#1INVESTOR PRESENTATION September 2021 KINDER MORGAN#2KINDER MORGAN Disclosure Forward-looking statements / non-GAAP financial measures / industry & market data General - The information contained in this presentation does not purport to be all-inclusive or to contain all information that prospective investors may require. Prospective investors are encouraged to conduct their own analysis and review of information contained in this presentation as well as important additional information through the Securities and Exchange Commission's ("SEC") EDGAR system at www.sec.gov and on our website at www.kindermorgan.com. Forward-Looking Statements - This presentation includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act"). Forward-looking statements include any statement that does not relate strictly to historical or current facts and include statements accompanied by or using words such as "anticipate," "believe," "intend,” “plan,” “projection," "forecast," "strategy," "outlook," "continue," "estimate," "expect," "may," "will," "shall," and "long- term". In particular, statements, express or implied, concerning future actions, conditions or events, including long-term demand for our assets and services, energy transition-related opportunities, including opportunities related to alternative energy sources, future operating results, expected leverage or the ability to generate revenues, income or cash flow or to pay dividends; the prospects for RNG; and the anticipated timing and benefits to KMI's business and stockholders of Kinetrex's planned development projects, are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Because of these uncertainties, you are cautioned not to put undue reliance on any forward-looking statement. We disclaim any obligation, other than as required by applicable law, to publicly update or revise any of our forward-looking statements to reflect future events or developments. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond our ability to control or predict. These statements are necessarily based upon various assumptions involving judgments with respect to the future, including, among others, the impacts of the COVID-19 pandemic; commodity prices, including prices for Renewable Identification Numbers under the U.S. Environmental Protection Agency's Renewable Fuel Standard Program; the timing and extent of changes in the supply of and demand for the products we transport and handle; counterparty financial risk, potential disputed purchases and sales and potential legislative or regulatory action in response to or litigation arising out of the unprecedented circumstances of the winter storm in Texas; national, international, regional and local economic, competitive, political and regulatory conditions and developments; the timing and success of business development efforts; the timing, cost, and success of expansion projects; technological developments; condition of capital and credit markets; inflation rates; interest rates; the political and economic stability of oil-producing nations; energy markets; federal, state or local income tax legislation; weather conditions; environmental conditions; business, regulatory and legal decisions; terrorism; cyber-attacks; and other uncertainties. Important factors that could cause actual results to differ materially from those expressed in or implied by forward-looking statements include risks and uncertainties described in this presentation and in our Annual Report on Form 10-K for the year ended December 31, 2020 (under the headings "Risk Factors," "Information Regarding Forward-Looking Statements" and elsewhere) and our subsequent reports filed with the SEC. These reports are available through the SEC's EDGAR system at www.sec.gov and on our website at www.kindermorgan.com. GAAP - Unless otherwise stated, all historical and estimated future financial and other information included in this presentation have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP - In addition to using financial measures prescribed by GAAP, we use non-generally accepted accounting principles ("non-GAAP") financial measures in this presentation. Descriptions of our non-GAAP financial measures, as well as reconciliations of historical non-GAAP financial measures to their most directly comparable GAAP measures, can be found in this presentation under "Non- GAAP Financial Measures and Reconciliations". These non-GAAP financial measures do not have any standardized meaning under GAAP and may not be comparable to similarly titled measures presented by other issuers. As such, they should not be considered as alternatives to GAAP financial measures. Industry and Market Data - Certain data included in this presentation has been derived from a variety of sources, including independent industry publications, government publications and other published independent sources. Although we believe that such third-party sources are reliable, we have not independently verified, and take no responsibility for, the accuracy or completeness of such data. 2#3$1,225 million Acquisition of Northeast Transport & Storage Assets Enhancing our service to Northeast customers with complementary assets connected to TGP KMI acquired Stagecoach Gas Services ~10x 2020 EBITDA before synergies Immediately accretive, primarily paid with cash on hand Transaction closed in 3Q 2021(a) Twin Tier pipeline expected to close in 4Q 2021 FERC-regulated natural gas transport & storage in NY & PA ~41 bcf of FERC-certificated capacity across 4 storage facilities ~3 bcfd of aggregate capacity across 185 miles of transportation pipelines Multiple interconnects to major interstate natural gas pipelines including TGP, Transco, Millennium, Dominion Stable, fee-based infrastructure FERC-regulated assets Highly contracted with ~80% take-or-pay (b) Dominion Dominion Dominion Steuben TGP Dominion Dominion TGP Thomas Corners Transco New York Seneca Lake TGP Pennsylvania Dominion Millennium KINDER MORGAN Marc I Twin Tier North/ South Stagecoach- Average contract tenor ~3 years Anchored by major Northeast utilities and Marcellus producers Dominion Market based rates for storage facilities Transco Responsive storage is Helps backstop growing increasingly important: renewable power generation Helps meet critical needs in extreme weather a) Vast majority of assets closed in 3Q 2021, with remaining Twin Tier pipeline ($30 million) expected to close in 4Q 2021 b) Based on FY 2021 forecast. 