Baird Investment Banking Pitch Book

2 AMGP SUMMARY VALUATION ANALYSIS Implied valuation ranges per AMGP common share based on Discounted Distribution Analysis $ per AMGP Common Share $40.00 $30.00 $20.00 $10.00 Discounted Distribution Analysis Methodology $27.10 $20.14 Discounted Cash Flow Analysis $25.43 $18.41 Discounted Distribution Analysis $27.12 $19.36 Preliminar Draft Selected Public Comparables Analysis $30.16 $25.24 Selected Precedent Transactions Analysis BAIRD Implied equity value per AMGP common share based on the present value of future forecast cash distributions attributable to AMGP common shareholders Discount rate range derived from a cost of equity analysis for AMGP, utilizing CAPM ■ Terminal value based on a terminal yield calculation, derived from an observation and analysis of AMGP's current publicly traded peer group Project Bronco | Page 56

View entire presentation