM 1.6023x Equity Exchange Ratio 1.6350x Equity Exchange Ratio AR Special Committee position on the appropriate exchange ratio for purposes of "Distribution Maintenance" calculation Source: Bloomberg market data as of September 21, 2018. 0.174x Our understanding of the exchange ratio GS/AMGP is using for purposes of "Distribution Maintenance" calculation $3.00/unit cash converted to exchange ratio equivalent based on AMGP 20-day VWAP Cash Consideration 0.174x $3.00/unit cash converted to exchange ratio equivalent based on AMGP 20-day VWAP Cash Consideration 1.776x All-In Exchange Ratio 1.809x All-In Exchange Ratio X Special Dividend 0.024x $0.415/unit cash converted to exchange ratio equivalent based on AMGP 20-day VWAP Special Dividend 1.776x BAIRD Total Transaction Economics 1.833x Total Transaction Economics Project Bronco | Page 2

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