A Compelling Investment Opportunity

KINDER MORGAN Energy Toll Road Cash flow security with ~90% from take-or-pay and other fee-based contracts 2019B EBDA % (a) Asset Mix (% of Segment EBDA) Volume Security Average Remaining Contract Life Pricing Security Regulatory Security Commodity Price Exposure Natural Gas Pipelines 61% 76% interstate pipelines (b) 9% intrastate pipelines (b) 15% gathering, processing and treating (G&P) Interstate & LNG: ~94% take-or-pay(a) Intrastate: 76% take-or-pay(a,c) G&P: ~80% fee-based with minimum volume requirements and/or acreage dedications (a) Interstate LNG: 6.3/13.4 years Intrastate: 4.6 years(c) Gathering: 3.1 years NGL Pipelines: 6.3 years Interstate: primarily fixed based on contract Intrastate primarily fixed margin G&P: primarily fixed price Interstate regulated return Intrastate: essentially market-based G&P: market-based Interstate: no direct exposure Intrastate limited exposure Products Pipelines 15% 60% refined products 40% crude Refined products: primarily volume-based Crude: 61% take-or-pay(a) Refined products: generally not applicable Crude: 2.4 years Refined products: annual FERC tariff escalator (PPI-FG+ 1.23%) Crude /NGLs: primarily fixed based on contract 78% liquids 61% terminals Terminals 14% 17% Jones Act tankers 22% bulk Liquids & Jones Act: -80% take-or-pay(a) Bulk: primarily minimum volume guarantee or requirements Liquids: 3.6 years Jones Act: 1.8 years (d) Bulk: 5.0 years Based on contract; typically fixed or tied to PPI Pipelines: regulated return Terminals & transmix: not price regulated() Not price regulated Minimal, limited to transmix business No direct exposure CO2 10% 62% oil production related 38% CO2 & transport CO2 & transport: ~83% minimum volume committed EOR oil production: volume-based CO2 & transport: 7.2 years CO2 & transport: ~80% protected by contractual price floors (a) EOR oil production: volumes -79% hedged(e) Primarily unregulated Full-year 2019: ~$6mm in DCF per $1/Bbl change in oil price G&P: limited exposure Note: All figures as of 1/1/2019, unless otherwise noted. a) Based on 2019 budgeted Segment EBDA before Certain Items plus JV DD&A. See Non-GAAP Financial Measures and Reconciliations. b) Includes related storage and NGL pipelines. c) Includes term sale portfolio. d) Jones Act vessels: average remaining contract term is 1.8 years, or 3.9 years including options to extend. e) Percentage of Q3 2019 - Q4 2019 budgeted net crude oil, propane and heavy NGL (C4+) net equity production. f) Terminals not FERC-regulated, except portion of CALNEV. 25

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