A Compelling Investment Opportunity

KINDER MORGAN Successfully Achieving Attractive Build Multiples Disciplined steward of capital Competitive advantages: ■ Expansive asset base - ability to leverage or repurpose steel already in the ground. ■ Connected to practically all major supply sources Established deliverability to primary demand centers - final mile builds typically expensive to replicate due to congestion - Strong balance sheet and ample liquidity – internal cash flow available to fund nearly all investment needs Expansive footprint creates opportunities for differentiated returns INVESTMENT MULTIPLES: PROJECTS COMPLETED 2015-2018 Capital invested / year 2 Project EBITDA (a) 6.1x 5.9x Total Capital Invested Original Estimate (b) Natural gas segment comprises >75% of current backlog 5.8x 5.2x Natural Gas Pipelines Actual Multiple or Current Estimate (c) Note: See Non-GAAP Financial Measures and Reconciliations. Includes certain projects placed in commercial service prior to 2015, but were still under construction. a) Multiple reflects KM share of invested capital divided by Project EBITDA generated in its second full year of operations. Excludes CO2 segment projects. b) Original estimated capital investment divided by original estimated Project EBITDA for project in its second year of operation. c) Actual capital invested (except for 2 projects representing $444mm of capex or 4% of total capex, which are partially in service) divided by actual or currently estimated EBITDA. 28

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