Baird Investment Banking Pitch Book

SUMMARY OF LEVERS DISCUSSED Increasing Exchange Ratio Adding a Cash Component Reducing Series B Exchange Benefits ■ Increased cash flow to AR Results in a premium on the sale of AM More equitable sharing of transaction economics ■ Likely viewed favorably by AR investors Helps AR in return of capital initiatives (i.e., share buybacks) ■ Increases new AMGP, "AMC" accretion per share, and potential share price Increases accretion potential with less cash going to Series B Better aligns cash flow profiles (status quo vs pro forma cash flow to Series B holders) ■ Preliminar. Draft Considerations BAIRD Cash flow impact to AR, even at a high exchange ratio, is relatively minimal Adding more shares potentially reduces the equity value of the new AMGP, "AMC" Less upside from holding shares in the new AMGP, "AMC" I Potentially greater AM per unit dilution Increases leverage at the new AMGP, "AMC" Relatively minimal impact to overall deal economics Project Bronco | Page 21

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