Baird Investment Banking Pitch Book

3 MERGER CONSIDERATION ANALYSIS (CONT.) Detailed exchange ratio analysis across methodologies (1) Discounted Cash Flow Analysis Distribution Discount Analysis Public Comparables Analysis Distribution Yield Analysis Price to CAFD/Unit Analysis Firm Value to EBITDA Analysis Transactions Analysis Implied Exchange Ratio Low High 2.02x 1.13x 1.24x 0.88x 0.97x 0.84x 0.97x - 2.20x 2.03x 1.90x 1.60x 1.72x Midpoint 1.573x 1.717x 1.457x 1.435x 1.223x 1.346x Assumes a 1.602 3x base exchange ratio and $3.00 per unit in cash. Based on a 20-day VWAP as of October 5, 2018, the cash value in exchange ratio terms is 1.776. Confidential AR Holders All-In Exchange Ratio 1.776x 1.776x 1.776x 1.776x 1.776x 1.776x BAIRD (1) Project Bronco | Page 70

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