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      "text": "Preliminary and Confidential – Subject to Further Review and Revision",
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      "text": "Source: Series B Discussion Materials Presented by Series B Holders (as presented 8/9/2018). (1) Represents PV-B of: (Series B Profits Interest Valuation at time of exchange- $0 basis) / 15 year amortization x 25% corporate tax rate for 15 years.",
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      "text": "Component, Methodology, Value ($mm), Citi Commentary. DCF of Distributions, Present value of estimated Series B distributions through 2026 discounted at 8.0% WACC, $179, DCF accounts for ongoing growth in distributions and value illuminations; WACC assumptions may be aggressive. PV of Terminal Value, PV of the Series B terminal value discounted at 8.0%, 166, Terminal value on date of expiration of Series B option; Generally reasonable assumptions. GP Share Count Expansion Value, Assumes 5% of IPO shares issued annually based on peer historical analysis, 103, Attempts to illustrate upside from option value; Additional shares assumes an external event; Current company forecast assumes no additional GP shares issued. LP Share Count Expansion Value, Assumes 10% of IPO shares issued annually based on peer historical analysis, 245, Attempts to illustrate upside from option value; Current company forecast assumes no additional LP units issued. Basis Step Up Value, Present value of savings from tax basis step-up to pro forma AMGP, 55, Requires external transaction. Total, , $748, Includes $345mm of intrinsic value; Balance attempts to illustrate option value outside base case. Intrinsic Value, , $345, Equivalent to ~20.6mm units.",
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      "text": "Reaction to Series B Holders' Presented Market Valuation",
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