Baird Investment Banking Pitch Book

$ per AMGP Common Share 2 AMGP SUMMARY VALUATION ANALYSIS Implied valuation ranges per AMGP common share based on Selected Precedent Transactions Analysis $40.00 $30.00 $20.00 $10.00 Selected Precedent Transactions Analysis Methodology $27.10 $20.12 Discounted Cash Flow Analysis $25.43 $18.39 - Discounted Distribution Analysis $27.12 $19.33 Confidential Selected Public Comparables Analysis $30.16 $25.24 BAIRD Selected Precedent Transactions Analysis Implied equity value per AMGP common share 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 growth profile of AMGP Project Bronco | Page 64

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