Baird Investment Banking Pitch Book

1 AM CORE VALUATION APPROACH DETAIL Baird's analytical framework derives the value of AM Common Units across four core methodologies, utilizing both the AM Management Case and the AM Modified Coverage Case Discounted Cash Flow Analysis Discounted Distribution Analysis Selected Public Comparables Analysis Confidential Selected Precedent Transactions Analysis Implied equity value per AM Common Unit based on the present value of future unlevered free cash flows attributable to AM common unitholders Discount rate range derived from a weighted-average cost of capital analysis for AM, utilizing the Capital Asset Pricing Model ("CAPM") ■ Terminal value based on a terminal multiple calculation, derived from an observation and analysis of relevant precedent transactions within the midstream MLP sector Implied equity value per AM Common Unit based on the present value of future forecast cash distributions attributable to AM common unitholders BAIRD Discount rate range derived from a cost of equity analysis for AM, utilizing CAPM ■ Terminal value based on a terminal yield calculation, derived from an observation and analysis of AM's current publicly traded midstream MLP peer group 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 Implied equity value per AM Common Unit based on comparisons with similar precedent 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 26

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