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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 90 slides",
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  "authorName": "Tudor Pickering Holt",
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  "presentationDate": "2018-06-01 00:00:00",
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  "notes": "Includes sensitivity analysis table for exchange ratios and a detailed calculation table for after-tax XR.",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "AM Accretion / (Dilution) - % At 1.514x Implied Exchange Ratio",
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      "text": "Source: Management projections and FactSet as of 6/8/18. Note: After-tax distributions is distribution from entity less attributable qualified dividends and gains on capital taxes. Note: Implied after-tax exchange ratio arrived at by subtracting forecasted taxable gain pf $1.71 from exchange ratio adjusted AM unit price / AMGP share price. (1) Forecast taxes payable provided by company for average unitholder.",
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      "text": "Average transaction taxes of $1.65 result in ~0.1x reduction in exchange ratio. Cash consideration, a higher exchange ratio or a combination of the two would be necessary in order to alleviate the tax burden to AM unitholders",
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      "text": "Status Quo AM, Pro Forma AMGP, $ Acc / (Dil) for 2019E-2022E",
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