Historical Exchange Ratio Analysis Since AMGP IPO (5/4/17) | Based on Spot Prices ($ in millions, unless otherwise noted) Historical AM/AMGP Exchange Ratio At Transac tion Contrac tual Valuation 186.2 328.5 Contrac tual Valuation Yield-Based Valuation (2) (3) AMGP Proposal --1.798x ---- AM GP Shares O utstanding AM GP Units Issued 186.2 NA 186.2 NA AMGP Proposal 2.20x Adj. XR 2.00x 1.878x 1.80x 1.798x (1) 1.747x 1.60x 1.40x 1.20x May-17 Jun-17Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18Jul-18 Aug-18Sep-18 Source: Company filings, FactSet as of 9/14/2018. (1) Adjusted to reflect proposed Series B conversion, with AMGP share price calculated as (AM GP equity value + [(AM GP equity valu e - $2bn) x 6%])/(AM GP fully diluted shares outstanding + 18.5mm) based on AM GP 20-Day VWAP on the day prior to transaction. Proposal % Premium / (Discount) calculated as premium / (discount) between current AM GP proposal (1.775x) based on AM GP 20 day VWAP and adjusted XR based on AM GP closing price on 9/14/2018. Proposal % Premium / (Discount) calculated as premium / (discount) between current AM proposal (1.85x) based on AM GP 20 day VWAP and adjusted XR based on AM GP closing price on 9/14/2018. 2 (2) (3) Spot XR AM GP Pric e$17.22$17.22$17.22 2018E Series B CFNA$7NA 2018E YieldNA2.8%NA Series B Threshold$2,000 NA$2,000 Series B Redem ption Right6.0%NA6.0% Implied Series B Valuation$72$241$412 Series B Conversion Units18.518.523.9 Adj. AM GP Share Pric e$16.02$16.84$17.22 Current AM Share Pric e$30.08$30.08$30.08 At 2/23/2018 Adjusted XR1.878x1.786x1.747x AM GP Units O utstanding Inc luding Series B204.7204.7538.6 AM GP Equity Value Inc luding Series B$3,279$3,447$9,275 AM GP M arket Value$3,206$3,206$8,863 AMGP Proposal %AM Proposal % PeriodSpot X R Adj. X R(1) Premium / (Discount) Premium / (Discount) - AM Proposal--1.850x----Adj. Current1.878x1.878x(4.3%)(1.5%) Current1.747x1.878x(4.3%)(1.5%) 3-Month Average (Current)1.654x1.774x1.3%4.3% 30-Day Average (Current)1.693x1.818x(1.1%)1.8% 2/23/20181.380x1.478x21.6%25.1% 3-Month Average (at 2/23/2018)1.484x1.588x13.2%16.5% 30-Day Average (at 2/23/2018)1.444x1.543x16.5%19.9% Since AMGP IPO Average1.575x1.687x6.6% 9.7% Sample Adjusted XR Calculation CONFIDENTIAL DRAFT SUBJECT TO CHANGE

20-Day VWAP Exchange Ratio Analysis AM VWAP $30.22 AM GP VWAP $17.88 M arket Implied XR 1.690x AM GP S/O (A) 186.2 AM GP VWAP Equity Value $3,329 Series B Threshold $2,000 Redem ption Right 6.0% Series B M arket Value $80 Series B Negotiated Shares (B) 18.5 Fully Diluted AM GP Shares O utstanding (A + B = C) 204.7 Fully Diluted AM GP VWAP $16.65 AM VWAP $30.22 3 Source: Company filings, FactSet as of 9/14/2018. Note: Series B market value based on AMGP share price calculated as (AMGP equity value + [(AMGP equity value - $2bn) x 6%])/(AMGP fully diluted shares outstanding + 18.5mm) based on AMGP 20-Day VWAP on the day prior to transaction. Fully Diluted VWAP XR1.815x AM GP VWAP Based Equity Value$3,409 20-Day VWAP Analysis CONFIDENTIAL DRAFT SUBJECT TO CHANGE

After-Tax Discounted Dividend / Distribution Analysis XR Adjusted Implied PV / Unit at Various 2022E Distribution Yield | 10% Equity Discount Rate AR Base Case 8% 7% 6% $35.02 $38.41 $42.92 Tax-Adjusted Equity Only XR All-In XR 7% 6% 5% AMGP Proposal AM Proposal AR Downside Volumes Case 8% 7% 6% $30.23 $33.06 $36.82 Tax-Adjusted Equity Only XR All-In XR 7% 6% 5% AMGP Proposal AM Proposal 4 Source: Management projections and FactSet as of 9/14/2018. Note: Cash consideration of $3.415 per AM unit. Tax calculations provided by Management. Ordinary gain tax rate for AM accoun ts for Federal ordinary income tax rate of 37%, individual MLP investor deduction rate of 20% and 3.8% ACA tax rate. Ordinary gain tax rate for PF AMGP accounts for Federal ordinary income tax rate of 37% and 3.8% ACA tax rate. Exchange Ratio 1.798x 1.674x 1.850x 1.711x $33.61 $37.17 $42.17 $34.11 $37.72 $42.78 PF AMGP 2022E Dividend Yield SQ AM 2022E Distribution Yield Exchange Ratio 1.798x 1.674x 1.850x 1.711x $41.32 $45.98 $52.50 $41.61 $46.28 $52.82 PF AMGP 2022E Dividend Yield SQ AM 2022E Distribution Yield •AM current price of $30.08 •Cash consideration used to pay all taxes; any additional cash available assumed to purchase secondary shares CONFIDENTIAL DRAFT SUBJECT TO CHANGE

