EXHIBIT 4.7

REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT(this "Agreement"), dated as of May 18, 2001, is by and between Kinder MorganManagement, LLC, a Delaware limited liability company (the "Issuer"), KinderMorgan Energy Partners, L.P., a Delaware limited partnership (the"Partnership"), and Kinder Morgan, Inc., a Kansas corporation (the"Holder").

W I T N E S S E T H:

     WHEREAS, the Holder purchased1,487,500 shares representing limited liability company interests of the Issuer andidentified in the LLC Agreement (as hereinafter defined) as listed shares ("ListedShares") in an offering by the Issuer pursuant to a registration statement onForm S-1 (Registration No. 333-55868) under the Securities Act of 1933, asamended (the "Securities Act"), filed with the Securities and ExchangeCommission (the "Commission"); and

     WHEREAS, the Exchange Provisions(the "Exchange Provisions") attached as Annex A to, and made a part of, theIssuer's Amended and Restated Limited Liability Company Agreement, dated as ofMay 14, 2001 (including the Exchange Provisions and the Purchase Provisions (ashereinafter defined), the "LLC Agreement"), provide that holders of ListedShares may exchange Listed Shares with the Holder for common units ("CommonUnits") of the Partnership, subject to the right of the Holder to settle the exchangein cash rather than in Common Units (such provisions of the LLC Agreement beingcollectively referred to as the "Exchange Feature"); and

     WHEREAS, the Holder has the rightand, in certain cases, the obligation to purchase all outstanding Listed Shares pursuantto the Purchase Provisions (the "Purchase Provisions") attached as Annex Bto, and made a part of, the LLC Agreement; and

     WHEREAS, the Issuer may effect inthe future one or more public offerings of Listed Shares (the "Offerings"); and

     WHEREAS, the parties believe itappropriate for the resale by the Holder of any Listed Shares it holds to be registeredunder the Securities Act, and the Issuer is agreeable to preparing, filing and maintainingthe effectiveness of registration statements therefor as provided herein; and

     WHEREAS, such resale by the Holdermay be deemed to involve the offer and sale of Common Units, and the Partnership isagreeable to preparing, filing and maintaining the effectiveness of registrationstatements therefor as provided herein.

     NOW THEREFORE, in consideration ofthe premises and mutual covenants hereinafter set forth and other good and valuableconsideration, the receipt and sufficiency of which are hereby acknowledged, the partieshereto hereby agree as follows:

----

Section 1

Definitions

     1.1   SpecificDefinitions.  Unless the context clearly requires otherwise, the followingterms shall have the meanings set forth below:

          "Agreement"has the meaning set forth in the preamble of this Agreement.

          "Commission"has the meaning set forth in the recitals of this Agreement.

          "CommonUnits" has the meaning set forth in the recitals of this Agreement.

          "ConfidentialInformation" means information that the Issuer or the Partnership, as the case maybe, determines, in good faith, is confidential, other than information which (i) isor becomes generally available to the public other than as a result of a disclosure by theHolder or an Inspector to which it was provided, (ii) was within the possession ofthe Holder or an Inspector prior to its being furnished to the Holder or an Inspector byor on behalf of the Issuer pursuant hereto, provided that the source of such informationwas not known by the Holder or such Inspector to be bound by a confidentiality agreementwith or other contractual, legal or fiduciary obligation of confidentiality to the Issueror any other party with respect to such information or (iii) becomes available to theHolder or an Inspector on a non-confidential basis from a source other than the Issuer,provided that such source is not bound by a confidentiality agreement with or othercontractual, legal or fiduciary obligation of confidentiality to the Issuer or any otherparty with respect to such information.

          "Entity"means a corporation, limited liability company, venture, partnership, trust,unincorporated organization, association or other entity.

          "ExchangeAct" means the Securities Exchange Act of 1934, as amended.

          "ExchangeFeature" has the meaning set forth in the recitals of this Agreement.

          "ExchangeProvisions" has the meaning set forth in the recitals of this Agreement.

          "Holder"has the meaning set forth in the preamble of this Agreement.

          "Inspectors"has the meaning set forth in Section 2.2(i).

          "Issuer"has the meaning set forth in the preamble of this Agreement.

