Baird Investment Banking Pitch Book
REVIEW OF KEY FOCUS AREAS & OBJECTIVES
As the Special Committee begins its assessment of the AMGP-AM acquisition proposal, it is essential to keep in
context how AM / AMGP impact AR
HOW DO AM / AMGP IMPACT AR? - KEY FOCUS AREAS WHEN ASSESSING THE PROPOSAL
Focus Area:
1 Cash Flow from Distributions
conftantin Freliminar Draft
2 Value of AM Units Held
3
Alignment of Interests
Distributions from AM are an important component
of AR's free cash flow
The market value of AR's midstream holdings are
imbedded into the overall value of AR's stock
■ AR owns 53% of AM, but 0% of AMGP currently,
creating a perceived mis-alignment of interests
Proposal Impact
BAIRD
Minimally dilutive to AR cash
flow in 2019 - 2020
Minimally accretive to AR cash
flow over 2021 - 2022
New AMGP will have improved
characteristics vs. AM stand-
alone, which could improve
valuation & trading levels
Reduces conflict of interest
within the Antero family, a core
objective
Project Bronco
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