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  "documentTitle": "Barclays | Investment Banking Pitch Book | 33 slides",
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  "authorName": "Barclays",
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  "presentationDate": "2014-08-01 00:00:00",
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  "notes": "The slide uses a process-like diagram to link the consolidation event to specific strategic outcomes.",
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      "text": "Consolidation",
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      "kind": "disclaimer",
      "text": "Source: Per KMI management. 1. Calculated as CO2 Oil Production EBITDA divided by total 2014E segment earnings before DD&A.",
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      "text": "Fairness Opinion Analysis",
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      "text": "CO2 Considerations: Dilutes percentage of oil production contribution; From ~17% in KMP, to ~14% in pro forma KMI",
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      "text": "Growth Prospects: Investors receive initial dividend \"bump\" and visible 10% annual growth through the medium-term; 10% dividend growth \"best-in-class\" among large cap C-Corp peers",
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      "text": "Credit Enhancement: Creates a single \"credit family\" by eliminating subordination; Anticipated investment grade rating",
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      "text": "Coverage: 5 years of visible coverage provides funds for general corporate purposes",
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      "text": "Cost of Capital: Lowers corporate family's overall cost of capital; Provides more valuable acquisition currency",
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      "text": "Strategic Rationale",
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