          "ListedShares" has the meaning set forth in the recitals of this Agreement.

          "LLCAgreement" has the meaning set forth in the recitals of this Agreement.

          "Offerings"has the meaning set forth in the recitals of this Agreement.

-2-

----

          "Partnership"has the meaning set forth in the preamble of this Agreement.

          "Person"means a natural person or an Entity.

          "Records"has the meaning set forth in Section 2.2(i).

          "RegistrationExpenses" has the meaning set forth in Section 3.1.

          "RegistrationRequest" has the meaning set forth in Section 2.1.

          "ResaleRegistration Statement" has the meaning set forth in Section 2.2(a)(ii).

          "Section"means a section of this Agreement.

          "SecuritiesAct" has the meaning set forth in the recitals of this Agreement.

     1.2   Rulesof Construction. Unless the context otherwise clearly requires:

          (a)   terms defined include the plural as well asthe singular and vice versa;

          (b)   references to any document, agreement,instrument or provision thereof mean such document, agreement, instrument or provisionthereof as the same may be duly amended, supplemented or restated from time to time;

          (c)   "including" means including withoutlimitation;

          (d)   "or" is not exclusive; and

          (e)   the words "herein,""hereof," "hereunder" and other words of similar import refer to thisAgreement as a whole and not to any particular Section or other subdivision.

Section 2

Registration Rights

     2.1   Requestfor Resale Registration.  At any time the Holder may submit to the Issuerone or more written requests (each, a "Registration Request") that the Issuerfile a registration statement under the Securities Act registering the resale of thenumber of Listed Shares specified in such Registration Request, whereupon the Issuer shallproceed in accordance with Section 2.2.

     2.2   ProvisionsRelating to Registration Statements.  The Issuer agrees that after aRegistration Request is submitted it will:

          (a)   prepare and file with the Commission as soonas practicable, but in no event later than 45 days after the Registration Request issubmitted, except as provided in Section 2.4:

-3-

----

|  |           (i)   if the Issuer is not eligible to file a    registration statement on Form S-3 under the Securities Act, a registration statement on    Form S-1 under the Securities Act registering the resale of the number of Listed    Shares specified in such Registration Request; provided, however, that the parties agree    that the Issuer shall not be obligated under this Agreement to file more than two    registration statements on Form S-1 under the Securities Act; and
  
          (ii)   if the Issuer is eligible to file a    registration statement on Form S-3 under the Securities Act, a registration statement on    Form S-3 under the Securities Act registering the resale of the number of Listed    Shares specified in such Registration Request (each registration statement described in    subsection (i), above, and this subsection (ii) being referred to hereinafter as    a "Resale Registration Statement");
          (b)   use its reasonable efforts to cause any ResaleRegistration Statement to become effective, including to file any amendment or supplementto the Resale Registration Statement or any prospectus or other offering document used inconnection therewith to the extent necessary in order to cause such Resale RegistrationStatement to become effective;

          (c)   for so long as any Listed Shares owned by theHolder and covered by a Resale Registration Statement remain unsold, amend or supplementsuch Resale Registration Statement or prospectus or other offering document used inconnection therewith to the extent necessary in order to keep effective and maintain anyregistration, qualification or approval obtained in connection with the resale of anyListed Shares;

          (d)   furnish to the Holder such number of copies asthe Holder may reasonably request of each Resale Registration Statement, each amendmentand supplement thereto (in each case including all exhibits thereto and documentsincorporated by reference therein) and the prospectus included in or used in connectionwith each Resale Registration Statement (including each preliminary prospectus, finalprospectus and prospectus supplement);

          (e)   promptly notify the Holder of any stop orderissued or, to the knowledge of the Issuer, threatened to be issued by the Commission withrespect to such Resale Registration Statement and promptly take all reasonable actions toprevent the entry of such stop order or to obtain its withdrawal if entered;

          (f)   use its reasonable efforts to qualify theListed Shares for resale under the securities, "blue sky" or similar laws ofsuch jurisdictions (including any foreign country or any political subdivision thereof) asthe Holder shall reasonably request and use its reasonable efforts to obtain allappropriate registrations, permits and consents required in connection therewith, exceptthat the Issuer shall not for any such purpose be required to qualify generally to dobusiness as a foreign corporation in any jurisdiction wherein it is not so qualified, orsubject itself to taxation or file a general consent to service of process in any suchjurisdiction;

