Baird Investment Banking Pitch Book

2 AMGP SUMMARY VALUATION ANALYSIS Implied valuation ranges per AMGP common share across core methodologies (1) $ per AMGP Common Share $40.00 $30.00 $20.00 $10.00 $27.10 $20.12 Discounted Cash Flow Analysis Valuation Methodology Discounted Cash Flow Analysis Discounted Distribution Analysis Selected Public Comparables Analysis Selected Precedent Transactions Analysis Median Reference Median provided for informational purposes. $25.43 $18.39 Discounted Distribution Analysis $20.12 $18.39 $19.33 $25.24 $19.72 $27.12 $19.33 Selected Public Comparables Analysis - Implied AMGP Common Share Price Ranges Low High $27.10 $25.43 $27.12 $30.16 $27.11 Confidential Reference Median (¹): $23.42 $30.16 $25.24 Selected Precedent Transactions Analysis Reference Median $23.61 $21.91 $23.22 $27.70 $23.42 BAIRD Project Bronco | Page 49

View entire presentation