3#4$310 million Acquisition of Kinetrex Energy Platform acquisition provides multi-year head start to participate in emerging RNG market ASSETS & VALUATION 2 small-scale LNG facilities 1 operational landfill-RNG facility with ~0.4 bcf(a) capacity 3 landfill-RNG facilities operational by 2022 end with total capacity of 3.5 bcf Offtake is commercially contracted with high quality counterparty Expect <6x 2023 EBITDA based on $310mm purchase price and $135mm development capex Conservative RINS assumptions vs current spot RINS prices Transaction closed Aug 20, 2021 FUTURE RNG DEVELOPMENTS Retained Kinetrex management team to pursue new projects and expand RNG platform Mitigate exposure to RIN volatility through fixed price contracts in voluntary market KINDER MORGAN Prairie View Liberty NORTH AMERICA RNG DEMAND bcfd ■Stated Policies Scenario Sustainable Development Scenario 0.3 2025 Twin Bridges 1.1 Indy HBTU Landfill facilities expected to Operational RNG Plants 0.6 2030 RNG Plants Under Construction LNG Production & Fueling Facilities 0.8 2035 1.0 2040 drive 1.9 growth 2.7 3.5 900+ landfills across the US are candidates for RNG <100 sites operational or in development today Sources: North America RNG Demand per IEA "Outlook for biogas and biomethane" report (March 2020). Landfill site data per EPA Landfill Methane Outreach Program (LMOP) a) KM share. 50% interest in Indy HBTU. 3 facilities in development are 100% owned. 4#5Leader in North American Energy Infrastructure Unparalleled & irreplaceable asset footprint built over decades Largest natural gas transmission network ~70,000 miles of natural gas pipelines ~700 bcf of working storage capacity 1,200 miles of natural gas liquids pipelines Largest independent transporter of refined products Transport ~1.7 mmbbld of refined products Pacific Northern Ruby -6,800 miles of refined products pipelines ~3,100 miles of crude pipelines Largest independent terminal operator 144 terminals & 16 Jones Act vessels Largest CO2 transport capacity of ~1.5 bcfd ~1,500 miles of CO2 pipelines BUSINESS MIX 62% 16% 15% ■ Natural gas ■ Products ■ Terminals 7% ■CO2 TCGT Calnev Mojave KINDER MORGAN KM Midstream Connecting major U.S. natural gas resource plays to key demand centers Move ~40% of U.S. natural gas consumption & exports Double H WIC CIG CP NGPL KM Midstream EPNG Cortez FEP TGP Utopia NGPL TGP PPL Elba Express SNG ELC Pacific MEP Sierrita Wink KM Midstream KMLP GLNG FGT PHP GCX Cypress KMCC/ Double Eagle NATURAL GAS PRODUCTS storage terminals processing LNG terminals Note: Mileage & volumes are company-wide per 2021 budget. Business mix based on 2021 budgeted Adjusted Segment EBDA. See Non-GAAP Financial Measures & Reconciliations. CEPL TERMINALS CO2 terminals 16 Jones Act tankers + Stagecoach CO2 source fields oil fields operational RNG Plants: +RNG plants under construction LNG production & fueling facilities LO 5#6Core Holding in Any Portfolio Generating significant cash flow & returning significant value to shareholders KINDER MORGAN > $35 billion market capitalization ~13% owned by management $7.9 billion 2021 forecast EBITDA ~6% current dividend yield $2 billion share buyback program One of the 10 largest energy companies in the S&P500 Highly-aligned management with significant equity interests Benefitted by Uri and partial contributions from acquisitions Top 10 dividend yield in S&P500 Declared 3% YoY dividend increase for 2Q 2021 Over $1.4 billion of program capacity remaining 90 6#7Strategy Maximize the value of our assets on behalf of shareholders KINDER MORGAN Stable, fee- based assets Invest in a low carbon future Financial flexibility Core energy infrastructure Safe & efficient operator Multi-year contracts >90% take-or-pay & fee-based cash flows Newly formed Energy Transition Ventures Group $1.3 billion backlog with ~64% allocated to natural gas projects Allocated ~70% of 2020 expansion capex to natural gas & LNG projects Invested in biodiesel, ethanol & renewable diesel projects 4.0x 2021 expected Net Debt/Adjusted EBITDA(a) Long-term target remains around 4.5x Low cost of capital Mid-BBB credit ratings Ample liquidity Reduced net debt by >$12 billion since 3Q 2015 Disciplined capital allocation Conservative assumptions High return thresholds Self-funding 100% of capex & dividends for last five years Enhance shareholder value Maintain strong balance sheet Attractive projects Dividend growth Share repurchases a) See Non-GAAP Financial Measures & Reconciliations. K 7#8Highly-Contracted Cash Flows Stable cash flows with ~72% take-or-pay or hedged earnings (a) CONTRACT MIX(a) a) b) c) Contract type Payment feature KINDER MORGAN Example assets Natural gas interstate / LNG 93% Natural gas intrastate (b) 83% 68% Take-or-pay Entitled to payment regardless of throughput Reservation fee for capacity CO2 & transport 78% Liquids terminals 74% Crude pipes 69% Crude G&P 93% Adjusted Segment EBDA 25% Fee-based Fixed fee collected regardless of commodity price Refined products pipes 89% Bulk terminals 68% Volumetric-based revenues Natural gas G&P 62% 4% Hedged Disciplined approach to managing price volatility EOR oil & gas (c) 80% Substantially hedged near-term price exposure EOR oil & gas (c) 20% 3% Other Commodity-price based Crude pipes 12% Natural gas G&P 10% Based on Adjusted Segment EBDA per the 2021 budget. See Non-GAAP Financial Measures & Reconciliations. Includes term sale portfolio. Percentage of net crude oil, propane & heavy NGL (C4+) net equity production per the 2021 budget. 8#9Customers Are Primarily End-Users of the Products We Handle KINDER MORGAN Net revenues underpinned by investment grade counterparties & credit support | Ratings as of July 15, 2021 CUSTOMER TYPE ■ End-user ■Producer - IG or substantial credit support ■ Producer - non-IG or not rated ■ Midstream Marketer 3% 7% 11% ~70% end-users 9% such as large integrated energy, utilities, refiners & other industrial users 70% CREDIT RATING ■IG or substantial credit support ■ BB+ to B ■B- or below ■Not rated 12% 10% 2% ~76% investment grade rated or substantial credit support 76% Only ~2% of exposure from B- or below rated customers, including non-rated customers in bankruptcy, after collateral & remarketing efforts Note: Based on 2021 budgeted net revenues, which include our share of unconsolidated joint ventures & net margin for our Texas Intrastate customers & other midstream businesses. Pie charts includes 232 customers >$5mm at their respective company credit ratings per S&P, Moody's & Fitch, shown at the S&P-equivalent rating & utilizing a blended rate for split-rated companies, which represent -85% of total net revenues. 9#10Our Business is Resilient throughout an Energy Transition what we do today... is valuable & will be needed for a long time helps meet environmental goals "energy transitions take decades" - Vaclav Smil, Distinguished Professor Emeritus in the Faculty of Environment, Univ. of Manitoba "whichever way things evolve, fuels of various kinds will be essential to the future of energy" - International Energy Agency infrastructure supporting the displacement of higher emissions energy sources (e.g. coal) management emphasis on reducing emissions & meeting ESG objectives in our existing business ...positions us for the energy business of the future KINDER MORGAN 10#11All Available Sources Required to Meet Demand Outlook Even as the energy mix gradually shifts, hydrocarbons projected to remain essential to meeting demand GLOBAL PRIMARY ENERGY DEMAND BY FUEL billions tons oil equivalent (btoe) | 2019, 2030, 2040 5 total demand & % mix KINDER MORGAN 3 2 1 Overall energy demand expected to grow nearly 20% 3% 5% 8% 3% 5% 11% 2% 9% 19% 26% Oil Natural gas Coal Bioenergy +7% +29% -12% +34% Other renewables +344% Nuclear Hydro +23% +37% Source: International Energy Agency, World Energy Outlook, October 2020 (Total Primary Demand in Stated Policies Scenario). Note: Other renewables include geothermal, solar photovoltaics (PV), concentrating solar power (CSP), wind & marine (tide & wave) energy for electricity & heat generation. 