#1KINDER MORGAN Investor Presentation September 2019#2Disclosure KINDER MORGAN Forward looking statements / non-GAAP financial measures General - The information contained in this presentation does not purport to be all-inclusive or to contain all information that prospective investors may require. Prospective investors are encouraged to conduct their own analysis and review of information contained in this presentation as well as important additional information through the SEC's EDGAR system at www.sec.gov and on our website at www.kindermorgan.com. Forward-Looking Statements - This presentation includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Forward-looking statements include any statement that does not relate strictly to historical or current facts and include statements accompanied by or using words such as "anticipate,” “believe,” “intend,” “plan,” “projection," "forecast," "strategy," "outlook," "continue," "estimate," "expect," "may," "will," "shall," or "long-term". In particular, statements, express or implied, concerning future actions, conditions or events, future operating results or the ability to generate revenues, income or cash flow or to pay dividends are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Because of these uncertainties, you are cautioned not to put undue reliance on any forward-looking statement. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond our ability to control or predict. These statements are necessarily based upon various assumptions involving judgments with respect to the future, including, among others, the timing and extent of changes in the supply of and demand for the products we transport and handle; national, international, regional and local economic, competitive, political and regulatory conditions and developments; the timing and success of business development efforts; the timing, cost, and success of expansion projects; technological developments; condition of capital and credit markets; inflation rates; interest rates; the political and economic stability of oil-producing nations; energy markets; federal, state or local income tax legislation; weather conditions; environmental conditions; business, regulatory and legal decisions; terrorism; cyber-attacks; and other uncertainties. Important factors that could cause actual results to differ materially from those expressed in or implied by forward-looking statements include the risks and uncertainties described in this presentation and in our most recent Annual Report on Form 10-K and subsequently filed Exchange Act reports filed with the Securities Exchange Commission ("SEC") (including under the headings "Risk Factors," "Information Regarding Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere), which are available through the SEC's EDGAR system at www.sec.gov and on our website at www.kindermorgan.com. GAAP - Unless otherwise stated, all historical and estimated future financial and other information and the financial statements included in this presentation have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP - In addition to using financial measures prescribed by GAAP, we use non-generally accepted accounting principles ("non-GAAP") financial measures in this presentation. Our reconciliation of historical non-GAAP financial measures to comparable GAAP measures can be found in this presentation under "Non-GAAP Financial Measures and Reconciliations". These non-GAAP measures do not have any standardized meaning under GAAP and therefore may not be comparable to similarly titled measures presented by other issuers. As such, they should not be considered as alternatives to GAAP financial measures. See "Non-GAAP Financial Measures and Reconciliations" below. KML United States Matters - Kinder Morgan Canada Limited's ("KML") securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act), or any state securities laws. Accordingly, these securities may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any of KML's securities in the United States. 2#3KINDER MORGAN Disclosure Additional information / participants in the solicitation Additional Information and Where to Find It - This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. The proposed transaction between KML and Pembina anticipates that the offer and sale of Pembina shares will be exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 3(a)(10) of the Securities Act. Consequently, such shares will not be registered under the Securities Act or any state securities laws in the U.S. In connection with the proposed transaction between KML and Pembina, KML will file an information circular and proxy statement, as well as other materials. WE URGE INVESTORS TO READ THE INFORMATION CIRCULAR AND PROXY STATEMENT AND THESE OTHER MATERIALS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT KML AND THE PROPOSED TRANSACTION. Investors will be able to obtain free copies of the information circular and proxy statement (when available) and other documents that will be filed by KML with the SEC at http://www.sec.gov, the SEC's website, or from KML's website (www.kindermorgancanadalimited.com) under the tab "Investor Relations" and then under the heading "SEC Filings." Participants in the Solicitation - KML, KMI and Pembina, and their respective directors and certain of their executive officers, may be deemed, under SEC rules, to be participants in the solicitation of proxies from KML's shareholders with respect to the proposed transaction between KML and Pembina. Information regarding KML's officers and directors is included in KML's definitive proxy statement for its 2019 annual meeting filed with the SEC on April 18, 2019. Information regarding KMI's officers and directors is included in KMI's definitive proxy statement for its 2019 annual meeting filed with the SEC on March 29, 2019. Information regarding Pembina's officers and directors is included in the Management Information Circular for its 2019 annual meeting of common shareholders filed with the SEC as Exhibit 99.1 to Form 6-K on March 29, 2019. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by securities holdings or otherwise, will be set forth in the information circular and proxy statement and other materials to be filed with the SEC in connection with the proposed transaction between KML and Pembina. 