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 $20.14 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 $18.41 Discounted Distribution Analysis $27.12 $20.14 $18.41 $19.36 $25.24 $19.75 $19.36 Selected Public Comparables Analysis Implied AMGP Common Share Price Ranges Low High Treliminar. Praft $27.10 $25.43 $27.12 $30.16 $27.11 Reference Median (¹): $23.43 $30.16 $25.24 Selected Precedent Transactions Analysis Reference Median $23.62 $21.92 $23.24 $27.70 $23.43 BAIRD Project Bronco | Page 50

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