Putting America’s Waterways to Work NYSE: KEX

September 2017

Statements contained in this presentation with respect to the future are forward-

looking statements. These statements reflect management’s reasonable judgment with

respect to future events. Forward-looking statements involve risks and uncertainties.

Actual results could differ materially from those anticipated as a result of various

factors, including cyclical or other downturns in demand, significant pricing

competition, unanticipated additions to industry capacity, changes in the Jones Act or

in U.S. maritime policy and practice, fuel costs, interest rates, weather conditions and

the timing, magnitude and the number of acquisitions made by Kirby. Forward-looking

statements are based on currently available information and Kirby assumes no

obligation to update such statements. A list of additional risk factors can be found in

Kirby’s annual report on Form 10-K For the year ended December 31, 2016 filed with

the Securities and Exchange Commission.

Kirby reports its financial results in accordance with generally accepted accounting

principles (GAAP). However, Kirby believes that a certain Non-GAAP financial measure

is useful in managing Kirby’s businesses and evaluating Kirby’s performance. This

presentation contains a Non-GAAP financial measure, EBITDA. Please see the

Appendix for a reconciliation of GAAP to the Non-GAAP financial measure, EBITDA.

2

Forward Looking Statements

Non-GAAP Financial Measures

3

Business Segments

Marine Transportation

The largest inland and coastwise tank barge fleets in the United States

70% of 2017YTD1 Revenue

Distribution and Services

Nationwide service provider and distributor of engines, transmissions, parts, industrial equipment and oilfield service equipment

30% of 2017YTD1 Revenue

1YTD as of June 30, 2017 – does not include 9/13/17 purchase of Stewart & Stevenson LLC

Public Market Information

4

NYSE: KEX

8/04/2017 per

2Q17 10Q

sharecount:

54,005,000

Share Price on September 19, 2017 $64.35

Shares Outstanding (as of August 4, 2017)

54.01MM

Market Capitalization $3,475MM

Net Debt* (as of July 27, 2017)

$654MM

Enterprise Value $4,129MM

*Does not include $389.9 MM of debt from the purchase of Stewart & Stevenson LLC

Company Overview

5

• Largest combined inland and coastal tank barge operator

– 849 inland tank barges and 220 towboats

– 67 coastal tank barges and 69 tugboats

– 75% of inland revenues under term contracts, of which approximately 48% are under time charters

– 80% of coastal revenues under term contracts, of which approximately 85% are under time charters

• Nationwide distributor and service provider for engines, transmissions, reduction gears, and related equipment used in oilfield services, marine, power generation, on-highway, and other industrial applications

• Manufacturer, remanufacturer and service provider of oilfield service equipment

• Provider of rental equipment including generators, material-handling equipment, pumps, and compressors for use in a variety of industrial markets

Successful integration of 33 marine and 19 distribution and services acquisitions

Marine Transportation

Distribution and Services

Return on Capital Driven Investment Decisions

Proven Acquisition Strategy

6

Date

Tank

Barges Description

2003 64 SeaRiver Maritime (ExxonMobil)

2005 10 American Commercial Lines (black oil fleet)

2006 * Capital Towing

2007 37 Coastal Towing, Inc. (operated barges since 2002 under barge

management agreement)

2007 11 Midland Marine Corporation (operated as leased barges)

2008 6 OFS Marine One (operated as leased barges)

2011 * Kinder Morgan (Greens Bayou fleet)

2011 21 Enterprise Marine (ship bunkering)

2011 58 K-Sea Transportation (coastal operator)

2011 3 Seaboats, Inc. (coastal transportation assets)

2012 17 Lyondell Chemical Co. (transportation assets)

2012 10 Allied Transportation Co. (coastal transportation assets)

2012 18 Penn Maritime Inc. (coastal operator)

2015 6 Martin Midstream Partners (pressure barges)

2016 27 SEACOR Holdings Inc. (inland barge assets)

2016 4 Hollywood/Texas Olefins, Ltd. (“TPC”) (unowned 50%

partnership interest in pressure barges)

2017 13 Undisclosed Competitor (9 pressure barges, 4 30,000 barrel

clean barges)

Shipper Owned (Red) Independent (Green) * Towboats Only

Date

Tank

Barges

Description

1986 5 Alliance Marine

1989 35 Alamo Inland Marine Co.

1989 53 Brent Towing Company

1991 3 International Barge Lines, Inc.

