Baird Investment Banking Pitch Book

SUMMARY VALUATION APPROACH Core Valuation Approach 4 1 AM Stand-Alone Valuation 2 AMGP Stand-Alone Valuation 3 Merger Consideration Analysis Supplemental Valuation Analyses Baird performed an intrinsic valuation analysis to derive a range of implied values per AM Common Unit utilizing the following core valuation methodologies: Discounted Cash Flow Analysis Discounted Distribution Analysis Public Trading Comparables Analysis Precedent Transactions Analysis Baird performed an intrinsic valuation analysis to derive a range of implied values per AMGP common share utilizing the following core valuation methodologies: Confidential Discounted Cash Flow Analysis Discounted Distribution Analysis Public Trading Comparables Analysis Precedent Transactions Analysis - Baird compared the resulting per unit or share (as applicable) valuation ranges across each of the core methodologies, as well as in totality across all methodologies, to determine a range of implied exchange ratios that would result by dividing the implied value of an AM Common Unit into the implied value of an AMGP common share - Baird then compared the resulting implied exchange ratios determined by the core valuation methodologies to the proposed aggregate exchange ratio implied by the merger consideration (including both the equity and cash consideration components) To supplement its core valuation approach, Baird performed the following analyses: BAIRD Additionally, Baird compared the value per AM Common Unit to the aggregate value of the merger consideration implied by Baird's intrinsic valuation analysis Historical exchange ratio analysis implied by the relative trading levels of AM and AMGP Implied exchange ratios based on the relative distributions payable to each party over various periods Analysis of Wall Street price targets for AM and AMGP (prior to the filing of the Sailing Stone 13-D) Illustrative Merger Consequences Analysis Project Bronco | Page 19

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