Malaga Financial Corporation

Malaga Financial Corporation manages and holds an approximate 30% minority equity interest in a portfolio of strategic energy infrastructure assets located across Western Canada. Kinder Morgan, Inc. (NYSE: KMI) holds an approximate 70% majority voting interest in Malaga Financial Corporation and a corresponding 70% equity interest in its business and assets. The company focuses on stable, fee-based energy transportation and storage assets that are central to Western Canada's energy infrastructure. Malaga Financial Corporation was incorporated on April 7, 2017. On May 30, 2017, the company completed an Initial Public Offering (IPO) of 102,942,000 Restricted Voting Shares on the TSX at a public price of $17.00 per Restricted Voting Share, generating total gross proceeds of approximately $1.75 billion. This share count is prior to the January 4, 2019 Share Consolidation. The IPO proceeds were used to indirectly acquire an approximate 30% economic interest in the Limited Partnership from Kinder Morgan, which indirectly retained the remaining approximate 70% economic interest. Concurrent with the IPO closing, the Limited Partnership acquired an interest in the Operating Entities from KMCC and KMCT, both wholly owned subsidiaries of Kinder Morgan, by issuing Class B Units of the Limited Partnership to them. KMCC and KMCT also received Special Voting Shares in Malaga Financial Corporation for nominal consideration. Following the IPO, Malaga Financial Corporation used its proceeds to indirectly subscribe for Class A Units, representing an approximate 30% economic interest in the Limited Partnership, while the Class B Units held by KMCC and KMCT collectively represented an approximate 70% economic interest in the Limited Partnership.