Connections for America s Energy. Jefferies 2017 Investor Conference. Presentation Title 11/28/17

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1 Jefferies 2017 Investor Conference Presentation Title November Presentation 29, 2017 Subtitle 11/28/17 Crestwood Midstream Partners LP Crestwood Equity Partners LP

2 Company Information Crestwood Equity Partners LP Contact Information NYSE Ticker CEQP Market Capitalization ($MM) (1,2) $1,634 Enterprise Value ($MM) (2) $3,931 Annualized Distribution $2.40 Corporate Headquarters 811 Main Street Suite 3400 Houston, TX Investor Relations (713) 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 s 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 benefits that may result from the merger and 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 s financial condition, results of operations and cash flows include, without limitation, the possibility that expected cost reductions will not be realized, or will not be realized within the expected timeframe; fluctuations in crude oil, natural gas and NGL prices (including, without limitation, lower commodity prices for sustained periods of time); the extent and success of drilling efforts, as well as the extent and quality of natural gas and crude oil volumes produced within proximity of Crestwood assets; failure or delays by customers in achieving expected production in their oil and gas projects; competitive conditions in the industry and their impact on our ability to connect supplies to Crestwood gathering, processing and transportation 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 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 s control; timely receipt of necessary government approvals and permits, the ability of Crestwood to control the costs of construction, including costs of materials, labor and right-of-way and other factors that may impact Crestwood 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 s filings with the U.S. Securities and Exchange Commission. You should read filings made by Crestwood with the U.S. Securities and Exchange Commission, including Annual Reports on Form 10-K and the most recent Quarterly Reports and Current Reports for a more extensive list of factors that could affect results. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management s view only as of the date made. Crestwood does not assume any obligation to update these forward-looking statements. Corporate Structure No IDRs (1) Market data as of 11/27/2017. (2) Unit count and balance sheet data as of 9/30/

3 Well-Positioned for DCF per Unit Growth 3

4 Key Investor Highlights Focused on execution Attractive balance sheet Strong distribution coverage Disciplined growth strategy Self-funded capital program Significant insider ownership Increased 2017E guidance reaffirmed Long-term Leverage Ratio <4.0x 1.2x-1.3x Long-term Coverage Ratio Bakken, Delaware Basin, PRB Niobrara, Marcellus No equity required to fund 17/ 18 capital programs ~32% LP units; alignment of interest with LP s 4

5 Diversified Assets in Active Basins Bakken PRB Niobrara Northeast Marcellus Delaware Basin 5-Yr Growth Strategy Driven by 4 Core Growth Areas Bakken Delaware Basin PRB Marcellus Shale Remaining portfolio of assets provide stable cash flows, optimization alternatives and upside optionality Crestwood assets offer operating scale, fixed-fee services & DCF growth 5

6 Balanced Portfolio; High Quality Customers Stable cash flows supported by fixed-fee contracts, top-tier customer base and balanced commodity exposure by volume and EBITDA CEQP Contract Portfolio 2017 Forecasted EBITDA Variable Rate Contracts 15% Long-Term Contract Profile With High Quality Customers (1) G&P assets backed by 1.1 million acreage; High quality producer mix Take-or-Pay and Fixed-Fee Contracts 85% Top-tier NE Gas Storage & Transportation franchise; Largely investment grade Volumes by Commodity EBITDA by Commodity 20% 23% Diversified NGL Marketing, Supply & Logistics business 20% 60% 29% 48% Gas Oil NGLs ~85% of Crestwood 2017 EBITDA from take-or-pay and fixed-fee contracts; Key assets protected from commodity volatility and volume declines (1) Not inclusive of all Crestwood customers. 6 6

