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  "documentTitle": "Barclays | Investment Banking Pitch Book | 20 slides",
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  "authorName": "Barclays",
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  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "The slide outlines specific growth, capex, and funding assumptions used for financial modeling.",
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      "text": "KMP: Assumes annual KMP EBITDA growth of 5% (2% baseline EBITDA growth and 3% EBITDA growth funded by growth capex)\nMaintenance capex assumed to be 5% of EBITDA\nEBITDA growth from capex assumed at a 7.0x investment multiple\nGrowth capex is funded with 50% equity / 50% debt",
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      "text": "KMI: KMP and EPB growth in LP distributions / GP cash flow per current ownership structure\nAssumes no debt / equity is issued at KMI\nAssumes a ~35% tax rate on cash flows",
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      "text": "EPB: Assumes annual EPB EBITDA growth of 5% (2% baseline EBITDA growth and 3% EBITDA growth funded by growth capex)\nMaintenance capex assumed to be 3.25% of EBITDA\nEBITDA growth from capex assumed at a 7.0x investment multiple\nGrowth capex is funded with 50% equity / 50% debt",
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      "text": "1. Source: Management estimates.",
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      "kind": "title",
      "text": "Summary Assumptions for Years 2019 - 2023",
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