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  "notes": "The slide details the specific assumptions (management vs. modified coverage) applied to AM and AMGP financial projections for the 2018-2022 period.",
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      "text": "AMGP Corp Case: 2018 – 2022 financial projections for AMGP Corp, as provided by Antero management",
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      "text": "AM Management Case: 2018 – 2022 financial projections for AM, as provided by Antero management (no modifications)\nAMGP Management Case: 2018 – 2022 financial projections for AMGP, as provided by Antero management (no modifications)\nAM Modified Coverage Case: 2018 – 2022 financial projections for AM, as provided by Antero management, but assuming a modified distribution coverage ratio at AM\nAMGP Modified Coverage Case: 2018 – 2022 financial projections for AMGP, as provided by Antero management, but assuming a modified distribution coverage ratio at AM",
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      "text": "Baird utilizes the following financial forecast cases for purposes of its valuation analysis of AM and AMGP on a stand-alone basis:",
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      "text": "Where applicable, in its analysis of AMGP Corp, Baird utilizes the financial projections provided by Antero management:",
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      "text": "Source: Antero management.",
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      "text": "Distribution Coverage Ratio Forecasts Reflected in Management vs. Modified Coverage Cases: 4Q 2018, 2019, 2020, 2021, 2022. AM Forecast Distribution Coverage in \"Management Cases\": 1.22x, 1.30x, 1.16x, 1.11x, 1.05x. AM Forecast Distribution Coverage in \"Modified Coverage Cases\": 1.22x, 1.32x, 1.24x, 1.23x, 1.19x",
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