Baird Investment Banking Pitch Book

AM / AMGP VALUATION DISLOCATION Current yield vs. 3-year distribution CAGR Current Yield 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% ** 0.0% 10.0% Midstream and GP MLPs (1) AM Yield Today: 5.4% AM Implied Yield: 3.5% @ Mgmt. Growth Target 20.0% Regression (Midstream and GP MLPs) 30.0% (2) 3-year Distribution CAGR Confidential y = 0.1107e-4.497x R² = 0.5587 AMGP Yield Today: 1.7% AMGP Implied Yield: 1.3% @ Mgmt. Growth Target 40.0% BAIRD Source: S&P Capital IQ as of April 17, 2018. Includes: ANDX, BKEP, BPL, BPMP, CEQP, CNNX, DCP, DKL, DM, EEP, ENBL, ENLC, ENLK, EPD, EQGP, EQM, ETE, ETP, GEL, GLP, HEP, HESM, MMLP, MMP, MPLX, NBLX, OMP, PAA, PSXP, RMP. SEP, SHLX, SMLP, SRLP, TCP, TLP, TRGP, VLP, WES, WGP and WPZ. Represents 2018-20210 distribution growth CAGR per Wall Street consensus estimates. 50.0% Project Bronco | Page 20

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