A Compelling Investment Opportunity

KMI: 2019 Guidance - Published Budget Strong fundamentals and strategic footprint support steady growth in our diversified, fee-based cash flow KINDER MORGAN Key Metrics Adjusted EBITDA 2019 Budget A from 2018 Notes $7.8 billion 3% Expect to be ~2% below budget, primarily due to Elba delay, low NGL prices impacting CO2 segment and 501-G settlements Distributable Cash Flow $5.0 billion 6% Expect to be in-line with budget DCF per Share $2.20 4% Meaningful year-over-year increases despite sale of Trans Mountain pipeline Dividend per Share Discretionary Capital(a) SIGNIFICANT CASH GENERATION $ billions $7.6 $7.2 $7.8 $5.0 $4.7 $4.5 $1.00 25% Returning additional value to shareholders via dividend increase $3.1 billion Expect to be slightly below budget due to lower capital expenditures in CO2 segment Expect to end 2019 at ~4.6x Year-end Net Debt / Adj. EBITDA 4.5x Plan to use internally generated cash flow to fully fund dividend payment and vast majority of growth capital expenditures. No need to access equity markets. 2017 2018 2019B Adjusted EBITDA DCF Note: See Non-GAAP Financial Measures and Reconciliations. a) Includes $2.0 billion growth capital and $1.1 billion JV contributions ($0.7 billion of expansion capital and $0.6 billion of debt repayments, net of $0.2 billion of partner contributions for our consolidated JVs). 23

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