FOURTH QUARTER 2019 1 Disclaimer This presentation contains - PowerPoint PPT Presentation

INVESTOR PRESENTATION FOURTH QUARTER 2019 1

Disclaimer This presentation contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in CorEnergy’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Other than as required by law, CorEnergy does not assume a duty to update any forward- looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy’s Board of Directors and compliance with leverage covenants. 2

Infrastructure assets have desirable investment characteristics Infrastructure REIT Strategy Overview • Infrastructure assets are essential for our customers’ operations to produce revenue • CorEnergy’s triple -net leases and other contracts generate operating expense for our tenants • Total long-term return to stockholders of 8-10% on assets from base rents, plus acquisitions & participating rents • Growing CorEnergy through disciplined acquisitions that are accretive to AFFO and dividends per share Asset Fundamentals Investment Characteristics • • High cash flow component to total return Long-lived assets, critical to tenant operations • • Attractive potential risk-adjusted returns High barriers to entry with strategic locations • Diversification vs. other asset classes • Contracts provide predictable revenue • • Potential inflation protection Limited sensitivity to price/volume changes 3

Energy infrastructure is utility-like 2 1 OFFSHORE PLATFORM REIT qualifying assets include wires, pipes, storage and offshore platforms (Yellow flags represent assets currently owned or previously owned by CORR) (1) Portland Terminal sold December 2018 (2) EIP sold April 2015 4

Portfolio of essential assets CorEnergy assets critically support our partners in conducting their businesses in the U.S. energy industry Purchase Type Asset Description Price Location Pinedale Liquids Liquids gathering, processing & storage system for Upstream $228MM WY Gathering System condensate & water production Grand Isle Gathering Subsea to onshore pipeline & storage terminal for oil & Midstream $245MM GoM-LA System water production Midstream MoGas Pipeline Interstate natural gas pipeline supplying utilities $125MM MO-IL Natural gas utility supplying end-users at Fort Leonard Downstream Omega Pipeline $6MM MO Wood 5

Portfolio developments in 2019 • MoGas Pipeline • FERC approved rate case settlement in September 2019 • Providing annual rates of ~$14.8 million for MoGas • Firm transportation contract with largest customer runs to October 2030, five-year firm transportation service agreements with other customers • Open season underway to assess demand for potential expansion • Pinedale Liquids Gathering System • Tenant Ultra Petroleum signed amended credit facility in September 2019 • Removing UPL’s financial maintenance covenants with lenders, while placing limits on capital expenditures and suspending drilling program • UPL’s 2020 production expectations are lower than 2019 • Rent payments to CorEnergy continue as agreed • Grand Isle Gathering System • Privately held Cox Oil is not disclosing financial statements • Rent payments to CorEnergy continue as agreed • Omega Pipeline • Supplying natural gas under 10-year contract with Department of Defense 6

Dividend stability and access to capital markets • CorEnergy recently declared $0.75 common stock dividend for 3Q19 – in line with previous 16 quarterly dividends • Completed $120 million offering of 5.875% Convertible Senior Notes (due 2025) in August 2019 private placement • Used a portion of cash, with shares of common stock, to repurchase ~$64 million of 7.00% Convertible Senior Notes (due 2020) • Loss on extinguishment of debt ~$29 million (GAAP, NAREIT FFO, FFO) • Significantly increased CorEnergy’s liquidity and extended maturity of debt facilities, while reducing its weighted average cost of capital 7

