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  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 29 slides",
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      "text": "Private and confidential – illustrative and for discussion purposes only. Analysis subject to change based on revised financials and conclusions of UGI and PWC tax analysis",
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      "text": "UGI's proposal to the APU Conflicts Committee on a GP / IDR elimination was met with opposition and a disparate view of GP / IDR value. Recent price movements have resulted in a reduced relative valuation for APU versus UGI. This has increased the viability of a potential APU buy-in as such a deal could be immediately accretive to UGI's EPS and CFPS based on today's prices. The trend of MLP buy-ins driven by lack of market access / investor appetite for MLP securities has accelerated. Prior analysis likely overestimated proportion of historical shortfall / excess attributable to weather; while still meaningful, the impact is dampened using the current case. In light of these developments, UGI management recommends pursuing a full MLP buy-in of APU.",
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