Midstream Partners LP

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1 Presentation Title Presentation Subtitle 25/02/2014 Crestwood Midstream Partners LP The Crude By Rail 2014 Summit Brian Freed, Vice President Crude Logistics Crestwood Midstream Partners LP 12/13/2013 Crestwood Equity Partners LP

2 Forward Looking Statements The statements in this communication regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements. Although these statements reflect the current views, assumptions and expectations of Crestwood Midstream and Crestwood Equity management, the matters addressed herein are subject to numerous risks and uncertainties which could cause actual activities, performance, outcomes and results to differ materially from those indicated. Such forward-looking statements include, but are not limited to, statements about the future financial and operating results, objectives, expectations and intentions and other statements that are not historical facts. Factors that could result in such differences or otherwise materially affect Crestwood Midstream s or Crestwood Equity s financial condition, results of operations and cash flows include, without limitation, the risks that the Crestwood Midstream and Crestwood Equity businesses will not be integrated successfully or may take longer than anticipated; the possibility that expected synergies will not be realized, or will not be realized within the expected timeframe; fluctuations in oil, natural gas and NGL prices; the extent and success of drilling efforts, as well as the extent and quality of natural gas volumes produced within proximity of Crestwood Midstream or Crestwood Equity assets; failure or delays by customers in achieving expected production in their natural gas projects; competitive conditions in the industry and their impact on the ability of Crestwood Midstream or Crestwood Equity to connect natural gas supplies to Crestwood Midstream or Crestwood Equity gathering and processing assets or systems; actions or inactions taken or non-performance by third parties, including suppliers, contractors, operators, processors, transporters and customers; the ability of Crestwood Midstream or Crestwood Equity to consummate acquisitions, successfully integrate the acquired businesses, realize any cost savings and other synergies from any acquisition; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond Crestwood Midstream or Crestwood Equity s control; timely receipt of necessary government approvals and permits, the ability of Crestwood Midstream or Crestwood Equity to control the costs of construction, including costs of materials, labor and right-of-way and other factors that may impact either company s ability to complete projects within budget and on schedule; the effects of existing and future laws and governmental regulations, including environmental and climate change requirements; the effects of existing and future litigation; and risks related to the substantial indebtedness of either company, as well as other factors disclosed in Crestwood Midstream and Crestwood Equity s filings with the U.S. Securities and Exchange Commission. You should read filings made by Crestwood Midstream and Crestwood Equity with the U.S. Securities and Exchange Commission, including Annual Reports on Form 10-K for the year ended December 31, 2012 and September 30, 2012, respectively, and the most recent Quarterly Reports and Current Reports, for a more extensive list of factors that could affect results. Crestwood Midstream and Crestwood Equity do not assume any obligation to update these forward-looking statements. 2 2

3 Diversified US Midstream Portfolio Existing platform in every premier shale play in North America creates significant opportunity for optimization, organic expansion, and strategic M&A ASSET SUMMARY (1) Natural Gas 1.3 Bcf/d natural gas transportation capacity 2.1+ Bcf/d gathering capacity 1,260+ miles of pipeline ~80 Bcf natural gas storage capacity (2) NGL and Crude Oil Eight natural gas processing plants 600+ MMcf/d processing capacity 180,000 BPD crude oil rail terminal facilities 125,000 BPD crude oil gathering NGL and crude logistics business including trucks, rail cars, terminals, fractionation, storage and marketing 4.6 MMBbls NGL Storage 8,000 Bbl/d fractionator 520 NGL truck/trailer units 1,071 rail car units 2 crude unit trains on order 2015 delivery (1) Includes announced expansion projects (2) Total storage capacity is expected to be reduced to 58 Bcf following Tres Palacios application filed with the FERC on December 6, Gathering and Processing Gas Storage and Transportation NGL and Crude Services Basin Areas Shale Regions Headquarters --- High Growth --- Core Optimize --- Core Stable 3 3

