Baird Investment Banking Pitch Book

EXCHANGE RATIO BRIDGE Based on the average "unaffected" natural exchange ratio (¹) 2.0x 1.8x 1.6x 1.4x 1.2x 1.0x (1) 1.55x Avg. "Unaffected" Natural Exchange Ratio 0.08x AR Forecast Tax Benefit 0.04x Tax Savings on 100% of Tail Period 0.01x Trellminan. Draft Avg. "unaffected" natural exchange ratio represents the average exchange rate from AMGP IPO to 2/23/18, last close to announcement of the special committees. Series B Premium Dilution Current "All-in" AMGP Offer: 1.773x *****... 1.68x BAIRD Adjusted Exchange Ratio Project Bronco Page 4

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