Baird Investment Banking Pitch Book

COMPONENTS OF MERGER CONSIDERATION Consideration to AR Consideration to Public AM Holders 1.6023x Equity Exchange Ratio 1.6350x Equity Exchange Ratio Source: Bloomberg market data as of October 5, 2018. Note: Analysis and figures presented assume AM Public Holders elect $3.415 in cash per AM Common Unit. 0.174x $3.00/unit cash converted to exchange ratio equivalent based on AMGP 20-day VWAP Cash Consideration 0.198x $3.415/unit cash converted to exchange ratio equivalent based on AMGP 20-day VWAP Cash Consideration Confidential 1.776x All-In Exchange Ratio 1.833x All-In Exchange Ratio BAIRD Project Bronco | Page 15

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