4 Transformational 2013 for Crestwood Significant transformation in 2013 creates exciting new beginning Crestwood / Inergy Merger Bolt-On & Strategic M&A Organic / Commercial Development Well Positioned Balance Sheet Merger creates premier mid-cap MLP Combined enterprise value of ~$8.5 BB; ~$550 MM 2014E EBITDA Currently servicing over 2 Bcf/d of natural gas and ~ 500,000 Bbls/d of NGLs and crude oil Dual public equities (CMLP and CEQP) providing investors multiple investment opportunities across Crestwood structure Substantially completed merger integration process ~$880 MM in recent acquisitions creates meaningful backlog of future growth from two of the most prolific crude oil plays in North America Acquired Arrow Midstream Bakken Shale assets for $750 MM Acquired 50% interest in Jackalope Gas Gathering System in PRB Niobrara Shale for $108 MM; 50% interest in Douglas Crude Rail Facility for $22.5 MM ~$445 MM organic capital expenditures in 2013 drives meaningful 2014 growth Secured and identified $1.2 BB in organic capital backlog through 2018 predominantly around high-growth liquids-rich and crude oil plays Antero Marcellus Gathering system accelerating development due to recent IPO Integration of Bakken assets to provide additional growth potential Renewed firm contracts for substantially all NE Storage and Transportation 2014 available capacity; expansion opportunities under development Raised $1.7 BB in total long-term equity and debt capital in 2013 to fund 2013 organic capital program, optimally finance acquisitions, and build material liquidity for future growth Limited capital markets activity expected to fund 2014 capital program Improving credit metrics in 2014 driven by substantial EBITDA growth 4

5 COLT Hub Crude Rail Facility COLT Terminal Overview Leading Bakken crude rail facility anchored by multi-year take or pay contracts with refiners on West Coast and East Coast 160,000 BPD rail loading capacity (1) Double rail loop Connected to the Burlington Northern Santa Fe rail system Truck unloading facility with capacity of 96,000 BPD (1) 1.08 million Bbl of customer storage capacity (1) 21-mile, 10 bi-directional pipeline (COLT Connector) connects COLT Terminal to Dry Fork Terminal Interconnectivity with Arrow crude gathering system through Tesoro and Hiland Dry Fork Terminal Overview Located at the intersection of four major pipelines at the Beaver Lodge/Ramberg pipeline hub Crude oil metering and pipeline interconnection facilities allow transfer to: Tesoro pipeline Enbridge pipeline 120,000 Bbl of working storage capacity Potential interconnections with Hess, Hiland Crude and other planned pipelines (1) Capacities shown are after planned expansion is complete. 5 5

6 COLT Pictures 6 6

7 COLT - November to April

8 Arrow Midstream Acquisition $750 MM accretive Arrow Midstream acquisition closed November 8, 2013 Asset Description Located on the Fort Berthold Reservation Long term gathering contracts with committed Bakken Shale producers: WPX, QEP, XTO, Halcon and Kodiak 460 miles of gathering pipeline systems 150 miles of crude oil gathering lines (125,000 Bbl/d of throughput capacity by 2015) 160 miles of natural gas gathering lines (100 MMcf/d of throughput capacity by 2015) 150 miles of water gathering lines (40,000 Bbl/d of throughput capacity by 2015) Multiple crude pipeline interconnects (Tesoro, Hiland and Bakken Link) and natural gas pipeline and processing connect with OneOk Fully-automated truck loading facilities and crude oil storage capacity at CDP Substantial gathering system expansion underway Commissioning 5 new compressor stations to capture flared associated gas in 4Q rigs operating in area to drive 2014 volumes Operations: Volumes at Closing: Wells Connected: Asset Map Dunn and McKenzie Counties, ND ~ 50,000 MBbls/d crude oil; ~15 MMcf/d of gas; ~ 8,500 MBbls/d of water ~235 wells 8 8

9 PRB Niobrara adds Rich Gas and Crude Growth Integrated gathering, processing NGL pipeline and rail potential in the Powder River Basin (PRB) Acquired 50% interest in Jackalope Gas Gathering System ( JGGS ) on 7/19/2013 for ~$108 MM Rich gas gathering and processing for Chesapeake ( CHK ), RKI Exploration and Production ( RKI, a First Reserve portfolio company) and China National Offshore Oil Corporation ( CNOOC ) on 300,000+ acres ~111 miles of pipeline / 15,600 HP of compression; 80 wells currently connected to JGGS system Initial 120 MMcf/d processing plant in-service 3Q 2014 Acquired 50% interest in Enserco Crude Oil Rail Terminal (Powder River Basin Industrial Complex) on 9/4/2013 for $22.5 MM Early stage crude oil rail terminal (similar start up to COLT HUB) Anchored by long term contract with CHK from JGGS area Expanding for crude by rail unit-train service in 1Q 2014 CHK/RKI Leasehold CHK Operated Rigs Industry Rigs Non-Operated Rigs Jackalope AMI (311,000 acres) 9 9

