Barclays Investment Banking Pitch Book

KMI Yields Over Time KMI yields have weakened over the past two years as compared to peers Last 2-Years Yield 6.50% 5.50% 4.50% 3.50% 2.50% 1.50% 8/8/2012 Median Mean High Low multit -KMI KMI Statistics Since 1/1/2013 1/1/2013 WMB EPD 5/27/2013 Source: FactSet Yield based on annualized dividends and declared date BARCLAYS 4.55% Median 4.45% Mean 5.30% High 3.70% Low Current (As of 8/8/2014) -OKE Zwan 7 KMI Statistics Since 1/1/2014 10/20/2013 SE -ETE 3/15/2014 4.90% 4.89% 5.30% 4.51% 4.76% <-PAGP Fairness Opinion Analysis KMI: 4.76% TRGP WMB: 3.98% EPD: 3.83% OKE: 3.63% SE: 3.37% ETE: 2.73% PAGP: 2.52% TRGP: 2.10% 8/8/2014

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