Baird Investment Banking Pitch Book

AM / AMGP HISTORICAL EXCHANGE RATIO 1.80x 1.75x 1.70x 1.65x 1.60x 1.55x 1.50x 1.45x 1.40x 1.35x 1.30x 5/3/17 Source: S&P Capital IQ as of April 9, 2018. 7/10/17 9/16/17 HA 11/23/17 1/30/18 Confidential SER BAIRD Current: 1.563x 180-day: 1.554x 30-day: 1.541x 60-day: 1.499x 4/9/18 Project Bronco | Page 20

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