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 2.01x 1.13x 1.24x 0.91x 0.97x 0.84x 0.97x 2.19x 1.76x 1.65x 1.36x 1.72x Preliminar Draft Midpoint 1.571x 1.716x 1.338x 1.308x 1.100x 1.346x Assumes a 1.602 3x base exchange ratio and $3.00 per unit in cash. Based on a 10-day VWAP as of October 5, 2018, the cash value in exchange ratio terms is 1.77%. AR Holders All-In Exchange Ratio 1.775x 1.775x 1.775x 1.775x 1.775x 1.775x BAIRD (1) Project Bronco | Page 71

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