25% 23% 28% 31% 2019 2040 14.4 btoe 17.1 btoe 11#12Substantial Growth Projected for U.S. Natural Gas KEY BASINS DRIVING U.S. GROWTH 2020 to 2030 growth in bcfd 11 Additional 23 bcfd expected from three areas 7 LO Permian Haynesville Northeast DEMAND in bcfd Exports & industrial driving majority of growth 2020 32 21 LO 31 6 96 Powder River ** Bakken Green River Denver Uinta-Piceance L Anadarko San Juan Arkoma Permian Eagle Ford KINDER MORGAN Utica Marcellus Haynes - LNG terminals processing/treating plant gas storage >80% of forecast demand growth is driven by TX & LA 2030 27 23 7 36 18 113 ■ Power Transport Residential & Commercial ■Net Mexican exports Industrial ■LNG exports Our network connects key supply basins to multiple demand points along the Gulf Coast Source: WoodMackenzie, North America Gas Markets Long-Term Outlook, June 2021. Growth relative to projected 2020 production at the time of the report. Total U.S. natural gas production to grow by 17 bcfd by 2030; forecast assumes aggregate of other U.S. basins shrinks by 6 bcfd. Industrial sector includes Wood Mackenzie's "Other" category, comprised of lease and plant fuel and fuel used for liquefaction at export facilities. 12#13Supporting the Buildout of U.S. LNG Exports Serving significant liquefaction capacity & well-positioned to capture more Kinder Morgan network advantages Natural gas transportation leader ~70,000 miles of natural gas pipelines Move -40% of U.S. natural gas consumption & exports Supply diversity Connected to major U.S. natural gas resource plays Premier deliverability 700 bcf of working gas storage in production & market areas Transporter of choice. Contracted capacity Contracted capacity online to come Average remaining contract term ~ 4.4 befd 1.7bcfd 16 years 2 In active discussions 2-5 bcfd Also deliver ~1 bcfd of producer / marketer supply Texas GCX Corpus Christi Agua Dulcé Intrastate NGPL Louisiana KINDER MORGAN MEP Mississippi TGP SNG KMLP Lake Charles TGP Driftwood PHP Katy Cameron NGPL Henry Plaquemines Port Arthur Calcasieu Pass Sabine Pass Golden Pass TGP Freeport California Arizona Elba Express Rio Grande Costa Azul LNG BAJA CALIFORNIA KM Contracted LNG Export Terminals Other Proposed/Existing LNG Export Terminals Elba Liquefaction Project Market Hub South Carolina Georgia ELC 13#14Valuable Texas Natural Gas Systems Winter Storm Uri emphasized the importance of our Texas Natural Gas network Texas Intrastates system represents ~10% of total Adjusted Segment EBDA (a) Highly contracted with >80% take-or-pay(a) Average transportation contract tenor >5 years 7,000 mile pipeline network in Texas GCX & PHP connect 4+ bcfd of Permian supply to the Gulf Coast 8.3 bcfd capacity on KMTP / Tejas Footprint along Gulf Coast offers broad end-market optionality (power, petrochemical, industrial, LDC) Serves exports (LNG facilities and Mexico) 132 Bcf of high deliverability market area storage Primarily contracted to third-parties, including LDCs and power generators KMI retains a portion of this storage to balance our intrastate pipeline gas system and support seasonal and intraday customer needs; transact at market prices Purchase and sales opportunities Match purchases and sales to essentially secure a transportation margin Sales volumes have historically ranged 2.1-2.7 bbtud (2015 – 2Q 2021) Contract structure designed to optimize operations for stability and deliverability Highly responsive storage is increasingly important: Critical to supporting human needs during Uri a) Note: Based on Adjusted Segment EBDA per the 2021 budget. See Non-GAAP Financial Measures & Reconciliations. NGPL Permian EPNG Helps backstop growing renewable power generation PHP Texas KINDER MORGAN Oklahoma KMTP GCX Eagle Ford Mier Monterrey TGP NGPL MEP TGP Tejas Cypress Arkar SNG KM Intrastates downstream system: 8.3 bcfd and 132 Bcf high deliverability storage Supports LNG export facilities 14#15Volume Recovery Still Playing Out REFINED PRODUCTS VOLUMES mbbld Diesel -Gasoline Jet fuel 1,200 1,000 800 600 400 200 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 NATURAL GAS G&P VOLUMES mmcfd 4,000 3,000 2,000 1,000 KINDER MORGAN 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Total volumes +17% in 2Q 2021 vs prior quarter 2Q 2021 vs 2Q 2019 (pre pandemic) Road fuels essentially flat Jet fuel still down 26% Expect full-year 2021 volumes to be slightly below budgeted figure of 1,676 mbbld; averaged 1,567 mbbld during 1H 2021 2Q 2021 volumes +6% vs prior quarter, including: +10% on Hiland (Bakken) +13% Haynesville Budgeted 2,864 mmcfd for the year; averaged 2,588 mmcfd during 1H 2021 15#16West Coast Renewable Fuels Projects Developing infrastructure to secure renewable fuels Market drivers Renewable Diesel (RD) has been driven by California subsidies RIN credits (federal) Low Carbon Fuel Standard (LCFS) credits Blender's Tax Credit Currently averaging >$4.00/gal for total credits (RIN+LCFS+BTC) State goals to reduce emissions CARB has 2030 goal to reduce 1990-level GHG emissions by 40% Oregon's Clean Transportation Fuel Standards program has aggressive goals for reducing carbon emissions Potential project highlights Construction of new RD hubs in both Northern & Southern California Approximately $60 million discretionary capex for all locations Segregated storage for renewable products (RD and biodiesel) Opportunities to blend RD with both biodiesel & CARB diesel over the truck rack – providing increased high-value optionality to customers Each hub location currently scoped for up to 20 mbbld renewable capacity with further expansion opportunities possible Serving the entire California diesel market Biodiesel blend capabilities will increase from existing 5% limit to 20% Oakland Bradshaw Chico North Line San Jose Nevada California Calnev Los Angeles Colton San Diego Line West Line Indio Note: RIN Renewable Identification Numbers. CARB = California Air Resources Board. KINDER MORGAN Legend Products Pipeline Refined Product Terminals Potential Renewable Diesel Sites Transmix Facilities Cities Towns Arizona New Mexico East Line 16#17Our Integrated Terminal Network on Houston Ship Channel KINDER MORGAN Refined products focused with an irreplaceable collection of assets, capabilities & market-making connectivity Our unmatched scale & flexibility: 43 million barrels total capacity 29 inbound pipelines 18 outbound pipelines 16 cross-channel pipelines 11 ship docks Galena Park West Galena Park Chevron Splitter KM Export Terminal Pasadena Refining Chevron Pasadena Colonial Explorer Other Destinations Greens Port & North Docks Channelview KM terminals & assets refined products terminals local refineries & processing truck racks rail inbound & outbound marine docks Mont Belvieu ExxonMobil Baytown Deepwater Deer Park Refining Shell/Pemex BOSTCO 39 barge spots Valero Houston Houston Refining LyondellBasell