Baird Investment Banking Pitch Book

3 MERGER CONSIDERATION ANALYSIS (CONT.) Implied value of merger consideration relative to implied value of an AM Common Unit $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 - Reference AM Common Unit Median Valuation $40.56 $30.58 Discounted Cash Flow Analysis $40.36 $31.51 Discounted Distribution Analysis Implied Consideration Range (¹): $34.64 - $46.43 $35.10 $24.45 Trellminan Draft Selected Public Comparables Analysis (1) Represents proposed equity exchange ratio of 1.602 3x applied to the range of values derived for an AMGP Common Share, plus $3.00 in cash consideration. $43.38 $29.36 Selected Precedent Transactions Analysis BAIRD Project Bronco | Page 72

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