3#4KINDER MORGAN Natural gas pipelines Kinder Morgan: Leader in North American Energy Infrastructure Unparalleled and irreplaceable asset footprint built over decades Largest natural gas transmission network ~70,000 miles of natural gas pipelines 657 Bcfd of working storage capacity Connected to every important U.S. natural gas resource play and key demand centers Move -40% of natural gas consumed in the U.S. Largest independent transporter of refined products Transport ~1.7 mmbbld of refined products Pacific Ruby Cochin CO2 EOR oil production CO2 & transport 6% 4% Terminals 14% Business mix 15% 61% Products pipelines Double H KM Midstream WIC CIG CP NGPL ~6,900 miles of refined products pipelines ~5,800 miles of other liquids pipelines (crude and natural gas liquids) Northern TCGT Calnev Mojave Largest independent terminal operator EPNG Cortez 157 terminals 16 Jones Act vessels Largest transporter of CO2 Transport ~1.2 Bcfd of CO2 Leading infrastructure provider across multiple critical energy products KM Midstream FEP Utopia A TGP Plantation A Elba Express SNG SLNG Pacific MEP Sierrita Wink KM Midstream KMLP PHP (Underway) GLNG FGT GCX\ (Under Constr.) Cypress KMCC/ Double Eagle Products Pipelines Terminals Pipelines Processing Storage Pipelines Under Construction LNG Terminals Terminals Terminals Jones Act Tankers Note: Mileage and volumes are company-wide per 2019 budget. Business mix based on 2019 budgeted Segment EBDA before Certain Items plus JV DD&A. Natural Gas Pipelines CFPL CO₂ CO₂ Pipelines Oil Fields CO₂ Source Fields 4#5A Core Energy Infrastructure Holding Significant cash flow generation & returning significant value to shareholders >$40 billion market capitalization One of the 10 largest energy companies in the S&P 500; -15% insider ownership Investment grade rated debt Recent upgrades to mid-BBB by S&P, Moody's, and Fitch reflect balance sheet strength 5% current dividend yield based on $1.00 in 2019 and $20 share price 25% dividend growth in 2020 planned increase to $1.25 $2 billion share buyback program purchased $525 million since December 2017 KINDER MORGAN 5#6Cash Flow Generation Machine KINDER MORGAN ~$5 billion of 2019B distributable cash flow (DCF) = ~$2 billion for dividends + ~$3 billion to enhance shareholder value $ billions ■Common dividends declared ■DCF after dividends $3.4 $3.4 $1.1 2016 $2.9 2019B dividend coverage of 2.2x(a) $2.7 $2.3 $1.8 $1.1 2017 2018 2019 Budget Generated $10 billion of DCF after dividends & >$10 billion of CFFO after dividends in last 3 years Note: See Non-GAAP Financial Measures and Reconciliations. CFFO defined as Net Cash Provided by Operating Activities. Amounts reflect DCF after declared common dividends and CFFO after cash common dividends paid. a) 2019 budgeted (2019B) DCF divided by 2019B common dividends declared. 6#7Stable, 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#8a) 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#9$5.7bn of Commercially-Secured Capital Projects Underway ~$400 million of new projects added during Q2 2019 & over $1 billion added year-to-date (as of 6/30/2019) KINDER MORGAN Demand Pull / Supply Push KMI Capital ($ billion) Estimated In-Service Date Capacity Natural Gas Permian takeaway projects (GCX, PHP, TX Intrastates, EPNG, NGPL) Elba liquefaction and related terminal facilities Bakken G&P expansions (Hiland Williston Basin) $ 1.6 Q4 2019-2020 7.0 Bcfd 1.2 First unit in Q3 2019 0.4 Bcfd 0.5 Q3 2019 2020 Various Supply for U.S. power & LDC demand (TGP, FGT, NGPL, CIG, SNG) Supply for LNG export (NGPL, KMLP) 0.3 Q3 2019 2023 1.0 Bcfd 0.3 Q3 2019 2022 1.9 Bcfd Mexico export (EPNG, Sierrita) Other natural gas Total Natural Gas Additional projects 0.2 0.3 2020 Various 0.6 Bcfd >1.5 Bcfd $ 4.4 -77% of total & 5.6x EBITDA multiple 1.3 Total Backlog $ 5.7 ■ Significant investment opportunities resulting from our expansive, strategically-located natural gas pipelines network ■ Additional projects are primarily liquids-related (crude oil and refined products) - $0.6 billion for CO2 EOR oil production, $0.3 billion for CO2 & transport, $0.3 billion for terminals and $0.1 billion for liquids pipelines With the backlog and other projects under development, expect $2 to $3 billion per year of ongoing organic investment opportunities Note: See Non-GAAP Financial Measures and Reconciliations. EBITDA multiple reflects KM share of estimated capital divided by estimated Project EBITDA. 6#10Global Energy Demand Expected to Grow for Decades to Come More than 650 million people still expected to lack access to electricity in 2030 STEADY GROWTH IN GLOBAL ENERGY DEMAND Billion tons of oil equivalent 18 KINDER MORGAN DEMAND GROWTH DRIVEN BY DEVELOPING ECONOMIES % of projected incremental demand from 2017 to 2040 16 16 14 14 12 10 10 8 6 4 2 Projections 2025 2030 Renewables Natural gas SE Asia 15% Rest of World 2% Latin America 10% Petroleum and liquids Africa 15% Coal Nuclear 2035 2040 India's demand expected to more than double India 32% China 26% China projected to become biggest oil consumer and largest importer of oil and natural gas Population growth, urbanization and economic development create growing demand for affordable, reliable energy sources Source: International Energy Agency World Energy Outlook 2018, New Policies Scenario. New Policy Scenario considers (1) today's policy frameworks, (2) the continued evolution of known technologies and (3) policy ambitions announced as of August 2018, including commitments made under the Paris Agreement. 0 2000 2017 10#11U.S. is the Largest Oil and Gas Producer in the World KINDER MORGAN Reaching demand markets abroad expected to drive higher utilization of existing infrastructure and expansion opportunities OIL AND NATURAL GAS PRODUCTION Million barrels of oil equivalent per day 35 30 30 25 20 20 United States Russia Unmatched growth in U.S. oil and gas production ■ -33% expected growth in U.S. oil and natural gas production by 2025 ■U.S. to deliver over 50% of expected global supply increase through 2025 U.S. to produce nearly 1 out of every 5 barrels of oil and 1 out of every 4 cubic meters of natural gas in the world by 2025 U.S. advantaged to serve as the preferred trade partner to growing demand markets 15 10 10 5 0 2000 2010 2017 2025 Saudi Arabia ■ Competitive marketplace driving innovation Iran Canada Robust infrastructure network Reliable rule of law with enforceable contracts China Iraq ■ Relatively stable regulatory environment Energy security is key to ensure affordable, reliable resources reach growing demand markets 11 2030 Source: International Energy Agency World Energy Outlook 2018, New Policies Scenario. Growth relative to 2017 (latest actuals at time of report).#12Substantial Growth Projected for U.S. Natural Gas Supply Our network connects key supply basins to multiple demand points along the Gulf Coast KEY BASINS DRIVING U.S. GROWTH 2018 to 2030 growth in Bcfd 14 13 Additional 38 Bcfd expected from four basins ☐ 8 3 Marcellus Permian Haynesville Eagle Ford /Utica ་ Permian +157% Haynesville +108% Eagle Ford +66% KINDER MORGAN Marcellus Utica +51% Natural Gas Pipelines Under Construction LNG Terminals Processing/Treating Plant Gas Storage Total U.S. natural gas production to grow by over 30 Bcfd or nearly 40% by 2030 Source: Wood Mackenzie, North America Gas Markets Long-Term Outlook, Summer 2019. Growth relative to projected 2018 production at the time of the report. Forecast assumes aggregate of other U.S. basins shrinks by 5 Bcfd. 12#13KINDER MORGAN U.S. Natural Gas Demand is Concentrated in Gulf Coast >70% of forecasted 2018-2030 growth is in Texas and Louisiana, where we have significant assets in place Forecasted Texas and Louisiana demand and export growth between 2018 and 2030: LNG Export Demand +581% +15 Bcfd Industrial Demand +30% +2 Bcfd Other Demand +66% +2 Bcfd Exports to Mexico +61% +2 Bcfd Transport Demand +1,346% Power Demand +21% +1 Bcfd L +0.4 Bcfd Natural Gas Pipelines Under Construction LNG Terminals Processing/Treating Plant • Gas Storage Source: Wood Mackenzie, North America Gas Markets Long-Term Outlook, Summer 2019. 