10 Douglas Terminal Asset Overview Terminal Overview Site Pictures Newly constructed crude oil rail terminal facility in Douglas, WY Double-rail loop capable of loading a 100 railcar unit train: 6,000 BPD manifest train service began in August ,000 BPD unit train service to begin April 2014 Expect to be at 20,000 BPD of loading capacity in 4Q 2014 Connected to the BNSF main line Storage Capacity: 8 x 400 Bbl crude storage tanks 78,000 Bbl working capacity tank inservice by April , ,000 Bbl working capacity tank in-service by September loading arms capable of loading a unit train in 24 hours 4 truck unloading skids 10 10

11 Facility Lessons Learned To build a facility with scale, several points jump out: Location is much harder than in looks Tankage is key Dedicated Fungible Pipeline connectivity a must Inbound provides ratable supply Outbound provides an outlet for crude beyond rail Truck Racks a must Automate for efficiency Double (or more) loop track More parking spots reduces train bunching issues Loading arms the more the better Plan for expansion in phases We have had success focusing on building a crude oil HUB rather than a rail terminal 11

12 COLT Terminal 2013 Expansions Rail 120,000 bpd to 160,000 bpd ü Expanding from 14 to 20 loading arms ü Increasing pumps Adding 2 additional storage tracks (4 trains total) ü Tanks 600,000 bbls working capacity to 1,080,000 bbls Adding 2 x 240,000 bbl tanks (1 fungible) ü Truck Racks 64,000 bpd to 96,000 bpd Adding 4 additional truck racks ü Hiland Expansion 32,000 bpd to 60,000+ bpd Looping the line for additional capacity and bi-directional service ü Meadowlark (Summit/Bear Tracker) 40,000 bpd+ Completing connection at COLT Done quicker and at a fraction of the cost of a new terminal build

13 U.S. Coking Capacity by PADD Source: EIA (Delayed and Flex Coking capacity) Capacity (Bbls per stream day) % of Capacity PADD I 81, % PADD II 569, % PADD III 1,650, % PADD IV 75, % PADD V 579, % Total 2,956,656

14 U.S. Coking Capacity by State 1, Capacity (Thousand bpd) Source: EIA (Delayed and Flex Coking capacity)

15 U.S. Coking Capacity by Company Capacity (Bbls per stream day) % of Capacity ACCESS INDUSTRIES 97, % BP HUSKY REFINING LLC 35, % BP PLC 260, % CHALMETTE REFINING LLC 30, % CHEVRON CORP 184, % CHS INC 35, % CVR ENERGY 25, % DEER PARK REFINING LTD PTNRSHP 89, % DELEK GROUP LTD 6, % EXXON MOBIL CORP 390, % HOLLYFRONTIER CORP 30, % HUNT CONSLD INC 32, % HUSKY ENERGY INC 23, % KOCH INDUSTRIES INC 81, % MARATHON PETROLEUM CORP 145, % MOTIVA ENTERPRISES LLC 235, % PBF ENERGY CO LLC 81, % PDV AMERICA INC 194, % PHILLIPS 66 COMPANY 317, % ROYAL DUTCH/SHELL GROUP 72, % SINCLAIR OIL CORP 20, % TESORO CORP 95, % TOTAL SA 52, % VALERO ENERGY CORP 311, % WRB REFINING LP 111, % TOTAL 2,956, % Source: EIA (Delayed and Flex Coking capacity)

16 U.S. Refinery Crude Oil Inputs Refinery inputs have nearly returned to pre-2008 global economic meltdown levels Ø 2013 average (Jan Aug) of million barrels per day 16 Refinery Input - Yearly Average (MMBOD) Source: EIA 14

17 U.S. Crude Oil Imports U.S. crude oil imports have declined nearly 1.3 million barrels per day or 14.5% since 2011 Ø 40+ API imports have declined by nearly 310,000 bpd (60%) to about 210,000 bpd Ø API imports are down 800,000 bpd, averaging 2,980,000 bpd in Total Imports Jan- 11 Feb- 11 Mar- 11 Apr- 11 May- 11 Jun- 11 Jul- 11 Aug- 11 Sep- 11 Oct- 11 Nov- 11 Dec- 11 Jan- 12 Feb- 12 Mar- 12 Apr- 12 May- 12 Jun- 12 Jul- 12 Aug- 12 Sep- 12 Oct- 12 Nov- 12 Dec- 12 Jan- 13 Feb- 13 Mar- 13 Apr- 13 May- 13 Jun- 13 U.S. Crude Oil Imports (MMBOD) Source: EIA

