Baird Investment Banking Pitch Book
vreliminary Draft
BAIRD
PROCESS OVERVIEW (CONT.)
...Continued
■ Further, the Committee has not asked us to express, and we are not expressing, any opinion as to the individual
shares of AMGP Common Stock and/or cash components, or the relative proportional amounts thereof, of the
Consideration.
■ In conducting our financial analyses and in arriving at our opinion herein, we have reviewed such information and
have taken into account such financial and economic factors, investment banking procedures and considerations
as we have deemed relevant under the circumstances.
■ In that connection, and subject to the various assumptions, qualifications and limitations set forth herein, we
have, among other things:
- Participated in meetings with management of AR, AM and AMGP (collectively, "management") and the
Committee and its legal counsel, during which the background on the Transaction was discussed;
- Reviewed certain internal information, primarily financial in nature, including financial forecasts concerning
the business and operations of AM, AMGP and AMGP Corp. and the contemplated strategic, operating and
cost benefits associated with the Transaction furnished to us, and certified, by management for purposes of
our analysis (collectively, the "Forecasts");
Participated in subsequent calls and meetings with management regarding the Forecasts and their underlying
assumptions and for review and updates regarding AR, AM, AMGP and AMGP Corp. and certain of their
respective assets;
Reviewed certain publicly available information including, but not limited to, AR's, AM's and AMGP's recent
filings with the Securities and Exchange Commission and equity analyst research reports covering AR, AM and
AMGP prepared by various investment banking and research firms;
Project Bronco | Page 5View entire presentation