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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 10 slides",
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  "presentationDate": "2019-08-01 00:00:00",
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  "notes": "Includes detailed footnotes regarding ownership calculation assumptions and data sources.",
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      "text": "Source: Bloomberg as of 14-Aug-2019, Capitalization information Per Raven Management (received 20-Aug-2019) and Vail Management (received 16-Aug-2019). Note: Ownership calculations assume all options (vested or unvested) with an exercise price at or above $15.00 per share are cancelled. Assumes 131.3m Raven Class B shares held by Diamond, 330.7m Vail shares held by Diamond (300.0m Class B, 30.7m Class A) and 409.2m total Vail shares outstanding. PF FDSO calculation assumes 15.2m unvested Raven RSUs roll into Vail RSUs, $165m of new retention grants to Raven employees and $192m of new retention awards to Calistoga employees. For more detail see page 10. Illustrative calculation of value of Vail shares issued to Diamond assumes Vail share price of $153.09 as of 14-Aug-2019. Offer given as a fixed exchange ratio (received 13-Aug-2019); Raven price per share implied from exchange ratio of 0.055x and Vail share price of $153.09 as of 14-Aug-2019.",
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      "kind": "table",
      "text": "Table showing Raven Price, Vail Price, Implied Exchange Ratio, Ownership metrics, and Implied Value for various time periods (1-Day to 60-Day VWAP, 52-Week High/Low).",
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      "text": "Historical Exchange Ratio Analysis",
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