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  "docId": "019de06f-ad43-7749-9dea-3304ee8e9019",
  "docSlug": "903f3bc5066b0142da1e419a7e2aa398",
  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 18 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-08-01 00:00:00",
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  "pageNumber": 15,
  "pageCount": 18,
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  "slideType": "financial_analysis",
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  "density": "dense",
  "nDataPoints": 12,
  "notes": "Includes a time-series line chart of trading days to turnover and a bar chart comparing tax liability scenarios.",
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      "kind": "callout",
      "text": "The present value impact of accelerating a unitholder's tax liability is minimal",
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      "kind": "callout",
      "text": "On average, ~1% of Midstream's float is traded on a given day",
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      "kind": "chart",
      "text": "Sell Midstream Unit in ~1.25 Years ($2.15) vs Taxable Exchange ($2.43)",
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        "h": 0.48,
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      "kind": "chart",
      "text": "Trading Days to Turnover (Float / Daily Value Traded)",
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      "kind": "disclaimer",
      "text": "Source: Arkose Merger Model and tax basis information provided by PWC, Thomson Reuters shareholder data, Bloomberg market data as of 10-Aug-2018",
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      "kind": "table",
      "text": "Summary Statistics: Bottom Quartile 161, Median 225, Top Quartile 322",
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      "kind": "title",
      "text": "Turnover in Midstream's Investor Base Suggest Tax Implications are Primarily a Matter of Timing",
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