Baird Investment Banking Pitch Book

HISTORICAL EXCHANGE RATIO ANALYSIS Based on September 21, 2018 closing prices 1.90x 1.80x 1.70x 1.60x 1.50x 1.40x 1.30x 1.20x AMGP IPO 07/26/17 10/18/17 01/11/18 04/05/18 Note: Avg. "Unaffected" represents the average exchange rate from AMGP IPO to 2/23/18, last close to announcement of the special committees. Trellminar. Draft N 06/28/18 All-in to AM: 1.832x BAIRD All-in to AR: 1.775x Current: 1.732x Average "Unaffected": 1.55x 09/21/18 Project Bronco Page 2

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