Baird Investment Banking Pitch Book

Confidential BAIRD KEY ASSUMPTIONS UNDERLYING BAIRD'S ANALYSIS ... Continued ■ We do not provide regulatory, accounting, insurance, tax or legal advice and therefore have not expressed an opinion on such matters as they relate to the Transaction. ■ In conducting our review, we have not undertaken or obtained an independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise, known or unknown) or solvency of AM or AMGP nor have we made a physical inspection of all of the properties or facilities of AM or AMGP. ■ We express no opinion with respect to the terms, or impact on AMGP or AMGP Corp, their financial condition, results of operation or cash flows, or on the price or trading range of AMGP common shares or shares of AMGP Common Stock, of any financing obtained, or to be obtained, by AMGP or AMGP Corp in connection with or following the Transaction. ■ In each case, we have made the assumptions and taken the actions or inactions described herein with the knowledge and consent of the Committee. Our opinion necessarily is based upon economic, monetary, market, and other conditions as they exist and can be evaluated on the date hereof and upon certain assumptions we have made with respect thereto, and our opinion does not predict or take into account any changes which may occur, or information which may become available, after the date hereof. We are under no obligation to update, revise, reaffirm or otherwise comment on or consider events occurring after the date hereof. ■ Furthermore, we express no opinion as to the price or trading range at which any of AR's, AM's, AMGP's or AMGP Corp's securities (including AM Common Units, AMGP common shares or shares of AMGP Common Stock) will trade following the date of our opinion or as to the effect of the Transaction on such price or trading range, or any earnings or ownership dilutive impact that may result from future issuances of securities by AR, AM, AMGP or AMGP Corp. Such price and trading range may be affected by a number of factors, including but not limited to: Project Bronco Page 9

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