7 Improved Fundamentals Drive Volume Growth 2017 YTD oil, gas and water volumes up 31%, 27% & 33%; continued growth expected from 2018 drilling plans Key Asset Volumes Since FY 2016 Bakken Oil Bakken Natural Gas 90,000 70,000 80, % 60, % 50,000 70,000 40,000 60,000 30,000 50,000 20,000 40,000 10,000 Third-party curtailments 30,000 0 J-16 F-16 M-16 A-16 M-16 J-16 J-16 A-16 S-16 O-16 N-16 D-16 J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 O-17 N-17 J-16 F-16 M-16 A-16 M-16 J-16 J-16 A-16 S-16 O-16 N-16 D-16 J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 O-17 N-17 Delaware Basin 120, , % 80,000 60,000 40,000 20,000 0 J-16 F-16 M-16 A-16 M-16 J-16 J-16 A-16 S-16 O-16 N-16 D-16 J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 O-17 N-17 PRB Niobrara 90,000 80, % 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 J-16 F-16 M-16 A-16 M-16 J-16 J-16 A-16 S-16 O-16 N-16 D-16 J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 O-17 N-17 SW Marcellus Barnett 600, , , ,000 (4%) 500, % 320, , , , , , , , , , , , ,000 J-16 F-16 M-16 A-16 M-16 J-16 J-16 A-16 S-16 O-16 N-16 D-16 J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 O-17 N-17 J-16 F-16 M-16 A-16 M-16 J-16 J-16 A-16 S-16 O-16 N-16 D-16 J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 O-17 N-17 System Drivers Bakken +31%/13% YTD oil/gas volume growth well connects in % volume growth in 2018 Delaware Basin +215% YTD volume growth 2-3 active rigs in 2017 >20% volume growth in 2018 PRB Niobrara +43% YTD volume growth 3 active rigs in rigs forecasted in 2018 SW Marcellus +42% YTD volume growth 21 DUCs completed in %/yr PDP decline rate in 2018 (1) Barnett 4% YTD modest volume decline Active workover program in 1H: %/yr PDP decline rate in 2018 (1) MVCs through 2018 term; however, all current and future cash flow reflective of actual throughput and rate (no cash flow cliff). 7

8 Disciplined Organic Growth Strategy Committed high return expansion projects drive accretive DCF growth in Incremental Annual Cash Flow Impact from Capital Projects Focused on 5x to 7x organic build multiples vs 12x to 15x M&A multiples Incremental Annual Cash Flow ($US Millions) $120 $100 $80 $60 $40 $20 Bakken Delaware Basin $ Highlights High-grading organic expansion around core assets; focused on driving greatest DCF per unit accretion High rate of return project build multiples of 5x to 7x ~$120MM+ expected EBITDA contribution from current projects by 2021 Project Region Key Customer(s) Capital ($MM) In-Service Date Nautilus System Delaware Basin Shell $130MM/~$32MM net to CEQP IN-SERVICE Arrow Debottlenecking Phase 1 Bakken Arrow Producers $45MM IN-SERVICE Bear Den Processing Plant - Phase 1 Bakken Arrow Producers $115MM IN-SERVICE Arrow Debottlenecking Phase 2 Bakken Arrow Producers $85MM 2018 / 2019 Orla Processing Plant and Pipeline Delaware Basin Multiple (1) $170MM/$10MM net to CEQP (2) Q Bear Den Processing Plant - Phase 2 Bakken Arrow Producers ~$185MM Q (1) Current customers include Concho, Mewbourne, Matador, Cimarex, Marathon and ExxonMobil. Significant third party customers within close proximity of the Orla Plant s anticipated location. 8 (2) Assumes First Reserves covers $160 million of plant capital in return for a 50% ownership in the Willow Lake gathering and processing assets.

9 Self-Funded 2017 and 2018 Capital Programs Crestwood is self-funding its 2017 and 2018 capital programs to maximize project returns and DCF/unit value creation US Salt Divestiture 1 Selling US Salt LLC, a non-core business in the MS&L segment, for approximately $225 million Valuation is ~11x 2017E distributable cash flow Expected closing in Q Retained DCF 2 Forecasted cash flow growth allows Crestwood to maintain distribution coverage >1.2x and leverage <4.0x Crestwood will reinvest cash flow into accretive organic projects in Q and FY 2018 Joint-Venture Strategy 3 Strategic joint-ventures minimize project risk and capital commitments, while enhancing commercial opportunities: Delaware Basin: First Reserve and Shell Midstream (NYSE: SHLX) NE Marcellus: Consolidated Edison (NYSE:ED) PRB Niobrara: Williams Partners (NYSE:WPZ) Crestwood is committed to maintaining a strong balance sheet and excess distribution coverage as it pursues organic growth projects 9

