A Compelling Investment Opportunity

Global Energy Demand Expected to Grow for Decades to Come More than 650 million people still expected to lack access to electricity in 2030 STEADY GROWTH IN GLOBAL ENERGY DEMAND Billion tons of oil equivalent 18 KINDER MORGAN DEMAND GROWTH DRIVEN BY DEVELOPING ECONOMIES % of projected incremental demand from 2017 to 2040 16 16 14 14 12 10 10 8 6 4 2 Projections 2025 2030 Renewables Natural gas SE Asia 15% Rest of World 2% Latin America 10% Petroleum and liquids Africa 15% Coal Nuclear 2035 2040 India's demand expected to more than double India 32% China 26% China projected to become biggest oil consumer and largest importer of oil and natural gas Population growth, urbanization and economic development create growing demand for affordable, reliable energy sources Source: International Energy Agency World Energy Outlook 2018, New Policies Scenario. New Policy Scenario considers (1) today's policy frameworks, (2) the continued evolution of known technologies and (3) policy ambitions announced as of August 2018, including commitments made under the Paris Agreement. 0 2000 2017 10

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