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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 45 slides",
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  "notes": "The slide presents a sensitivity analysis of exchange ratios across different discount rates and valuation scenarios.",
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      "kind": "callout",
      "text": "AMGP Proposal: 1.650x\nAM Proposal: 1.909x",
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      "text": "Source: Management projections. FactSet as of 8/10/2018. Note: AM distributable cash flow defined as distributable cash flow attributable to AM LP unitholders. AMGP distributable cash flow defined as HoldCo DCF with pre-tax Series B payments added back in. AMGP share values based on Shares Outstanding including 18.5mm additional shares from Series B conversion. (1) Low AM to high AMGP and high AM to low AMGP implied unit and share prices compared to assess full range of potential exchange ratios.",
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      "text": "AR Downside Volumes Case tables",
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      "text": "AR Base Volumes Case tables",
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      "kind": "title",
      "text": "Implied Exchange Ratios(1)",
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