10 Attractive Set of Near-term Organic Growth Projects 10

11 Bakken Growth Strategy Crestwood continues to expand the Bakken Arrow System to offer producers full value-chain services and meet growing volume forecasts Arrow Overview Arrow Gathering system expected to generate ~$120MM of Adj. EBITDA in 2017; ~$90MM in 2016 Adj. EBITDA >1,500 drilling locations identified on dedicated acreage Diversified and balanced group of producers: WPX, QEP, XTO, EnerPlus, Bruin, Rimrock 8-year weighted average contract length and Crestwood purchases 100% of oil and gas volumes at the wellhead Crestwood expects to connect >100 wells in both 2017 and 2018 The Arrow system will be Crestwood s largest driver of cash flow growth in 17/ Forecasted Volume Growth Oil (MBbl/d) Water (MBbl/d) Gas (MMcf/d) 80 well connects per year through 2021 drives 15-20% EBITDA CAGR Oil Natural Gas Water 3-Product Growth Strategy Oil gathering volumes expected to increase ~15% in 2018 Current projects: Increasing oil gathering capacity to 120 MBbls/d Gas gathering volumes expected to increase ~50% in 2018 Current Projects: (1) Increasing gas gathering capacity to 120 MMcf/d and (2) Bear Den Plant: 2-phase 150 MMcf/d plant; Evaluating downstream NGL solutions to optimize producer netbacks and project returns Water gathering volumes expected to increase ~60% in 2018 Current projects: Increasing water gathering capacity to 90 MBbls/d and new SWD wells 11

12 Arrow System Expansion Projects Arrow expansions nearly double capacity to support long-term development plans and increasing Bakken well performance SWD Expansions New Oil & Water Pumps Gathering Projects New Compressor Station Bear Den Plant Phase 1: 30 MMcf/d Phase 2: 120 MMcf/d Crude Gathering Water Gathering Gas Gathering Gas Processing Capacity (MBbls/d) % % % % Capacity (MBbls/d) Capacity (MMcf/d) YE 2017 YE 2019 YE 2017 YE 2019 YE 2017 YE 2019 YE 2017 YE 2019 Capacity (MMcf/d) 12

13 Arrow Bear Den Processing Plant Crestwood s Bear Den West pipeline and Phase 1 plant commissioned in late November 2017; Phase 2 scheduled for Q as Arrow volumes ramp up Project Overview Bear Den Plant Phase 1 Bear Den Processing Plant is a two phase processing solution that will provide 150 MMcf/d of combined processing capacity Phase 1: Immediate solution - 30 MMcf/d RJT unit sized to process excess gas volumes currently flaring or above third-party contracts Phase 1 project expected cost $115MM Targeted in-service Q Phase 2: Long-term solution MMcf/d cryogenic plant sized to process 100% of Arrow gas by 2019 Phase 2 project expected cost ~$185MM Targeted in-service Q Attractive total project returns of sub-6x; Phase 1 project accretive to DCF in 2018 Bear Den plant phase-1: final stages of construction Project Rationale ü Improves competitive position and ability to attract incremental third parties in the area ü Greatly enhances Flow Assurance and control of our own destiny ü Crestwood purchases 100% of oil and gas volumes at the wellhead from its producers; full control of processing volumes ü Enables Crestwood to utilize integrated midstream value chain with incremental volumes ü Better netbacks and more reliable service for Arrow producers than existing processor and competing proposals 13

14 Delaware Basin Growth Strategy Crestwood is building competitive scale and fully integrated systems in the heart of the Delaware Basin, the most active shale play in the US Asset Overview & Strategy 50/50 joint venture with First Reserve Asset Map Current assets includes Willow Lake gathering & processing and Nautilus gathering & compression Total gathering capacity of 335 MMcf/d Total processing capacity of 85 MMcf/d Current growth projects: In-Service 30 MMcf/d dew point control skid Complete Orla Express Pipeline Q MMcf/d Orla Processing Plant Q Future expansion opportunities: Crude oil gathering, terminalling and condensate stabilization/blending Produced water gathering and disposal >$100 million of total Delaware Basin EBITDA potential by 2021 from identified expansion opportunities 14

