Baird Investment Banking Pitch Book

1 AM SUMMARY VALUATION ANALYSIS Implied valuation ranges per AM Common Unit across core methodologies $ per AM Common Unit (1) $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $40.56 $30.58 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. $40.36 $31.48 Discounted Distribution Analysis $35.10 $30.58 $31.48 $24.45 $29.36 $29.97 $24.45 Selected Public Comparables Analysis Implied AM Common Unit Price Ranges Low High $40.56 $40.36 $35.10 $43.40 $40.46 Confidential Reference Median (¹): $35.75 $43.40 $29.36 Selected Precedent Transactions Analysis Reference Median $35.57 $35.92 $29.77 $36.38 $35.75 BAIRD Project Bronco | Page 27

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