Barclays Investment Banking Pitch Book

Simplified Organizational Structure Status Quo Organizational Structure Kinder Morgan, Inc. (NYSE: KMI) 13% Listed Shares 100% Voting Shares Kinder Morgan Management, LLC (NYSE: KMR) 100% i-unit interest GP interest and 8% LP interest Kinder Morgan Energy Partners, L.P. (NYSE: KMP) BARCLAYS GP interest and 41% LP interest El Paso Pipeline Partners, L.P. (NYSE: EPB) Source: Per KMI management Note: Above diagram is a simplified representation reflecting only the publicly traded entities. 3 Pro Forma Organizational Structure . One publicly traded company vs. four results in: One equity holder base One dividend policy One debt rating No structural subordination . Fairness Opinion Analysis . . Kinder Morgan, Inc. (NYSE: KMI)

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