Baird Investment Banking Pitch Book

4 IMPLIED AM / AMGP EXCHANGE RATIO SINCE AMGP IPO 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 October 5, 2018. 08/15/17 Sailing Stone 13D Filing: 1/29/18 11/27/17 Special Committee Formation: 2/26/18 Confidential Timeframe 03/11/18 Current AMGP IPO -13 D Since AMGP IPO Aggregate Exchange Ratio 06/23/18 BAIRD Exchange Ratio 1.698x 1.570x 1.580x 1.776x 10/05/18 Project Bronco | Page 73

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