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  "documentTitle": "Baird | Investment Banking Pitch Book | 6 slides",
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  "authorName": "Baird",
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  "notes": "Includes two tables: Distributable Cash Flow and Distributions, with annotations explaining the impact of terminal value and terminal yield on the implied exchange rate.",
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      "text": "AMGP Proposal",
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      "text": "Source: Antero management projections. (1) AM DCF represents distributable cash flow... (2) Relative terminal yields required to match the 1.65x exchange ratio in the AMGP proposal.",
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      "text": "Near-term implied exchange ratios are high based on relative cash flow contribution",
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      "text": "Using this methodology implies ~100 bps difference in terminal yields to match the 1.65x offered exchange rate",
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      "text": "...but decline when factoring in a terminal value",
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      "text": "Relative cash flow contribution analysis",
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      "text": "POTENTIAL AMGP PERSPECTIVES ON EXCHANGE RATIO",
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