Kinder Morgan Market Opportunity and Financial Overview

Minimum Book Tax Detail KINDER MORGAN High-level example of calculation Net income Add back: Book depreciation Add back: Book federal income tax Subtract: Tax depreciation Adjusted Financial Statement Income (AFSI) × 15% Minimum Book Tax (MBT) Subtract: Any applicable credits MBT after credits Pay the greater: MBT or ordinary federal cash taxes Limited to 75% of MBT annually; $298 million of General Business Credits as of 12/31/22 - MBT applies to companies generating average annual AFSI >$1bn over the prior 3 years - Do not expect to be subject to MBT in 2023, 2024, or 2025 100% of MBT payments can be credited against future ordinary tax 45

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