Baird Investment Banking Pitch Book

1 AM VALUATION SUMMARY Implied valuation ranges per AM Common Unit based on Discounted Cash Flow Analysis $ per AM Common Unit $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 Discounted Cash Flow Analysis Methodology $40.56 $30.58 Discounted Cash Flow Analysis $40.36 $31.51 Discounted Distribution Analysis $35.10 $24.45 Trellminan: Praft Selected Public Comparables Analysis $43.38 $29.36 Selected Precedent Transactions Analysis BAIRD 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 precedent transactions Project Bronco | Page 30

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