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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 10 slides",
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  "authorName": "Goldman Sachs",
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  "presentationDate": "2018-05-01 00:00:00",
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  "notes": "Goldman Sachs Investment Banking Division slide.",
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      "kind": "disclaimer",
      "text": "PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY",
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      "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.",
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      "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.",
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      "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.",
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      "text": "Summary Observations on Potential Shareholder Reaction to an Arkose Simplification",
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