Diluted common share financial metrics – recent quarters Net Income (Loss) to Common NAREIT Funds from Operations 2,3 Funds from Operations 2,3 Stockholders 1,2 $1.32 $1.35 $1.35 $1.35 $0.96 $0.96 $0.93 $0.94 $0.85 $0.85 $0.57 $0.85 $0.59 $0.56 $0.35 $0.35 $0.12 $0.35 -$0.15 -$0.15 -$0.15 4Q18 1Q19 2Q19 3Q19 4Q18 1Q19 2Q19 3Q19 4Q18 1Q19 2Q19 3Q19 -$0.65 -$0.65 -$0.65 -$1.15 -$1.15 -$1.15 ($1.23) ($1.23) -$1.65 -$1.65 -$1.65 ($1.65) Dividends Declared to Common Adjusted Funds from Operations 3 Stockholders $0.99 $0.96 $0.94 $0.94 $1.00 $1.00 $0.75 $0.75 $0.75 $0.75 $0.80 $0.80 $0.60 $0.60 $0.40 $0.40 $0.20 $0.20 $0.00 $0.00 4Q18 1Q19 2Q19 3Q19 4Q18 1Q19 2Q19 3Q19 1) Fourth quarter 2018 Net Income to Common Stockholders includes $11.7 million gain on sale of leased property, net 2) Third quarter 2019 Net Loss to Common Stockholders, NAREIT Funds from Operations, and Funds from Operations include $28.9 million loss on extinguishment of debt from the August 2019 convertible debt exchange. First quarter 2019 figures for those metrics include $5.0 million loss on extinguishment of debt from the January 2019 convertible debt exchange. The Company provides non-GAAP performance measures utilized by REITs, including NAREIT Funds From Operations (“NAREIT FFO”), Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”) . 3) We have historically presented a measure of FFO derived by further adjusting NAREIT FFO for distributions received from investment securities, income tax expense, net, and net distributions and dividend income. Management uses AFFO as a measure of long-term sustainable operational performance. See slides 12 to 13 for a reconciliation of NAREIT FFO, FFO and AFFO, as presented, to Net income (loss) attributable to CORR common stockholders. 8

Balance sheet poised for portfolio growth in 2019-2020 Capital Structure Liquidity ($ in millions) September 30, 2019 ($ in millions) September 30, 2019 Secured Credit Facilities, gross of issuance costs $34.8 Cash $120.4 Revolver availability 136.8 Convertible Debt, proceeds gross of fees $125.5 Total Debt $160.4 Total liquidity $257.2 Preferred Stock $125.5 Common Stock $350.4 Total Equity $475.9 Total Capitalization $636.3 Target Range September 30, 2019 Total Debt/Total Capitalization 25-50% 25.2% Preferred/Total Equity 33% 26.4% 9

Energy industry’s capital constraints create CorEnergy opportunities Challenging environment in E&P “Access to capital markets expensive, impossible and now a source of competitive advantage. • Equities are cheap and issuances are at a 10 year low. • New E&P debt coming at a trickle, and cost of borrowing has skyrocketed. • Upstream M&A market activity still dismal, near 20- year lows.” - IHS Markit, October 2019 Oil & gas producers’ response • Limit drilling activity based on operational cash flow • Turn to creative sources for alternative financing Source: Haynes and Boone Energy Roundup Fall 2019 10

REITs supported by a much larger investor universe vs. MLPs Utility & REIT markets are larger and more institutional than MLP MLPs Midstream C-Corps REITs Utilities CorEnergy Market Cap: ~$740mm (1)(4) Market Cap: ~$275bn (1) Market Cap: ~$1.2Tn (3) Market Cap: ~$1.4Tn (3) Market Cap: ~$160bn (1)(2) <1% <1% 6% 3% 1% <1% 1% 13% <1% 15% 20% 31% 25% 29% 31% 35% 70% 79% 44% 84% 79% 30% Retail Institutional Insiders & Sponsors (1) Estimated using Bloomberg Shareholder Data as of July 31, 2019 11 (2) Includes only companies based in the United States (3) Fidelity Sectors & Industry Overview, July 31, 2019 Includes perpetual preferred stock and “in the money” convertible bonds (4)

CorEnergy’s recent IRS ruling broadens REIT opportunity set CorEnergy’s PLR Gaining Recognition Energy Infrastructure Investment Vehicles REITs C-Corps MLPs Real Estate C- Tax Structure Investment Partnership Corporation Trust Entity Level No Yes No Tax Capacity Underlying Operating Operating Usage Exposure Businesses Businesses Revenues Federal Tax Schedule Form 1099 Form 1099 Reporting K-1 Generates No No Yes UBTI? Sources: RBC Capital Markets, “Midstream Energy REITs? Potential for more midstream assets existing within REITs,” October 18, 2019; Hunton Andrews Kurth , “Midstream REIT,” 2019 12

2020 Initiatives CorEnergy anticipates: • Completing one to two acquisitions • Continued strengthening of the balance sheet through scheduled debt repayments and opportunistic repurchases of preferred equity 13

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