Baird Investment Banking Pitch Book

COMPONENTS OF TOTAL CONSIDERATION Based on draft deal terms as of October 5 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. 0.172x $3.00/unit cash converted to exchange ratio equivalent based on AMGP 10-day VWAP Cash Consideration 0.172x $3.00/unit cash converted to exchange ratio equivalent based on AMGP 10-day VWAP Cash Consideration 1.775x All-In Exchange Ratio 1.807x All-In Exchange Ratio X Special Dividend 0.024x Preliminary Draft $0.415/unit cash converted to exchange ratio equivalent based on AMGP 10-day VWAP Special Dividend 1.775x BAIRD Total Transaction Economics 1.831x Total Transaction Economics Project Bronco | Page 16

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