          (g)   promptly inform the Holder (i) of thedate on which such Resale Registration Statement or any post-effective amendment theretobecomes effective and, if applicable, of the date of filing a Rule 430A prospectus(and, in the case of any offering abroad

-4-

of Listed Shares, of the date when any required filing under thesecurities and other laws of such foreign jurisdictions shall have been made and when theoffering may be commenced in accordance with such laws) and (ii) of any request bythe Commission, any securities exchange, government agency, self-regulatory body or otherbody having jurisdiction for any amendment of or supplement to such Resale RegistrationStatement or preliminary prospectus or prospectus included therein or used in connectiontherewith or any other offering document relating to such offering;

          (h)   as promptly as practicable notify the Holderof the occurrence of an event requiring the preparation of a supplement or amendment tothe prospectus related to such Resale Registration Statement so that such prospectus willnot contain an untrue statement of a material fact or omit to state any material factrequired to be stated therein or necessary to make the statements therein, in the light ofthe circumstances under which they were made, not misleading, and, notwithstandingSection 2.4, as promptly as practicable make available to the Holder any suchsupplement or amendment;

          (i)   with reasonable promptness make available forinspection by the Holder, and any attorney, accountant or other agent retained by theHolder, and any underwriter or prospective underwriter of the Holder and any attorney oragent of any such underwriter (collectively, the "Inspectors"), all financialand other records, pertinent corporate documents and properties of the Issuer(collectively, the "Records") as shall be reasonably necessary to enable them toexercise their due diligence responsibility, and cause the Issuer's officers and employeesto supply all information reasonably requested for such purpose by any such Inspector inconnection with any Resale Registration Statement; provided, however, that the selectionof any Inspector other than an officer or employee of, or attorney or accountant for, theHolder or any such underwriter shall be subject to the consent of the Issuer, which shallnot be unreasonably withheld. Each Inspector that actually reviews Records supplied by theIssuer that include Confidential Information may be required by the Issuer, prior to anysuch review, to execute an agreement with the Issuer in customary form reasonablysatisfactory to the Issuer providing that such Inspector shall not publicly disclose anyConfidential Information unless such disclosure is required by applicable law or legalprocess. The Holder agrees that Confidential Information obtained by it as a result ofsuch inspections shall not be used by it as the basis for any transactions in securitiesof the Issuer unless and until such information is made generally available to the public.The Holder further agrees that it will, upon learning that disclosure of ConfidentialInformation supplied to the Holder or an Inspector is sought in a court of competentjurisdiction from the Holder or an Inspector, give notice to the Issuer and allow theIssuer, at its expense, to undertake appropriate action to prevent disclosure of theConfidential Information. The Holder also agrees that the due diligence investigation madeby the Inspectors shall be conducted in a manner that shall not unreasonably disrupt theoperations of the Issuer or the work performed by the Issuer's officers and employees; and

          (j)   if the plan of distribution proposed by theHolder involves an underwritten offering, enter into an underwriting agreement incustomary form with the underwriter or underwriters selected for such offering by theHolder.

-5-

     2.3   Documents to be Furnished to the Holder.  TheIssuer shall furnish (a) at least two business days prior to filing with theCommission, any Resale Registration Statement, any amendment or supplement to any ResaleRegistration Statement, any prospectus used in connection therewith and any amendment orsupplement to any such prospectus, which documents will be subject to the reasonablereview of the Holder, and Issuer shall not file any such documents with the Commission towhich the Holder shall reasonably object until the Holder and the Issuer have in goodfaith resolved any of the Holder's objections; and (b) a copy of any and alltransmittal letters or other correspondence with the Commission or any other governmentalagency or self-regulatory body or other body having jurisdiction (including any domesticor foreign securities exchange) relating to the resale of the Listed Shares.

