Barclays Investment Banking Pitch Book
Strategic Rationale
Growth Prospects
Cost of Capital
Coverage
CO₂ Considerations
Credit Enhancement
Consolidation
BARCLAYS
Investors receive initial dividend "bump" and visible 10% annual growth
through the medium-term
• 10% dividend growth "best-in-class" among large cap C-Corp peers
• Lowers corporate family's overall cost of capital
Provides more valuable acquisition currency
Fairness Opinion Analysis
5 years of visible coverage provides funds for general corporate
purposes
• Dilutes percentage of oil production contribution
From -17% in KMP, to -14% in pro forma KMI(¹)
Source: Per KMI management
1. Calculated as CO₂ Oil Production EBITDA divided by total 2014E segment earnings before DD&A.
• Creates a single "credit family" by eliminating subordination
• Anticipated investment grade ratingView entire presentation