13#14Leading the Way Out of the Permian Building the first two new natural gas pipelines out of the basin Leveraging existing footprint into new takeaway capacity that reaches across Texas and connects into major demand markets Our advantaged network offers broad end-market optionality with deliverability to Houston markets (power, petrochemical), substantial LNG export capacity and Mexico Expect attractive de-bottlenecking and expansion opportunities as growing Permian production reaches our intrastate system Key to unlocking millions of barrels of additional oil production and billions of dollars of value Investing more than $250 million to increase capacity and improve connectivity across Texas Intrastates pipeline networks by 1.4 Bcfd Currently in discussions with customers about a possible third KMI pipeline targeting LNG demand New Mexico NGPL EPNG: 3 Bcfd Mainline: Endpoint: KM ownership: Gulf Coast Express (GCX) ~450 miles of 42" pipeline Near Corpus Christi Permian Highway Pipeline (PHP) ~430 miles of 42" pipeline Near Houston 34% Capacity: 2.0 Bcfd Capital (100%): $1.75 billion In-Service: Min. contract term: 10 years Late September 2019 26.7% 2.1 Bcfd ~$2.1 billion October 2020 10 years Mexico NGPL: 375 mmcfd Permian Wink Texas KINDER MORGAN Oklahoma NGPL Intrastates Intrastates PHP: 2 Bcfd GCX: 2 Bcfd Intrastates KMCC Double Eagle Natural Gas Pipelines === Under Construction Crude Pipelines Arkansas Louisiana Cypress KM Intrastates downstream system: 7 Bcfd Providing unparalleled takeaway capacity from the Permian basin to the Gulf Coast 14#15Competitively Priced U.S. Natural Gas Drives LNG Opportunity U.S. LNG exports expected to more than quadruple by 2025 KINDER MORGAN NATURAL GAS PRICES (a) 18 15 12 CO $ / mmbtu A 3 2000 2010 2020 2030 Japan European Union PROJECTED U.S. LNG EXPORTS (b) Bcfd United States 3.0 2040 2018 Recent wave of offtake agreements and participation of large LNG portfolio players underscore the attractiveness of the U.S. market a) International Energy Agency World Energy Outlook 2018, New Policies Scenario. b) WoodMackenzie, North America Gas Markets Long-Term Outlook, Summer 2019. 18.8 16.3 2025 2030 15#16Supporting the Buildout of U.S. LNG Exports Serving significant liquefaction capacity & well-positioned to capture more Kinder Morgan network advantages: Natural gas leader ~70,000 miles of natural gas pipelines Move -40% of U.S. natural gas Supply diversity Connected to every important U.S. natural gas resource play Premier deliverability 657 Bcf of working gas storage in production and market areas Texas Intrastate Katy PHP KM Houston Central Plant TGP Freeport Transporter of choice Providing >5.7 Bcfd of transport capacity to LNG terminals under 19-year average term GCX Corpus Christi Agua Dulce NGPL Connecting diverse supply options to multiple developing LNG demand centers KINDER MORGAN Magnolia- Cameron Sabine Pass Golden Pass third-party LNG terminals KMLP TGP NGPL Henry South Carolina Elba Express Georgia Elba Liquefaction Project 16#17KINDER MORGAN Beyond the Backlog Strong long-term fundamentals to drive additional opportunities gas demand and Northeast natural long-term supply needs Storage to support renewable power Infrastructure to generation and LNG exports support U.S. energy exports Grow crude and NGL footprint Haynesville 2.0 Market access for surging Permian Basin production Transport natural gas to supply LNG exports ~$800 billion of North American energy infrastructure investment required to support expected growth through 2035(a) a) Estimate per ICF (June 2018). Includes >$400 billion of natural gas infrastructure ($279 billion in gas gathering & transmission systems) to support LNG exports, gas-fired power generation, exports to Mexico & U.S. petrochemical activity. 17#18KINDER MORGAN Committed to Being a Good Corporate Citizen Long-standing commitment to safe operations and reduction of methane emissions In large part due to replacing coal-fired electricity generation with natural gas, the U.S. has reduced emissions significantly 12% 28% 16% U.S. greenhouse gas emissions over the last 10 years electricity generation greenhouse gas emissions over the last 10 years, despite an 8% population increase U.S. methane emissions since 1990, despite a 50% increase in natural gas production Our focus on ESG priorities ◉ 25+ years of commitment to reducing methane emissions, including ONE Future and EPA's Natural Gas STAR program Committed to a methane emission intensity target of 0.31% across our transmission and storage operations by 2025 ■ Rated in top quartile of midstream sector for methane disclosures and quantitative methane targets by Environmental Defense Fund ■Currently outperforming the industry in 25 of 31 safety metrics tracked and updated monthly on our public website (b) SUCCESSFUL METHANE EMISSIONS REDUCTIONS (a) Bcf, cumulative across KM operations 1993 1994 1995 1996 ~109 Bcf of emissions prevented 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 SUSTAINALYTICS ESG RISK RATING (c) #2 out of 163 #2 out of 91 Refiners and Pipelines (Industry Group) Oil & Gas Storage and Transportation (Subindustry) Source: EPA Inventory of U.S. Greenhouse Gas Emissions & Sinks: 1990-2017 (published 04/11/2019). Emissions reductions statistics refer to changes through 2017, the latest available. EIA for U.S. natural gas production. a) Kinder Morgan's EPA Natural Gas STAR Summary Report (September 2018). b) Based on Kinder Morgan metrics as of 6/30/2019 versus most applicable industry performance. c) As of 6/18/2019. 18#19KMI: A Compelling Investment Opportunity Strategically-positioned assets generating substantial cash flow with attractive investment opportunities Pacific Ruby KM Midstream Double H Cochin KINDER MORGAN ~90% take-or-pay or fee-based earnings (a) ~$8 billion 2019B Adjusted EBITDA(b) 5% current dividend yield Northern Calnev Mojave EPNG TCGT WIC CIG CP NGPL Cortez KM Midstream FEP Utopia TGP Plantation Elba Express ► 25% dividend increase in 2020 SNG SLNG Pacific MEP Sierrita Wink KM Midstream KMLP PHP (Underway) GLNG FGT GCX Under Constr.) Cypress KMCC/ Double Eagle CFPL ► Highly-aligned management (15% stake) Active stock buyback program Market sentiment may change, but we'll stay focused on making money for our shareholders Note: See Non-GAAP Financial Measures and Reconciliations. a) Based on 2019B Segment EBDA before Certain Items plus JV DD&A. b) Please refer to "KMI: 2019 Guidance - Published Budget" for more detail. 19#20Appendix KINDER MORGAN 20#21KINDER MORGAN Prioritizing Environmental, Social and Governance (ESG) Multi-faceted approach to good corporate governance | On-going enhancements to disclosures CORPORATE GOVERNANCE 13 independent out of 16 board members 2 female board members Majority voting to elect board members annually Proxy access bylaw provisions Annual say on pay voting ESG RESOURCES Disclosure: 2017 ESG Report SASB TCFD Annual Meeting Proxy Statement 2°C scenario analysis planned for 2019 Framework: Operations Management System Policies and guidelines: EHS Policy Statement - Biodiversity Policy - Indigenous Peoples Policy Community Relations Policy Director and officer stock ownership guidelines Compensation linked to ESG Board Environmental, Health and Safety (EHS) committee oversees ESG matters Note: For consolidated ESG information, please visit the ESG / sustainability page on KMI and KML websites Statement on Climate Change - Corporate Governance Guidelines Code of Business Conduct and Ethics Contractor Environment / Safety Manual Programs: Public Awareness Program - Kinder Morgan Foundation 21#22Overview of Pembina Acquisition of KML and U.S. Cochin Attractive transaction for all stakeholders KMI to sell U.S. Cochin for $1.546 billion cash - Represents ~13x expected 2019 Adjusted EBITDA - Tax gain expected to be fully offset with NOL KINDER MORGAN Pembina to acquire all of Kinder Morgan Canada (TSX: KML) in exchange for Pembina shares (TSX: PPL, NYSE: PBA) - Each KML common share to be exchanged for 0.3068 Pembina shares - KML's preferred equity to be assumed by Pembina - - KMI to receive approximately 25 million Pembina shares for its 70% stake in KML (~$935 million on 8/20/2019) Represents <5% stake in Pembina - KMI expected to pay Canadian withholding taxes upon receipt of Pembina shares and Canadian capital gains taxes upon eventual sale (~$150mm at 0.75 USD/CAD)(a) Expect to close in late Q4 2019 or Q1 2020, subject to customary closing conditions (including KML shareholder) and applicable regulatory approvals Assuming the transaction closes at the end of 2019, the cash from the Cochin sale alone is expected to reduce KMI's Net Debt-to-Adjusted EBITDA ratio to ~4.4x from previously forecasted -4.6x - - - Initially, proceeds will be used to reduce debt; additionally, Net Debt will benefit by the removal of 50% of KML's preferred equity (~$210 million) Plan to maintain long-term leverage target of approximately 4.5x Remaining funds to be used opportunistically to invest in attractive projects and/or repurchase KMI shares Roughly $260 million impact to KMI 2020 Adjusted EBITDA from transaction 38% premium to KML shareholders and combined value to KMI of ~$2.5 billion (a) Note: All amounts in U.S. dollars. a) Based on 8/20/2019 closing prices. Value to KMI excludes benefit of preferred equity being assumed by Pembina. 22#23KMI: 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#24Stable, Multi-Year Fee-Based Cash Flow -96% of 2019B segment cash flow is from take-or-pay and other fee-based contracts or hedged(a) $5.5 66% Fee-Based Take-or-Pay: highly dependable cash flow under multi-year contracts Entitled to payment regardless of throughput for periods of up to 20+ years KINDER MORGAN 25% Other Fee-Based: dependable cash flow, volumes largely independent from commodity price Supported by stable volumes, critical infrastructure between major supply hubs and stable end-user demand Products Pipelines (10%): competitively advantaged connection between refineries and end markets has resulted in stable or growing refined products piped volumes (2011-2019E CAGR of 1.4%) (b) Natural Gas Pipelines (10%): gathering and processing cash flow underpinned by dedications of economically viable acreage Terminals/other (5%): 86% of fee-based cash flow associated with high-utilization liquids assets and requirements contracts for petcoke and steel 5% Hedged: disciplined approach to managing price volatility ■ CO2 actual oil volumes produced have been within 1.4% of budget over the past 11 years Substantially hedged near-term exposure $2.1 ■ CO2 oil production hedge schedule (c): Year Hedged Vol. Avg. Px. 2019 36,784 $56 2020 23,338 $56 $0.4 $0.4 2021 11,200 $55 4% Commodity Based 2022 5,400 $56 2023 2,100 $54 a) Based on 2019 budgeted Segment EBDA before Certain Items plus JV DD&A. See Non-GAAP Financial Measures and Reconciliations. b) Kinder Morgan refined products volumes transported. Volumes include SFPP, CALNEV, Central Florida, Plantation Pipe Line (KM share). c) Average hedge price is WTI only. As of 6/30/2019, the Midland-Cushing differential was also hedged at $(8.08)/bbl on 33,850 bpd for H2 2019 and $0.06/bbl on 26,850 bpd for 2020. 24#25KINDER MORGAN Energy Toll Road Cash flow security with ~90% from take-or-pay and other fee-based contracts 2019B EBDA % (a) Asset Mix (% of Segment EBDA) Volume Security Average Remaining Contract Life Pricing Security Regulatory Security Commodity Price Exposure Natural Gas Pipelines 61% 76% interstate pipelines (b) 9% intrastate pipelines (b) 15% gathering, processing and treating (G&P) Interstate & LNG: ~94% take-or-pay(a) Intrastate: 76% take-or-pay(a,c) G&P: ~80% fee-based with minimum volume requirements and/or acreage dedications (a) Interstate LNG: 6.3/13.4 years Intrastate: 4.6 years(c) Gathering: 3.1 years NGL Pipelines: 6.3 years Interstate: primarily fixed based on contract Intrastate primarily fixed margin G&P: primarily fixed price Interstate regulated return Intrastate: essentially market-based G&P: market-based Interstate: no direct exposure Intrastate limited exposure Products Pipelines 15% 60% refined products 40% crude Refined products: primarily volume-based Crude: 61% take-or-pay(a) Refined products: generally not applicable Crude: 2.4 years Refined products: annual FERC tariff escalator (PPI-FG+ 1.23%) Crude /NGLs: primarily fixed based on contract 78% liquids 61% terminals Terminals 14% 17% Jones Act tankers 22% bulk Liquids & Jones Act: -80% take-or-pay(a) Bulk: primarily minimum volume guarantee or requirements Liquids: 3.6 years Jones Act: 1.8 years (d) Bulk: 5.0 years Based on contract; typically fixed or tied to PPI Pipelines: regulated return Terminals & transmix: not price regulated() Not price regulated Minimal, limited to transmix business No direct exposure CO2 10% 62% oil production related 38% CO2 & transport CO2 & transport: ~83% minimum volume committed EOR oil production: volume-based CO2 & transport: 7.2 years CO2 & transport: ~80% protected by contractual price floors (a) EOR oil production: volumes -79% hedged(e) Primarily unregulated Full-year 2019: ~$6mm in DCF per $1/Bbl change in oil price G&P: limited exposure Note: All figures as of 1/1/2019, unless otherwise noted. a) Based on 2019 budgeted Segment EBDA before Certain Items plus JV DD&A. See Non-GAAP Financial Measures and Reconciliations. b) Includes related storage and NGL pipelines. c) Includes term sale portfolio. d) Jones Act vessels: average remaining contract term is 1.8 years, or 3.9 years including options to extend. e) Percentage of Q3 2019 - Q4 2019 budgeted net crude oil, propane and heavy NGL (C4+) net equity production. f) Terminals not FERC-regulated, except portion of CALNEV. 25#26Averaged $2.5 Billion of Discretionary Capital per Year Since 2008 ANNUAL GROWTH CAPITAL & CONTRIBUTIONS TO JVs (a,b) $ billions KINDER MORGAN Expansion -Average $3.0 $2.5 $2.7 $1.1 $1.4 $1.7 $3.4 $3.3 $3.2 $2.3 $3.2 $2.3 $3.1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019B (c) Established track record of investing $2 to $3 billion per year in growth projects Note: Discretionary capital includes equity contributions to joint ventures which may include debt repayments, and excludes $19.8 billion of capital for acquisitions since 2008. a) Includes KMP (2008-2014), EPB (2013-2014), and KMI (2015-2019B). Average from 2008-2018. b) Excludes capital expenditures of our Canadian assets from KML IPO (May 2017) forward, though we do include these expenditures in the denominator of our ROI calculation. c) 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). 26#27KINDER MORGAN Compelling Investment Opportunity Returning value to shareholders via significant dividend growth | Attractive valuation DRILL-DOWN OF S&P 500 COMPANIES ENTERPRISE VALUE / 2020E EBITDA Attractive valuation provides upside potential 399 2020E Net Debt / 2020E EBITDA <5.0x 289 Investment grade 126 Market cap >$35bn 59 2 10.4x KMI 18E-20E EPS CAGR >10% 2019E DIVIDEND YIELD (a) 2019E dividend yield >4% More than double S&P 500 & more coming 5% KINDER MORGAN INC 19E-20E dividend growth >20% KMI 11.1x S&P 500 Median 2% S&P 500 Median Source: Bloomberg. Share price, market capitalization, enterprise value, ratings, and consensus estimates of KMI and of S&P 500 index (SPX) as of 8/26/2019. Consensus calculations of non-GAAP financial measures may differ from such measures as defined and calculated by KMI. See Non-GAAP Financial Measures and Reconciliations. a) 2019E dividend per share divided by share price as of 8/26/2019. 