15 Delaware Basin Current G&P Assets Willow Lake and Nautilus gathering systems, combined gather over 110 MMcf/d, are at the center of significant development activity in the Delaware Basin Willow Lake System Willow Lake Gathering and Processing System is at the epicenter of Northern Delaware Basin development in Eddy and Lea counties, NM ~82 miles low pressure gathering system Current processing capacity of 85 MMcf/d (includes 30 MMcf/d expansion to handle volume growth during 3Q17-2Q18) Existing acreage/well dedications with Concho and Mewbourne supported by 100,000 acre AMI around plant/system The Orla Express pipeline will connect the Willow Lake system to the Orla Processing Plant in 1H 2018 Delaware System Maps Over 200K dedicated acres Nautilus System Nautilus Natural Gas Gathering System supports Shell s Delaware Basin development program 20-year tiered fixed-fee gathering and compression contract 100,000 acreage dedication in Loving and Ward counties, TX ~$90MM of capital invested in 2017 at a ~5.0x build-multiple October 2017 Shell Midstream exercises option to acquire 50% interest in the system; further aligning Crestwood s and Shell s interests The Permian basin is the most important asset within Shell s unconventional portfolio, Shell has around 270k acres in the Permian, and intends to invest $1 billion per year to grow production to 155 MBbls/d by SHLX Q2 17 Earnings Call Asset Ownership: Willow Lake Orla Plant Nautilus Crestwood 50% 50% 25% First Reserve 50% 50% 25% Shell Midstream % 15

16 Orla Express Pipeline & Orla Processing Plant 200 MMcf/d processing plant and super-header integrates asset footprint to compete across the entire primary Delaware Basin catchment area Project Overview Construction underway on 33 miles of 20 pipeline and 200 MMcf/d cryogenic gas plant in Orla, TX Premier G&P Footprint in Delaware Basin Core Plant capacity expandable to 600 MMcf/d Plant location offers multiple takeaway options: Residue interconnects: EPNG and ETP NGL interconnects: Targa & EPD Orla Express Pipeline connecting existing Willow Lake system to new Orla gas processing plant Initial phase connects Willow Lake gathering to Orla Express and Orla plant Base scope capital of ~$170 million (1) Orla Plant: 200 MMcf/d cryogenic gas processing plant Targeted in-service date Q Expansion phase will connect the Nautilus system to Orla plant and new laterals connecting additional producers WES/ETP Bone Spring (1) Assumes First Reserves covers $160 million of plant capital in return for a 50% ownership in the Willow Lake gathering and processing assets. 16

17 Delaware Basin Water Solutions Next Leg of Growth Scalable infrastructure solutions for Delaware Basin water requirements; potential next phase of Delaware Basin growth strategy Delaware Water Production 5-YR Delaware Basin Water Forecast (1) 3.0 MMBbls/d Eddy Lea Daily Production (BBL) Loving Winkler Culberson Ward Based on Crestwood s current capture area, 2.4 MMBbls/d of produced water is forecasted by 2021 Reeves Crestwood s existing assets well-positioned to offer water gathering and disposal services to producers Jeff Davis Pecos Capture Area. Crestwood has extensive experience gathering and disposing produced water in the Bakken Source: DrillingInfo and Wood Mackenzie. (1) Water forecast based on capture area gas forecast and converted to water based on GORs and WORs for the Wolfcamp and Bone Spring type curves per Wood Mackenzie. 17

18 NE Marcellus - Stagecoach Gas Services JV NE Marcellus is largest US gas supply base and best potential for demand growth; Stagecoach is strategically positioned to capture growth opportunities Stagecoach Overview Assets Map Strategic 50/50 JV with Consolidated Edison ( Con Edison ) Extensive network of FERC regulated storage and pipeline assets located at center of prolific Marcellus dry-gas resource play 2.9 Bcf/d delivery capacity; over 180 miles of pipes 41 Bcf storage capacity Evaluating incremental takeaway projects out of the NE Marcellus basin with downstream pipeline partners Stagecoach generated ~$145MM Adjusted EBITDA in 2016; Current CEQP cash flow distribution is 35% June 2018: Cash flow distribution steps up 5% to 40% June 2019: Cash flow distribution steps up 10% to 50% Stagecoach Storage Customers Stagecoach Transportation Customers Producers Marketers 23% 28% Utility / LDCs 49% Marketers 9% Utility/ LDCs 13% Producers 79% CON EDISON SERVICE AREA 18

