Barclays Investment Banking Pitch Book
Trans Am Implied Premiums
5-Trading Day VWAP
10-Trading Day VWAP
20-Trading Day VWAP
30-Trading Day VWAP
2-Month VWAP
3-Month VWAP
6-Month VWAP
1-Year VWAP
Period
Value
TLP Undisturbed Unit Price (7/9/2018) $36.11
TLP Current Unit Price (8/3/2018)
Source: FactSet
Note: VWAPs as of the 7/9/18 undisturbed price date
Implied Premium / (Discount) to TLP's Unit Price
BARCLAYS
Initial Offer
(7/10/18)
$38.00 $39.00 $40.00
5.2%
8.0% 10.8%
$39.35 (3.4%) (0.9%) 1.7%
$36.61
$36.81
$37.52
$37.75
$37.70
$37.86
$38.04
$40.22
3.8%
3.2%
1.3%
0.7%
0.8%
0.4%
(0.1%)
(5.5%)
6.5%
9.3%
5.9%
8.7%
3.9%
6.6%
3.3%
6.0%
3.5%
6.1%
3.0%
5.6%
2.5%
5.2%
(3.0%) (0.6%)
Premium / (Discount) to Unit Price
$41.00 $42.00 $43.00 $44.00
13.5% 16.3% 19.1% 21.8%
4.2% 6.7% 9.3% 11.8% 14.4%
Premium / (Discount) to VWAPS
12.0% 14.7% 17.5% 20.2% 22.9%
22.2%
11.4% 14.1% 16.8% 19.5%
9.3% 11.9% 14.6% 17.3% 19.9%
8.6% 11.3%
13.9% 16.6% 19.2%
14.1% 16.7% 19.4%
8.8%
11.4%
8.3%
10.9%
13.6% 16.2%
7.8%
10.4% 13.0%
15.7%
1.9%
4.4%
6.9%
9.4%
$45.00
24.6%
$46.00
27.4%
16.9%
25.6%
25.0%
22.6%
21.9%
22.0%
18.8% 21.5%
18.3%
20.9%
11.9%
14.4%View entire presentation