A Compelling Investment Opportunity

KMI Business Risks Summary Regulatory - FERC rate cases (Products Pipelines and Natural Gas Pipelines) Provincial, state, and local permitting issues CO2 crude oil production volumes Throughput on our volume-based assets Commodity prices 2019 budget average strip price assumptions: $60.00/bbl for crude and $3.15/mmbtu for natural gas - Price sensitivities (full-year): Price A Commodity DCF Impact $1/bbl Oil ~$8mm $0.10/mmbtu(a) Natural Gas 1% NGL/Crude Oil Ratio ~$1mm ~$3mm ■ Project cost overruns / in-service delays ☐ Interest rates Sensitivity (full-year): 100-bp change in floating rates = ~$104 million interest expense impact (b) Foreign exchange rates - - 2019 budget rate assumption of 0.76 USD per 1.00 CAD Sensitivity (full-year): 0.01 ratio change = ~$0.4 million DCF impact Environmental (e.g. pipeline / asset failures) Economically sensitive business Cyber security a) Natural Gas Midstream sensitivity incorporates current hedges, and assumes ethane recovery for majority of year, constant ethane frac spread vs. natural gas prices. b) As of 6/30/2019, approximately $10.4 billion of KMI's long-term debt was floating rate (~30% floating). Assumes swaps expiring in the current year are replaced with new swaps. KINDER MORGAN 31

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