19 PRB Niobrara Jackalope G&P JV New G&P contract allows Chesapeake to accelerate development plans and achieve full potential of PRB Niobrara acreage Overview CHK PRB Net Production Potential PRB Jackalope JV - Crestwood (50%) and Williams (50%) owns 180 MMcf/d gas gathering system and 120 MMcf/d processing plant in Converse Co., Wyoming 20-year fixed fee contract; Includes minimum revenue guarantees for 5 7 years Chesapeake is currently drilling in the Turner, Parkman, Mowry and Sussex formations in addition to Niobrara Current gas volumes at >60 MMcf/d up from 46 MMcf/d from FY 2016 Recent Turner test: 2,886 Boe/d with 51% oil cut 2,560 Boe/d with 80% oil cut 1,700 Boe/d with 80% oil cut Potential to grow production to more than 100,000 boe/d over the next five to seven years 388K Dedicated Acres 2,600 Drilling Locations 5 Productive Zones CHK Outperforming Industry Offsets Chesapeake is currently running 3 rigs on the Jackalope system and one dedicated frac crew; expect to add a 4th rig in Q Source: Chesapeake Energy Company Presentations. 19

20 Barnett G&P Update BlueStone s workover activities and recent DUC completions off-set natural volume declines in 2017; Stable 4% YTD volume decline Asset Overview Crestwood & BlueStone have 10-year agreement Fixed-fee and percent of index fee structure for both Natural Gas and NGLs Contract structure provides significant upside as commodity prices rebound BlueStone brought 7 DUCs online in the first quarter 2017 Active workover program designed to eliminate system declines and modestly grow volumes BlueStone evaluating new development and refrac opportunities Gathering Volumes (MMcf/d) $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $ Barnett Gathering Volume Growth Q3:15 Q4:15 Q1:16 Q2:16 Q3:16 Q4:16 Q1:17 Q2:17 Q3:17 Natural Gas Prices Since 2016 (1) April 15 th : BlueStone Agreement BlueStone Begins System Reactivation 1H:17 Workovers Offset Natural Field Decline Increased volumes combined with fixed-fee/percent of index contract structure drive cash flow outperformance (1) Source: EIA Henry Hub Natural Gas Spot Price. 20

21 SW Marcellus G&C Update Gathering volumes up 42% YTD 2017 as Antero completes DUC Inventory Overview 20-year, fixed-fee gathering and compression services w/ Antero Resources 140,000 acreage dedication; System capacity of 875 MMcf/d 100 MMcf/d compression services on AM gathering in Western Area (90% utilized) MVCs through 2018 term; however, all current and future cash flow reflective of actual throughput and rate (no cash flow cliff) 21 DUCs brought online in 2017 Mcf/d 600, , , , , , , ,000 Gathering Volumes Since FY DUCs in 2017 increased daily volumes >150 MMcf/d 200,000 J-16 F-16 M-16 A-16 M-16 J-16 J-16 A-16 S-16 O-16 N-16 D-16 J-17 F-17 M-17 A-17 M-17 J-17 J-17 A-17 S-17 O-17 N-17 Highlights ~275 wells have been connected to Crestwood s system No dry holes Avg. 30D IP rate ~8.0 MMcf/d; Avg. EURs between 8 12 Bcf (1) 800+ liquid-rich (>1,100 BTU) drilling locations and 1,000+ dry gas drilling locations remain Growing NGL processing at the Sherwood plant with increased market takeaway capacity out of the basin Western Area Asset Map EQT East AOD SWN Arsenal Resources EQT Multiple large SW Marcellus operators hold acreage positions contiguous to Crestwood s eastern AOD Noble Energy Well connections in 2017 highlight exceptional reservoir quality and significant upside growth potential with incremental activity (1) Source: Wood Mackenzie. 21

22 Balance Sheet Strength, Disciplined Capital Allocation, Accretive DCF Growth 22

23 Delivering on 2017 Guidance Original Guidance Range Increased Guidance Range EBITDA * $360 $380 $390 $400 DCF * $200 $210 $230 Growth Capital * Leverage Coverage $130 $150 $225 $ x 4.5x 1.2x 1.4x Commitment to execution, lower cost structure and consistent quarterly results; delivering on increased 2017 financial guidance *Dollar amounts shown in $US millions. 23