1992 38 Sabine Towing & Transportation Co.

1992 26 Ole Man River Towing, Inc.

1992 29 Scott Chotin, Inc.

1992 * South Texas Towing

1993 72 TPT, Division of Ashland

1993 * Guidry Enterprises

1993 53 Chotin Transportation Company

1994 96 Dow Chemical (transportation assets)

1999 270 Hollywood Marine, Inc. – Stellman, Alamo

Barge Lines, Ellis Towing, Arthur Smith, Koch

Ellis, Mapco

2002 15 Cargo Carriers

2002 64 Coastal Towing, Inc. (barge management agreement

for 54 barges)

2002 94 Dow/Union Carbide (transportation assets)

Marine Transportation Acquisitions

Distribution and Services Expansions

7

Acquisitions

1987 National Marine

1991 Ewing Diesel

1995 Percle Enterprises

1996 MKW Power Systems

1997 Crowley (Power Assembly Shop)

2000 West Kentucky Machine Shop

2000 Powerway

2004 Walker Paducah Corp.

2005 TECO (Diesel Services Division)

2006 Global Power Holding Company

2006 Marine Engine Specialists

2007 NAK Engineering (Nordberg Engines)

2007 P&S Diesel Service

2007 Saunders Engine & Equipment Company

2008 Lake Charles Diesel, Inc.

2011 United Holdings LLC

2012 Flag Services & Maintenance, Inc.

2016 Valley Power Systems, Inc.

2017 Stewart & Stevenson LLC

Internal Growth

1989 Midwest

1992 Seattle

2000 Cooper Nuclear

Historical Revenue Growth

8

$320 $335 $327 $366$513 $567 $535

$613$675

$796

$984

$1,173

$1,360

$1,082 $1,110

$1,850

$2,113

$2,242

$2,566

$2,148

$1,771

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

In M

illi

on

s

Marine Transportation and Distribution and Services Revenue From Continuing Operations

8.9% compound

annual growth

1996-2016

$0.42 $0.48 $0.52 $0.63 $0.82 $0.94 $0.82 $0.83

$0.98

$1.33

$1.79

$2.29

$2.91

$2.34 $2.15

$3.35

$3.73

$4.44

$4.93

$4.11

$2.62

$2.10

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

9

Historical EPS Growth

See Appendix for reconciliation of GAAP to Non-GAAP earnings per share

Earnings per share have been revised to reflect 2-for-1 stock split effective May 31, 2006

Earnings Per Share From Continuing Operations Excluding Non-Recurring Items

9.6% compound

annual growth

1996 - 2016

$1.80

1

1

(1) Based on Kirby's most recently published earnings guidance in the July 26, 2017 press release announcing Q2 2017 earnings. That guidance is shown for

convenience only and does not constitute confirming or updating the guidance, which will only be done by public disclosure.

10

MARINE TRANSPORTATION

11

U.S. Inland and Coastal Waterway Systems

Texas and Louisiana account for

80% of the total U.S. production of

chemicals and petrochemicals

12,000 miles of navigable

waterways link America’s

heartland to the world

Barge Industry Facts The U.S. barge industry serves the inland waterways, U.S. coastal ports, Alaska and Hawaii

– The inland barge fleet is comprised of approximately 18,000 dry cargo barges and 3,850 liquid tank barges

– The coastal market, including Alaska and Hawaii, encompasses approximately 295 tank barges that are 195,000 barrels or smaller

Kirby is principally in the liquid cargo transportation business

No competition from foreign companies due to a U.S. law known as the Jones Act

Equipment not subject to economic obsolescence because draft, lock and port restrictions limit the size of barges

Barges are mobile, carry wide range of cargoes and service different geographic markets

