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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 16 slides",
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  "notes": "The slide details financial consideration, distribution maintenance, and governance requirements.",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "A board of directors with at least a majority of the directors not affiliated with any of the existing corporate entities, PF AMGP or any private equity sponsor thereof",
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      "text": "Exchange Ratio that adjusts for Series B dilution and provides modest premium consistent with precedent transactions",
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      "text": "Implied 1.959x XR(1) represents 15.7% premium off adjusted market exchange ratio of 1.693x(2)",
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      "text": "Source: Management projections and FactSet as of 7/10/18. (1) Includes equity exchange ratio of 1.750x and cash consideration of $4.00 / unit. (2) Exchange ratio adjusted for Series B dilution.",
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