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  "documentTitle": "Greenhill Discussion Materials to Inergy April 3 2017",
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  "notes": "Includes a 'Has/Gets' valuation framework comparing current unit price to pro forma value with associated distribution yields.",
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      "text": "Notes: (1) Based on present value of projected distributions from 2014 to 2017 discounted using a 10% discount rate and terminal values at stated distribution yields (2) Simplified language; 'Dropdown' refers to contribution of remaining operating assets to NRGM from NRGY; 'Spin' refers to distribution of relevant portion of NRGM units held at NRGY; Projected distributions based on management guidance",
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      "text": "Premium To: Current NRGY Unit Price 61.4% A. No Dropdown, No Spin 39.7% B. Dropdown, No Spin 38.7% C. Dropdown, Spin 32.3%",
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      "text": "NRGY Current Unit Price $20.80 5.6% A. No Dropdown, No Spin $24.03 5.6% B. Dropdown, No Spin $24.20 5.6% C. Dropdown, Spin $25.38 4.0%",
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      "text": "NRGY Pro Forma Unit Value (PV) $21.03 4.0% Legacy NRGY Unitholder Interest 1.000 Value to Legacy NRGY Unitholder $21.03 NRGM Pro Forma Unit Value (PV) $29.28 7.0% Legacy NRGY Unitholder Interest 0.428 Value to Legacy NRGY Unitholder $12.54 Total Value to NRGY Unitholder $33.57",
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