Water transportation plays a vital role in the U.S. economy

U.S. waterway systems are an environmentally friendly mode of transportation

12

Markets and Products Moved Products Drivers

Petrochemicals and Chemicals

Benzene, Styrene, Methanol, Naphtha,

Acrylonitrile, Xylene, Caustic Soda, Butadiene,

Propylene

Black Oil

Residual Fuel Oil, Coker Feedstock, Vacuum

Gas Oil, Asphalt, Carbon Black Feedstock,

Crude Oil, Ship Bunkers Fuel for Power Plants and Ships, Feedstock for

Refineries, Road Construction

Refined Petroleum Products

Gasoline, No. 2 Oil, Jet Fuel, Heating Oil, Diesel

Fuel, Ethanol

Vehicle Usage, Air Travel, Weather, Refinery

Utilization

Agricultural Chemicals

Anhydrous Ammonia, Nitrogen-based Liquid

Fertilizer, Industrial Ammonia

Corn, Cotton, Wheat Production, Chemical

Feedstock Usage

13

Marine Transportation Demand Drivers

30%

70%

Consumer Durables

Consumer Non-Durables

49%

25%

23%

3% Petrochemicals and Chemicals

Black Oil

Refined Petroleum Products

Agricultural Chemicals

Revenue by Product

14

• Safety is the first and foremost concern in everything we do

• Our customers place a high value on safety

• Safe operations are good for morale and benefit financial performance in the long run

• Extensive company-owned and operated training facility (towboat simulator)

Strong Emphasis on Safety

Pictured above is our towboat simulator where wheelhouse crew can gain repetitive practice navigating in extreme conditions and high-risk scenarios

Inland Tank Barge Markets

15

16

Number of Inland Tank Barges Estimated for the years 1995 through 2016

121 single hull tank

barges industry wide,

9 operated by Kirby

3,850

2,100

2,300

2,500

2,700

2,900

3,100

3,300

3,500

3,700

3,900

4,100

Source: Informa Economics, Barge Fleet Profile, March 2017 - Adjusted

The inland tank barge market has

grown at 1.4% over the last 20 years

and 3.0% over the last 10 years

17

Inland Tank Barge Fleet Age Profile

1071

785

516

354 305

140

40

217 255

0

200

400

600

800

1000

1200

0 to 5 5 to 10 10 to 15 15 to 20 20 to 25 25 to 30 30 to 35 35 to 40 > 40

Inland Tank Barge Age Distribution1 (Number of barges by age in years)

Source: Informa Economics, Barge Fleet Profile, March 2017 (1) The total of 3,683 barges in this chart is unadjusted from the Informa Economics, Barge Fleet Profile

Inland Fleet Size and Flexibility

Towboat Fleet

• Operated an average of 220 towboats during

the 2017 second quarter of which 64 were

chartered

• Chartered towboats used to balance

horsepower with demand

18

Tank Barge Fleet

• Large fleet facilitates better asset utilization

• More backhaul opportunities

• Faster barge turnarounds

• Diversity of barge products and spot opportunities

• Less cleaning

Better Asset Utilization

Kirby Inland Fleet by Barge Type

* As of June 30, 2017 19

*

Petrochemicals / Refined Products -High capacity pumps -Specialty coated tanks

Black Oil & Bunkering -Self-contained heating systems

Pressure -Pressurized tanks

Anhydrous Ammonia -Refrigeration tanks

Specialty -Stainless steel tanks

670

113

52

10

4

20

Tank Barges Operated

Dry Cargo Barges Operated

Chem Carriers, Inc. 42

John W. Stone Oil 37 -

Martin Midstream Partners 37 -

Buffalo Marine Service, Inc. 36 -

Accu Trans Marine 30 -

Targa 20 -

River City Towing Services 18 -

NGL Energy Partners 18 -

Rhodia, Inc. 18 -

Harley Marine Gulf 14 -

Progressive Barge Line 10 -

Apex Towing Company 9 -

Olin Corporation (Blue Cube) 9 -

Merichem Company 6 -

TW LaQuay Marine, LLC 4 -

Highland Marine 4 -

AgriChem Marine 2

Parker Towing Company 2 293

Oakley Barge Line 2 -

Campbell Transportation 1 698

Other dry cargo carriers - 7,825

TOTAL 3,845 18,897

Informa Economics, Barge Fleet Profile, March 2017 – Adjusted

Tank Barges

Operated

Dry Cargo Barges

Operated

Kirby Corporation 849 -

American Commercial Lines LLC 445 3,346

Canal Barge Company, Inc. 301 403

Ingram Barge Company 223 4,333

Florida Marine 219 218

MPLX (“Hardin St. Marine”) 215 -

Higman Barge Lines, Inc. 186 -

Blessey Marine Services 169 -

Enterprise Products Partners 137 -

Magnolia Marine Transport Co. 88

American River Transportation Co. 82 1,781

LeBeouf Brothers Towing Co 81 -

Genesis Energy, L.P. 74

Southern Towing Company 69 -

Cenac Towing 65 -

Savage Inland Marine 63 -

PPG Industries, Inc. 56 -

Golding Barge Lines, Inc. 56 -

Devall Barge Line 53 -

Settoon Towing, LLC 51 -

Westlake Vinyl 44

Shipper Owned Independent

Inland Barge Fleet by Operator

Coastal Tank Barge Markets

21

22

Coastal Tank Barge Markets

Largest operator of coastal tank barges and towing vessels participating in the regional

distribution of refined petroleum products, black oil, and distribution of petrochemicals

between PADDs

Fleet consists of 67 tank barges with 6.1 million barrels of capacity and 69 tugboats