     2.4   CertainNotices by Issuer.

          (a)   Upon notice to the Holder, the Issuer maydelay the filing of a Resale Registration Statement otherwise required pursuant toSection 2.2 or require the Holder to suspend the use of the prospectus or anyprospectus supplement related to a Resale Registration Statement, in each case for areasonable period of time, not to exceed 90 consecutive days or 120 days in any12-month period, if (i) the Issuer would be required to disclose informationregarding the Issuer it was not otherwise then required by law to disclose publicly wheresuch disclosure would reasonably be expected to adversely affect any material businesstransaction or negotiation in which the Issuer is then engaged or (ii) the Issuer isin registration with respect to an underwritten public offering of its securities and themanaging underwriter for such public offering determines in good faith that the filing ofa Resale Registration Statement would be materially adverse to such public offering. Anyperiods under this Section 2.4(a) shall be aggregated with periods underSection 2.4(b) in determining whether the periods of 90 consecutive days or120 days in any 12-month period have been exceeded.

          (b)   The Holder agrees that, upon receipt of anynotice from the Issuer of the happening of any event of the kind described inSection 2.2(h) hereof, the Holder will forthwith discontinue disposition of ListedShares pursuant to any Resale Registration Statement until the Holder's receipt of thecopies of the supplemented or amended prospectus contemplated by Section 2.2(h), and,if so directed by the Issuer, the Holder will deliver to the Issuer (at the Issuer'sexpense) all copies, other than permanent file copies, then in the Holder's possession, ofthe prospectus covering such Listed Shares current at the time of receipt of such notice.The Holder also agrees to notify the Issuer if any event relating to the Holder occursthat would require the preparation of a supplement or amendment to the prospectus so thatsuch prospectus will not contain an untrue statement of a material fact or omit to state amaterial fact required to be stated therein or necessary to make the statements therein,in the light of the circumstances under which they were made, not misleading.

     2.5   Registrationby the Partnership.  With respect to any Resale Registration Statement, theresale of Listed Shares by the Holder may be deemed to involve the offer and sale ofCommon Units, and the Partnership is agreeable to registering such offer and sale asprovided herein. Therefore the Partnership agrees that with respect to any RegistrationRequest delivered to both the Issuer and the Partnership, the Partnership will, *mutatismutandis*, be bound by, and take the actions provided in, Section 2 as though itwere the Issuer. Any registration statement to

-6-

be prepared or filed by the Partnership pursuant to thisSection 2.3 shall also be a "Resale Registration Statement" for purposes ofthis Agreement.

     2.6   JointRegistration Statement.  In connection with any Resale RegistrationStatement, the Issuer and the Partnership understand that the resale of Listed Shares bythe Holder may require registration by the Holder of the Exchange Feature and of thepurchase obligations provided in the Purchase Provisions. The parties agree that anyResale Registration Statement may be a joint registration statement of the Issuer, thePartnership and the Holder with respect to their respective securities.

Section 3

Expenses

     3.1   RegistrationExpenses.  The Partnership agrees to bear and to pay or cause to be paidpromptly upon request being made therefor all third party expenses incident to thePartnership's and the Issuer's performance of or compliance with this Agreement, including(a) all Commission and any NASD registration and filing fees and expenses;(b) all fees and expenses in connection with the qualification of the securitiesbeing registered for offering and sale under the state or foreign securities and blue skylaws referred to in Section 2.2(f), including reasonable fees and disbursements ofcounsel, in connection with such qualifications; (c) all expenses relating to thepreparation, printing, distribution and reproduction of any Resale Registration Statementrequired to be filed hereunder, each prospectus included therein or prepared fordistribution pursuant hereto, each amendment or supplement to the foregoing, thecertificates representing Listed Shares and all other documents relating hereto;(d) fees, disbursements and expenses of counsel and independent certified publicaccountants of the Partnership or the Issuer (including the expenses of any opinions or"cold comfort" letters required by or incident to such performance andcompliance); (e) fees and expenses of listing the securities being registered on allexchanges where such securities are listed; and (f) reasonable fees, disbursementsand expenses of one counsel for the Holder retained in connection with any ResaleRegistration Statement and fees, expenses and disbursements of any other Persons,including special experts, retained by the Issuer in connection with such registration(collectively, the "Registration Expenses"). The Partnership and the Issuershall each bear their own internal expenses, including all salaries and expenses of theirofficers and employees performing legal or accounting duties, subject to any otherreimbursement arrangements between them. To the extent that any Registration Expenses areincurred, assumed or paid by the Holder, the Partnership shall reimburse the Holder forthe full amount of the Registration Expenses so incurred, assumed or paid promptly afterreceipt of a documented request therefor. Notwithstanding the foregoing, the Holder shallpay all the fees and disbursements of any counsel or other advisors or experts retained bythe Holder, other than the counsel and experts specifically referred to above, and anyunderwriting fees, discounts or commissions.

