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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 77 slides",
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  "authorName": "TPH",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-10-01 00:00:00",
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  "pageNumber": 55,
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  "nDataPoints": 48,
  "notes": "Includes detailed footnotes regarding tax assumptions and transaction structure.",
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      "text": "AM current price of $29.44\nCash consideration used to pay all taxes; any additional cash available assumed to purchase secondary shares\nFor comparison purposes, AM Proposal assumes issuance of 17.354mm AMGP shares for Series B Unitholders",
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      "text": "Source: Management projections and FactSet as of 10/3/2018. Note: Cash consideration of $3.415 per AM unit. Tax calculations provided by Management. Ordinary gain tax rate for AM accounts for Federal ordinary income tax rate of 37%, Individual MLP investor deduction rate of 20% and 3.8% ACA tax rate. Ordinary gain tax rate for PF AMGP accounts for Federal ordinary income tax rate of 37% and 3.8% ACA tax rate. (1) Transaction based on Non-AR Unitholders receiving 1.6350x AMGP shares + $3.415 cash consideration, AR receives 1.6023x + $3.000 cash consideration, and Series B receive 17.354mm AMGP shares",
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      "text": "After-Tax Discounted Dividend / Distribution Analysis",
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      "kind": "title",
      "text": "XR Adjusted Implied PV / Unit at Various 2022E Distribution Yield | 10% Equity Discount Rate",
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