Baird Investment Banking Pitch Book slide image

Baird Investment Banking Pitch Book

POTENTIAL AMGP PERSPECTIVES ON EXCHANGE RATIO Hypothetical analysis assuming AMGP's maximum all-in exchange ratio is 1.7x Current AMGP Price $19.22 X $19.22 X $19.22 2019E ISQ $2.21 $2.21 X AM Distributions / LP Unit $2.85 $2.85 2020E All-in Exchange 1.70x 1.70x 1.70x PF (1.7x exchange) $3.42 $3.41 2021E = = Total Takeout Price $32.67 $32.67 $4.10 $4.13 2022E $32.67 1.31x Cash per AM Unit Required Coverage Ratio Adjustment to Hold AM Flat 2019E $3.84 = $3.00 = $2.50 Source: Antero management projections. Total cash from midstream investments, including any upfront cash from a potential transaction. ISQ PF (1.7x exchange) 1.17x 1.16x 1.11x 1.11x 1.10x 1.05x 1.06x Confidenes Preliminary, Graft Equity Exchange $28.83 $29.67 ÷ $30.17 + 2020E 2021E 2022E Current AMGP Price $19.22 $19.22 $19.22 = = $1,244 = 1.7x / $3.00 (un-adj. coverage) $1,506 $297 Implied Equity Exchange $1,210 1.50x Total Cash to AR (2019-22) (¹) (S in millions) SQ 1.54x 1.57x BAIRD 1.7x / $3.00 (adj. coverage) $1,540 $297 $1,244 Cash from transaction Project Bronco I Page 4
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