Barclays Investment Banking Pitch Book

KMI Historical Trading vs. GPs KMI has underperformed since late 2012 vs. the GP universe KMI Yield vs. GP Comparables(¹) Yield 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2/11/2011 Yield 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -KMI 2/11/2011 10/18/2011 -ETE BARCLAYS 10/18/2011 6/24/2012 -PAGP -WGP KMI Yield vs. GP Comparables (Index) 6/24/2012 3/1/2013 TRGP KMI 1. Per Factset 2 Per Factset. Shown as average yield of the following comps: ETE, OKE, PAGP, SE, TRGP, WGP and WMB 8 3/1/2013 OKE GP Comps (2) 11/6/2013 WMB 11/6/2013 Confidential KMI: 4.67% WMB: 3.84% OKE: 3.36% ETE: 2.50% PAGP: 2.27% TROP: 1.85% WGP: 1.69% 7/14/2014 SE KM: 4.67% Comps 7/14/2014

View entire presentation