Baird Investment Banking Pitch Book

PROCESS UPDATE (CONT.) Draft timeline of priority milestones; workstreams to be added as necessary Key Milestone: Formal Due Diligence Session Water Earn-Out Analysis Intrinsic Valuation Analysis (AR, AM, AMGP) AMGP - AM Transaction Alternatives Analyses - AMGP Acquisition of AM AMGP Acquisition of Ownership Interest in AM AR Return of Capital Strategic Review AR Share Buybacks AR Dividend Payment Other Analyses as Process Dictates March 30 2 9 April 16 23 30 T 7 14 May ** 21 28 Confidential 4 11 June Project Bronco BAIRD 18 25 Page 3

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