Baird Investment Banking Pitch Book

4 RELATIVE CONTRIBUTION ANALYSIS USING PF AMGP COVERAGE H Relative contribution based on proportionate distributions received IMPLIED AM / AMGP EXCHANGE RATIO ($ in millions) Ownership Entity AR-Held AM Common Units AM Public Holders AMGP Common Shares Series B Units Total 2019E $216 193 162 12 $583 Distribution Forecasts 2020E 2021E 2022E $266 $310 $364 237 228 17 277 Implied Exchange Ratio - AR 2.510x 2.193x 287 22 325 359 29 Terminal Value (1) 2.034x 1.910x $4,366 3,897 5,526 439 Present Value 1.488x PV-10% PV-15% PV-20% $3,836 $3,246 $2,771 3,424 2,897 4,507 3,791 356 299 $749 $897 $1,077 $14,227 $12,124 $10,233 $8,715 2,474 3,216 254 Source: Management projections. (1) Utilizes terminal yield values defined in prior sections of this presentation. Series B terminal value equal to the AMGP terminal value. AMGP includes only Series A cash flow. (2) (3) All-in implied exchange ratio, including cash. Based on 10-day VWAP as of October 5, 2018 1.603x 1.613x 1.623x 1 % Ownership Implied PV-10% 31.6% 28.2% 37.2% 2.9% 100.0% 1.603x Trellminar Draft PV-15% 31.7% 28.3% 37.0% 2.9% 100.0% 1.613x 31.8% Equity PV-20% vs. Exchange All-In 28.4% 36.9% 2.9%! 100.0% 1 1.623x Proposal at 31.2% 28.7% 36.7% 3.4% BAIRD 100.0% 1.602x 32.5% 29.9% 34.5% 3.2% 100.0% (3) 1.775x Project Bronco | Page 76

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