Baird Investment Banking Pitch Book

(1) 3) VALUATION ANALYSIS RECAP 7 Valuation ranges for AM Common Units and AMGP common shares across valuation methodologies Intrinsic Valuation Analysis Implied Unit / Share Price $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $40.56 $30.58 $27.10 $20.14 Discounted Cash Flow Analysis Reference Median provided for informational purposes. $40.36 $31.51 $25.43 $18.41 AM Discounted Distribution Analysis AMGP $35.10 $24.45 $27.12 $19.36 Preliminary Draft Selected Public Comparables Analysis $43.38 $29.36 $30.16 $25.24 BAIRD Selected Precedent Transactions Analysis AM Reference Median (1) $35.75 AMGP Reference Median (1) $23.43 Project Bronco | Page 69

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