Short Kinder Morgan Thesis Update - Slides and Dial-In

01/31/14 12:16PM EST

***CALL TODAY AT 1PM EST. SLIDE DECK BELOW***

Short Kinder Morgan Energy Partners (KMP) remains a Hedgeye “Best Idea.” Our conviction has increased since first making the call in September 2013. Recent events, results, guidance, and new information continues to indicate that our analysis is correct.

“Cheap” is a LONG WAY DOWN. We believe Fair Values are:

KMI: $13 - $17/share, ~57% Downside
KMP: $31 - 47/unit, 51% Downside (Preferred Short)
EPB: $16 - 24/unit, 39% Downside
This puts Complex EV/2014 EBITDA at ~10-11x

CLICK FOR FULL SLIDE DECK: Short Kinder Morgan Thesis Update 1/31/14

CONFERENCE CALL TODAY AT 1PM EST.

Direct Dial Number:
Conference Code: 581275#
Send questions to .

Kevin Kaiser

Managing Director

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