Baird Investment Banking Pitch Book

HISTORICAL HOLDINGS OF SELECTED MANAGEMENT ($ and shares in millions) Series B AMGP AR Market Cap Less: Peg Series B Pool Conversion Value (5.92%) Net to Paul / Glen (81.1%) Shares Held Share Price Market Value to Paul / Glen Shares Held Share Price Market Value to Paul / Glen Source: Capital IQ and SEC filings. Note: Shares held exclude options and non-vested shares. @AMGP IPO 05/03/17 $4,375 (2,000) $2,375 $141 $114 35.9 $23.50 $844 26.4 $21.14 $558 12/31/17 $3,672 (2,000) $1,672 $99 $80 37.3 $19.72 $736 26.1 $19.00 $497 Preliminar Draft 03/31/18 $2,977 (2,000) $977 $58 $47 37.3 $15.99 $597 26.1 $19.85 $519 BAIRD Current 07/03/18 $3,540 (2,000) $1,540 $91 $74 37.3 $19.01 $710 26.1 $21.34 $558 Project Bronco | Page 3

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