KMCC 35 truck bays 3 unit train facilities Over $2.1 billion invested since 2010 Note: Asset metrics include projects currently under construction. Shell P66 Marathon Exxon Jefferson Street P66 Sweeny Marathon Texas City Marathon Galveston Bay Valero Texas City 17#18KINDER MORGAN Newly-Formed Energy Transition Ventures (ETV) Group The group will evaluate commercial opportunities emerging from the low-carbon energy transition Investable Today RNG, RD, Renewable Power 2-5 Years Carbon Capture & Sequestration Led by: 5-10+ Years Hydrogen Opportunities for ETV group are outside of our existing asset base Business segments will continue to pursue their own energy transition opportunities on existing assets Most attractive opportunities likely to be synergistic with our existing infrastructure and expertise Projects will have to compete for capital Remain disciplined and focused on attractive returns exceeding cost of capital Jesse Arenivas President, CO₂ & President, Energy Transition Ventures Anthony B. Ashley Vice President, Energy Transition Ventures Acquired RNG developer Kinetrex Energy in 3Q 2021 18#198% 22% 49% 2007 2019 ■ Coal ■Natural gas ■Renewables ■ Other Under the original Paris Agreement, U.S. was to reduce 2005-level CO2 emissions 26-28% by 2025 By 2019, over half of that reduction goal was already achieved Source: U.S. EIA Electricity Data Browser (net generation) & Monthly Energy Review (Dec-2020); World Bank, Development Indicators, GDP, U.S.$ current (12/16/2020). 19 21% 21% 17% 38% 23% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 ■from coal electric power from natural gas electric power from other electric power from other sectors 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Power emissions declined >30% or ~805 million metric tons 5.0 5.0 5.1 5.2 5.3 5.3 5.5 5.6 5.6 5.7 5.9 5.8 5.8 5.9 6.0 6.0 5.9 6.0 5.8 5.4 5.6 5.4 5.2 5.4 5.4 5.3 5.2 5.1 5.3 5.1 2016 2017 U.S. CO2 Emissions Declined Since 2007 while GDP grew ~50% Primarily due to converting coal power generation to natural gas generation U.S. ELECTRICITY GENERATION MIX % of total generation U.S. CO2 EMISSIONS billion metric tons KINDER MORGAN U.S. emissions declined ~14% or ~860 million metric tons 4.4 2018 2019 Obama 2025 goal Biden 2030 goal Biden 2035 goal 3.0 1.4#20Attractive Potential for Renewable Fuels GLOBAL BIOFUELS DEMAND OUTLOOK mmbbld ~40% of growth through 2030 driven by policies in US (RFS) & China (E10) 2.1 2.8 2019 2025 3.6 2030 5.1 2040 Handled nearly 260 mbbld of ethanol, biodiesel, & renewable diesel in 2020, compared to 1 mmbld U.S. production Evaluating opportunities to establish hubs for renewable. feedstocks & biofuels Demand outlook per International Energy Agency, World Energy Outlook, October 2020 (Stated Policies Scenario). U.S. production from EIA Weekly U.S. Oxygenate Plant Production of Fuel Ethanol (1/6/2021) & Monthly Biodiesel Report (2/26/2021); RD production estimated based on EPA RIN data. U.S. SUPPLY OUTLOOK 2020 & 2050 potential volumetric basis - bcfd 0.2 RNG energy basis - mmDthd 0.2 RNG KINDER MORGAN 16.7 2.0 2.1 Hydrogen 5.3 2.0 0.7 Hydrogen The volumetric vs energy conversion illustrates that RNG is 3x more energy dense than hydrogen Acquired RNG platform Kinetrex Energy Source: U.S. RNG supply per Wood Mackenzie Summer 2021 Long Term Outlook. 2020 U.S. hydrogen supply estimated from EIA. 2050 U.S. hydrogen supply potential from Hydrogen Council. "Hydrogen scaling up: A sustainable pathway for the global energy transition." November 2017. 20#21Our Multi-Faceted ESG Approach Recognized as an industry leader & for ongoing improvements INVEST integrity management & maintenance programs Safety-focused Outperform industry averages in most safety & release related categories Projects to minimize our impact on biodiversity within our operating areas MANAGE integrity, accountability, safety, excellence Employees & representatives expected to behave ethically & responsibly Employ sustainable business practices REPORT provide transparency to stakeholders Released third ESG Report, including 1.5-2°C scenario & physical risk analysis Utilizing SASB & TCFD frameworks Third party assurance & testing by internal audit Plan to report company-wide Scope 1 & 2 emissions in 2021 COLLABORATE engage communities & service suppliers Support & regularly interact with local communities Foster safety-focused culture among our service suppliers Strive to build relationships with diverse suppliers KINDER MORGAN Sustainalytics ESG risk rating (a) #1 in Refiners & Pipelines industry group (199 companies) #1 in Oil & Gas Storage & Transportation subindustry (107 companies) Featured in multiple ESG indices FTSE4Good Index FTSE4Good series for ethical investments MSCI USA ESG Leaders Index targeting the highest ESG rating in each sector of parent index S&P 500 ESG Index measuring performance of companies meeting sustainability criteria Named on Newsweek's list of America's Most Responsible Companies 2021 & upgraded to BBB ESG rating by MSCI Note: SASB = Sustainability Accounting Standards Board. TCFD = Task Force for Climate-Related Disclosure. a) As of 4/15/2021. 21#22Compelling Investment Opportunity Strategically-positioned assets generating substantial cash flow with attractive investment opportunities Pacific Northern Ruby Calnev Mojave TERMINALS NATURAL GAS PRODUCTS A terminals A TCGT • storage processing LNG terminals KM Midstream Double H WIC CIG CP NGPL EPNG Cortez CO2 CO2 source fields oil fields terminals 16 Jones Act tankers + operational RNG Plants RNG plants under construction KM Midstream FEP MEP - LNG production & fueling facilities Utopia TGP NGPL TGP PPL Elba Express SNG ELC Pacific Sierrita Wink KM Midstream KMLP GLNG FGT PHP GCX Cypress CEPL Stagecoach KINDER MORGAN Stable cash flows with ~72% take-or-pay or hedged earnings(a) ~6% current yield & healthy dividend coverage Top 10 dividend yield in S&P500 Dividends & capex funded with operating cash flow since 2016 $1.4 billion of repurchase program remaining Highly-aligned management with ~13% share ownership KMCG/ Double Eagle Positioned for energy future with a vast network of critical assets & low-carbon focus a) Based on Adjusted Segment EBDA per 2021 budget. See Non-GAAP Financial Measures & Reconciliations. 