Operates along the U.S. East, West and Gulf Coasts, and in Alaska and Hawaii

195,000 barrel and smaller tank barges, which represent all of Kirby’s coastal fleet, have

the flexibility to access ports inaccessible to larger vessels, while still delivering large

volumes of product

Adding to fleet capacity, with the following under construction:

One 155,000 barrel, 6000 horsepower ATB for approximately $65 million with delivery

expected in 3Q 2017

Two 4900 horsepower tugboats with delivery expected in 2017

Six 5000 horsepower tugboats with deliveries expected between mid-2018 and late 2019

26

85

95

30

19

4 2

33

0

10

20

30

40

50

60

70

80

90

100

0-5 Years 5-10 Years 10-15 Years 15-20 Years 20-25 Years 25-30 Years 30-35 Years 35+ Years

23

Coastal Tank Barge Age Profile

Nu

mb

er o

f B

arge

s

Coastal Barge Market Age Profile Number of barges by age

The average age of the nation’s

coastal tank barge fleet is ~14 years

Coastal Tank Barge Owners

24

Coastal Tank

Barges Operated *

Estimated Barrel Capacity*

(MM)

Vane Brothers 75 2.7

Kirby Corporation 67 6.1

Harley Marine 34 1.6

Reinauer Transportation 26 2.1

Bouchard Transportation1 23 2.4

Crowley Marine2 14 2.4

Moran Towing 13 1.4

Saltchuk Resources (Foss Maritime) 10 0.3

Genesis Energy L.P. 9 0.9

Sause Brothers 8 0.7

U.S. Shipping Corporation 4 0.6

Martin Gas Marine 3 0.3

Kuehne Chemical 2 0.1

Poling & Cutler 2 0.1

Overseas Shipholding Group3 1 0.2

Occidental Chemical Corporation 1 0.1

292 21.8

* Tank barges with 195,000 barrels capacity or less

Kirby is Well-Positioned in U.S. Coastal Markets

(1) Excludes three vessels over 250,000 barrels (2) Excludes the “750 class”, three ATBs with capacity of 327,000 barrels/ea. (3) Excludes nine ATBs with capacity of 200,000 barrels or greater

25

DISTRIBUTION AND SERVICES

United Holdings Kirby Engine Systems

Stewart & Stevenson

Distribution and Services

Revenue

Distribution *

Markets

Services Offered

Customers and Market Drivers

72% Land-Based Distributes and services high-speed diesel

engines and transmissions, and manufactures,

remanufactures and services oilfield service

equipment, including hydraulic fracturing

equipment. Rents generators, material-handling

equipment, pumps, and compressors for use in a

variety of industrial markets.

• Oilfield Services

• Oil & Gas Operators and Producers

• Power Generation

• Transportation

21% Marine Overhaul, repair and replacement parts provider

for medium-speed and high-speed diesel

engines, reduction gears, transmissions,

starters, governors and marine clutches

• Inland, Coastal and Harbor

Waterways Carriers – Dry and Liquid

• Offshore Oil & Gas Services

• Offshore Towing – Dry and Liquid

• Harbor Towing

• Dredging

• Great Lakes Ore Carriers

7% Power Generation,

Nuclear and Industrial

Overhaul, repair and replacement parts provider

for medium-speed diesel engines and provides

diesel engine-generator set upgrades

• Standby Power Generation

• Pumping Stations

• Industrial Reduction Gears

* For the six months ended June 30, 2017 – does not include Stewart & Stevenson

26

Distribution and Services

27

Engines, Transmissions and Reduction Gears

Medium-Speed

– Electro-Motive Diesel (EMD)

