Baird Investment Banking Pitch Book
DISTRIBUTION MAINTENANCE ANALYSIS
2019 Implied Dividends per Share Under Discussed Scenarios
Status Quo AM Distribution / Unit
Exchange Ratio Target Used for Distribution Maintenance Calc.
Implied 2019 AMGP Dividend Per Share
Public AM Unitholder 2019 Dividend Analysis (¹)
Dividend per Share
Equity Exchange Ratio
Total PF Dividend (per current AM unit held)
PF Accretion/ (Dilution) to 2019 Status Quo Distribution/Unit (vs. $2.21)
AR 2019 Dividend Analysis (
Dividend per Share
Equity Exchange Ratio
Total PF Dividend (per current AM unit held)
PF Accretion/ (Dilution) to 2019 Status Quo Distribution/Unit (vs. $2.21)
AR Special Cte Position
(1) Based on equity exchange ratio component only, under the base deal structure (as presented in the bridge on the prior page).
$2.21
1.6023x
$1.379
$1.379
1.6350x
$2.255
2.0%
$1.379
1.6023x
$2.210
0.0%
Treliminary Praft
GS/AMGP Construct
$2.21
1.8087x
$1.222
$1.222
1.6350x
$1.998
(9.6%)
$1.222
1.6023x
$1.958
(11.4%)
BAIRD
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