Baird Investment Banking Pitch Book
RELATIVE CONTRIBUTION ANALYSIS APPROACH (CONT.)
Relative contribution based on historical market valuations
Baird utilized the long term average exchange ratios of AM / AMGP
under two scenarios:
AM / AMGP (inclusive of only Series A)
2 AM / AMGP (assuming full redemption of Series B)
Under each scenario, the resulting market value contribution of each
entity was compared against the pro forma ownership implicit in the
June 8th Proposal
(1)
Entity
AM
Series A AMGP
Series B AMGP
AM
Series A AMGP
Series B AMGP
LT Avg.
Shares Exchange
0/S Ratio
187
186
IMPLIED MARKET VALUE CONTRIBUTION vs. PROPOSED OWNERSHIP
187
186
}
1.56x
Total
}
1.52x
Total
Pro Forma
Proposal
AMGP Market I Relative
Shares Value (1) Contribution vs. Ownership
Exclusive of Series B
291
186
477 $8,759
$5,342 I
3,417
Inclusive of Series B
284 $5,207 I
3,417
392
$9,016
186
21
491
Utilies AMGP share price of $18.35 as of June 15, 2018.
61.0%
39.0%
0.0%
100.0%
57.8%
37.9%
4.3%
100.0%
59.4%
36.9%
3.7%
100.0%
59.4%
36.9%
3.7%1
1.8x
100.0%
1.7x
1.6x
1.5x
1.4x
1.3x
Cantideksel Freliminara. Draft
AM
Series A AMGP
Series B AMGP
-AM/AMGP (Series A)
-AM/AMGP (Series A+B)
Ownership %
Implied by Relative
Contribution Analysis
05/03/17 07/23/17 10/13/17 01/02/18 03/25/18 06/15/18
57.8%
37.9%
BAIRD
LT Avg.
Exchange Ratio
4.3%
1.56x
1.52x
Ownership %
Implied by
Proposal
59.4%
36.9%
3.7%
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