– Cooper-Bessemer

– Nordberg

High-Speed

– Caterpillar

– Cummins

– MTU

– Detroit Diesel

– John Deere

– Isuzu

– Deutz

– Volvo Penta

Transmissions/

Reduction Gears

– Allison

– Falk

– Twin Disc

Land-Based Oil Services Market

28

One of the largest distribution and services providers to the land-based oil

services market

Hydraulic fracturing technology has significantly expanded and reduced

the cost of producing U.S. natural gas and oil reserves

Manufacturer and remanufacturer of oilfield equipment used in the

hydraulic fracturing of shale formations

Approximate installed base of 15 million horsepower of frac equipment;

most require some form of major service every three to five years

Heavy duty cycle associated with fracturing drives need for service and

parts

Stewart & Stevenson Acquisition

29

Acquisition Rationale

• Expanded Geographic Presence: Distributor territories are a natural complement to the

legacy distribution and services business, and will enhance our customer service and support

capabilities

• Strategic Flexibility: Achieves significantly greater size, scale and scope for Kirby’s

distribution and services segment which widens Kirby’s strategic opportunity set

• Customer Profile: S&S customer base includes more industrial, non-oil & gas companies

which should contribute more ratable, predictable revenues and earnings for Kirby’s

distribution and services segment

• Revenue Mix: 75/25 distribution/manufacturing, compared to land-based distribution and

services business of approximately 50/50, historically. Distribution revenues are less volatile

than manufacturing

• Synergies and Efficiencies: Expected synergies of $25 million in the first two years.

Operational efficiencies in leveraging best practices across S&S and legacy business.

Additional upside from integration of S&S engineering and proprietary systems in current

manufacturing processes and product offerings

Kirby Distribution and Services Locations

30

Houston

Seattle

Chesapeake

Rocky Mount

Paducah

Tampa

Mobile Shreveport

Baton Rouge Lafayette / New Iberia

Belle Chase/Harvey

Houma

Little Rock

Oklahoma City

Tulsa

Austin

San Antonio

Laredo

Pharr

Thorofare

Cotulla

Corpus Christi

Odessa

Marlborough

Middletown

Albany

NYC Piscataway

Fort Myers

Miami

Fort Lauderdale

West Palm Beach Fort Pierce

Orlando

Jacksonville

Ocala

Panama City

Stuttgart

Waco

Dallas Longview

Wichita Falls Lubbock

Great Bend

Liberal

Denver

Casper

Farmington

Albuquerque

El Paso

Phoenix

Grand Junction

United Holdings Kirby Engine Systems Stewart & Stevenson

Locations / Branches

Allison / MTU / DTNA Territories

United Holdings Stewart & Stevenson

Kirby Engine Systems Stewart & Stevenson

EMD Territories

Pressure Pumping Market Size

31 Sources: Spears & Associates (with permission)

1 2 2 3 4 5

4

7

11 12 13 15

8 9

0 0 1 1

1 1

1

2

3 3

3

4

2 2

1 0 0

0

1 1 3

1

1

3 3

1

9

4

2.1 2.3 2.9 3.9

5.7 7.2 7.9

9.9

14.9

17.9 18.9

19.8 19.0

14.6

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016E

Stacked

Repaired

Working

Each pressure pumping unit is

~2,250 hp and must be replaced or

remanufactured every 3-5 years

Estimated North American Pressure

Pumping Horsepower (millions)

2003-2016E

OUTLOOK

32

33

2017 Guidance Published 2017 third quarter guidance of $0.40 to $0.55 per share, versus $0.59 for the 2016 third

quarter(1)

Published 2017 full year guidance of $1.80 to $2.10 per share, narrowed from prior guidance of

$1.70 to $2.20, and compared to $2.62 for 2016(1)

Marine Transportation:

$0.06 - $0.08 per share negative impact from Hurricanes Harvey and Irma in Q3

Inland utilization in the mid-80% to low 90% range

Coastal utilization in the low-70% to mid-70% range

Continued pricing pressure on inland and coastal tank barge term contract renewals

Additional coastal vessels shifting from term contracts to trade in the spot market

Distribution and Services:

$0.02 - $0.04 per share accretion from the Stewart & Stevenson acquisition in Q4(2)

For the land-based market, expect continued demand for pressure pumping remanufacturing

and transmission overhauls, with some new equipment sales

In the marine and power generation markets, expect results that are flat to slightly up from

2016 with continued weakness in the Gulf of Mexico offshore oilfield services market

(1) Based on Kirby's most recently published earnings guidance in the June 30, 2017 press release announcing Q2 2017 earnings. That guidance is shown for

convenience only and does not constitute confirming or updating the guidance, which will only be done by public disclosure.

