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  "documentTitle": "Baird | Investment Banking Pitch Book | 8 slides",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "The slide uses a sum-of-the-parts approach to derive total implied equity value by adding standalone DCF values and synergies (Tax & G&A).",
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      "kind": "diagram",
      "text": "Flowchart showing AM Standalone DCF + AMGP Standalone DCF + Tax & G&A Savings = Total Implied Equity Value",
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      "text": "Note: Reflects closing prices as of October 5, 2018. Excludes $0.41 / common unit special dividend to AM unaffiliated common unitholders. (1) Tax savings are calculated per the Forecast for 2019–2022. (2) G&A savings are discounted to 1/1/19. (3) Total implied equity value = midpoint of AM Standalone DCF Analysis + midpoint of AMGP Standalone DCF Analysis + Tax & G&A Savings. (4) Reflects a 1.618x equity exchange rate.",
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      "text": "ILLUSTRATIVE IMPLIED VALUE CREATION ANALYSIS (CONT.)",
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