Evercore Investment Banking Pitch Book
Unitholder Tax Analysis
Precedent Taxable MLP Buy-In Unitholder Tax Impact (cont'd)
125.0%
75.0%
25.0%
(25.0%)
(75.0%)
(125.0%)
(175.0%)
(225.0%)
{6:3%)
(25.5%),
(100.3%)
--%
(30.9%)
EVERCORE
6.0%
(105.6%)
2.9%
(173.1%)
‒‒‒‒‒‒
0.0%
(78.9%)
16.5%
(21.7%81%)
(24.5%)
6.0%
(43.3%)
Estimated Cash Tax (Benefit) / Expense per Unit as % of Offer Value
%99----------
(20.5%)
1.4%
17.5%
6.1%
8.2%
(11.4%)
(60.9%) (19.6%25%)
(31.8%)
(4.8%)
First Decile Second Decile Third Decile
■MLP A MLP B
-----
2.3%
(%(8) 1/6)
(46.6%)
19.5%
(8.8%)
(29.7%)
(10.2%)
Fourth Decile
MLP C MLP D
3.0%
20.1%
(5.2%)
6.3%.
(27.9%)
12.8%
4.9%
54
21.7%
(1.3%)
(3.3%)
Confidential - Preliminary and Subject to Change
(25.2%)
6.2%
22.7%
(0.6%)
(0.4%)
704/2²
(22.0%)
18.6%
12.6%
12.3%
25.2%
8.0%.
(12.2%)
12.6%
Fifth Decile Sixth Decile Seventh Decile Eighth Decile
MLP E▪ MLP F ■ MLP G MLP HMLP I SIRE
23,8%
27.3%
1%
L 9,0%
(2.4%)
Ninth Decile
56.2%
79.0%
30.9%
.0%
1, 28.0%
13.3%
Tenth Decile
ŞİŞECAMView entire presentation