22 27#28KINDER MORGAN Successfully Achieving Attractive Build Multiples Disciplined steward of capital Competitive advantages: ■ Expansive asset base - ability to leverage or repurpose steel already in the ground. ■ Connected to practically all major supply sources Established deliverability to primary demand centers - final mile builds typically expensive to replicate due to congestion - Strong balance sheet and ample liquidity – internal cash flow available to fund nearly all investment needs Expansive footprint creates opportunities for differentiated returns INVESTMENT MULTIPLES: PROJECTS COMPLETED 2015-2018 Capital invested / year 2 Project EBITDA (a) 6.1x 5.9x Total Capital Invested Original Estimate (b) Natural gas segment comprises >75% of current backlog 5.8x 5.2x Natural Gas Pipelines Actual Multiple or Current Estimate (c) Note: See Non-GAAP Financial Measures and Reconciliations. Includes certain projects placed in commercial service prior to 2015, but were still under construction. a) Multiple reflects KM share of invested capital divided by Project EBITDA generated in its second full year of operations. Excludes CO2 segment projects. b) Original estimated capital investment divided by original estimated Project EBITDA for project in its second year of operation. c) Actual capital invested (except for 2 projects representing $444mm of capex or 4% of total capex, which are partially in service) divided by actual or currently estimated EBITDA. 28#29Stable 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#30Distributable Cash Flow (DCF) versus Net Income Largest differences easily explainable and more reflective of cash earnings DEPRECIATION EXPENSE VS. SUSTAINING CAPEX (a) $ billions BOOK TAX EXPENSE VS. CASH TAXES $ billions $1.3 $1.2 $1.7 $2.4 $2.2 $2.8 $2.8 $2.7 $2.7 $2.6 KINDER MORGAN $0.7 $0.7 $1.0 $1.0 $1.0 $0.8 سلاااس $0.7 $0.6 $0.5 $0.4 $0.4 $0.4 $0.3 $0.2 $0.2 $0.7 $0.7 $0.6 $0.6 $0.5 $0.5 $0.4 $0.4 $0.0 $0.1 $0.1 $0.1 $0.1 $0.2 $0.2 2010 2011 2012 2013 2014 ■ DD&A 2015 2016 2017 2018 2019B 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019B ■Sustaining Capital ■Book Taxes ■Cash Taxes ■ Our sustaining capex budget is built bottom up by operations based on need and long-term plans ■ Exemplary safety record demonstrates our spending level on sustaining capex is appropriate ■ We do not expect to be a significant U.S. cash tax payer until beyond 2026 Note: 2010-2017 as presented on the distributable cash flow reconciliation to net income available to common stockholders in Forms 10-K, which includes KM's share of unconsolidated JV amounts. a) Represents depletion, depreciation and amortization expense (DD&A), including amortization of excess cost of equity investments and JV DD&A. See Non-GAAP Financial Measures and Reconciliations. 30#31KMI 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#32Joint Venture Treatment in Key Metrics KINDER MORGAN Example JVs Net Income Net Income Available to Common Stockholders Segment EBDA Adjusted EBITDA Distributable Cash Flow (DCF) Debt Sustaining Capex Growth Capex and Contributions to JVs KM controls and fully consolidates (third party portion referred to as noncontrolling interests in financial statements) KML (~70%), Elba Liquefaction (51%), BOSTCO (55%) Includes 100% of JV Net Income (consolidated throughout income statement line items) Includes KM owned % of JV Net Income (excludes Net Income Attributable to Noncontrolling Interests) Includes 100% of JV's operating results before DD&A (excludes G&A and corporate charges, interest expense and book taxes) Includes 100% of KML (KML debt consolidated at KMI) Otherwise, includes KM owned % of JV's (Net Income + DD&A + Book Taxes + Interest Expense) (excludes Net Income Attributable to Noncontrolling Interests except KML's) Includes KM owned % of JV's (Net Income + DD&A + Book Taxes - Cash Taxes - Sustaining CapEx) (excludes all Net Income Attributable to Noncontrolling Interests) 100% of JV debt included, if any (fully consolidated on balance sheet) Includes 50% of KML preferred equity in Net Debt KM does not control or consolidate (KM portion referred to as equity investments in financial statements) NGPL (50%), SNG (50%), FGT (50%), MEP (50%), FEP (50%), Gulf LNG (50%) Includes KM owned % of JV Net Income (included in Earnings from Equity Investments) Includes KM owned % of JV Net Income (included in Earnings from Equity Investments) Includes KM owned % of JV Net Income (includes JV DD&A, G&A, interest expense and book taxes, if any) Includes KM owned % of JV's (Net Income + DD&A + Book Taxes) (i.e., after subtracting interest expense) Includes KM owned % of JV's (Net Income + DD&A + Book Taxes - Cash Taxes - Sustaining CapEx) No JV debt included (JV's Adjusted EBITDA contribution is after subtracting interest expense) Includes KM owned % of JV sustaining capital Includes KM contributions to JVs based on % owned, including for projects and debt repayment Note: See Non-GAAP Financial Measures and Reconciliations. 32#33Natural Gas Segment Overview Connecting key natural gas resources with major demand centers Asset Summary Natural gas pipelines: ~70,000 Miles NGL pipelines: ~2,700 Miles U.S. natural gas consumption moved: -40% Working gas storage capacity: 657 Bcf 2019B EBDA (a): ~$5.1 billion Project Backlog: $4.4 billion to be completed in 2019-2023(b) Permian takeaway, including de-bottlenecking and new builds LNG liquefaction (Elba Island) Bakken G&P expansions Supply for U.S. power and LDC demand Transport projects supporting LNG exports Exports to Mexico Ruby Mojave EPNG Sierrita LNG Terminals Processing/Treating Plant . Gas Storage a) 2019 budgeted Segment EBDA before Certain Items plus JV DD&A. See Non-GAAP Financial Measures and Reconciliations. b) Includes KM share of non-wholly owned projects. Includes projects currently under construction. Midstream Cochin WIC CIG CP TCGT NGPL Midstream Horizon KINDER MORGAN KMIP Utopia TGP Midstream FEP SNG Elba Express MEP PHP Wedersy Cypress GCX Under Conso KMLP GLNG FGT SLNG-Elba Island 33#34KINDER MORGAN Manageable Natural Gas Re-Contracting Exposure Analysis of existing contract base (as of YE2018) EXPECTED ANNUAL NET RE-CONTRACTING EXPOSURE (KM SHARE): % of $8.4bn 2019B Total Segment EBDA(a) Interstate pipelines G&P and Intrastates 2020 2021 -0.7% -2.3% -0.2% -0.3% Assumptions ◉ Negative figures represent unfavorable re-contracting exposure based on November 2018 market assumptions Excludes contracted cash flow associated with new growth projects Assumes evergreen contracts are renewed at market rates Interstate transport contracts average remaining term of 6 years 4 months Total Natural Gas Pipeline Segment -0.9% -2.6% Re-contracting exposure of base business relatively limited and expected to be more than offset by growth projects underway, continued increases in usage, volume growth and improved storage values a) 2019 budgeted Segment EBDA before Certain Items plus JV DD&A. See Non-GAAP Financial Measures and Reconciliations. 