A Compelling Investment Opportunity

Distributable 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

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