Baird Investment Banking Pitch Book

RELATIVE PRICE PERFORMANCE Represents the historical implied exchange ratio of AM / AMGP Implied Exchange Ratio 1.80x 1.75x 1.70x 1.65x 1.60x 1.55x 1.50x 1.45x 1.40x 1.35x 1.30x 05/03/17 Source: S&P Capital IQ as of April 17, 2018. 07/11/17 09/19/17 ALA 11/28/17 02/06/18 Confidential BAIRD Current: 1.570x 30-day: 1.570x 180-day: 1.551x 60-day: 1.501x 04/17/18 Project Bronco | Page 18

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