22#23APPENDIX#24Energy Toll Road Cash flow security with >90% from take-or-pay & other fee-based contracts KINDER MORGAN 2021B EBDA % (a) Natural Gas 62% Products 16% Interstate / LNG Intrastate G&P Refined products Crude Liquids terminals Terminals 15% Jones Act tankers CO2 7% Bulk terminals EOR Oil & Gas CO₂ & Transport Asset Mix (a) 46% 10% 6% 11% 4% & 1% transport & G&P 9% 3% 3% 5% 2% Volume Security (a) 93% take-or-pay 83% take-or-pay(b) 81% fee-based with minimum volume requirements and/or acreage dedications primarily volume-based transport: 69% take-or-pay G&P: 98% fee-based primarily minimum 74% take-or-pay 100% take-or-pay volume volume-based guarantee or requirements effectively 84% minimum volume committed Average Remaining 6.4/19.7 years 5.7 years(b) 2.5 years generally not applicable 3.3 years 2.5 years 0.6 years 4.6 years 7.9 years Contract Life (c) Pricing Security primarily fixed based on contract primarily fixed margin primarily fixed price annual FERC tariff escalator (PPI-FG + 0.78%) primarily fixed based on contract based on contract; typically fixed or tied to PPI volumes 80% hedged(d) >95% protected by contractual price floors (a) Regulatory regulated return Security essentially market-based market-based Pipelines: regulated return Terminals & transmix: not price regulated(e) not price regulated primarily unregulated Commodity Price no direct limited exposure limited exposure limited exposure no direct exposure hedged / limited exposure exposure Exposure a) Based on Adjusted Segment EBDA per the 2021 budget. See Non-GAAP Financial Measures & Reconciliations. Amounts have been rounded. b) Includes term sale portfolio. c) As of 1/1/2021 d) Percentage of 2H 2021 forecasted oil & NGL net equity production. e) Products terminals not FERC regulated, except portion of CALNEV. 24#25$1.3 Billion Project Backlog as of 6/30/2021 Primarily focused on contracted natural gas opportunities Supply for U.S. power & LDC demand (TGP, FGT, TX intra, SNG) Supply for LNG export (KMLP & EPNG) Gathering & processing (primarily Hiland, Altamont & KinderHawk) Other natural gas Natural Gas Products Terminals CO₂ 2 Total backlog KINDER MORGAN DEMAND SUPPLY PULL PUSH CAPITAL ($ billion) ESTIMATED IN-SERVICE PIPELINE CAPACITY $ 0.4 Q3 2021 2023 1.0 bcfd 0.2 - Q1 2022 Q2 2022 1.0 bcfd 0.2 Q3 2021 2022 various 0.1 Q3 2021 2023 0.1 bcfd $ 0.9 ~64% of total with 4.1x EBITDA build multiple on average 0.1 0.1 0.4 $ 1.3 Note: See Non-GAAP Financial Measures & Reconciliations. EBITDA multiple reflects KM share of estimated capital divided by estimated Project EBITDA. 25#262021 Forecast as of August 2021 Committed to maintaining a strong balance sheet & returning value to shareholders Key metrics Net income 2021 Forecast Variance to 2021 Budget $1.7 billion -$0.4 billion Adjusted EBITDA $7.9 billion +$1.1 billion Distributable Cash Flow (DCF) $5.4 billion +$1.0 billion Discretionary capital(a) Dividend/share Year-end Net Debt / Adj. EBITDA $2.4 billion +$1.6 billion $1.08 4.0x -0.6x Note: See Non-GAAP Financial Measures & Reconciliations. a) Includes growth capital & JV contributions for expansion capital, debt repayments & net of partner contributions for our consolidated JVs. KINDER MORGAN Due primarily to 2Q $1.6 billion S Texas G&P impairment, partially offset by 1Q $1.1 billion Uri benefit Due primarily to one-time benefit from Winter Storm Uri, as well as partial year contribution from Stagecoach acquisition Due to $1.2 billion Stagecoach acquisition and $0.4 billion Kinetrex acquisition and expansion capital 26#27Our Infrastructure is Important to Fueling the Future KINDER MORGAN Leveraging our long-term investment in the substantial assets & expertise required to responsibly deliver energy BENEFITS OF NATURAL GAS LOW EMISSIONS Natural gas is the cleanest burning fossil fuel with significantly lower emissions than coal or fuel oil Switching from coal to natural gas has driven a substantial reduction in U.S. power sector CO2 emissions Helps meet environmental targets RELIABLE Provides energy supply when renewable sources are intermittent Can be dispatched quickly ABUNDANT & LOW COST Cost-effective generation Uses substantial infrastructure already in-place Helps maintain affordability for consumers ENERGY DENSE & EFFICIENT Less land area required compared to alternative energy sources Helps avoid additional land disturbances Natural gas enables economic growth without sacrificing environmental objectives Our irreplaceable assets are essential to moving the fuels of today & tomorrow 27 22#28Responsibly Sourced Natural Gas Conventional natural gas produced by companies whose operations meet certain ESG standards methane water Standards typically focus on management practices for emissions usage KINDER MORGAN community relations 15 ONE Future members have committed to responsibly 0.28% of production by 2025 produce natural gas & target a methane emission intensity of Currently reporting 0.085% (a) The 15 member companies produced nearly 18 bcfd of responsibly produced natural gas in 2020 The market for responsibly sourced natural gas is expected to grow as consumers may increasingly desire that their natural gas be responsibly produced & transported >15% of our 2020 Natural Gas billings were to ONE Future members(b) In discussions with utilities & LNG customers on opportunities Recent partnerships on TGP & CIG with producers to transport their RSG to utilities a) 2019 rates reported in ONE Future 2020 Methane Emission Intensity Report for 10 member companies at the time. b) Based on ONE Future membership as 2020 year end. 28#29KINDER MORGAN Long-Standing Commitment to Reducing Emissions 25+ year track record Evaluate new opportunities Work with organizations like DOE, EPA, & PRCI on studies & technology evaluations $712k invested in GHG emissions & other climate-related R&D over past three years Set reduction goals for 2020 - Reduce methane emissions by 2.25 bcf or ~1.2 MMT CO2e Part of ONE Future & EPA's Natural Gas STAR & Methane Challenge Employ programs & technology Energy management programs reduce our electricity usage Implement technology like satellite & aerial methane detection, & laser absorption monitoring Disclose Rated in top quartile of midstream sector for methane disclosures & quantitative targets by EDF Surpassed methane emissions intensity target (b) 0.03% vs. 0.31% target for natural gas transmission & storage assets in 2019 SUCCESSFUL METHANE EMISSIONS REDUCTIONS(a) bcf, cumulative across our operations reported to EPA Natural Gas STAR & Methane Challenge programs (20) (40) (60) (80) >120 bcf (100) 7 years ahead of schedule (120) of emissions prevented 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Note: DOE = Department of Energy. EPA = U.S. Environmental Protection Agency. PRCI = Pipeline Research Council International. EDF = Environmental Defense Fund. a) Emission reductions are emissions mitigated or avoided that would otherwise have been emitted. b) Kinder Morgan's allocation of One Future methane emissions intensity target. 