Barclays Investment Banking Pitch Book
Implied TLP Prices Versus a Range of Premiums
Implied TLP Prices Based on Precedent 1-Day Premiums
TLP Price
$42.00
$41.00
$40.00
$39.00
$38.00
$37.00
$36.00
$40.16
1.
ETE/
ETP
11.2%
$40.78
BARCLAYS
LNG /
CNQ
12.9%
$38.43
WMB/
WPZ
6.4%
$36.34
TEGP /
TEP
0.6%
$36.72
NS /
NSH
1.7%
I
1
$41.09
$41.60
Evercore WPT Analysis(¹)
Mean:
Median:
15,2%
13.8%
$39.86
$40.14
Last 5 MLP Deals
Source: Company/Partnership filings, FactSet
Note: Premiums based on undisturbed closing price to be consistent with Evercone methodology. 1-Day and 5-Day prices based on business days, 30-Day prices based on calendar days. Prices reflect premiums to TLP
undisturbed price of $36.11, as of 7/9/18 Mean and median premiums reflect selected precedent MLP buy-ins since 2011.
Per Evercore/WPT Presentation (6/1/2017), as filed in WPT fling dated 6/2/2017
Barclays Analysis
Mean:
Median:
11.2%
10.4%View entire presentation