Baird Investment Banking Pitch Book

$ per AM Common Unit 1AM VALUATION SUMMARY Implied valuation ranges per AM Common Unit based on Selected Precedent Transactions Analysis $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 Selected Precedent Transactions 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 BAIRD Selected Precedent Transactions Analysis Implied equity value per AM Common Unit based on comparisons with similar precedent corporate transactions in the midstream energy sector Valuation benchmarks include: - Per unit price implied by multiples of Total Transaction Value to NTM EBITDA Project Bronco | Page 41

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