Baird Investment Banking Pitch Book

PROCESS UPDATE Current working 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 1 I 2 + I I I I April 16 23 30 1 7 14 May *** 21 28 Confidential 1 4 11 June Project Bronco BAIRD 18 25 Page 2

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