Baird Investment Banking Pitch Book

1 AM VALUATION SUMMARY Implied valuation ranges per AM Common Unit based on Selected Public Comparables Analysis $ per AM Common Unit $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 Selected Public Comparables Analysis Methodology $40.56 $30.58 Discounted Cash Flow Analysis $40.36 $31.48 Discounted Distribution Analysis $35.10 $24.45 Confidential Selected Public Comparables Analysis $43.40 $29.36 Selected Precedent Transactions Analysis BAIRD Implied equity value per AM Common Unit based on comparisons with publicly traded midstream MLPs Valuation benchmarks include: - Per unit price implied by multiples of Total Enterprise Value to 2019E and 2020E adj. EBITDA (EBITDA excluding IDR payments) - Per unit price implied by multiples of Price to 2019E and 2020E DCF Attributable to LP unitholders (measured by running total DCF through the AM IDR waterfall) Per unit price implied by 2019E and 2020E Distribution Yields Project Bronco | Page 37

View entire presentation