29#30Manageable Natural Gas Re-Contracting Exposure Analysis of existing contracts that renew during next two years KMI ADJUSTED EBITDA $ billions ■Adjusted EBITDA Natural Gas re-contracting $8 $7 $6 $5 $4 54 $3 KINDER MORGAN Expected annual net re-contracting exposure Primarily Copano S Texas legacy contracts Expiring contracts are assessed for volumetric & rate risk based on November 2020 market assumptions (time of budget)(a) Excludes benefit of new cash flows from growth projects Excludes potential for re-purposing underutilized assets or otherwise enhancing service offerings Contracts on natural gas pipelines have average remaining term of 6 years Expect to more than offset re-contracting headwinds with growth projects underway, increases in usage, opportunities for currently uncontracted capacity & improved value for storage $2 $1 $- 2017 2018 2019 2020 2021 Budget 2022 2023 1% of 2021B(a) 1% of 2021B Note: See Non-GAAP Financial Measures & Reconciliations for reconciliations of Adjusted EBITDA to its closest GAAP measure for 2020 and 2021 budget. For reconciliation of Adjusted EBITDA to its closest GAAP measure for the years 2017 through 2019, see KMI's Annual Reports on Form 10-K for the year-ended December 31, 2019 and 2018 filed with the Securities and Exchange Commission. a) 2022 re-contracting exposure adjusted lower from previous estimate due to Ruby Pipeline risk that was brought forward to 2021 30#31KINDER MORGAN Gathering & Processing Assets Across Multiple Key Basins Represents ~7% of KMI EBDA with ~6% in Natural Gas & ~1% in Products (primarily Bakken) SHORT-TERM DRY GAS PRODUCTION OUTLOOK bcfd, 2020-2022 ~17% Other Multiple systems in Uinta, Oklahoma, San Juan & other areas ~13% Haynesville KinderHawk assets with proximity to Gulf Coast industrial & LNG ~30% Bakken Basin mix 14 +22% 12 Our primary areas expected to be relatively resilient 10 6 Hiland system in core % of G&P EBDA Williston acreage, including McKenzie County ~40% Eagle Ford Copano South Texas & EagleHawk JV assets, primarily in LaSalle County +4% +2% 2 0 Bakken / Three Forks Eagle Ford Haynesville / Cotton Valley Note: Business mix based on Adjusted Segment EBDA per 2021 company budget. Includes assets in the Natural Gas & Products segments. See Non-GAAP Financial Measures & Reconciliations. Production outlook from Wood Mackenzie's North America Gas Short-Term Outlook (July 2021). 31#32Products Segment Overview Supplying a diverse mix of feedstock & finished products critical to refining & transportation sectors 2021B volumes Volume by KINDER MORGAN 2021B DELIVERY VOLUMES (a) 12% 25% mbbld region (b) West 74% Gasoline 1,054 Southeast 26% Diesel fuel 356 West 75% Southeast 25% Jet fuel 266 47% 2,253 mbbld 16% West 82% Southeast 18% Crude oil 577 Bakken 51% Texas 49% Now forecasting refined products volumes to be slightly below budget for 2021 Budget averages 2% below 2019 gasoline volumes & reaches 2019 level by Q4 2021 Budget averages 2% below 2019 diesel volumes & reaches 2019 level by Q4 2021 Budget averages 12% below 2019 jet volumes & approaches 2019 level by Q4 2021 Supplying airports in Atlanta, Las Vegas, Orlando, San Francisco, Washington D.C. Positioned in premier basins in Texas & North Dakota KMCC provides access to Houston refining market & exports for Eagle Ford & Permian production Hiland is one of the Bakken's premier gathering systems Double H provides takeaway capacity from the Bakken to Cushing via joint tariff a) Kinder Morgan volumes include SFPP, CALNEV, Central Florida, PPL (KM share), KMCC, Camino Real, Double Eagle (KM share), Double H & Hiland Crude Gathering; Gasoline volumes include ethanol. b) Southeast Region Assets include Central Florida & PPL (KM share); West Region includes SFPP & CALNEV. Texas Crude Assets include KMCC, Camino Real, Double Eagle (KM share); Bakken Crude includes Double H & Hiland Crude Gathering. 32#33Captured Carbon may be Sequestered or used in EOR Production Point source emitters are geographically diverse KINDER MORGAN Within 30 miles of our existing CO2 pipe, we estimate carbon capture opportunities of: from natural gas ~200-300 mmcfd processing/treating ~500 mmcfd from natural gas power ~700 mmcfd from coal power Legend Ammonia Manufacturing Cement Production Electricity Generation Ethanol Hydrogen Production Natural Gas Processing CO₂ GHG emissions in mmtpa ° 0-5 ° 5-10 10-15 15-20 KMI is a natural fit for facilitating CCUS Substantial EOR experience Have been developing CO2 pipeline & processing facilities for decades 33#34Opportunity to Capture Carbon from Stationary Sources US GHG EMISSIONS mmtpa from point sources 2,622 other 3,936 ~70% of point source emissions are higher potential candidates for carbon capture KINDER MORGAN US GHG EMISSIONS FROM POINT SOURCES mmtpa ■ Ethanol ■ Nat Gas Processing ■ Ammonia Manufacturing ■ Hydrogen Production ■ Cement Production ■ Nat Gas Power ■ Coal Power Other facilities - lower potential for carbon capture CAPTURE OPPORTUNITY... ~1,800 mmtpa, or >90 bcfd, GHG emissions associated with facilities that could be candidates for carbon capture Ethanol facilities and natural gas processing/treating facilities may be economic today under current 45Q Together, these emissions represent ~2 bcfd of CO2 potential Source: EPA GHG Inventory Report and EPA GHG Reporting Program. ...IS TEMPERED BY Facilities are spread out geographically; aggregation is challenged CO2 purity stream varies by facility type, impacts economics Power plants are larger scale opportunities but capture requires high uptime factor, problematic for natural gas peakers - Additionally, coal power plants could face nearer-term retirement 34#35CCUS Economics are Improving but Remain Challenged CURRENT ESTIMATED U.S. CARBON CAPTURE COST $/tonne $140 $120 Additional technological advancements & government policy could advance CCUS economics for other facilities $100 $80 $60 $40 $20 Given 45Q credits, CCUS could be economic for ethanol production, natural gas processing, and natural gas treating facilities $0 ethanol production facility large natural gas processing & treating facilities 45Q tax credits small natural gas processing & treating facilities coal fired ammonia power plant production facility cement hydrogen production production facility facility natural gas fired power plant Source: KM analysis, National Energy Technology Laboratory. Note: Estimated costs are based on 20% BFIT IRR at capture unit tailgate, no tax credits, and at pressure ready for pipeline. KINDER MORGAN 45Q TAX CREDITS Capturer controls the tax credit Industry still contemplating economics across the value chain Proposed direct pay option could be a catalyst for CCUS SEQUESTRATION $50/tonne deductible tax credit starting in 2027 Lengthy EPA permitting process; only 2 permits ever issued States considering regulatory primacy to shorten permitting process, including Texas Our source fields in Colorado could potentially be used for sequestration in the future EOR $35/tonne tax credit (beginning in 2027) is lower than for sequestration, but more feasible today Our 1.5 bcfd Cortez pipeline delivers ~80% of the CO2 used for Permian EOR 35#36KINDER MORGAN CO2 Segment Consistently Generates Free Cash Flow Low cash cost structure yields healthy margins through multiple commodity price cycles OIL & GAS CASH OPERATING COSTS & AVG. PRICE $ per net barrel ■Cash costs Avg. realized oil price CO2 SEGMENT FREE CASH FLOW $ millions ■FCF □ Capex Acquisitions Adj. Segment EBDA $70 $62 $58 $58 $60 $50 $40 $30 $20 $10 $919 $907 $887 $276 $54 $436 $397 $49 $49 $707 $652 $349 $186 $643 $504 $165 $489 $451 $466 $358 $339 Cash costs $20 / barrel 2016 2017 2018 2019 2020 2021B 2016 2017 2018 2019 2020 2021B Note: Cash costs & revenue per net oil barrel, including hedges where applicable. See Non-GAAP Financial Measures & Reconciliations for CO2 Free Cash Flow. 36#37Demand Markets Provide Diversification Plan to mitigate exposure to RIN volatility through fixed price contracts in the voluntary market REVENUE EXAMPLE $ per mmbtu KINDER MORGAN (a) RIN value $37.06 D3 