34#35# Asset Name (Nickname) KM Ownership Miles Transport Capacity (Bcfd) (Bcf) (years) (c) FERC-Regulated Interstate Natural Gas Assets Summary statistics, including remaining contract term and rate moratorium dates (where applicable) Storage Avg. Remaining Capacity Contract Term Rate Moratorium through Date KINDER MORGAN % of 2017 Revenues from Negotiated or Discounted Rates (d) 1 Tennessee Gas Pipeline (TGP) 100% 11,800 12.1 110 8.4/3.8 (a) 61% 10/31/2022 2 El Paso Natural Gas (EPNG) 100% 10,200 5.7 44 5.5 76% 12/31/2021 501-G Process Settlement approved Settlement approved 3 Natural Gas Pipeline (NGPL) 50% 9,100 7.6 288 5.4/4.0 (a) 80% 6/30/2022 4 Southern Natural Gas (SNG) 50% 6,950 4.3 69 6.2/2.8 (a) 29% 8/31/2021 5 Florida Gas Transmission (FGT) 50% 5,350 3.9 9.2 46% 6 Colorado Interstate Gas (CIG) 100% 4,300 5.2 38 6.2/6.4 (a) 30% 7 Wyoming Interstate (WIC) 100% 850 3.8 3.5 68% 1/31/2021 9/30/2020 12/31/2020 Waiver granted Proceedings terminated Proceedings terminated 8 Ruby Pipeline 50% (b) 680 1.5 3.5 95% 9 Midcontinent Express (MEP) 50% 510 1.8 1.7 96% 10 Mojave Pipeline 100% 470 0.4 1.0 1% Proceedings terminated Proceedings terminated Proceedings terminated TGP and EPNG rate adjustments result in combined $50mm Adjusted EBITDA impact for 2019 (~$100mm annually when fully implemented) These two agreements are expected to resolve the vast majority of our 501-G exposure 11 Cheyenne Plains (CP) 100% 410 1.2 1.7 95% Proceedings terminated 12 TransColorado (TCGT) 100% 310 0.8 0.9 93% Proceedings terminated 13 Elba Express (EEC) 100% 200 1.1 18.0 100% Proceedings terminated 14 Fayetteville Express Pipeline (FEP) 50% 185 2.0 2.2 100% Proceedings terminated 15 KM Louisiana Pipeline (KMLP) 100% 135 3.0 0.8 100% Proceedings terminated 16 Sierrita Pipeline 35% 60 0.2 20.8 100% Proceedings terminated 17 Horizon Pipeline 25% 30 0.4 5.5 77% Proceedings terminated 18 KM Illinois Pipeline (KMIP) 50% 3 0.2 3.0 100% Proceedings terminated 19 Southern LNG Co. (SLNG) 100% 1.8 12 13.8 78% Proceedings terminated 20 Bear Creek Storage 21 Young Gas Storage 75% 47.5% 59 n.a. 0% Settlement approved 6 6.4 0% 12/31/2021 Settlement approved a) Average remaining contract term shown for transport / storage contracts. b) Reflects third party ownership of a 50% preferred interest. c) Contracts executed of 12/31/2018. d) As calculated per our 501-G filings. Other revenue not subject to max rate adjustment is included where appropriate. 35#36Terminals Segment Overview Diversified terminaling network connected to key refining centers and market hubs Asset Summary Total Kinder Morgan terminals: Terminals segment - bulk Terminals segment - liquids 157 Terminals 34 Terminals 56 Terminals Products Pipelines segment terminals 67 Terminals Jones Act: 16 Tankers KINDER MORGAN 2019B EBDA (a): ~$1.2 billion Project Backlog: $0.3 billion to be completed in 2019-2021(b) Expanded Houston Ship Channel refined products capabilities for various customers ☐ Diesel tank expansion at Vancouver Wharves Argo ethanol hub facility improvements Investments to enhance terminal services for multiple commodities at locations across footprint Terminals KM Terminals - Liquids KM Products Pipelines KM Terminals - Bulk Jones Act Tankers a) 2019 budgeted Segment EBDA before Certain Items plus KM share of JV DD&A. See Non-GAAP Financial Measures and Reconciliations. b) Includes KM share of non-wholly owned projects. Includes projects currently under construction. 36#371 2 3 4 5 6 7 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 8 9 Attractive Growth in Exports of U.S. Petroleum Liquids Competitive & growing U.S. supplies reach a diverse mix of global customers U.S. EXPORTS OF PETROLEUM LIQUIDS Millions of barrels per day DESTINATIONS OF U.S. PETROLEUM LIQUIDS EXPORTS Top 5 of 103 countries reached in January through May 2019 Products +3.5 M Mbpd or nearly 200% over last 10 years Crude oil +2.8 MM bpd after lifting of export ban Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Petroleum products Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Crude oil 98 countries represent <1% each on average Source: U.S. Energy Information Administration (latest data available) Note: Petroleum liquids includes finished petroleum products, crude oil, hydrocarbon gas liquids, unfinished oils, blending components, renewable fuels and oxygenates. % of volumes Mexico 14% Canada 12% Japan 6% India 6% S. Korea 6% U.S. supplies over 8 million barrels per day of petroleum liquids to the global market 37 KINDER MORGAN Meaningful exports to North American and Asian markets#38Leading Exporter of U.S. Gasoline and Distillates KINDER MORGAN Our Houston Ship Channel exports have grown faster than the broader U.S. market over the last several years U.S. EXPORTS Millions of barrels per day 3.0 KM EXPORTS FROM GULF COAST TERMINALS Thousands of barrels per day 2.5 2.0 1.5 1.0 0.5 0.0 Jan-2016 Jan-2017 May-2017 Jul-2017 Sep-2017 Nov-2017 Mar-2016 Jul-2016 Sep-2016 Nov-2016 May-2016 Mar-2017 Jan-2018 Mar-2018 May-2018 Source: U.S. Energy Information Administration, KM internal data Note: Charts include distillate fuel oil, finished motor gasoline and gasoline blending components. CAGR calculated on a rolling 3-months basis beginning Q1 2016. KM market share calculated using internal data for KM export volumes and U.S. Energy Information Agency for U.S. export volumes for the 12 months ended May 2019 (latest EIA data available). Jul-2018 Sep-2018 Nov-2018 Jan-2019 Mar-2019 May-2019 for total U.S. market 400 6% CAGR 350 300 250 200 150 100 50 50 0 Jan-2016 Mar-2016 May-2016 Jul-2016 Sep-2016 Nov-2016 Jan-2017 Mar-2017 May-2017 Jul-2017 Sep-2017 Nov-2017 Jan-2018 Mar-2018 May-2018 Jul-2018 Sep-2018 Nov-2018 Jan-2019 Mar-2019 May-2019 17% CAGR ~15% market share 38#39Largest Independent Refined Products Terminal Hub in the U.S. Handles 15% of U.S. exports of distillates, gasoline & gasoline blendstocks(a) Our unmatched scale and flexibility on the Houston Ship Channel: 43 million barrels total capacity 20 inbound pipelines 15 outbound pipelines 14 cross-channel pipelines 12 barge docks Galena Park Chevron Splitter Greens Port & North Docks KINDER MORGAN Colonial Explorer Other Destinations KM terminals & assets refined products terminals local refineries and processing truck racks rail inbound and outbound marine docks Channelview Mont Belvieu ExxonMobil Baytown 11 ship docks 9 bay truck rack 3 unit train facilities Galena Park West KM Export Terminal Pasadena Refining Chevron Pasadena Deepwater Deer Park Refining Shell Pemex BOSTCO Shell P66 Marathon Exxon Valero Houston Houston Refining LyondellBasell KMCC Jefferson Street Pipeline "Colex❞ Origination Terminals Texas City Area Refineries Nearly $2 billion invested since 2010 P66 Sweeny a) KM market share calculated using internal data for KM export volumes and U.S. Energy Information Agency for U.S. export volumes for the 12 months ended May 2019 (latest EIA data available). Marathon Texas City Valero Marathon Galveston Bay Texas City: 39#40Products Segment Overview Strategic footprint with significant cash flow generation Asset Summary Pipelines(a); ~9,500 Miles Jet Fuel 2018 throughput(a) ~2.3 mmbbld Condensate processing capacity 100 mbbld West Coast Terminals Transmix 5 facilities Oregon Line Terminals: 67 Terminals Terminals tank capacity -39 mmbbls Pipeline tank capacity ~15 mmbbls North Line 2019B EBDA(b); ~$1.3 billion Project Backlog: $0.1 billion to be completed in 2019-2020 (c) ■ Various Bakken crude gathering projects Plantation Roanoke expansion KMCC connection with Gray Oak pipeline from Permian Basin Multiple refined products terminaling projects Calnev West Line San Diego Line Double H East Line Hiland Crude KINDER MORGAN Refined Products Pipelines Refined Products Terminals Transmix Facilities Crude Pipelines A Crude Terminals Condensate Splitter Plantation Camino Real CFPL Condensate Splitter Double Eagle KMCC a) Volumes and mileage include SFPP, CALNEV, Central Florida, Plantation Pipe Line (KM share), KMCC, Camino Real, Double Eagle (KM share), Double H and Hiland Crude Gathering. b) 2019 budgeted Segment EBDA before Certain Items plus KM share of JV DD&A. See Non-GAAP Financial Measures and Reconciliations. c) Includes KM share of non-wholly owned projects. Includes projects currently under construction. 