A Compelling Investment Opportunity

Stable Foundation of Cash Flows through Commodity Cycles 5-year change in Adjusted EBITDA $ billions KINDER MORGAN $7.4 $(0.6) $(0.5) Helped to fund $8.3 billion Adjusted Net Debt reduction (b) $0.2 $(0.3) $(0.1) $1.7 $7.8 2014 Adjusted EBITDA 2014-2017 CO2 Segment (~$30/bbl oil price decline) Asset Divestitures (SNG, TMPL, Terminals, Parkway, Express) 2014-2017 Midstream Segment (lower volumes and prices) 2015-2016 Coal Market Headwinds (a) (Terminals) Other EBITDA from Expansion Projects 2019B Adjusted EBITDA Consistently generated over $7 billion of Adjusted EBITDA each year through multiple market disruptions and significant strategic efforts, including asset sales and deleveraging Note: See Non-GAAP Financial Measures and Reconciliations. Reconciliation for 2014 Adjusted EBITDA provided in 2015 Analyst Day slide deck available on Kinder Morgan website. EBITDA from expansion projects includes Natural Gas, Products, and Terminals segments. a) Headwinds during 2015 and 2016 in coal market led to bankruptcy filings of three of our largest customers and the cancellation of a contract. b) Change in consolidated Adjusted Net Debt from 9/30/2015 through 12/31/2018. 29

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