Baird Investment Banking Pitch Book

EXCHANGE RATIO BRIDGE 2.0x 1.8x 1.6x 1.4x 1.2x 1.0x Note, this exchange ratio may change based on current market prices 1.59x Current Natural Exchange Ratio 0.08x AR Forecast Tax Benefit 0.04x Tax Savings on 100% of Tail Period Cenikderdel-Preliminar Part 7 Current "All-in" AMGP Offer: 1.773x 0.01x Series B Premium Dilution 1.73x BAIRD Adjusted Exchange Ratio Project Bronco Page 3

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