24 Strong Balance Sheet & Liquidity Crestwood strengthened its balance sheet by repaying approximately $1 billion of debt in 2Q 2016; Crestwood targets YE 2017 leverage of 4.0x-4.5x Balance Sheet Positioned for Strength Top-tier leverage position Q leverage of 4.1x or 3.8x pro forma for US Salt divestiture Current borrowing capacity ~$650 MM Committed to long-term leverage <4.0x once growth projects come online No near-term maturities; attractive long-term capital Evaluating divestitures to ensure leverage targets Current Capitalization Actuals Actuals Actuals Pro Forma ($ millions) Q US SALT Cash $1 $2 $1 $1 Revolver $735 $77 $444 $219 Senior Notes 1,800 1,475 1,200 1,200 Other Debt Total Debt $2,544 $1,558 $1,647 $1,422 Total Leverage Ratio 4.8x 3.7x 4.1x 3.8x Preferred Equity Overview Crestwood has ~$650MM preferred equity outstanding Annual distribution of 9.25% payable quarterly Crestwood began cash payments attributable to the Q distribution Preferred equity holders have option to convert 1- for-10 after Q (~7.1MM common units) Investor conversion unlikely and no forced conversion ($MM) $800 $600 $400 $200 $0 No Near-Term Debt Maturities Issue Price Yield % % RCF 6.25% Notes 5.75% Notes

25 The Crestwood Investment Opportunity Focused on aggressively executing growth opportunities while maintaining financial strength SELF-FUNDED near-term gathering and processing growth opportunities in the Bakken and Delaware Basin Long-term PRB and northeast Marcellus pipeline projects In the meantime Crestwood is well-positioned to deliver attractive yield to investors (1) Current Yield = 10.3%; Coverage Ratio = 1.2x; Leverage Ratio = 3.8x Diversified business mix and strong contract portfolio No incentive distribution rights Assets leveraged to volume growth with commodity price improvement Reversion to Peer Group / Alerian yield provides significant upside for units Execution Drives Significant Upside Return Opportunity; CASH FLOW PER UNIT GROWTH TO RESUME IN 2018 (1) Current yield data as of 11/27/2017. Coverage ratio and leverage ratio as of 9/30/2017 and pro forma for the US Salt divestiture for $225 million. 25

26 Appendix: Appendix 26 26

27 CEQP Non-GAAP Reconciliations CRESTWOOD EQUITY PARTNERS LP Full Year 2017 Adjusted EBITDA and Distributable Cash Flow Guidance Reconciliation to Net Income (in millions) (unaudited) Net income (loss) $(13) - $7 Interest and debt expense, net 105 Loss on modification/extinguishment of debt 38 Depreciation, amortization and accretion 195 Unit-based compensation charges 25 Earnings from unconsolidated affiliates (50) - (55) Adjusted EBITDA from unconsolidated affiliates Adjusted EBITDA $380 - $400 Cash interest expense (a) (100) Maintenance capital expenditures (b) (20) - (25) Cash distributions to preferred unitholders (c) (45) Distributable cash flow attributable to CEQP common unitholders (d) $210 - $230 (a) (b) (c) (d) Cash interest expense less amortization of deferred financing costs plus bond premium amortization plus or minus fair value adjustments. Maintenance capital expenditures are defined as those capital expenditures which do not increase operating capacity or revenues from existing levels. Includes cash distributions to Crestwood Niobrara preferred unitholders and cash distributions to preferred unitholders. Distributable cash flow is defined as Adjusted EBITDA, less cash interest expense, maintenance capital expenditures, income taxes, deficiency payments (primarily related to deferred revenue). Distributable cash flow should not be considered an alternative to cash flows from operating activities or any other measure of financial performance calculated in accordance with generally accepted accounting principles as those items are used to measure operating performance, liquidity, or the ability to service debt obligations. We believe that distributable cash flow provides additional information for evaluating our ability to declare and pay distributions to unitholders. Distributable cash flow, as we define it, may not be comparable to distributable cash flow or similarly titled measures used by other corporations and partnerships. 27