(2) We expect to provide a more definitive earnings assessment of Stewart & Stevenson in our 2018 full year guidance on our Q4 earnings call in January

FINANCIAL HIGHLIGHTS

34

35

For the six months ended June 30, 2017

Change from 2016 1H

Income Statement 2017 1H 2016 1H $ %

Revenues:

Marine Transportation $ 674.9M $ 756.6M $ (81.7)M (11)%

Distribution and Services 290.1 143.7 146.4 102

Total $ 965.0M $ 900.3M $ 64.7M 7%

Operating Income:

Marine Transportation $ 71.0M $ 142.5M $ (71.5)M (50)%

Distribution and Services 30.1 (2.8) 32.9 1185

Corporate Expenses (8.0) (7.7) 0.3 (4)

93.1 132.0 (38.9) (30)

Other Expense (0.5) (0.1) (0.4) (566)%

Interest Expense (8.9) (8.7) 0.2 (2)

Pre-Tax Earnings 83.7 123.2 (39.5) (32)

Taxes (30.4) (46.2) 15.8 34%

Net Earnings $ 53.3M $ 77.0M $ (23.7)M (31)%

Earnings Per Share $ 0.99 $ 1.43 $ (0.44)

(31)%

Operating Margins

36

18.9% 18.4%

16.6%

14.6% 15.7%

17.4%

19.0%

21.1%

22.4% 23.6%

21.1% 21.9% 22.1%

23.8% 24.3%

22.5%

17.5%

10.0% 10.1% 10.1% 9.5% 9.7%

11.7%

14.9% 15.6%

15.0%

10.5% 10.6% 10.4% 9.4%

8.1% 7.5%

3.9%

1.1%

0%

5%

10%

15%

20%

25%

30%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Marine Transportation Diesel Engine Services

EBITDA Per Share Growth

37

See Appendix for reconciliation of GAAP net earnings to Non-GAAP EBITDA

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 20152 2016

$1.26 $1.47 $1.59 $1.70

$2.00

$2.65 $2.81 $2.53

$2.73 $2.95

$3.52

$4.39

$5.60

$6.66

$5.73 $5.46

$7.95

$9.03

$10.49

$11.23

$10.38

$8.32

9% compound

annual growth

1996 - 2016

Cash Flows

38

Expansion Barges

$30

* Unaudited

$83 $97

$73

$112 $127

$142 $150

$236 $246

$319

$245

$312 $326

$601

$439

$521

$414

$48 $59 $48

$72 $94

$122 $139

$164 $173 $193

$137

$226

$312

$253

$355 $345

$231

$185

$0

$100

$200

$300

$400

$500

$600

$700

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E

In M

illio

ns

Last

Published

Guidance

$165

Operating cash flow Capital expenditures (ex-acquisitions)

0%

10%

20%

30%

40%

50%

60%

Q12001

Q12002

Q12003

Q12004

Q12005

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

Q12016

Q12017

Capital Structure

39

50.4%

19.3%

Debt-to-Total Capital* 2001 – 2017Q2

*Does not include $389.9 MM of debt from the purchase of Stewart & Stevenson LLC

Financial Strength

40

• Investment grade rating

– Standard & Poor’s: BBB+, stable outlook

– Moody’s: Baa2, stable outlook

• $500 million unsecured Private Placement

– $150 million 7-year maturity at 2.72%

– $350 million 10-year maturity at 3.29%

• $850 million Bank Revolving Credit Facility

– $154MM outstanding as of July 27, 2017*

– Maturity date of June 26, 2022

*Does not include $389.9 MM of debt from the purchase of Stewart & Stevenson LLC

WHY INVEST IN KIRBY?

41

Why Invest in Kirby?

42

Long-term record of success

Experienced management teams in both core businesses

Marine Transportation

U.S. feedstock position puts our refinery, chemical, and integrated major customers in a globally competitive position and is driving volume growth

75% of inland revenue under term contracts, of which approximately 48% are under time charters

80% of coastal revenue under term contracts, of which approximately 85% are under time charters

Approximately 70% of petrochemicals moved produce consumer nondurable goods

Distribution and Services Provides essential service to marine, land-based, power generation, and other industrial sectors

Largest geographic footprint of any U.S. distribution and service provider

Strong financial discipline and cash flow

Thank You For Listening to Our Story

Kirby Corporation Putting America’s

Waterways to Work

44

KIRBY CORPORATION

Reconciliation of GAAP to Non-GAAP Financial Measure

Kirby reports its financial results in accordance with generally accepted accounting principles (GAAP).

