Investor Presentation

Demand Markets Provide Diversification Plan to mitigate exposure to RIN volatility through fixed price contracts in the voluntary market REVENUE EXAMPLE $ per mmbtu KINDER MORGAN (a) RIN value $37.06 D3 RINs can also satisfy D5 & D6 obligations revenues must meet or exceed traditional hurdle rates 2021 HH stip price $3.38 transportation market RNG-based CNG & LNG is advantageous for fleets GHG emissions up to 75% less than diesel CNG vehicles are more efficient than electric vehicles for heavy & mid duty fleets looking to decarbonize Fleets are interested in RNG to meet emission reduction targets RIN credits can be earned for RNG volumes used in the transportation market Drives the margin for RNG producers RFS-obligated parties (like refiners) purchase RINS to comply with RFS requirements EPA considering creating eRINs to incentivize RNG used for electricity that charges electric vehicles Could create additional RNG demand and another avenue to capture RIN margin voluntary market LDCs, utilities, universities, industrial All active in the voluntary market today Showing increasing interest in RNG as they look to meet their emission reduction targets Pay premium for RNG Due to absence of subsidy for producers Pricing is lower than current RINS value but terms are generally fixed for 10+ years a) $3.16 D3 RIN price (as of 7/23/2021, per Starfuels Brokerage via Bloomberg) multiplied by 11.727 to convert to $/mmbtu. 39

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