Baird Investment Banking Pitch Book

HISTORICAL EXCHANGE RATIO Historical exchange ratio analysis AMGP Proposal AR / AM Proposal $19.36 2.00x 1.90x HISTORICAL EXCHANGE RATIO 1.80x 1.70x 1.60x 1.50x 1.40x 1.30x Current AMGP Price 1.20x AMGP IPO $19.36 Equity Exchange 1.62x 07/21/17 1.71x по 10/08/17 Equity Component $31.32 $33.11 + M พ 12/26/17 Cash per AM Unit 3.00 $3.00 = = Confleste Freliminar Draft 03/15/18 Note: Avg. "Unaffected" represents the average exchange rate from AMGP IPO to 2/23/18, last close to announcement of the special committees. Total Takeout Price $34.32 $36.11 ÷ 06/02/18 Current AMGP Price $19.36 $19.36 BAIRD All-in Exchange 1.773x 1.865x AR / AM Proposal: 1.865x AMGP Proposal: 1.773x 8/21/18 Current: 1.59x Average "Unaffected": 1.55x Project Bronco Page 2

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