Baird Investment Banking Pitch Book

POTENTIAL AMGP PERSPECTIVES ON EXCHANGE RATIO Historical exchange ratio analysis AMGP Proposal $19.22 X AR/AM Proposal $19.22 X 2.00x HISTORICAL EXCHANGE RATIO 1.90x 1.80x 1.70x 1.60x 1.50x 1.40x 1.30x Current AMGP Price 1.20x AMGP IPO Equity Exchange 1.65x 07/17/17 1.71x = 10/01/17 Equity Component $31.71 $32.87 mem سال میں نہ 12/15/17 + + Cash per AM Unit $3.84 = Total Takeout Price $31.71 03/01/18 Trellminan. Draft $36.71 + Current AMGP Price $19.22 $19.22 05/15/18 BAIRD All-in Exchange 1.65x 1.91x AR / AM Proposal: 1.91x 07/31/18 Current: 1.72x AMGP Proposal: 1.65x Project Bronco | Page 1

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