Evercore Investment Banking Pitch Book
Unitholder Tax Analysis
Precedent Taxable MLP Buy-In Unitholder Tax Impact
$30.00
$20.00
$10.00
$--
($10.00)
($20.00)
($30.00)
(7255)
($3.04)
18282
($3.33)
($24.08)
--$
EVERCORE
$2.49
($4.75)
$0.69
($5.75)
$0.00
-($18.94)
$3.04
($2.5
($2.14)
($2.64)
$2.49
($1.95)
$1.34
($0.68)
$0.58
($14.61)
$3.23
Estimated Cash Tax (Benefit) / Expense per Unit
$2.52
($2.34))"
($1.23)
($1.43)
$1.96
($0.16)
$0.95
($11.18)
$3.61
$2.58
($1.98)
($0.95)
($1.34)
First Decile Second Decile Third Decile Fourth Decile
$1.22
($2.44)
$3.70
$2.63
($0.93)
($8.87))
($0.56)
($1.25)
Fifth Decile
▪ MLP A ■ MLP B ■ MLP C MLP D ▪ MLP E
53
69205
50.600
$1.99
$4.00
2$3.18
$2.81
($0.44)
($0.36)
($1.13)
$0.37
$1.89
Confidential - Preliminary and Subject to Change
$0.71
$2.52
$4.18
($0.14)
($0.07)
($0.99)
($0.55)
Sixth
Decile
Seventh Decile Eighth Decile
▪ MLP F ■ MLP G MLP HMLP I SIRE
$5.71
($0.11)
Ninth Decile
$13.49
$6.94
$5.788.51
Tenth Decile
ŞİŞECAMView entire presentation