Baird Investment Banking Pitch Book

TOTAL CONSIDERATION DETAIL ($ and shares in millions) Equity Component Cash Component Special Dividend Total Transaction Economics 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 Total Exchange Ratio Special Cash Dividend Special Dividend per AM Unit AM Units Receiving Special Consideration Total Special Dividend Consideration Cash Consideration Equivalent Exchange Ratio "ALL-IN" Transaction Economics at 10-day VWAP at Last Close Source: Bloomberg market data as of October 5, 2018. (1) Includes 1.1 million LTIP units. (1) AR 1.6023x 98.870 158.420 AR $3.000 98.870 $296.6 0.172x 1.775x 98.870 0.000x AR 1.775x 1.774x AM 1.6350x 89.228 145.887 AM $3.000 89.228 $267.7 0.172x 1.807x $0.415 89.228 $37.0 0.024x AM 1.831x 1.830x Series B 17.354 Series B Trellminan, Praft Total Shares 321.661 Total Cash $564.3 $37.0 Existing AMGP Shares AMGP AM 186.209 Stock Prices as of 10/5/18 BAIRD $17.51 29.74 Total 'AMC" Shares 507.871 Last Close 10-day VWAP $17.40 29.14 Project Bronco | Page 17

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