Section 4

Representations and Warranties

     4.1   Representationsand Warranties.  The Issuer and the Partnership each represents and warrantsto, and agrees with, the Holder that:

-7-

          (a)   Each Resale Registration Statement and anyfurther amendment or supplement to any Resale Registration Statement, when it becomeseffective or is filed with the Commission, as the case may be, will conform in allmaterial respects to the applicable requirements of the Securities Act and will notcontain an untrue statement of a material fact or omit to state a material fact requiredto be stated therein or necessary to make the statements therein not misleading; and atall times at and subsequent to the time when such Resale Registration Statement has beendeclared effective under the Securities Act, other than from (i) such time as anotice has been given to the Holder pursuant to Section 2.2(h) until (ii) suchtime as the Issuer or the Partnership, as the case may be, furnishes an amended orsupplemented prospectus pursuant to Section 2.2(h) or such time as the Issuer or thePartnership, as the case may be, provides notice that offers and sales pursuant to suchResale Registration Statement may continue, each prospectus (including any preliminary orsummary prospectus) contained in or prepared in connection with any Resale RegistrationStatement, and each prospectus (including any summary prospectus) furnished pursuant toSection 2.2(d), as then amended or supplemented, will conform in all materialrespects to the applicable requirements of the Securities Act and will not contain anuntrue statement of a material fact or omit to state a material fact required to be statedtherein or necessary in order to make the statements therein, in the light of thecircumstances under which they were made, not misleading; provided, however, that thisrepresentation and warranty shall not apply to any statements or omissions made inreliance upon and in conformity with information furnished in writing to the Issuer or thePartnership, as the case may be, by or on behalf of the Holder expressly for use thereinin any such Resale Registration Statement or prospectus.

          (b)   Any documents of the Issuer or thePartnership, as the case may be, incorporated by reference in any prospectus referred toin this Agreement, when they become or became effective or are or were filed with theCommission, as the case may be, will conform or conformed in all material respects to therequirements of the Securities Act or the Exchange Act, as applicable, and none of suchdocuments will contain or contained an untrue statement of a material fact or will omit oromitted to state a material fact required to be stated therein or necessary to make thestatements therein, in the light of the circumstances under which they were made, notmisleading; provided, however, that this representation and warranty shall not apply toany statements or omissions made in reliance upon and in conformity with informationfurnished in writing to the Issuer or the Partnership, as the case may be, by the Holderexpressly for use therein.

          (c)   The compliance by the Issuer or thePartnership, as the case may be, with all of the provisions of this Agreement and theconsummation of the transactions herein contemplated will not contravene any provision ofapplicable law or the LLC Agreement or the agreement of limited partnership of thePartnership, or any order, rule, regulation or decree of any court or governmental agencyor authority located in the United States having jurisdiction over the Issuer or thePartnership, as the case may be, or any of its subsidiaries or any property of the Issueror the Partnership, as the case may be, or any of its subsidiaries; and no consent,authorization or order of, or filing or registration with, any court or governmentalagency or authority is required for the consummation by the Issuer or the Partnership, asthe case may be, of the transactions contemplated by this Agreement, except theregistration under the Securities 

-8-

Act contemplated hereby, and such consents, approvals, authorizations,registrations or qualifications as may be required under state or foreign securities orblue sky laws.

          (d)   This Agreement has been duly authorized,executed and delivered by the Issuer or the Partnership, as the case may be.

