Baird Investment Banking Pitch Book

TOTAL MERGER CONSIDERATION DETAIL ($ and shares in millions) Equity Component Cash Component Exchange Ratio Equity Exchange Equity Exchange Ratio per AM Common Unit AM Units Receiving Consideration (¹) New AMGP Shares Issued Merger Cash Consideration Cash per AM Unit AM Units Receiving Merger Consideration Total Merger Cash Consideration Cash Consideration Equivalent Exchange Ratio (2) Total Exchange Ratio "ALL-IN" Exchange Ratio at 20-day VWAP at Last Close 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. (1) Includes 1.1 million LTIP units. (2) Based on the AMGP 20-day VWAP as of October 5, 2018. AR 1.6023x 98.870 158.420 AR $3.000 98.870 $296.6 0.174x 1.776x AR 1.776x 1.774x AM 1.6350x 89.228 145.887 AM $3.415 89.228 $304.7 0.198x 1.833x AM 1.833x 1.830x Series B 17.354 Series B Total Shares 321.661 Total Cash $601.3 Confidential AMGP AM Existing Total AMGP Shares "AMC" Shares 186.209 Stock Prices as of 10/5/18 BAIRD $17.51 29.74 507.871 Last Close 20-day VWAP $17.28 29.61 Project Bronco | Page 16

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