A Compelling Investment Opportunity

a) Capital Allocation Priorities Right-sized balance sheet & set dividend target through 2020 Balance Sheet Dividend KINDER MORGAN Capital Projects Share Repurchase ~$4.4bn of available liquidity from cash and KMI credit facility as of 6/30/2019 Long-term target Net Debt/Adjusted EBITDA of ~4.5x reached(a) Dividend targets set through 2020 with 25% growth year- over-year 2019: $1.00/share 2020: $1.25/share Return threshold for new projects well in excess of cost of capital Projects to generate higher expected returns than share repurchases Re-evaluate as circumstances change Repurchased $525mm of $2bn buyback program Additional share repurchases can come from cash in excess of capital projects and dividends See Non-GAAP Financial Measures and Reconciliations. 8

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