Baird Investment Banking Pitch Book
Tellminan, Praft
BAIRD
KEY ASSUMPTIONS UNDERLYING BAIRD'S ANALYSIS
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- Dispositions of shares of AR common stock, AM Common Units, AMGP common shares or shares of AMGP
Common Stock within a short period of time after, or other market effects resulting from, the announcement
and/or effective date of the Transaction;
- Changes in prevailing interest rates and other factors which generally influence the price of securities;
Adverse changes in current capital markets;
- The occurrence of adverse changes in the financial condition, business, assets, results of operations or
prospects of AR, AM, AMGP or AMGP Corp or in its related industry;
- Other transactions or strategic initiatives that AR, AM, AMGP or AMGP Corp may enter into prior to,
concurrent with, or subsequent to, the Transaction;
Changes in commodity prices;
- Any necessary actions by, or restrictions of, federal, state or other governmental agencies or regulatory
authorities; and
- Timely completion of the Transaction on terms and conditions that are acceptable to all parties at interest.
■ Our opinion has been prepared at the request of, and solely for the benefit and use of, the Committee in its
consideration of the Transaction, and may not be relied upon, used for any other purpose or disclosed to any
other party without our prior written consent, except as permitted under the terms of our engagement letter,
dated March 15, 2018.
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