Section 5

Indemnification and Contributions

     5.1   (a)   The Issuer and the Partnership, jointly andseverally, will indemnify and hold harmless the Holder against any losses, claims, damagesor liabilities, joint or several, to which the Holder may become subject, under theSecurities Act or otherwise, insofar as such losses, claims, damages or liabilities (oractions in respect thereof) arise out of or are based upon an untrue statement or allegeduntrue statement of a material fact contained in any preliminary prospectus, any ResaleRegistration Statement or any prospectus, or any amendment or supplement thereto, or ariseout of or are based upon the omission or alleged omission to state therein a material factrequired to be stated therein or necessary to make the statements therein not misleading,and will reimburse the Holder for any legal or other expenses reasonably incurred by theHolder in connection with investigating or defending any such action or claim as suchexpenses are incurred; provided, however, that the Issuer and the Partnership shall not beliable in any such case to the extent that any such loss, claim, damage or liabilityarises out of or is based upon an untrue statement or alleged untrue statement or omissionor alleged omission made in any preliminary prospectus, any Resale Registration Statementor any prospectus or any such amendment or supplement in reliance upon and in conformitywith written information furnished to the Issuer or the Partnership by the Holderexpressly for use therein.

          (b)   The Holder will indemnify and hold harmlessthe Issuer and the Partnership against any losses, claims, damages or liabilities, jointor several, to which the Issuer or the Partnership may become subject, under theSecurities Act or otherwise, insofar as such losses, claims, damages or liabilities (oractions in respect thereof) arise out of or are based upon an untrue statement or allegeduntrue statement of a material fact contained in any preliminary prospectus, any ResaleRegistration Statement or any prospectus, or any amendment or supplement thereto, or ariseout of or are based upon the omission or alleged omission to state therein a material factrequired to be stated therein or necessary to make the statements therein not misleading,in each case to the extent, but only to the extent, that such untrue statement or allegeduntrue statement or omission or alleged omission was made in any preliminary prospectus,any Resale Registration Statement or any prospectus or any such amendment or supplement inreliance upon and in conformity with written information furnished to the Issuer or thePartnership by the Holder expressly for use therein; and will reimburse the Issuer or thePartnership, as the case may be, for any legal or other expenses reasonably incurred bythe Issuer or the Partnership, as the case may be, in connection with investigating ordefending any such action or claim as such expenses are incurred.

          (c)   Promptly after receipt by a party indemnifiedunder subsection (a) or (b) above of notice of the commencement of any action, suchindemnified party shall, if a claim in respect thereof is to be made against theindemnifying party under such subsection, notify the 

-9-

indemnifying party in writing of the commencement thereof; but theomission so to notify the indemnifying party shall not relieve it from any liability thatit may have to any indemnified party otherwise than under such subsection and shall notrelieve the indemnifying party from any liability that it may have to any indemnifiedparty under this Agreement unless such failure to give notice actually prejudices theindemnifying party's ability to defend the claim. In case any such action shall be broughtagainst any indemnified party and it shall notify the indemnifying party of thecommencement thereof, the indemnifying party shall be entitled to participate therein and,to the extent that it shall wish, to assume the defense thereof, with counsel satisfactoryto such indemnified party (who shall not, except with the consent of the indemnifiedparty, be counsel to the indemnifying party), and, after notice from the indemnifyingparty to such indemnified party of its election so to assume the defense thereof, theindemnifying party shall not be liable to such indemnified party under such subsection forany legal expenses of other counsel or any other expenses, in each case subsequentlyincurred by such indemnified party, in connection with the defense thereof other thanreasonable costs of investigation. No indemnifying party shall, without the writtenconsent of the indemnified party, effect the settlement or compromise of, or consent tothe entry of any judgment with respect to, any pending or threatened action or claim inrespect of which indemnification or contribution may be sought hereunder (whether or notthe indemnified party is an actual or potential party to such action or claim) unless suchsettlement, compromise or judgment (i) includes an unconditional release of theindemnified party from all liability arising out of such action or claim and(ii) does not include a statement as to or an admission of fault, culpability or afailure to act, by or on behalf of any indemnified party.

