{
  "docId": "019de06f-9729-755c-ae30-f4d90cc2c1cb",
  "docSlug": "caa2f3ff3bd0400fbd00646723c059c3",
  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 48 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 22,
  "pageCount": 48,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses a chevron-based list structure to categorize observations.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-9729-755c-ae30-f4d90cc2c1cb/22",
  "deckHref": "/decks/019de06f-9729-755c-ae30-f4d90cc2c1cb",
  "deckJsonHref": "/decks/019de06f-9729-755c-ae30-f4d90cc2c1cb.json",
  "deckAnchorHref": "/decks/019de06f-9729-755c-ae30-f4d90cc2c1cb#slide-22",
  "components": [
    {
      "bbox": {
        "h": 0.02,
        "w": 0.7,
        "x": 0.29,
        "y": 0.03
      },
      "kind": "disclaimer",
      "text": "PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a43f19c1-f7ad-407a-9abc-e8b8656ff6ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.73,
        "x": 0.24,
        "y": 0.71
      },
      "kind": "list",
      "text": "Elevated Volumes: An event that leads to elevated trading volumes could cause some investors to reduce their positions given underlying weakness in the broader MLP market. Governance: A switch to more traditional governance, where voting rights are equal to economic participation, would strengthen sentiment from many key midstream investors who are increasingly vocal about lack of midstream governance.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6e7c84d0-dd1d-449c-a796-f89cd52cf049",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.21,
        "w": 0.73,
        "x": 0.24,
        "y": 0.21
      },
      "kind": "list",
      "text": "Depth of Market: The investor following and liquidity of the Midstream/Energy C-Corp market is significantly deeper than that of the MLP market. 505 investors are invested in the AMZ companies, with the top 20 managing a combined $2.2 trillion in AUM. Comparatively, 3,600+ investors have positions in Energy companies the S&P 1500, with the top 20 managing a combined $7.4 trillion in equity AUM. Dedicated Funds: While some funds are prevented from owning MLPs, we are not aware of any MLP-dedicated fund that is prevented from owning 1099 securities.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "872189a3-afdc-40b5-9e0b-576377a1720a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.21,
        "w": 0.73,
        "x": 0.24,
        "y": 0.46
      },
      "kind": "list",
      "text": "Investor Overlap: Substantial overlap in Midstream and GP's investor bases at the institutional level; possible that some may invest in GP as a levered play on Midstream's underlying assets. Lower \"non-levered\" growth rate may cause certain investors scale back their Arkose position. Growth Rate: Pro forma entity, however, would still have a sector-leading growth rate and exceed Midstream's current growth profile. Change in growth profile, in isolation, is unlikely to result in meaningful selling.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "99c582de-9d97-4779-ac7c-03a33200baf9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.6,
        "x": 0.13,
        "y": 0.07
      },
      "kind": "title",
      "text": "Summary Observations on Potential Shareholder Reaction to an Arkose Simplification",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c518074-3729-4bb5-a1a3-5823a46f16ac",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 33,
      "from": 21,
      "beatId": "f4bcdf09-8170-43ef-8970-326ca75323e3",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "The deck discusses the potential impact of the proposed acquisition and structural alternatives on shareholder/unitholder economics and index inclusion, and presents potential next steps and process tactics.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}