However, Kirby believes that the non-GAAP financial measure EBITDA is useful in managing Kirby’s

businesses and evaluating Kirby’s performance.

EBITDA, which Kirby defines as net earnings attributable to Kirby before interest expense, taxes on income,

depreciation and amortization, is used because of its wide acceptance as a measure of operating profitability

before non-operating expenses (interest and taxes) and noncash charges (depreciation and amortization).

EBITDA is one of the performance measures used in Kirby’s incentive bonus plan. EBITDA is also used by

rating agencies in determining Kirby’s credit rating and by analysts publishing research reports on Kirby, as

well as by investors and investment bankers generally in valuing companies.

This non-GAAP financial measure is not a substitute for GAAP financial results and should only be considered

in conjunction with Kirby’s financial information that is presented in accordance with GAAP.

Quantitative reconciliations of GAAP net earnings attributable to Kirby to Non-GAAP EBITDA are provided in

the following tables.

US Global Ethylene Margin Advantage

45

Source: Macquarie Capital Inc. (with permission) January 30, 2017

$21.94

$20.11

$22.89

$24.69

$19.19

$20.63

$7.62 $8.86

$11.64

$20.97 $19.65 $19.91

$12.11

$19.35 $19.83

0

5

10

15

20

25

30

2015 2016 2017E

US

$ c

en

ts/l

b

Global Ethylene Production Margin (Annual Average)

U.S. Ethane U.S. Propane U.S. Naphtha W. Europe Naphtha Asia Naphtha

~$170 Billion of Planned U.S. Petrochemical Investments*

Sources: ICIS, Company announcements, Kirby Corp. *Notes: Date reflects anticipated year in-service, red font reflects construction in progress, green online, unk=unknown

Corpus Christi/Point Comfort, TX Cost ($MM)

Celanese-Mitsui 2020 New methanol 800 Exxon-SABIC JV 2020 New Ethylene/Derivatives unk Formosa 2017 Ethylene dichloride 2,000

Formosa 2017 New PDH unk

Formosa 2019 New propylene 2,000

LyondellBasell ‘16/3Q17 Ethylene expansion 350

M&G Group 2016 New PET unk

M&G Group 2016 New PTA unk

Oxy/Mexichem J 1Q17 New ethylene (2 units) 1,000

Freeport – Old Ocean, TX Cost ($MM)

BASF-Yara 2018+ New ammonia 600

Dow 2017 New ethylene unk

Dow 2016 New PDH unk

Dow/MEGlobal JV 2019 Monoethylene Glycol 1,100

Dow 3Q17 Polyethylene Exp. unk

Dow 2017 Gas to liquids unk

CP Chemical 2017 Ethylene expansion 923

CP Chemical 2018 New polyethylene 6,000

Lake Charles, LA Cost ($MM)

WLK/Lotte JV Late-2019 New ethylene/MEG 3,000

Dow 2015 Ethylene expansion 1,060 Indorama 2017 Ethylene restart 175

G2X 2018 Methanol-to-gasoline 1,300

LyondellBasell Late 2015 Ethylene expansion 430

Sasol Sasol

Late-2018

2016

New ethylene New polyethylene

11,000

Westlake 2016 Ethylene expansion 350

Monaca, PA Cost ($MM)

Shell 2020 New ethylene 6,000

Iowa Cost ($MM)

Orascom (OCI) 2017 New fertilizer 1,900

Iowa fertilizer 2016 New ammonia 1,800

CF Industries 2016 Ammonia expansion 1,900

Pacific Northwest Cost ($MM)

NW Innovation 2018 New methanol unk

Tesoro 2017 New xylene 400

Houston Ship Channel and surrounding TX Cost ($MM)

Celanese-Mitsui 2015 New methanol 800 Celanese 2016 Acetic /VAM expansion unk

Celanese 2018 New methanol unk

CP Chemical 1Q18 New ethylene (60% done) 5,000

Chevron Phillips 2016 PAO expansion unk

Enterprise 2016 New PDH unk

Enterprise 2019 New isobutylene 3,000 Exxon Mobil Exxon Mobil

2018

2017 New ethylene

New polyethylene 3,000

Exxon Mobil 2018 New ethylene Formosa 2018 New ethylene 3,000 Formosa 2017 New propylene 2,000 Ineos/Sasol JV 4Q16 New polyethylene unk Ineos 2017 Ethylene debottleneck unk

