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  "notes": "The chart displays ranges for Discounted Cash Flow, Discounted Distribution, Selected Public Comparables, and Selected Precedent Transactions.",
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      "text": "Reference Median (1): 1.53x; Aggregate Exchange Ratio (Equity + Cash) (2): 1.775x",
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      "text": "The exchange ratio ranges depicted below are derived as follows for each methodology: The Low value in the range uses the lowest implied value for an AM Common Unit divided by the highest implied value for an AMGP common share. The High value in the range uses the highest implied value for an AM Common Unit divided by the lowest implied value for an AMGP common share",
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      "text": "(1) Represents the Reference Median of AM divided by the Reference Median of AMGP (see previous page). (2) Assumes a 1.6023x base exchange ratio and $3.00 per unit in cash. Based on a 10-day VWAP as of October 5, 2018, the cash value in exchange ratio terms is 1.775x.",
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      "text": "MERGER CONSIDERATION ANALYSIS",
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      "text": "Exchange Ratio Analysis (AM Value ÷ AMGP Value)",
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