A Compelling Investment Opportunity

Stable, Fee-Based Cash Flow from High Quality Customers Underpinned by multi-year contracts with diversified customer base STABLE CASH FLOWS (a) HIGH QUALITY CUSTOMERS (b) 4% 5% 25% 77% 66% investment grade rated or substantial credit support KINDER MORGAN Not rated 11% B- or below 5% Customers 7% BB+ to B >$5mm (238, -87% of total) Entitled to payment regardless of throughput for 66% Take-or-pay periods of up to 20+ years 25% Fee-based 5% Hedged Supported by stable volumes, critical infrastructure between major supply hubs & stable end-user demand Disciplined approach to managing price volatility, substantially hedged near-term exposure plus: ~69% earned from end-users of the products we handle 4% Other Commodity-price based, limited to small portions of unhedged oil and gas production and G&P business b) Based on 2019 budgeted Segment EBDA before Certain Items plus JV DD&A. See Non-GAAP Financial Measures and Reconciliations. Based on 2019 budgeted net revenues, which include our share of unconsolidated joint ventures and net margin for our Texas Intrastate customers & other midstream businesses. Chart includes customers >$5mm at their respective company credit ratings as of 1/9/2019 per S&P and Moody's, shown at the S&P-equivalent rating & utilizing a blended rate for split-rated companies. End-users includes utilities, LDCs, refineries, chemical companies, large integrateds, etc. 7

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