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The magnitude of the reduction in income would depend on the exchange ratio [...] plus whether AMGP then increases its distribution [...] to offset the decline in income to AM. In terms of a range, we think AM holders could experience an upfront income reduction as low as 0% (assuming AMGP raises its 2019 distribution by 134% to a 1.19x coverage ratio) or as high as 31% (assuming no change in distribution/dividend policy). 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