Baird Investment Banking Pitch Book

... REVISED COMPONENTS OF TOTAL CONSIDERATION ($ in millions) AR AM 1.6084x Starting Equity Component 1.6084x Starting Equity Component Source: Bloomberg market data as of September 21, 2018. 0.006x Share Reduction 0.027x Share Increase 1.6023x Equity Exchange Ratio 1.6350x Equity Exchange Ratio 0.174x $3.00/unit cash converted to exchange ratio equivalent based on AMGP 20-day VWAP Cash Consideration 0.174x $3.00/unit cash converted to exchange ratio equivalent based on AMGP 20-day VWAP 1.776x Cash Consideration All-In Exchange Ratio From an all-in exchange ratio perspective, AM is $0.98/unit better off than AR, which is more than offset by its expected tax burden 1.809x Treliminant Draft All-In Exchange Ratio X Special Dividend 0.024x $0.415/unit cash converted to exchange ratio equivalent based on AMGP 20-day VWAP Special Dividend BAIRD 1.776x Total Transaction Economics 1.833x Total Transaction Economics Project BroNICO I Page 4

View entire presentation