Baird Investment Banking

PROPOSED "SPLIT THE DIFFERENCE" CONSTRUCT ($ and shares in millions) SHARE IMPACT VS. CURRENT PROPOSAL Shares "Added" Shares "Given Up" Total Share Impact Current AMGP Share Price Share Value Impact Special Dividend Inclusion ($0.415) Total Impact Source: Bloomberg market data as of September 14, 2018. AR (1.125) (1.125) $17.22 ($19.4) $41.5 $22.1 AMGP 1.125 (1.125) $17.22 Series B (1.125) (1.125) $17.22 ($19.4) ($19.4) Prelimina a Graft AM 3.375 3.375 $17.22 $58.1 previously included $58.1 $77.5 BAIRD vs. "4.5 mm share Value Gap" ($19.4) Implied AM "Give Up' Project Bronco Page 5

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