A Compelling Investment Opportunity

Joint 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

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