Barclays Investment Banking Pitch Book
Confidential
Structural Consolidation is Expected to Positively Impact a Number of
Key Factors
Growth Prospects
Cost of Capital
Coverage
CO₂ Considerations
Credit Enhancement
Consolidation
BARCLAYS
Investors receive initial dividend "bump" and visible 10% growth in
the medium term
• 10% dividend growth "best-in-class" among large cap C-Corp peers
Lowers cost of capital of overall corporate family
Provides more valuable acquisition currency
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)
• Creates a single "credit family" by eliminating subordination
Calculated as CO, Oil Production EBITDA divided by total 2014E segment eamings
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