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  • 1. Investor PresentationAugust 2012

2. Forward Looking StatementsThis presentation contains forward-looking statements and projections, made in reliance on the safe harbor provisions of thePrivate Securities Litigation Reform Act of 1995, regarding future events, occurrences, circumstances, activities, performance,outcomes and results of Crestwood Midstream Partners LP (Crestwood or CMLP). Although these statements reflect thecurrent views, assumptions and expectations of Crestwoods management, the matters addressed herein are subject tonumerous risks and uncertainties, which could cause actual activities, performance, outcomes and results to differ materiallyfrom those indicated. However, a variety of factors could cause actual results to materially differ from Crestwoods currentexpectations in financial condition, results of operations and cash flows including, without limitation, changes in generaleconomic conditions; fluctuations in natural gas prices; the extent and success of drilling efforts, as well as the extent and qualityof natural gas volumes produced within proximity of our assets; failure or delays by our customers in achieving expectedproduction in their natural gas projects; competitive conditions in our industry; actions or inactions taken or non-performance bythird parties, including suppliers, contractors, operators, processors, transporters and customers; our ability to consummateacquisitions, successfully integrate acquired businesses, and realize any cost savings and other synergies from any acquisition;fluctuations in the value of certain of our assets and liabilities; changes in the availability and cost of capital; operating hazards,natural disasters, weather-related delays, casualty losses and other matters beyond our control; timely receipt of necessarygovernment approvals and permits, our ability to control the costs of construction, including costs of materials, labor and rights-of-way and other factors that may impact our ability to complete projects within budget and on schedule; the effects of existingand future laws and governmental regulations, including environmental and climate change requirements; the effects of existingand future litigation; and risks related to our substantial indebtedness; and other factors disclosed in Crestwoods filings with theSecurities and Exchange Commission. The forward-looking statements included in this presentation are made only as of thedate of this presentation, and we undertake no obligation to update any of these forward-looking statements to reflect newinformation, future events or circumstances except to the extent required by applicable law.2 3. Key Investment Considerations First Reserve and Crestwood Management own 100% of theGeneral Partner and 41% of the outstanding LP unitsStrong GP/LP Raised ~$1.7 billion and invested ~$1.6 billion over past 18 Alignmentmonths to create Crestwoods operating platform Of Interest Distribution growth of 19% since the acquisition of QuicksilverGas Services (1) 6 acquisitions in leading unconventional plays (Marcellus,Granite Wash, Barnett, Avalon, Fayetteville, Haynesville) Established Long term contracts with top-tier shale producers (Antero, BHPField ServicesBilliton, BP, Chesapeake, Devon, Exxon Mobil, Quicksilver) Platform 95% fixed-fee portfolio stable cash flows Field services acquisitions established CMLPs initial platform Now focused on bolt-on acquisitions with operating synergies Evolving Will evaluate value chain acquisitions to diversify cash flowsGrowth Strategy Building experienced business development team to generategreenfield infrastructure investment opportunities that offerbetter return potential than acquisitions at current valuations(1) 4th quarter 2010 through 2nd quarter 2012 3 4. Strong GP/LP Alignment of InterestPublic and Crestwood Holdings LLC Class C Unit holders First Reserve and Management Continued Equity Support from OurGeneral Partner58% LP42% LP/GP First Reserve and Management have65%invested $600MM+ in equity capital toInterest support CMLP growth Phase I: M&A Drop-DownsCrestwood Midstream Continued equity support from First Partners LP 35% CMM Reserve for early stage, high-growth Interestacquisitions (NYSE: CMLP)MarcellusShale CMM, our Marcellus Shale joint venture, Enterprise Value: $2.1 Bn provides model Phase II: Greenfield Development New greenfield development team aggressively chasing opportunities Projects financed outside CMLP withBarnett FayettevilleGraniteHaynesville Avalon equity capital from First Reserve and ShaleShaleWashShale Shale other private investorsBarnett Drop-Down to CMLP once in-service ShaleRich Dry and generating cash flow4 5. Established Field Services Platform 100,000+ acres;Marcellus15 year contracts; Shale 13,000+ acres; 10-20% developed growingrich-gas playFayettevilleGranite WashShale 127,000+ acres; Avalon 20 year contracts; Shale Barnett 7-year minimumShaleHaynesville volume