Barclays Investment Banking Pitch Book
Summary Reference Valuation
$/ Share
$70.00
$60.00
$50.00
$40.00
$30.00
$20.00
$10.00
$0.00
$39.00
$32.50
KMI Reference Equity Value per Share Range
$53.50
$45.00
Status Quo
Pro Forma
Discounted Cash Flow Analysis
1
1
1
1
1
14
1
$45.00
$31.00
Equity Research Price Targets
Fairness Opinion Analysis
$38.30
$30.81
Share Price 8/8/2014:
$36.12
52-Week Trading Range (¹)
1. Includes intraday trading prices
2. Assumes valuation as of 1/1/2015 Terminal value at 12/31/2020 calculated with an assumed yield range of 4.50% to 5 25% Discounted at assumed yield plus growth rate of 11.50% to
14.50%
3. Assumes valuation as of 1/1/2015. Terminal value at 12/31/2020 calculated with an assumed yield range of 3.75% to 4.50% Discounted at assumed yield plus growth rate of 13.75% to
14.50%
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