Baird Investment Banking

....... REVISED COMPONENTS OF TOTAL CONSIDERATION ($ in millions) AR AM 1.607x Equity Component 1.607x Equity Component Original Proposal 0.168x Cash Component 0.168x Cash Component Source: Bloomberg market data as of September 14, 2018. (1) Based on 20-day AMGP VWAP ended September 14, 2018. 1.775x Total Merger Consideration Original Proposal 1.775x Total Merger Consideration Impacts of "Split" Construct 0.023x AR's inclusion in special dividend Special Dividend 0.023x Special Dividend 1.798x All-in Exchange Ratio 1.798x All-in Exchange Ratio Preliminary Grafi 0.011x 1.125 mm share reduction Impact of "Split" Construct 0.038x 3.375 mm share increase ****** BAIRD All-In Exchange Ratio 1.787x Revised Total Exchange Ratio All-In Exchange Ratio 1.836x Revised Total Exchange Ratio Project Bronco Page 6

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