Baird Investment Banking Pitch Book

PRO FORMA AMGP CORP. VS PEERS ■ Pro Forma AMGP has positive characteristics that may result in improved valuation levels, primarily: A traditional C-Corp structure with traditional governance favored by investors DCF, EBITDA and cash distribution growth superior to its potential new corporate peers Conservative balance sheet with distribution coverage and leverage superior to its potential new corporate peers A larger float, liquidity and access to institutional capital - Pro Forma AMGP vs. Peers Across Key Metrics '19'21 EBITDA Growth 19.6% 12.9% 11.3x 2019 FV / EBITDA 16.6% 12.0x 10,2x '19'21 DPU Growth 24.4% 9.1x 9.5% 2020 FV / EBITDA PF AMGP 14.1% 11.4x 7.8x Midstream C-Corps Net Debt/2018E EBITDA 3.1x 7.1% 3.7x 2019E Yield 5.5% 2.7x Source: S&P Capital IQ. Midstream C-Corp peers include OKE, TRGP, WMB. E&P-Sponsored MLPS include: CNXM, EQM, HESM, NBLX, WES. 7.9% E&P-Sponsored MLPs Treliminar. Draft 2.3x Net Debt / 2019E EBITDA 9.2% 3.3x 11. 2020E Yield 6.2% BAIRD Project Bronco 2,0x Page 1

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