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The IDR buyout is buying all of the assets of AMGP, but leaves the C-Corp stock trading, so a premium paid for the IDRs would be a point of negotiation; but doubtful that AMGP would be motivated to sell IDRs without a significant premium. DCF accretion at zero premium is greater than AMGP buying AM case at zero premium due to assumptions on Series B exchange. 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AMGP / IDRs stay in place as a wholly owned subsidiary of AM resulting in tax leakage on IDR cashflow. The tax leakage creates higher dilution of DCF than other simplification options; we have assumed no mitigation of this tax leakage. 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