contract Shale55,000 acres;emergingliquids-rich area 140,000+ acres;10-20 year 20,000 acres; Key Operating Statistics (1)contracts; 55%5-10 year contracts;developedMiles of Pipeline830 HBP phase Processing Plants 5 Compression HP (000s) 226 Gathering Volume (MMcf/d)945 Processing Volume (MMcf/d) 235(1) As of 8/15/12 Pro Forma for the pending Devon Acquisition 5 6. Evolving Growth Strategy M&A strategy focused exclusively on high-growth midstream assets at the wellhead facesnear-term challenges Competitive landscape and abundant access to capital continues to support blow- out asset valuations More competitive economics across the value chain and from bolt-on transactions where built-in synergies provide competitive advantage Producer demand for required infrastructure creating significant greenfield opportunity Drilling activity focused on unconventional crude oil and rich gas plays -- significant demand for infrastructure to transport associated natural gas and NGLs $200+ billion in potential midstream infrastructure required to support the anticipated upstream development of unconventional assets over the next 2-3 decades Talented managers currently in the market Primarily the result of the Kinder Morgan / El Paso transaction Abundance of private capital currently targeting midstream infrastructure The opportunity for investment created by the scale of the expected future infrastructure build-out has captured the attention of the financial community Significant private capital seeking qualified teams to provide creative financing solutions6 7. Disciplined Approach to M&A Competitive landscape and abundant access to capital continues to support blow-outasset valuations Sellers of assets continue to utilize large auction processes to drive increased competition resulting in higher valuations (10x 11x EBITDA now on the cheap side!) Volatility in natural gas, NGL and even crude oil prices exploits near-term challenges inmidstream M&A strategy at the wellhead While long-term growth prospects and economics remain intact, producers are rationally allocating capital today to the highest return plays M&A will always be a key component of CMLPs growth strategy; however, currentmarket conditions require a disciplined approach to evaluating new opportunitiesM&A strategy shifting away from Wellhead gathering where growth prospects are solely dependent on producer activityM&A strategy shifting towards Bolt-on acquisitions around existing assets where synergies drive meaningful accretion Diversification throughout the value chain and across commodities7 8. Investing in the Value Chain Enhance Crestwoods customer service offerings with integrated solutions fromwellhead to end market Diversify Crestwoods operating platform functionally throughout the value chain Improve Crestwoods long-term cash flow growth profile Broaden Crestwoods opportunity set IntrastateIntrastate & Gas GatheringCO2& InterstateGas Storage Interstate PipelinesTreating PipelinesPipelinesResidueGas EthanePropane NGL Gas GatheringGas Mixed NGLNGL Iso-Butane Storage & NGLRich Gas Pipelines Processing PipelinesFractionation ButanePipelines Nat Gasoline Where We AreWhere We Are GoingBarges & Trucks, BargesCrude OilCrude Oil Refined & Crude OilStorage Storage Refining ProductsPipelinesPipelines 8 9. Positioning for Greenfield Growth $200+ billion in potential midstream infrastructure required to support theanticipated upstream development of unconventional assets over the Significantnext 2-3 decadesGreenfield Growth Currently evaluating $1.0+ billion in greenfield opportunities inOpportunities developing plays (Utica, Marcellus, Niobrara and Avalon / Permian) Heath Deneke, former VP Project Development and Engineering atEl Paso, joins CMLP as SVP and Chief Commercial Officer bringing Building a significant technical and commercial expertise to lead theWorld-Class development efforts Team Development team will leverage the CMLP platform, including industryrelationships and existing asset footprint, to aggressively pursue newopportunities Abundant pool of private capital (private equity, infrastructure funds,asset managers and sovereign wealth) chasing the midstreaminfrastructure opportunity Financing the Continued support from First Reserve, coupled with increasing appetiteGrowth Strategy from new private capital sources, provides ability to pursue and financeearly stage greenfield build-out at the general partner level Strategy to build significant backlog of future growth at CMLP throughthe drop-down strategy9 10. Recent Acquisition - Marcellus Shale Crestwood Midstream Marcellus (CMM)acquired Antero Resources Marcellus Shalegathering systems on March 26, 2012 Purchase price: ~$377MM CMM Ownership: Crestwood Holdings65% - CMLP 35% with quarterlydistributions Growth Capital: $200MM revolver atCMM level to fund growth capital needs Operations: CMLP assumed operationsfrom Antero in June 2012 Long Term Strate

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