40#41EOR OIL PROD CO2 & TRANSPORT CO2 Segment Overview KINDER MORGAN World class, fully-integrated assets | CO2 source to crude oil production and takeaway in the Permian Basin KMI CO2 Reserves Interest NRI Location Remaining Deliverability OGIP (tcf) McElmo Dome Doe Canyon Bravo Dome (a) 87% 11% 45% 37% 68% SW Colorado 20+ years 22.0 SW Colorado 10+ years 3.0 Utah Doe Canyon Colorado McElmo Dome 8% NE New Mexico 10+ years 12.0 Pipelines KMI Interest Location Capacity (mmcfpd) Cortez 53% McElmo Dome to Denver City 1,500 Bravo (a) 13% Bravo Dome to Denver City 375 Central Basin (CB) 100% Denver City to McCamey 700 Arizona Canyon Reef 97% McCamey to Snyder 290 New Mexico Centerline 100% Denver City to Snyder 300 Pecos 95% McCamey to Iraan 125 Eastern Shelf 100% Snyder to Katz 110 Wink (crude) 100% McCamey to Snyder to El Paso 145 mbbld Crude Reserves (b) KMI Interest NRI OOIP Location (billion bbls) SACROC Yates Katz Goldsmith Tall Cotton 97% 83% Permian Basin 2.8 50% 44% Permian Basin 5.0 CO2 99% 83% Permian Basin 0.2 Pipelines 99% 87% 100% 88% Permian Basin 0.5 CO2 Source Fields Permian Basin 0.7 A Oil Fields Crude Pipeline Bravo Dome Denver City Tall Cotton Snyder SACROC El Paso Wink Goldsmith McCamey Iraan Texas Yates 2019B EBDA(c): ~$853 million a) Not KM-operated. b) In addition to KM's interests above, KM has a 22%, 51%, and 100% working interest in the Snyder gas plant, Diamond M gas plant and North Snyder gas plant, respectively. c) 2019 budgeted Segment EBDA before Certain Items plus JV DD&A. See Non-GAAP Financial Measures and Reconciliations. Kansas Katz 41 Oklahoma#42CO2 Free Cash Flow and Attractive Returns Long history of generating high returns and significant CO2 free cash flow with minimal acquisitions CO₂ IRR% 2000-2018 2 EOR oil production 18% SIGNIFICANT CO2 FREE CASH FLOW $ millions KINDER MORGAN $1,432 $1,458 $1,326 $1,094 $286 $1,141 Total CO2 Segment 28% $960 $919 $887 $907 $847 (incl. CO2 & transport) $796 $453 $433 $373 $342 $792 $667 $276 $397 $436 $725 $532 $449 $587 $661 $858 $479 $666 $416 $643 $451 $489 $316 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019B FCF ☐ Capex Acquisitions EBDA before Cl Note: CO2 Internal Rate of Return (IRR) and CO2 Free Cash Flow. See Non-GAAP Financial Measures and Reconciliations. 42#43KINDER MORGAN Non-GAAP Financial Measures and Reconciliations Defined terms Reconciliations for historical periods 43#44Use of Non-GAAP Financial Measures KINDER MORGAN The non-GAAP financial measures of distributable cash flow (DCF), both in the aggregate and per share, Segment EBDA before Certain Items, Adjusted EBITDA, Adjusted Earnings, both in the aggregate and per share, and Net Debt and Adjusted Net Debt, and CO2 Free Cash Flow are presented herein. Our non-GAAP measures described above have important limitations as analytical tools and should not be considered alternatives to GAAP net income or other GAAP measures. Our non- GAAP measures may differ from similarly titled measures used by others. You should not consider these non-GAAP measures in isolation or as substitutes for an analysis of our results as reported under GAAP. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. Management compensates for the limitations of these non-GAAP measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision making processes. Reconciliations of historical Non-GAAP financial measures of DCF, Segment EBDA before Certain Items, Adjusted EBITDA, Adjusted Earnings, and Free Cash Flow to their most directly comparable GAAP financial measures for 2018 are included herein. Certain Items, as used to calculate our non-GAAP measures, are items that are required by GAAP to be reflected in net income, but typically either (1) do not have a cash impact (for example, asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). DCF - DCF is calculated by adjusting net income available to common stockholders before Certain Items (or Adjusted Earnings as defined below) for depreciation, depletion and amortization, or "DD&A," total book and cash taxes, sustaining capital expenditures and other items. DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and measuring and estimating the ability of our assets to generate cash earnings after servicing our debt and preferred stock dividends, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as common stock dividends, stock repurchases, retirement of debt, or expansion capital expenditures. We believe the GAAP measure most directly comparable to DCF is net income available to common stockholders. DCF per share is DCF divided by KMI's weighted average common shares outstanding, including restricted stock awards that participate in dividends. Segment EBDA before Certain Items is calculated by adjusting segment earnings before DD&A for Certain Items attributable to a segment. General and administrative expenses are generally not under the control of our segment operating managers, and therefore, are excluded when we measure business segment operating performance. Segment EBDA before Certain Items is a significant performance measure useful to management, investors, and other external users of our financial statements to evaluate segment performance and to provide additional insight into the ability of our segments to generate segment cash earnings on an ongoing basis. Additionally, management uses this measure, among others, to allocate resources to our segments. We believe the GAAP measure most directly comparable to Segment EBDA before Certain Items is segment earnings before DD&A (Segment EBDA). Adjusted EBITDA is calculated by adjusting net income before interest expense, taxes, and DD&A (EBITDA) for Certain Items, net income attributable to noncontrolling interests other than KML, and our share, if any, of unconsolidated JV DD&A and book taxes. Adjusted EBITDA is useful to management, investors, and other external users of our financial statements to evaluate, in conjunction with our net debt, certain leverage metrics. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income. Project EBITDA, as used in this presentation, is calculated for an individual capital project as earnings before interest expense, taxes, DD&A and general and administrative expenses attributable to such project, or for joint venture projects, our percentage share of the foregoing. Management uses Project EBITDA to evaluate our return on investment for capital projects before expenses that are generally not controllable by operating managers in our business segments. We believe the GAAP measure most directly comparable to Project EBITDA is the portion of net income attributable to a capital project. 