Antero Midstream Partners Mergers and Acquisitions Presentation Deck
Antero Alternatives Evaluation
AR Shareholder Input
Material Return of
Capital
Delever Balance
Sheet and Partially
Fund Repurchase
Eliminate IDR
Structure /
Conflict of
Interest
More
Independent AR
Board
Improved AR Valuation
Potential Recommendation
$500MM+ share buyback
capping leverage at 2.5x
Bring forward contingent
water business payment
Propose AMGP acquire
AM for stock/ cash
New Independent Director
Rick Connor becomes fully
independent post-merger of
AMGP / AM
(4 of 9 fully independent)
more
Other Ideas
Sell Non-Core Acreage
Sell AM Units to Infrastructure Fund
Sell AM Units to Public
Monetize Hedges
AMGP Shares Swapped For AR's AM Units
AMGP Buys AM Units
AM Buys IDRS
AM Buys AMGP
13-Way Merger - "Integrated Gas Company"
AMGP Buys AR
AR Buys AMGP / AM
Add More Independents as PEs Roll Off
Attractive
Somewhat Attractive
Not Attractive
Antero
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