VWAP Calculation Detail AM 20-Day VWAP Calculation Detail AMGP 20-Day VWAP Calculation Detail 8/17/2018 $30.80 412.1 8/17/2018 $18.88 541.7 8/20/2018 $31.06 958.5 8/20/2018 $19.09 1,111.8 8/21/2018 $30.86 1,080.5 8/21/2018 $19.36 1,570.5 8/22/2018 $31.35 476.6 8/22/2018 $19.47 687.0 8/23/2018 $30.95 302.1 8/23/2018 $18.75 776.4 8/24/2018 $30.79 343.6 8/24/2018 $18.35 590.1 8/27/2018 $30.37 371.1 8/27/2018 $18.05 618.5 8/28/2018 $29.91 898.8 8/28/2018 $17.67 1,223.7 8/29/2018 $29.75 449.6 8/29/2018 $17.26 1,040.0 8/30/2018 $29.74 442.7 8/30/2018 $17.28 690.9 8/31/2018 $29.27 591.1 8/31/2018 $16.89 800.0 9/4/2018 $29.57 674.1 9/4/2018 $17.05 489.4 9/5/2018 $29.77 490.1 9/5/2018 $16.88 670.5 9/6/2018 $29.52 507.8 9/6/2018 $16.52 346.0 9/7/2018 $29.51 582.2 9/7/2018 $16.73 386.7 9/10/2018 $29.94 404.4 9/10/2018 $16.75 380.2 9/11/2018 $29.99 389.2 9/11/2018 $17.14 670.2 9/12/2018 $30.18 1,261.3 9/12/2018 $17.58 808.2 9/13/2018 $30.71 506.6 9/13/2018 $17.61 546.4 9/14/2018 $30.08 550.8 9/14/2018 $17.22 871.6 6 Source: Company filings, FactSet as of 9/14/2018. $12,692.65 $30.84 $29,769.80 $31.11 $33,345.59 $31.06 $14,941.82 $31.25 $9,351.05 $31.15 $10,579.84 $30.88 $11,268.97 $30.42 $26,882.63 $30.07 $13,374.50 $29.84 $13,165.69 $29.61 $17,302.02 $29.24 $19,934.17 $29.49 $14,588.79 $29.59 $14,989.08 $29.58 $17,179.90 $29.49 $12,106.57 $29.93 $11,671.03 $29.99 $38,067.39 $30.14 $15,556.27 $30.38 $16,567.25 $30.04 20 Day VWAP $30.22 $10,227.35 $18.82 $21,223.61 $18.97 $30,404.47 $19.24 $13,376.79 $19.36 $14,556.90 $18.89 $10,828.37 $18.32 $11,164.29 $18.05 $21,622.46 $17.75 $17,949.55 $17.30 $11,939.22 $17.28 $13,512.76 $16.89 $8,344.36 $17.06 $11,318.51 $16.79 $5,715.47 $16.56 $6,469.74 $16.58 $6,368.05 $16.63 $11,487.02 $17.05 $14,207.35 $17.49 $9,622.40 $17.57 $15,008.40 $17.36 20 Day VWAP $17.88 Volume Total Traded Date Unit Price (000's) Value ($000's) Daily VWAP Volume Total Traded Date Share Price (000's) Value ($000's) Daily VWAP CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Exchange Ratio Calculation Detail Cash Component (W/O Special Dividend) XR Gross Cash Consideration (W Special Dividend) Proposal W/O Special Dividend Equity Component XR Equity Component XR Cash Component Net Excess Cash Consideration Equity Component XR Secondary Shares Net After-Tax XR All-In XR Taxes Payable (1) (2) XR Purchased AMGP Proposal 1.775x 0.168x 1.607x $3.415 1.607x 0.191x 1.798x ($2.26) $1.16 1.607x 0.067 1.674x AM Proposal - - - $3.415 1.659x 0.191x 1.850x ($2.52) $0.90 1.659x 0.052 1.711x 7 Source: Company filings, FactSet as of 9/14/2018. (1) Based on AMGP 20-day VWAP price. (2) Based on AMGP share price of $17.22 as of 9/14/2018 L K J I H G F E D C B A CONFIDENTIAL DRAFT SUBJECT TO CHANGE

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