Investor Presentation

Joint 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. 44

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