Barclays Investment Banking Pitch Book
Sensitivity Analysis to Premiums
Sensitivity to premium paid to KMP, EPB and KMR(1)
Sensitivity Analysis(²)
Premium
KMI
KMP
KMR
EPB
Implied Unit Prices
EPB
KMP/KMR
10.0% $88.87
11.0% $89.68
12.0% $90.48
13.0% $91.29
15.0%
14.0% $92.10
$92.91
$35.97
$80.79
$77.48
$35.74
$39.31
$39.67
$40.03
BARCLAYS
$40.39
$40.74
7/14/2014
Share / Unit Prices
$41.10
1. Assumes KMP and KMR at equal unit prices
2. Assumes a 4.50% yield
2015
$507
$493
$479
$464
$450
$436
2016 2017
$536
$518
$501
$484
$467
$450
$472
$452
$432
$412
$391
$371
6
Cash Coverage
2018
2019
$757 #$412
$733
$686
$663
$639
$385
$710# $357
$330
$302
$274
2020
$19
$0
$0
$0
$0
$0
Cumm.
$2,703
$2,581
$2,479
$2,376
$2,273
$2,171
Confidential
2020E
Dividend /
Share
$3.22
$3.22
$3.20
$3.19
$3.18
$3.16View entire presentation