          (d)   If the indemnification provided for in thisSection 5 is unavailable to or insufficient to hold harmless an indemnified partyunder subsection (a) or (b) above in respect of any losses, claims, damages orliabilities (or actions in respect thereof) referred to therein, then each indemnifyingparty shall contribute to the amount paid or payable by such indemnified party as a resultof such losses, claims, damages or liabilities (or actions in respect thereof) in suchproportion as is appropriate to reflect the relative benefits received by the Issuer andthe Partnership, on one hand, and the Holder, on the other hand, from the transactionscontemplated by this Agreement and the earlier issuances by the Issuer of Listed Sharesand by the Partnership of i-units. If, however, the allocation provided by the immediatelypreceding sentence is not permitted by applicable law or if the indemnified party failedto give the notice required under subsection (c) above and such failure actuallyprejudiced the indemnifying party's ability to defend the claim, then each indemnifyingparty shall contribute to such amount paid or payable by such indemnified party in suchproportion as is appropriate to reflect not only such relative benefits but also therelative fault of the Issuer and the Partnership, on one hand, and the Holder inconnection with the statements or omissions that resulted in such losses, claims, damagesor liabilities (or actions in respect thereof), as well as any other relevant equitableconsiderations. The relative benefits received by the Issuer and the Partnership, on theone hand, and the Holder, on the other, from the transactions contemplated by thisAgreement and such earlier sales shall be deemed to be in the same proportion as the totalnet proceeds (before deducting expenses) received by the Issuer from all issuances andsales of Listed Shares and by the Partnership from all related issuances and sales ofi-units to the Issuer bear to the difference between the sum of the total net proceeds(before deducting expenses) to the Holder from the sale pursuant to such ResaleRegistration Statement of Listed Shares less an amount per Listed Share so sold equal to 

-10-

the weighted average of the market value on the date of surrender ofall Listed Shares surrendered to the Holder pursuant to the Exchange Feature and the cashpurchase price paid by the Holder to the Issuer for any direct purchases of Listed Shares.****The relative fault shall be determined by reference to, among other things, whetherthe untrue or alleged untrue statement of a material fact or the omission or allegedomission to state a material fact relates to information supplied by the Issuer, thePartnership or the Holder and the parties' relative intent, knowledge, access toinformation and opportunity to correct or prevent such statement or omission.****TheIssuer, the Partnership and the Holder agree that it would not be just or equitable ifcontributions pursuant to this subsection (d) were determined by *pro rata*allocation or by any other method of allocation that does not take account of theequitable considerations referred to above in this subsection (d). The amount paid orpayable by an indemnified party as a result of the losses, claims, damages or liabilities(or actions in respect thereof) referred to above in this subsection (d) shall bedeemed to include any legal or other expenses reasonably incurred by such indemnifiedparty in connection with investigating or defending any such action or claim. No Personguilty of fraudulent misrepresentation (within the meaning of Section 11(f) of theSecurities Act) shall be entitled to contribution from any Person who was not guilty ofsuch fraudulent misrepresentation.

          (e)   The obligations of the Issuer and thePartnership under this Section 5 shall be in addition to any liability that theIssuer or the Partnership may otherwise have and shall extend, upon the same terms andconditions, to each Person, if any, who controls the Holder within the meaning of theSecurities Act; and the obligations of the Holder under this Section 5 shall be inaddition to any liability that the Holder may otherwise have and shall extend, upon thesame terms and conditions, to each officer and director of the Issuer**,**the generalpartner of the Partnership or its delegate (including any Person who, with his or herconsent, is named in any Resale Registration Statement as about to become a director ofthe Issuer, the general partner of the Partnership or its delegate) and to each Person, ifany, who controls the Issuer or the Partnership within the meaning of the Act. As betweenthe Issuer and the Partnership only, any agreement that provides for a differentallocation of any obligations arising pursuant to this Section 5 will be given effect; butno such agreement will change the obligations each may have to third parties under thisAgreement.

Section 6

Miscellaneous

     6.1   Provisionof Information.  The Holder shall complete and execute, and shall cause itsdirectors, officers, employees and agents to complete and execute, all such questionnairesand other documents as the Issuer or the Partnership shall reasonably request inconnection with any registration of the resale of Listed Shares pursuant to thisAgreement.

     6.2   Injunctions.  Irreparabledamage would occur in the event that any of the provisions of this Agreement were notperformed in accordance with their specified terms or were otherwise breached. Therefore,the parties hereto shall be entitled to an injunction or injunctions to prevent breachesof the provisions of this Agreement and to enforce specifically the terms of provisionshereof in any court having jurisdiction, such remedy being in addition to any other remedyto which they may be entitled at law or in equity.

