Baird Investment Banking Pitch Book

PROCESS UPDATE Current working timeline of priority milestones; workstreams to be added as necessary Key Milestone: Formal Due Diligence Session Water Earn-Out Analysis Market Update & Valuation Drivers AR Return of Capital Strategic Review AR Share Buybacks AR Dividend Payment Potential AMGP-AM Transaction Analyses (¹) Other Analyses as Process Dictates March 30 * (1) Formal analyses to be conducted in conjunction with a proposed transaction. 1 1 2 * 9 April 16 I 23 30 I I I 7 14 May 21 28 1 I 1 1 1 1 Confidentia! I 4 11 June Project Bronco BAIRD 18 25 Page 2 T

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