Baird Investment Banking Pitch Book

2) AMGP CORE VALUATION APPROACH Discounted Cash Flow Analysis Baird's analytical framework derives the value of AMGP common shares across four core methodologies, utilizing both the AMGP Management Case and the AMGP Modified Coverage Case Discounted Distribution Analysis Selected Public Comparables Analysis Selected Precedent Transactions Analysis Confidential ■ Implied equity value per AMGP common share based on the present value of future unlevered free cash flows attributable to AMGP common shareholders Discount rate range derived from a weighted average cost of capital analysis for AMGP, utilizing CAPM ■ Terminal value based on a terminal multiple calculation, derived from an observation and analysis of precedent transactions BAIRD Implied equity value per AMGP common share based on the present value of future forecast cash distributions attributable to AMGP common shareholders ■ Discount rate range derived from a cost of equity analysis for AMGP, utilizing CAPM ■ Terminal value based on a terminal yield calculation, derived from an observation and analysis of AMGP's current publicly traded peer group Implied equity value per AMGP common share based on comparisons with similar publicly traded MLP general partners Valuation benchmarks include: - Per share price implied by multiples of Total Enterprise Value to 2019E EBITDA - Per share price implied by multiples of Price to CAFD Attributable to AMGP common shareholders - Per share price implied by 2019E Distribution Yields As a result of the substantial disparity in AMGP's near term growth relative to its closest peer group, Baird utilized AMGP's 2022 forecasted metrics for purposes of its Selected Public Comparables analysis. Baird discounted the resulting implied valuations to present utilizing its derived midpoint cost of equity for AMGP. ■ Implied equity value per AMGP common chare based on comparisons with similar precedent transactions involving MLP general partners Valuation benchmarks include: - Per share price implied by multiples of Total Transaction Value to Total NTM IDR cash flow, normalized for a 1.1x coverage ratio at the underlying MLP Baird focused on acquisitions of high-growth IDR streams for purposes of this analysis, as a way to best reflect the current growth profile of AMGP Project Bronco | Page 48

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