-11-

     6.3 Severability.  Ifany term or provision of this Agreement is held by a court of competent jurisdiction to beinvalid, void or unenforceable, the remainder of the terms and provisions set forth hereinshall remain in full force and effect and shall in no way be affected, impaired orinvalidated, and the parties hereto shall use their best efforts to find and employ analternative means to achieve the same or substantially the same result as thatcontemplated by such term or provision.

     6.4   FurtherAssurances.  Subject to the specific terms of this Agreement, the Holder,the Issuer and the Partnership shall make, execute, acknowledge and deliver such otherinstruments and documents, and take all such other actions as may be reasonably requiredin order to effectuate the purposes of this Agreement and to consummate the transactionscontemplated hereby.

     6.5   EntireAgreement.  This Agreement contains the entire understanding of the partieswith respect to the transactions contemplated hereby and supersedes all agreements andunderstandings entered into with respect thereto prior to the execution hereof. 

     6.6   Amendment.  ThisAgreement may be amended only by an agreement in writing signed by each of the partieshereto.

     6.7   Counterparts.  Forthe convenience of the parties hereto, any number of counterparts of this Agreement may beexecuted by the parties hereto, but all such counterparts shall be deemed one and the sameinstrument.

     6.8   Notices.  Allnotices, consents, requests (including Registration Requests), demands and othercommunications hereunder shall be in writing and shall be given by hand or by mail (returnreceipt requested) or sent by overnight delivery service, cable, telegram or facsimiletransmission to the parties at the following addresses or at such other address as shallbe specified by the parties by like notice.

(a)
if to the Issuer, to:
  
Kinder Morgan Management, LLC
500 Dallas Street, Suite 1000
Houston, Texas  77002
Attention:  General Counsel
-12-

    (b)
      if to the Partnership, to:
  
Kinder Morgan Energy Partners, L.P.
c/o Kinder Morgan Management, LLC,
    the delegate of    its General Partner
500 Dallas Street, Suite 1000
Houston, Texas  77002
Attention:  General Counsel
  
(c)
if to the Holder, to:
  
Kinder Morgan, Inc.
500 Dallas Street, Suite 1000
Houston, Texas  77002
Attention:  General Counsel
Notice so given shall, in the case of notice so given by mail, bedeemed to be given and received on the third business day after posting, in the case ofnotice so given by overnight delivery service, on the day after notice is deposited withsuch service, and in the case of notice so given by cable, telegram, facsimiletransmission or, as the case may be, personal delivery, on the date of actual delivery.

     6.9   GoverningLaw.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED INACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS WITHOUT REGARD TO ANY CHOICE OF LAWPRINCIPLES WHICH MIGHT REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHERJURISDICTION.

     6.10  Successorsand Assigns.  This Agreement shall be binding upon and shall inure to thebenefit of and be enforceable by and against the successors and permitted assigns of theparties hereto. Except (a) with the consent of the other parties, (b) for assignments bythe Holder to any of its affiliates, or (c) as otherwise provided herein, the parties maynot assign their rights or obligations under this Agreement. Any attempted assignment ordelegation prohibited hereby shall be void.

     6.11  Partiesin Interest.  Except as otherwise specifically provided herein, nothing inthis Agreement expressed or implied is in tended or shall be construed to confer any rightor benefit upon any Person, firm or corporation other than the Holder, the Partnership andthe Issuer and their respective successors and permitted assigns.

  (The signature page follows.)

-13-

     IN WITNESS WHEREOF, each of theHolder, the Partnership and the Issuer has caused this Agreement to be duly executed as ofthe date first above written.

 

  
Kinder Morgan, Inc.
  
  
  
By:
/s/    JOSEPH LISTENGART
  
Name:
Joseph    Listengart
  
Title:
Vice    President
  
  
        
  
  
Kinder Morgan Energy Partners,    L.P.
  
  
  
By:
Kinder Morgan G.P., Inc.,
  
   its General Partner
  
  
By:Kinder Morgan Management, LLC,
  
   its delegate
  
  
        
  
By:
/s/    JOSEPH LISTENGART
  
Name:
Joseph    Listengart
  
Title:
Vice    President
  
  
  
  
  
  
  
  
Kinder Morgan Management, LLC
  
  
  
  
  
By:
/s/    JOSEPH LISTENGART
  
Name:
Joseph    Listengart
  
Title:
Vice    President |
|--|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|