18 2013 U.S. Crude Oil Imports U.S. crude oil imports have averaged nearly 7.62 million barrels per day in 2013 Ø PADD III (Gulf Coast) accounts for nearly 50% of total U.S. imports U.S. Crude Imports by PADD January June 2013 Daily Average (MMBOD, % of Total Imports) PADD III Crude Imports by API January June 2013 Daily Average (MMBOD, % of Total Imports) 0.04, 1% 0.29, 4% 1.03, 13% 0.84, 11% 0.86, 24% 1.81, 24% 1.48, 40% 3.65, 48% 1.27, 35% Source: EIA PADD I PADD II PADD III PADD IV PADD V

19 Heavy Crude (<30 API) Imports U.S. heavy crude oil imports have remained fairly flat since 2011 Ø 2013 average of nearly 4.5 million barrels per day Ø API crude accounts for about 75% Heavy Crude Imports (MMBOD) Jan- 11 Feb- 11 Mar- 11 Apr- 11 May- 11 Jun- 11 Jul- 11 Aug- 11 Sep- 11 Oct- 11 Nov- 11 Dec- 11 Jan- 12 Feb- 12 Mar- 12 Apr- 12 May- 12 Jun- 12 Jul- 12 Aug- 12 Sep- 12 Oct- 12 Nov- 12 Dec- 12 Jan- 13 Feb- 13 Mar- 13 Apr- 13 May- 13 Jun- 13 Source: EIA

20 Heavy Crude (<30 API) Imports by PADD PADD I & V account for 16% of heavy imports nearly 0.7 million barrels per day PADD I Heavy Crude Imports (Jan June) Daily Average (MMBOD) PADD V Heavy Crude Imports (Jan June) Daily Average (MMBOD) MMBOD MMBOD API API API API Source: EIA

21 Crude Oil Pipeline Network Kitimat Enbridge Gateway Trans Mountain Edmonton Burnaby Anacortes Kinder Morgan TM Expansion (TMX) Hardisty Alberta Clipper Expansion Bakken Expansion Cromer Southern Access Expansion TransCanada Energy East Salt Lake City Express TransCanada Keystone XL Guernsey Platte St. Paul Clearbrook Superior Enbridge Sarnia Québec City Montréal Enbridge Line 9 Reversal Portland Saint John Pony Express TransCanada Keystone Spearhead South Flanagan South Flanagan Wood River Chic Patoka ago Lima Must ang Spearhead North Expansion Centurion Pipeline Cushing Mid Capline Enb/Energy Transfer Eastern Gulf Crude Access El Paso Seaway Reversal & Twin Line Crane Magellan Houston to El Paso (former Longhorn) - partial conversion Houston Freeport Shell Ho-Ho New Orleans St. James ExxonMobil Pegasus TransCanada Gulf Coast Port Arthur Source: CAPP

22 North American Rail Network

23 CN Rail Network Source: CAPP

24 Crude By Rail Investment March 25, 2013 Raymond James chart

25 Advantages of Canadian Crude by Rail Advantages Extensive rail infrastructure is already in place, allowing producers the flexibility to reach essentially any North American market that has an unloading facility Movement of bitumen by rail requires significantly less diluent than pipelines, which can represent significant cost savings The sulphur content restriction on the crude oil transported by rail is less than when transported by pipelines Refiners have greater certainty regarding the quality of crude oil received since there will be no mixing with other batches during transport, which is common during pipeline transportation Rail tracks are already in place to deliver crude oil to a number of markets from western Canada, thus the major additional capital expenditures that are required are for terminal facilities needed for the uploading and offloading of crude oil. Canadian National Map Rail car capacity carrying heavy oil is 500 to 525 bbls (vs. 680 to 725 for light oil) 50,000 bbl Unit Train vs. 68,000 bbl RailBit and raw bitumen is transported in coiled and insulated rail cars to prevent solidifying in cold weather Economics for transport by rail improves with unit trains, however, unit train offloading capability is needed at destination Source: Canadian Association of Petroleum Producers; Canadian National Railway. 25