RINs can also satisfy D5 & D6 obligations revenues must meet or exceed traditional hurdle rates 2021 HH stip price $3.38 transportation market RNG-based CNG & LNG is advantageous for fleets GHG emissions up to 75% less than diesel CNG vehicles are more efficient than electric vehicles for heavy & mid duty fleets looking to decarbonize Fleets are interested in RNG to meet emission reduction targets RIN credits can be earned for RNG volumes used in the transportation market Drives the margin for RNG producers RFS-obligated parties (like refiners) purchase RINs to comply with RFS requirements EPA considering creating eRINs to incentivize RNG used for electricity that charges electric vehicles Could create additional RNG demand and another avenue to capture RIN margin voluntary market LDCs, utilities, universities, industrial All active in the voluntary market today Showing increasing interest in RNG as they look to meet their emission reduction targets Pay premium for RNG Due to absence of subsidy for producers Pricing is lower than current RINS value but terms are generally fixed for 10+ years a) $3.16 D3 RIN price (as of 7/23/2021, per Starfuels Brokerage via Bloomberg) multiplied by 11.727 to convert to $/mmbtu. 37#38Joint Venture Treatment in Key Metrics Example JVs KM does not control nor consolidate KM portion referred to as equity investments in financial statements SNG (50%), NGPL (37.5%), GCX (26.7%) Please see Note 7 in our 10K for full list KM controls & fully consolidates third party portion referred to as noncontrolling interests in financial statements Elba Liquefaction (51%), BOSTCO (55%) KINDER MORGAN Financial Metrics Debt Sustaining Capital Discretionary Capital Earnings from Equity Investments KM share of JV Net Income Net Income & Segment EBDA + Certain Items KM share Adjusted Segment EBDA + DD&A + Book Taxes KM share Adjusted EBITDA - Cash Taxes - Sustaining Capex KM share Distributable Cash Flow (DCF) No JV debt included JV's Adjusted EBITDA contribution is after subtracting interest expense Consolidated throughout income statement 100% of JV Net Income + DD&A + G&A and Corporate Charges + Interest Expense + Book Taxes 100% of JV Segment EBDA + Certain Items 100% of JV Adjusted Segment EBDA 100% of JV debt included, if any fully consolidated on balance sheet Includes KM owned % of JV sustaining capital Consolidated throughout income statement 100% of JV Net Income Net Income Attributable to Noncontrolling Interests Net Income Attributable to Kinder Morgan, Inc. + DD&A + Book Taxes + Interest Expense + Certain Items KM share Adjusted EBITDA - Interest Expense - Cash Taxes - Sustaining Capex KM share Distributable Cash Flow (DCF) Includes KM contributions to JVs based on % owned, including for projects & debt repayment Note: See Non-GAAP Financial Measures & Reconciliations. 38#39Non-GAAP Financial Measures & Reconciliations Defined Terms Reconciliations for the historical periods KINDER MORGAN 39#40Use of Non-GAAP Financial Measures KINDER MORGAN We use the non-GAAP financial measures of Adjusted Earnings and Distributable Cash Flow (or DCF), both in the aggregate and per share for each; Adjusted Segment EBDA; Adjusted EBITDA; Net Debt; Net Debt to Adjusted EBITDA; Project EBITDA; Free Cash Flow; and CO2 Segment Free Cash Flow. Our non-GAAP financial measures described further below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non- GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes. We do not provide (i) budgeted revenue (the GAAP financial measure closest to net revenue) due to impracticality of predicting certain amounts required by GAAP, including projected commodity prices at the multiple purchase and sale points across certain intrastate pipeline systems; however, we are able to project the net revenue received for transportation services based on contractual agreements and historical operational experience; (ii) budgeted CO2 Segment EBDA (the GAAP financial measure most directly comparable to 2021 budgeted CO2 Segment Free Cash Flow) due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP, such as potential changes in estimates for certain contingent liabilities and unrealized gains and losses on derivatives marked to market; or (iii) the portion of budgeted net income attributable to individual capital projects (the GAAP financial measure most directly comparable to Project EBITDA) due to the impracticality of predicting, on a project-by-project basis through the second full year of operations, certain amounts required by GAAP, such as projected commodity prices, unrealized gains and losses on derivatives marked to market, and potential estimates for certain contingent liabilities associated with the project completion. Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to Kinder Morgan, Inc., but typically either (i) do not have a cashimpact (for example, asset impairments), or (ii) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures" below). Adjusted Earnings is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Earnings is used by us and certain external users of our financial statements to assess the earnings of our business excluding Certain Items as another reflection of our business's ability to generate earnings. We believe the GAAP measure most directly comparable to Adjusted Earnings is net income attributable to Kinder Morgan, Inc. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per share. DCF is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items (or Adjusted Earnings, as defined above), and further by DD&A and amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures" below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could beused for discretionary purposes such as dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided byoperating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends. 40#41Use of Non-GAAP Financial Measures (Continued) KINDER MORGAN Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A and amortization of excess cost of equity investments (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. General and administrative expenses and certain corporate charges are generally not under the control of our segment operating managers, and therefore, are not included when we measure business segment operating performance. We believe Adjusted Segment EBDA is a useful performance metric because it provides management and external users of our financial statements additional insight into the ability of our segments to generate cash earnings on an ongoing basis. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assesseach segment's performance. We believe the GAAP measure most directly comparable to Adjusted Segment EBDA is Segment EBDA. Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures" below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc. Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record "Earnings from equity investments" and "Noncontrolling interests (NCI)," respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVS as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs. DCF and Adjusted EBITDA are further adjusted for certain KML activities attributable to our NCI in KML for the periods presented through KML's sale on December 16, 2019. Net Debt is calculated by subtracting from debt (i) cash and cash equivalents, (ii) the preferred interest in the general partner of Kinder Morgan Energy Partners L.P. (which was redeemed in January 2020), (iii) debt fair value adjustments, and (iv) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debtis debt net of cash and cash equivalents. Project EBITDA is calculated for an individual capital project as earnings before interest expense, taxes, DD&A and general and administrative expenses attributable to such project, or for JV projects, consistent with the methods described above under "Amounts from Joint Ventures." Management uses Project EBITDA to evaluate our return on investment for capital projects before expenses that are generally not controllable by operating managers in our business segments. We believe the GAAP measure most directly comparable to Project EBITDA is the portion of net income attributable to a capital project. Free Cash Flow is calculated by adjusting cash flow from operations for capital expenditures. Free Cash Flows is used by external users as an additional leverage metric. Therefore, we believe Free Cash Flow is useful to our investors. We believe the GAAP measure most directly comparable to Free Cash Flow is cash flow from operations. CO2 Segment Free Cash Flow is calculated by reducing Segment EBDA (GAAP) for our CO2 business segment by Certain Items, capital expenditures (sustaining and expansion) and acquisitions attributable to the segment. Management uses CO2 Segment Free Cash Flow as an additional performance measure for our CO2 business segment. We believe the GAAP measure most directly comparable to CO2 Segment Free Cash Flow is Segment EBDA (GAAP) for our CO2 business segment. 41#42GAAP Reconciliations $ in millions KINDER MORGAN 2021 Projected 2020 2021 Projected 2020 Guidance Actual Guidance Actual Net income attributable to Kinder Morgan, Inc. (GAAP) Total Certain Items $ 1,700 $ 119 1,200 1,892 Net income attributable to Kinder Morgan, Total Certain Items Inc. (GAAP) $ 1,700 $ 119 1,200 1,892 Adjusted Earnings (a) 2,900 2,011 DD&A and amortization of excess cost of equity investments for DCF (b) 2,600 2,671 Income tax expense for DCF (a,b) 900 670 Cash taxes (c) Sustaining capital expenditures (d) Other items DCF (e) (100) (68) DD&A and amortization of excess cost of equity investments Income tax expense (a) JV DD&A and income tax expense (a,b) Interest, net(a) 2,200 2,304 800 588 500 449 1,500 1,610 (900) (658) (29) $ 5,400 $ 4,597 Adjusted EBITDA Note: See Non-GAAP Financial Measures and Reconciliations. a) Amounts are adjusted for Certain Items. b) Represents DD&A and income tax expense from JVs. $ 7,900 $ 6,962 Note: See Non-GAAP Financial Measures and Reconciliations. a) Amounts are adjusted for Certain Items. b) Includes DD&A or income tax expense, as applicable, from JVs. c) 2020 includes cash taxes from JVs of $62 million d) 2020 includes sustaining capital expenditures from JVs of $114 million e) 2020 includes non-cash pension expense and non-cash compensation associated with our restricted stock Reconciliation of DD&A and amortization of excess cost of equity investments for DCF Depreciation, depletion and amortization (GAAP) 2020 ($2,164) Reconciliation of income tax expense for DCF Income tax expense (GAAP) 2020 $ (481) Amortization of excess cost of equity investments (GAAP) (140) Certain Items (107) DD&A and amortization of excess cost of equity investments (2,304) Income tax expense (a) (588) JV DD&A (367) Unconsolidated JV income tax expense (b) (82) DD&A and amortization of excess cost of equity investments for DCF ($2,671) Income tax expense for DCF (a) $ (670) Reconciliation of general and administrative and corporate charges General and administrative (GAAP) Reconciliation of additional JV information ($648) Unconsolidated JV DD&A $ (407) Corporate charges (5) Less: Consolidated JV partners' DD&A (40) Certain Items 92 JV DD&A (367) General and administrative and corporate charges (a) ($561) Unconsolidated JV income tax expense (a (a,b) (82) JV DD&A and income tax expense (a) Reconciliation of interest, net Interest, net (GAAP) Certain Items Interest, net(a) a) Amounts are adjusted for Certain Items. b) Amounts are associated with our Citrus, NGPL and Plantation equity investments. Unconsolidated JV cash taxes (b) $ $ (1,595) Unconsolidated JV sustaining capital expenditures SASS $ (449) (62) $ (120) (15) $ (1,610) Less: Consolidated JV partners' sustaining capital expenditures JV sustaining capital expenditures (6) $ (114) 42#43GAAP Reconciliations $ in millions 2020 Certain Items in KINDER MORGAN Segment Adjusted Adjusted EBDA Segment Segment Reconciliation of Adjusted Segment EBDA (GAAP) EBDA EBDA Certain Item s 2020 Natural Gas Pipelines $3,483 $983 $4,466 Fair value amortization $ (21) Products Pipelines Terminals 977 50 1,027 1,045 (55) 990 Change in fair value of derivative contracts Legal, environmental and taxes other than income tax reserves (a) 26 (5) CO2 (292) 944 652 Loss on divestitures and impairments, net (b) 327 Total Reconciliation of Net Debt Outstanding long-term debt $5,213 $1,922 $7,135 Loss on impairment of goodwill (c) 1,600 Restricted stock accelerated vesting and severance 52 2020 COVID-19 costs 15 $ 30,838 Income tax Certain Items (107) Current portion of debt Foreign exchange impact on hedges for Euro Debt outstanding Less: cash & cash equivalents Net Debt Adjusted EBITDA Net Debt to Adjusted EBITDA 2,558 (170) (1,184) Other Total Certain Items 5 $ 1,892 $ 32,042 $ 6,962 4.6X a) Gains or losses reflected in Certain Items are unrealized. Gains or losses are reflected in our DCF when realized. b) Includes a pre-tax non-cash impairment loss of $350 million related to oil and gas producing assets in our CO2 business segment driven by low oil prices and $55 million gain on an asset sale in our Terminals business segment. c) Includes non-cash impairments of goodwill of $1,000 million and $600 million associated with our Natural Gas Pipelines Non-regulated and CO2 reporting units, respectively. 43#44Reconciliations of KMI FCF & CO2 Segment FCF $ in millions Reconciliation of KMI FCF CFFO (GAAP) Capital expenditures (GAAP) FCF Dividends paid (a) FCF after dividends Reconciliation of CO₂ Segment FCF Segment EBDA Certain items: Non-cash impairments and project write-offs Derivatives and other Severance tax refund Adjusted Segment EBDA Capital expenditures (b) Acquisitions CO₂ Segment FCF a) Includes dividends paid for the preferred shares for the years ended 2016, 2017, and 2018. b) Includes sustaining and expansion capital expenditures. 2016 $ 2018 2017 2019 2020 4,795 $ 4,601 $ 5,043 $ 4,748 $ 4,550 (2,882) (3,188) (2,904) (2,270) (1,707) 1,913 1,413 2,139 2,478 2,843 (1,272) (1,276) (1,774) (2,163) (2,362) $ 641 $ 137 $ 365 $ 315 $ 481 $ 827 $ 847 $ 759 $ 681 $ (292) 29 79 75 950 63 40 90 (49) (6) (21) 919 887 907 707 652 (276) (436) (397) (349) (186) - (21) $ 643 $ 451 $ 489 $ 358 $ 466 KINDER MORGAN 44