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  "notes": "The slide uses a comparative table to justify an exchange ratio by showing how cash flow contributions evolve over time.",
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      "text": "Key Observations: In the near term, AM contributes proportionately more to total distributions than AMGP, implying exchange ratios above 2.00x. However, as AMGP grows into its IDR tiers, the implied exchange ratio steadily declines and ultimately falls below the proposed ratio of 1.600x in the terminal year.",
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      "text": "Relative contribution based on proportionate cash flows",
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      "text": "Source: management projections. (1) See Supplemental Valuation materials for terminal yield assumptions. (2) Assumed to be equal to AMGP common shares terminal yield. (3) AMGP includes only Series A cash flow.",
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      "text": "Table showing distributions from 2019E to Terminal Value, PV 10%, and comparison of Implied vs Proposal for exchange ratios and ownership.",
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      "text": "IMPLIED AM / AMGP EXCHANGE RATIO",
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