Barclays Investment Banking Pitch Book
Premiums to Historical KMP, KMR and EPB Prices
Fairness Opinion Analysis
Current (8/8/14)
30 Days Prior
60 Days Prior
52-Week High
52-Week Low
5-Day Average
20-Day Average
60-Day Average
90-Day Average
KMP
$80.34
$81.43
$74.99
$84.98
$71.32
$80.33
$82.03
$79.93
$78.66
Merger
Consideration
$89.98
12.0%
10.5%
20.0%
5.9%
26.2%
Premium to Historical Prices (¹)
KMR
$77.02
$78.15
$71.47
$81.46
$68.62
12.0%
$76.33
9.7% 1 $78.37
12.6%
$76.26
14.4%
$75.12
Merger
Consideration
$89.75
16.5%
14.8%
25.6%
10.2%
30.8%
17.6%
14.5%
17.7%
19.5%
EPB
$33.60
9
$36.16
$33.08
$43.15
$28.87
$33.56
$34.91
$34.61
$33.94
Merger
Consideration
$38.79
15.4%
7.3%
17.3%
(10.1%)
34.4%
15.6%
11.1%
12.1%
14.3%
Source: FactSet
1. Days prior only includes trading days. Averages include the current price plus the specified number of previous trading days
2. Representative Transactions on page 22.
BARCLAYS
1
Representative Transaction Statistics
Median
21.2%
20.8%
26.3%
Mean
20.2%
23.1%
22.4%
Low
9.3%
11.1%
(0.7%)
High
36.1%
40.1%
42.9%View entire presentation