Baird Investment Banking Pitch Book
FINANCIAL FORECASTS UNDERLYING VALUATION ANALYSIS
■ Baird utilizes the following financial forecast cases for purposes of its valuation analysis of AM and AMGP on a
stand-alone basis:
"AM Management Case"
"AMGP Management Case"
"AM Modified Coverage Case"
"AMGP Modified Coverage Case"
Confiteres Preliminar Draft
2018-2022 financial projections for AM, as provided by Antero management
(no modifications)
"AMGP Corp Case"
Source: Antero management.
■ 2018-2022 financial projections for AMGP, as provided by Antero management
(no modifications)
■ 2018-2022 financial projections for AM, as provided by Antero management,
but assuming a modified distribution coverage ratio at AM
Forecast Case
AM Forecast Distribution Coverage in "Management Cases"
AM Forecast Distribution Coverage in "Modified Coverage Cases"
■ 2018-2022 financial projections for AMGP, as provided by Antero management,
but assuming a modified distribution coverage ratio at AM
Distribution Coverage Ratio Forecasts Reflected in Management vs. Modified Coverage Cases for 2019-2022
4Q 2018
2019
2021
1.22x
1.30x
1.11x
1.22x
1.32x
1.23x
■ Where applicable, in its analysis of the pro forma AMGP, Baird utilizes the financial projections provided by
Antero management:
2020
1.16x
1.24x
2018-2022 financial projections for AMGP Corp, as provided by Antero
management, and assuming a modified distribution coverage ratio at AM
2022
1.05x
1.19x
BAIRD
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