Analysis of Potential Transactions ($ in millions, unless otherwise noted) As of 9/12/18 As of 9/19/18 AMGP 20-Day VWAP(1) AMGP 20-Day VWAP(1) $18.01 $17.58 $30.18 $18.01 $17.58 $30.18 $18.01 $17.58 $30.18 $17.50 $16.98 $30.32 $17.50 $16.98 $30.32 $17.50 $16.98 $30.32 AMGP Market Price AM Market Price AMGP Market Price AM Market Price AM - Public Unitholders AM - Public Unitholders Equity XR Cash (Excl. Special Distribution) - $3.00 Equity + Cash (Excl. Special Distribution) XR Special Distribution ($) - $0.415 1.6084x 0.1665x(2) 1.7750x 0.0230x 1.6474x 0.1665x (2) 1.8140x 0.0230x (2) 1.6604x 0.1665x (2) 1.8270x 0.0230x (2) Equity XR Cash (Excl. Special Distribution) - $3.00 Equity + Cash (Excl. Special Distribution) XR Special Distribution ($) - $0.415 1.6028x 0.1715x(2) 1.7743x 0.0237x 1.6418x 0.1715x(2) 1.8133x 0.0237x(2) 1.6548x 0.1715x(2) 1.8263x 0.0237x(2) 1.7980x(2) 1.7167x 4.7% 1.8442x (2.5%) 1.7980x(2) 1.7856x 0.7% 1.9207x (6.4%) All-In XR 1.8370x 1.8500x All-In XR 1.8370x 1.8500x Market Exchange Ratio Premium /(Discount) Market Exchange Ratio - Series B Adjusted Premium /(Discount) 1.7167x 7.0% 1.8339x 0.2% 1.7167x 7.8% 1.8442x 0.3% Market Exchange Ratio Premium /(Discount) Market Exchange Ratio - Series B Adjusted Premium /(Discount) 1.7856x 2.9% 1.9099x (3.8%) 1.7856x 3.6% 1.9207x (3.7%) AM - AR Units AM - AR Units All-In XR 1.7750x 1.7866x 1.7750x All-In XR 1.7750x 1.7866x 1.7750x Implied Market Value Premium to Current AM Unit Price $31.20 3.4% $31.41 4.1% $31.20 3.4% Implied Market Value Premium to Current AM Unit Price $30.14 (0.6%) $30.34 0.1% $30.14 (0.6%) 2 Source: Company filings, and FactSet as of 9/19/2018. (1)VWAP calculated as follows ((Sum of Daily VWAP)*(Sum of Daily Traded Value)) / (Sum of Daily Traded Value). (2)All cash adjustments to XR calculations utilize 20-day VWAP AMGP pricing. Key Non-AR AM Comparison Statistics (vs. Citi Alternative) All-In XR (0.0390x) - 0.0130x Premium to Market (2.2%) - 0.7% Key Non-AR AM Comparison Statistics (vs. Citi Alternative) All-In XR (0.0390x) - 0.0130x Premium to Market (2.3%) - 0.8% Implied Market Value$30.53$31.19$31.41 Premium to Current AM Unit Price0.7%2.9%3.6% Implied Market Value$31.61$32.29$32.52 Premium to Current AM Unit Price4.7%7.0%7.8% Net / Gross X R Calculations Net / Gross X R Calculations AMGPCitiAM ProposalAlternativeProposal AMGPCitiAM ProposalAlternativeProposal CONFIDENTIAL DRAFT SUBJECT TO CHANGE

Analysis of Potential Transactions (cont.) ($ in millions, unless otherwise noted) As of 9/12/18 As of 9/19/18 Existing AMGP Net Debt Existing AM Net Debt New Debt to Fund Cash Consideration (5) 1,400 601 (5) 1,400 642 (5) 1,400 601 Existing AMGP Net Debt Existing AM Net Debt New Debt to Fund Cash Consideration (5) 1,400 601 (5) 1,400 642 (5) 1,400 601 Total Net Debt(1) Total Net Debt(1) 1,997 2,038 1,997 1,997 2,038 1,997 SQ AMGP Shares Shares Issued to AM Public Shares Issued to AR Shares Issued to Series B 186.2 143.5 159.0 18.5 186.2 147.0 157.9 17.4 186.2 148.2 159.0 18.5 SQ AMGP Shares Shares Issued to AM Public Shares Issued to AR Shares Issued to Series B 186.2 143.0 158.5 18.5 186.2 146.5 157.3 17.4 186.2 147.7 158.5 18.5 Total Shares 507.3 508.5 511.9 Total Shares 506.3 507.4 510.9 Implied Equity Value Implied Equity Value SQ AMGP Shareholders AM Public Unitholders AR Series B Unitholders $3,093 2,384 2,641 307 $3,071 2,424 2,604 286 $3,065 2,439 2,618 304 SQ AMGP Shareholders AM Public Unitholders AR Series B Unitholders $3,065 2,355 2,610 305 $3,043 2,395 2,571 284 $3,037 2,409 2,586 302 Implied PF Market Value Implied PF Market Value $30.13 $29.72 $30.58 $29.75 $30.74 $29.47 $29.80 $29.39 $30.25 $29.42 $30.41 $29.16 AM Public Unitholders AR AM Public Unitholders AR As of 9/12/18 As of 9/19/18 AMGP Market Value Implied Series B Valuation AM Equity Value $3,274 76 5,677 $3,162 70 5,704 SQ AMGP Net Debt SQ AM Net Debt (5) 1,400 (5) 1,400 3 Source: Company filings, and FactSet as of 9/19/2018. (1)Cash and Debt balances as of 6/30/2018 Total Enterprise Value $10,423 $10,330 Total Equity Value $9,027 $8,935 Status Quo Enterprise Value Detail Implied Share Price$16.46$16.34$16.31 Implied Share Price$16.61$16.49$16.46 Total Equity Value$8,334$8,293$8,334 Total Equity Value$8,426$8,385$8,426 Total Enterprise Value$10,330$10,330$10,330 Total Enterprise Value$10,423$10,423$10,423 AMGPCitiAM ProposalAlternativeProposal AMGPCitiAM ProposalAlternativeProposal CONFIDENTIAL DRAFT SUBJECT TO CHANGE

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