Ineos 2019 New Polyalphaolephin unk

LyondellBasell 2016 Tri-ethylene glycol exp. unk

LyondellBasell 2015 Propylene debottleneck 20 LyondellBasell 2020 Propylene oxide/TBA 4,000 LyondellBasell 2019 New HDPE 700 LyondellBasell 2017 Ethylene expansion 170

Flint Hills /Koch TBD New PDH unk

Fund Connell 2018 Methanol expansion unk

Oxy 2018 Ethylene expansion unk

Oklahoma Cost ($MM)

Koch 2016 Urea expansion 1,300

LSB Ind. 2016 New ammonia 275

Beaumont/Orange, TX Cost ($MM)

Flint Hills/Koch 2016 Ethylene expansion unk

Huntsman Late-2016 Ethylene oxide exp. 125

LANXESS 2016 Butadiene rubber unk

Natgasoline (OCI-G2X JV)

Late-2017 New methanol 1,000

Ohio Cost ($MM)

PTT Global Chem 2021 New ethylene 5,700

PBF 2015 Aromatics exp unk

46

Kentucky Cost ($MM)

Westlake 2017 Ethylene exp. unk

Indiana Cost ($MM)

Midwest Fert. 2017 New ammonia 2,400

Institute, WV Cost ($MM)

US Methanol

2017 Methanol migration

unk

Mobile, AL Cost ($MM)

Huntsman Chem. 2016 Epoxy expansion 65

Baton Rouge – New Orleans Corridor, LA Cost ($MM)

WLK/Lotte JV 2018 Ethylene expansion 3,000

BASF Castleton

2016 2018

Butanediol exp. New Methanol

Unk 1,200

CF Industries 2016 Ammonia expansion 1,900

CF Industries 2016 New UAN 1,900

Dow 1Q17 Ethylene expansion unk Dyno Nobel 2016 New ammonia 1,000

Eurochem 2017 New ammonia 1,500

Formosa 2022 New ethylene 9,400 Leucadia 2017 Methanol expansion unk

Methanex 2015 Methanol migration 850

Methanex 2015 Methanol migration 550

Methanex 2018 Methanol expansion unk

Shell 2019 New alpha olefins 717

Shintech 2017-19 New EDC/ethylene 1,400

S. LA Methanol 2016 New methanol 1,200

S. LA Methanol 2017 Methanol expansion unk

Shell 2017 Ethylene expansion Unk

Yuhuang Chem 2018 New methanol 1,850

0

500

1,000

1,500

2,000

2,500

2015 2016 2017 2018 2019 2020 2021 2022

47

U.S. Ethylene Feedslate Forecast

Source: Petral Consulting Company, Long Term Forecast to 2025, September 2016

Ethylene Feedstock Volume Thousands of Barrels per Day

Ethane, 29% 5-Year CAGR 5%

Product, 2017-2022 Growth and CAGR:

Propane, -14% 5-Year CAGR -3%

Naphtha, 3% 5-Year CAGR 1%

Other, 0% 73% of current ethylene

production is from ethane

48

Near-Term U.S. Ethylene and Derivative Capacity Additions

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2016 2017 2018 2019 2020

mill

ion

to

ns

ann

ual

ly

Ethylene Capacity Derivative Capacity

Source: Bernstein Research (with permission) August 30, 2016

U.S. ethylene derivative capacity is expected to expand ~30% over the

next 5 years

~40% of new derivatives are products that are moved by water

Vinyl Acetate Monomer

1%

Polyethylene61%

Ethylene Oxide19%

Ethylene Dichloride

4%

Ethylbenzene0%

Alpha Olefins15%

Notes: Ethylbenzene – 99% used to make styrene; ethylene dichloride – a key feedstock in the production of PVC; ethylene oxide is a gas used as a raw material for innumerous applications, including cosmetics, fibers, lubricants, paint thinners and plasticizers and, while not carried by barge, the derivatives, such as ethylene glycol are; alpha olefins are building block chemicals; vinyl acetate monomer is used as a feedstock chemical for glues, fabrics, gels, insulation, paints, safety glass and certain plastics