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  "notes": "This slide serves as an appendix update regarding the status of a specific financial transaction structure.",
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      "text": "Private and confidential – illustrative and for discussion purposes only. Analysis subject to change based on revised financials and conclusions of UGI and PWC tax analysis",
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      "text": "Focus on limiting dilution and protecting against potential downside in APU business from weather volatility, while ensuring reasonable valuation for IDRs",
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      "text": "The consideration for the GP / IDRs and assumed APU distribution profile are illustrative assumptions from management",
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      "text": "For example, conversion could be automatic after a certain period or may require meeting a certain financial threshold for a number of consecutive periods before they convert",
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      "text": "These units could eventually convert to common LP units after a determined period of time - timing and / or conditions for conversion would need to be negotiated",
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      "text": "For illustrative purposes, this was assumed to be a certain EBITDA level entitling the holders to receive either 50% or 100% of equivalent distributions to an LP unitholder",
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      "text": "This transaction structure has not been discussed with, presented to or offered to the Conflicts Committee",
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      "text": "Management and its advisors have provided the following illustrative financial impact analysis for a GP / IDR repurchase that uses Class C units as partial consideration for discussion purposes only",
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