{
  "docId": "019de06f-b0d4-72b6-83a3-62190f55042a",
  "docSlug": "912d149dcfb94328adfa785b32e9c56f",
  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 24 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-08-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.380302,
  "pageNumber": 4,
  "pageCount": 24,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "executive_summary",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide outlines the strategic rationale for a C-Corp conversion, including tax implications and institutional ownership profile.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-b0d4-72b6-83a3-62190f55042a/4",
  "deckHref": "/decks/019de06f-b0d4-72b6-83a3-62190f55042a",
  "deckJsonHref": "/decks/019de06f-b0d4-72b6-83a3-62190f55042a.json",
  "deckAnchorHref": "/decks/019de06f-b0d4-72b6-83a3-62190f55042a#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.07,
        "y": 0.38
      },
      "kind": "list",
      "text": "Results in a simple C-Corp structure, increasingly the vehicle preferred by the market and larger long-only investment complexes, while paving a path to be an eligible entity for broader market indices over time (i.e., S&P 500)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72e5a9b1-85a7-48fb-a484-9dc982fa0898",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.68,
        "x": 0.05,
        "y": 0.24
      },
      "kind": "list",
      "text": "We are pleased to present our thoughts on the potential combination of AMGP and AM",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80013200-a7dd-4cef-95c3-4afcd01b5b5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.63
      },
      "kind": "list",
      "text": "Additionally, we understand that pro forma AMGP will convert to a traditional C-Corp, which will further simplify its legal structure and enhance corporate governance of the entire midstream business",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8195642c-ea5a-445f-ba65-dcb16c563237",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.07,
        "y": 0.49
      },
      "kind": "list",
      "text": "However, is taxable to AM unitholders including AR, mitigated somewhat by public unitholders' relatively high estimated average tax basis of ~$23-$24 per unit, and AR's ~$3Bn of NOLs",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87f3859f-0f9b-4ea5-aa57-6f3676a88903",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.07,
        "y": 0.45
      },
      "kind": "list",
      "text": "Provides tax basis step-up and associated shelter, and therefore improved distributions relative to other combination alternatives",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a4717026-6708-47c1-9646-b4ca7f1a6681",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.31
      },
      "kind": "list",
      "text": "We evaluated a number of potential simplification strategies involving AR, AM and AMGP over the past 6+ months and have concluded that an acquisition of AM by AMGP appears to be the optimal restructuring strategy",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d9198652-33dc-4121-9561-300876dfb053",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.72
      },
      "kind": "list",
      "text": "In this presentation we will: Discuss current midstream market trends and investor sentiment; Compare the current midpoint between counterproposals to precedent simplification transactions in the midstream sector; Provide observations on the potential trading levels of the combined entity",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2b88b34-e28b-4f73-a155-17dc618dd83d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.85,
        "x": 0.09,
        "y": 0.55
      },
      "kind": "list",
      "text": "Furthermore, ~95% of AM's public float is held by institutions, who are generally less sensitive to gain taxes vis-à-vis retail holders",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc16549d-7b23-4563-bc2b-1c3800041d43",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.32,
        "x": 0.05,
        "y": 0.11
      },
      "kind": "title",
      "text": "Executive Summary",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb07f563-1947-4b35-8514-c17e78d3b380",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.12,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "title",
      "text": "Project Alpine",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2638ed1d-a2a9-451e-9bb6-d7863e1a3c11",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "097ebf6f-1350-465b-b3fe-df96690f11c4",
      "evidence": "type: executive_summary",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 4,
      "from": 1,
      "beatId": "53b2e36c-6907-4497-b19c-3d2669dca359",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Situation & Context",
      "beatSlug": "consultants-gambit-situation-context",
      "evidence": "The document provides an executive summary and background information on Antero Midstream Partners LP",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}