44#45Use of Non-GAAP Financial Measures (Cont'd) KINDER MORGAN Adjusted Earnings - Adjusted Earnings are calculated by adjusting net income available to common stockholders for Certain Items, and Adjusted Earnings per share is Adjusted Earnings divided by average adjusted common shares which include KMI's weighted average common shares outstanding, including restricted stock awards that participate in dividends. Adjusted Earnings is used by certain external users of our financial statements to assess the earnings of our business excluding Certain Items as another reflection of our business's ability to generate earnings. We believe the GAAP measure most directly comparable to Adjusted Earnings is net income available to common stockholders. Net Debt and Adjusted Net Debt - Net Debt is calculated by subtracting from debt (i) cash and cash equivalents, (ii) the preferred interest in the general partner of Kinder Morgan Energy Partners L.P., (iii) debt fair value adjustments, (iv) 50% of the outstanding KML preferred equity, and (v) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Adjusted Net Debt is Net Debt increased by the amount of cash distributed to KML restricted voting shareholders as a return of capital on January 3, 2018, net of the gain realized on settlement of net investment hedges of our foreign currency risk with respect to our share of the KML return of capital on January 3, 2018. Management believes these measures are useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt and Adjusted Net Debt is debt net of cash and cash equivalents. KMI does not provide budgeted net income available to common stockholders (the GAAP financial measure most directly comparable to DCF and Adjusted EBITDA) or budgeted metrics derived therefrom (such as the portion of net income attributable to an individual capital project, the GAAP financial measure most directly comparable to Project EBITDA) due to the impracticality of predicting certain amounts required by GAAP, such as unrealized gains and losses on derivatives marked to market, and potential changes in estimates for certain contingent liabilities. CO2 Free Cash Flow is calculated by reducing CO2 segment's GAAP earnings before DD&A by (i) Certain Items, (ii) capital expenditures (both sustaining and growth) and (iii) acquisitions. Management uses CO2 Free Cash Flow separately and in conjunction with IRR to evaluate our return on investment for investments made in our CO2 segment. We believe the GAAP measure most directly comparable to CO2 Free Cash Flow is GAAP Segment Earnings before DD&A. Budgeted Segment Earnings before DD&A (the GAAP financial measure most directly comparable to 2019 budgeted CO2 Free Cash Flow) is not provided due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP, such as potential changes in estimates for certain contingent liabilities. CO2 Internal Rate of Return (IRR) is the actual rate of return on the CO2 segment, and its EOR oil production assets and investments. The CO2 IRR is calculated based on each year's Free Cash Flows for the years from 2000 to 2018. Management uses CO2 IRR in conjunction with Free Cash Flow to evaluate our return on investments made in our CO2 segment. JV DD&A is calculated as (i) KMI's share of DD&A from unconsolidated JVs, reduced by (ii) our partners' share of DD&A from JVs consolidated by KMI. JV Sustaining Capex is calculated as KMI's share of sustaining capex made by joint ventures (both unconsolidated JVs and JVS consolidated by KMI). Unconsolidated joint ventures for the periods during which these are accounted for as equity method investments, include Plantation, Cortez, SNG, ELC, MEP, FEP, EagleHawk, Red Cedar, Bear Creek, Cypress, Parkway, Sierrita, Bighorn, Fort Union, Webb / Duvall, Liberty, Double Eagle, Endeavor, WYCO, GLNG, Ruby, Young Gas, Citrus, NGPL and others. KMI's share of DD&A and sustaining capex are included for Plantation and Cortez for the periods presented after 2016. 45#46KMI GAAP Reconciliation $ in millions KINDER MORGAN Reconciliation of DCF Net Income Noncontrolling interests (a) Preferred stock dividends Net Income available to common stockholders Total Certain Items Adjusted Earnings DD&A JV DD&A(b) Total book taxes (c) Yr. Ended 12/31/18 $ 1,919 (310) (128) 1,481 501 JV DD&A (i) 1,982 Book taxes (c,j) 2,392 Interest, net before Certain Items 360 Adjusted EBITDA Reconciliation of Adjusted EBITDA Net Income Total Certain Items Noncontrolling interests (h) DD&A Yr. Ended 12/31/18 $ 1,919 501 (252) 2,392 390 727 1,891 $ 7,568 710 Cash taxes (d) (77) Certain Items Sustaining capex (e) (652) Fair value amortization Other(f) 15 Legal and environmental reserves Distributable Cash Flow (DCF) $ 4,730 Change in fair market value of derivative contracts Reconciliation of Segment EBDA before Certain Items Segment EBDA $ 7,403 Certain Items impacting segments Segment EBDA before Certain Items 269 7,672 Losses on impairments and divestitures, net Hurricane damage Refund and reserve adjustment of taxes, other than income taxes Noncontrolling interests' portion of Certain Items Other Subtotal Reconciliation of net debt Book tax Certain Items Outstanding long-term debt(g) Current portion of debt Foreign exchange impact on hedges for Euro debt outstanding 50% KML preferred equity Less: cash & cash equivalents Net Debt KML distribution to restricted voting shareholders Foreign exchange gain on hedge for our share of TMPL sale proceeds Adjusted Net Debt $ 33,105 3,388 (76) 215 (3,280) 33,352 890 (91) $ 34,151 Impact of 2017 Tax Cuts and Jobs Act Total Certain Items (34) 63 80 317 (24) (51) 240 4 595 (58) (36) $ 501 a) Represents net income allocated to third-party ownership interests in consolidated subsidiaries, including ($240) million of noncontrolling interests' portion of Certain Items. b) Reduced by the noncontrolling interests' portion of KML DD&A of ($30) million. c) Includes KMI share of unconsolidated C corp JVs' book taxes, net of the noncontrolling interests' portion of KML book taxes of $65 million, and excludes book tax certain items of $58 million. d) Includes cash taxes for our share of unconsolidated C corp JVs (Citrus, Plantation, NGPL) and state taxes. e) Includes JV Sustaining Capex of $105 million. Excludes the noncontrolling interests' portion of KML sustaining capital expenditures. f) Primarily non-cash compensation associated with our restricted stock program partially offset by pension and retiree medical contributions. g) Excludes Kinder Morgan G.P. Inc.'s $100 million preferred stock due 2057 and debt fair value adjustments. h) Represents 3rd party share of consolidated JVs excluding KML noncontrolling interests of ($58) million, and including ($240) million of noncontrolling interests' portion of Certain Items. i) JV DD&A is not reduced by the noncontrolling interests' portion of KML DD&A of ($30) million. j) Represents Total book taxes plus noncontrolling interests' portion of KML book taxes of $17 million. 46#47Reconciliation of CO 2 Free Cash Flow $ in millions KINDER MORGAN Reconciliation of CO2 Free Cash Flow 2009 2010 Segment EBDA $ 783 $ 2011 965 $ 1,099 2012 2013 Year Ended December 31, 2014 2015 2016 $ 1,322 $ 1,435 $ 1,240 $ 657 $ 2017 827 $ 847 $ 759 2018 Certain items: Non-cash impairments and project write-offs 243 622 29 79 Derivatives and other 13 (5) Segment EBDA before Certain Items 796 960 (5) 1,094 4 (3) (25) (138) 63 40 69 1,326 1,432 1,458 1,141 919 887 907 Capital expenditures (a) 342 373 433 453 667 792 725 276 436 397 Acquisitions CO2 Free Cash Flow 5 14 286 21 $ 449 $ 587 $ 661 $ 858 $ 479 $ 666 $ 416 $ 643 $ 451 $ 489 a) Includes both sustaining and growth capital expenditures. 47#48KINDER MORGAN