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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 42 slides",
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  "authorName": "Morgan Stanley",
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  "presentationDate": "2018-03-01 00:00:00",
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  "notes": "The slide uses a bar chart to compare market capitalization of midstream companies, highlighting the pro forma AMGP position.",
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      "text": "Top 20 Midstream Companies Ranked by Market Capitalization",
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      "text": "Fastest growing midstream C-Corp; Distribution growth exceeding 30% through 2022; Highest total return midstream C-Corp; Pro forma 3-year implied IRR of ~30%; Organic growth driven by backlog of $2.7Bn of projects; Strong balance sheet with 2.2x 2019E leverage",
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      "text": "Ability to grow without equity issuance; Top-tier asset base, proven growth track record; Top-tier Appalachian management team; Depth of institutional access; Mitigation of overhang; Significant enhancement of public float to ~$3.7Bn",
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      "text": "Under the hypothetical exchange ratio, AM unitholders would have the largest pro forma AMGP ownership position. It is critical to understand how AMGP would trade post-transaction to quantify value implications.",
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      "text": "Source: Company projections",
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      "text": "Post-transaction, AMGP to be positioned as a leading midstream C-Corp with a number of factors that distinguish it from its peers:",
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